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You may request a copy of the 2025 Annual Financial","page_number":21,"box":{"x":70,"y":430,"width":832,"height":12}},{"id":"6234b5ad-d749-4f30-a062-20933fde58b4","block_type":"box","text":"Statements at no charge by calling (800) 441-7762 between 8:00 a.m. and 6:00 p.m. Eastern time on any","page_number":21,"box":{"x":69,"y":445,"width":802,"height":12}},{"id":"2df20dc6-85c4-43c5-9174-1344e6cd0d44","block_type":"box","text":"business day.","page_number":21,"box":{"x":70,"y":460,"width":100,"height":12}},{"id":"2523477e-0398-4ea7-9bf4-862784db632f","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":21,"box":{"x":103,"y":483,"width":767,"height":12}},{"id":"a4970f6e-3879-40d8-bf67-d6af8bd1b2c4","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":21,"box":{"x":69,"y":498,"width":796,"height":12}},{"id":"d44ad3e9-6613-4323-9909-13545bd5897d","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":21,"box":{"x":70,"y":513,"width":837,"height":12}},{"id":"4c6aa0cc-986b-4d06-9b1e-c1bf9812b2e1","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":21,"box":{"x":69,"y":528,"width":749,"height":12}},{"id":"6fdd8b20-6d12-44ed-98b7-12060cad3562","block_type":"box","text":"Commission staff or other authority.","page_number":21,"box":{"x":70,"y":543,"width":274,"height":12}},{"id":"003dd087-66fd-4d85-bf4f-d39dd8d16c50","block_type":"box","text":"Class","page_number":21,"box":{"x":69,"y":572,"width":31,"height":7}},{"id":"7999f45c-8515-469a-9376-c8ae7298fea5","block_type":"box","text":"Ticker Symbol","page_number":21,"box":{"x":827,"y":572,"width":82,"height":9}},{"id":"23765760-7bd9-4fc7-a126-50f33331fb2b","block_type":"box","text":"Investor A Shares","page_number":21,"box":{"x":70,"y":590,"width":124,"height":9}},{"id":"de9cd472-8ed2-40e5-8b53-b2db1522e539","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the","page_number":28,"box":{"x":134,"y":211,"width":746,"height":11}},{"id":"36bd347b-36c2-4d8d-8a17-d3e24271394b","block_type":"box","text":"Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":28,"box":{"x":102,"y":226,"width":627,"height":11}},{"id":"81e4a33d-af75-404a-a8d3-883f31c27db8","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company","page_number":28,"box":{"x":134,"y":249,"width":757,"height":11}},{"id":"c306cb2b-f65b-4a36-b13e-2c0df490fb08","block_type":"box","text":"Act.","page_number":28,"box":{"x":101,"y":264,"width":25,"height":9}},{"id":"0b0090a2-e803-4587-b384-e39e6f10a9a8","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":28,"box":{"x":135,"y":287,"width":506,"height":11}},{"id":"93e59c7b-6c76-42a9-b936-bcd32b08c3ed","block_type":"box","text":"8. Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":28,"box":{"x":134,"y":309,"width":729,"height":11}},{"id":"67e1a5fb-f824-4a61-a197-9371a040dd6e","block_type":"box","text":"Investment Company Act.","page_number":28,"box":{"x":102,"y":324,"width":179,"height":11}},{"id":"d6731b34-901f-4739-b787-7e751bafff53","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":28,"box":{"x":102,"y":347,"width":494,"height":11}},{"id":"c477aa4d-572d-4ee8-b0fe-a6f816ba4a5b","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":28,"box":{"x":101,"y":370,"width":799,"height":11}},{"id":"3f77d302-db57-4d46-ba69-1f5a64a1c6fb","block_type":"box","text":"subject to change without shareholder approval.","page_number":28,"box":{"x":69,"y":385,"width":341,"height":11}},{"id":"b45f613e-194a-45e0-a624-881b294b2276","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":28,"box":{"x":101,"y":407,"width":796,"height":12}},{"id":"1fe5be20-e349-4186-b083-04ba708ce71f","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":28,"box":{"x":68,"y":423,"width":811,"height":11}},{"id":"95f888c9-ee74-469a-802a-cb59b3f7206a","block_type":"box","text":"that investment of 25% or more of a fund’s total assets in one or more issuers conducting their principal activities in","page_number":28,"box":{"x":68,"y":438,"width":833,"height":11}},{"id":"049dda52-5242-46b5-8e9e-9fb083a15191","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":28,"box":{"x":68,"y":453,"width":836,"height":11}},{"id":"35d22f86-b07d-4d16-8a7d-f8902ec13f26","block_type":"box","text":"could change in the future. The policy in (1) above will be interpreted to refer to concentration as that term may be","page_number":28,"box":{"x":69,"y":468,"width":815,"height":11}},{"id":"6700d6e3-568f-468a-8cf2-66f8296b8ebc","block_type":"box","text":"interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following:","page_number":28,"box":{"x":70,"y":483,"width":813,"height":11}},{"id":"46e62f8f-0369-414c-9620-6ebbcfe43287","block_type":"box","text":"securities of the U.S. Government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":28,"box":{"x":69,"y":498,"width":823,"height":11}},{"id":"d20daeff-9351-4b42-9b75-e3dadfbeba51","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":28,"box":{"x":69,"y":514,"width":809,"height":11}},{"id":"0f871859-e2f2-4fe0-b0cf-54b4ad73b6b9","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":28,"box":{"x":69,"y":528,"width":772,"height":12}},{"id":"98544058-aecd-4894-a591-620e9e74e396","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":28,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"e1a08306-4a8b-40cb-baba-2a35090de4e6","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":28,"box":{"x":67,"y":559,"width":829,"height":11}},{"id":"57de20a9-a3f6-4331-a69b-a997e2f31406","block_type":"box","text":"are primarily related to financing the activities of the parents. Each foreign government will be considered to be a","page_number":28,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"8d526584-5e38-4b1c-a888-8845b4976912","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":28,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"1a1e4219-738e-4364-ab9a-b1ec134e721f","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":28,"box":{"x":69,"y":604,"width":803,"height":11}},{"id":"90cb6219-17f8-4cfb-97ad-ed61170d72a8","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":28,"box":{"x":70,"y":619,"width":807,"height":11}},{"id":"2d25e7c3-6726-42d0-858a-e8b68b4e6d62","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":28,"box":{"x":70,"y":634,"width":438,"height":12}},{"id":"2f64db17-123c-4985-b003-cdb5b3cf0654","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th above, the Investment Company Act","page_number":28,"box":{"x":101,"y":657,"width":805,"height":11}},{"id":"04cb1aaa-f104-46ba-801a-881da08284d1","block_type":"box","text":"permits the Fund to borrow money in amounts of up to onethird of the Fund’s total assets from banks for any","page_number":28,"box":{"x":70,"y":672,"width":779,"height":11}},{"id":"20450097-eacc-4277-b80a-ea648b41c4fd","block_type":"box","text":"purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (The","page_number":28,"box":{"x":70,"y":687,"width":836,"height":11}},{"id":"43c699bd-fa9a-46d9-b123-0c3328c669b3","block_type":"box","text":"Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment","page_number":28,"box":{"x":70,"y":703,"width":816,"height":11}},{"id":"35cad552-9061-4f67-9f6b-f903a7a8650e","block_type":"box","text":"Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its","page_number":28,"box":{"x":69,"y":717,"width":812,"height":12}},{"id":"849e61f0-0773-477e-85bf-d56b9e6fcbfa","block_type":"box","text":"borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed),","page_number":28,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"f1b3d7aa-560f-44cb-a56b-41093d942fea","block_type":"box","text":"minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to","page_number":28,"box":{"x":69,"y":748,"width":775,"height":11}},{"id":"c3d2af0f-b73c-4935-b47c-05e4795d3c9a","block_type":"box","text":"increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments, such as reverse","page_number":28,"box":{"x":70,"y":763,"width":801,"height":11}},{"id":"37e90e33-f457-44c0-acae-97e35bf72b55","block_type":"box","text":"repurchase agreements, may be considered to be borrowings or involve leverage and thus are subject to the","page_number":28,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"68f9d5f1-cfd6-429c-8b5b-e7f6d84ac9cb","block_type":"box","text":"Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company Act, when the","page_number":28,"box":{"x":70,"y":793,"width":810,"height":11}},{"id":"df12eae9-262c-4b0f-8134-754f7c92206b","block_type":"box","text":"Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain","page_number":28,"box":{"x":70,"y":808,"width":828,"height":11}},{"id":"0aaa517d-9172-432c-a856-97d5933da2c8","block_type":"box","text":"asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or","page_number":28,"box":{"x":69,"y":823,"width":803,"height":12}},{"id":"3e26629e-78a9-4742-8a7f-49adf4789535","block_type":"box","text":"(ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to such","page_number":28,"box":{"x":69,"y":838,"width":746,"height":11}},{"id":"7a315f94-cfd1-4e02-859d-71b1084c9b05","block_type":"box","text":"transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":28,"box":{"x":68,"y":853,"width":793,"height":12}},{"id":"6c5e4772-42f3-45bc-a9ed-06102752661a","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":28,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"e4cda6be-8ec5-46fd-849e-bfa16179c5d9","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":28,"box":{"x":69,"y":884,"width":643,"height":11}},{"id":"319b8cd5-4e94-4cf9-83fd-7465c8bb7aa4","block_type":"box","text":"I-6","page_number":28,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"e4dc776e-13d2-4123-9259-30f56a47fc02","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"888dabeb-9b15-47f6-b518-363abb683a69","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":29,"box":{"x":101,"y":45,"width":788,"height":11}},{"id":"e4dad1d5-551f-4ae9-be32-08250c916c13","block_type":"box","text":"Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the securities of other","page_number":29,"box":{"x":68,"y":60,"width":840,"height":11}},{"id":"9a6e48be-0202-4a62-9715-21a5a886a631","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits a fund to have underwriting","page_number":29,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"d1e300b2-8c89-4a66-ac15-1afae6ef8e6e","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":29,"box":{"x":69,"y":90,"width":811,"height":11}},{"id":"a391d62b-225f-4b43-a2db-a23dc70cc0a3","block_type":"box","text":"amount of the fund’s underwriting commitments, when added to the value of the fund’s investments in issuers where","page_number":29,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"b0caf300-8465-4f3a-8665-da33959f7b60","block_type":"box","text":"the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A","page_number":29,"box":{"x":68,"y":120,"width":818,"height":12}},{"id":"5c78b7d5-eb37-4129-ab54-495e7d1788c2","block_type":"box","text":"fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered to be","page_number":29,"box":{"x":68,"y":135,"width":826,"height":12}},{"id":"4814105d-67e9-4c80-a18c-46a94b5d6c99","block_type":"box","text":"an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed that","page_number":29,"box":{"x":69,"y":150,"width":822,"height":12}},{"id":"523bf03b-f3a0-4fd6-9280-46384aac5a5e","block_type":"box","text":"the application of the Securities Act provisions described above would cause a fund to be engaged in the business of","page_number":29,"box":{"x":68,"y":166,"width":838,"height":11}},{"id":"382d6c25-2250-4fdb-9e34-b73f230a005b","block_type":"box","text":"underwriting, the policy in (5) above will be interpreted not to prevent a fund from engaging in transactions involving","page_number":29,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"2bd8c622-2a9f-412f-8f3c-d0a7dce9d322","block_type":"box","text":"the acquisition or disposition of por tfolio securities, regardless of whether the fund may be considered to be an","page_number":29,"box":{"x":68,"y":196,"width":796,"height":11}},{"id":"849931d3-8511-4220-b867-12f3fb9d2999","block_type":"box","text":"underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent permitted by","page_number":29,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"90af637a-31ed-4646-a724-5e0b0694a2ff","block_type":"box","text":"applicable law.","page_number":29,"box":{"x":69,"y":226,"width":102,"height":11}},{"id":"fe634071-8c4a-4937-a98f-b2298127627a","block_type":"box","text":"With respect to the fundamental policy relating to lending set for th in (7) above, the Investment Company Act","page_number":29,"box":{"x":101,"y":249,"width":778,"height":11}},{"id":"feea00ea-5b93-4a95-ba7e-6cc57b3f9cef","block_type":"box","text":"does not prohibit the fund from making loans (including lending its securities); however, Commission staff","page_number":29,"box":{"x":69,"y":264,"width":756,"height":11}},{"id":"7cd491fb-42b2-4b93-885c-f443cbf3049e","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":29,"box":{"x":70,"y":279,"width":807,"height":11}},{"id":"54eaf8cf-263f-453a-ae7b-4317f3253604","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":29,"box":{"x":69,"y":294,"width":784,"height":11}},{"id":"94d59bf9-3aec-4d2b-a59b-c908e3dca975","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":29,"box":{"x":69,"y":309,"width":791,"height":11}},{"id":"ffb302a1-94f1-43df-bb13-3bdf423f213f","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":29,"box":{"x":70,"y":324,"width":803,"height":11}},{"id":"b051b326-be51-4bd5-9a62-c596f7f4e4b1","block_type":"box","text":"loans.","page_number":29,"box":{"x":70,"y":340,"width":40,"height":8}},{"id":"c534218f-5d0f-4fc6-98f8-d38ceaa53b22","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":29,"box":{"x":101,"y":362,"width":777,"height":11}},{"id":"030d88b2-37c0-440d-a49b-26624f127e5f","block_type":"box","text":"Fund may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":29,"box":{"x":70,"y":377,"width":751,"height":12}},{"id":"1fbd7241-ded0-44e2-a503-8c7a40a79c81","block_type":"box","text":"Government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":29,"box":{"x":69,"y":392,"width":813,"height":12}},{"id":"0c690603-ac1a-491a-98d7-da3f6a53312f","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or","page_number":29,"box":{"x":69,"y":407,"width":827,"height":11}},{"id":"50f47e4c-bf90-412d-8537-458aa12bce91","block_type":"box","text":"(b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":29,"box":{"x":69,"y":423,"width":781,"height":11}},{"id":"62e11149-c250-487d-8493-b23be193422b","block_type":"box","text":"remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the","page_number":29,"box":{"x":69,"y":438,"width":759,"height":11}},{"id":"d81def7b-34e3-40e1-8083-750930eaf333","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":29,"box":{"x":70,"y":453,"width":774,"height":11}},{"id":"bc91b9f9-7e8f-460c-865e-d2c052faed6b","block_type":"box","text":"shareholder approval.","page_number":29,"box":{"x":69,"y":468,"width":153,"height":11}},{"id":"26004e89-7b42-4aaa-9827-843572f9947f","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":29,"box":{"x":102,"y":491,"width":768,"height":11}},{"id":"2c1007ac-72c5-4155-bebd-7e39b95e0c65","block_type":"box","text":"approval, the Fund may not:","page_number":29,"box":{"x":69,"y":506,"width":197,"height":11}},{"id":"12fc1bac-ebfb-43cd-83de-e055bc45f7e5","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":29,"box":{"x":134,"y":528,"width":742,"height":12}},{"id":"5ede5c33-eb48-450f-97ad-af3da41a8f2c","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":29,"box":{"x":102,"y":543,"width":759,"height":12}},{"id":"59e1834c-2d48-4376-8d00-4c4df58fb62a","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of","page_number":29,"box":{"x":102,"y":559,"width":779,"height":11}},{"id":"fdb67aab-3923-4ac6-8e3b-515c086c20e9","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":29,"box":{"x":101,"y":574,"width":761,"height":11}},{"id":"25701b34-7b42-4aab-aee6-749b67f05953","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":29,"box":{"x":102,"y":589,"width":795,"height":11}},{"id":"e91b8296-3ae4-4682-942b-abe5288b9188","block_type":"box","text":"12(d)(1).","page_number":29,"box":{"x":102,"y":604,"width":60,"height":11}},{"id":"91d24a91-0bd8-4e4c-8fce-998f028d592f","block_type":"box","text":"b. Make shor t sales of securities or maintain a shor t position, except to the extent permitted by the Fund’s","page_number":29,"box":{"x":134,"y":627,"width":765,"height":11}},{"id":"2988e3d8-614d-490a-aeb7-28a444c2fd4e","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":29,"box":{"x":102,"y":642,"width":509,"height":11}},{"id":"2a65c81a-3918-4ad2-9e93-81e6ce42a442","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":29,"box":{"x":102,"y":664,"width":744,"height":11}},{"id":"7ceb39f1-18a2-4c0b-8f77-761dcedea22b","block_type":"box","text":"restrictions apply only at the time that a transaction is under taken. Any change in the percentage of the Fund’s","page_number":29,"box":{"x":69,"y":680,"width":791,"height":11}},{"id":"63e306ae-d0c7-4b6b-b71c-aea86ede0d6b","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":29,"box":{"x":69,"y":695,"width":827,"height":11}},{"id":"680f699f-9c27-4c06-ac45-364d2d871ec0","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BlackRock determines that it is","page_number":29,"box":{"x":70,"y":710,"width":780,"height":11}},{"id":"beb6aa52-8ccc-4109-8abb-a12789c67553","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":29,"box":{"x":70,"y":725,"width":642,"height":11}},{"id":"dd9aae83-5c2e-4a38-80c2-8d833aae8b06","block_type":"box","text":"III. Information on Trustees and Officers","page_number":29,"box":{"x":69,"y":755,"width":290,"height":9}},{"id":"a54bdf0c-6678-413e-bb07-bebe8ba2718b","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":29,"box":{"x":101,"y":778,"width":789,"height":11}},{"id":"93327e13-88c1-48df-8838-2021a13d21b7","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":29,"box":{"x":68,"y":793,"width":779,"height":11}},{"id":"47952e06-72fa-4d85-9a5f-d20586a4db6c","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":29,"box":{"x":69,"y":808,"width":837,"height":11}},{"id":"a51c9ce2-dc9a-414f-901d-dc113d83b974","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":29,"box":{"x":70,"y":823,"width":793,"height":11}},{"id":"9e562999-57fd-44c9-ba3c-041ef5c7b3c8","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":29,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"fcffffba-93a3-4172-b1a5-f27f1307c331","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":29,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"e8364332-9db8-4447-8831-5aa75f9cff5c","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":29,"box":{"x":70,"y":869,"width":335,"height":11}},{"id":"75df4ac9-b7ec-427c-abcb-1c02bc9acd31","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":29,"box":{"x":101,"y":891,"width":769,"height":12}},{"id":"d0771e53-4413-4fa8-8069-f69203f25f9d","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":29,"box":{"x":70,"y":906,"width":827,"height":11}},{"id":"35d1b631-8d54-4534-a1d7-6b2e9f1a2b8f","block_type":"box","text":"I-7","page_number":29,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"95d92420-5d79-44a8-ae84-a93d8ab5eed5","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b30dba83-3c35-4cb5-b8b9-cce7bf1921b1","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":30,"box":{"x":70,"y":45,"width":821,"height":11}},{"id":"5a962992-26b0-4bc4-bc9f-812cabc662fe","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":30,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"caf8681c-dbda-4929-ab9a-f386568a76c2","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":30,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"edb1fc39-06c0-44d0-9ddf-f974d8e85ddc","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":30,"box":{"x":68,"y":90,"width":789,"height":11}},{"id":"b347d171-7710-49e2-9560-f5dffbb5a971","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":30,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"b8f354d3-61de-425f-a820-a5ea8f5b7b2f","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":30,"box":{"x":69,"y":120,"width":809,"height":12}},{"id":"aae50b62-1b09-42f6-ae3a-b8aef5759c9a","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":30,"box":{"x":70,"y":135,"width":794,"height":12}},{"id":"a07adeb6-243c-4eeb-8bd9-fe87f4eb4446","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":30,"box":{"x":69,"y":150,"width":816,"height":12}},{"id":"1571a41c-bc1b-4a83-883b-d2da06b60380","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":30,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"c54cf193-d5df-4ed8-8def-ab6b945cffff","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":30,"box":{"x":70,"y":181,"width":811,"height":11}},{"id":"e69c2d7b-6f4d-4e71-815f-f5e8774e59f5","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":30,"box":{"x":68,"y":196,"width":809,"height":11}},{"id":"8567b63d-6c66-4162-95a5-96d8d3d201d8","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":30,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"c985f621-7f82-4148-966f-b975db4973a9","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":30,"box":{"x":69,"y":226,"width":441,"height":11}},{"id":"980107fc-02c1-4214-a290-e793d91f3f01","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":30,"box":{"x":101,"y":249,"width":777,"height":11}},{"id":"5d76c846-60d3-4d8a-ad57-937d025d532c","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":30,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"ff834761-228e-47b0-8ecd-62a8b2339f8a","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":30,"box":{"x":68,"y":279,"width":820,"height":11}},{"id":"c7689770-19ca-4ccd-95f5-3832c9ab841b","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":30,"box":{"x":70,"y":294,"width":812,"height":11}},{"id":"733baf91-be4d-464f-a4cc-83a6a53d8dc9","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":30,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"8a12f0e8-e487-44a6-8bb5-80df6b76c8c8","block_type":"box","text":"the operations of the Fund.","page_number":30,"box":{"x":68,"y":324,"width":192,"height":11}},{"id":"14831847-feab-479b-9eaa-d369199a8817","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":30,"box":{"x":102,"y":347,"width":785,"height":11}},{"id":"fc36d516-3a21-40af-af1f-7c6b73f9f222","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":30,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"d7b6034a-ce3c-4188-aaeb-fe226d47a72e","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":30,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"b2e4e51c-1723-424b-bbb2-08f12e44d647","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":30,"box":{"x":68,"y":392,"width":820,"height":12}},{"id":"a7fce3a8-b676-472f-9004-863d205e15a9","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":30,"box":{"x":70,"y":407,"width":811,"height":12}},{"id":"fb90a798-fba8-4d38-b3e0-43cebe08acde","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":30,"box":{"x":70,"y":423,"width":767,"height":11}},{"id":"74c134df-45ae-4cf8-9126-edcde6ca201f","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":30,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"7f932db1-c4a0-4a9e-b3e1-02bc22250827","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":30,"box":{"x":70,"y":453,"width":803,"height":11}},{"id":"fd182e48-5117-4eb4-bdd3-09366a3168fb","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":30,"box":{"x":69,"y":468,"width":840,"height":11}},{"id":"2419f834-d023-40cc-b55f-0d152387a0c1","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":30,"box":{"x":69,"y":483,"width":812,"height":11}},{"id":"2405bd7c-0968-451f-83fe-d27a9241a5a9","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":30,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"57cb9126-e8b8-4162-a4d2-2149c0feb6c3","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":30,"box":{"x":69,"y":513,"width":812,"height":11}},{"id":"a08b0fb7-412c-4e13-9e1e-0a80fc29acad","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":30,"box":{"x":68,"y":528,"width":818,"height":12}},{"id":"c523843f-b3fc-46a7-a50d-a45f7589b86d","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":30,"box":{"x":70,"y":544,"width":759,"height":11}},{"id":"4cb12245-2783-4b48-8ab7-a81a412f4695","block_type":"box","text":"per forming their oversight responsibilities.","page_number":30,"box":{"x":70,"y":559,"width":299,"height":11}},{"id":"d6aa9a86-f07e-44e8-a938-7a712caa7051","block_type":"box","text":"Audit Committee.","page_number":30,"box":{"x":101,"y":581,"width":122,"height":9}},{"id":"69f14dec-9bea-47b0-b5ca-7cf48657c14c","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":30,"box":{"x":229,"y":581,"width":673,"height":11}},{"id":"b913e0f1-7c0a-42bc-84c8-ee9971597cdf","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":30,"box":{"x":68,"y":596,"width":814,"height":12}},{"id":"a6b9a6f9-65d6-4a2a-9799-efad5f9e981a","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":30,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"b5a0e8f1-bd53-4f9e-b320-4fd1e1b01da6","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":30,"box":{"x":69,"y":627,"width":753,"height":11}},{"id":"1fbaebe4-286e-4887-b3ef-7b4970b2750b","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":30,"box":{"x":70,"y":642,"width":797,"height":11}},{"id":"4a0a58a7-6c7d-46ff-afcf-d2286f94fb38","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":30,"box":{"x":70,"y":657,"width":825,"height":11}},{"id":"56f20638-f691-49e9-a671-07a8e1f07f30","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":30,"box":{"x":70,"y":672,"width":807,"height":11}},{"id":"1f418d54-5ef9-4e43-8f91-54043f3518a7","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":30,"box":{"x":68,"y":687,"width":781,"height":11}},{"id":"29cd58f9-6169-45de-8f9f-8268d9b9b44d","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":30,"box":{"x":69,"y":703,"width":834,"height":11}},{"id":"e482517e-0ce6-4770-ab60-c43fd1a73c6c","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":30,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"ca19ce67-7599-4c6f-a71e-07065cf35ac9","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":30,"box":{"x":69,"y":732,"width":825,"height":12}},{"id":"0b402b78-6e1d-47dc-9e94-5164185a8451","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":30,"box":{"x":70,"y":748,"width":809,"height":11}},{"id":"f31bf806-7dc1-432a-a2e6-718877baeba4","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":30,"box":{"x":70,"y":763,"width":815,"height":11}},{"id":"d92dd837-6c00-42a9-a320-13dc04ab835e","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":30,"box":{"x":69,"y":778,"width":774,"height":11}},{"id":"3b7ec4cd-73ac-419f-bd01-6b85484e9c53","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":30,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"5db64357-48ab-420a-be8c-713cc8eb5fa5","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":30,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"66c1037e-ab9a-46b6-bcd8-3b46a9d70c2c","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":30,"box":{"x":69,"y":823,"width":812,"height":12}},{"id":"e39b414e-cef1-43af-a297-5cb2d92865c3","block_type":"box","text":"During the fiscal year ended July 31, 2025, the Audit Committee met four times.","page_number":30,"box":{"x":70,"y":838,"width":571,"height":12}},{"id":"740d7df8-55c2-4cb4-a72c-f578eda01688","block_type":"box","text":"Governance and Nominating Committee.","page_number":30,"box":{"x":102,"y":861,"width":286,"height":11}},{"id":"9cb6cde5-5021-4866-80f8-937e5b2b1d68","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":30,"box":{"x":394,"y":861,"width":464,"height":11}},{"id":"15766284-0af6-4e19-bce0-d997ae09fa0e","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":30,"box":{"x":70,"y":876,"width":833,"height":11}},{"id":"2f6c4452-f695-410e-92fd-bfd811d606bb","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":30,"box":{"x":69,"y":891,"width":769,"height":11}},{"id":"5f947401-b976-4bc0-8c00-b8f60d437960","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":30,"box":{"x":69,"y":906,"width":802,"height":12}},{"id":"e60de2e2-3ed2-44f5-8e39-d1c03a58b466","block_type":"box","text":"I-8","page_number":30,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"88fda965-936c-4ced-a035-b7411a640db4","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"449cb67b-2a00-49bd-926e-092ef607ece6","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":31,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"c2826ab8-b697-4607-afba-5b76eddc4c49","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":31,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"2477b42a-135c-4a65-a31a-872eac774d75","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":31,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"64d7a84a-f10c-4e04-8e61-b84098d40907","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":31,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"2dc99b7a-9038-4d09-ad64-32b708e604a5","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":31,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"74a666ea-0f20-4378-906a-4df589ce9adf","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":31,"box":{"x":70,"y":120,"width":835,"height":11}},{"id":"db591f72-4692-4324-8e14-849add46d673","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":31,"box":{"x":68,"y":135,"width":815,"height":11}},{"id":"4e2beab9-0d8c-42fa-8d9a-fc39ba05b8b8","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":31,"box":{"x":68,"y":151,"width":841,"height":11}},{"id":"8fd4094c-26f3-4b3f-8046-00b0948e95a7","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":31,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"72a31d7a-737b-4cb0-b7fd-4632cb5a8938","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for election as a","page_number":31,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"2347abfd-9b99-4ad8-9284-31ebc396b9d9","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":31,"box":{"x":68,"y":196,"width":792,"height":11}},{"id":"fbc370d6-8bda-4c52-b6aa-10ccd3d9d875","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the","page_number":31,"box":{"x":69,"y":211,"width":798,"height":11}},{"id":"64382c54-7789-4ce7-b6ac-a6bfeea2f853","block_type":"box","text":"principal executive offices of the Trust not later than the close of business on the fifth day following the day on which","page_number":31,"box":{"x":70,"y":226,"width":832,"height":11}},{"id":"ebaa5766-d983-4dca-8039-eb1ee64f43dc","block_type":"box","text":"notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever","page_number":31,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"d5152d9a-e47e-4d54-827e-3c7f8ef43a5d","block_type":"box","text":"first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about","page_number":31,"box":{"x":68,"y":256,"width":832,"height":11}},{"id":"63e9a775-dede-4f9e-823c-dc2adfd7ece5","block_type":"box","text":"the shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":31,"box":{"x":68,"y":271,"width":820,"height":12}},{"id":"9dad8366-0c61-41c4-8fb7-d70a357340bb","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a","page_number":31,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"3a5af091-2d96-4298-bb87-ccf6d436c1e9","block_type":"box","text":"written char ter for the Governance Committee. During the fiscal year ended July 31, 2025, the Governance","page_number":31,"box":{"x":68,"y":302,"width":762,"height":11}},{"id":"975c9b76-6f2b-42f0-8873-ddf37d0a1933","block_type":"box","text":"Committee met six times.","page_number":31,"box":{"x":69,"y":317,"width":182,"height":9}},{"id":"39609a5b-80f1-425c-a194-e37e0d08e9f3","block_type":"box","text":"Compliance Committee.","page_number":31,"box":{"x":102,"y":340,"width":168,"height":10}},{"id":"75dd4eea-89e1-4372-83e1-24a43dfb52a0","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":31,"box":{"x":276,"y":339,"width":629,"height":11}},{"id":"2a914681-9b4c-42a4-a986-27631676560a","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":31,"box":{"x":68,"y":355,"width":789,"height":11}},{"id":"ebd7d11a-7387-4efe-8d4f-9134aee9c838","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":31,"box":{"x":70,"y":370,"width":812,"height":11}},{"id":"e00da714-c4f3-4842-a778-43f636d85393","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BlackRock and","page_number":31,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"98f0f1ab-973e-4316-9511-300b5447baa2","block_type":"box","text":"any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":31,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"51ed14ee-7296-4ab8-98f0-da3e90258918","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":31,"box":{"x":68,"y":415,"width":819,"height":11}},{"id":"82fa5b31-44d8-487b-9a6d-7f1d3cc66d60","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":31,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"b94f92f2-8635-490f-8bdc-3cc4bd62dc2b","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":31,"box":{"x":69,"y":445,"width":798,"height":12}},{"id":"67febae7-542c-4a81-a9f6-52b41dbe8de5","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Trust’s Chief","page_number":31,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"0f209117-bf71-4bd3-8dbd-2ac00cb16749","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":31,"box":{"x":69,"y":475,"width":803,"height":12}},{"id":"dcbe1eb4-e3ca-4b21-885c-6b1b4bc3bf6f","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":31,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"a38e3f03-4b08-4a5d-ae0d-b8cc7e7332ce","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":31,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"72367f6f-a382-4acf-bbb2-bf7f6fabe984","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended July 31, 2025,","page_number":31,"box":{"x":68,"y":521,"width":829,"height":11}},{"id":"d9abaeb8-9185-4e93-85d5-c5e31d6c54b7","block_type":"box","text":"the Compliance Committee met four times.","page_number":31,"box":{"x":68,"y":536,"width":307,"height":11}},{"id":"2d3a88cf-c113-4156-96bf-f1ac133745d8","block_type":"box","text":"Per formance Oversight Committee.","page_number":31,"box":{"x":102,"y":559,"width":248,"height":11}},{"id":"c0af392d-824e-421a-a7b7-4b81ff63c27b","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":31,"box":{"x":356,"y":559,"width":531,"height":11}},{"id":"f255657c-5352-435c-8b5f-49e9f5995500","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":31,"box":{"x":69,"y":574,"width":837,"height":11}},{"id":"0999ce87-3a48-49e1-9ab1-d4997919f24b","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":31,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"4e0814b4-bb14-4cbb-84db-554f03476801","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed-upon","page_number":31,"box":{"x":70,"y":604,"width":769,"height":11}},{"id":"1972d4ea-57c6-4f65-89b0-5a222969fcda","block_type":"box","text":"per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":31,"box":{"x":70,"y":619,"width":775,"height":11}},{"id":"68f10e56-7f2a-43af-bf33-23b72c88bb13","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":31,"box":{"x":69,"y":634,"width":782,"height":12}},{"id":"6e6165ee-5e66-4422-9670-f1702e61f523","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":31,"box":{"x":70,"y":649,"width":829,"height":11}},{"id":"9e0c27a8-3264-449e-803a-cbddb7966970","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":31,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"452cae9e-cdbd-4851-b2cc-ac53e77853fd","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":31,"box":{"x":69,"y":680,"width":803,"height":11}},{"id":"297b596a-6632-4634-b458-34b593b2f276","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":31,"box":{"x":69,"y":695,"width":827,"height":11}},{"id":"812da8fe-d993-42bd-8c83-98827a93a2c0","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":31,"box":{"x":68,"y":710,"width":811,"height":11}},{"id":"1a314efd-a684-401b-a62b-8303d5472ed1","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":31,"box":{"x":69,"y":725,"width":757,"height":11}},{"id":"d628e5d5-8d0e-41ce-a47d-454d07ddb852","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":31,"box":{"x":70,"y":740,"width":835,"height":11}},{"id":"29c4980b-ecd7-4444-b66f-66e8b9adc6f0","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":31,"box":{"x":68,"y":755,"width":800,"height":11}},{"id":"a1190d75-11b8-44c4-8b54-286fd809ab57","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":31,"box":{"x":69,"y":770,"width":780,"height":12}},{"id":"9c9671ea-ecf8-4eaf-8636-49307d3a4ed0","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":31,"box":{"x":69,"y":785,"width":838,"height":12}},{"id":"63d557db-b831-4c75-95a7-57ea563be63b","block_type":"box","text":"ended July 31, 2025, the Per formance Oversight Committee met five times.","page_number":31,"box":{"x":69,"y":801,"width":541,"height":11}},{"id":"7f45b447-fc91-4cb5-b7d1-c2f826c795f2","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":31,"box":{"x":101,"y":823,"width":186,"height":11}},{"id":"d33f2a6a-e90c-472c-a176-21765f668b6c","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":31,"box":{"x":293,"y":823,"width":598,"height":11}},{"id":"2ed70280-4c4d-4aa1-a333-2f281de054b9","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":31,"box":{"x":70,"y":838,"width":817,"height":11}},{"id":"f87cf715-4a00-46e8-946f-3954f9acc8f1","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":31,"box":{"x":69,"y":853,"width":795,"height":11}},{"id":"b51b62f8-cb12-47d5-a2bc-0d14670ab27e","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":31,"box":{"x":69,"y":869,"width":788,"height":11}},{"id":"fe84b46b-c012-4ee7-a3da-61a9c7a83a79","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":31,"box":{"x":69,"y":884,"width":813,"height":11}},{"id":"2dedb5df-e8d2-4a62-afd1-351f5a9a46be","block_type":"box","text":"I-9","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"c8bdb2f9-be80-4178-afe6-c51a4ba7c79b","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"334cad43-46ae-4ffd-a468-01ee9fac3ad0","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":32,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"cbcd63fb-e086-4fda-a239-b79b6a48b4fa","block_type":"box","text":"the fiscal year ended July 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":32,"box":{"x":68,"y":60,"width":572,"height":11}},{"id":"829db826-8140-47f4-ac85-227852a403a5","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":32,"box":{"x":101,"y":82,"width":771,"height":12}},{"id":"31cf0373-7389-4421-9a5e-7be6ba5d964d","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":32,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"cd39a5be-ab48-4ed0-b780-55077d4bb49c","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":32,"box":{"x":69,"y":113,"width":830,"height":11}},{"id":"5f7b0dc3-7402-403e-9c04-bdfce24a9188","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":32,"box":{"x":69,"y":128,"width":825,"height":11}},{"id":"9a361551-018a-4329-88e1-81ead50b796a","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":32,"box":{"x":70,"y":143,"width":807,"height":11}},{"id":"811112f9-2f10-488d-b531-42fae0b13595","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":32,"box":{"x":70,"y":158,"width":787,"height":11}},{"id":"29215476-d068-4a09-a937-4401e200152a","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":32,"box":{"x":69,"y":173,"width":805,"height":11}},{"id":"67557f22-eee8-443a-998c-dbeb98510f29","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":32,"box":{"x":68,"y":188,"width":794,"height":12}},{"id":"524f9caf-c9ca-4da6-9ab3-4ba9b981e9ea","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":32,"box":{"x":68,"y":204,"width":829,"height":11}},{"id":"e98e40eb-a125-4965-af4d-911bf507fe49","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":32,"box":{"x":69,"y":218,"width":823,"height":12}},{"id":"4e9e8140-43f0-465b-afa2-b440516f5d7d","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":32,"box":{"x":69,"y":234,"width":771,"height":11}},{"id":"67645825-61ff-4eb3-a5d3-68c4f7725ff4","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":32,"box":{"x":69,"y":249,"width":473,"height":11}},{"id":"abdb6108-2627-4552-abd6-11cae587a48f","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":32,"box":{"x":102,"y":271,"width":792,"height":12}},{"id":"98ef7a63-58c3-44ff-a3c3-fea1b2d8b54b","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":32,"box":{"x":69,"y":286,"width":807,"height":12}},{"id":"02a2658f-2da3-42d5-afe6-8f0c797af673","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":32,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"5250102c-821d-4ba1-a6bb-bbf144e8b516","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":32,"box":{"x":70,"y":317,"width":759,"height":11}},{"id":"8a8f0914-52bb-42e7-9e46-1438c5489e6f","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":32,"box":{"x":70,"y":332,"width":685,"height":11}},{"id":"f93c19a5-805a-4001-aa2e-d6957c71c677","block_type":"box","text":"ad hoc","page_number":32,"box":{"x":762,"y":332,"width":47,"height":9}},{"id":"4f3815f4-dbb1-4fca-99bb-6c109d14ca44","block_type":"box","text":"committees","page_number":32,"box":{"x":814,"y":332,"width":82,"height":9}},{"id":"aa5395bf-cb0c-4bfb-bc4a-fff8273201aa","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":32,"box":{"x":68,"y":347,"width":395,"height":11}},{"id":"bdb474d6-cf79-4747-a92b-cbd95c158f5f","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":32,"box":{"x":101,"y":370,"width":751,"height":11}},{"id":"469a35e0-be9d-4a49-a5f6-cfee93605e4f","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":32,"box":{"x":69,"y":385,"width":492,"height":11}},{"id":"944b6a0a-202b-4ade-9751-c8735ad8ac4b","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":32,"box":{"x":68,"y":413,"width":409,"height":9}},{"id":"5771d3da-4e3b-4d0d-9c9d-810f87109877","block_type":"box","text":"Independent Trustees","page_number":32,"box":{"x":70,"y":430,"width":154,"height":10}},{"id":"51143c61-e8ab-4858-9cd6-e0610a97257d","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":32,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"d2454ea3-eae1-44a8-97de-dd39ee355cf4","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":32,"box":{"x":265,"y":460,"width":604,"height":11}},{"id":"eda6e63c-95e4-4529-a707-89f17fe45b06","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":32,"box":{"x":265,"y":475,"width":623,"height":11}},{"id":"4be574e0-8d08-496f-9529-3ac3ff98c182","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":32,"box":{"x":265,"y":490,"width":637,"height":11}},{"id":"cc29a77a-3617-48d9-91c6-c4b51a330b94","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":32,"box":{"x":265,"y":505,"width":631,"height":11}},{"id":"941b9c6f-e5a1-470b-a4e5-675a593179d5","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":32,"box":{"x":264,"y":520,"width":626,"height":11}},{"id":"ac4f20ae-4a6a-4ef1-ab7d-02fe116b603c","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":32,"box":{"x":265,"y":535,"width":639,"height":11}},{"id":"f1b08e42-efdb-4710-8a10-5c03830c653d","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":32,"box":{"x":264,"y":551,"width":637,"height":11}},{"id":"43d45d55-54de-422f-898c-754215bd1015","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":32,"box":{"x":265,"y":566,"width":586,"height":11}},{"id":"14b04064-fa8b-45cc-9163-f4a91807e6d6","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":32,"box":{"x":265,"y":581,"width":640,"height":11}},{"id":"00abb200-6ef2-417c-92d1-35519ada8fb4","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":32,"box":{"x":265,"y":596,"width":389,"height":11}},{"id":"9a0a7579-2753-4a80-a6bb-e8ce53efd399","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":32,"box":{"x":69,"y":618,"width":806,"height":12}},{"id":"b87ebedd-f618-4ef1-a3a1-37c78937ee6c","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":32,"box":{"x":265,"y":634,"width":604,"height":11}},{"id":"2e5f3eaa-37f1-4309-bc36-f557a067f93b","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":32,"box":{"x":265,"y":649,"width":632,"height":11}},{"id":"23e2cc10-f57f-4c27-a1a1-7a395aed3419","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":32,"box":{"x":265,"y":664,"width":562,"height":9}},{"id":"fee5e31b-eabe-466c-8e39-816af1b05b1e","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":32,"box":{"x":265,"y":679,"width":616,"height":10}},{"id":"0d3cfea9-ee05-4e25-9a72-6bdad34b7dbe","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":32,"box":{"x":264,"y":694,"width":591,"height":11}},{"id":"ae919c56-dde6-4bf1-acf1-381b019ac191","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":32,"box":{"x":265,"y":709,"width":641,"height":11}},{"id":"882134a8-e2d2-488a-876a-70796e87a667","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":32,"box":{"x":264,"y":724,"width":638,"height":12}},{"id":"64a1a151-d651-428d-9216-94dbe3326deb","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":32,"box":{"x":265,"y":739,"width":584,"height":12}},{"id":"9c0581d6-dcbe-41c9-96a6-05844373d1e7","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":32,"box":{"x":265,"y":755,"width":630,"height":11}},{"id":"ef8154fd-08bc-4ce2-9e7e-6afe7f1801fa","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":32,"box":{"x":265,"y":770,"width":634,"height":11}},{"id":"98f52ae8-4160-4355-a357-7617e26c9944","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":32,"box":{"x":265,"y":785,"width":599,"height":11}},{"id":"29cbc1d1-5e89-482b-939f-bfa7782e3102","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":32,"box":{"x":265,"y":800,"width":407,"height":11}},{"id":"54848b8c-7fef-4a25-9b56-695a5cf903fc","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":32,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"f552da5c-3af6-4316-962f-1d9c361dfda4","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":32,"box":{"x":265,"y":838,"width":638,"height":11}},{"id":"7e25efee-8603-4d6e-9a93-60b85ad3da0d","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":32,"box":{"x":265,"y":853,"width":642,"height":11}},{"id":"b40314d4-416d-4cda-b3f9-9b1da9d989dd","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":32,"box":{"x":265,"y":867,"width":601,"height":12}},{"id":"32632270-2d56-4d93-b816-41f3fb0536e9","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":32,"box":{"x":265,"y":883,"width":595,"height":11}},{"id":"8c99adb0-7545-4d7b-be1e-6ee855231810","block_type":"box","text":"perspective on the markets and the economy.","page_number":32,"box":{"x":265,"y":898,"width":323,"height":11}},{"id":"f2e77dfc-cc19-4178-aa8e-087c6fec87fe","block_type":"box","text":"I-10","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"41bf0798-c11b-4b65-bc60-fe43376a62c2","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5df23a2-1ac7-4635-b4a2-74f6f181cd28","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":33,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"c2d1ea94-a3f8-4ca4-ba0a-f6108b329719","block_type":"box","text":"Neil A. Cotty Neil A. 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Mr. Keizer’s experience also includes service as an","page_number":33,"box":{"x":265,"y":254,"width":642,"height":12}},{"id":"5dec9993-da50-471a-b910-49b2573cabe1","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":33,"box":{"x":265,"y":270,"width":626,"height":11}},{"id":"7c10f614-18b3-4b81-a8ed-448a7be7051e","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":33,"box":{"x":265,"y":285,"width":630,"height":11}},{"id":"3d8920e7-d6a0-4238-a2f6-fbd136678e3a","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":33,"box":{"x":265,"y":300,"width":602,"height":11}},{"id":"e9120f74-0732-4b8a-b489-56d7a0eebd75","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":33,"box":{"x":264,"y":315,"width":643,"height":11}},{"id":"54bd3172-8615-4e29-aa36-0fb081aa8610","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":33,"box":{"x":264,"y":330,"width":639,"height":11}},{"id":"18add78f-75e4-438d-abff-a230771ee834","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":33,"box":{"x":264,"y":345,"width":641,"height":11}},{"id":"02874ed1-5d84-4e05-a5ea-58f0720a9391","block_type":"box","text":"applicable Commission rules.","page_number":33,"box":{"x":265,"y":360,"width":208,"height":11}},{"id":"64f8d1f5-a571-4188-b868-88e1dfd0f85c","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":33,"box":{"x":69,"y":383,"width":769,"height":11}},{"id":"a75c10a8-56a7-4621-8f1c-aee218b78f19","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":33,"box":{"x":265,"y":398,"width":621,"height":11}},{"id":"ddba99d7-bd2c-4790-b7bd-780b1b66a98a","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":33,"box":{"x":265,"y":413,"width":599,"height":11}},{"id":"c5123148-8bb4-4185-a09e-5917b3127e42","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":33,"box":{"x":265,"y":428,"width":641,"height":12}},{"id":"f251a702-c31c-4b6a-bab2-395a8b3589a2","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":33,"box":{"x":264,"y":443,"width":602,"height":12}},{"id":"7ecc9240-853a-41a4-9719-fb5f00b04bcb","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":33,"box":{"x":264,"y":459,"width":617,"height":11}},{"id":"0b84c22c-2112-456a-85c6-15db510eb71c","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":33,"box":{"x":265,"y":474,"width":629,"height":11}},{"id":"e73e1859-d6d9-4b22-9795-1da87d4f6b34","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":33,"box":{"x":264,"y":489,"width":628,"height":11}},{"id":"558f9290-3f1b-443f-ae49-d465b3893928","block_type":"box","text":"ar ticles and books on these topics.","page_number":33,"box":{"x":265,"y":504,"width":251,"height":11}},{"id":"845b7e0d-4cdf-4a57-9bd0-3c2d8f9ecb8a","block_type":"box","text":"Donald C. Opatrny Donald C. 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He also has","page_number":33,"box":{"x":265,"y":572,"width":603,"height":11}},{"id":"84d8fc6a-efa3-4499-bbf9-ee1ff1f4032a","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":33,"box":{"x":265,"y":587,"width":629,"height":11}},{"id":"56208014-381d-4f54-b3e9-16dbd5426808","block_type":"box","text":"I-11","page_number":33,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"9fec79e2-ec3a-41e3-9193-0a58a1e28507","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ade617d8-14ae-41ce-81e2-7de7357ef039","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":34,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"26974a66-8b6a-41c1-8072-c622bc0b26ba","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":34,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"f582d5a9-59eb-4134-bb90-75a76a78a6a1","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":34,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"84ebeeb0-2406-4d8f-b9f0-3f20097dcb14","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":34,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"60d5d314-b878-4ffd-997c-af4f0d5969aa","block_type":"box","text":"2009. 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In addition, Ms. Richards served as a member","page_number":34,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"c343e464-c137-4726-a2ee-170781e8272b","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":34,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"1f29667e-d06c-46bf-9a44-8f24d3c3a2a1","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":34,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"21b6210d-d89a-4cdc-9ef9-e110bc41b8c4","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":34,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"7f9e1972-5f96-4741-9d63-2555117a03da","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":34,"box":{"x":265,"y":307,"width":638,"height":12}},{"id":"ebd06bdb-a8c7-4736-8c5d-f8659e2ec893","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":34,"box":{"x":265,"y":322,"width":635,"height":12}},{"id":"de962f45-9120-4d97-b7b5-6a0730c52f9d","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":34,"box":{"x":265,"y":338,"width":642,"height":11}},{"id":"d0a5be02-925f-4913-9128-15aa844e0c72","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":34,"box":{"x":265,"y":353,"width":627,"height":11}},{"id":"fbfff144-f951-4d8f-ac5f-c74e3c1c3f41","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":34,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"0e4245e7-36f4-4ced-9af7-c6dfd9855bad","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":34,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"900e7562-cbea-4d16-a010-e54e50b8597e","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":34,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"33234c2e-ea05-45e8-9757-050e2ec011dc","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":34,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"e44d47bc-7943-4312-89fd-1a9e9b96e366","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":34,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"d5eec883-facd-411e-b84e-eea0c6c7d380","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":34,"box":{"x":265,"y":451,"width":608,"height":9}},{"id":"8a7a6214-e425-4cca-bb8e-bdfa20b0ea53","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":34,"box":{"x":265,"y":466,"width":626,"height":11}},{"id":"c55b5c4d-83d7-4677-bacf-7e9bfa3da00f","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":34,"box":{"x":265,"y":481,"width":591,"height":11}},{"id":"62fe6166-5ea8-4d0b-b07f-ff8560ee35eb","block_type":"box","text":"various private and non-profit boards.","page_number":34,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"5be7021e-81f5-4e20-b04c-0c0a1b263f15","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":34,"box":{"x":70,"y":519,"width":807,"height":11}},{"id":"94bc4082-730b-4963-9c86-2da4d112c3f8","block_type":"box","text":"companies, most recently as a member of the boards of cer tain BlackRock-advised Funds","page_number":34,"box":{"x":264,"y":534,"width":641,"height":11}},{"id":"be2d1845-dde9-4528-940a-aa36c9c1fdef","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":34,"box":{"x":265,"y":549,"width":618,"height":11}},{"id":"781d4399-cb28-4b14-910a-9d8f221867c8","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":34,"box":{"x":265,"y":564,"width":594,"height":12}},{"id":"91a8cf0a-ca0c-4401-a92f-149415fe3738","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":34,"box":{"x":265,"y":579,"width":639,"height":12}},{"id":"803e9a8a-59df-49f9-a1d7-ff1dc7485d6a","block_type":"box","text":"be an audit committee financial exper t, as such term is defined in the applicable","page_number":34,"box":{"x":265,"y":595,"width":575,"height":11}},{"id":"754aad76-65a7-4a38-9d8a-15c79d03e968","block_type":"box","text":"Commission rules.","page_number":34,"box":{"x":265,"y":610,"width":131,"height":9}},{"id":"e8f9cdeb-6ad9-4254-bf61-7cbdccb9ca9b","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":34,"box":{"x":69,"y":632,"width":808,"height":12}},{"id":"f87ea709-98cb-459b-b769-1b937fd0184f","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liber ty Square Asset","page_number":34,"box":{"x":265,"y":647,"width":630,"height":12}},{"id":"9047645d-28b2-46d2-ae7e-3ee72b569130","block_type":"box","text":"Management, LP from 1998 to 2015, an investment manager that specialized in long/","page_number":34,"box":{"x":265,"y":663,"width":618,"height":11}},{"id":"bfa3c988-6706-4a70-9ebc-71a445ee42c6","block_type":"box","text":"shor t non-U.S. equity investments, and was an owner and General Par tner of Neon Liber ty","page_number":34,"box":{"x":265,"y":678,"width":643,"height":11}},{"id":"d5da50d3-3221-49e9-8ad5-e14e63d1b925","block_type":"box","text":"Capital Management, LLC from 2003 to 2023, a firm focusing on long/shor t equities in","page_number":34,"box":{"x":265,"y":693,"width":624,"height":11}},{"id":"b3e6b68c-355f-43d0-a401-a5fd23439d21","block_type":"box","text":"global emerging and frontier markets. These positions have provided her with insight and","page_number":34,"box":{"x":264,"y":708,"width":634,"height":11}},{"id":"4859330a-9a10-48eb-9292-da410239ebbf","block_type":"box","text":"perspective on the markets and the economy.","page_number":34,"box":{"x":265,"y":723,"width":323,"height":11}},{"id":"5bd32846-3608-44d1-9470-3187dfe80e5e","block_type":"box","text":"I-12","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"54bd0f9e-5ecb-49a6-8315-c2d80b689bc0","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35227fb8-538e-4bd0-9f89-b091c419f4af","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":35,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"ee7be016-c401-48f1-8833-d663352d0d01","block_type":"box","text":"Interested Trustees","page_number":35,"box":{"x":70,"y":66,"width":138,"height":8}},{"id":"d7d0642c-a704-45f6-97f3-ec721cc3e8e0","block_type":"box","text":"Rober t Fairbairn Rober t Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":35,"box":{"x":70,"y":81,"width":823,"height":11}},{"id":"5750afeb-b771-48bc-b03e-09ef9ffdcfd6","block_type":"box","text":"years of experience in finance and asset management. 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None Over","page_number":40,"box":{"x":197,"y":158,"width":634,"height":8}},{"id":"fa918a5e-b134-4a6c-99d5-5b570d5d56a2","block_type":"box","text":"$100,000","page_number":40,"box":{"x":837,"y":157,"width":72,"height":11}},{"id":"fbb56848-84f4-4081-a8b4-243ad8a3e45d","block_type":"box","text":"John M. Perlowski","page_number":40,"box":{"x":78,"y":173,"width":127,"height":9}},{"id":"4dcdcde2-9e06-407b-9543-848865176124","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":40,"box":{"x":213,"y":173,"width":618,"height":9}},{"id":"325c0313-651b-4685-90d7-461bfdbfb190","block_type":"box","text":"$100,000","page_number":40,"box":{"x":837,"y":172,"width":72,"height":11}},{"id":"dc103dac-93d8-4f92-84b1-9240da8f2c89","block_type":"box","text":"As of November 4, 2025, the Trustees and officers of the Trust as a group directly or indirectly beneficially","page_number":40,"box":{"x":101,"y":196,"width":761,"height":12}},{"id":"85ce4f51-da8c-4e20-9c53-fe50f762392a","block_type":"box","text":"owned an aggregate of less than 1% of any class of the outstanding shares of the Fund. As of December 31, 2024,","page_number":40,"box":{"x":69,"y":212,"width":823,"height":11}},{"id":"f409a89a-4424-4ce0-9467-ead7b4c6a4f6","block_type":"box","text":"none of the Independent Trustees of the Trust or their immediate family members owned beneficially or of record any","page_number":40,"box":{"x":69,"y":227,"width":834,"height":11}},{"id":"3b48b3f0-cf67-4417-9c85-26d25ca34c21","block_type":"box","text":"securities of the Fund’s investment adviser, sub-adviser, principal underwriter, or any person directly or indirectly","page_number":40,"box":{"x":69,"y":242,"width":801,"height":11}},{"id":"f67e24eb-885b-41bc-92a8-e25a7c572807","block_type":"box","text":"controlling, controlled by, or under common control with such entities.","page_number":40,"box":{"x":69,"y":257,"width":495,"height":11}},{"id":"b20d4f12-dc4b-41e4-863f-15537b69c0e9","block_type":"box","text":"Compensation of Trustees","page_number":40,"box":{"x":69,"y":287,"width":190,"height":11}},{"id":"dea03b07-9661-4000-9e98-6c540cba9cc9","block_type":"box","text":"Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $345,000 per year","page_number":40,"box":{"x":102,"y":309,"width":791,"height":12}},{"id":"be61504b-b9ea-478d-9a00-a2f90425341e","block_type":"box","text":"for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex,","page_number":40,"box":{"x":68,"y":325,"width":810,"height":11}},{"id":"b189a0c0-3f6a-4027-b638-08f30ca36dde","block_type":"box","text":"including the Trust, and a $20,000 board meeting fee to be paid for each in-person board meeting attended (and may","page_number":40,"box":{"x":70,"y":339,"width":838,"height":12}},{"id":"72a6f451-2354-4167-a6db-1a8e80fc7c9c","block_type":"box","text":"receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings held in a","page_number":40,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"8b43babf-392a-4efe-ac20-0ecefe091805","block_type":"box","text":"calendar year (compensation for meetings in excess of this number to be determined on a case-by-case basis),","page_number":40,"box":{"x":69,"y":370,"width":791,"height":12}},{"id":"dc2c8bb1-6df6-47cc-a9ee-9faeb3c9ad12","block_type":"box","text":"together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":40,"box":{"x":68,"y":385,"width":786,"height":12}},{"id":"9fb088a4-97f8-4a69-a084-4a4120674255","block_type":"box","text":"relating to attendance at meetings. 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Cotty. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,067 None","page_number":40,"box":{"x":79,"y":630,"width":654,"height":12}},{"id":"a6a45559-dac6-4bef-aa88-dae2e3e604e2","block_type":"box","text":"$435,000","page_number":40,"box":{"x":817,"y":630,"width":72,"height":11}},{"id":"e1834f78-1a29-4dfe-b60f-a0b8364bc8f0","block_type":"box","text":"Lena G. 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Management, Advisory and Other Service Arrangements","page_number":41,"box":{"x":69,"y":86,"width":432,"height":11}},{"id":"e7080e9c-c47b-4bea-9564-9f403e9e35e4","block_type":"box","text":"Management Agreement","page_number":41,"box":{"x":69,"y":117,"width":180,"height":11}},{"id":"26a53cb3-27e5-403c-b371-5a66bc315feb","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into a management agreement with BlackRock pursuant to which","page_number":41,"box":{"x":101,"y":139,"width":791,"height":11}},{"id":"623e4d7d-d11e-4b64-977c-cc65514330c3","block_type":"box","text":"the Manager is entitled to receive fees for the services it provides.","page_number":41,"box":{"x":68,"y":154,"width":475,"height":12}},{"id":"ee0bfa7c-1814-4937-bc09-404038e98f91","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s","page_number":41,"box":{"x":102,"y":177,"width":762,"height":11}},{"id":"9b88e8ed-1700-4d3b-822c-bac6d842881e","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":41,"box":{"x":69,"y":192,"width":799,"height":11}},{"id":"20352a87-e8f0-4d35-a401-1fe65e8bf729","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027","page_number":41,"box":{"x":68,"y":207,"width":838,"height":11}},{"id":"27d7f6a9-b757-41f9-bc8c-537f57e7b41d","block_type":"box","text":"In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory","page_number":41,"box":{"x":70,"y":222,"width":829,"height":12}},{"id":"b9fdf990-7809-4d1b-a8ca-531c4d730590","block_type":"box","text":"fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or","page_number":41,"box":{"x":68,"y":237,"width":823,"height":12}},{"id":"747598e7-ee57-4934-9aca-866abee488c2","block_type":"box","text":"its affiliates, through June 30, 2027. The contractual agreements may be terminated upon 90 days’ notice by a","page_number":41,"box":{"x":70,"y":252,"width":796,"height":12}},{"id":"ba2e2b57-f252-439e-9b1f-c513fa664cf6","block_type":"box","text":"majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":41,"box":{"x":69,"y":268,"width":788,"height":11}},{"id":"324e7afd-1ce1-485d-bdaf-101801853941","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual","page_number":41,"box":{"x":102,"y":290,"width":778,"height":12}},{"id":"2e942d67-7dbb-4364-a117-a8577366818f","block_type":"box","text":"Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense/Stock","page_number":41,"box":{"x":70,"y":305,"width":807,"height":12}},{"id":"da5ad6a3-cc7e-4cda-877d-0a048b167b65","block_type":"box","text":"Loan Fees, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses (as defined in the","page_number":41,"box":{"x":70,"y":321,"width":825,"height":11}},{"id":"f5ec549b-28fe-410e-9e1e-d66d447ca1c0","block_type":"box","text":"Fund’s Prospectuses)) as a percentage of average daily net assets to 0.37% for Investor A Shares, 0.12% for","page_number":41,"box":{"x":70,"y":336,"width":779,"height":11}},{"id":"3d098156-1d55-4ac6-8132-5471103de5d5","block_type":"box","text":"Institutional Shares and 0.07% for Class K Shares of average daily net assets through June 30, 2027. The","page_number":41,"box":{"x":70,"y":351,"width":761,"height":11}},{"id":"c1664a2e-fd96-4106-9511-1f90172ab2a5","block_type":"box","text":"contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a","page_number":41,"box":{"x":69,"y":366,"width":808,"height":11}},{"id":"da95a230-da48-4bd4-8d44-02eb10d23be7","block_type":"box","text":"vote of a majority of the outstanding voting securities of the Fund.","page_number":41,"box":{"x":68,"y":381,"width":468,"height":11}},{"id":"723941e7-17d0-4c61-97b6-50c5e8cc3517","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":41,"box":{"x":102,"y":404,"width":784,"height":11}},{"id":"0400bd77-f87a-4259-bf88-b15f883b7aa1","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BlackRock, to","page_number":41,"box":{"x":70,"y":419,"width":838,"height":11}},{"id":"220d8908-968b-4338-8c8b-44bec33d6d0d","block_type":"box","text":"per form investment advisory services with respect to the Fund. In addition, BlackRock may delegate cer tain of its","page_number":41,"box":{"x":70,"y":434,"width":810,"height":11}},{"id":"b01bb6cd-e0fb-4b92-ab27-c71d06713829","block_type":"box","text":"investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":41,"box":{"x":70,"y":449,"width":779,"height":11}},{"id":"80f4966e-8a08-466e-9b08-aa9bcd7d4dd4","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":41,"box":{"x":70,"y":464,"width":827,"height":11}},{"id":"a996b78e-eb41-4b50-9468-03e35ad2413e","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":41,"box":{"x":69,"y":480,"width":486,"height":10}},{"id":"e2b8b468-5f17-44c6-93b9-7b6acea83b82","block_type":"box","text":"BlackRock has entered into a sub-advisory agreement with BlackRock Fund Advisors (“BFA”), pursuant to which","page_number":41,"box":{"x":102,"y":502,"width":792,"height":11}},{"id":"6ed01cdc-6c85-4445-80cc-6f32d92e4eba","block_type":"box","text":"BlackRock pays BFA for providing services to BlackRock with respect to that por tion of the Fund for which it acts as","page_number":41,"box":{"x":70,"y":517,"width":821,"height":11}},{"id":"018d0825-1c7b-4f11-b410-4766252e0eaa","block_type":"box","text":"sub-adviser a monthly fee at an annual rate equal to a percentage of the management fee paid to BlackRock under","page_number":41,"box":{"x":69,"y":532,"width":820,"height":11}},{"id":"3c53fd8d-38e1-41e3-a9fe-98c277180776","block_type":"box","text":"the Management Agreement.","page_number":41,"box":{"x":68,"y":548,"width":206,"height":11}},{"id":"d6c386a8-760c-4509-8222-496a4886eac1","block_type":"box","text":"The table below sets for th information about the total management fees paid by the Trust, on behalf of the Fund,","page_number":41,"box":{"x":101,"y":570,"width":806,"height":11}},{"id":"db2c5888-f613-4f8c-850b-d78db52a9c51","block_type":"box","text":"to BlackRock (which includes amounts paid by BlackRock to BFA), and the amounts waived and/or reimbursed, for","page_number":41,"box":{"x":68,"y":585,"width":816,"height":11}},{"id":"55fb33ab-9c38-4bf5-b455-d045e476e3d6","block_type":"box","text":"the periods 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BlackRock","page_number":41,"box":{"x":820,"y":639,"width":80,"height":8}},{"id":"f532773a-fdf0-451a-bbb2-d93c554f68d4","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":41,"box":{"x":70,"y":656,"width":449,"height":11}},{"id":"da82ebe4-1ca9-493d-92c5-1db93014cef9","block_type":"box","text":".....","page_number":41,"box":{"x":525,"y":664,"width":35,"height":1}},{"id":"a162e1a8-d47e-4c4a-826b-df5258e876d4","block_type":"box","text":"$235,910 $35,808 $41,587","page_number":41,"box":{"x":595,"y":656,"width":295,"height":11}},{"id":"6dc14a9c-f4fd-4d88-9bb4-be0a5ef7a2de","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":41,"box":{"x":70,"y":672,"width":449,"height":11}},{"id":"8b75214e-ab8c-4d63-8c2e-6d3608253e84","block_type":"box","text":".....","page_number":41,"box":{"x":525,"y":679,"width":35,"height":1}},{"id":"4428b15c-aeb0-434b-8cc8-4ae5156f36ab","block_type":"box","text":"$162,660 $73,543 $39,572","page_number":41,"box":{"x":595,"y":671,"width":295,"height":11}},{"id":"522e53f9-f967-46dc-b8d5-d5236b0d50ee","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":41,"box":{"x":70,"y":687,"width":449,"height":11}},{"id":"aef97a55-b9e8-4976-9162-db2c7eba69ea","block_type":"box","text":".....","page_number":41,"box":{"x":525,"y":694,"width":35,"height":1}},{"id":"a847b399-a5f0-4af6-8b72-9e60c7e8ada2","block_type":"box","text":"$141,902 $66,410 $33,750","page_number":41,"box":{"x":595,"y":686,"width":295,"height":11}},{"id":"7784c1d8-9c3a-40cc-bf4a-2bf28a40dcda","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":41,"box":{"x":69,"y":718,"width":335,"height":11}},{"id":"7b4df4ee-29c2-4d00-997a-142008ad6721","block_type":"box","text":"Jennifer Hsui, CFA, Matt Waldron, CFA, Peter Sietsema, CFA and Steven White are the por tfolio managers and","page_number":41,"box":{"x":101,"y":741,"width":782,"height":11}},{"id":"5dd1ce54-31f6-4954-8c08-c9e337a149ed","block_type":"box","text":"are jointly and primarily responsible for the day-to-day management of the Fund.","page_number":41,"box":{"x":69,"y":756,"width":566,"height":11}},{"id":"5110d4d0-a381-424c-be4c-0a25cdf00bc3","block_type":"box","text":"Other Funds and Accounts Managed","page_number":41,"box":{"x":70,"y":786,"width":257,"height":11}},{"id":"c2dc4c90-066b-4be9-bc51-e234c8e403f8","block_type":"box","text":"The following table sets for th information about funds and accounts other than the Fund for which the por 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Pooled","page_number":42,"box":{"x":735,"y":82,"width":74,"height":7}},{"id":"b7d0958a-97f3-4337-8d2c-d15fa7fd906d","block_type":"box","text":"Investment","page_number":42,"box":{"x":740,"y":92,"width":64,"height":7}},{"id":"5d5dc09f-5840-4d84-a97b-bf674e975eea","block_type":"box","text":"Vehicles","page_number":42,"box":{"x":748,"y":102,"width":48,"height":7}},{"id":"d3d2298b-f65c-4181-864c-df40dc9bc2fb","block_type":"box","text":"Other","page_number":42,"box":{"x":852,"y":92,"width":31,"height":7}},{"id":"fddec181-1e5e-4352-b1d6-73fe5ab30e3c","block_type":"box","text":"Accounts","page_number":42,"box":{"x":840,"y":102,"width":54,"height":7}},{"id":"da12d2e9-91f9-4b6c-8d50-b6ac49557562","block_type":"box","text":"Jennifer Hsui, CFA 372 111 0 0 0 0","page_number":42,"box":{"x":73,"y":116,"width":798,"height":8}},{"id":"eeea1d06-2fc1-4484-8fd6-e48c524a47c0","block_type":"box","text":"$2.87 Trillion $86.58 Billion $0 $0 $0 $0","page_number":42,"box":{"x":321,"y":128,"width":553,"height":8}},{"id":"c5004c5d-6293-4a4c-b14c-033777e4558b","block_type":"box","text":"Peter Sietsema, CFA 373 202 63 0 0 0","page_number":42,"box":{"x":74,"y":141,"width":797,"height":8}},{"id":"3cf81afe-fbf3-4887-a4c0-9da157751e45","block_type":"box","text":"$2.88 Trillion $898.37 Billion $657.92 Billion $0 $0 $0","page_number":42,"box":{"x":321,"y":153,"width":553,"height":8}},{"id":"a5dfa089-3a43-4cbc-b772-fc59d33b9a54","block_type":"box","text":"Matt Waldron, CFA 366 139 74 0 0 0","page_number":42,"box":{"x":74,"y":166,"width":797,"height":8}},{"id":"f56f73b9-5ce8-46d1-9955-4a2e6778ac10","block_type":"box","text":"$2.87 Trillion $354.45 Billion $166.57 Billion $0 $0 $0","page_number":42,"box":{"x":321,"y":178,"width":553,"height":9}},{"id":"14f8bc15-a250-411b-bea4-71069bbeba78","block_type":"box","text":"Steven White 365 0 0 0 0 0","page_number":42,"box":{"x":74,"y":191,"width":797,"height":7}},{"id":"217d492e-5339-4137-980f-b721a85f7216","block_type":"box","text":"$2.87 Trillion $0 $0 $0 $0 $0","page_number":42,"box":{"x":321,"y":203,"width":553,"height":9}},{"id":"3522f091-e8c6-4c5c-ac55-ac78cd426329","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":42,"box":{"x":69,"y":238,"width":304,"height":11}},{"id":"28e55b97-7065-4de5-8200-f91fef0332be","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of July 31, 2025.","page_number":42,"box":{"x":101,"y":261,"width":653,"height":11}},{"id":"3aec54c3-33a0-46aa-a7a3-6dc815d5e839","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":42,"box":{"x":102,"y":283,"width":774,"height":12}},{"id":"a14703c5-eeba-4105-858e-dd403a63a4dd","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":42,"box":{"x":70,"y":298,"width":837,"height":12}},{"id":"716779c6-99f2-45be-a131-85bb498df5ca","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":42,"box":{"x":69,"y":314,"width":823,"height":11}},{"id":"82496270-008f-4b22-8ba5-d265658a9da2","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":42,"box":{"x":69,"y":329,"width":799,"height":11}},{"id":"9512df96-68d1-4c18-871e-8a54435637cc","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":42,"box":{"x":70,"y":344,"width":670,"height":11}},{"id":"cad4c3ad-e6d4-44ae-af35-f92b1a3f60ad","block_type":"box","text":"Base Compensation.","page_number":42,"box":{"x":102,"y":367,"width":148,"height":11}},{"id":"ad48b70f-3328-49bd-b773-130d43741730","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":42,"box":{"x":257,"y":366,"width":640,"height":12}},{"id":"8f392e45-8612-4f87-a60c-b7d10eaebc2f","block_type":"box","text":"firm.","page_number":42,"box":{"x":68,"y":382,"width":32,"height":9}},{"id":"5abb91e4-37b9-4ebc-ba30-5a136d3e0df9","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":42,"box":{"x":102,"y":404,"width":281,"height":11}},{"id":"929342d2-6d18-41e0-8464-e81d82b45423","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":42,"box":{"x":391,"y":404,"width":432,"height":11}},{"id":"d34b1322-ac1b-432e-a371-21a85ef3fdf6","block_type":"box","text":"components: the per formance of BlackRock, Inc., the per formance of the por tfolio manager’s group within","page_number":42,"box":{"x":69,"y":419,"width":759,"height":12}},{"id":"6180cffa-098b-406e-8919-3ec1a162653f","block_type":"box","text":"BlackRock, the investment per formance, including risk-adjusted returns, of the firm’s assets under management or","page_number":42,"box":{"x":70,"y":435,"width":821,"height":11}},{"id":"4b597b68-6dc1-4167-bd47-19be0652d1de","block_type":"box","text":"supervision by that por tfolio manager relative to predetermined benchmarks, and the individual’s per formance and","page_number":42,"box":{"x":69,"y":450,"width":819,"height":11}},{"id":"240ed653-141b-47fe-97c0-17081cc42bc0","block_type":"box","text":"contribution to the overall per formance of these por tfolios and BlackRock. In most cases, these benchmarks are the","page_number":42,"box":{"x":69,"y":465,"width":832,"height":11}},{"id":"5919b241-4577-477b-ac46-f436fe4410cf","block_type":"box","text":"same as the benchmark or benchmarks against which the per formance of the Fund or other accounts managed by","page_number":42,"box":{"x":69,"y":480,"width":816,"height":11}},{"id":"495a8f23-ba7d-4904-80ae-d61b463a570d","block_type":"box","text":"the por tfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":42,"box":{"x":68,"y":495,"width":832,"height":11}},{"id":"fcee04ff-2d7c-421c-ac51-38b4d45374fe","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Fund and","page_number":42,"box":{"x":69,"y":510,"width":809,"height":11}},{"id":"1ab34628-1f52-4600-ba96-1114c622ceed","block_type":"box","text":"other accounts managed by each por tfolio manager relative to the various benchmarks. Per formance of fixed-income","page_number":42,"box":{"x":69,"y":525,"width":832,"height":12}},{"id":"95a7a615-4d56-4ab5-91f3-68c06474ddca","block_type":"box","text":"and multi-asset class funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3-","page_number":42,"box":{"x":69,"y":540,"width":832,"height":12}},{"id":"d23deec6-b489-4eb9-8181-6fa2d3e180c2","block_type":"box","text":"and 5- year periods, as applicable. Per formance of index funds is based on the per formance of such funds relative to","page_number":42,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"8abca0b5-4d00-4fee-bffe-4e60298bba6c","block_type":"box","text":"predetermined tolerance bands around a benchmark, as applicable. The per formance of Messrs. Sietsema, Waldron","page_number":42,"box":{"x":70,"y":571,"width":829,"height":11}},{"id":"6676a9df-7d5d-47a2-84bb-b4cfaa73f454","block_type":"box","text":"and White and Ms. Hsui is not measured against a specific benchmark.","page_number":42,"box":{"x":69,"y":586,"width":509,"height":11}},{"id":"26724a77-a2a8-4a6e-90c2-917a2db060a7","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":42,"box":{"x":102,"y":608,"width":389,"height":12}},{"id":"ccff70db-51a5-4179-be22-3f2da6cd7352","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":42,"box":{"x":499,"y":609,"width":383,"height":11}},{"id":"2ff0cbf7-d3ab-4960-8822-628fec4c34fa","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":42,"box":{"x":70,"y":623,"width":815,"height":12}},{"id":"169775be-34d7-4f9e-aa89-f66c996afd0a","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":42,"box":{"x":68,"y":639,"width":522,"height":11}},{"id":"5f31a8b6-244a-4b95-becd-cdf60671d2fe","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":42,"box":{"x":102,"y":661,"width":760,"height":12}},{"id":"572171cc-5731-4054-a3fb-e7ad81a9c75a","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":42,"box":{"x":69,"y":676,"width":795,"height":12}},{"id":"57a87018-a4d8-4b46-abe3-ff7f8c616fce","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":42,"box":{"x":69,"y":692,"width":805,"height":11}},{"id":"62f8b0b5-9819-429f-a354-9145f04aa0c4","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a por tfolio manager for a","page_number":42,"box":{"x":69,"y":707,"width":822,"height":11}},{"id":"6d2e2a77-5326-4c72-8ed3-c28dd4c9f27a","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its per formance over future periods. In some","page_number":42,"box":{"x":68,"y":722,"width":839,"height":11}},{"id":"d73e835a-808a-427e-a746-6271e8166c39","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to cer tain key employees as par t of a long-term","page_number":42,"box":{"x":69,"y":737,"width":802,"height":11}},{"id":"b8efc81c-40b4-4b2d-b677-0185504ed08a","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":42,"box":{"x":70,"y":752,"width":820,"height":11}},{"id":"cfb76d2c-5289-48e2-a38e-1f3f4f4434b5","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":42,"box":{"x":70,"y":767,"width":801,"height":11}},{"id":"6adb2def-a268-4cc9-ba8e-3c7be6e4860f","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The por tfolio","page_number":42,"box":{"x":70,"y":782,"width":831,"height":11}},{"id":"eab403c2-f53c-4fbf-8458-062e1547baa2","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":42,"box":{"x":69,"y":797,"width":479,"height":12}},{"id":"a768829c-31b1-4ca8-a00a-6f67f5da0c76","block_type":"box","text":"For cer tain por tfolio managers, a por tion of the discretionary incentive compensation is also distributed in the","page_number":42,"box":{"x":102,"y":820,"width":785,"height":11}},{"id":"e7d3411b-a49e-4e6e-9e9f-f2e86c16a427","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":42,"box":{"x":68,"y":835,"width":836,"height":11}},{"id":"0b64482c-b1a7-487d-8f3c-626e2d95f05d","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":42,"box":{"x":68,"y":850,"width":821,"height":12}},{"id":"bb808012-2942-4190-a4e2-7ad91bc6405e","block_type":"box","text":"results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only","page_number":42,"box":{"x":69,"y":865,"width":829,"height":12}},{"id":"06465289-00af-45cb-a151-cba6fab6a4c2","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":42,"box":{"x":70,"y":881,"width":835,"height":11}},{"id":"f4f6909a-5259-4190-a35c-9df197a91d30","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":42,"box":{"x":69,"y":896,"width":414,"height":11}},{"id":"3df990e2-9d88-42b9-aba6-fa5fe6cd695e","block_type":"box","text":"I-20","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"4d21cfd8-a8d9-4cc7-96fd-b602c58048f0","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a9123483-8800-4ecc-803a-1be8277e8a18","block_type":"box","text":"Other Compensation Benefits.","page_number":43,"box":{"x":101,"y":45,"width":218,"height":11}},{"id":"0699c84e-734b-4122-9f9f-918126c1438e","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":43,"box":{"x":327,"y":45,"width":552,"height":11}},{"id":"b2997780-4a12-4668-9bae-7cc33733f6fc","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":43,"box":{"x":69,"y":60,"width":582,"height":11}},{"id":"998acf4c-337a-49fc-85c7-1a274951020c","block_type":"box","text":"Incentive Savings Plans","page_number":43,"box":{"x":102,"y":83,"width":167,"height":11}},{"id":"f41c5be5-ebad-4f25-94e8-91d6e08b0959","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":43,"box":{"x":274,"y":82,"width":614,"height":12}},{"id":"39177500-16b9-4f75-8756-0c2dff73b59f","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":43,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"50ff8872-3919-41d1-953d-f5c6e4977115","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":43,"box":{"x":70,"y":113,"width":785,"height":11}},{"id":"79836ea8-adb6-47b9-8efd-ea876f04770b","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":43,"box":{"x":69,"y":127,"width":830,"height":12}},{"id":"970dc074-41e6-495d-96cb-7b7c2e3d04c7","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":43,"box":{"x":69,"y":143,"width":799,"height":11}},{"id":"59f0f1ec-1aff-4408-9ed5-bad7173b7bf0","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":43,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"c489e60c-caf2-4d64-9865-8b89fa5836c5","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":43,"box":{"x":69,"y":173,"width":798,"height":11}},{"id":"9e6e0554-96db-4aaa-8a47-6f6da1143601","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":43,"box":{"x":70,"y":188,"width":809,"height":12}},{"id":"5dc0a6ac-111c-40a3-9c06-a4bf97d2fc05","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":43,"box":{"x":68,"y":203,"width":793,"height":12}},{"id":"e5e4e005-17c5-44f5-861a-078405c22902","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":43,"box":{"x":70,"y":218,"width":832,"height":11}},{"id":"c4e58186-ce95-4da2-843d-7ea95dd4d086","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":43,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"b86e3576-db47-46c3-9949-e9896e98e540","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":43,"box":{"x":69,"y":248,"width":808,"height":12}},{"id":"00e61a85-b622-424f-9d48-a904aecbebb7","block_type":"box","text":"par ticipate in these plans.","page_number":43,"box":{"x":70,"y":264,"width":185,"height":11}},{"id":"473602ba-4149-46bf-94f9-fcc4def8ef3a","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":43,"box":{"x":69,"y":294,"width":268,"height":11}},{"id":"abd75ac6-f412-4216-bf12-4bd5063e4082","block_type":"box","text":"As of July 31, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":43,"box":{"x":101,"y":317,"width":728,"height":11}},{"id":"e7ee1b68-6480-4a22-9917-0d75ccbef2d1","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":43,"box":{"x":69,"y":332,"width":519,"height":11}},{"id":"7beca8a3-a793-450d-bc43-ef6b6d1e2b35","block_type":"box","text":"Portfolio Manager","page_number":43,"box":{"x":69,"y":370,"width":105,"height":9}},{"id":"f0ad54aa-9c65-47ef-9b56-0c7148a4b283","block_type":"box","text":"Dollar Range of Equity","page_number":43,"box":{"x":759,"y":360,"width":129,"height":9}},{"id":"209e242a-2f30-4635-8b06-ae12c520e9b0","block_type":"box","text":"Securities Beneficially Owned","page_number":43,"box":{"x":736,"y":370,"width":173,"height":9}},{"id":"d28b094a-ebe1-446e-a72d-8a0c64615a02","block_type":"box","text":"Jennifer Hsui, CFA","page_number":43,"box":{"x":69,"y":388,"width":128,"height":10}},{"id":"bf98aec7-4b14-47ab-8311-cf63ca976633","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":43,"box":{"x":206,"y":388,"width":635,"height":9}},{"id":"e2c8e3a9-82c8-4916-8dc3-ab130487582a","block_type":"box","text":"Matt Waldron, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":43,"box":{"x":70,"y":403,"width":771,"height":11}},{"id":"89e29fb1-df29-4de6-a457-d4f036e4b13f","block_type":"box","text":"Peter Sietsema, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":43,"box":{"x":69,"y":418,"width":772,"height":11}},{"id":"24900ec5-7ee1-4da1-a374-c99b8c75262c","block_type":"box","text":"Steven White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":43,"box":{"x":69,"y":433,"width":772,"height":9}},{"id":"18aaa858-1b70-4775-a7d6-596396a6a90d","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":43,"box":{"x":69,"y":465,"width":403,"height":11}},{"id":"fde49402-09ce-4362-8312-a36bd318458b","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":43,"box":{"x":102,"y":487,"width":727,"height":12}},{"id":"50dc63a4-d8d8-41ea-8da2-8ff089935f87","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":43,"box":{"x":70,"y":503,"width":814,"height":11}},{"id":"b1a142af-a69d-47aa-84f1-79452dd3e2d5","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":43,"box":{"x":70,"y":518,"width":837,"height":11}},{"id":"9e5cf027-e4c9-4ddc-9c9a-cda3ecf27ff7","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":43,"box":{"x":70,"y":533,"width":810,"height":11}},{"id":"d5e62462-3a19-4ddf-9880-2d7e53289046","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":43,"box":{"x":69,"y":548,"width":782,"height":11}},{"id":"8f592578-c203-4370-8ce9-ebbb790a6e56","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":43,"box":{"x":69,"y":563,"width":830,"height":11}},{"id":"3879cba8-6cb5-4a61-beb4-7012c1ea50b6","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":43,"box":{"x":69,"y":578,"width":828,"height":11}},{"id":"8554fed1-87f0-49d1-8f8a-eee54d5ec56f","block_type":"box","text":"funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal interest","page_number":43,"box":{"x":68,"y":593,"width":834,"height":12}},{"id":"c54f429f-bd7d-434e-95e9-ae6fb87720c6","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":43,"box":{"x":70,"y":608,"width":777,"height":12}},{"id":"7d9e1fe1-cc4f-406a-aa72-c5d5cb57e344","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":43,"box":{"x":70,"y":623,"width":821,"height":12}},{"id":"49618b20-070f-41e9-b0b4-a0fa44733cd3","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":43,"box":{"x":69,"y":639,"width":819,"height":11}},{"id":"564c5ed7-bbd6-4038-ae11-da525929d040","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":43,"box":{"x":69,"y":654,"width":832,"height":11}},{"id":"f90c0973-bbc8-4bdd-b6df-6137963a130b","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":43,"box":{"x":68,"y":669,"width":804,"height":11}},{"id":"df389ad0-c88d-4ac1-935e-7dd6c8883b59","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":43,"box":{"x":69,"y":684,"width":760,"height":11}},{"id":"af7387a0-75d7-4ea1-a0ec-9a3e64ed6378","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":43,"box":{"x":69,"y":699,"width":834,"height":11}},{"id":"4e65ea8b-7fec-4b95-a8ba-a29341e179fd","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":43,"box":{"x":69,"y":714,"width":836,"height":12}},{"id":"e6bc86cb-9aa6-4fdc-a1c7-88981cc26028","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":43,"box":{"x":69,"y":729,"width":822,"height":12}},{"id":"26737a1d-820e-4f69-a3d5-7e64946113e8","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":43,"box":{"x":70,"y":744,"width":835,"height":12}},{"id":"e99df511-c5aa-4d8a-8d1a-de70537d9c8f","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that a por tfolio manager may be managing","page_number":43,"box":{"x":69,"y":760,"width":820,"height":11}},{"id":"69cf80d8-09c3-4127-951b-0410c8d9565c","block_type":"box","text":"hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long only accounts,","page_number":43,"box":{"x":69,"y":775,"width":811,"height":11}},{"id":"91535f33-5009-447e-90e3-c506ffb57d5a","block_type":"box","text":"subject to incentive fees. Such por tfolio managers may therefore be entitled to receive a por tion of any incentive fees","page_number":43,"box":{"x":69,"y":790,"width":839,"height":11}},{"id":"f06e9833-6108-4679-821f-333578edb4c7","block_type":"box","text":"earned on such accounts. Currently, the por tfolio managers of this Fund are not entitled to receive a por tion of","page_number":43,"box":{"x":69,"y":805,"width":791,"height":11}},{"id":"79e516ee-e081-466f-8389-a3586f3286a4","block_type":"box","text":"incentive fees of other accounts.","page_number":43,"box":{"x":70,"y":820,"width":231,"height":9}},{"id":"dd635ca8-8e69-48cd-b824-a847e7dcb1ee","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":43,"box":{"x":101,"y":843,"width":788,"height":11}},{"id":"67349290-e5f3-4d9d-9fa4-d5afdcce9912","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":43,"box":{"x":70,"y":858,"width":839,"height":11}},{"id":"d292b45e-c77c-4269-8e31-c6a99000705c","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":43,"box":{"x":68,"y":873,"width":823,"height":11}},{"id":"185d4858-4b17-4ae8-a06f-d0d911b66953","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":43,"box":{"x":68,"y":888,"width":812,"height":11}},{"id":"8a20511e-6102-4f4d-8313-d1e1f2b5d3a7","block_type":"box","text":"I-21","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0bc5fb20-c217-43a1-90e6-5f3215fa65e4","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"251b3794-9fa7-4617-9e3f-9970f1e090e6","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":44,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"24e149be-c230-4bc0-92b5-ae27405fec1d","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":44,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"b19f6219-ad09-4de5-9e02-952b048c4b3b","block_type":"box","text":"Accounting Services","page_number":44,"box":{"x":68,"y":90,"width":150,"height":11}},{"id":"fc919825-f93c-4141-985b-171a1214d8b6","block_type":"box","text":"State Street Bank and Trust Company (“State Street”), serves as the accounting services provider for the Fund.","page_number":44,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"bf32f58e-3d46-4618-94f9-0a6e8ab6c2bb","block_type":"box","text":"State Street maintains the books of account and other financial records (other than those maintained by the Fund’s","page_number":44,"box":{"x":69,"y":128,"width":824,"height":11}},{"id":"b334a379-d708-4e60-9574-4fcc02c9fe6c","block_type":"box","text":"custodian); records general ledger entries; calculates daily net income; reconciles activity to the trial balance;","page_number":44,"box":{"x":69,"y":143,"width":779,"height":11}},{"id":"9251d55b-d849-4de4-bd77-ee51a8dc6b8c","block_type":"box","text":"calculates and publishes daily net asset value; prepares account balances; and provides such other accounting","page_number":44,"box":{"x":69,"y":158,"width":796,"height":11}},{"id":"b9fe8804-feaf-4c4f-a206-2759c118a073","block_type":"box","text":"services as may be required. In connection with its accounting services, State Street also provides cer tain","page_number":44,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"450ec09d-54a3-4909-86fc-66a40d5b7b9e","block_type":"box","text":"administration services.","page_number":44,"box":{"x":69,"y":188,"width":170,"height":9}},{"id":"cbe853c3-8991-4e9f-bdd6-207f652473cf","block_type":"box","text":"The table below shows the amounts paid by the Fund to State Street for accounting services for the past three","page_number":44,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"6e445719-d1db-4e51-b2fd-3c9103848951","block_type":"box","text":"fiscal years:","page_number":44,"box":{"x":68,"y":226,"width":85,"height":11}},{"id":"2a095742-8958-4ea9-b63a-13dcdd73f839","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":838,"y":254,"width":55,"height":7}},{"id":"5d5eff8c-4c40-4d90-9e29-1f65f90fae57","block_type":"box","text":"to State Street","page_number":44,"box":{"x":822,"y":264,"width":87,"height":8}},{"id":"3fe92511-17c7-470f-9674-b0b0bdbfceae","block_type":"box","text":"Fiscal Year Ended July 31, 2025. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":282,"width":476,"height":11}},{"id":"e245c325-f4d5-414f-8013-819d2c754b68","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":44,"box":{"x":552,"y":281,"width":340,"height":12}},{"id":"a53fa185-534a-4abc-a571-2e3dc0e2bfd9","block_type":"box","text":"Fiscal Year Ended July 31, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":297,"width":476,"height":11}},{"id":"f446b634-ba3b-4ae2-8692-d9590adc5f71","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":44,"box":{"x":552,"y":297,"width":340,"height":11}},{"id":"d0186f1b-2571-4edf-8174-1056669940c1","block_type":"box","text":"Fiscal Year Ended July 31, 2023. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":44,"box":{"x":70,"y":312,"width":476,"height":12}},{"id":"5b2c802f-cbe6-4e21-a3e3-23ea05ca7504","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":44,"box":{"x":552,"y":312,"width":340,"height":11}},{"id":"2e2c3c53-2737-40eb-99c1-6acfe616859c","block_type":"box","text":"Custodian","page_number":44,"box":{"x":69,"y":344,"width":72,"height":9}},{"id":"12333e1c-d24b-4ba2-b9e6-fb37d10260e0","block_type":"box","text":"State Street, which has its principal place of business at One Congress Street, Suite 1, Boston, Massachusetts","page_number":44,"box":{"x":102,"y":366,"width":797,"height":12}},{"id":"fcf99f1f-73a9-4450-acc7-ef65e5a7c31e","block_type":"box","text":"02114-2016, serves as the custodian for the Fund (the “Custodian”). The Custodian, among other responsibilities,","page_number":44,"box":{"x":69,"y":382,"width":822,"height":11}},{"id":"df90dc2a-d0ca-4dc6-a5ab-f37a2b0bcab0","block_type":"box","text":"maintains a custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon","page_number":44,"box":{"x":69,"y":397,"width":832,"height":11}},{"id":"ef9b3bce-6f27-4c02-9bc1-b04c3ec2db3a","block_type":"box","text":"purchase and upon sale or maturity, and collects and receives all income and other payments and distributions on","page_number":44,"box":{"x":70,"y":412,"width":813,"height":11}},{"id":"950adb74-a76c-4180-8ab1-2f9ded75051d","block_type":"box","text":"account of the assets of the Fund.","page_number":44,"box":{"x":69,"y":427,"width":244,"height":9}},{"id":"a170b3a8-a142-43f7-a648-51e9149818ef","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":44,"box":{"x":68,"y":457,"width":432,"height":11}},{"id":"235dc1db-081e-4294-a482-effb0a2dcce8","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) , which has its principal place of business at 301","page_number":44,"box":{"x":102,"y":480,"width":770,"height":11}},{"id":"96a69d4b-a301-4b3c-9579-fbca51599f91","block_type":"box","text":"Bellevue Parkway, Wilmington, Delaware 19809, serves as the transfer agent and dividend disbursing agent for the","page_number":44,"box":{"x":70,"y":495,"width":820,"height":11}},{"id":"48f6f3c0-90ba-43ce-a380-5ab494d856ab","block_type":"box","text":"Fund.","page_number":44,"box":{"x":70,"y":510,"width":36,"height":9}},{"id":"f339ed58-4dec-4d99-901d-8b38fb013f0b","block_type":"box","text":"Pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides cer tain shareholder liaison","page_number":44,"box":{"x":102,"y":533,"width":797,"height":11}},{"id":"730dd514-2f09-4d7c-a5b8-ec5c12aad1d1","block_type":"box","text":"services in connection with the Trust’s investor service center. The Trust, on behalf of the Fund, reimburses","page_number":44,"box":{"x":69,"y":548,"width":769,"height":10}},{"id":"04b0f143-0aab-4734-a84f-c300fad3e451","block_type":"box","text":"BlackRock for its costs in maintaining the service center, which costs include, among other things, employee","page_number":44,"box":{"x":70,"y":563,"width":774,"height":11}},{"id":"a97ee440-6ffe-47b6-a02a-3adc1169d42a","block_type":"box","text":"salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":44,"box":{"x":69,"y":578,"width":458,"height":11}},{"id":"32bf95ed-b99d-4a3a-9c13-c988c1c82b3a","block_type":"box","text":"For the periods shown, the Trust, on behalf of the Fund, waived and/or reimbursed BlackRock for shareholder","page_number":44,"box":{"x":102,"y":601,"width":781,"height":11}},{"id":"6786b61b-c524-4425-beb1-9a613a60502f","block_type":"box","text":"liaison services pursuant to such agreement as follows:","page_number":44,"box":{"x":70,"y":616,"width":397,"height":11}},{"id":"6e203713-56b8-4f78-8117-3e555299271a","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":732,"y":644,"width":56,"height":7}},{"id":"111ff9a9-a4ab-4831-8a93-3fe49cb7a871","block_type":"box","text":"to BlackRock","page_number":44,"box":{"x":720,"y":654,"width":80,"height":7}},{"id":"ed8e8ccc-63bc-4f3c-af10-507dffcf44cf","block_type":"box","text":"Fees Waived","page_number":44,"box":{"x":833,"y":644,"width":72,"height":7}},{"id":"8d8e7443-c69a-4428-8a2b-081f3665a612","block_type":"box","text":"by BlackRock","page_number":44,"box":{"x":830,"y":654,"width":80,"height":9}},{"id":"edb56c00-7d81-4292-be2d-a0bd01b987ea","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":44,"box":{"x":70,"y":672,"width":269,"height":11}},{"id":"53618b58-e36a-4250-bd34-8e5b1033f8c2","block_type":"box","text":"...........................................","page_number":44,"box":{"x":345,"y":679,"width":345,"height":2}},{"id":"682609f4-9b42-44d7-b842-31de323e9003","block_type":"box","text":"$12,024 $ 9,877","page_number":44,"box":{"x":729,"y":671,"width":171,"height":12}},{"id":"5775ed61-e143-44d6-a1da-9d7b7bfd8b35","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":44,"box":{"x":70,"y":687,"width":269,"height":11}},{"id":"b46daf68-3cd8-454e-946d-a1b2012605ea","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,530 $ 9,267","page_number":44,"box":{"x":345,"y":686,"width":555,"height":12}},{"id":"6e2ba397-b4c5-45d2-b84a-daa7f3fd0fd8","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":44,"box":{"x":70,"y":702,"width":269,"height":11}},{"id":"776ce21c-c4d2-46c5-924b-2c07c0985088","block_type":"box","text":"...........................................","page_number":44,"box":{"x":345,"y":710,"width":345,"height":1}},{"id":"700e137f-c8aa-4a07-b51e-2769b6b19f1b","block_type":"box","text":"$12,583 $12,364","page_number":44,"box":{"x":729,"y":702,"width":172,"height":11}},{"id":"2bffb8e0-89ff-4e03-a034-5ad3d811de14","block_type":"box","text":"Credit Agreement","page_number":44,"box":{"x":69,"y":734,"width":129,"height":11}},{"id":"73a2c080-184e-4245-aead-bd2c76921dc0","block_type":"box","text":"The Trust, on behalf of the Fund, along with cer tain other funds managed by the Manager and its affiliates","page_number":44,"box":{"x":101,"y":756,"width":757,"height":12}},{"id":"1f0cee7b-78cc-4599-a856-84cc6cd610a0","block_type":"box","text":"(“Par ticipating Funds”), is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":44,"box":{"x":69,"y":771,"width":817,"height":12}},{"id":"f12d6d61-65a3-48ad-8c31-ab58660b944e","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":44,"box":{"x":68,"y":787,"width":743,"height":11}},{"id":"0dafcfa9-2768-47ba-8a8d-a06ba6fa01b7","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":44,"box":{"x":69,"y":802,"width":825,"height":11}},{"id":"9946c45d-0bbe-48f5-a3f9-7a260bbd25b7","block_type":"box","text":"to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":44,"box":{"x":68,"y":816,"width":818,"height":12}},{"id":"94896ba8-8a02-42b3-a9d7-60594e010c12","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":44,"box":{"x":70,"y":832,"width":761,"height":11}},{"id":"dddad3b6-7060-4d8e-ae78-b67f64498f83","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":44,"box":{"x":69,"y":847,"width":768,"height":11}},{"id":"77475317-db56-4d5e-b766-3f31a2686f87","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":44,"box":{"x":68,"y":862,"width":825,"height":12}},{"id":"a4d3b9df-b444-4a1f-82b9-8a112f00c3f6","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":44,"box":{"x":69,"y":878,"width":805,"height":11}},{"id":"5e143df9-ebfd-4dd5-8399-eec3c3c7d972","block_type":"box","text":"other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce","page_number":44,"box":{"x":69,"y":892,"width":838,"height":12}},{"id":"81e8ccf0-9fee-4b82-94f3-a9e289256a10","block_type":"box","text":"the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":44,"box":{"x":68,"y":908,"width":801,"height":11}},{"id":"a394ff33-505d-44bb-ae70-59a8cc9e6e9a","block_type":"box","text":"I-22","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"cc4516a1-9b0d-4fdf-91e6-734119c230e5","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"905b776e-256a-43a8-9aa9-2638dabacdd5","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be","page_number":45,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"5d7cabff-e807-4178-a7ad-46f7d3b43f09","block_type":"box","text":"charged interest at a variable rate.","page_number":45,"box":{"x":69,"y":60,"width":245,"height":11}},{"id":"64a9ea12-7c67-4498-a3f9-824c3f66cb8a","block_type":"box","text":"V. Information on Distribution Related Expenses","page_number":45,"box":{"x":68,"y":90,"width":349,"height":11}},{"id":"981a417e-b6db-496d-9ccd-d8e1eae0f16a","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s sole distributor.","page_number":45,"box":{"x":102,"y":113,"width":657,"height":11}},{"id":"400968e7-34bc-4c4b-aca4-a72ad02d4564","block_type":"box","text":"The table below provides information for the fiscal year ended July 31, 2025 about the 12b-1 fees the Fund paid","page_number":45,"box":{"x":101,"y":135,"width":802,"height":11}},{"id":"8c1713c3-8da1-493b-8b0f-a61057e65217","block_type":"box","text":"to BRIL under the Fund’s 12b-1 plan. A por tion of the fees collected by BRIL were paid to affiliates for providing","page_number":45,"box":{"x":68,"y":150,"width":796,"height":12}},{"id":"b4c85af9-59a3-4869-b15f-9863c15101ee","block_type":"box","text":"shareholder servicing activities for Investor A Shares.","page_number":45,"box":{"x":69,"y":166,"width":379,"height":11}},{"id":"eb6c0b73-0ee2-4a3b-beae-b82771b7ef37","block_type":"box","text":"Class Name","page_number":45,"box":{"x":69,"y":204,"width":68,"height":7}},{"id":"3b3cee8f-f90b-4a1b-970b-fed4708212a1","block_type":"box","text":"Fees Paid","page_number":45,"box":{"x":845,"y":194,"width":56,"height":7}},{"id":"79d6f544-c9e5-4b32-814d-54c41e75f933","block_type":"box","text":"to BRIL","page_number":45,"box":{"x":851,"y":204,"width":44,"height":7}},{"id":"84ffbd53-6397-417b-bca5-9ceaf4c01ecd","block_type":"box","text":"Investor A Shares . . .","page_number":45,"box":{"x":70,"y":222,"width":157,"height":9}},{"id":"1fc48ea6-e9a9-485e-99df-79441d555435","block_type":"box","text":".......................................................................","page_number":45,"box":{"x":233,"y":229,"width":572,"height":2}},{"id":"530c0e74-a50e-4fbd-adac-abaa53e73522","block_type":"box","text":"$253,056","page_number":45,"box":{"x":837,"y":221,"width":72,"height":11}},{"id":"0bab3565-2d6d-46af-9916-a23e7c901c1d","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":45,"box":{"x":68,"y":253,"width":318,"height":11}},{"id":"5f362962-5f72-4ed4-9bef-8ac60222ac30","block_type":"box","text":"The offering price for each of the Investor A, Institutional and Class K Shares of the Fund is equal to the share","page_number":45,"box":{"x":101,"y":276,"width":788,"height":11}},{"id":"4fdad80f-96ae-4f2d-9acb-ebad12376ab5","block_type":"box","text":"class’ net asset value computed by dividing the value of the share class’ net assets by the number of shares of that","page_number":45,"box":{"x":69,"y":291,"width":831,"height":11}},{"id":"e0621f83-f621-4dad-b5e0-f3d6b7e9a144","block_type":"box","text":"class outstanding.","page_number":45,"box":{"x":69,"y":306,"width":129,"height":11}},{"id":"4e0d6d3c-4360-476b-8d0c-d52f66eeb9f5","block_type":"box","text":"For more information on the purchasing and valuation of shares, please see “Purchase of Shares” and “Pricing","page_number":45,"box":{"x":102,"y":329,"width":793,"height":11}},{"id":"830d61f9-5cf3-48ff-a9e2-3061854cb251","block_type":"box","text":"of Shares” in Par t II of this SAI.","page_number":45,"box":{"x":69,"y":344,"width":223,"height":9}},{"id":"271f7d4d-b6eb-430c-917f-83c599e10847","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":45,"box":{"x":68,"y":374,"width":302,"height":11}},{"id":"5bb254b7-9de0-41df-9515-dcb7fbd59e73","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":45,"box":{"x":102,"y":397,"width":609,"height":11}},{"id":"bdc89470-421a-4b24-8588-f2499e501311","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates during","page_number":45,"box":{"x":102,"y":419,"width":793,"height":12}},{"id":"4f6fef7b-1348-49ef-80d0-976887993c47","block_type":"box","text":"the past three fiscal years, is set for th in the following table:","page_number":45,"box":{"x":68,"y":435,"width":432,"height":11}},{"id":"9eecc08c-ed82-4240-8349-69af1fe3aea5","block_type":"box","text":"Aggregate Brokerage","page_number":45,"box":{"x":613,"y":463,"width":125,"height":9}},{"id":"585df759-3044-43ce-8ea5-21d4fdb92ac7","block_type":"box","text":"Commissions Paid","page_number":45,"box":{"x":623,"y":473,"width":106,"height":7}},{"id":"9f0d293a-7dab-4db7-a1f8-441bb009f255","block_type":"box","text":"Brokerage Commissions","page_number":45,"box":{"x":769,"y":463,"width":140,"height":9}},{"id":"5b90f03b-787f-42e3-81ee-e84def53288d","block_type":"box","text":"Paid to Affiliates","page_number":45,"box":{"x":791,"y":473,"width":96,"height":7}},{"id":"64ce4012-a8e6-4846-bd3b-e8629da507ca","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":45,"box":{"x":70,"y":491,"width":268,"height":11}},{"id":"c9aa9226-eec2-4523-8e80-27f88ea3c4e1","block_type":"box","text":"..............................","page_number":45,"box":{"x":344,"y":498,"width":238,"height":2}},{"id":"1a4371e7-9de9-4e58-b931-a6a81befe821","block_type":"box","text":"$149,881 $0","page_number":45,"box":{"x":640,"y":490,"width":208,"height":11}},{"id":"57e3fde3-c8b6-4446-8c18-2b98114bc4f2","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":45,"box":{"x":70,"y":506,"width":268,"height":11}},{"id":"f9901262-6cfe-4bac-96e2-732f10b6559b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 97,670 $0","page_number":45,"box":{"x":344,"y":505,"width":504,"height":11}},{"id":"e0ff2ede-601c-40d5-a1e7-19676a49b79f","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":45,"box":{"x":70,"y":521,"width":268,"height":11}},{"id":"f1c69bd7-0b7c-4705-bdb5-fc1aac10e884","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 76,149 $0","page_number":45,"box":{"x":344,"y":520,"width":504,"height":11}},{"id":"a1971737-cabb-418d-8515-47ae57c10886","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":45,"box":{"x":101,"y":545,"width":770,"height":11}},{"id":"262ee6c1-6608-493a-ab17-46d434e20bc2","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":45,"box":{"x":69,"y":560,"width":814,"height":11}},{"id":"740c4392-f157-4002-920d-6881ac68d67a","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended July 31, 2025. The provision of","page_number":45,"box":{"x":68,"y":575,"width":826,"height":11}},{"id":"bd5f9d3e-6795-4c7e-9ab9-34f1e78f99b2","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":45,"box":{"x":69,"y":590,"width":822,"height":11}},{"id":"af28b31e-2870-4fb9-be97-36a9ca355664","block_type":"box","text":"with such brokers.","page_number":45,"box":{"x":68,"y":606,"width":130,"height":8}},{"id":"01477657-940c-432a-9c1d-310b5ea767fe","block_type":"box","text":"Amount of Commissions","page_number":45,"box":{"x":357,"y":634,"width":141,"height":7}},{"id":"277d1708-36dd-4a08-ac7d-434fad47780d","block_type":"box","text":"Paid to Brokers for","page_number":45,"box":{"x":374,"y":644,"width":109,"height":7}},{"id":"bbb4aa0f-951a-4b29-83a5-fb946c6b6493","block_type":"box","text":"Providing 28(e) Eligible Research Services","page_number":45,"box":{"x":304,"y":654,"width":249,"height":9}},{"id":"183aac76-5ac2-4c28-b53a-c6829d0d670c","block_type":"box","text":"Amount of Brokerage","page_number":45,"box":{"x":593,"y":644,"width":124,"height":8}},{"id":"4dab0015-7177-4367-b063-45201949b0f3","block_type":"box","text":"Transactions Involved","page_number":45,"box":{"x":592,"y":654,"width":126,"height":7}},{"id":"4e3dab95-8cbd-4210-aac9-24a918a08926","block_type":"box","text":"$0 $0","page_number":45,"box":{"x":419,"y":671,"width":245,"height":10}},{"id":"bde497cb-5e95-497a-b6ea-d0d3496a6eee","block_type":"box","text":"The value of the Fund’s aggregate holdings of the securities of its regular brokers or dealers (as defined in Rule","page_number":45,"box":{"x":101,"y":695,"width":796,"height":12}},{"id":"2953f84f-b40a-4f73-aab4-b92fe9d0095b","block_type":"box","text":"10b-1 of the Investment Company Act) or their parents as of July 31, 2025, if any por tion of such holdings were","page_number":45,"box":{"x":69,"y":710,"width":797,"height":12}},{"id":"041e1141-6f57-4cdc-a166-e93cd03b6128","block_type":"box","text":"purchased during the fiscal year ended July 31, 2025 is as follows:","page_number":45,"box":{"x":70,"y":726,"width":477,"height":11}},{"id":"0ac4de32-8b5e-4678-ae76-5c1a04bd0b72","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000s)","page_number":45,"box":{"x":69,"y":754,"width":840,"height":9}},{"id":"cc91e820-fc66-4a0b-b1e2-44ffde23049f","block_type":"box","text":"Jefferies Financial Group. . . . . . . . . . .","page_number":45,"box":{"x":69,"y":772,"width":261,"height":11}},{"id":"cdb44a97-f26a-40a1-ad7d-3d84d77ec49f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $1,391","page_number":45,"box":{"x":337,"y":771,"width":519,"height":11}},{"id":"33c41762-4b54-47db-a88e-1727b7dc2e01","block_type":"box","text":"Securities Lending","page_number":45,"box":{"x":101,"y":796,"width":135,"height":11}},{"id":"0a8f21a8-c01d-430d-9e94-93bb21f36db7","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":45,"box":{"x":101,"y":818,"width":807,"height":11}},{"id":"6831c32e-7410-4cd2-ac28-6f1cabf2964d","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":45,"box":{"x":69,"y":833,"width":817,"height":12}},{"id":"2baba520-9249-40e5-b752-d4fbda126bb8","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":45,"box":{"x":69,"y":848,"width":813,"height":12}},{"id":"311f3a38-1dae-492e-8941-1dc11e76c879","block_type":"box","text":"lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities lending agent for the Fund, subject to","page_number":45,"box":{"x":70,"y":863,"width":832,"height":12}},{"id":"ded96574-89f3-4dd3-9977-1bd138d18e4e","block_type":"box","text":"the overall supervision of BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”). BTC","page_number":45,"box":{"x":68,"y":879,"width":814,"height":11}},{"id":"f50de0aa-2431-4f48-9c22-f3d68bab3654","block_type":"box","text":"administers the lending program in accordance with guidelines approved by the Board.","page_number":45,"box":{"x":69,"y":894,"width":614,"height":11}},{"id":"9b1442ec-b7b9-407c-9207-b4f1696a201f","block_type":"box","text":"I-23","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"53eebdcc-3bc7-4337-a0b8-63e6952ac44a","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4781e143-9846-4ffe-be44-f0bd8d13d911","block_type":"box","text":"The Fund retains a por tion of the securities lending income and remits the remaining por tion to BTC as","page_number":46,"box":{"x":101,"y":45,"width":735,"height":11}},{"id":"819273ae-3a7b-4d3a-8d15-fca4bc6b3390","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":46,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"d1e8d67a-8f24-4b00-963d-9e5265acbfa8","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":46,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"409d9c82-f86d-4e3c-b32d-aa8c70d1d1b1","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BTC bears all","page_number":46,"box":{"x":69,"y":90,"width":788,"height":11}},{"id":"ccbcd62c-21eb-4a51-ae91-2cd24079b9db","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":46,"box":{"x":69,"y":105,"width":783,"height":11}},{"id":"77097a40-ab2e-4a29-bd12-6a865fcf7351","block_type":"box","text":"investment of cash collateral received for securities on loan in money market funds advised by BFA or its affiliates,","page_number":46,"box":{"x":70,"y":120,"width":817,"height":11}},{"id":"047e6da7-dd34-43d3-9a88-a0a00e910d05","block_type":"box","text":"and such fees will not be subject to any waivers (the “collateral investment fees”); however, BTC has agreed to","page_number":46,"box":{"x":69,"y":135,"width":791,"height":12}},{"id":"29754e75-a635-4709-824f-67949ac6fde2","block_type":"box","text":"reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees","page_number":46,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"a0a6b251-6fd3-4bbe-8749-1b056462ef7c","block_type":"box","text":"the Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a sales load,","page_number":46,"box":{"x":68,"y":166,"width":793,"height":11}},{"id":"4643c90b-be9c-4406-8b4d-3c1827cd14c7","block_type":"box","text":"distribution fee or service fee.","page_number":46,"box":{"x":69,"y":181,"width":213,"height":9}},{"id":"c862f92e-dad0-4dea-945f-408187e0e09e","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":46,"box":{"x":101,"y":203,"width":776,"height":12}},{"id":"e3f7f9ea-ebba-4f95-aafc-40f291f60535","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":46,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"9cab78ff-dabe-4320-9fa7-ecdcaec156ec","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":46,"box":{"x":68,"y":234,"width":812,"height":11}},{"id":"a289f7e7-b493-44b1-a3fb-5b80944d62d6","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":46,"box":{"x":69,"y":249,"width":799,"height":11}},{"id":"c387e76d-67ce-4e02-a5e5-8d4ed5edf864","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":46,"box":{"x":68,"y":264,"width":835,"height":11}},{"id":"8379c296-19db-4363-9bea-a1235a704978","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":46,"box":{"x":69,"y":279,"width":818,"height":11}},{"id":"0b2b3e1c-b618-4ceb-b530-018f947ffa95","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":46,"box":{"x":68,"y":294,"width":789,"height":11}},{"id":"94aca070-a059-49f5-b8e6-3261aa13977d","block_type":"box","text":"making a good faith estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount","page_number":46,"box":{"x":69,"y":309,"width":829,"height":11}},{"id":"78fdc519-bcd4-4494-89a9-792be367bc71","block_type":"box","text":"of each security in the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":46,"box":{"x":69,"y":324,"width":839,"height":11}},{"id":"b0906f68-155b-41ab-ad9f-14242b0ba435","block_type":"box","text":"mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each","page_number":46,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"30343ee0-eb57-4854-94ae-467cb45e9bc5","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":46,"box":{"x":70,"y":355,"width":830,"height":11}},{"id":"afeb4e32-6c31-4cf5-9844-6e94ea414791","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":46,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"f8a31b68-3b44-4e07-a825-fbe2d13c7fcf","block_type":"box","text":"Fund’s returns on securities lending.","page_number":46,"box":{"x":70,"y":385,"width":258,"height":11}},{"id":"156598cd-14d9-4835-b6e4-b584af05f324","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":46,"box":{"x":102,"y":407,"width":774,"height":12}},{"id":"4ac6d135-8253-4e7c-b208-59ce45a740d3","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity or fund of","page_number":46,"box":{"x":69,"y":423,"width":790,"height":11}},{"id":"d67d9ce2-8072-4735-9c14-5480430876ba","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":46,"box":{"x":68,"y":438,"width":809,"height":11}},{"id":"96c425dd-82ef-4522-bb16-14d7b33bcfcc","block_type":"box","text":"Trust and BTC.","page_number":46,"box":{"x":68,"y":453,"width":104,"height":9}},{"id":"ac19138c-894f-477e-8c4e-0738763f7432","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Fund retains 81% of securities lending income","page_number":46,"box":{"x":102,"y":475,"width":761,"height":12}},{"id":"f07c9fee-929c-43d7-835d-85f94cd63a03","block_type":"box","text":"(which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities","page_number":46,"box":{"x":69,"y":491,"width":832,"height":11}},{"id":"99cefff7-bdb9-403e-8fb9-82809abf70fc","block_type":"box","text":"lending income plus collateral investment fees.","page_number":46,"box":{"x":70,"y":506,"width":334,"height":11}},{"id":"408da348-28c1-438c-9ce2-6d21bb6b5cbd","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":46,"box":{"x":102,"y":528,"width":753,"height":12}},{"id":"0100b348-978a-4e5e-85f1-fae0a3597dad","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":46,"box":{"x":69,"y":543,"width":778,"height":12}},{"id":"2e13aa7c-2011-4aed-907e-9c49d084c1e3","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":46,"box":{"x":70,"y":559,"width":817,"height":11}},{"id":"cfa6e5fe-397b-4aaa-8bd8-d90a855e9c9f","block_type":"box","text":"lending income as follows: (i) 84% of securities lending income (which excludes collateral investment fees); and","page_number":46,"box":{"x":70,"y":574,"width":794,"height":11}},{"id":"16d24519-71c6-4997-bb89-8cb7c0e46851","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":46,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"692916dd-33cd-46ea-a6ed-d18b0a878ce2","block_type":"box","text":"Prior to January 1, 2025, the Fund was subject to a different securities lending fee arrangement.","page_number":46,"box":{"x":102,"y":612,"width":690,"height":11}},{"id":"5860ff97-9cbd-4508-87f2-2ac29aef58e4","block_type":"box","text":"The services provided to the Fund by BTC, in the most recent fiscal year ended July 31, 2025, primarily included","page_number":46,"box":{"x":101,"y":634,"width":800,"height":11}},{"id":"cb912b13-1a1a-43f2-9c82-d7bcf8a8ef50","block_type":"box","text":"the following:","page_number":46,"box":{"x":68,"y":649,"width":93,"height":12}},{"id":"a974ce17-fa6c-4a94-92e5-0b5e4c10105b","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":46,"box":{"x":69,"y":669,"width":818,"height":12}},{"id":"2c594776-88d6-42b4-aeac-874273e2bdfe","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":46,"box":{"x":102,"y":685,"width":333,"height":10}},{"id":"642cba24-de9b-4cf1-98ad-c76da66cc30c","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":46,"box":{"x":69,"y":705,"width":538,"height":11}},{"id":"2ad853eb-771b-450e-85ab-1ed98170546f","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":46,"box":{"x":69,"y":725,"width":330,"height":11}},{"id":"4e221d90-dbd2-4863-bb50-89b5ac29229e","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":46,"box":{"x":69,"y":745,"width":834,"height":11}},{"id":"f9e4550f-8387-43c2-bfaa-cb7baf94333f","block_type":"box","text":"of excess collateral, as necessary;","page_number":46,"box":{"x":102,"y":760,"width":246,"height":11}},{"id":"b09b4b1e-6373-4427-bfb3-8ed973be8b50","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":46,"box":{"x":69,"y":781,"width":562,"height":11}},{"id":"770502f8-4263-4e3e-a342-298656677a3c","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":46,"box":{"x":69,"y":801,"width":665,"height":11}},{"id":"8a64776a-c586-4fb3-91be-238851ef8b22","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":46,"box":{"x":69,"y":821,"width":822,"height":11}},{"id":"11352d8b-221b-45ee-80af-7d4dc68e60fc","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":46,"box":{"x":101,"y":836,"width":803,"height":11}},{"id":"c906da0c-2f7a-45d9-a9f7-a90685f2c12b","block_type":"box","text":"of the loaned securities; and","page_number":46,"box":{"x":102,"y":851,"width":203,"height":10}},{"id":"02bc322f-e8e2-4409-963a-3a3ef9825718","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.","page_number":46,"box":{"x":69,"y":871,"width":808,"height":11}},{"id":"7758dbd7-7845-4c2a-a1e0-5fada9e5fb07","block_type":"box","text":"I-24","page_number":46,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c787157e-422b-422f-89a9-c9c88a416e82","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fc28107-0f60-4826-bf66-7b3a7d48810a","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":47,"box":{"x":101,"y":45,"width":805,"height":11}},{"id":"b0d9879a-be88-477e-baa4-5890b844b620","block_type":"box","text":"activities of the Fund during its most recent fiscal year ended July 31, 2025.","page_number":47,"box":{"x":69,"y":60,"width":544,"height":11}},{"id":"f86100b9-4f00-47bd-9372-508b59af38fb","block_type":"box","text":"Gross income from securities lending activities","page_number":47,"box":{"x":69,"y":88,"width":343,"height":11}},{"id":"899ed21c-9977-4d11-ab8d-16c1ea0766ef","block_type":"box","text":"................................................","page_number":47,"box":{"x":416,"y":95,"width":385,"height":1}},{"id":"75f636f9-e0c3-4fb9-a478-e347c5289774","block_type":"box","text":"$3,135,781","page_number":47,"box":{"x":822,"y":87,"width":87,"height":11}},{"id":"f23ea00b-9d80-4682-a394-be9aad914cdd","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":47,"box":{"x":70,"y":107,"width":565,"height":11}},{"id":"7a2b6fa2-05c1-420e-a4b9-11ad309e65e2","block_type":"box","text":"Securities lending income paid to BTC for services as securities lending agent . .","page_number":47,"box":{"x":79,"y":122,"width":575,"height":11}},{"id":"849ae532-427f-40ce-a1a0-9e2db74ff314","block_type":"box","text":". . . . . . . . . . . . . . . . . . $ 99,951","page_number":47,"box":{"x":660,"y":121,"width":249,"height":12}},{"id":"e4296450-e1b6-4818-942a-793a13f41800","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BTC. .","page_number":47,"box":{"x":79,"y":137,"width":673,"height":12}},{"id":"6831c5a0-4fcd-407f-93da-e55138cd66ed","block_type":"box","text":". . . . . . $ 24,640","page_number":47,"box":{"x":758,"y":137,"width":151,"height":11}},{"id":"9b39374b-9a78-494e-9f46-f8f05bad6b54","block_type":"box","text":"Administrative fees not included in securities lending income paid to BTC","page_number":47,"box":{"x":78,"y":152,"width":520,"height":12}},{"id":"bcc96924-0ea5-41fa-8297-b721ebc4ff1b","block_type":"box","text":"......................... $ 0","page_number":47,"box":{"x":603,"y":152,"width":306,"height":10}},{"id":"0ec34158-cb1c-4d3b-9dbb-a28d7cac5e88","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BTC . .","page_number":47,"box":{"x":79,"y":167,"width":542,"height":12}},{"id":"7d25b4d2-e2cb-4162-a729-d8457876ef9f","block_type":"box","text":"...................... $ 0","page_number":47,"box":{"x":628,"y":167,"width":281,"height":10}},{"id":"9debcd66-1b84-4adf-8a98-00413490cf3f","block_type":"box","text":"Rebates (paid to borrowers) . . . . . . . . . . .","page_number":47,"box":{"x":79,"y":183,"width":289,"height":11}},{"id":"3e3fe9bd-8dac-4c1b-b986-b7c8d3d922a7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":47,"box":{"x":375,"y":182,"width":470,"height":11}},{"id":"58443fd7-b0b6-41bb-aeb9-2bebe11812da","block_type":"box","text":"585,085","page_number":47,"box":{"x":847,"y":183,"width":62,"height":10}},{"id":"6501c8b6-25aa-42ef-b82b-d3e57d07c805","block_type":"box","text":"Other fees not included in securities lending income paid to BTC . . .","page_number":47,"box":{"x":79,"y":198,"width":485,"height":11}},{"id":"ac249c5d-c84d-4035-bc7d-b4dab03eeba2","block_type":"box","text":"............................. $ 0","page_number":47,"box":{"x":571,"y":197,"width":338,"height":11}},{"id":"a533c2b5-1cf0-4205-86c1-73694f21f89a","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":47,"box":{"x":68,"y":213,"width":455,"height":11}},{"id":"4e91a679-1013-4889-b2e7-0008f6515f1e","block_type":"box","text":"..................................","page_number":47,"box":{"x":530,"y":220,"width":271,"height":2}},{"id":"f437b917-a713-4429-9325-843151e9eb2e","block_type":"box","text":"$2,709,676","page_number":47,"box":{"x":822,"y":212,"width":87,"height":12}},{"id":"5994cfd4-d470-4f24-a871-03729555e6d8","block_type":"box","text":"Net income from securities lending activities","page_number":47,"box":{"x":69,"y":232,"width":327,"height":11}},{"id":"e924c10c-6874-4dee-8748-747a8a36adcb","block_type":"box","text":"..................................................","page_number":47,"box":{"x":399,"y":240,"width":402,"height":1}},{"id":"95c2cfaf-0a48-44e2-9290-5e5f83e386a2","block_type":"box","text":"$ 426,105","page_number":47,"box":{"x":822,"y":232,"width":87,"height":11}},{"id":"2d817124-1ebb-4298-93a4-b3285df07a1e","block_type":"box","text":"VIII. Additional Information","page_number":47,"box":{"x":68,"y":268,"width":195,"height":9}},{"id":"017a4fe5-fe76-4a08-9b09-e1e7d6475be4","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":47,"box":{"x":102,"y":291,"width":352,"height":11}},{"id":"f952c778-1bd7-4a04-9319-b80db3426b5d","block_type":"box","text":"PricewaterhouseCoopers LLP, with offices located at Two","page_number":47,"box":{"x":461,"y":291,"width":405,"height":11}},{"id":"cb5e9816-a790-45ff-b48d-8d7b9e94f02a","block_type":"box","text":"Commerce Square, 2001 Market Street, Suite 1800, Philadelphia, Pennsylvania 19103, serves as the Fund’s","page_number":47,"box":{"x":69,"y":306,"width":786,"height":11}},{"id":"9368b6b0-5577-461c-81d5-199d3d14a78f","block_type":"box","text":"independent registered public accounting firm.","page_number":47,"box":{"x":70,"y":321,"width":328,"height":11}},{"id":"dc0f4b53-8eaf-44d9-bf40-026d6f2ffebc","block_type":"box","text":"Counsel.","page_number":47,"box":{"x":101,"y":344,"width":62,"height":9}},{"id":"2cce1a7c-07a6-40d4-9be3-57f988fefacc","block_type":"box","text":"Sidley Austin LLP, with offices at 787 Seventh Avenue, New York, New York 10019, serves as the","page_number":47,"box":{"x":170,"y":344,"width":694,"height":11}},{"id":"464616d4-69cb-4f60-9558-36a18f3a571a","block_type":"box","text":"Fund’s counsel.","page_number":47,"box":{"x":70,"y":359,"width":110,"height":9}},{"id":"59dbabc7-2d2e-45c9-a056-e3a585fee3e0","block_type":"box","text":"The Trust","page_number":47,"box":{"x":68,"y":389,"width":69,"height":9}},{"id":"fa98dc49-29ed-4a85-8e90-044321ccf22c","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":47,"box":{"x":101,"y":412,"width":807,"height":11}},{"id":"5b2397a3-1b7f-4a45-9077-8b81869213e4","block_type":"box","text":"Investment Company Act as an open-end management investment company. The Fund is diversified. The Trust is","page_number":47,"box":{"x":70,"y":427,"width":800,"height":11}},{"id":"a238a007-8c3e-4649-bbec-e67e245e05c4","block_type":"box","text":"authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per share, which","page_number":47,"box":{"x":69,"y":441,"width":827,"height":12}},{"id":"8930e044-ccc6-4cf7-b086-ab5921823c03","block_type":"box","text":"may be divided into different series and classes.","page_number":47,"box":{"x":69,"y":457,"width":346,"height":11}},{"id":"7bbe2324-4586-4e3b-86b6-149ef0ae27c0","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":47,"box":{"x":102,"y":480,"width":734,"height":11}},{"id":"41fccd9a-3cc1-4196-b55c-b1c8db0272e2","block_type":"box","text":"personally liable as par tners for the obligations of the Trust. However, the Trust’s Declaration of Trust provides that","page_number":47,"box":{"x":70,"y":495,"width":822,"height":11}},{"id":"6dfdc4f6-3935-4b90-b14f-ba9403d6509e","block_type":"box","text":"shareholders shall not be subject to any personal liability in connection with the assets of the Trust for the acts or","page_number":47,"box":{"x":69,"y":510,"width":814,"height":11}},{"id":"d421f3dd-a638-4940-9025-cf50632e2b9e","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other under taking made by the Trust shall","page_number":47,"box":{"x":69,"y":525,"width":794,"height":12}},{"id":"829436e1-f322-479b-b228-71c97e30d14e","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":47,"box":{"x":69,"y":540,"width":824,"height":12}},{"id":"bbb090ac-a481-495a-b96c-7f13066a52d4","block_type":"box","text":"provides for indemnification out of Trust proper ty of any shareholder held personally liable solely by reason of his","page_number":47,"box":{"x":70,"y":555,"width":804,"height":12}},{"id":"fccbd7e0-88d5-47ee-a448-284a83707469","block_type":"box","text":"being or having been a shareholder and not because of such shareholder’s acts or omissions or some other reason.","page_number":47,"box":{"x":69,"y":571,"width":830,"height":11}},{"id":"913efbc5-fc68-44dd-a8ae-e2e284d2c32b","block_type":"box","text":"The Declaration of Trust also provides that the Trust shall, upon request, assume the defense of any claim made","page_number":47,"box":{"x":68,"y":586,"width":807,"height":11}},{"id":"6db1f3bd-963a-45f3-bff4-a38abcec5a7d","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":47,"box":{"x":69,"y":601,"width":719,"height":11}},{"id":"56a75d93-08dc-434f-9640-b6d5394c207a","block_type":"box","text":"The Declaration of Trust fur ther provides that all persons having any claim against the Trustees or Trust shall","page_number":47,"box":{"x":101,"y":623,"width":777,"height":12}},{"id":"935ef3bd-f0fe-4cda-8fa9-970d54cc4c53","block_type":"box","text":"look solely to the Trust proper ty for payment; that no Trustee of the Trust shall be personally liable for or on account","page_number":47,"box":{"x":70,"y":639,"width":828,"height":11}},{"id":"738b4577-d345-48ad-9c5a-812ce8746dcc","block_type":"box","text":"of any contract, debt, tor t, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":47,"box":{"x":69,"y":654,"width":827,"height":11}},{"id":"a427522e-3da9-4851-a599-512f9f2911f8","block_type":"box","text":"preservation of the Trust proper ty or the conduct of any 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The 2025 Annual Financial Statements have been","page_number":48,"box":{"x":68,"y":697,"width":833,"height":11}},{"id":"4189c925-2667-4bce-91c6-7cb554ae50d4","block_type":"box","text":"audited by PricewaterhouseCoopers LLP. The repor t of PricewaterhouseCoopers LLP is incorporated herein by","page_number":48,"box":{"x":69,"y":712,"width":779,"height":11}},{"id":"dbd3bf67-b9ee-40c7-b615-a259d1a1f822","block_type":"box","text":"reference. Such 2025 Annual Financial Statements have been incorporated herein in reliance upon the repor t of such","page_number":48,"box":{"x":69,"y":727,"width":838,"height":11}},{"id":"4269da66-a2a2-4b1a-a2e5-1088e998383e","block_type":"box","text":"firm given their authority as exper ts in accounting and auditing. Additional copies of the Fund’s annual and semi","page_number":48,"box":{"x":68,"y":742,"width":804,"height":11}},{"id":"57c72793-c3b7-405e-b8d9-356b166d22e6","block_type":"box","text":"annual repor ts to shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional","page_number":48,"box":{"x":69,"y":757,"width":770,"height":11}},{"id":"8ec0276f-5ce8-4829-8047-58109b57c50d","block_type":"box","text":"Information may be obtained at no charge by telephoning the Distributor at the telephone number appearing on the","page_number":48,"box":{"x":70,"y":772,"width":818,"height":11}},{"id":"c9d338c1-1d6b-4f26-9693-c8251150d1bc","block_type":"box","text":"front page of this SAI.","page_number":48,"box":{"x":68,"y":787,"width":155,"height":12}},{"id":"350dcb22-922e-49ac-b575-038586c656ef","block_type":"box","text":"I-26","page_number":48,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"d5a05286-060e-49cb-956e-957e7dc43a91","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23f900fa-90e3-4aff-8b49-7a3cb4878825","block_type":"box","text":"PART II","page_number":49,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"ed5db745-9e6e-4c33-8188-1bf20d5d1c89","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":49,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"161d8472-a15a-4285-b10c-e2c34ec15453","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Cer tain Funds may also be referred to as “Municipal Funds” if","page_number":49,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"09cb4b4b-4fea-4af3-b15c-a75fffb146d1","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":49,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"886dd8ae-6e54-4c01-b6c1-29b768df9e71","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":49,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"9db151c6-49b1-4283-9077-fa41832269f9","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":49,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"b721089d-95f6-4428-8cab-6eb5291d433c","block_type":"box","text":"stock and shares of beneficial interest are referred to herein as “shares” or “Common Stock,” holders of shares of","page_number":49,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"de6cd8dc-5d9f-4da7-bbe2-63d81c3d3052","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":49,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"22737c32-d85c-4f9f-9199-e1e012714159","block_type":"box","text":"“Directors,” the boards of trustees/directors of each Fund are referred to as the “Board of Directors” or the “Board,”","page_number":49,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"4e849ad5-522b-4540-bf2a-fc6eb0a915f6","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":49,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"d4cbe818-f5d2-44cb-8895-ac3929745ee1","block_type":"box","text":"of each Fund and is referred to herein as the “Manager” or “BlackRock,” and the investment advisory agreement or","page_number":49,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"5d49873f-51e2-4e04-b3b1-e78c822c0960","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":49,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"c692fdcf-ca7b-436f-8480-1e82a9a1dcd9","block_type":"box","text":"Ar ticles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “char ter.”","page_number":49,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"ca05643a-a36d-412b-97d1-b741f83087f3","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":49,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"f7819808-5738-4549-ad26-92721a5bd7dc","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":49,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"ad73d726-50ba-4001-b90a-050243b15f41","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":49,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"73b1aa6c-c601-40e2-a5de-a219b2d65d40","block_type":"box","text":"Cer tain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a por tion of their assets in a","page_number":49,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"32d774e7-f03a-4fa3-824e-b02f92ade5f5","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":49,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"ec0fe679-9d1f-4834-aad0-2cb29850e49a","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All investments are generally","page_number":49,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"4d4410ab-fbdf-478c-94f6-c5125bd127fd","block_type":"box","text":"made at the level of the Master Por tfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":49,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"fd28de91-9c11-49fd-aae2-d8f5e2075ec3","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":49,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"862ba966-eea8-499f-a2fb-3e5e7218c896","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":49,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"a29ef9f4-8d93-49b0-9bd9-436b480cf185","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":49,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"c6855b78-6844-4225-bca7-cdcf70fb86fd","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":49,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"70394c16-29b2-4605-8ddb-12a4ec517b92","block_type":"box","text":"par ticular Fund.","page_number":49,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"ab3c2e8c-9161-4803-a153-a7844e44c082","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":49,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"077a4917-d936-4cfa-a3d8-552859b969de","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":49,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"35901029-739d-4b1c-9604-e840ed0225fb","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":49,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"c4e8c3b0-72bc-4252-a0d4-06c76138e950","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":49,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"e6bc5e4d-3a63-407b-a85a-d1ae790a3c1c","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":49,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"fd0e3e93-6a61-4119-8d16-d1665e16d0c5","block_type":"box","text":"I of this SAI for fur ther information on each Fund’s investment policies and risks. Information contained in this","page_number":49,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"7bd88110-2539-44a9-abef-970462e39c75","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":49,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"a66def99-309a-4679-b4f7-41179d29604b","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":49,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"2e2cc570-f24d-4292-bda8-032a952208ab","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form","page_number":49,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"3d4a8a4e-2fdc-425a-b609-4524f68641de","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":49,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"a98f8511-1c87-4986-a147-65b94927d6b1","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":49,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"dcec936a-e0ee-4690-b196-2f6e41b477a3","block_type":"box","text":"Asset-Backed Securities.","page_number":49,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"82da57a4-2400-4b41-9b46-e03e473afcae","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":49,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"5e61522c-1e6b-4265-b8af-a55383fc0ce9","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":49,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"431e909b-24a0-4eda-8034-f9d2b1b4ef9b","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":49,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"d28d570b-653d-41af-8a3c-2ab57fb93492","block_type":"box","text":"credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional","page_number":49,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"3ce83e69-7470-400f-b5c5-7b3a0c8f0aa4","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":49,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"b1ae9edd-b091-4830-8446-2749669aa7d9","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":49,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"318af69d-c10b-4761-8f09-a51e847a7e31","block_type":"box","text":"price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and","page_number":49,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"67b6b64d-a5ce-4665-8863-b515782819d1","block_type":"box","text":"the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of","page_number":49,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"a200b91d-8f79-4acf-a46c-f9107cc95cfe","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":49,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"b42bee55-2c00-47ec-9bff-f5b5f363eaf2","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":49,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"d6f183cd-261d-42b5-bba1-96e0dd2d7a9a","block_type":"box","text":"Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of","page_number":49,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"4d6a4598-6014-4815-ac9e-5c82b34c5247","block_type":"box","text":"interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset","page_number":49,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"fb319fdc-3e97-4fc4-89d5-985e760fc132","block_type":"box","text":"backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys","page_number":49,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"3217fc31-12ce-45c5-98ed-d34e80d49164","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":49,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"63f37e10-5bb9-4431-875c-6b4d6d617f05","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":49,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"fb012665-3014-4bb6-84f4-ef60e57eafbb","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":49,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"6039a57b-346b-4c66-a92f-428b18820e45","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":49,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"12b52dae-8f50-4e40-9f1e-c24bc0437807","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":49,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"e5d20286-d794-454e-a35f-1760fd81afe0","block_type":"box","text":"II-1","page_number":49,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"123d84a5-eacc-46bf-bb37-d2856cda0ab1","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9f6e5a76-6db7-46b5-a650-1b34224d7057","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":50,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"10955ab2-a573-4a0e-9d2e-8a42ef681c47","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":50,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"140ef3ae-e8be-4450-81ef-64aac12c4f06","block_type":"box","text":"interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as","page_number":50,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"7fc4a9e8-370e-4cd9-8be2-9ba1a5488b01","block_type":"box","text":"that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or","page_number":50,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"bb7b28b8-c21a-4675-a619-a51b828bca9f","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":50,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"3c893958-487d-4369-97f8-241f405a0560","block_type":"box","text":"Asset-Based Securities.","page_number":50,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"68f21ee9-91d1-44ec-9b21-15d381ab8ed2","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":50,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"4cfa8856-a31c-41c3-9398-b729b5e231a2","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":50,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"4bd1c98e-947f-4fa5-aa99-184c5675acdd","block_type":"box","text":"asset such as gold bullion. These securities are referred to as “asset-based securities.” A Fund will purchase only","page_number":50,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"6bfa8eb7-5ccd-4dcb-ab3c-c318fe4a2176","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":50,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"2ee37657-3058-45fa-9968-c7d79e88b69c","block_type":"box","text":"investment grade (for example, AAA, AA, A or BBB by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by","page_number":50,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"f881af8a-c3c7-47bb-a66b-69181667d4a4","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by","page_number":50,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"d2e72596-5333-4795-89b5-c2a01e84de19","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":50,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"00ad407f-6177-4a2c-ab86-7585369a4ab7","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":50,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"70c7e12b-f9b0-4a70-9e8e-efdc78f74323","block_type":"box","text":"likely to be downgraded than securities rated in the three highest rating categories. If an asset-based security is","page_number":50,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"4ccad56b-02b6-4aee-b53e-bd1da4ec80f9","block_type":"box","text":"backed by a bank letter of credit or other similar facility, the Manager may take such backing into account in","page_number":50,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"4a6b1806-a08f-4d52-9156-e9619421e54f","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":50,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"2596b3d3-10b6-4fe2-96c2-bcb11315fbfb","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":50,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"f11c9ba2-a26a-402f-b5f0-e6bd1107d37d","block_type":"box","text":"the two price movements. Asset-based securities may not be secured by a security interest in or claim on the","page_number":50,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"a0bd6a76-cdf6-4e17-a832-c127cf0b3a0c","block_type":"box","text":"underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay","page_number":50,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"ee500c17-7588-4c28-be4e-717eac85ece3","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":50,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"82a27410-288d-4cf4-98b3-a2356cff0529","block_type":"box","text":"at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the","page_number":50,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"34605009-027b-4ab0-9a5d-5403b2d0d477","block_type":"box","text":"asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource","page_number":50,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"4465b7bb-a57e-4e6d-8f10-99e5645a84a7","block_type":"box","text":"assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to","page_number":50,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"ffe5e39c-40c2-4975-bb37-b1f4a3c05303","block_type":"box","text":"maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the","page_number":50,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"f118f4dd-4a6e-4880-9f95-8011246816d7","block_type":"box","text":"appreciation in the underlying asset.","page_number":50,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"ba71a2fe-fe1a-4598-951b-f4c5eeb102ea","block_type":"box","text":"Precious Metal-Related Securities.","page_number":50,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"e3cfb4b7-8c2f-43b7-b2d4-cd2710c84f20","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":50,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"3a535da1-c513-49e6-b6af-8f596d92fb47","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":50,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"2b627a62-047a-4ab3-87c4-5dca1225d061","block_type":"box","text":"e.g.","page_number":50,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"75bbb0f6-99fd-41bd-bcb2-172184a3a252","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":50,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"1565c238-bc6a-409f-a3bc-7d622b28c945","block_type":"box","text":"indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively","page_number":50,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"7b9dcfe1-94d8-4280-b494-f3b1010693c2","block_type":"box","text":"priced in relation to the value of a company’s precious metal-related assets or when the values of precious metals","page_number":50,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"7eee9d86-33db-434a-b837-bdc5168cc4bf","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":50,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"5752aea1-ffc6-4358-930c-a1d76d7460f3","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":50,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"4f83d016-37f5-47cb-86d0-88ddbe7f9494","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":50,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"77c2157b-d5a6-4dd7-91da-dff66e62735a","block_type":"box","text":"metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":50,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"db0fa698-9a54-407e-a712-2d0593f66900","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":50,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"3c830442-6a83-4e82-ae6c-0816e0434f72","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":50,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"5dd3382d-b3bc-4e5f-ab0b-820b6e3b0602","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":50,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"08653f23-f1e3-4cf5-9aff-3d9324ffeb85","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":50,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"e08daa47-2f9a-41cd-ac23-1977238ba5ca","block_type":"box","text":"South African gold production.","page_number":50,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"17cf31d5-af86-48d8-bd40-09030c920d80","block_type":"box","text":"Borrowing and Leverage.","page_number":50,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"8c0044a2-0342-4a79-864e-cf69c03fe7d3","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":50,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"7ca923d6-aa2d-41b5-87c3-e592afa5d00e","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":50,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"30793a13-6868-4ab3-aa4f-b2828b216de3","block_type":"box","text":"securities at any time when borrowings exceed 5% of their total assets, except (a) to honor prior commitments or","page_number":50,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"6b1fd6ce-acf7-453f-ba1e-c713a514c81a","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":50,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"0ea2450a-a4d1-4aad-aab7-605bfb62fa0f","block_type":"box","text":"other securities transactions.","page_number":50,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"31e05b55-26c0-494d-a92c-18820d0b9f4c","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":50,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"e625d9f0-e944-48d6-a97a-aae5b850cb40","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":50,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"291c0b03-92fd-4eca-850e-7fbc442fc91a","block_type":"box","text":"leveraging increases the Fund’s exposure to capital risk, and borrowed funds are subject to interest costs that will","page_number":50,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"b26daf9b-4ec7-41ca-9515-c1ee3cecc55d","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":50,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"5d7e332e-ee0f-4631-9e53-4ae0b60b1610","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":50,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"fc1dae15-4771-47ce-8e86-2e0305a4db13","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":50,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"952033aa-9751-42ae-8c18-59a40b9780a9","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":50,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"86bc0b7a-1bb4-4b8e-acf9-f43ded5016b3","block_type":"box","text":"for the Fund that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":50,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"035b1a42-6678-4f13-af04-3128dc86bdc5","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":50,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"1e5ad8f4-35ab-4900-b25f-030d495a154d","block_type":"box","text":"pay on the borrowings, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income","page_number":50,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"86dff0ad-a30e-41d8-acf4-85758db46e30","block_type":"box","text":"or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of","page_number":50,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"e7e94b4c-a175-40e5-bd8f-cc99b50e014e","block_type":"box","text":"borrowing, the return to the Fund will be less than if leverage had not been used and, therefore, the amount available","page_number":50,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"6c49fca6-acd0-44bb-8eeb-ba91c7de810a","block_type":"box","text":"for distribution to shareholders as dividends will be reduced. In the latter case, the Manager in its best judgment","page_number":50,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"1bed08f8-adf6-4abe-a3a8-fff5e373f76f","block_type":"box","text":"II-2","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"cd7aa1e3-d9b3-4973-8822-370039a4a487","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02154a63-eca2-44f0-8d65-925587dc85a2","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":51,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"f13f72e7-e8ea-4ed6-bad4-37418ebefce1","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":51,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"c900621e-7642-4a88-8a39-c6486c6a3297","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":51,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"80ca07b0-c4ae-45d5-8fd3-fb4ad2e6de7c","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":51,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"4c79e223-2903-4865-9bc8-d985039e0005","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":51,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"803f729c-44c8-4053-85df-625d72a67896","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":51,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"85623be6-f932-4904-9647-b2da631d8e68","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":51,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"8affdf8e-a501-48e0-b767-59d69220b655","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":51,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"d5e869a7-fbfe-44d9-9b9e-a4ca989c0565","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such borrowings are","page_number":51,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"d382cde4-c8ad-4f85-803e-adb1d219150f","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":51,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"465c1ff3-1d4a-4252-8ced-d45c273d5ee1","block_type":"box","text":"Cash Management.","page_number":51,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"9abb82f3-ae95-4024-acfe-0672d1ffa336","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":51,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"3069a5db-25e9-49ca-b74b-0ccc2dec3d6b","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":51,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"1ea8cbed-6595-44b9-aebd-fff1d8ed2fd8","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":51,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"59740eec-a017-4d86-a76b-62a6e7c180ad","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":51,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"b56bfd69-4fae-4723-885d-f1b4562f9def","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":51,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"4872d415-0a9d-4c59-adfd-0520a2359bd2","block_type":"box","text":"Securities”); (ii) other fixed-income securities rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of","page_number":51,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"87d2b483-92f0-47ab-a0f5-1dae3a6e305c","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":51,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"a439d140-262b-48dc-99fe-7109a8535bf0","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":51,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"bb9d2a1f-ee33-43f8-951e-5e0de52671e0","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":51,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"debbd772-5ded-49f6-9599-8232d54ea781","block_type":"box","text":"have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or outstanding commercial paper, bank","page_number":51,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"c72dd9e4-745b-465a-90ed-1aabe5fa5f63","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":51,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"35d7c451-4cb8-4f8b-9d57-69e788606c10","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":51,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"2914c83e-d1cd-4eee-84ea-caa19c5a3bfc","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":51,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"4e1691f5-d943-46dd-bdb1-c1c1b2dfb706","block_type":"box","text":"Collateralized Debt Obligations.","page_number":51,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"f87736c4-3a4d-4d74-9d17-64053c698eab","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":51,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"a7537166-20ff-483d-8714-4e5f13fda7e1","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":51,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"ecbf977e-7706-4e7c-8ffa-7a56b215213b","block_type":"box","text":"structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other","page_number":51,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"ef01a260-7424-4c6c-84cb-f0f6d8d42f8b","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":51,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"786ec76d-67ed-4ca0-beb7-45b05a345153","block_type":"box","text":"include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or","page_number":51,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"040e8f9c-348d-4048-aa0c-6729810e4deb","block_type":"box","text":"other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S.","page_number":51,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"5081a335-4dfe-4b7b-ab72-267685480675","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":51,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"042311b3-ef5a-433d-ae67-ee2961374005","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":51,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"1f442191-48da-4d58-8ae6-68dae3caaf36","block_type":"box","text":"the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a","page_number":51,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"4b49f1a7-8382-4276-976f-a29e1fb0ffd7","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":51,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"bd439c19-65a3-492d-bcc2-f61ed59036ce","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":51,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"5937ac15-4d84-4078-bce6-b68104d0eaf8","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":51,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"6d99f139-7a31-4432-9750-8827e6deff13","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":51,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"5c652e96-0697-4534-bde3-bc13ecd84dea","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":51,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"6fdd077d-9a52-4b34-954c-76bb31085746","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":51,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"be9faf41-087a-47e9-8622-5d822cd710be","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":51,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"4f118f1f-ee55-4ec8-83da-563573d69f81","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":51,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"dd2d095b-ecc9-47e0-a3b3-96ab823e439d","block_type":"box","text":"bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection","page_number":51,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"c618610e-c51f-4c0a-9088-ef33782f132c","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":51,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"a20c890b-61eb-4a80-8298-4e35061b255e","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":51,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"e00a559e-25b7-4c40-afff-5f7908e0816d","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":51,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"5a17cac9-98ed-47be-aeac-a65c3b327a45","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":51,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"5ad4aa27-7148-40a3-9eac-7e0e50688132","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":51,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"f5ad9564-4229-4683-a224-864ff90f7c0c","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":51,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"ab3c4e15-0277-4df3-898a-31c08109b058","block_type":"box","text":"of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than","page_number":51,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"a224af6c-4a7c-4055-8b93-65f75d57503c","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":51,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"3c7403ec-cb20-4df4-b39c-38030abc9432","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the","page_number":51,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"4deed2d4-e9fc-4a13-9d85-716e631ce589","block_type":"box","text":"CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not","page_number":51,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"8c3c7ba9-477a-4a4f-aaba-66e6a0f8083a","block_type":"box","text":"registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify","page_number":51,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"1c07cc51-3011-4bce-a5ec-9022a3be02fb","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":51,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"fb0edfef-3c5c-4c0b-881c-299b6c30bb37","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":51,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"1fcc6110-9be2-42c1-8b37-fd6c72977864","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":51,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"9e539a9b-a72d-4aa5-96ee-d262f618eb91","block_type":"box","text":"II-3","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"387464d5-7b55-4359-9f1d-f1c12edd7761","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a548f49-ed01-4fac-8fe8-a2c33ffd54f7","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical","page_number":52,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"1252ba0e-55cc-46b8-944a-2346f59c54e7","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":52,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"d47dad5e-1c96-4432-8ef4-a311533c231e","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":52,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"39900ec5-77d3-4fdf-b695-82c541dbc939","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":52,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"61982f3a-f253-42bc-9696-36b0593110cd","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":52,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"3ae89c35-e39d-42bd-8baf-cbf269a9633c","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the","page_number":52,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"bfbea8ff-e611-4870-ab12-f97feb99e089","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":52,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"f3d25a3a-7c10-4f0e-bac0-c16e27ff8074","block_type":"box","text":"Commercial Paper.","page_number":52,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"45891506-937b-4c4e-8e02-fc136122acb3","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":52,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"d3ebd9b4-61ea-47a8-baf4-2a1fb2c9684d","block_type":"box","text":"Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance on the “private","page_number":52,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"0162abbb-efb1-4bce-9ff3-ec86bedea11e","block_type":"box","text":"placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) paper is","page_number":52,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"234c0c71-803f-476c-81e6-8d40ddb3ca94","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":52,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"ad9fc56d-1cce-4008-9b90-f2ce1cf66c23","block_type":"box","text":"investors such as the Fund through or with the assistance of investment dealers who make a market in the Section","page_number":52,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"ec36bfb6-5379-4c2e-aadb-1569d149f4e5","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":52,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"05edba38-192a-4e59-8f5c-98b3f1dfa92d","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":52,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"cdf6b1d4-dacc-4f74-855a-6d4d709eb5b9","block_type":"box","text":"time of purchase) “A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub","page_number":52,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"62258ad2-659e-4b09-bef8-69d00e7b8b38","block_type":"box","text":"adviser, “high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":52,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"2e2e253e-17bc-4737-9006-b597e463c056","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":52,"box":{"x":102,"y":302,"width":483,"height":11}},{"id":"089c16d3-48f3-488c-91e6-532d27cc3e0f","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":52,"box":{"x":591,"y":302,"width":308,"height":11}},{"id":"e729014b-79a3-46e8-9025-cc601be1261e","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":52,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"aa9a420e-9651-4dd5-8c90-33a7866f64d0","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":52,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"5d65c128-5376-4c68-a72a-9d79ee9dcfe6","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":52,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"fc8f1527-35d6-432d-9f3c-02216bf36c08","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":52,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"61019baf-c81a-4b69-af34-0d2a98af8527","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":52,"box":{"x":69,"y":377,"width":801,"height":11}},{"id":"33740e8c-0700-444e-8692-171d368f6246","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":52,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"feeab120-0743-4a12-aef8-910b65821dbf","block_type":"box","text":"variable.","page_number":52,"box":{"x":68,"y":408,"width":59,"height":8}},{"id":"2d891baf-e129-4af0-824f-1e89eacb8227","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":52,"box":{"x":101,"y":430,"width":763,"height":11}},{"id":"21934c20-3cd6-40d3-83ee-63cab5d87fb5","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":52,"box":{"x":68,"y":445,"width":783,"height":12}},{"id":"b3894c88-21da-46f2-b239-d8ea90d36aeb","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":52,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"126b260a-1b38-42cb-96d9-07c2ab2d3fda","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":52,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"a0ad6e9a-d143-4aa8-9248-f8dcbde0ea37","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":52,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"10e8f0b5-bbaa-4d2a-ae06-be24fcaa123c","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":52,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"ec6c9438-6f36-4c6a-9aa7-e19c672f84c7","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":52,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"fc675808-0427-4289-b751-79082b18f923","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":52,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"b62e1217-b3b6-4a24-84d2-5a624c4641e8","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":52,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"4630d897-27c3-49ae-8f88-0e4fb73366e6","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":52,"box":{"x":68,"y":566,"width":797,"height":11}},{"id":"9411fdbe-55be-42ba-905f-164a295a73cb","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":52,"box":{"x":69,"y":581,"width":772,"height":11}},{"id":"c331946e-9db8-4923-ac05-2721a88574d4","block_type":"box","text":"securities. Over the long term, the returns on the Fund’s investments are expected to exhibit low or negative","page_number":52,"box":{"x":69,"y":597,"width":773,"height":11}},{"id":"9f0fec80-6372-4fcf-9f67-45648ed4861f","block_type":"box","text":"correlation with stocks and bonds.","page_number":52,"box":{"x":69,"y":612,"width":244,"height":9}},{"id":"122ebbab-8603-4a42-b5b7-4e3fc264359c","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":52,"box":{"x":102,"y":634,"width":212,"height":12}},{"id":"2fb8106a-722e-4ded-b111-db28bbea15ac","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":52,"box":{"x":320,"y":634,"width":552,"height":11}},{"id":"47d1775d-d141-4757-9921-59feacd51eca","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":52,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"e995c057-6a1d-450b-9887-239cf8113e3b","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":52,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"9dcde300-1538-476f-b4e3-399609985d25","block_type":"box","text":"be predominantly a security if (a) the issuer of the hybrid instrument receives payment in full of the purchase price of","page_number":52,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"980bc7df-3fa7-44bc-84a6-718a556748a7","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":52,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"1c665f07-e2d7-4e35-8725-68d2b3f7859c","block_type":"box","text":"holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price","page_number":52,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"cebb7aaf-86dc-442c-af1c-978d6c9fac98","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":52,"box":{"x":70,"y":725,"width":793,"height":11}},{"id":"b0ae57e5-291f-4268-a6d6-0099e79c5063","block_type":"box","text":"instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the instrument to","page_number":52,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"f0c1b4bc-40d5-432b-9164-a3b23009990f","block_type":"box","text":"mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as a contract of sale of a","page_number":52,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"df592896-536d-4ca7-ab63-9ae4b3903cd1","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":52,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"2bc0b15b-93f6-4668-ab45-6f436a7eedf8","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":52,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"e82023aa-8278-4479-a4c7-8a50ca22d98a","block_type":"box","text":"principal protected hybrid instrument means that the issuer will pay, at a minimum, the par value of the note at","page_number":52,"box":{"x":70,"y":801,"width":791,"height":11}},{"id":"ba5364e2-29e9-44e9-9d24-436a7b365eae","block_type":"box","text":"maturity. Therefore, if the commodity value to which the hybrid instrument is linked declines over the life of the note,","page_number":52,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"c657853f-20de-4bfb-8dfe-565ac89992cc","block_type":"box","text":"the Fund will receive at maturity the face or stated value of the note. With a principal protected hybrid instrument, the","page_number":52,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"d336c9d9-5beb-4b80-ae15-e1acba1293d3","block_type":"box","text":"Fund will receive at maturity the greater of the par value of the note or the increase in its value based on the","page_number":52,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"c8e1e9c6-d13b-4abf-bc41-94b382e8c831","block_type":"box","text":"underlying commodity or index. This protection is, in effect, an option whose value is subject to the volatility and price","page_number":52,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"1391c876-5456-423a-8b4c-416a6309d2ff","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in par t on the","page_number":52,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"aaa6b7fe-1b9d-410e-babc-d56c872b1fef","block_type":"box","text":"cost of the protection. In addition, the protection feature depends upon the ability of the issuer to meet its obligation","page_number":52,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"364b5a44-bf24-4576-9da8-ed414f500cbe","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditwor thiness of the issuer. With full principal protection,","page_number":52,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"359b9f5c-e374-489d-a32e-86f1cec84d84","block_type":"box","text":"II-4","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"ce938f8e-0083-4e7e-9ddb-75318dba4ff7","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a3cd283-129b-40e9-88e6-8db3fb134cc1","block_type":"box","text":"the Fund will receive at maturity of the hybrid instrument either the stated par value of the hybrid instrument, or","page_number":53,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"3a5028ee-47a3-4e89-96d2-72866b2a1d11","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":53,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"bf5786ee-bd1e-4c40-8d68-93003fd5488b","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":53,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"ac59837d-d6e0-4d71-901d-efe4ef238417","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":53,"box":{"x":70,"y":90,"width":788,"height":11}},{"id":"ae1c812e-8c98-4a04-9801-ea161bdc5c27","block_type":"box","text":"variable to which the hybrid instrument is linked declines in value during the term of the hybrid instrument. However,","page_number":53,"box":{"x":68,"y":105,"width":828,"height":11}},{"id":"99f9bfac-7a57-44ff-b5e8-bb9b875f3d2d","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":53,"box":{"x":70,"y":120,"width":773,"height":11}},{"id":"26dea421-5bdd-4bac-a05a-a17dbadac1ff","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":53,"box":{"x":102,"y":143,"width":339,"height":11}},{"id":"84dddaec-b252-4208-9980-26c6e0b97a47","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":53,"box":{"x":448,"y":143,"width":429,"height":11}},{"id":"38ad08f4-a783-4917-ac76-7e0ddf42b220","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":53,"box":{"x":70,"y":158,"width":818,"height":11}},{"id":"c76b18b4-a44d-47ea-acfa-93b9e05c991c","block_type":"box","text":"economic variable may have declined sufficiently in value such that some or all of the face value of the hybrid","page_number":53,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"add6b801-7d9a-4f88-8b8a-f346b500819f","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":53,"box":{"x":70,"y":188,"width":773,"height":12}},{"id":"0a3288ba-2ddc-47c5-8443-a5147be446a4","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":53,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"124062de-26c5-41ef-8793-e58c7dcbe8b0","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":53,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"a25ea63e-c751-4aba-bda9-6836e040021a","block_type":"box","text":"index or other economic variable over the term of the note, the cost of the note, and any other economic factors that","page_number":53,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"ca29cfb3-166a-4bc3-a05a-d9774db2a63f","block_type":"box","text":"the Manager believes are relevant.","page_number":53,"box":{"x":68,"y":249,"width":247,"height":11}},{"id":"0ae743b9-6bcf-4e63-a5c1-47574e756abc","block_type":"box","text":"Limitations on Leverage.","page_number":53,"box":{"x":102,"y":272,"width":173,"height":11}},{"id":"32154295-1647-4b65-b624-494d6a168c74","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":53,"box":{"x":281,"y":271,"width":598,"height":12}},{"id":"3ad2904a-faa0-4991-8e4d-3363bd40b470","block_type":"box","text":"avoid being subject to undue leverage risk, a Fund will seek to limit the amount of economic leverage it has under any","page_number":53,"box":{"x":69,"y":286,"width":840,"height":12}},{"id":"a5cdd929-1349-40e6-9803-3e9676c63934","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":53,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"2bc45133-589a-4286-8408-5d9a68ca60f1","block_type":"box","text":"instrument if, at the time of purchase: (i) that instrument’s “leverage ratio” exceeds 300% of the price increase in","page_number":53,"box":{"x":70,"y":317,"width":812,"height":11}},{"id":"f9d93f9e-1884-485d-8234-7a0febd1347c","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":53,"box":{"x":68,"y":332,"width":803,"height":11}},{"id":"bfbb85ed-523a-495c-bf37-157037f218da","block_type":"box","text":"ratio” exceeds 150%, measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a","page_number":53,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"74db3fa6-353b-405e-96c1-4fdb1e6bfb02","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":53,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"2710e848-1395-48c8-aa17-19cbbace5f9a","block_type":"box","text":"other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1% gain in the","page_number":53,"box":{"x":69,"y":377,"width":783,"height":12}},{"id":"f6633271-54d9-41ed-b481-3583fea17e06","block_type":"box","text":"underlying economic variable would be expected to result in a 1.5% gain in value for the hybrid instrument.","page_number":53,"box":{"x":69,"y":392,"width":758,"height":12}},{"id":"c27b265d-cc6c-4d49-9150-88707dabef2a","block_type":"box","text":"Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5% loss if the underlying economic","page_number":53,"box":{"x":69,"y":407,"width":818,"height":12}},{"id":"f2b99c65-f78d-4644-bfca-c7d75ecb9c5a","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":53,"box":{"x":68,"y":423,"width":763,"height":11}},{"id":"a9e58f11-3d0b-41ca-aa65-09b7daacaaee","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":53,"box":{"x":70,"y":438,"width":787,"height":11}},{"id":"e8d56229-a04b-4714-8e3b-367540c6ff17","block_type":"box","text":"contracts, their notional values. A Fund may at times or from time to time decide not to use leverage in its","page_number":53,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"3b099fef-03a4-418b-85c0-87a26b336839","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":53,"box":{"x":70,"y":468,"width":477,"height":11}},{"id":"7e5e05ab-df29-433a-bca3-6521005cbb39","block_type":"box","text":"Counterpar ty Risk.","page_number":53,"box":{"x":102,"y":491,"width":130,"height":11}},{"id":"ca288ef9-5523-425e-9074-6812af4b4a12","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":53,"box":{"x":238,"y":491,"width":646,"height":11}},{"id":"ea9e1a9b-9439-42a1-b025-3bb13ff1337d","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":53,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"4ba944bd-215b-4607-ba55-81164ce379f0","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":53,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"2f44f170-954a-44e8-aa08-a29e579b0ee3","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":53,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"fb2e45f9-488d-4559-bc2f-322ee3c4dd88","block_type":"box","text":"e.g.","page_number":53,"box":{"x":834,"y":537,"width":25,"height":10}},{"id":"34112c6f-b56f-4067-9e57-c66c8a001cb9","block_type":"box","text":",","page_number":53,"box":{"x":861,"y":543,"width":2,"height":3}},{"id":"6193969f-243a-41d5-9944-a0993a69e9df","block_type":"box","text":"ratings of AAA or AA by S&P). Therefore, the risk is small that an exchange clearinghouse might be unable to meet its","page_number":53,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"1781bdbb-3f90-4097-8ba3-623fb5a8d611","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":53,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"c1943b48-ad14-4ada-8f58-b87bae3f5c68","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":53,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"8764dfdd-7154-45ce-a4d1-6a68ee7647cc","block_type":"box","text":"obligations under the structured note.","page_number":53,"box":{"x":69,"y":597,"width":268,"height":11}},{"id":"f11271a7-9ee0-437f-bb05-86540bdd3158","block_type":"box","text":"Convertible Securities.","page_number":53,"box":{"x":102,"y":619,"width":165,"height":9}},{"id":"b663314e-98a3-4c40-bf6e-3a2d8d3416bb","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":53,"box":{"x":273,"y":619,"width":619,"height":11}},{"id":"a273a1c2-f8d2-43c0-9bf7-d7384f857c5f","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":53,"box":{"x":69,"y":634,"width":839,"height":12}},{"id":"3ce8a2b8-0a20-4a5d-9c2d-0ffad5a23cb2","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":53,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"2c836374-db53-4e76-8b9e-ff524900d26a","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":53,"box":{"x":69,"y":664,"width":781,"height":11}},{"id":"afb97235-9f5f-43ae-a167-dc9188cf462d","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":53,"box":{"x":69,"y":680,"width":750,"height":11}},{"id":"a846b2c9-5cc2-4a86-bd84-e3117c9fcdac","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":53,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"8580ea8f-a7ae-4128-bf5b-0c86fd1107bf","block_type":"box","text":"with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than","page_number":53,"box":{"x":68,"y":710,"width":784,"height":11}},{"id":"3023dd2d-b2a4-4a9c-80f8-4961e29f81de","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":53,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"b25a3b7f-2503-4905-b3c3-1d06e7e954d1","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":53,"box":{"x":68,"y":740,"width":780,"height":11}},{"id":"95f58ffd-6dd6-4ea0-8f48-314a2b73f419","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":53,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"75eb544b-169d-48eb-aac9-0209649ef492","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":53,"box":{"x":69,"y":770,"width":826,"height":11}},{"id":"ed45cc68-59cd-427d-a82e-ff816184e26d","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":53,"box":{"x":68,"y":785,"width":811,"height":12}},{"id":"ea6b8ebb-5ff8-441c-8dc9-0316969ed6f2","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":53,"box":{"x":70,"y":801,"width":563,"height":11}},{"id":"cdd017db-2f25-4149-ae7f-c196dfaa466e","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":53,"box":{"x":101,"y":823,"width":767,"height":11}},{"id":"60b06c37-cef6-4cc6-a4cb-0430d1185fb9","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":53,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"72afb2e1-36ec-4651-b9f7-639d7def7e22","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":53,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"cddc6bf0-1903-4d61-ab94-d972c4cd4f89","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":53,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"b9f2a292-360b-4f8e-a290-959088b4c309","block_type":"box","text":"in value relative to the underlying common stock due to their fixed-income nature. As a result of the conversion","page_number":53,"box":{"x":70,"y":884,"width":788,"height":11}},{"id":"564a7c4a-917b-483d-9269-9da3b4fc78e6","block_type":"box","text":"II-5","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"862afa19-4169-43c4-a86c-54a57c9fd1f4","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd7ad36c-428a-422b-8a08-6289f696b9d8","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":54,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"f5627e8a-1dc6-436f-a2bd-905b636ad0f6","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":54,"box":{"x":69,"y":60,"width":409,"height":9}},{"id":"dcd139c3-946c-418d-8b86-9dbbc7412505","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":54,"box":{"x":102,"y":83,"width":802,"height":11}},{"id":"aa8e557b-0032-4901-a291-e0e4a4d50b02","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":54,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"30fc81f8-e9a0-4268-a986-a2995a58296d","block_type":"box","text":"things.","page_number":54,"box":{"x":68,"y":113,"width":47,"height":11}},{"id":"ff05910c-cd4a-42a0-8e2b-f24ffc128b5f","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":54,"box":{"x":102,"y":135,"width":731,"height":9}},{"id":"a49db20f-3439-4eb8-9a69-879638b4a9f2","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":54,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"86d278ab-9cd4-4f74-9567-fd591c3d1e65","block_type":"box","text":"securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the","page_number":54,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"bc805093-ce57-4ce1-bc9b-7a04e9bd1662","block_type":"box","text":"exchange rate between the currency in which the debt security is denominated and the currency in which the share","page_number":54,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"3d693da4-2244-4db8-8600-edf4ce91a743","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":54,"box":{"x":70,"y":196,"width":828,"height":11}},{"id":"825b6371-a1a6-410d-ac2e-5a8f6931c9bc","block_type":"box","text":"a currency different from that of the underlying equity securities, the conversion price may be based on a fixed","page_number":54,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"864bffb8-1cc8-43d1-88db-d921b4d6e14c","block_type":"box","text":"exchange rate established at the time the security is issued, which may increase the effects of currency risk. As","page_number":54,"box":{"x":69,"y":226,"width":800,"height":11}},{"id":"0e7346cc-98f0-4b97-84e1-865e6eb85d10","block_type":"box","text":"described below, a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to","page_number":54,"box":{"x":69,"y":241,"width":800,"height":11}},{"id":"0d259fae-5c44-4cf3-8ba8-bc210dc9492d","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":54,"box":{"x":69,"y":256,"width":337,"height":12}},{"id":"93f2f1ff-b164-422c-9773-f66cb0454a6d","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":54,"box":{"x":101,"y":279,"width":741,"height":11}},{"id":"66c62c36-eefc-4f03-8ee6-3b957431d163","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":54,"box":{"x":69,"y":294,"width":806,"height":11}},{"id":"8aeccb55-e00f-4063-a4d0-a869eb03b446","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":54,"box":{"x":69,"y":309,"width":485,"height":11}},{"id":"b48b8452-d755-4cf3-bc2e-14f3f0645374","block_type":"box","text":"i.e.","page_number":54,"box":{"x":557,"y":309,"width":20,"height":9}},{"id":"d8137223-1571-40d8-b272-706fa2da2822","block_type":"box","text":", strictly on the basis of its yield) is","page_number":54,"box":{"x":579,"y":309,"width":248,"height":11}},{"id":"07e34738-c59b-4a46-9d92-6a19d9a91561","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":54,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"86b46559-90b0-4ac6-a669-7925a035a8e6","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":54,"box":{"x":69,"y":339,"width":807,"height":12}},{"id":"09db6fea-5443-4a08-991e-ea2859210a42","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":54,"box":{"x":70,"y":355,"width":778,"height":11}},{"id":"73dc3ff3-0b14-4bf1-8c56-83cf929164e5","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":54,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"61ec30e5-2198-41e8-a473-32bd673a49d0","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":54,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"bea713e7-f56c-40f3-9c0c-2f997d8583fc","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":54,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"330427c3-31b0-4ee7-a3fb-7f7dbdc12950","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":54,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"4f1a1872-b1b9-4e06-9ea0-a5447458538c","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":54,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"cd438ddb-54d6-4933-a293-2184dac2a420","block_type":"box","text":"over the conversion value to the extent investors place value on the right to acquire the underlying common stock","page_number":54,"box":{"x":69,"y":446,"width":808,"height":11}},{"id":"b649c14e-6eda-4935-8f9d-47352194c848","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":54,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"957b0505-7c4c-4941-b17f-e42d92869941","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":54,"box":{"x":68,"y":475,"width":836,"height":12}},{"id":"9b55edc3-4199-4c91-afd4-604ec345b4fd","block_type":"box","text":"than the securities’ investment value.","page_number":54,"box":{"x":68,"y":491,"width":268,"height":9}},{"id":"06776847-e353-4866-8dc8-9fec426fb6ac","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":54,"box":{"x":102,"y":513,"width":740,"height":12}},{"id":"69ed819d-b5a3-4e40-94a7-b726c08eadb5","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":54,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"6ad91032-4cf2-40ee-b0b4-7474b1403189","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":54,"box":{"x":69,"y":543,"width":800,"height":12}},{"id":"df0ac4e3-8e6e-4438-87cf-69d1bacb544d","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":54,"box":{"x":68,"y":559,"width":840,"height":11}},{"id":"50e72abe-9382-4cab-9ba4-48e3a8fbd30e","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":54,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"f849f309-52aa-42e9-93e8-2d39ae77439a","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":54,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"804faf9a-2e00-43b1-9af8-922c35608eec","block_type":"box","text":"holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":54,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"35555fd5-270d-4e98-b40e-805977cfbaea","block_type":"box","text":"security under cer tain circumstances.","page_number":54,"box":{"x":69,"y":619,"width":267,"height":11}},{"id":"c231b358-b6d6-4c90-9f6f-8a124ab76c44","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":54,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"cfe64e9a-29be-4a0f-bb4e-ee5b33e9b700","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":54,"box":{"x":69,"y":657,"width":789,"height":9}},{"id":"c160a469-5c6e-4c0c-a58c-d3a6398956d4","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":54,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"15eda4e6-509f-4f9c-933d-0603ffd20df5","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":54,"box":{"x":70,"y":687,"width":819,"height":11}},{"id":"b2bf98fb-48f1-4983-9f91-1250d52cb4c4","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":54,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"0f9e4549-ae49-49d1-bc19-55341a6b1a9e","block_type":"box","text":"public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity","page_number":54,"box":{"x":70,"y":717,"width":769,"height":12}},{"id":"c8f3ff72-d5be-4b32-afc9-3b190163484f","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":54,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"3fcc556a-57b1-43ff-be02-02702cb6c9fd","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":54,"box":{"x":69,"y":748,"width":627,"height":11}},{"id":"29660117-ba31-4346-b90c-b2bf8c214029","block_type":"box","text":"i.e.","page_number":54,"box":{"x":703,"y":748,"width":20,"height":9}},{"id":"5bfc8093-9fb8-4808-8dae-8042f5af0600","block_type":"box","text":", fixed-income (“fixed","page_number":54,"box":{"x":726,"y":748,"width":151,"height":11}},{"id":"4d9d252c-a263-4588-88b2-d36447762ab0","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":54,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"4d6168e8-b013-46db-b632-5fd1d7d56c65","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":54,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"dfe3269a-0042-4ead-8776-e111456645fa","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":54,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"88293fd9-98ed-4bd0-8f76-d4df445d8917","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":54,"box":{"x":69,"y":808,"width":779,"height":11}},{"id":"89d59625-e6e6-47ee-9ac9-75d25e049d28","block_type":"box","text":"specified quantity of the underlying stocks within a specified period of time at a specified price or, in the case of a","page_number":54,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"ce9a1600-5140-434d-9e2a-7b417fe0d7d1","block_type":"box","text":"stock index option, the right to receive a cash payment based on the value of the underlying stock index.","page_number":54,"box":{"x":69,"y":838,"width":744,"height":12}},{"id":"3f112272-d270-4a6d-ad26-00d7bb437667","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":54,"box":{"x":101,"y":861,"width":804,"height":11}},{"id":"124c4086-832f-4856-93bc-216636d0ee68","block_type":"box","text":"conver tible security, which is a single security that has a unitary market value, a Manufactured Conver tible is","page_number":54,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"170de008-e7f4-4c0f-ac8a-10499fddd290","block_type":"box","text":"II-6","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"994dcc1a-e53f-4ba3-9fd8-3361d0502e8c","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c7506c6-3f25-4692-a626-63e3c7da998a","block_type":"box","text":"comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of","page_number":55,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"52080e09-820d-47ec-8ed6-75b364907d68","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":55,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"43268bf5-7b87-437a-ab85-6f0508cfb6cd","block_type":"box","text":"component.","page_number":55,"box":{"x":69,"y":76,"width":82,"height":10}},{"id":"dc981bc5-6810-41f4-9807-9e7f35ac9644","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":55,"box":{"x":102,"y":98,"width":773,"height":11}},{"id":"5140e9fe-c7fb-483f-b018-e158fe3ccf68","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":55,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"b080b6ce-71e8-4437-9ddc-1397fb1d03c2","block_type":"box","text":"fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument","page_number":55,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"43f7e375-3415-4433-9812-45e60a9347a7","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":55,"box":{"x":68,"y":143,"width":800,"height":11}},{"id":"03f93851-1a0a-4485-9a13-06754c139b8a","block_type":"box","text":"fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the","page_number":55,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"2851f577-16fc-4ed0-8284-ef04b69c5f71","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":55,"box":{"x":70,"y":173,"width":772,"height":11}},{"id":"26c3b981-5d85-471b-b810-cf229b81e3de","block_type":"box","text":"investments. For example, the Manager may combine an equity feature with respect to an issuer’s stock with a fixed","page_number":55,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"a4d9e0b9-8979-4553-bb6f-234c3f79beaa","block_type":"box","text":"income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":55,"box":{"x":70,"y":203,"width":790,"height":12}},{"id":"435bd454-50ad-48e4-8c2c-acc2d6b36262","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":55,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"d45c9e61-7f5c-4107-a87f-af6e47e2fb86","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":55,"box":{"x":69,"y":234,"width":764,"height":11}},{"id":"2988cb92-bf78-4836-bdae-a44a3a44f25e","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":55,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"65f9c872-42a8-4cbf-94c1-70298555e8d6","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":55,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"dcfe473e-70df-4d7e-af5b-da371f9150d4","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":55,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"145bc518-e597-484f-97fb-55efded2819b","block_type":"box","text":"favorable market conditions.","page_number":55,"box":{"x":68,"y":294,"width":202,"height":9}},{"id":"a520d318-4224-4d20-b238-9b4358ca0e99","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":55,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"79d37113-db4f-4a16-bee8-88a25a1a5eed","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":55,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"d020a023-d2b2-46c3-833d-e21c6407b891","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":55,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"0202222f-e5ca-4115-858b-b165b733780e","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":55,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"79f2ed72-03fc-48bc-94bd-632160cce658","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":55,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"30888e1a-b2e9-4ff9-ab9f-941e26630130","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":55,"box":{"x":68,"y":392,"width":523,"height":12}},{"id":"0fbdf149-1d1e-481b-b77d-90d064182897","block_type":"box","text":"Corporate Loans.","page_number":55,"box":{"x":102,"y":415,"width":123,"height":11}},{"id":"bd9e4a63-7052-4cba-8512-e1667b2198b1","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":55,"box":{"x":231,"y":415,"width":647,"height":11}},{"id":"2109f925-b07d-41ed-a730-13d38c56c363","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":55,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"324c38f1-5fba-4d4a-8ed0-c4f0ff0ca857","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":55,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"c8dd4438-770c-48f9-9792-fe643b2eb9c3","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":55,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"4cb814f8-4747-4467-9e3f-fa07f99627eb","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":55,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"3794805a-2ccf-4248-b160-be1da081cfa2","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":55,"box":{"x":68,"y":491,"width":801,"height":11}},{"id":"d2a23f30-2da6-4616-81b8-b319da15d88e","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":55,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"58230bd9-922c-4a0a-a5b7-398c86822272","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and","page_number":55,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"d07bc848-6aaa-4f3b-9104-f868026bef25","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":55,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"96b2f223-e91f-4bbe-ad6a-5af1626e7bf5","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":55,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"a73855c2-a450-45f8-abf8-1c248e85967a","block_type":"box","text":"enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set","page_number":55,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"a139f0af-7256-4a4f-b20a-ec362da527d2","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":55,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"82937afe-d55b-4911-8f3d-c5b6603049fb","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":55,"box":{"x":70,"y":596,"width":809,"height":11}},{"id":"7fcda6be-6ba9-440d-af20-bd76161fddca","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":55,"box":{"x":68,"y":612,"width":838,"height":11}},{"id":"a571c5b2-18ac-4233-b4ae-3583aee9be53","block_type":"box","text":"treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":55,"box":{"x":68,"y":627,"width":772,"height":11}},{"id":"99ca61a2-379d-4ddc-bb5d-10b8c014a044","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":55,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"fa36e180-ca85-4141-816c-99bf12ed9089","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":55,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"79039e72-05b0-46d5-bae7-9a57efcd0deb","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":55,"box":{"x":70,"y":672,"width":834,"height":11}},{"id":"c5679b76-84e6-4e98-bd0a-187d188a6d3e","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":55,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"a629ecd5-cd7f-41e8-8bc2-96d4c7c3a845","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":55,"box":{"x":68,"y":702,"width":764,"height":12}},{"id":"e025bc50-d613-45cc-b2c9-f14c19f897ba","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":55,"box":{"x":70,"y":717,"width":805,"height":12}},{"id":"89ad1eaa-7b69-421f-929e-fb3153f94628","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":55,"box":{"x":69,"y":733,"width":324,"height":9}},{"id":"5ec53706-7428-4d9a-8aac-2248d331b76a","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":55,"box":{"x":101,"y":755,"width":782,"height":11}},{"id":"29617ba8-d212-4c31-beed-5b718e00d9d8","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":55,"box":{"x":70,"y":770,"width":803,"height":11}},{"id":"3ef077af-8ec0-4d84-8f2c-9b6b13ad6e16","block_type":"box","text":"could be sold only to a limited number of institutional investors. The lack of a sufficiently liquid secondary market","page_number":55,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"f9f578f8-0876-40ab-8809-a31927c2b0c1","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":55,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"8a15078a-595b-4b86-9bf5-449424134dee","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":55,"box":{"x":68,"y":816,"width":841,"height":11}},{"id":"208bb52e-ce25-4857-bfd6-aca8865962d6","block_type":"box","text":"of the borrower.","page_number":55,"box":{"x":69,"y":831,"width":111,"height":9}},{"id":"35dd7632-9777-4907-b2ee-a093db0d02eb","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":55,"box":{"x":102,"y":853,"width":750,"height":12}},{"id":"892c8422-2070-45f6-9f0e-2944fd68a6a4","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":55,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"ef179d15-9225-40fe-b505-8db2d643da60","block_type":"box","text":"If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.","page_number":55,"box":{"x":70,"y":884,"width":770,"height":11}},{"id":"75596787-ab9f-4c94-bacf-00169ced0db7","block_type":"box","text":"II-7","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"091e0d8c-87ab-42de-abcf-e4013e87b4ca","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9f47da8-75b0-4769-b5ba-5db506cfd4b6","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income. Although","page_number":56,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"36e1621c-4451-4d51-990d-09e407c5a30f","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":56,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"7c761dc4-adeb-4a5d-bec3-d7b79b1b4e35","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":56,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"65686a86-5a25-49ed-8fdf-32c6ea53d140","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a","page_number":56,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"b63991a6-4137-48e3-9bf3-ff37692fbe23","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":56,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"939ee128-e12e-4693-825c-fb3672bfa157","block_type":"box","text":"a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its","page_number":56,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"f484e701-2892-4b9b-abb7-23c9ff390f28","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":56,"box":{"x":70,"y":136,"width":406,"height":11}},{"id":"2f1aa02d-e9fa-4ad4-9b5e-b73bcdedec9d","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of","page_number":56,"box":{"x":101,"y":158,"width":752,"height":11}},{"id":"347ef596-4d5e-4e95-8e84-61cdb18e7e1f","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":56,"box":{"x":69,"y":173,"width":773,"height":11}},{"id":"e99bfda2-910c-426c-b22d-12e690b800b7","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":56,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"568913f4-7070-40ec-8b92-cf94155951aa","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":56,"box":{"x":69,"y":203,"width":610,"height":12}},{"id":"2855f68d-b1cc-460d-8c38-a8ac763e3e54","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":56,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"d79e1294-2fe9-4417-b923-4853bb90df1e","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":56,"box":{"x":68,"y":241,"width":784,"height":11}},{"id":"55f87ad9-67c5-4577-a7a2-86d61dfa707f","block_type":"box","text":"interests in Loans, such as the Funds, may not have the protection of the anti-fraud provisions of the federal","page_number":56,"box":{"x":70,"y":256,"width":772,"height":11}},{"id":"2156698e-69a1-43df-9e55-039956267fee","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":56,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"4e9ceb40-1ebf-4baf-b942-111338bdcd2a","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":56,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"d9364f1b-159c-4c78-a843-a54b16f7d10b","block_type":"box","text":"state law.","page_number":56,"box":{"x":69,"y":302,"width":67,"height":9}},{"id":"1efee14a-77f8-4a92-b8fb-c675f9ebee71","block_type":"box","text":"Direct Lending.","page_number":56,"box":{"x":102,"y":325,"width":105,"height":11}},{"id":"1da8993b-e065-42d8-b391-b83ed433cd8e","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":56,"box":{"x":213,"y":324,"width":660,"height":12}},{"id":"832a4098-527e-4b0d-9ed8-40b4b5d811c2","block_type":"box","text":"between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide","page_number":56,"box":{"x":69,"y":340,"width":817,"height":11}},{"id":"030ebc71-a0bc-424e-8fac-a44450dfd3ab","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":56,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"ae2075d4-bdd5-4d8a-858d-9e6df43666e1","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":56,"box":{"x":69,"y":370,"width":764,"height":11}},{"id":"d99bd8da-0597-4293-bc39-4af348ba20ca","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":56,"box":{"x":70,"y":385,"width":405,"height":11}},{"id":"5f8b1a56-8e2f-4d06-9441-9467207994b3","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":56,"box":{"x":102,"y":407,"width":750,"height":12}},{"id":"3f8a0568-834e-4bf7-a41c-62d7e8f93953","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":56,"box":{"x":69,"y":423,"width":813,"height":11}},{"id":"56bd11eb-fc64-4c07-ba43-46e04d1ad762","block_type":"box","text":"loans are substantially similar to those associated with investing in corporate loans. In making a direct loan, the Fund","page_number":56,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"afd7121e-3c5b-4fb4-b8a2-1a56114a6ac0","block_type":"box","text":"is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose","page_number":56,"box":{"x":70,"y":453,"width":818,"height":11}},{"id":"3495bd66-3c6f-4050-9193-004c71561572","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":56,"box":{"x":69,"y":468,"width":798,"height":11}},{"id":"34235ebf-8031-4ddb-a821-145bf4ba84d2","block_type":"box","text":"direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The","page_number":56,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"481db4c2-5a69-44bd-bc1a-2ee68302eb35","block_type":"box","text":"lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a","page_number":56,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"8c5a8f6b-dde8-4866-82bd-25bb2eb747c2","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":56,"box":{"x":69,"y":514,"width":301,"height":10}},{"id":"e92ebe1f-976f-4598-bada-d3916f7a6bab","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":56,"box":{"x":101,"y":536,"width":762,"height":11}},{"id":"096ab432-9095-4089-91ae-35ca4ac79616","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":56,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"6eb9b33e-9818-430c-9be6-e13b7ddc3371","block_type":"box","text":"Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on","page_number":56,"box":{"x":70,"y":566,"width":836,"height":11}},{"id":"7072166f-1f8a-47a0-95db-30e9767a04a7","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":56,"box":{"x":69,"y":581,"width":362,"height":11}},{"id":"a7aca7f2-2f13-405e-ba4f-08b2476fe8d7","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":56,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"4d8d2e3d-1502-4ef1-a3c1-ac4110154fa4","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":56,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"31a81130-4686-46b2-8499-184936cc468e","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":56,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"c39bdb73-a4e4-4548-bca7-ffec44ec0a95","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":56,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"e06984fe-ef0e-42af-ab9c-83095b15fdef","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":56,"box":{"x":68,"y":664,"width":709,"height":12}},{"id":"51922f55-0020-4f8d-b592-7acf0713e5f9","block_type":"box","text":"Credit Linked Securities.","page_number":56,"box":{"x":102,"y":687,"width":179,"height":9}},{"id":"6a9001ce-c6eb-47b4-a71a-e55d64567e70","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":56,"box":{"x":287,"y":687,"width":596,"height":11}},{"id":"a0059db6-9ae9-4687-bacd-27bc0d9b3a97","block_type":"box","text":"securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument","page_number":56,"box":{"x":69,"y":703,"width":837,"height":10}},{"id":"e780138a-b002-4983-a4a2-f1c88b6fdd2a","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":56,"box":{"x":69,"y":717,"width":823,"height":11}},{"id":"aa177ab1-4ee2-4a09-98df-c7a845750b95","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":56,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"1e4a6a19-fc7b-479e-9cd4-2529f631c83a","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":56,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"b13e2fa5-5ade-4e0d-a140-e0ea169fee82","block_type":"box","text":"traditional income producing securities are not available.","page_number":56,"box":{"x":68,"y":763,"width":404,"height":11}},{"id":"b71024df-32e7-4eda-bd8a-15e96bd7e82c","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":56,"box":{"x":102,"y":786,"width":804,"height":11}},{"id":"b84426ab-36fd-44f1-abab-9dd43b52681b","block_type":"box","text":"income payments (in the form of distributions) and payment of principal at the end of the term of the security.","page_number":56,"box":{"x":70,"y":801,"width":780,"height":11}},{"id":"780eb80c-b2a4-4eed-a481-dc7d853085e3","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":56,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"ba88888e-d5be-4335-b263-c717dba2790c","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":56,"box":{"x":69,"y":839,"width":821,"height":11}},{"id":"fef104af-087f-4ad8-8c76-55ca17ccf912","block_type":"box","text":"instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of","page_number":56,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"4d19a63b-79f8-44ad-aa76-1bbed0cc9840","block_type":"box","text":"payments over the term of the swap agreements provided that no event of default has occurred with respect to the","page_number":56,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"3790f29b-40e7-4189-a21c-fbd290d0ab16","block_type":"box","text":"referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and","page_number":56,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"410b6ae5-5af7-4816-9c73-7dde8256dbf8","block_type":"box","text":"the issuer would be obligated to pay the counterpar ty the par (or other agreed upon value) of the referenced debt","page_number":56,"box":{"x":68,"y":899,"width":807,"height":11}},{"id":"acc87aa0-652a-4a27-8d86-79c56b4b0dd2","block_type":"box","text":"II-8","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b05c69d8-d14e-484f-99cc-94fa3ebcaa5f","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df3b6782-9928-42ec-ade9-4b4e137f1a5c","block_type":"box","text":"obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive. A Fund’s","page_number":57,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"c6572d65-6333-4cac-a791-900a9a85deb3","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":57,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"7643d6f1-eaf9-4d00-9331-552bf20a7793","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":57,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"6d1d840d-7772-40f9-acf3-56b95861f73d","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":57,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"98f31fd8-30a1-42e5-9551-4e9e51bfab81","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":57,"box":{"x":68,"y":105,"width":752,"height":11}},{"id":"9f659f68-1a9a-497c-a3d3-af3b08c96bad","block_type":"box","text":"investments.","page_number":57,"box":{"x":70,"y":120,"width":89,"height":9}},{"id":"94de54d5-4e43-4f46-9acc-f22e96664dd0","block_type":"box","text":"Cyber Security Issues.","page_number":57,"box":{"x":102,"y":143,"width":162,"height":11}},{"id":"b2c83b20-e5bd-454c-b039-053be28de75d","block_type":"box","text":"With the increased use of technologies such as the Internet to conduct business, each","page_number":57,"box":{"x":269,"y":143,"width":620,"height":11}},{"id":"466e6a95-eb29-4c9f-bf53-fc267f0be752","block_type":"box","text":"Fund, Authorized Par ticipants, service providers and the relevant listing exchange are susceptible to operational,","page_number":57,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"c6db718a-a6e0-463e-bce1-37db07395b2a","block_type":"box","text":"information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional","page_number":57,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"9012524d-2127-4753-addd-781adef88101","block_type":"box","text":"events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (","page_number":57,"box":{"x":69,"y":188,"width":721,"height":12}},{"id":"180288c8-8a34-4d96-9168-1aacc6be3737","block_type":"box","text":"e.g.","page_number":57,"box":{"x":792,"y":190,"width":25,"height":10}},{"id":"5bc648a4-61fe-4b71-adb2-7fc0e8f518e5","block_type":"box","text":", through","page_number":57,"box":{"x":819,"y":188,"width":62,"height":12}},{"id":"1c0d4a2f-a7a0-4be5-91b6-1a883f951f76","block_type":"box","text":"“hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting","page_number":57,"box":{"x":70,"y":203,"width":827,"height":12}},{"id":"10b6e9d6-8746-40a3-a30a-c2053f7f8013","block_type":"box","text":"data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require","page_number":57,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"931208bc-c932-412a-8e95-ea4328c39a26","block_type":"box","text":"gaining unauthorized access, such as causing denial-of-service attacks on websites (","page_number":57,"box":{"x":68,"y":234,"width":605,"height":11}},{"id":"ecf4250f-d265-4cb4-aa98-44c71d0dce58","block_type":"box","text":"i.e.","page_number":57,"box":{"x":676,"y":234,"width":20,"height":9}},{"id":"a695353a-dfdd-457b-8c2e-2f5f9b89aaed","block_type":"box","text":", effor ts to make network","page_number":57,"box":{"x":698,"y":234,"width":181,"height":10}},{"id":"15e22482-4ebb-460c-8c6a-abeee1690904","block_type":"box","text":"services unavailable to intended users). Cyber security failures or breaches by a Fund’s adviser, sub-adviser(s) and","page_number":57,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"5ac8bc85-5ad1-4f37-b768-f6911a78a3e7","block_type":"box","text":"other service providers (including, but not limited to, index providers, Fund accountants, custodians, transfer agents","page_number":57,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"47e2d374-7305-4856-b248-0429da03ef0c","block_type":"box","text":"and administrators), market makers, Authorized Par ticipants or the issuers of securities in which the Funds invest,","page_number":57,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"b94bfb91-c776-4388-b27e-230ed6f3f4ca","block_type":"box","text":"have the ability to cause disruptions and impact business operations, potentially resulting in financial losses,","page_number":57,"box":{"x":69,"y":294,"width":779,"height":11}},{"id":"474218ce-b376-4767-b802-3f82094034ba","block_type":"box","text":"inter ference with a Fund’s ability to calculate its NAV, disclosure of confidential trading information, impediments to","page_number":57,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"7a7a1187-8d92-458d-851f-06559af8a2c6","block_type":"box","text":"trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of Fund","page_number":57,"box":{"x":68,"y":324,"width":749,"height":12}},{"id":"a05d9c7b-1a79-42be-9327-0c6b3abd7114","block_type":"box","text":"shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,","page_number":57,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"5e1c3c16-1bc4-478a-b2f5-23bf52b5a72d","block_type":"box","text":"reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,","page_number":57,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"d65f8e61-ef1d-403f-b107-f6a6001f7992","block_type":"box","text":"substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds have","page_number":57,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"91a0f379-fe7f-4b89-b955-fb1a2d7b9fd1","block_type":"box","text":"established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks,","page_number":57,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"efb80b2f-0e22-414f-b1c4-37cf36d2e121","block_type":"box","text":"there are inherent limitations in such plans and systems including the possibility that cer tain risks have not been","page_number":57,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"7277a022-7c2f-46a9-9c2b-87eae6be9c35","block_type":"box","text":"identified. Fur thermore, the Funds cannot control the cyber security plans and systems put in place by service","page_number":57,"box":{"x":70,"y":415,"width":784,"height":11}},{"id":"69e82bb5-6ff2-4ba7-a1b8-e754aa4cb6f6","block_type":"box","text":"providers to the Funds and issuers in which the Funds invest, market makers or Authorized Par ticipants. The Funds","page_number":57,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"c849541a-377f-4729-8737-1f13690413d7","block_type":"box","text":"and their shareholders could be negatively impacted as a result.","page_number":57,"box":{"x":69,"y":446,"width":457,"height":11}},{"id":"af818868-27db-4aed-a0f7-b6e12e50b34f","block_type":"box","text":"Debt Securities.","page_number":57,"box":{"x":102,"y":468,"width":116,"height":9}},{"id":"6184722f-91a0-4a46-8f55-c0a89f0dc8b4","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":57,"box":{"x":225,"y":468,"width":677,"height":10}},{"id":"806d12b4-959e-4423-876f-3675b6c9a3c6","block_type":"box","text":"timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on","page_number":57,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"8810ba2a-53d4-4c11-82bf-058cca146ad0","block_type":"box","text":"the terms of the debt securities. Changes in an issuer’s credit rating or the market’s perception of an issuer’s","page_number":57,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"0a87d3c7-145e-40ee-a00b-bacbaeab5119","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":57,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"8fd4d907-9f16-4f42-9e47-a6d97cff97b9","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":57,"box":{"x":69,"y":529,"width":466,"height":8}},{"id":"912f693a-93b6-466e-9a6d-b458e62c2b07","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may","page_number":57,"box":{"x":101,"y":551,"width":784,"height":11}},{"id":"7957b8f2-7e7c-4cd8-8813-8fdb8587ec33","block_type":"box","text":"fall when interest rates rise. If interest rates move sharply in a manner not anticipated by Fund management, a","page_number":57,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"bf41d91b-1742-459a-b118-0bb8636ac820","block_type":"box","text":"Fund’s investments in debt securities could be adversely affected and the Fund could lose money. In general, the","page_number":57,"box":{"x":70,"y":581,"width":806,"height":12}},{"id":"17177d64-87f0-498a-9859-8ba8a7db3305","block_type":"box","text":"market price of debt securities with longer maturities will go up or down more in response to changes in interest","page_number":57,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"8fcdf274-98b8-433e-94c3-4b5ed4f8bc88","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":57,"box":{"x":69,"y":612,"width":448,"height":11}},{"id":"e08b2379-b9ad-4179-b0c5-a2584b2de32e","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":57,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"dd287792-ac5b-4990-a4f3-b96aec561c12","block_type":"box","text":"slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of","page_number":57,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"f2c3490f-925d-462e-a752-307d6b0b6b00","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":57,"box":{"x":68,"y":664,"width":801,"height":12}},{"id":"cbc750c1-db0f-4a08-953d-1324397a450f","block_type":"box","text":"interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and","page_number":57,"box":{"x":70,"y":680,"width":806,"height":11}},{"id":"2d9e2b7e-132a-4be5-bd29-04eed901d997","block_type":"box","text":"lose value. This is known as extension risk.","page_number":57,"box":{"x":70,"y":695,"width":307,"height":9}},{"id":"a534f285-bbf3-44ef-8422-3e783e105f2c","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in prevailing","page_number":57,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"c45902be-5efa-4108-9c9c-a18d40dbab9c","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":57,"box":{"x":70,"y":733,"width":798,"height":11}},{"id":"60370c8a-91f8-4236-b3c8-e86f1d75cd7b","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":57,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"8eeb51d5-f040-451b-a80e-04596753f7df","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":57,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"a9dc87f3-451d-40ea-ae1e-9291fea4506b","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":57,"box":{"x":69,"y":778,"width":259,"height":11}},{"id":"0d57c3b5-7f60-4ecb-94d6-835ac2cd6dcf","block_type":"box","text":"Floating and Variable Rate Securities","page_number":57,"box":{"x":102,"y":801,"width":260,"height":11}},{"id":"920739ad-51cc-4b60-9afa-dce1ed151a64","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":57,"box":{"x":364,"y":801,"width":526,"height":11}},{"id":"9a603384-3534-4838-959d-09706a1e84c3","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":57,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"bd54b129-31fa-411b-bff5-2874ea4d1d38","block_type":"box","text":"with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest","page_number":57,"box":{"x":68,"y":831,"width":834,"height":11}},{"id":"4fff8f5c-644c-4f18-adf0-d345316ece41","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":57,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"1f15353d-c8db-4544-89e6-c582e4bca2c4","block_type":"box","text":"impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of","page_number":57,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"0c4c8d87-fe4e-4b7e-9f1a-bc278e5ebc92","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":57,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"8f4222c9-1f6b-45f4-89ea-90390d865c69","block_type":"box","text":"market interest rates.","page_number":57,"box":{"x":69,"y":891,"width":153,"height":9}},{"id":"6e12f725-8502-4f54-b859-118d89db9b15","block_type":"box","text":"II-9","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"a61191b1-aef8-4d68-9cd5-b3e6393a820c","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce7bffde-8a0f-43e3-bffe-594527304e1a","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":58,"box":{"x":102,"y":45,"width":169,"height":9}},{"id":"526519cc-bfa8-4df2-8e9d-fa118662b397","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":58,"box":{"x":278,"y":45,"width":632,"height":11}},{"id":"4e3c14be-eba3-4ef1-b835-66affe913c7d","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":58,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"87127963-b1c9-487b-a17f-b16baf627e2f","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":58,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"c64ee5ff-f306-46dc-8397-f71c591a9171","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":58,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"9b9df26e-ad6f-4158-8e22-a0e4098e15a8","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":58,"box":{"x":102,"y":113,"width":792,"height":11}},{"id":"3f8823c8-dc1b-484d-80ed-24d020297ed1","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":58,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"07114ee1-24df-4054-bcc1-5b5f995bdea8","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":58,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"00b09c6e-9325-4b40-a0ca-593773854368","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":58,"box":{"x":70,"y":157,"width":814,"height":12}},{"id":"10d50df7-1077-4419-a8b7-5e154a273f00","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":58,"box":{"x":69,"y":172,"width":816,"height":12}},{"id":"2ad0f5d2-6cd5-43ef-b1b9-7010fcbacbc0","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":58,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"ae47c6a9-66ef-48ac-9f4d-30394ab898fd","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":58,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"5d3bbad6-ac27-4edf-9b3f-4a6d9118163d","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":58,"box":{"x":69,"y":218,"width":610,"height":12}},{"id":"11e694f3-ed4d-42b3-9f81-652af33cdb4a","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":58,"box":{"x":102,"y":241,"width":767,"height":11}},{"id":"dfd65c11-6bcd-41db-bfff-42eb98f01807","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":58,"box":{"x":69,"y":257,"width":833,"height":10}},{"id":"96106b32-8da7-472e-8016-d885c310d8a7","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":58,"box":{"x":70,"y":271,"width":834,"height":12}},{"id":"7f7bf892-efa7-4619-a968-a2c03b7bec1a","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":58,"box":{"x":68,"y":286,"width":795,"height":12}},{"id":"ce634d4c-0302-4762-9623-a5d35a19ff9b","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":58,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"4536f4e0-e644-4e6a-9373-f6b5146dfecb","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":58,"box":{"x":70,"y":317,"width":823,"height":11}},{"id":"b1c9dc54-6b99-4084-86bd-9f3eba50fd8d","block_type":"box","text":"the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the","page_number":58,"box":{"x":68,"y":332,"width":821,"height":11}},{"id":"10abaddd-db23-453a-b520-5006200a8a80","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":58,"box":{"x":70,"y":347,"width":792,"height":11}},{"id":"95ba44c3-cb1c-48be-90c8-235d0138b3d6","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":58,"box":{"x":70,"y":362,"width":570,"height":11}},{"id":"d4bb5e1c-ff09-4e65-8c8d-b8787de8cf00","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real","page_number":58,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"10510bf7-da3f-42b2-beb1-f0e3a43e7c28","block_type":"box","text":"interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore,","page_number":58,"box":{"x":70,"y":400,"width":831,"height":11}},{"id":"b0257d02-3826-4aea-ab23-1b6352cc8542","block_type":"box","text":"if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":58,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"c29efdec-034b-4ee2-a0b3-12102f5255b5","block_type":"box","text":"increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than","page_number":58,"box":{"x":70,"y":430,"width":796,"height":11}},{"id":"fc512dc1-e653-41b9-89b7-aa2bc7e25c74","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no","page_number":58,"box":{"x":70,"y":445,"width":805,"height":12}},{"id":"074f37c1-7db2-42ec-870a-8b08f8e4b69c","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":58,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"2a7035dd-13bf-4489-8dd7-a25b419b0683","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":58,"box":{"x":101,"y":483,"width":788,"height":11}},{"id":"aeb4c539-9477-45c3-aec9-bb750b271866","block_type":"box","text":"inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to","page_number":58,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"4900768f-0500-4649-9d50-96612519e960","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":58,"box":{"x":69,"y":514,"width":784,"height":11}},{"id":"9ed45d20-a002-4c4d-8585-a8c829cc4c84","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":58,"box":{"x":70,"y":528,"width":403,"height":9}},{"id":"8b0d48b2-2dbd-4d80-b1a9-6c22e2a1a816","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":58,"box":{"x":102,"y":551,"width":746,"height":11}},{"id":"7153d731-5d7b-4aae-830b-811f4a05032e","block_type":"box","text":"Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor","page_number":58,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"734a51e9-a93e-4582-9615-39f78a27e84d","block_type":"box","text":"Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing,","page_number":58,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"55c77378-9cdb-4cd7-9fe6-5d4c38291b79","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":58,"box":{"x":68,"y":596,"width":809,"height":12}},{"id":"5e4e2013-7766-4ede-a415-b13215181baa","block_type":"box","text":"reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any","page_number":58,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"761fcfff-ecb5-480c-b2bc-924aa4d1083b","block_type":"box","text":"foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover,","page_number":58,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"a7126808-dfa2-4dda-b8ad-dbc888e13090","block_type":"box","text":"there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":58,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"1883b4b9-4d3e-44ef-b841-a5cf4cbd6173","block_type":"box","text":"United States.","page_number":58,"box":{"x":70,"y":657,"width":99,"height":9}},{"id":"57713f03-f20a-4e5f-b6de-bd9265ea7fe7","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":58,"box":{"x":101,"y":680,"width":774,"height":11}},{"id":"f4fbe695-f4c8-455a-9cfb-ac79f8ea4001","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":58,"box":{"x":69,"y":695,"width":464,"height":11}},{"id":"faaaa95f-e3b0-4e57-85e2-f9890d955437","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":58,"box":{"x":102,"y":718,"width":252,"height":11}},{"id":"2e70817e-bffc-480c-b774-491e98fff86a","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":58,"box":{"x":360,"y":718,"width":493,"height":11}},{"id":"21bb7273-eeaa-4e4f-a47b-2d4259a166b9","block_type":"box","text":"securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent quality by a Fund’s","page_number":58,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"84ab3320-e263-47e3-85ef-11cf21696edd","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":58,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"5d5038ac-1835-4fae-b4f3-4a61c08bfdf8","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":58,"box":{"x":69,"y":763,"width":420,"height":11}},{"id":"544d6e09-2473-4425-8d83-41e0493aa88d","block_type":"box","text":"i.e.","page_number":58,"box":{"x":492,"y":763,"width":20,"height":9}},{"id":"f6bb0ed9-7f2b-42e3-a620-57dd90424fcf","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":58,"box":{"x":514,"y":763,"width":377,"height":11}},{"id":"5bc06f6c-c470-45e2-a5a4-232309193324","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":58,"box":{"x":68,"y":778,"width":829,"height":11}},{"id":"1829ef84-4e00-4570-9a38-84145dbdf2ea","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":58,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"c604a952-7aa0-471b-acfa-15162be81cb1","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":58,"box":{"x":69,"y":808,"width":763,"height":11}},{"id":"a79d025a-94db-461d-8919-e65510234964","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":58,"box":{"x":70,"y":823,"width":731,"height":12}},{"id":"0349b8a1-cf69-4ae6-a68d-e76fe3f0fb66","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":58,"box":{"x":102,"y":846,"width":536,"height":11}},{"id":"4932c25e-1775-4f80-96bc-6eb20d5e1b6c","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":58,"box":{"x":102,"y":869,"width":278,"height":11}},{"id":"64cb8a43-feab-4fcf-bbca-19a2ce258de6","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":58,"box":{"x":102,"y":891,"width":767,"height":12}},{"id":"0c10f755-e922-484f-9eea-b4bcaca94642","block_type":"box","text":"“junk bonds” are debt securities that are rated below investment grade by the major rating agencies or are securities","page_number":58,"box":{"x":70,"y":907,"width":834,"height":11}},{"id":"427efd43-3296-4811-99a6-e9d608960f36","block_type":"box","text":"II-10","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8ec44ec1-7aeb-44e7-9932-526e6991c24b","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f93c1817-b838-4acb-b403-899732f976c1","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":59,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"3bb00481-17b2-47c5-a606-19947c0938a7","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":59,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"c6e73cba-5cc1-427c-a225-0ee1c25e30a2","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":59,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"f3aec8bd-4b4e-4e1c-87cd-94d91808edcd","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":59,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"a63c0090-f3ad-4e32-bc8c-2f1df1e8bbc2","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":59,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"2b9fa340-1f02-4367-a84e-5809a13469d4","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":59,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"89f37f9b-8ce4-4b90-a22c-d5f6efe1b2f6","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":59,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"d4007c15-7125-4ad3-8aa2-b8a8b6638143","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":59,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"2035de27-d480-494c-b3d0-7d62afe8ec07","block_type":"box","text":"risk than higher rated securities.","page_number":59,"box":{"x":69,"y":166,"width":230,"height":11}},{"id":"afef7370-a627-491e-8864-c19c9acf0648","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":59,"box":{"x":101,"y":188,"width":447,"height":12}},{"id":"b830ff94-e9b5-4f47-aefc-e58c0f45e53f","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"c092cf4a-3e7c-4581-a4f4-982f124ca8d1","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":59,"box":{"x":101,"y":209,"width":796,"height":11}},{"id":"35be6f05-cdf0-488c-bc4c-43e84106152b","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":59,"box":{"x":102,"y":223,"width":792,"height":12}},{"id":"b7fe21b5-9924-46ae-863b-c70595edaeea","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":59,"box":{"x":102,"y":239,"width":799,"height":11}},{"id":"9a747394-26e3-4ae2-8891-24b94a33586b","block_type":"box","text":"unavailability of additional financing.","page_number":59,"box":{"x":102,"y":254,"width":256,"height":11}},{"id":"25c4fbde-6404-45d6-be39-703b4a18db05","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":277,"width":6,"height":4}},{"id":"a0ea54b0-4b7a-437e-8d1f-d6473c41ce5b","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":59,"box":{"x":101,"y":274,"width":797,"height":11}},{"id":"36ebc4c1-b7d0-479a-83ae-bcfffa185fc9","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":59,"box":{"x":102,"y":289,"width":804,"height":11}},{"id":"02f3bbcc-0d25-4df7-ab7f-25d7830fd501","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":59,"box":{"x":101,"y":304,"width":769,"height":11}},{"id":"5768dafa-76cf-41e7-8ab7-3e7f2d7ab675","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":59,"box":{"x":102,"y":319,"width":746,"height":12}},{"id":"b4ce2bc7-5f85-4baf-acf9-854f2284c468","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":59,"box":{"x":101,"y":335,"width":432,"height":11}},{"id":"189217c8-fcce-4d29-a2d7-440c3aa2ab2a","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"30a0dd09-341b-4a8f-82c9-4e60fabf78aa","block_type":"box","text":"Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the","page_number":59,"box":{"x":101,"y":355,"width":808,"height":11}},{"id":"89ea5278-4017-49cf-9072-47dcb9f41486","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":59,"box":{"x":102,"y":370,"width":789,"height":11}},{"id":"6aed85f6-8540-45a1-8d40-cf5c163dc5bf","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":59,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"1279b9be-3956-4975-833d-8f53ccbb68c6","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":59,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"6b6f6983-ddaa-40df-bbbf-5532cd5311d3","block_type":"box","text":"investors in higher rated securities.","page_number":59,"box":{"x":102,"y":415,"width":249,"height":11}},{"id":"479c3145-ce10-42cf-b498-ba3ca8e5418d","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":438,"width":6,"height":5}},{"id":"8e83bcb7-bd2a-49da-9d00-699264b28afc","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":59,"box":{"x":101,"y":435,"width":780,"height":11}},{"id":"ae1e202d-7dc0-4399-8fe4-f62ed80fa3dd","block_type":"box","text":"before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with","page_number":59,"box":{"x":102,"y":450,"width":784,"height":11}},{"id":"fb2953eb-00f2-4c63-b377-dc6f5f67c037","block_type":"box","text":"lower yields and may lose income.","page_number":59,"box":{"x":102,"y":466,"width":242,"height":11}},{"id":"3ad87c73-824c-45d7-bd2e-07a40b956974","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":489,"width":6,"height":4}},{"id":"e5baa7d7-a41c-406b-b7b1-7b2ae79cfa14","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":59,"box":{"x":102,"y":486,"width":772,"height":11}},{"id":"52d804a8-cc54-4281-98c9-c9b73e5c7151","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":59,"box":{"x":101,"y":501,"width":729,"height":11}},{"id":"8499d62b-97dd-426d-8c7c-fbe9d79f97d7","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":524,"width":6,"height":4}},{"id":"20bed9cb-3c20-4e4d-aeb7-1526ea96dd0e","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":59,"box":{"x":101,"y":521,"width":802,"height":11}},{"id":"339a3979-6dc7-4622-a0ab-e4e35a87a0e7","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":59,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"621ae399-728a-4fac-9693-dd0d197614b5","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the junk","page_number":59,"box":{"x":102,"y":551,"width":805,"height":11}},{"id":"bf760e91-5204-40e5-8bb3-2ea56a330291","block_type":"box","text":"bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers, and","page_number":59,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"b750635f-5325-4545-ac7b-f1d5acec147e","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Because junk bonds are less","page_number":59,"box":{"x":102,"y":581,"width":767,"height":11}},{"id":"6f86a03f-f5e7-48d4-ad6f-e134e255de79","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":59,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"b6a134a4-4169-4aaf-90d8-c2c10ffef358","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":59,"box":{"x":101,"y":612,"width":436,"height":11}},{"id":"a9cb73ef-f3a4-4a50-80bf-6c763d40245b","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"76c13c4a-3d91-4f9a-8c23-6631ea7b2d4f","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":59,"box":{"x":101,"y":632,"width":763,"height":11}},{"id":"5db41eff-85eb-4463-b266-b9cab5ec2ed6","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":59,"box":{"x":102,"y":647,"width":798,"height":11}},{"id":"5777365b-3587-4701-8389-c493d75b3d89","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":59,"box":{"x":102,"y":662,"width":759,"height":11}},{"id":"24988668-91fa-4fb1-aae8-c7033762a6ce","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":59,"box":{"x":101,"y":677,"width":798,"height":11}},{"id":"5132a9d4-4fad-41bb-b1a1-13ba9608dfeb","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":59,"box":{"x":101,"y":692,"width":739,"height":11}},{"id":"4277c0f1-6bc0-4cd3-b96f-d1988080a8b5","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":59,"box":{"x":101,"y":707,"width":792,"height":12}},{"id":"d6fa0f6c-dd1e-419f-8948-62dc47eb7d1b","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":59,"box":{"x":101,"y":722,"width":797,"height":12}},{"id":"2ea2c4c3-bfa5-4cf2-96b9-94addbd0da41","block_type":"box","text":"due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely","page_number":59,"box":{"x":101,"y":738,"width":791,"height":11}},{"id":"23b16490-1dc1-4429-91be-cd48994336b9","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":59,"box":{"x":102,"y":753,"width":777,"height":11}},{"id":"93e08595-b231-4f18-8ee4-7c0b1f871c5a","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":59,"box":{"x":102,"y":768,"width":788,"height":11}},{"id":"69bbfa54-b7ca-48f0-8642-5bfa23b63b9c","block_type":"box","text":"on high yield securities are available only from a limited number of dealers, and such quotations may not be the","page_number":59,"box":{"x":102,"y":783,"width":797,"height":11}},{"id":"e716ea96-6065-4a48-9748-c5a8a0ecbb88","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":59,"box":{"x":102,"y":798,"width":769,"height":11}},{"id":"7f713f9f-02b6-44ca-abd6-0f2e82c7153d","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":59,"box":{"x":102,"y":813,"width":772,"height":11}},{"id":"cfc9f1d5-7782-430e-9b4a-c5a10d72a41e","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":59,"box":{"x":102,"y":828,"width":801,"height":12}},{"id":"897bc440-a8d6-47bd-af46-c59f40fae6eb","block_type":"box","text":"role in determining such valuations.","page_number":59,"box":{"x":102,"y":844,"width":252,"height":11}},{"id":"21d60c02-9fb5-4128-8f76-aa8843724ad1","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"2b1794bd-ccb3-4a9f-8b11-f69add149aca","block_type":"box","text":"A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with","page_number":59,"box":{"x":101,"y":863,"width":808,"height":12}},{"id":"b13fe92c-430d-4832-9eb1-1de6ec2db04c","block_type":"box","text":"a defaulting issuer.","page_number":59,"box":{"x":102,"y":879,"width":134,"height":11}},{"id":"1bf1d73b-0a7c-4971-a738-8e65ea9b1edb","block_type":"box","text":"II-11","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2d6cebd0-2850-4447-a338-e9adab034961","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d0d380e-ae33-4671-b407-0fb9c52e13a7","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"8614e65d-fe67-495b-b79c-faa7062b0e92","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":60,"box":{"x":101,"y":45,"width":800,"height":11}},{"id":"c14c56e0-9d37-4a53-9161-fb829ae0a8c4","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":60,"box":{"x":102,"y":60,"width":793,"height":11}},{"id":"3f0e9bb5-4a63-4133-b7b7-86c6163a7428","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":60,"box":{"x":101,"y":75,"width":808,"height":11}},{"id":"fa3d654e-fbe9-45bb-93ff-b8ff22c2d6df","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":60,"box":{"x":102,"y":90,"width":756,"height":11}},{"id":"77111b64-25d3-4108-8921-ffc7e4ab35f5","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":60,"box":{"x":101,"y":105,"width":803,"height":11}},{"id":"6bfda459-4073-4a17-b80f-2626b70cbd3b","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":60,"box":{"x":102,"y":120,"width":781,"height":12}},{"id":"aa73fc61-47e9-455b-b2ba-de590a0f60ed","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":60,"box":{"x":102,"y":135,"width":798,"height":12}},{"id":"e318b0bb-c718-4de1-9fbc-2d8a9f8643c8","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":60,"box":{"x":101,"y":150,"width":566,"height":12}},{"id":"c15568d7-f21d-4f55-89a4-258203444201","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"a44b50de-20ec-455e-a5b4-0cb2bccb93c0","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":60,"box":{"x":101,"y":171,"width":751,"height":11}},{"id":"fe4a120d-1815-47ea-bf2e-f60eff6cc5f0","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":60,"box":{"x":102,"y":186,"width":786,"height":11}},{"id":"c05ef989-bd40-4167-8d24-d5abff8606ba","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":60,"box":{"x":102,"y":201,"width":782,"height":11}},{"id":"70e36f74-5f66-4fb3-9a9e-0363fac84b62","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":60,"box":{"x":102,"y":216,"width":762,"height":11}},{"id":"9a7ff394-225d-44fe-a339-ff200c9021d8","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":60,"box":{"x":102,"y":231,"width":767,"height":11}},{"id":"d1ecb546-c8c4-4850-b37b-7f24312717f7","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":60,"box":{"x":101,"y":246,"width":806,"height":11}},{"id":"72ba2716-9e09-44d3-8dce-08a1073dfc09","block_type":"box","text":"higher-rated securities.","page_number":60,"box":{"x":102,"y":262,"width":161,"height":11}},{"id":"33d3b4d2-2995-4fd9-92be-854554b08ba2","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":60,"box":{"x":102,"y":284,"width":751,"height":11}},{"id":"2d9c6acb-f6b5-4a4e-8c2d-ff8311bd6002","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":60,"box":{"x":69,"y":299,"width":814,"height":11}},{"id":"c0dcb472-181c-48ca-96df-9ba8a722b00f","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":60,"box":{"x":68,"y":314,"width":812,"height":12}},{"id":"b6b43318-0f55-4032-9f4b-431458633d61","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":60,"box":{"x":70,"y":329,"width":808,"height":12}},{"id":"b6ee63c6-7962-49c8-be08-765c423e9f95","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":60,"box":{"x":68,"y":344,"width":825,"height":12}},{"id":"079cb8ab-b49b-439c-bc05-d084067a0de5","block_type":"box","text":"is reduced below the minimum credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will","page_number":60,"box":{"x":70,"y":360,"width":779,"height":11}},{"id":"6ed6204e-4e7e-4a3d-a8eb-64fd163f4b0d","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":60,"box":{"x":69,"y":375,"width":451,"height":11}},{"id":"3a2e8a5b-7e24-4e46-828a-5feef67537db","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":60,"box":{"x":102,"y":397,"width":782,"height":12}},{"id":"79c796cb-cde6-4afc-ad07-c88d9c26e8e4","block_type":"box","text":"the Fund could be forced to sell its holdings without regard to the investment merits, thereby decreasing the assets","page_number":60,"box":{"x":68,"y":412,"width":825,"height":12}},{"id":"9ba41a13-887d-4991-8012-09957c0ea0eb","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":60,"box":{"x":69,"y":428,"width":328,"height":11}},{"id":"8aae0e38-0764-47c4-8eab-7cf00c7dcd08","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":60,"box":{"x":101,"y":450,"width":764,"height":12}},{"id":"4e555eed-ce0a-45e1-ad20-09673dcc8cd2","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":60,"box":{"x":69,"y":466,"width":455,"height":11}},{"id":"e7e82373-a28f-46f7-b1ec-fef2f3113a61","block_type":"box","text":"Mezzanine Investments.","page_number":60,"box":{"x":102,"y":488,"width":170,"height":9}},{"id":"5584a7eb-0b6b-42da-8fd6-a448b944b4a8","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":60,"box":{"x":279,"y":488,"width":612,"height":11}},{"id":"c767cf0a-1e43-4a1f-9634-73a26a84f5c4","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":60,"box":{"x":69,"y":503,"width":813,"height":12}},{"id":"bb5c2f62-4e53-4225-8f34-f62ad1bbff39","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":60,"box":{"x":69,"y":519,"width":729,"height":11}},{"id":"e615c0d1-70cc-4d84-8115-4dc447049df2","block_type":"box","text":"e.g.","page_number":60,"box":{"x":800,"y":520,"width":24,"height":10}},{"id":"60003d37-1300-469c-b50a-2b97ab47f3d5","block_type":"box","text":", with","page_number":60,"box":{"x":827,"y":519,"width":36,"height":10}},{"id":"69ae68ac-f178-4804-92bf-fd0415b0cc9a","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":60,"box":{"x":69,"y":534,"width":818,"height":11}},{"id":"030a9564-a0eb-441e-b8af-5a094d0308f1","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":60,"box":{"x":69,"y":549,"width":827,"height":11}},{"id":"0302723e-27e3-42bd-a17c-01e37fbcfa01","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":60,"box":{"x":70,"y":564,"width":813,"height":11}},{"id":"57c62506-5d1a-42df-a4db-6538c0c264af","block_type":"box","text":"other obligations of the issuer.","page_number":60,"box":{"x":69,"y":579,"width":216,"height":11}},{"id":"45b4ccf2-0f25-4234-96f9-f521936182ef","block_type":"box","text":"Pay-in-kind Bonds.","page_number":60,"box":{"x":102,"y":602,"width":127,"height":11}},{"id":"5e3c24f5-1b54-48ee-b497-c26f2f9c4bc6","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":60,"box":{"x":236,"y":602,"width":615,"height":11}},{"id":"27e09988-74cb-4cbc-9697-4cece521ffc7","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":60,"box":{"x":70,"y":617,"width":813,"height":11}},{"id":"5626881d-3120-432a-a9fe-083da38a052c","block_type":"box","text":"bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date","page_number":60,"box":{"x":69,"y":632,"width":820,"height":11}},{"id":"0250dbcb-d3cc-495d-a6d3-f40406582fc7","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":60,"box":{"x":69,"y":647,"width":784,"height":11}},{"id":"8c9c7e13-91f9-4bb8-8733-4a39882eb1d1","block_type":"box","text":"investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and","page_number":60,"box":{"x":70,"y":662,"width":783,"height":11}},{"id":"44c2b605-cd6a-4ca1-b689-87f70111f807","block_type":"box","text":"therefore tends to be more volatile, than that of securities which pay interest in cash. Additionally, current U.S.","page_number":60,"box":{"x":68,"y":677,"width":790,"height":11}},{"id":"09bdcd81-8616-40b9-8f81-ed7f26eede14","block_type":"box","text":"federal tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the","page_number":60,"box":{"x":68,"y":692,"width":831,"height":11}},{"id":"6931e5ee-3be9-425c-a587-579476f29488","block_type":"box","text":"receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":60,"box":{"x":69,"y":707,"width":830,"height":12}},{"id":"34697861-b860-4d17-949b-cafd376d8532","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":60,"box":{"x":68,"y":722,"width":798,"height":12}},{"id":"8da33f82-e349-4833-9328-31a9089663ac","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":60,"box":{"x":69,"y":738,"width":835,"height":11}},{"id":"c327835e-d5ee-4053-908d-23c3cf404d6a","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":60,"box":{"x":69,"y":753,"width":336,"height":11}},{"id":"80bea780-c6ba-40ce-99ba-15aa532ec031","block_type":"box","text":"Supranational Entities.","page_number":60,"box":{"x":102,"y":775,"width":160,"height":11}},{"id":"ac14e4b5-df1e-4ad1-8f3c-837bc6a9f8f6","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":60,"box":{"x":268,"y":775,"width":629,"height":11}},{"id":"43e0bf58-fcd9-4b5a-a7f8-7069875a2699","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":60,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"a80fd7d5-9a49-4afe-b2af-3c48ce3985bb","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":60,"box":{"x":69,"y":806,"width":817,"height":11}},{"id":"f86fda7a-1c03-4a24-8aae-1eb985c477b5","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":60,"box":{"x":70,"y":821,"width":759,"height":11}},{"id":"5c364ee6-116f-4f44-9c1b-92e5ac5c5608","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":60,"box":{"x":69,"y":836,"width":836,"height":11}},{"id":"12b43d18-4fa7-4043-b681-e9ea8b804446","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":60,"box":{"x":70,"y":851,"width":772,"height":11}},{"id":"f1faf8e2-7397-4d09-bb67-ff084763b6e1","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":60,"box":{"x":69,"y":866,"width":830,"height":11}},{"id":"c92c0d5a-76a8-41e0-8b90-114de0a50185","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":60,"box":{"x":70,"y":881,"width":580,"height":11}},{"id":"8a55d136-5848-415d-958f-2df52c7d9ec3","block_type":"box","text":"II-12","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"34d2c811-11fb-4fa1-a2c9-e3db892b636f","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9aa7e76e-5964-4132-b5f8-9d18ae33c2e2","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":61,"box":{"x":102,"y":45,"width":334,"height":11}},{"id":"50e0872d-2684-43d1-a6e0-96f56f97cef6","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":61,"box":{"x":442,"y":45,"width":446,"height":11}},{"id":"c9a9c635-c4b3-46d1-883e-abc747508556","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":61,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"02d67107-1fd2-4d7f-b1c3-c1e9dbad0f87","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":61,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"9eee0ee0-f3e8-47e6-af09-e9756892f56d","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":61,"box":{"x":69,"y":90,"width":781,"height":11}},{"id":"2ef8f2e9-932a-4524-8391-4c25ae7c4102","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":61,"box":{"x":70,"y":105,"width":823,"height":11}},{"id":"e16cac57-6b68-44cc-bcb9-cc8492ac882a","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":61,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"cceea88e-f3a4-42c8-89cc-f5df6347bda3","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":61,"box":{"x":70,"y":135,"width":799,"height":12}},{"id":"b763313e-3b3e-4853-a3a8-d83421fe85ba","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":61,"box":{"x":69,"y":150,"width":821,"height":12}},{"id":"a7abf9de-9655-4fba-b9ee-11a4f9efc72f","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":61,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"57443729-7454-4b3f-92fd-24e330ca8a96","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":61,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"a7f97e24-01c0-450a-b4a0-8af148e82b51","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":61,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"3bbb62a5-bfa1-4dde-8c1f-605526fbfb60","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":61,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"ab7920bb-1d2e-440f-ba0c-42c9f579d21d","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":61,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"d5a6aeea-f0c4-460d-bebb-1979c8ecf8f1","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":61,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"bc1f41e1-5359-45ad-8654-2a7c8383cb65","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":61,"box":{"x":69,"y":257,"width":822,"height":11}},{"id":"38c0a494-fce4-448c-9d2f-367cd901315a","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":61,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"ebda766f-1fe6-430c-a5bc-a56a0a8dbc91","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":61,"box":{"x":68,"y":286,"width":827,"height":12}},{"id":"5481e156-2c8f-4587-ba95-94b12c4d66ce","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":61,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"e901ade1-259d-4077-913a-7b0d20a9db32","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":61,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"3436f0f0-8906-4946-9123-d3a87d47619e","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":61,"box":{"x":70,"y":332,"width":737,"height":11}},{"id":"85a97b80-1385-4a29-b57f-f1cd5ea97a7e","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":61,"box":{"x":69,"y":347,"width":449,"height":11}},{"id":"ed901eb8-7c4d-4cec-840d-e9df3aef36f7","block_type":"box","text":"Derivatives.","page_number":61,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"0c7bc54a-9e79-4cf6-bfa9-0ebf0be8a4f8","block_type":"box","text":"General.","page_number":61,"box":{"x":102,"y":392,"width":58,"height":9}},{"id":"b418a763-ade0-4691-bcfd-b593560de631","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":61,"box":{"x":167,"y":392,"width":725,"height":12}},{"id":"58af276e-9880-4870-98da-cbb4b79b5a79","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies, interest rates, credit events or","page_number":61,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"b3d51fa4-d7f1-4165-bd71-6132d0f98a0a","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate). Derivatives may allow a","page_number":61,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"cf607cc3-ab57-40f4-b739-633d177a1bd2","block_type":"box","text":"Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than with","page_number":61,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"8d6f9f25-0711-4229-97d4-037b1ea2d183","block_type":"box","text":"other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and shor t positions. Unless","page_number":61,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"1376c5f8-234c-405a-8de4-b5401f2cf115","block_type":"box","text":"otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset class it is prohibited by its","page_number":61,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"ce1e5931-e803-4313-b1aa-55b2c724d187","block_type":"box","text":"investment restrictions from purchasing directly. As described below, derivatives can be used for hedging or","page_number":61,"box":{"x":70,"y":483,"width":765,"height":11}},{"id":"c4c06684-6941-4ea7-b341-05904c83692e","block_type":"box","text":"speculative purposes. Funds will engage in transaction-level payment netting,","page_number":61,"box":{"x":69,"y":498,"width":549,"height":11}},{"id":"eea9b306-a19a-4797-b318-b1e0697764f0","block_type":"box","text":"i.e.","page_number":61,"box":{"x":625,"y":498,"width":20,"height":9}},{"id":"d37227d5-10d4-4377-b299-55d5b529fa78","block_type":"box","text":", the payment obligations of","page_number":61,"box":{"x":648,"y":498,"width":198,"height":11}},{"id":"4c0bbb76-0504-42cb-81fc-639cc8be7b11","block_type":"box","text":"derivatives contracts are netted against one another with the Fund receiving or paying, as the case may be, only the","page_number":61,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"5f988266-8b62-490f-8c24-e4193c2028c0","block_type":"box","text":"net amount of the two payment streams.","page_number":61,"box":{"x":69,"y":528,"width":289,"height":12}},{"id":"8fe2cef5-9104-4993-9c7b-c731eae8306e","block_type":"box","text":"Hedging.","page_number":61,"box":{"x":102,"y":551,"width":60,"height":11}},{"id":"d6826a93-f3fe-411a-9581-1a178c0fd3bc","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":61,"box":{"x":169,"y":551,"width":717,"height":11}},{"id":"bebd16a5-4b35-4e05-b701-1d91939be7c1","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":61,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"1c1c4ec0-233f-4194-9d68-068432736768","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":61,"box":{"x":69,"y":582,"width":834,"height":11}},{"id":"b47d0b54-ffe8-4bb2-8917-977bc656b8d2","block_type":"box","text":"reduce or eliminate gains. In addition, hedging may cause losses if the market moves in an unanticipated manner, or","page_number":61,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"90deec30-672a-4835-ae30-f87c9a53f9e5","block_type":"box","text":"if the cost of the derivative outweighs the benefit of the hedge. The effectiveness of hedging may be reduced by","page_number":61,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"6d95dff5-6db6-4075-9ae5-ca6b4d09b2f5","block_type":"box","text":"correlation risk,","page_number":61,"box":{"x":69,"y":627,"width":109,"height":10}},{"id":"be31439c-bf94-4c8b-a753-6d7247c749f1","block_type":"box","text":"i.e.","page_number":61,"box":{"x":186,"y":627,"width":20,"height":9}},{"id":"cb637e7a-b672-4b92-a5b9-adc58bf8c14b","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":61,"box":{"x":209,"y":627,"width":669,"height":11}},{"id":"0a57eb79-4ac9-4014-bfc6-5ff2e01222c0","block_type":"box","text":"hedged as expected by a Fund, which may result in additional losses to the Fund. The inability to close or offset","page_number":61,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"ceb82723-9aa7-4633-8de4-899f9a07a98c","block_type":"box","text":"derivatives could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging will","page_number":61,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"757ea4f8-b78f-4c7c-b2b7-2526b4536bb2","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":61,"box":{"x":69,"y":672,"width":434,"height":11}},{"id":"6f60737c-a9af-4491-a8ef-7b4390a84414","block_type":"box","text":"Speculation.","page_number":61,"box":{"x":102,"y":695,"width":86,"height":11}},{"id":"b6905b17-5376-4f20-a115-9cd8de684a87","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":61,"box":{"x":195,"y":695,"width":694,"height":11}},{"id":"c75d08f9-1c20-459f-af45-c75315de1c95","block_type":"box","text":"use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other","page_number":61,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"0141a6e9-48ce-418c-a088-d2e7d9a08836","block_type":"box","text":"positions. To the extent a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the","page_number":61,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"a12c6c6a-89a0-47c4-991c-b1bedd22f892","block_type":"box","text":"risks of loss of that derivative, which may sometimes be greater than the derivative’s cost, and the potential for loss","page_number":61,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"477ef273-3921-43ef-9498-4b9c163c89e7","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":61,"box":{"x":70,"y":755,"width":243,"height":11}},{"id":"ffb47d4a-8c6c-42cb-b355-dd0ec22985d0","block_type":"box","text":"Regulation of Derivatives.","page_number":61,"box":{"x":102,"y":778,"width":180,"height":11}},{"id":"8acbd85b-da47-406a-bd33-610cd97e999a","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":61,"box":{"x":102,"y":801,"width":333,"height":11}},{"id":"b326bda2-3538-4fa6-a9b1-c7e87c3c33e6","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":61,"box":{"x":442,"y":801,"width":458,"height":11}},{"id":"cf648b0a-2e64-46a2-bd57-b5acfc31e40e","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":61,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"0a1572f2-66af-435d-bb51-143f036c4882","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":61,"box":{"x":69,"y":831,"width":759,"height":11}},{"id":"e1bfe373-b7f1-4001-9326-5bb45be62871","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":61,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"bec404b0-bee1-42f8-b0bb-6e0c5f2097ed","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":61,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"a69b6c8d-bf3d-4d90-ba47-eaefaf587484","block_type":"box","text":"coverage”).","page_number":61,"box":{"x":69,"y":876,"width":79,"height":11}},{"id":"0fe01239-2825-4780-84ba-c21500901b34","block_type":"box","text":"II-13","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"409c2259-d4eb-48b0-bd35-0c55bfd09265","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"15c10928-1cde-415f-ad0b-18c2fb451768","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":62,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"84f04302-ceba-40a9-8932-f2d4e678abfa","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":62,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"13b4ca33-c176-4963-a27a-aa569ba197ea","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":62,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"bae75225-64c4-4858-9261-a8ffcfb43cc9","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":62,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"118fb21e-62bf-4b09-aca8-9ec9e1704a2f","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":62,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"27901313-5d52-425e-9685-279ee917e346","block_type":"box","text":"financing transactions (","page_number":62,"box":{"x":68,"y":120,"width":166,"height":12}},{"id":"13c2ac8e-092f-4fd3-b882-86b4187da207","block_type":"box","text":"e.g.","page_number":62,"box":{"x":236,"y":122,"width":25,"height":10}},{"id":"d0f72f30-51e4-4877-8ed0-4335c5e23d10","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":62,"box":{"x":263,"y":120,"width":646,"height":11}},{"id":"9fd0626f-6fcb-4ba9-8dd1-948926bdc5ff","block_type":"box","text":"treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":62,"box":{"x":68,"y":135,"width":785,"height":12}},{"id":"9d0da84d-714e-41e2-91d5-87816a2581d2","block_type":"box","text":"securities (","page_number":62,"box":{"x":69,"y":151,"width":78,"height":10}},{"id":"5309ebc7-b5b9-49bf-8f1a-5b49baf86e12","block_type":"box","text":"e.g.","page_number":62,"box":{"x":148,"y":152,"width":25,"height":10}},{"id":"feae43cf-3d2b-4bfa-b08d-d17639304c31","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":62,"box":{"x":176,"y":150,"width":704,"height":12}},{"id":"a6084e44-e97e-463b-8f8a-9739c1ba907c","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":62,"box":{"x":69,"y":166,"width":796,"height":11}},{"id":"e9cc5c3e-e732-4616-b0e3-1cf3e422e2ba","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":62,"box":{"x":69,"y":181,"width":732,"height":11}},{"id":"2cb9801d-afe3-4ef5-922e-b2c37096ca5e","block_type":"box","text":"Commitments”).","page_number":62,"box":{"x":69,"y":196,"width":115,"height":11}},{"id":"7a9e8664-5462-4025-aa8b-6519eafe31eb","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":62,"box":{"x":102,"y":218,"width":805,"height":12}},{"id":"abcafd62-41d0-4af2-b832-97c8c09c79a6","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":62,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"80fe17bf-3ce3-4602-aa3c-be5ffda902f8","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":62,"box":{"x":70,"y":249,"width":808,"height":11}},{"id":"b8f0b57e-f4e4-4317-ada8-ec250e9fd940","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":62,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"8a8a96b0-429d-4a60-82d1-108486707ece","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":62,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"340588ab-a65b-45da-92a9-1970cd7613b3","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":62,"box":{"x":69,"y":294,"width":482,"height":11}},{"id":"fb30ece4-adcb-4ead-9d9f-dfe3d8de24f9","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":62,"box":{"x":102,"y":317,"width":724,"height":11}},{"id":"d1f93b84-6a6d-4a37-ae7c-5be38efc6239","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":62,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"73445a32-5803-4d19-85e4-ce256d493ca5","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":62,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"29efde7c-c3aa-4639-8905-9d9094d978f0","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":62,"box":{"x":70,"y":362,"width":268,"height":11}},{"id":"05603e05-aabb-4913-8a35-334074fc3049","block_type":"box","text":"Dodd-Frank Regulations.","page_number":62,"box":{"x":102,"y":385,"width":171,"height":11}},{"id":"ee557b9e-bb1f-49c3-bd37-b95479574f1d","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":62,"box":{"x":279,"y":385,"width":575,"height":11}},{"id":"e0bc6370-2f82-4ceb-bfb2-455e614c9cf0","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":62,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"85259e1a-378f-470c-9e27-1ef1a7cd9e96","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":62,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"3ecdd4ad-20e3-4e8a-b3bd-16427bd83746","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":62,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"ea535fb7-60a1-4291-9bfe-af9303b82936","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":62,"box":{"x":69,"y":445,"width":733,"height":12}},{"id":"4b7d78a2-7b28-4a4c-8de9-6cb0d0c7c2e2","block_type":"box","text":"OTC derivatives dealers are now required to register with the CFTC as “swap dealers” and will ultimately be","page_number":62,"box":{"x":102,"y":468,"width":763,"height":11}},{"id":"27460087-b3f1-411b-bb6b-0fcab8e00a8f","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers are subject to various","page_number":62,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"0aa95365-cf3f-4a2d-9997-a3587e69e295","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":62,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"e9ccd444-ca5f-4627-a78d-d5786a318272","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":62,"box":{"x":70,"y":513,"width":826,"height":12}},{"id":"f7d5f398-e582-4cf5-9351-4ad9be3ebd80","block_type":"box","text":"requirements.","page_number":62,"box":{"x":69,"y":529,"width":97,"height":10}},{"id":"25e10462-6b81-4380-9f2e-a24a54009044","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":62,"box":{"x":101,"y":551,"width":745,"height":11}},{"id":"b4184824-8f9c-49a4-9c82-5e3bc05336b7","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":62,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"1ce97441-0ab4-46e3-ba1f-408f9df330a5","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":62,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"9e41c03c-29e7-4d9b-bdd1-19f76afc0994","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":62,"box":{"x":69,"y":597,"width":837,"height":11}},{"id":"18c71959-d533-44e5-ab65-34b5a8388430","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":62,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"03327a5d-b7ca-438d-bb9b-db72b9c1dcf3","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":62,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"0e06f183-d29d-46e3-8a80-d5c6d6b2168a","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":62,"box":{"x":69,"y":642,"width":770,"height":11}},{"id":"62c18cc1-0be8-4b86-af81-b4f29f468efc","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":62,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"c15a6137-aade-4f2f-87d8-e959661f23a5","block_type":"box","text":"the FCM and the customer. These regulatory requirements may make it more difficult and costly for the Funds to","page_number":62,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"3d1cb616-02c7-4def-90fc-0503824422c7","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":62,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"09f91964-ab26-4d7d-b511-d665b275a5c0","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":62,"box":{"x":69,"y":702,"width":814,"height":11}},{"id":"cc0f11b6-6989-4906-bcf0-94bc93986105","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":62,"box":{"x":68,"y":717,"width":796,"height":12}},{"id":"1d6a9bc2-f624-4ff8-b519-8ee878251019","block_type":"box","text":"member FCM or as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":62,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"924c77b2-d6d6-4f90-88b3-26c87b2d2d62","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":62,"box":{"x":69,"y":748,"width":370,"height":11}},{"id":"96084588-57ad-4307-a5d5-29b58b8a3482","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not face a","page_number":62,"box":{"x":101,"y":770,"width":766,"height":11}},{"id":"9aa2c58b-c003-4a56-a8ec-bb1d2dd9dcfa","block_type":"box","text":"clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts","page_number":62,"box":{"x":69,"y":786,"width":826,"height":11}},{"id":"9d55304e-799b-425f-b0c8-ee5867fb126a","block_type":"box","text":"as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet","page_number":62,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"6d7b7a36-2f08-4e86-a51c-b4b301242299","block_type":"box","text":"its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its","page_number":62,"box":{"x":70,"y":816,"width":791,"height":11}},{"id":"e62466ca-7667-419d-a9b0-6610fc6a1c2f","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":62,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"23aecce2-f1a3-4da9-a991-edc436c03187","block_type":"box","text":"member.","page_number":62,"box":{"x":69,"y":846,"width":60,"height":9}},{"id":"42c574e7-7658-485d-9679-83cce3b17589","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":62,"box":{"x":102,"y":869,"width":782,"height":11}},{"id":"87c03421-637c-4203-b4bd-1c36d7c8306e","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":62,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"b125dc33-e6ae-45c7-9705-7f32277ae540","block_type":"box","text":"was widely permitted before Dodd-Frank. While an FCM may require its customer to post initial margin in excess of","page_number":62,"box":{"x":68,"y":899,"width":818,"height":11}},{"id":"6f285573-6809-4330-9e7b-9dfd6c93651a","block_type":"box","text":"II-14","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2f196e9d-04ab-4477-84a4-cd725f3fa7f4","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c39522fc-a144-4d17-b057-ef7b5625406e","block_type":"box","text":"clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on initial margin with","page_number":63,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"6bdd9613-d61f-4e6e-a4e4-e4aa9528c9f5","block_type":"box","text":"their clearing members, some por tion of the initial margin that is passed through to the clearinghouse does not","page_number":63,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"32e7cee6-dcb4-4eaf-a709-2a0685bfaf40","block_type":"box","text":"generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on initial margin for cleared","page_number":63,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"217cd2ce-d165-4691-8f16-043036ab0507","block_type":"box","text":"OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause FCMs to charge higher","page_number":63,"box":{"x":69,"y":90,"width":806,"height":11}},{"id":"5546803e-52b6-4fdb-a878-a33c50b572d3","block_type":"box","text":"fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will provide for non-cleared OTC","page_number":63,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"a86f74c1-2b63-4f2b-88ab-c0b708e195e0","block_type":"box","text":"derivatives. Fur thermore, customers, including the Funds, are subject to additional fees payable to FCMs with respect","page_number":63,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"cbd2b297-9dcb-4286-a753-290bb7c74508","block_type":"box","text":"to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared to trading non-cleared OTC","page_number":63,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"bf7e30f6-6275-4ecd-b3f2-c21c39a4e462","block_type":"box","text":"derivatives bilaterally.","page_number":63,"box":{"x":69,"y":151,"width":151,"height":11}},{"id":"d74e1cf9-2a7c-4120-a417-c140d1ac6cde","block_type":"box","text":"With respect to uncleared swaps, swap dealers are required to collect variation margin from a Fund and may be","page_number":63,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"a5de37de-b6db-4e06-b637-79739a1a84ab","block_type":"box","text":"required by applicable regulations to collect initial margin from a Fund. Both initial and variation margin may be","page_number":63,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"0290d195-e1af-442c-a437-8e7740562371","block_type":"box","text":"comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies","page_number":63,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"b30ee5a0-a505-4b17-858f-d322cd3dab1b","block_type":"box","text":"(other than cer tain money market funds) may not be posted as collateral under applicable regulations.","page_number":63,"box":{"x":69,"y":218,"width":728,"height":12}},{"id":"59874256-99c8-4f99-a7bd-f3836dafecaa","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits on the maximum net long or net shor t speculative","page_number":63,"box":{"x":101,"y":241,"width":799,"height":11}},{"id":"ba518f01-865f-458e-9352-933978679e9a","block_type":"box","text":"positions that any person may hold or control in any par ticular futures or options contracts traded on U.S.","page_number":63,"box":{"x":70,"y":256,"width":751,"height":11}},{"id":"82472fb4-d658-4ebc-8941-72083398acb8","block_type":"box","text":"commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of","page_number":63,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"56be15bb-3a96-4d91-a9e3-2377cf5f7ab5","block_type":"box","text":"agricultural commodities (","page_number":63,"box":{"x":69,"y":287,"width":183,"height":11}},{"id":"ab1c2c77-b95e-47eb-9b83-5e5e60742d52","block_type":"box","text":"e.g.","page_number":63,"box":{"x":254,"y":288,"width":24,"height":10}},{"id":"a0d3c7b6-16b7-4ba6-b5aa-fcebc641bce9","block_type":"box","text":", corn, oats, wheat, soybeans and cotton) and United States commodities exchanges","page_number":63,"box":{"x":281,"y":287,"width":606,"height":11}},{"id":"2e828481-a6ef-4f49-8288-7a591878b8bd","block_type":"box","text":"currently impose speculative position limits on many other commodities. A Fund could be required to liquidate","page_number":63,"box":{"x":69,"y":302,"width":783,"height":11}},{"id":"00443532-6fda-4b1a-a5fc-b202237886c4","block_type":"box","text":"positions it holds in order to comply with position limits or may not be able to fully implement trading instructions","page_number":63,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"039db866-d0c0-474a-9722-3d5104680d18","block_type":"box","text":"generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation","page_number":63,"box":{"x":68,"y":332,"width":840,"height":11}},{"id":"e7cd3fb6-f604-497f-9b69-44f261f9f81c","block_type":"box","text":"could result in substantial costs to a Fund.","page_number":63,"box":{"x":69,"y":347,"width":304,"height":9}},{"id":"9c7b994e-2fa2-49d0-9f5a-34a569e1ffba","block_type":"box","text":"Dodd-Frank significantly expanded the CFTC’s authority to impose position limits with respect to agricultural","page_number":63,"box":{"x":102,"y":370,"width":763,"height":11}},{"id":"c44af31c-1d8c-40c3-9778-d1d6635d0826","block_type":"box","text":"commodities and other physical commodity futures contracts, options on these futures contracts and economically","page_number":63,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"81920eb8-e96d-49d6-80a6-512221763914","block_type":"box","text":"equivalent swaps. In October 2020, the CFTC adopted a new set of speculative position limit rules with respect to","page_number":63,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"4672046d-f347-411c-8ed9-084329af49e3","block_type":"box","text":"agricultural commodities and other physical commodity futures contracts, options on these futures contracts (“core","page_number":63,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"32907d63-db37-4edc-8a42-ef9a71156dc2","block_type":"box","text":"referenced futures contracts”) and economically equivalent swaps. An economically equivalent swap is a swap with","page_number":63,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"df49ebbd-5336-4255-94cb-d0c73a5905ec","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract, disregarding","page_number":63,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"cea6d01e-bf0c-4d09-946d-a230822577d1","block_type":"box","text":"differences with respect to any of the following: (1) lot size specifications or notional amounts, (2) post-trade risk","page_number":63,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"94da4e1b-f603-4fdb-bd67-df63a0518a2c","block_type":"box","text":"management arrangements and (3) delivery dates for physically-settled swaps as long as these delivery dates","page_number":63,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"c3707bdc-518f-4f97-b53c-3f2955a8f1a1","block_type":"box","text":"diverge by less than one calendar day from the referenced contract’s delivery date (or, for natural gas, two calendar","page_number":63,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"5aa5214a-7782-44ce-b8e9-d9fdb8b60c0a","block_type":"box","text":"days). A cash-settled swap could only be deemed to be economically equivalent to a cash-settled referenced contract,","page_number":63,"box":{"x":69,"y":506,"width":838,"height":11}},{"id":"43f27530-d3bb-4de1-bf2a-011fdb0efc5b","block_type":"box","text":"and a physically-settled swap could only be deemed to be economically equivalent to a physically-settled referenced","page_number":63,"box":{"x":69,"y":521,"width":823,"height":11}},{"id":"84fa9105-939b-48c2-b715-4e9ddfe41868","block_type":"box","text":"contract. However, a cash-settled swap that initially did not qualify as economically equivalent due to the fact that","page_number":63,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"d3f2550a-1787-4928-8643-008933af3c16","block_type":"box","text":"there was no corresponding cash-settled core referenced futures contract could subsequently become an","page_number":63,"box":{"x":68,"y":551,"width":751,"height":11}},{"id":"f873831c-53e8-414f-8bf5-cecf738d59df","block_type":"box","text":"economically equivalent swap if a cash-settled futures contract market were to subsequently be developed. The","page_number":63,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"3831c9ef-6e94-406c-937f-7f32f22df743","block_type":"box","text":"CFTC’s new position limits rules include an exemption from limits for bona fide hedging transactions or positions. A","page_number":63,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"38a263e9-8ad6-4d64-ae85-b228405ceaca","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":63,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"8e981f93-dafc-4372-a93e-d4e476b3a635","block_type":"box","text":"position: (1) represents a substitute for transactions or positions made or to be made at a later time in a physical","page_number":63,"box":{"x":70,"y":612,"width":810,"height":11}},{"id":"f75ec324-93ab-493d-afe5-e5656cb61dd0","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":63,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"b4863de1-1287-4f4f-9ab6-25e984ffd2c3","block_type":"box","text":"a commercial enterprise; and (3) arises from the potential change in value of (A) assets which a person owns,","page_number":63,"box":{"x":69,"y":642,"width":783,"height":11}},{"id":"93b7bda6-1399-4a66-8a33-9d63a61ecb2b","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or","page_number":63,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"b3009f54-9aab-4383-b999-9abcacfdb234","block_type":"box","text":"merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or","page_number":63,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"531f1122-9446-48c0-9e1e-a897b58a69c6","block_type":"box","text":"purchases, or anticipates providing or purchasing. The CFTC’s new position rules set for th a list of enumerated bona","page_number":63,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"57f91bd2-52be-41a3-a56e-c0f6820edafc","block_type":"box","text":"fide hedges for which a market par ticipant is not required to request prior approval from the CFTC in order to hold a","page_number":63,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"c01a091b-1f1e-4a3d-b44e-e14cfb78cfc9","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market par ticipant holding an enumerated bona","page_number":63,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"10de12be-dd28-4137-b1eb-748b5ecd137b","block_type":"box","text":"fide hedge position still would need to request an exemption from the relevant exchange for exchange-set limits. For","page_number":63,"box":{"x":68,"y":732,"width":829,"height":12}},{"id":"bfe01587-994b-4e56-bc2d-f9534ffaff44","block_type":"box","text":"non-enumerated bona fide hedge positions, a market par ticipant may request CFTC approval which must be granted","page_number":63,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"77625b46-83f6-4fee-992c-6045e977225c","block_type":"box","text":"prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen","page_number":63,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"75e1513b-bc9c-4bae-b68b-0285b14a845f","block_type":"box","text":"increase in bona fide hedging needs (in which case the application must be submitted within five business days after","page_number":63,"box":{"x":70,"y":778,"width":834,"height":11}},{"id":"316733a2-84ca-410f-942d-911fc612679a","block_type":"box","text":"the market par ticipant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative","page_number":63,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"874524b8-fa73-4d51-b0ab-59e41dc5ad76","block_type":"box","text":"position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically","page_number":63,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"ff5921ec-c1d5-4ad3-a667-c61ec15d1ebf","block_type":"box","text":"equivalent swaps. While the ultimate effect of the final position limit rules are not yet known, these limits will likely","page_number":63,"box":{"x":69,"y":823,"width":820,"height":11}},{"id":"ebefc31c-f819-4db2-a7ef-361f5a979a44","block_type":"box","text":"restrict the ability of many market par ticipants to trade in the commodities markets to the same extent as they have","page_number":63,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"9ec8672d-bc20-4564-bc53-3d91a930c05a","block_type":"box","text":"in the past. These rules may, among other things, reduce liquidity, increase market volatility, limit the size and","page_number":63,"box":{"x":70,"y":854,"width":783,"height":11}},{"id":"9fd01d3c-7c94-4100-b468-7b79d4b80645","block_type":"box","text":"duration of positions available to market par ticipants, and increase costs in these markets, which could adversely","page_number":63,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"950eec72-c7d9-431d-b24c-b8b00206e57f","block_type":"box","text":"affect a Fund.","page_number":63,"box":{"x":69,"y":884,"width":97,"height":9}},{"id":"09a59245-ef77-45ae-89a2-614e45473b6d","block_type":"box","text":"II-15","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"031c2b8d-b1f0-4cd5-8f99-9ec00987ac86","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"adfdebc1-bb57-4f15-819a-949934df4f77","block_type":"box","text":"These new regulations and the resulting increased costs and regulatory oversight requirements may result in","page_number":64,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"ab1b619f-4307-40bb-a622-dfadc68509b7","block_type":"box","text":"market par ticipants being required or deciding to limit their trading activities, which could lead to decreased market","page_number":64,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"181a5572-ac7e-4da5-a016-60fa2a627888","block_type":"box","text":"liquidity and increased market volatility. In addition, transaction costs incurred by market par ticipants are likely to be","page_number":64,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"7a730a72-af99-4e8d-a84d-2bca26f53320","block_type":"box","text":"higher due to the increased costs of compliance with the new regulations. These consequences could adversely","page_number":64,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"2938876d-7151-46a4-8d84-563d6c495603","block_type":"box","text":"affect a Fund’s returns.","page_number":64,"box":{"x":69,"y":105,"width":167,"height":9}},{"id":"b30f8c04-4506-4bd6-8828-4d38d8b41e71","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":64,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"b5c1f25c-fd90-4fd2-a8f5-a9c9bda0ff5a","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":64,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"ab98fc2f-533b-4c4a-adf5-e5b0e18c8e85","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":64,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"2bdf182b-2258-4410-8f7e-bc832e940716","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":64,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"5c528c00-7a40-4e1c-9e6a-e8c4bcda2517","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":64,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"408e4cf3-5732-4737-92d4-112c5a38be80","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":64,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"9865f566-94cf-4704-b572-35096b901a0d","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":64,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"979b2fe8-5fae-4907-9fdc-30beb4ec4f7d","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":64,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"ea65a7b1-dc64-4175-9841-5e5ec96b7c51","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":64,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"f41362be-ebc8-435c-a515-a7e9c8b5d584","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":64,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"f3037e3a-7d51-468d-aed7-c4cf55a3ebdc","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":64,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"39bd58a0-0cc7-4e4d-92bd-279a9196134e","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":64,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"e3789e49-0faa-4081-ae4a-fe09ca7186d5","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":64,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"9b6d0044-414a-4dfa-8337-6647820787e2","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":64,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"76546042-ddac-4a86-b312-e2ba48144ebe","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":64,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"04d59711-d0a6-443f-8807-1c92f941dae5","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":64,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"d3ac5837-4a78-4c30-80ad-f80df5b679d4","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":64,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"5d93409f-009b-4415-afad-decb24351e4c","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":64,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"74a6e5eb-cd24-429c-af04-a7203ca82337","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":64,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"f93f19da-b628-4ec1-b623-88a84be4ac55","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":64,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"d33724ba-4df6-44c3-ada7-30a684e8fb52","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":64,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"4cdcc1ed-51c6-4409-b7bb-61df1675cec1","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":64,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"a721ec36-7119-45b7-9883-dd6fbc8e3b08","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. It is possible that these new","page_number":64,"box":{"x":67,"y":453,"width":813,"height":11}},{"id":"59d9062c-6e61-42c4-ae82-7ebf4dd5f7a6","block_type":"box","text":"requirements, as well as potential additional related government regulation, could adversely affect a Fund’s ability to","page_number":64,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"11244e98-45d0-4181-a1a5-63b5866c609d","block_type":"box","text":"terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral","page_number":64,"box":{"x":68,"y":483,"width":779,"height":11}},{"id":"bbe7ccc0-3a34-47e2-870d-4182bf479f25","block_type":"box","text":"received under such contracts.","page_number":64,"box":{"x":69,"y":498,"width":217,"height":9}},{"id":"5d13e38d-7d5c-4b74-bbf3-b02f3e5199a3","block_type":"box","text":"Risk Factors in Derivatives.","page_number":64,"box":{"x":102,"y":521,"width":191,"height":9}},{"id":"60e86ab8-cd37-48b7-94b7-788b617fe7c6","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":64,"box":{"x":101,"y":543,"width":597,"height":12}},{"id":"0cbec4ba-af76-4669-9ff4-70431510ac93","block_type":"box","text":"Correlation Risk","page_number":64,"box":{"x":102,"y":566,"width":114,"height":9}},{"id":"52a4243d-5d13-4a9f-9bf7-c3693aa8d6af","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":64,"box":{"x":220,"y":566,"width":668,"height":11}},{"id":"ca1fcdbd-0644-4f90-92f5-5112e300f8cf","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":64,"box":{"x":68,"y":581,"width":837,"height":12}},{"id":"646d0dce-2668-45bf-b33f-031f40e1f3bd","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":64,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"d6378e47-de81-40d7-abb7-1741a9f7db2d","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":64,"box":{"x":70,"y":612,"width":806,"height":11}},{"id":"64496c6f-442b-4b53-8487-cd5364351515","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":64,"box":{"x":69,"y":627,"width":725,"height":11}},{"id":"5299d1da-58f3-4b08-922f-1fc59c249a5e","block_type":"box","text":"Counterpar ty Risk","page_number":64,"box":{"x":102,"y":649,"width":128,"height":12}},{"id":"f2ff59a2-1128-482c-a8d6-cc333cb09aea","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":64,"box":{"x":233,"y":650,"width":632,"height":11}},{"id":"978a483b-8ef3-477a-a1a8-e493b4732641","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":64,"box":{"x":70,"y":664,"width":830,"height":12}},{"id":"f01fc9e2-fe77-4f01-b3c5-018d5c7f4502","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":64,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"3853b208-3908-4e82-a349-1e79ad8e757b","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":64,"box":{"x":69,"y":695,"width":834,"height":11}},{"id":"c7bc3a11-718e-417e-adae-606962ad65ea","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":64,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"8963ca28-0a84-4bf5-bfb1-a8cbc7e8f994","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":64,"box":{"x":69,"y":725,"width":806,"height":11}},{"id":"28dffe33-796c-472e-8e8d-329fbf8a593c","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":64,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"d95879ff-99ce-4b62-a30d-c777b1056bf0","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t.","page_number":64,"box":{"x":70,"y":755,"width":485,"height":11}},{"id":"64e31226-5a21-48fc-a4e6-d095d85ccdbc","block_type":"box","text":"Credit Risk","page_number":64,"box":{"x":102,"y":778,"width":78,"height":9}},{"id":"b2a687a8-8a9d-4b6f-b303-cdac97abe14f","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be able to","page_number":64,"box":{"x":184,"y":778,"width":698,"height":11}},{"id":"b843875e-cdab-4df8-a684-9fe389425c82","block_type":"box","text":"honor its financial obligations.","page_number":64,"box":{"x":69,"y":793,"width":213,"height":11}},{"id":"bda56b57-28c4-42f6-b0cb-c80edc56a08d","block_type":"box","text":"Currency Risk","page_number":64,"box":{"x":102,"y":816,"width":98,"height":11}},{"id":"f8585f7f-4782-4c32-b2b8-ae18e270a236","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":64,"box":{"x":204,"y":816,"width":669,"height":11}},{"id":"62ae2ee4-6ab9-42f5-b94a-a4f5d76c57b7","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":64,"box":{"x":68,"y":831,"width":300,"height":11}},{"id":"69c3e425-b5a4-4ab4-bb42-4b8cf4ba8809","block_type":"box","text":"Illiquidity Risk","page_number":64,"box":{"x":102,"y":854,"width":98,"height":11}},{"id":"e11d66d2-16a3-4d4d-8fa1-7efdb27efa52","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":64,"box":{"x":204,"y":853,"width":693,"height":12}},{"id":"95972fb4-e829-46c3-9b3d-fcbd2f783f0b","block_type":"box","text":"or at the price desired by the counterpar ty in connection with payments of margin, collateral, or settlement payments.","page_number":64,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"0cfdef2f-0f9a-442e-b837-54d563edbb09","block_type":"box","text":"There can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a","page_number":64,"box":{"x":68,"y":884,"width":766,"height":11}},{"id":"4f47ebb8-35e3-40c5-a76c-72b02a3c30fa","block_type":"box","text":"secondary market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative","page_number":64,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"487a09b6-1ab1-42ed-b89f-597d270a831a","block_type":"box","text":"II-16","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bd71d800-7273-4b7f-bf76-e1ab1115eee4","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8b7da9d-1e9b-4423-8fb9-9a25da537b4c","block_type":"box","text":"without incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve","page_number":65,"box":{"x":68,"y":45,"width":798,"height":11}},{"id":"c4efb8a8-ea12-4c29-a613-4853aef11b94","block_type":"box","text":"substantial illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such","page_number":65,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"a33ca6aa-df9a-4e5b-9520-7d16da6f3761","block_type":"box","text":"derivatives. A Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the","page_number":65,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"0bba19e2-7272-4b01-ab27-7802f64c594c","block_type":"box","text":"instrument is purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which","page_number":65,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"d1b37bd6-9235-4d7a-a1f8-7ca6d1d18921","block_type":"box","text":"the Manager anticipates the Fund can receive on each business day at least two independent bids or offers, unless a","page_number":65,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"f926b6e9-e775-4fe8-8a0d-947df782e20e","block_type":"box","text":"quotation from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the","page_number":65,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"6c19b9bc-5fce-4df9-9440-608eea275739","block_type":"box","text":"derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable","page_number":65,"box":{"x":69,"y":135,"width":840,"height":12}},{"id":"9e48016b-a567-496e-a2e5-2cfff7a97893","block_type":"box","text":"supplies, the par ticipation of speculators, government regulation and intervention, and technical and operational or","page_number":65,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"5906f8f0-0dbc-4b3a-9950-a5bb575a5495","block_type":"box","text":"system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be","page_number":65,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"0c4eb5cc-402b-4331-9fea-eb6ae0f829b8","block_type":"box","text":"adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of","page_number":65,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"c33cbc13-b4aa-42b4-a6df-8d5dcafa442f","block_type":"box","text":"fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in","page_number":65,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"30b70ef2-6bf8-4686-8970-ac29dc6e369e","block_type":"box","text":"the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open","page_number":65,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"65dafa95-72fc-43a8-8b3f-81021bb57b3d","block_type":"box","text":"positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not","page_number":65,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"01d1a411-37c2-4d4e-b92e-2450a74215e7","block_type":"box","text":"possible to close an open derivative position entered into by the Fund, the Fund would continue to be required to","page_number":65,"box":{"x":70,"y":241,"width":802,"height":11}},{"id":"96c15e34-c860-4fb7-b5ac-864bb21bdbbd","block_type":"box","text":"make daily cash payments of variation margin in the event of adverse price movements. In such a situation, if the","page_number":65,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"761d9ed2-cd08-4424-bda6-9726b48f6ef5","block_type":"box","text":"Fund has insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a","page_number":65,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"be100f16-f99b-459d-9cf5-fc846a5f114e","block_type":"box","text":"time when it may be disadvantageous to do so.","page_number":65,"box":{"x":68,"y":287,"width":337,"height":11}},{"id":"ab8631e6-57d0-4ea4-be46-e443e36a8540","block_type":"box","text":"Index Risk","page_number":65,"box":{"x":102,"y":309,"width":73,"height":9}},{"id":"c494fa30-9959-42c2-bf59-796b10dccfd9","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":65,"box":{"x":179,"y":309,"width":714,"height":11}},{"id":"f66356ce-4834-4197-99e9-081bab4e0998","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":65,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"2d41954d-487d-4be4-a325-8563e14294b6","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":65,"box":{"x":69,"y":339,"width":678,"height":11}},{"id":"1e366940-bb53-4c34-9cc2-5e1b2f419201","block_type":"box","text":"Legal Risk","page_number":65,"box":{"x":102,"y":362,"width":73,"height":11}},{"id":"a4efc0e6-cef0-4f29-bdee-d8f17561d127","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":65,"box":{"x":179,"y":362,"width":717,"height":11}},{"id":"32b3a512-44c1-4439-9c79-c1bfa61a670a","block_type":"box","text":"or enforceability of a contract.","page_number":65,"box":{"x":69,"y":377,"width":211,"height":11}},{"id":"7d71f3eb-b173-4f74-a391-cb7d0f855ccd","block_type":"box","text":"Leverage Risk","page_number":65,"box":{"x":102,"y":400,"width":99,"height":11}},{"id":"61530bef-5e28-46de-9e14-cb4bf62e0296","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":65,"box":{"x":205,"y":400,"width":648,"height":11}},{"id":"5a2769da-5314-4daf-856f-a9c29cf1d7a2","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":65,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"ce27088b-a355-490f-93c7-fb0230a857c3","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":65,"box":{"x":70,"y":430,"width":425,"height":11}},{"id":"1dfac306-0106-44b7-bac7-3224beea9551","block_type":"box","text":"Market Risk","page_number":65,"box":{"x":102,"y":453,"width":85,"height":9}},{"id":"f7f7bd75-2307-4813-b9dd-1e57f1365526","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":65,"box":{"x":191,"y":453,"width":716,"height":11}},{"id":"ca13d1fc-3c33-48f6-b8cc-7572c3e7257f","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":65,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"cb63520d-635d-4027-b16d-af253258a45b","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":65,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"a44e2f6d-98d1-42c8-bc2c-f48bc1a770c1","block_type":"box","text":"affected.","page_number":65,"box":{"x":69,"y":498,"width":62,"height":9}},{"id":"b7633e98-f545-40c7-af5d-b5d9912b5d6a","block_type":"box","text":"Operational Risk","page_number":65,"box":{"x":102,"y":521,"width":117,"height":11}},{"id":"855365c5-d7fb-43b3-929e-67aebf9decf6","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":65,"box":{"x":223,"y":521,"width":674,"height":11}},{"id":"0a4d8f5d-1134-427f-80e4-895ed88501e0","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":65,"box":{"x":70,"y":536,"width":451,"height":11}},{"id":"62d95a49-23ef-40cd-a622-3f488cafb76a","block_type":"box","text":"Valuation Risk","page_number":65,"box":{"x":103,"y":559,"width":99,"height":9}},{"id":"136206ac-d4ad-4de4-be51-b9f6fbc2633e","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":65,"box":{"x":206,"y":559,"width":701,"height":11}},{"id":"fb1a0aa1-b889-427c-8250-2120ee8cc1d1","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":65,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"453101b2-5586-4b25-a31c-0c4b238de683","block_type":"box","text":"complex instruments or quote prices for them.","page_number":65,"box":{"x":69,"y":589,"width":329,"height":11}},{"id":"dcc20dcf-ae76-4673-981d-59f92254e638","block_type":"box","text":"Volatility Risk","page_number":65,"box":{"x":103,"y":612,"width":93,"height":11}},{"id":"a369112a-673f-414f-a1be-4d054ec519d5","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":65,"box":{"x":200,"y":612,"width":652,"height":11}},{"id":"3e64551e-d73a-4ea7-b483-d32fc889ba0e","block_type":"box","text":"Types of Derivatives Transactions.","page_number":65,"box":{"x":103,"y":634,"width":240,"height":11}},{"id":"d3653360-45f5-4889-8f3a-9a22ff5a7d8e","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":65,"box":{"x":101,"y":657,"width":771,"height":11}},{"id":"96e5f11e-c3fa-4167-8fab-7916e547b5aa","block_type":"box","text":"including the following:","page_number":65,"box":{"x":70,"y":672,"width":159,"height":11}},{"id":"15bebef4-d3cd-403b-a37d-44cb55414eb7","block_type":"box","text":"Futures.","page_number":65,"box":{"x":102,"y":695,"width":56,"height":9}},{"id":"8fb84e7a-a724-4a9f-84cb-f3aa13f2b467","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":65,"box":{"x":101,"y":717,"width":791,"height":12}},{"id":"e3313245-c7a7-41c0-a9dd-2a4db46043bf","block_type":"box","text":"exchange-traded contracts that require a purchaser to take delivery, and a seller to make delivery, of a specified","page_number":65,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"bcc73197-0152-4441-9370-218ffd823652","block_type":"box","text":"amount of an asset at a specified future date and price. Upon purchasing or selling a futures contract, a Fund is","page_number":65,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"62f0a8f3-00f6-4031-b919-629894bed4c1","block_type":"box","text":"required to deposit initial margin equal to a percentage (generally less than 10%) of the contract value. Futures","page_number":65,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"937bf3d5-4bf0-4dc0-8fdf-3fa0d9c4eae8","block_type":"box","text":"contracts are marked to market daily for the duration of the contract, and the Fund will either post additional margin","page_number":65,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"e33e9739-f702-4672-9d2f-73e8592146f4","block_type":"box","text":"or be entitled to a payment, as applicable, based on the mark-to-market movement of the contract.","page_number":65,"box":{"x":69,"y":793,"width":703,"height":11}},{"id":"e2a04a97-ff0f-4343-9d5b-13cfff9d0ab4","block_type":"box","text":"A Fund may sell a futures contract prior to the completion of its term to limit its risk of loss from a decline in the","page_number":65,"box":{"x":101,"y":816,"width":801,"height":11}},{"id":"9cb22b27-9a62-483a-80c4-88757d60cc89","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":65,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"ad9d6186-5f2c-4182-9288-7314f36ce8b6","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":65,"box":{"x":70,"y":846,"width":822,"height":11}},{"id":"9103e945-97fc-4325-b804-bbdbf32175c3","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":65,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"94bae7f1-4ecc-4f1e-96f0-76d24c1b45e3","block_type":"box","text":"of the futures contract.","page_number":65,"box":{"x":69,"y":876,"width":162,"height":9}},{"id":"25a5eb20-d5a5-437c-b197-fedd68a5925a","block_type":"box","text":"II-17","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8e10c9bb-24ac-4f8e-a745-968d4eaf9e53","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"13fd64d2-ee9c-41c5-bcb7-74e6b2f7f18d","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":66,"box":{"x":101,"y":45,"width":756,"height":11}},{"id":"afd5af1b-57f6-4d6e-950e-4c8db51832ff","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":66,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"0b932981-5850-4532-a350-f64d25e40b85","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":66,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"c78e3467-0c4f-439d-829b-f2910c023360","block_type":"box","text":"relating to the futures position.","page_number":66,"box":{"x":69,"y":90,"width":219,"height":11}},{"id":"e6bd3699-ff98-49e9-a39d-a695a17d5254","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":66,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"76bfc16a-2e83-470b-9670-1a4f2fc3f777","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":66,"box":{"x":69,"y":128,"width":797,"height":11}},{"id":"c8d37778-d370-48c4-bce4-838532c459e3","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":66,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"a14634cc-198d-4f74-90d8-75730f070041","block_type":"box","text":"Regulations” above.","page_number":66,"box":{"x":70,"y":158,"width":140,"height":11}},{"id":"1b121489-ba83-439d-9ff7-5b739e45080e","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":66,"box":{"x":101,"y":181,"width":799,"height":11}},{"id":"f1ea5dbb-c0fe-4367-a2e4-0620b829607d","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":66,"box":{"x":69,"y":196,"width":818,"height":11}},{"id":"775cf6b6-12b8-4a40-b0d0-cd570805fdc1","block_type":"box","text":"(","page_number":66,"box":{"x":69,"y":211,"width":3,"height":11}},{"id":"457f1f67-e727-43a3-a9c8-1a9297da9133","block_type":"box","text":"i.e.","page_number":66,"box":{"x":74,"y":211,"width":21,"height":9}},{"id":"878d9915-c5f7-4093-88f1-84f65309fa9a","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":66,"box":{"x":97,"y":211,"width":803,"height":11}},{"id":"8b442cf6-1165-4d56-8fda-e5f804ae0fa8","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":66,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"e6af18fe-6754-4417-8610-e1f778625d5e","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":66,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"43b2a191-c3de-45ab-83ee-e1c39b9a6d1f","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":66,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"71c10357-1ab8-49a8-bfd1-2bb995328a17","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":66,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"b3f27da4-bedf-4c52-a9dd-c8d66f5f41fe","block_type":"box","text":"Fund intends to purchase.","page_number":66,"box":{"x":70,"y":287,"width":183,"height":10}},{"id":"68d26ded-87e2-4722-8b45-ad9605351ba6","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":66,"box":{"x":101,"y":309,"width":768,"height":11}},{"id":"1f8b20da-676e-46ba-b804-25005ee48093","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":66,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"1c3ee4b3-7dcf-488b-9562-3f36427d1f01","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":66,"box":{"x":69,"y":339,"width":839,"height":12}},{"id":"08ca67ce-c2b1-4fc4-b95b-611290dab78c","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":66,"box":{"x":69,"y":355,"width":773,"height":11}},{"id":"01bfa4fa-d6d9-4d72-9d48-9d0a4846889d","block_type":"box","text":"illiquidity.","page_number":66,"box":{"x":70,"y":370,"width":63,"height":11}},{"id":"bf02b4e2-166f-49a4-981c-dc4e52aa1b21","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":66,"box":{"x":102,"y":392,"width":757,"height":12}},{"id":"834ff8c8-8dd3-4f5e-8159-8661b815034f","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":66,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"83a8863b-98f2-445f-9f44-98c47a39e1d2","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":66,"box":{"x":70,"y":423,"width":269,"height":9}},{"id":"a7220485-5f42-4ed0-b669-af7fb0c82f72","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":66,"box":{"x":102,"y":445,"width":791,"height":12}},{"id":"667a4498-d6ad-40ad-9a2a-91b850dcac1d","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":66,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"b479c7ca-f1e8-435d-b598-774e4f263200","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":66,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"191350c6-4a4f-47a8-8052-db30fb235487","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":66,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"f3624a16-1da8-4158-8753-015f69a0c437","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":66,"box":{"x":68,"y":506,"width":657,"height":9}},{"id":"a630d4d0-beec-4dbe-ad4d-5112d3f4c00c","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":66,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"181927c1-923d-455a-98df-3d7aab3d5d0e","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":66,"box":{"x":68,"y":543,"width":826,"height":11}},{"id":"89176729-0499-47e4-b174-414ba4c15e9e","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":66,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"26931197-0398-4faf-b729-3e26d0c87c30","block_type":"box","text":"contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or","page_number":66,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"abe78f7e-523a-4e1f-96b8-7868822737e8","block_type":"box","text":"impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to","page_number":66,"box":{"x":70,"y":589,"width":817,"height":11}},{"id":"f5c5be01-987f-49fc-8018-9bd40782e62d","block_type":"box","text":"find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":66,"box":{"x":68,"y":604,"width":561,"height":11}},{"id":"f5cf75fa-d461-49cd-a600-e244613b651c","block_type":"box","text":"Swap Agreements.","page_number":66,"box":{"x":102,"y":627,"width":131,"height":11}},{"id":"8adede14-d57b-4439-b739-3dbc40d5a1bb","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":66,"box":{"x":101,"y":649,"width":782,"height":12}},{"id":"31abc58b-d2f7-4d56-8c92-6a23cbbbe779","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":66,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"87ba2bdf-fd42-4883-bb14-453e0b79149a","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":66,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"a0079e8f-9244-4032-8d45-04a9a79434b4","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":66,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"fb31c4ea-f819-4d84-8872-9e791a881875","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":66,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"d583b298-9810-478e-adf0-44dd59625a67","block_type":"box","text":"a “notional amount,”","page_number":66,"box":{"x":69,"y":725,"width":147,"height":10}},{"id":"4c94ebec-8025-4490-b803-a1ce7591f47a","block_type":"box","text":"e.g.","page_number":66,"box":{"x":223,"y":726,"width":25,"height":10}},{"id":"681b2188-5147-454f-b257-a9c3e9cf34f9","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":66,"box":{"x":251,"y":725,"width":602,"height":11}},{"id":"53d99507-a8de-413f-90ce-9315259c9fa0","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":66,"box":{"x":70,"y":740,"width":787,"height":11}},{"id":"5c1f690d-8713-428d-909e-fc130f3d5c18","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":66,"box":{"x":69,"y":755,"width":762,"height":11}},{"id":"fb8cf708-2d30-4830-ab58-958df31633dd","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal","page_number":66,"box":{"x":69,"y":771,"width":828,"height":11}},{"id":"1aff7fb6-6713-417c-bcff-834ae98e7070","block_type":"box","text":"only to the net amount to be paid or received under the agreement based on the relative values of the positions held","page_number":66,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"b6d7dfbc-7b09-4652-81f6-613b8adcec28","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":66,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"bce1a2b4-dba2-4835-b5d9-1b3c3f53af8b","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":66,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"b9c603d6-e98a-4ddd-9793-ea5747e3aa1c","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":66,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"5ad147fa-547c-4227-b983-d90ce20006d1","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":66,"box":{"x":68,"y":846,"width":763,"height":11}},{"id":"c94a1fb6-d9bc-4154-ba2b-7f01da769786","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":66,"box":{"x":102,"y":869,"width":329,"height":11}},{"id":"81918b6e-efb0-4bb2-8f0e-1a6f4a5f2361","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":66,"box":{"x":438,"y":869,"width":439,"height":11}},{"id":"e5398017-8958-4bb3-8a03-36b7165c525b","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":66,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"a5cad912-7513-4871-bb72-b12256dd09e5","block_type":"box","text":"“seller” an up-front payment, or a periodic stream of payments, over the term of the contract, provided generally that","page_number":66,"box":{"x":70,"y":899,"width":831,"height":11}},{"id":"8773786b-72e6-43a1-a996-9bb4c47dc422","block_type":"box","text":"II-18","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3d95b616-9d61-448c-8032-1e79c819d8b6","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a241c959-8df8-48fa-9ade-5f79e1fcd9f5","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":67,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"db74424a-579b-459b-81dd-55962e713c2b","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":67,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"c2f41e4d-c6e9-4cd1-bc12-74253fef81c3","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":67,"box":{"x":68,"y":75,"width":798,"height":11}},{"id":"93c6cde7-473c-4f49-8f5f-ce1e8874fad2","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":67,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"933a6da6-cdb1-484d-9577-a29203658bf8","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":67,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"067e139b-ffda-4201-90c3-5763e3b5da28","block_type":"box","text":"index CDS.","page_number":67,"box":{"x":70,"y":120,"width":75,"height":9}},{"id":"74576317-62b7-48ca-91d1-ca99f48275a7","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":67,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"4eb0c6e7-a1b6-41bf-a127-17c41ed765bf","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":67,"box":{"x":69,"y":158,"width":806,"height":9}},{"id":"ad2f865f-479b-43d5-a39c-d38800cbd7d6","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":67,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"1637739e-1206-4f8b-9e29-20463370ff72","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":67,"box":{"x":69,"y":188,"width":804,"height":11}},{"id":"398a73b5-389c-45d5-acf6-ee0dac52f207","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":67,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"05b3eac0-6667-48a8-8722-6a4a3324b8ee","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":67,"box":{"x":69,"y":219,"width":798,"height":11}},{"id":"5211c635-bfcd-44a2-8b02-e6d7e641a97d","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":67,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"17ca6921-d8d6-48f8-859f-c1017915cd0f","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":67,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"3c7354c0-d77c-4550-b85c-1372a336bef0","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":67,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"3d400384-b4f3-4824-865a-d7c02f054d5f","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":67,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"0649181f-dbee-45f5-b0b6-de95a047329f","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":67,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"f5f7cd67-9744-48d5-bbbf-4b9a1f2fa00b","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":67,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"85cacbb6-718f-4483-ba22-458cb96657bd","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":67,"box":{"x":70,"y":324,"width":834,"height":11}},{"id":"d3bd7262-eb36-47ce-8532-86b1cf20668c","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":67,"box":{"x":69,"y":339,"width":778,"height":12}},{"id":"752f23f8-f39f-4bab-8b02-b916f4ac40a8","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":67,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"3e2762a8-47d0-43b5-a513-7a09bf3109ba","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":67,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"394fe222-3049-47ec-b846-1f1348c50ea5","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":67,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"6289b64e-1288-4186-96f7-5b8a3c54505e","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":67,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"6338422c-97e2-410e-b1f7-da5cd8b79c53","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":67,"box":{"x":70,"y":415,"width":711,"height":11}},{"id":"7842876a-e9de-4d6a-9bdd-5e7ed8ac1b4c","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":67,"box":{"x":102,"y":438,"width":757,"height":11}},{"id":"714602f2-8beb-4ae8-9b94-6c5517ba6efd","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":67,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"2e100362-aedd-463d-a122-e2293cc07314","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":67,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"282d13bc-8c83-4ca8-b19f-254be2733c07","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":67,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"90b1f85d-019e-4086-877d-039993a7bee3","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":67,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"584fbd53-7132-49a2-92b3-2301d2773250","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":67,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"aec5e106-548f-43aa-bbe7-2f5db360abb8","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":67,"box":{"x":68,"y":528,"width":833,"height":12}},{"id":"970c9ce2-52ed-48f6-b921-097b3cfd88d7","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":67,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"f4e422d2-e0be-4cc8-89d6-443e3643e8db","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":67,"box":{"x":68,"y":559,"width":820,"height":9}},{"id":"b3fdb7b4-0e2e-4e68-9112-2e75e9a276ea","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":67,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"e8a67a20-1f8c-4c97-8071-2c74cea215fb","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":67,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"32b6e653-9e16-494b-abac-9f9e82ef19ac","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":67,"box":{"x":68,"y":604,"width":814,"height":11}},{"id":"838abfad-cf96-4975-86fd-c5122e20a6ca","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":67,"box":{"x":69,"y":619,"width":766,"height":11}},{"id":"9fa5a76a-c9b4-4457-9b69-9f4cd9180280","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":67,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"d311575f-89a5-42ff-b215-14139c8b2ad8","block_type":"box","text":"conditions.","page_number":67,"box":{"x":69,"y":650,"width":76,"height":8}},{"id":"694dc430-b529-4735-9511-b8287d8b8545","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":67,"box":{"x":102,"y":672,"width":762,"height":11}},{"id":"32361915-dd18-452a-a513-ff0dc2278cbb","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":67,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"52207894-3ac7-4f06-9b4f-2f8384520709","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":67,"box":{"x":69,"y":702,"width":727,"height":12}},{"id":"925c7010-213f-48c5-b11b-54c9ca3a6791","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":67,"box":{"x":69,"y":717,"width":819,"height":12}},{"id":"5ef999df-889a-4e49-b8c5-75e4eec73f58","block_type":"box","text":"clear some, but not all, of the other credit default swaps not subject to mandatory clearing. The Funds face","page_number":67,"box":{"x":69,"y":732,"width":764,"height":12}},{"id":"79d2c27d-1753-494d-892e-05d69928a037","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":67,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"55d3c875-0a5c-49b8-8428-79a559dfbd12","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":67,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"60e58817-35a2-4b54-b661-7f9d816cc478","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":67,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"7ab8996c-41b8-4550-9014-3d0b0cd7a90e","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":67,"box":{"x":70,"y":793,"width":828,"height":11}},{"id":"8fcd23d3-f701-480c-bfbe-810b3f96c59e","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":67,"box":{"x":68,"y":808,"width":355,"height":11}},{"id":"42cc35a3-c9fb-4c98-b06d-167d593c2a54","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":67,"box":{"x":102,"y":831,"width":750,"height":11}},{"id":"68d1d531-1321-419d-a6a5-9be5696099b6","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":67,"box":{"x":70,"y":846,"width":836,"height":11}},{"id":"a541a216-834e-424a-a013-2a1aedfbee3b","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":67,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"fa604619-1853-4304-bfcd-6c208d271ae3","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":67,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"f27b8e67-4eb2-43de-b7ac-1cc5acdaeb20","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":67,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"928e7949-456d-4a72-a020-b7c2cf229394","block_type":"box","text":"II-19","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5c4becf6-fc65-4104-98a3-c655c5d1487c","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84f70f0c-663b-4466-843b-6b6cd27611a4","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":68,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"5f502ee4-ee0b-41ea-a622-6a0115189c31","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":68,"box":{"x":69,"y":60,"width":495,"height":11}},{"id":"39d0e795-b74e-4e35-ab77-1337d9b7b3c8","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":68,"box":{"x":102,"y":82,"width":752,"height":12}},{"id":"ed80e511-8388-4cfb-9766-8684f94fc35b","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":68,"box":{"x":70,"y":98,"width":814,"height":11}},{"id":"20212ad4-5e39-4791-929e-adfa5f825ab3","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":70,"y":113,"width":520,"height":11}},{"id":"f2496d54-1326-4c7e-805b-215d66773904","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":68,"box":{"x":102,"y":135,"width":273,"height":11}},{"id":"27118359-77d1-4693-8bb3-ec3c4677cc6d","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":68,"box":{"x":381,"y":135,"width":515,"height":11}},{"id":"c8fc4b5f-a63d-40ea-8d89-49c743637ccc","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":68,"box":{"x":69,"y":150,"width":755,"height":12}},{"id":"590312f4-0b30-4d53-8262-3a53b148b637","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":68,"box":{"x":68,"y":166,"width":788,"height":11}},{"id":"864930f9-6dc2-47d5-ac44-e1f157cbca83","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":68,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"085760d2-e0f1-45fe-a49c-276d2f6f264a","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":68,"box":{"x":70,"y":196,"width":461,"height":11}},{"id":"730a2f76-dcac-4e58-a037-92e7f4b6f94f","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":68,"box":{"x":102,"y":218,"width":748,"height":12}},{"id":"8fe56f97-40f1-49b9-ba40-4ac8e036c4fb","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":68,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"2f1c20c4-b456-4fc7-a068-9dd3e46975fc","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":68,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"df6419cf-4c43-42ba-a131-6e7506d12ba2","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":68,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"0eb7a3d5-4375-415b-b310-bab2d71741fc","block_type":"box","text":"cleared interest rate swaps.","page_number":68,"box":{"x":69,"y":279,"width":198,"height":11}},{"id":"815a4df5-d954-4646-b30e-68662d04ee2d","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":68,"box":{"x":101,"y":302,"width":766,"height":11}},{"id":"ee0df9f5-9433-446b-b243-e3c0f32fe73e","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":68,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"cad04e97-fb37-4a07-b2d6-366947e9f697","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":68,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"815b5bdc-c085-468a-bc1c-85c0c85c448f","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":68,"box":{"x":70,"y":347,"width":822,"height":11}},{"id":"70a7d4fe-dd29-4d3b-8469-f54740bf6565","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction. The market for interest rate swaps is relatively","page_number":68,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"7483f7ab-3677-4693-a975-6936808d08a5","block_type":"box","text":"liquid in comparison with other similar instruments traded in the interbank market. A Fund may be limited in its ability","page_number":68,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"7591f07e-29fe-44fc-b500-593431078d9e","block_type":"box","text":"to enter into cer tain interest rate derivatives due to applicable income tax requirements.","page_number":68,"box":{"x":68,"y":393,"width":629,"height":10}},{"id":"ffee128f-5642-42a2-b656-4fb5c7ef6a76","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":68,"box":{"x":102,"y":415,"width":790,"height":11}},{"id":"40a6686e-d614-46c9-b846-67ee48a4c6ac","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":68,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"f129121d-5c34-45dc-a4fa-cd34d9cd872b","block_type":"box","text":"or variable interest rate, index or asset.","page_number":68,"box":{"x":69,"y":446,"width":280,"height":10}},{"id":"d9bb6655-ff0e-49c3-aed6-6488942dd557","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":68,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"76f2237f-b58f-47d2-8a94-9a1ed128e273","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":68,"box":{"x":70,"y":483,"width":805,"height":11}},{"id":"d3e315ad-732b-4da0-8b7b-2b3ba26d032e","block_type":"box","text":"such interest rate floor.","page_number":68,"box":{"x":69,"y":498,"width":165,"height":9}},{"id":"efa9c4a4-6768-4ed6-87c8-d15c0c3c5110","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":68,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"8786f1c2-7faa-430e-a854-0cfcb39f3abe","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":68,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"6e137e33-1948-4c89-b7f9-c3d681141bdc","block_type":"box","text":"such interest rate cap.","page_number":68,"box":{"x":69,"y":551,"width":159,"height":11}},{"id":"6a3b2ef1-b8d8-4697-856e-4142fcc83e84","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":68,"box":{"x":101,"y":574,"width":729,"height":11}},{"id":"4043220a-55a3-453d-b189-f9f5f2855847","block_type":"box","text":"commitments to pay or receive interest,","page_number":68,"box":{"x":69,"y":589,"width":282,"height":11}},{"id":"6c82f697-8347-466d-93be-75155b376674","block_type":"box","text":"e.g.","page_number":68,"box":{"x":359,"y":590,"width":24,"height":10}},{"id":"8e6fc7e1-5711-4332-8a16-f6ec81773b5e","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":68,"box":{"x":386,"y":589,"width":482,"height":11}},{"id":"b6e307df-fe07-4f42-9e7a-ac5c02bc30d0","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":68,"box":{"x":69,"y":604,"width":814,"height":11}},{"id":"840cdd76-ca9e-4aeb-a098-eea7b05c5c69","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":68,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"cefdf418-de26-4030-8487-56aa8d4e5fc3","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":68,"box":{"x":68,"y":634,"width":832,"height":12}},{"id":"c1508683-0af0-4df3-bd62-a7e227b7796c","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":68,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"b46b6768-188b-4941-bcff-143174b0076e","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":68,"box":{"x":69,"y":665,"width":836,"height":11}},{"id":"aea43307-99b8-4ec8-88e5-7a61374f1b5e","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":68,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"e15a15ea-e8eb-45d6-b2c0-d5e510ab7f74","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":68,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"2328570b-9944-44d8-86ef-5d0fd6a62da5","block_type":"box","text":"rates and may permit the Fund to enhance its income through the positive differential between one week and one","page_number":68,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"ba5f7a29-00ab-4342-9c52-949f71094efa","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":68,"box":{"x":68,"y":725,"width":646,"height":11}},{"id":"0454998a-8164-447b-85da-60b61f3160ba","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":68,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"3b5e5f67-8a2e-48e7-87e7-4dc6347144f2","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":68,"box":{"x":70,"y":763,"width":490,"height":11}},{"id":"cebdea5f-351d-4a49-8d53-da9f38adecd8","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":68,"box":{"x":102,"y":785,"width":791,"height":12}},{"id":"294e4c3a-85f3-4673-91e8-8040a32808f1","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":69,"y":801,"width":454,"height":9}},{"id":"338cb3cc-7a10-4762-b1ca-8fe1886774c9","block_type":"box","text":"Total Return Swaps.","page_number":68,"box":{"x":103,"y":823,"width":139,"height":11}},{"id":"ec44a894-df1f-4cb4-bc15-4f3f406a788a","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":68,"box":{"x":249,"y":823,"width":634,"height":12}},{"id":"cb43fe7f-64a3-4f4e-a5ad-ec81c68eac38","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":68,"box":{"x":68,"y":838,"width":838,"height":12}},{"id":"d670a735-193f-48c3-ace9-a40d28954c1a","block_type":"box","text":"a fixed or variable interest rate or the total return from different underlying assets. The return of the assets","page_number":68,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"64606cb4-a2a9-4598-949d-a04da84ad5c9","block_type":"box","text":"underlying the contract includes both the income generated by the asset and the change in market value of the","page_number":68,"box":{"x":69,"y":869,"width":791,"height":11}},{"id":"9d33bec0-fffc-442b-a1ba-2462da194787","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":68,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"41fa784e-53be-4573-918d-f38c315cef12","block_type":"box","text":"II-20","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1aff6ace-d987-4fd4-8033-6817f08596c8","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4454316d-fc3c-4b93-90b8-60b8b9fd511e","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":69,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"211d232f-8d88-4ef6-b755-434ca04f886c","block_type":"box","text":"“contracts for difference.”","page_number":69,"box":{"x":70,"y":60,"width":184,"height":9}},{"id":"9ae2864d-f89b-4ae7-b679-9bc83fa73d8a","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":69,"box":{"x":101,"y":83,"width":770,"height":11}},{"id":"5a23905f-f06e-459c-8aa7-8b0b60192f78","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":69,"box":{"x":69,"y":98,"width":780,"height":11}},{"id":"dc0c2cd7-03a6-4b0a-9092-8a63ab512fc6","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":69,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"cd22d41f-ddd1-4c96-9fea-2d4a914e8340","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":69,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"c82280e3-04eb-4579-b199-057099f6b536","block_type":"box","text":"the notional amount of the swap.","page_number":69,"box":{"x":68,"y":143,"width":235,"height":11}},{"id":"4fc4e41d-133a-4002-80ce-54c384b5f8cb","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":69,"box":{"x":101,"y":166,"width":746,"height":11}},{"id":"c3da47bb-de7d-4770-83ac-71a4c0f67970","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":69,"box":{"x":69,"y":181,"width":433,"height":11}},{"id":"21b7beed-2eff-457e-b554-9cbe3b9e4bb6","block_type":"box","text":"Options.","page_number":69,"box":{"x":102,"y":203,"width":57,"height":11}},{"id":"5ee4d23d-2f5f-4afb-ab18-47a976d8a105","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":69,"box":{"x":102,"y":226,"width":319,"height":11}},{"id":"9ea07274-202f-4c83-afd9-7465c59e4735","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":69,"box":{"x":427,"y":226,"width":418,"height":11}},{"id":"8f176bdc-cff9-43ff-a9f1-da940d7c495c","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":69,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"e67461d5-8719-475f-87f9-99157739b8e8","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":69,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"ecba7531-b9f9-4dfa-a3ce-f824ae27d91a","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":69,"box":{"x":69,"y":272,"width":826,"height":11}},{"id":"dc989e2d-11da-44a6-b40f-a64732fd61d1","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":69,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"f8a3e28a-36aa-45b1-93bc-612dc2cd0525","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":69,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"f6f81086-cc43-4321-b630-1a4c60715d94","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":69,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"cac2c809-0af1-4979-ac77-e69f11629322","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":69,"box":{"x":69,"y":332,"width":366,"height":11}},{"id":"e7f3c9c3-e9cc-4566-84f1-3d19e75c00e8","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":69,"box":{"x":101,"y":355,"width":743,"height":11}},{"id":"8e6e4638-db02-4edf-b331-350250de2139","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":69,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"ace800cb-2448-4822-92e2-dbe637171add","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":69,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"0c5884f0-350d-4e97-ab37-f5dc5f623de4","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":69,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"ad02a6f9-1c50-42f1-bea1-575c97363bdb","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":69,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"a9156060-7445-4ea3-8a7e-565c850a2a4f","block_type":"box","text":"OTC markets.","page_number":69,"box":{"x":69,"y":430,"width":95,"height":9}},{"id":"e58f1ba2-3e76-454b-b55f-e2fb03ea656d","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":69,"box":{"x":101,"y":453,"width":806,"height":11}},{"id":"78553c2d-a7eb-45d3-af0e-7008ae9e8b1d","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":69,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"b1f80286-2296-4d64-bd90-38d279211e33","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary","page_number":69,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"e37cc8b1-8498-41ae-97a8-c2e4f4ebed7d","block_type":"box","text":"market for par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent","page_number":69,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"4dce31bc-7dec-439e-a6be-c51bf4c10c29","block_type":"box","text":"for reasons which include the following: there may be insufficient trading interest in cer tain options; restrictions may","page_number":69,"box":{"x":68,"y":513,"width":832,"height":12}},{"id":"25743369-6cba-4021-baa4-90c4e64c8a4d","block_type":"box","text":"be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or","page_number":69,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"46be7997-e31e-474a-9be2-99a24f3c95c8","block_type":"box","text":"other restrictions may be imposed with respect to par ticular classes or series of options or underlying securities;","page_number":69,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"2c32909b-984c-4d5e-af16-cf01d02bcaed","block_type":"box","text":"unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange","page_number":69,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"5fbbf654-2d71-4f36-a457-803945b439fc","block_type":"box","text":"or the Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or","page_number":69,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"31b5bb71-a1eb-4165-a3f1-c11bce85a422","block_type":"box","text":"more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue","page_number":69,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"0e90bcad-3e04-4ad8-9f7b-0d9763e97654","block_type":"box","text":"the trading of options (or a par ticular class or series of options), in which event the secondary market on that","page_number":69,"box":{"x":68,"y":604,"width":782,"height":11}},{"id":"be14feff-2dbb-4f17-ab40-6adffc192b1e","block_type":"box","text":"Exchange (or in that class or series of options) would cease to exist, although outstanding options that had been","page_number":69,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"86bbd14e-74bd-46d1-abe1-16c51a4423dc","block_type":"box","text":"issued by the Options Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in","page_number":69,"box":{"x":70,"y":634,"width":837,"height":12}},{"id":"2ba6e8ab-3c69-49a4-9b36-eaf85795f767","block_type":"box","text":"accordance with their terms.","page_number":69,"box":{"x":69,"y":650,"width":201,"height":8}},{"id":"255ec354-3970-4a64-bc15-1988b223c885","block_type":"box","text":"Call Options.","page_number":69,"box":{"x":102,"y":672,"width":89,"height":11}},{"id":"508368f9-4bb0-48f0-8b2f-f1ab004ad76b","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in which it may","page_number":69,"box":{"x":197,"y":672,"width":694,"height":11}},{"id":"293c71d8-50da-453f-ade1-f6428866bbe5","block_type":"box","text":"invest. A purchased call option gives a Fund the right to buy, and obligates the seller to sell, the underlying security at","page_number":69,"box":{"x":70,"y":687,"width":838,"height":11}},{"id":"fe298da6-1afd-47d5-995d-c1f95068d162","block_type":"box","text":"the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices.","page_number":69,"box":{"x":68,"y":703,"width":813,"height":11}},{"id":"00115eb6-4c09-4808-8b87-1bf4ca22bcd6","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":69,"box":{"x":70,"y":717,"width":795,"height":12}},{"id":"2c010332-ee99-42f6-b014-b73615ac42e5","block_type":"box","text":"underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash","page_number":69,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"ae51c0f6-90d9-4bdf-8835-67aef9048c75","block_type":"box","text":"upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price","page_number":69,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"f30246b4-d0b7-4fdd-a1dd-24d558856497","block_type":"box","text":"of the option.","page_number":69,"box":{"x":69,"y":763,"width":93,"height":11}},{"id":"3f0db2ad-63af-4941-9ce2-1fd1a01b5e51","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written where the","page_number":69,"box":{"x":101,"y":785,"width":794,"height":12}},{"id":"c96b2c0b-ffb0-4b7b-bba9-fcf1401ab6a6","block_type":"box","text":"exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the","page_number":69,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"e6ba5357-080d-4c59-b522-55cb38ce7899","block_type":"box","text":"exercise price of the call written provided the difference is maintained by the Fund in assets which are not considered","page_number":69,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"61536b9c-c322-40d7-ab7c-a09e36f8b8d4","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":69,"box":{"x":70,"y":831,"width":778,"height":11}},{"id":"e199f450-baa4-4e8f-94ec-4864f6d7fab9","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":69,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"05de063a-1d7d-4c9c-a806-10cba897d4fd","block_type":"box","text":"A Fund may write (","page_number":69,"box":{"x":101,"y":869,"width":130,"height":11}},{"id":"b21a7f4f-5808-4445-8542-bddcf74a1e70","block_type":"box","text":"i.e.","page_number":69,"box":{"x":233,"y":869,"width":20,"height":9}},{"id":"c2f192b7-e98e-4cfb-a353-ad896986dc69","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":69,"box":{"x":256,"y":869,"width":627,"height":11}},{"id":"4dc330ee-e4e1-4964-86f2-c142a18b2ba3","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":69,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"bf5d9b8e-1e7d-493a-a2ed-2898cc5b43fb","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":69,"box":{"x":68,"y":899,"width":827,"height":11}},{"id":"8c9c3caa-5dff-4adc-a196-c77ce8a32474","block_type":"box","text":"II-21","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0e0c0ea7-9da3-448a-9599-a44ec0583c09","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af9a41e5-ce74-43cf-b8f6-2125a4183eca","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":70,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"dddbdb07-67a5-4ec9-bb52-0caa77a46765","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":70,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"9185feaa-a3c2-4be0-9655-ceaf2e1b4b00","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":70,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"e2d8af87-6151-4cfe-88c9-1517571a5e54","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":70,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"af2d79bb-aa10-4e85-b3b8-5c1803b19753","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":70,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"cb1fc5cc-2294-4a6f-b024-ba197110acde","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":70,"box":{"x":69,"y":120,"width":792,"height":12}},{"id":"804fd9ae-9c78-4e5f-bbcb-83d10bcd9774","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":70,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"a3109522-9c50-4746-95e5-9274b11a5499","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":70,"box":{"x":69,"y":150,"width":760,"height":12}},{"id":"bbebf650-e52a-4f68-8940-ddfbac9998c0","block_type":"box","text":"A Fund may write","page_number":70,"box":{"x":101,"y":173,"width":120,"height":11}},{"id":"215de836-c7c8-46a0-868b-54a9afe307a1","block_type":"box","text":"(i.e.","page_number":70,"box":{"x":228,"y":173,"width":25,"height":11}},{"id":"c7a3bac2-4e13-46eb-8202-5652ce973701","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":70,"box":{"x":256,"y":173,"width":628,"height":11}},{"id":"92eeaa46-5515-4d84-9a3b-dfdcd8530247","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":70,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"2386f54f-804b-4d2f-bae7-8a80317d66a1","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":70,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"7787dbc4-bac7-464a-9feb-0bb49cd50f4a","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":70,"box":{"x":69,"y":218,"width":825,"height":12}},{"id":"f38cb808-9d76-4ebd-9e38-86df7b4043c0","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":70,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"ce2242f4-ac6e-44dc-9c87-33c58f404827","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":70,"box":{"x":70,"y":249,"width":806,"height":11}},{"id":"13419fa2-3e22-4b56-8f70-deb356cdb984","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":70,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"160de705-8ed5-471f-812f-e1f4bcd12d73","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":70,"box":{"x":68,"y":279,"width":793,"height":11}},{"id":"e9610ca6-1dd0-4261-908d-21785a5eb98f","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":70,"box":{"x":69,"y":294,"width":814,"height":11}},{"id":"109f1907-1210-4700-9d19-cbc303464639","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":70,"box":{"x":68,"y":309,"width":818,"height":11}},{"id":"9833aca4-9a9c-4dae-97b0-52e74d2fdb10","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":70,"box":{"x":68,"y":324,"width":825,"height":11}},{"id":"2b35a75d-6ef5-41d5-a36a-53af29786c35","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":70,"box":{"x":69,"y":339,"width":326,"height":11}},{"id":"34eb2fa3-7430-49f7-9228-a6ae2bc33691","block_type":"box","text":"Put Options.","page_number":70,"box":{"x":102,"y":362,"width":85,"height":11}},{"id":"44b7d882-47fc-4a63-8a93-ed12dec48a9e","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":70,"box":{"x":194,"y":362,"width":712,"height":11}},{"id":"84cee418-4424-447c-8e85-a857cccc8f83","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":70,"box":{"x":68,"y":377,"width":828,"height":12}},{"id":"e1ff50e7-e55c-499d-a79c-337cfda24314","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":70,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"ff72be63-ec0f-493f-8e4c-1008185928c4","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":70,"box":{"x":70,"y":407,"width":820,"height":12}},{"id":"8defd63d-027e-4719-98f9-c819353cec22","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":70,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"cab9c850-cee8-488a-965a-05c473e4f633","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":70,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"c3b1de2b-5ab1-458a-994b-d9c2e84367e2","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":70,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"feb6ccc8-ca1a-4346-af94-7b1cdcd88a61","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":70,"box":{"x":68,"y":468,"width":841,"height":11}},{"id":"8bb5c6f9-b880-4381-8cf7-0f1551bc632b","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":70,"box":{"x":69,"y":483,"width":785,"height":11}},{"id":"b770415e-14d6-47ac-b940-68fcf45c8f2e","block_type":"box","text":"purchase uncovered put options.","page_number":70,"box":{"x":70,"y":498,"width":231,"height":11}},{"id":"8b3f82ad-0ba9-40e4-8822-8b6a8cb0cea6","block_type":"box","text":"A Fund also may write (","page_number":70,"box":{"x":101,"y":521,"width":165,"height":11}},{"id":"c9cfec54-d2d8-4f09-b34b-47d715c75b96","block_type":"box","text":"i.e.","page_number":70,"box":{"x":268,"y":521,"width":20,"height":9}},{"id":"29db51ec-c454-451b-9dd6-8fd277e9a51b","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":70,"box":{"x":291,"y":521,"width":591,"height":11}},{"id":"9930da2e-3df6-41eb-b32b-5ed5ef2a6f91","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":70,"box":{"x":70,"y":536,"width":675,"height":11}},{"id":"a2b41b1f-5e5b-4bb9-820d-108f65f6715e","block_type":"box","text":"A Fund also may write (","page_number":70,"box":{"x":101,"y":559,"width":165,"height":11}},{"id":"a95e7b85-66e8-40e2-8b09-6d2400811250","block_type":"box","text":"i.e.","page_number":70,"box":{"x":268,"y":559,"width":20,"height":9}},{"id":"1bd78ebb-0a4b-4922-99fe-6ae9fd23ba26","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":70,"box":{"x":291,"y":559,"width":593,"height":11}},{"id":"fe07a3fb-d221-4dee-877e-ed59167e4b31","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":70,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"0fd0780a-2b46-4d35-92d7-89f3c0a51500","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":70,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"d821ac6f-79b5-410b-8205-2d9d094767bc","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":70,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"63ba7630-0c3e-42e5-99fb-f72475b0b312","block_type":"box","text":"acquire such securities or instruments at a net cost below the current market value. A Fund has the obligation to buy","page_number":70,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"ae2d6727-ea1b-4196-8779-56535b3299e3","block_type":"box","text":"the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below","page_number":70,"box":{"x":68,"y":634,"width":818,"height":12}},{"id":"50217df6-1f07-413c-b07b-9fd4025df44f","block_type":"box","text":"the exercise price. If the price of the securities or instruments increases during the option period, the option will","page_number":70,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"c605c495-9a95-4df4-a428-edcc19d3e0d3","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":70,"box":{"x":69,"y":665,"width":814,"height":10}},{"id":"bed87926-6b72-447b-bbd8-d7a472a2454b","block_type":"box","text":"the exercise price.","page_number":70,"box":{"x":68,"y":680,"width":130,"height":11}},{"id":"ef259ea9-290e-4bbb-8d82-023ca41868f0","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":70,"box":{"x":102,"y":702,"width":556,"height":12}},{"id":"fad452be-5ade-49bf-aecb-251bc340aa00","block_type":"box","text":"The following information relates","page_number":70,"box":{"x":664,"y":702,"width":232,"height":12}},{"id":"5621640c-76e0-47cd-8096-282818dcbecf","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":70,"box":{"x":68,"y":717,"width":784,"height":12}},{"id":"385ffd6c-1a3c-4ff9-bbbe-1231887a3f26","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":70,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"d4559f7a-b964-4fee-8be1-472cbc751e4e","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":70,"box":{"x":69,"y":748,"width":827,"height":11}},{"id":"92dcfc39-8ff5-4eb9-99c9-f62ca113b44a","block_type":"box","text":"it holds no longer have a sufficient remaining principal balance for this purpose. Should this occur, a Fund will","page_number":70,"box":{"x":70,"y":763,"width":781,"height":11}},{"id":"44434ec7-dc65-435b-bd2a-5c4a0bbb8013","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":70,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"9a07c260-f0fb-47af-a64c-853d09763423","block_type":"box","text":"market in order to maintain its “cover.”","page_number":70,"box":{"x":69,"y":793,"width":277,"height":9}},{"id":"5e5b1199-9da8-47f3-86af-f2dc7a94daf2","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":70,"box":{"x":101,"y":816,"width":807,"height":11}},{"id":"ac76b570-b6b2-4408-b470-b91b8dbd0927","block_type":"box","text":"to represent cover for the option in the event of a decline in the GNMA coupon rate at which new pools are originated","page_number":70,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"cc2be8c4-6b35-477c-9a62-7798fb514f54","block_type":"box","text":"under the FHA/VA loan ceiling in effect at any given time. If this should occur, a Fund will no longer be covered, and","page_number":70,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"5dfd1272-99cf-4a7f-8123-e60bbc509105","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":70,"box":{"x":68,"y":861,"width":784,"height":11}},{"id":"4a1a4eaf-a68c-408f-ad5c-28f28d1316c1","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":70,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"4a4fae57-037f-4e8a-8a90-236de94c465a","block_type":"box","text":"and incur transaction costs.","page_number":70,"box":{"x":69,"y":891,"width":197,"height":9}},{"id":"a0938b6f-2cd9-43bc-b0f2-ac883a5cae2b","block_type":"box","text":"II-22","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"eaa44e6d-d4d9-48cf-9ce1-2078a65abc8a","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e691c933-58ef-4ed8-9d9a-585743fd1e6e","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":71,"box":{"x":102,"y":45,"width":235,"height":11}},{"id":"f0acf1ae-cc0f-4d8c-aed3-19920655979d","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":71,"box":{"x":343,"y":45,"width":563,"height":11}},{"id":"7e916a65-e9d8-4607-8ca2-275045a50437","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":71,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"f055afa6-cd3c-45e5-89aa-3af9ac816789","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":71,"box":{"x":69,"y":75,"width":439,"height":11}},{"id":"bd2cbf61-0ad9-4140-945b-edc9124592cb","block_type":"box","text":"i.e.","page_number":71,"box":{"x":510,"y":75,"width":20,"height":9}},{"id":"8cd6f64a-7bc2-4d7b-a46a-3929e4576f5e","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":71,"box":{"x":533,"y":75,"width":309,"height":11}},{"id":"7571442c-12cf-4653-a74a-088bbeee980e","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":71,"box":{"x":70,"y":90,"width":826,"height":11}},{"id":"07096067-cdcc-4063-9fa7-5b17e7954308","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":71,"box":{"x":70,"y":105,"width":793,"height":11}},{"id":"09c41b74-deb8-4543-8577-76171f609081","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":71,"box":{"x":70,"y":120,"width":802,"height":12}},{"id":"4fa070a2-9bdf-4650-bc23-3f5274564b2e","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":71,"box":{"x":68,"y":135,"width":836,"height":12}},{"id":"8afb6ec4-7f8b-46c5-86aa-1a122123e0b7","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":71,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"4d2c6a95-e881-4a7d-9645-138bad583825","block_type":"box","text":"required, to be cleared.","page_number":71,"box":{"x":69,"y":166,"width":165,"height":11}},{"id":"839ec457-571b-4712-9acc-9d1c4a6ed180","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":71,"box":{"x":101,"y":188,"width":760,"height":11}},{"id":"9a156541-71b0-4f43-8bc1-44ce524a5360","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":71,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"d63a3494-348f-4b9c-b787-dcf4c2f185f1","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":71,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"a46d9ae8-4233-495f-83d1-b7430d9f8228","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":71,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"a5ae6a6c-687f-4782-9190-16463073ada2","block_type":"box","text":"Derivatives” above.","page_number":71,"box":{"x":70,"y":257,"width":135,"height":8}},{"id":"4b2bd6b1-32b5-4594-8ab2-366b71740c3a","block_type":"box","text":"FLEX Options.","page_number":71,"box":{"x":102,"y":279,"width":96,"height":11}},{"id":"bd1935c2-225e-435d-b23a-046321ce3514","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":71,"box":{"x":206,"y":279,"width":702,"height":11}},{"id":"7fa02629-2f02-4ab4-be2e-7e559d10382d","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":71,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"6c826381-1335-4dcc-9cc4-26eef081e79b","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":71,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"60799be3-b534-4083-80e4-d26f53e3af7b","block_type":"box","text":"exercise prices, exercise styles (","page_number":71,"box":{"x":69,"y":325,"width":231,"height":10}},{"id":"4225e2d7-6bda-4e90-a3cb-395b0d09660a","block_type":"box","text":"i.e.","page_number":71,"box":{"x":302,"y":325,"width":20,"height":8}},{"id":"e5e5dcc5-bc1a-4f37-a290-09cc62171300","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":71,"box":{"x":325,"y":325,"width":561,"height":10}},{"id":"7a9420b6-0553-451b-8a1d-5ec8f68c4920","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":71,"box":{"x":69,"y":340,"width":768,"height":11}},{"id":"29c5c61f-0dda-4e7c-8fca-7236e7c429e3","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":71,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"a5ac77f8-43bb-4951-98c3-10d73f46a870","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":71,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"0dd3fe6a-1def-43ea-b948-4fd93d28ec04","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":71,"box":{"x":69,"y":385,"width":792,"height":11}},{"id":"87d4f145-ac36-4cf1-8fdf-0b7fd207d251","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":71,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"36b9cd28-606c-4877-839f-c92680704192","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":71,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"237e9ef1-4fa5-4d31-8915-7422c6dfdbee","block_type":"box","text":"FLEX Option’s expiration date.","page_number":71,"box":{"x":70,"y":430,"width":211,"height":11}},{"id":"2a071a69-a299-4ae6-943d-e56edab8b0bc","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":71,"box":{"x":101,"y":453,"width":783,"height":11}},{"id":"7085181c-ccf5-4521-bc75-50f6288314f1","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":71,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"b3381c11-5011-4341-b531-f93eb87ce9c5","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":71,"box":{"x":68,"y":483,"width":826,"height":11}},{"id":"ec2c4872-68c5-4fd9-9568-2138dc4011f3","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":71,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"bacf5614-e478-4165-810f-873996192719","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":71,"box":{"x":69,"y":513,"width":822,"height":12}},{"id":"af3bf2b7-6b2a-4255-8b79-a211f83a8d2a","block_type":"box","text":"FLEX Options contracts.","page_number":71,"box":{"x":70,"y":529,"width":166,"height":10}},{"id":"85ee07f2-bf5a-4030-abd4-7ab74a14b908","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":71,"box":{"x":102,"y":551,"width":748,"height":11}},{"id":"b5d03be3-d9a3-4cf1-9f5f-c94b568d2031","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":71,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"b3a3559e-af6e-46be-92f2-8b118f9fd14d","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":71,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"ce976b0d-2ca0-41eb-b7e4-c673059addb9","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":71,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"b4809513-8f3c-46a1-91ec-157436687834","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":71,"box":{"x":70,"y":612,"width":829,"height":11}},{"id":"89b07909-e36f-44cf-8759-346f1da0aa7b","block_type":"box","text":"adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the","page_number":71,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"1d753f51-ec9f-4749-9469-d2acd71fcc24","block_type":"box","text":"time such determination is made, based on its judgment as to what is appropriate for the protection of investors and","page_number":71,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"37f48d61-81e2-45c6-8861-07b4d0608fa0","block_type":"box","text":"the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of","page_number":71,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"695ee3b1-5810-4e7a-ba0f-faaee9635d6a","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":71,"box":{"x":68,"y":672,"width":753,"height":11}},{"id":"87406a3c-c952-457e-a650-580db59b250e","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":71,"box":{"x":70,"y":687,"width":806,"height":11}},{"id":"6ef54457-c9b0-4560-865e-e24c1fae1570","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":71,"box":{"x":69,"y":702,"width":593,"height":12}},{"id":"6afe9c20-782d-4df7-a7ba-6aa998ebfbfc","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":71,"box":{"x":135,"y":725,"width":298,"height":11}},{"id":"2c410794-a1a3-4565-bb7e-9056b6f33018","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":71,"box":{"x":435,"y":725,"width":461,"height":11}},{"id":"1ccd7c68-4e58-4621-a3d6-6f0f5bbbd280","block_type":"box","text":"on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a “Reference Asset”). As","page_number":71,"box":{"x":102,"y":740,"width":768,"height":11}},{"id":"c4f6e133-aa66-47a1-b5bf-9e85af602a45","block_type":"box","text":"such, the value of a Fund’s FLEX Options will fluctuate with changes in the value of the securities held by the","page_number":71,"box":{"x":102,"y":755,"width":775,"height":11}},{"id":"b1054b64-7c1f-4b84-af2a-0935c768211f","block_type":"box","text":"ETF, and thus the ETF’s share price. In addition to the value of the ETF, the value of an option, in general, will","page_number":71,"box":{"x":102,"y":770,"width":777,"height":12}},{"id":"70ca5c19-f6b0-4bb3-99d2-56f67d396c4e","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":71,"box":{"x":102,"y":785,"width":799,"height":12}},{"id":"3c1f564d-d65e-4d4f-b03f-4ddccc164cef","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":71,"box":{"x":102,"y":801,"width":777,"height":11}},{"id":"b688d144-43bd-459c-b98d-17d45945fca0","block_type":"box","text":"expire unexercised have no value.","page_number":71,"box":{"x":101,"y":816,"width":240,"height":11}},{"id":"194b2014-3930-4dbf-81bd-9fd398a729ad","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put","page_number":71,"box":{"x":135,"y":838,"width":743,"height":12}},{"id":"d35eceb9-e872-428f-a842-b8e4edae9ec1","block_type":"box","text":"options on the same asset that may be bought or written by a single investor, whether acting alone or in concer t","page_number":71,"box":{"x":102,"y":854,"width":800,"height":11}},{"id":"c431ec78-6d3f-4921-83bf-9dc9a18080d7","block_type":"box","text":"with others (regardless of whether such options are written on the same or different exchanges or are held or","page_number":71,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"5f42ab78-8963-4d0d-adec-e3d4961d639c","block_type":"box","text":"written on one or more accounts or through one or more brokers). Under these limitations, option positions of all","page_number":71,"box":{"x":101,"y":884,"width":803,"height":11}},{"id":"f4ee0469-d4a8-422b-97d2-6559545bcdcf","block_type":"box","text":"investment companies advised by the Manager are combined for purposes of these limits. Pursuant to these","page_number":71,"box":{"x":102,"y":899,"width":775,"height":11}},{"id":"e3f4d848-2410-4748-8a5f-591b88bb9dfe","block_type":"box","text":"II-23","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b77adf3-bce6-462b-9b18-2639f00fb2f8","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c731cd9a-aa44-4568-bf9d-9839b90312ce","block_type":"box","text":"limitations, an exchange may order the liquidation of positions and may impose other sanctions or restrictions.","page_number":72,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"60e45e1c-5851-4bcd-a36a-57d99f3a6564","block_type":"box","text":"These position limits may restrict the number of listed options that a Fund may buy or sell. Currently, the relevant","page_number":72,"box":{"x":101,"y":60,"width":809,"height":11}},{"id":"da918e36-4592-4a28-8489-9409647032bd","block_type":"box","text":"national securities exchanges have no position limits for the instruments in which the Funds expect to invest.","page_number":72,"box":{"x":102,"y":75,"width":778,"height":11}},{"id":"52610dd0-73ed-4642-809a-4eb6bb84831a","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":72,"box":{"x":134,"y":98,"width":747,"height":11}},{"id":"4d34e863-933d-4449-a7d9-1838ca832aa0","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":72,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"03aceac6-5f2e-466f-8c82-5b9379d5adc4","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":72,"box":{"x":101,"y":128,"width":786,"height":11}},{"id":"6fab2fbf-d58f-4bad-a268-7a470e41afbd","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":72,"box":{"x":101,"y":143,"width":798,"height":11}},{"id":"d6b2203b-416d-444f-bf12-31347b22136a","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":72,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"3e0c93cb-09c8-44e8-93f0-b84aa24836c7","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":72,"box":{"x":102,"y":173,"width":800,"height":11}},{"id":"dce7d28b-dc71-4c8f-ae94-8ef02c3b9854","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":72,"box":{"x":102,"y":188,"width":774,"height":12}},{"id":"34a2405b-3d08-4e86-83a4-b25880602062","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":72,"box":{"x":102,"y":203,"width":793,"height":12}},{"id":"b56a5c71-487f-4afe-9a78-f9aaae61e0ed","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":72,"box":{"x":102,"y":218,"width":764,"height":12}},{"id":"75121528-3a97-47ca-b59b-df6deb95cf7c","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":72,"box":{"x":102,"y":234,"width":430,"height":11}},{"id":"28f8302e-29ed-4b69-86e8-df368c638d54","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":72,"box":{"x":134,"y":256,"width":740,"height":12}},{"id":"e80e0972-9035-4c1e-9a4e-8f7ee5cb471f","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":72,"box":{"x":102,"y":272,"width":787,"height":11}},{"id":"e71ab0d8-d357-49c6-a163-10e70c8519ef","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":72,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"978b1424-ee9e-48db-8e5e-0f6386a296a2","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":72,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"a0bb835a-8cf9-4273-8adf-c3a41b097ea8","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":72,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"27567dd9-0e66-4572-b17f-fb8312aac369","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":72,"box":{"x":102,"y":332,"width":635,"height":11}},{"id":"a1acabec-6f85-49e8-8147-5881a8f2c03b","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":72,"box":{"x":135,"y":355,"width":297,"height":11}},{"id":"9a5deae4-5740-4a6b-9b42-b3b171359529","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":72,"box":{"x":433,"y":355,"width":448,"height":11}},{"id":"178b1a38-006f-4795-9e28-697fd6573e6e","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":72,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"887490a4-1f37-4edb-a97b-f8f488900545","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":72,"box":{"x":101,"y":385,"width":753,"height":11}},{"id":"034c1472-f513-4cfc-896d-a3ec81c2f505","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":72,"box":{"x":102,"y":400,"width":780,"height":11}},{"id":"343102cd-efd4-4f10-8b9a-3a662e90e4c1","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":72,"box":{"x":102,"y":415,"width":387,"height":11}},{"id":"37a5571c-f55a-4dc5-820a-bcc4b2d9fad6","block_type":"box","text":"Foreign Exchange Transactions.","page_number":72,"box":{"x":102,"y":438,"width":222,"height":11}},{"id":"4afee585-5893-4a80-bfe7-6c444ef2b01a","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":72,"box":{"x":101,"y":460,"width":807,"height":12}},{"id":"5abd19a2-b685-42d3-ab3a-410cae549325","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":72,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"58e3e24d-d6de-41c7-a624-6b71507d44a4","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":72,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"8b40856d-e508-47dd-842c-16c9054d49c4","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":72,"box":{"x":69,"y":506,"width":792,"height":11}},{"id":"57b8db21-cfb4-42dd-9c74-fafc556ecbc0","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":72,"box":{"x":102,"y":528,"width":790,"height":12}},{"id":"95f9b68c-75b9-48fe-a439-6b49d3bf2dbf","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":72,"box":{"x":70,"y":544,"width":830,"height":11}},{"id":"741c621c-4c9f-4e46-bafb-98c43891cb7e","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":72,"box":{"x":69,"y":559,"width":808,"height":11}},{"id":"3e44177d-b167-4899-b3f0-ee5f7ec0b877","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":72,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"90caada2-4724-496e-ac18-675ddafdd01b","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":72,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"8db0940e-d565-4967-ae1f-b47f04e11cca","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":72,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"d92b8296-17f2-4b42-adad-3c898a694564","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":72,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"0c0737d0-e3f0-4466-8a83-d9b60acce7c9","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":72,"box":{"x":69,"y":634,"width":813,"height":11}},{"id":"dab5fb91-4fe8-4bd0-beae-a16bcb3b2cff","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":72,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"a167dcc5-03fc-447b-a49e-c03e41d4a73c","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":72,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"2d74d1b7-6ab0-496f-87eb-bd2fe4ee60af","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":72,"box":{"x":68,"y":680,"width":794,"height":11}},{"id":"e433b9ca-a262-4cda-8a9c-5829dc477ac5","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":72,"box":{"x":102,"y":702,"width":805,"height":12}},{"id":"d71f867b-9a38-49db-b087-ccc3d219af14","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":72,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"65046c58-f85e-401b-b0b5-a7aa148276ba","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":72,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"93723516-76f1-456e-bb46-342503cdffd2","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":72,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"35f4738a-b487-4047-88f0-ed59234318f4","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":72,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"83a9478e-20e5-4eb5-b787-04307a4c370b","block_type":"box","text":"accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges","page_number":72,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"8d8bec25-076e-4fea-9c91-615185bc2148","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":72,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"dea7456d-68a7-457e-b8df-f5742403629b","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":72,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"f65e93dd-f6bb-4ebe-8517-9333f28e0c22","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":72,"box":{"x":69,"y":823,"width":493,"height":12}},{"id":"f1d1cc1b-492d-4bcd-8c35-b649af3747fa","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":72,"box":{"x":102,"y":846,"width":738,"height":11}},{"id":"3d06f836-1cf8-4d42-b14a-d6790a3d11bb","block_type":"box","text":"domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a","page_number":72,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"9fb7481a-b258-41e4-b211-2c945e25ee72","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":72,"box":{"x":70,"y":876,"width":819,"height":11}},{"id":"f1e2dfa7-2c65-4c5d-a9ba-356af3ce2db8","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":72,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"5cd40ba4-ee4d-49fc-aab9-2990bca629ad","block_type":"box","text":"or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide","page_number":72,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"7212646f-6c0c-46da-8258-0f1895083e06","block_type":"box","text":"II-24","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc4a0fb7-1bd6-4051-b799-329e315df864","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a2afd6ba-4011-42ab-bbc1-c3bb4c880f2c","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":73,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"b0ce683f-b2a3-4658-b145-564aa0a8301c","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":73,"box":{"x":69,"y":60,"width":841,"height":11}},{"id":"19388901-8b09-451d-92b7-2e8f922a6fee","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":73,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"a9d5e0d8-9c66-4b5d-8b17-76aed921bf87","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":73,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"e6734f71-d044-425e-b148-5b98c57e0a83","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":73,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"ef16ccca-5439-4383-ae2f-2ef01c376133","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":73,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"579c1189-35c4-4eac-9d36-42f1f098a6dd","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":73,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"f65fc5ba-eeba-4ce5-9c7b-9a136f89788d","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":73,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"a373e91c-a8da-4737-8e7f-7b10473a5c20","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":73,"box":{"x":69,"y":173,"width":800,"height":11}},{"id":"f6e1e307-a6ca-4b64-9d6f-06fb9ec0e192","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":73,"box":{"x":68,"y":188,"width":829,"height":12}},{"id":"7c69e9a2-27b9-494a-9ce1-19e57c8b37d7","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":73,"box":{"x":68,"y":203,"width":753,"height":12}},{"id":"ae09a94d-8e73-493e-95ba-5154e4c82c68","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":73,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"413ed2ec-d5dc-4dcb-9998-5ee868fb5d4c","block_type":"box","text":"involved.","page_number":73,"box":{"x":70,"y":234,"width":59,"height":9}},{"id":"04b1a296-2b8f-40e6-8d4d-d777da3412bf","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":73,"box":{"x":101,"y":256,"width":803,"height":12}},{"id":"c5276712-bccd-4e9e-a436-6fabe79ce2ea","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":73,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"c33e5ee7-b15c-4526-bc5f-f5232cf1ef7c","block_type":"box","text":"denominated in such currency.","page_number":73,"box":{"x":69,"y":287,"width":216,"height":11}},{"id":"98852c57-632e-46c3-af31-ba0962abae22","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":73,"box":{"x":102,"y":309,"width":254,"height":11}},{"id":"1826f384-9ac3-4d06-b9f2-17668ef39438","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":73,"box":{"x":364,"y":309,"width":527,"height":11}},{"id":"a5bab6e7-be9c-4114-ae98-ebe91f13fed5","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":73,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"9a14f22b-286d-4cac-b4e8-ddf2c38cc58d","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":73,"box":{"x":68,"y":339,"width":798,"height":12}},{"id":"7ab4fbf0-57d3-4565-bb73-c0ae100a1c52","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":73,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"85cd9957-ce3d-4bd0-9e15-01b6dfdd8df5","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":73,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"a992c5cb-860e-4dea-afdc-427e3bba65f3","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":73,"box":{"x":69,"y":385,"width":774,"height":11}},{"id":"e41d725a-854d-4609-a5c4-a45ed5f48a27","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":73,"box":{"x":70,"y":400,"width":828,"height":11}},{"id":"1a59cda3-8284-43db-b5dd-b418f60b57ac","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":73,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"e9de1e8a-cbdf-40b8-bc3b-39fbd3b54bd8","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":73,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"762a9a39-ec20-4f0f-b809-fbd18f42070b","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":73,"box":{"x":69,"y":445,"width":819,"height":12}},{"id":"e51e795f-955a-4833-8a12-2ad8d1654037","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":73,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"800133ff-3207-412e-8c06-2c8a85eb99c6","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":73,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"32ea5141-98a2-4323-a25a-0885449abac3","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":73,"box":{"x":69,"y":491,"width":814,"height":11}},{"id":"084a4455-126c-4c85-90c9-82b18045a48d","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":73,"box":{"x":69,"y":506,"width":745,"height":11}},{"id":"82fef972-9042-44e2-839c-ca80a71e8f17","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":73,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"28697a47-ccb0-4bfb-82e0-00c558bc962c","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":73,"box":{"x":69,"y":536,"width":428,"height":11}},{"id":"f6076ce0-714d-4c03-988e-2edb39ceec07","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":73,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"a5cd859b-4555-4fa0-a7f6-702fc68219bd","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":73,"box":{"x":69,"y":574,"width":829,"height":11}},{"id":"6c81e7d9-053b-40d9-a4f3-ef3418e284a6","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":73,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"96a1f738-419c-4ae8-b6b1-ff91c6f34a32","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":73,"box":{"x":69,"y":604,"width":823,"height":11}},{"id":"96802b3f-b7bf-4806-9bee-23f7806ce07c","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":73,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"e0e13fa0-5440-4f26-9cdb-81b4b5d6beec","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":73,"box":{"x":69,"y":634,"width":838,"height":12}},{"id":"320e9c3a-5404-4cee-b7b4-c1c0df09cb94","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":73,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"c88e8c8f-c806-437e-8845-37d3b8ac634f","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":73,"box":{"x":69,"y":665,"width":819,"height":11}},{"id":"caac0270-eaef-4a75-a257-b4d366960890","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":73,"box":{"x":69,"y":680,"width":691,"height":11}},{"id":"fb606052-d3a6-4ec0-bf87-ed107e6e252a","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":73,"box":{"x":101,"y":702,"width":785,"height":12}},{"id":"540542ad-c47c-409c-982f-932ac8758f56","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":73,"box":{"x":69,"y":718,"width":811,"height":10}},{"id":"827e2c56-3197-47cc-a647-d04094cebf23","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":73,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"2a8e1a62-1f2c-4cab-9f73-dce85b5fd592","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":73,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"d80ea13b-16f7-4d0d-8b9d-06a3e020a945","block_type":"box","text":"Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would","page_number":73,"box":{"x":70,"y":763,"width":823,"height":11}},{"id":"2a1f555d-f995-41ae-8a5c-904d64995d31","block_type":"box","text":"be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the","page_number":73,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"5a7cf1e7-83c5-4257-88c8-277aeb06c599","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":73,"box":{"x":68,"y":793,"width":372,"height":11}},{"id":"9061bc32-bf57-4206-a0cf-b2ba41ef4de8","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable","page_number":73,"box":{"x":102,"y":816,"width":768,"height":11}},{"id":"68153edd-0e21-4ab0-ac35-3dbef3c2a822","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":73,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"07d5396b-f2f4-44f4-8b33-09a181d2fabc","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":73,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"7b10a44c-edb1-4082-8800-6ae5ce30c992","block_type":"box","text":"the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed","page_number":73,"box":{"x":68,"y":861,"width":806,"height":11}},{"id":"899be9a4-3dbf-438f-9d0a-4b5880b96863","block_type":"box","text":"upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which","page_number":73,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"38267837-d31e-4e9b-a9b7-46a7fdd4ae35","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":73,"box":{"x":68,"y":891,"width":812,"height":12}},{"id":"1c5b98fe-2c89-4791-8c4b-57fca01ebe05","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":73,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"18e860c9-cfb7-4ee8-90b1-bebc12cffd49","block_type":"box","text":"II-25","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"69f5dbaf-dfa1-4105-ba8c-711f399dea28","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9efdf2b9-6c42-45b5-9efe-19bc4f70dee3","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":74,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"f4702900-2848-4b35-9f16-0afffc42894a","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":74,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"f1e931bc-1c3b-40d2-8648-14397c82d823","block_type":"box","text":"traded.","page_number":74,"box":{"x":68,"y":75,"width":49,"height":9}},{"id":"0186ddcd-a4ca-4cb1-af72-bfe256e72b57","block_type":"box","text":"Currency Futures.","page_number":74,"box":{"x":102,"y":98,"width":123,"height":11}},{"id":"d36e86d8-2446-499b-bf02-dea01c3b1e16","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":74,"box":{"x":232,"y":98,"width":654,"height":11}},{"id":"6e4de65b-d39d-4300-9d39-8dec6487bac2","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":74,"box":{"x":68,"y":113,"width":782,"height":11}},{"id":"6c08ee7e-534b-470a-a151-2c0d413f7cb8","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":74,"box":{"x":69,"y":128,"width":774,"height":11}},{"id":"012670eb-f607-48a7-bf93-71cdc6a97b61","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":74,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"27d32f1b-d5d2-4efe-a201-9f2553ebdb87","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":74,"box":{"x":69,"y":158,"width":269,"height":9}},{"id":"2612b110-5bb6-4c61-9b08-71550f8ce6f6","block_type":"box","text":"Currency Options.","page_number":74,"box":{"x":102,"y":181,"width":125,"height":11}},{"id":"fa46a5ab-5950-4600-a9ea-c0f5f8802855","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":74,"box":{"x":233,"y":181,"width":654,"height":11}},{"id":"e8cbc955-f33f-4b52-a0c9-d170194f0bb7","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":74,"box":{"x":68,"y":196,"width":776,"height":11}},{"id":"20ac3cee-40fc-4002-bf43-a719047cf62b","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":74,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"f6b62416-195f-4680-a2cf-30a1d39e0585","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":74,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"e46c213c-f278-481d-a6d8-32c7d2138958","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":74,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"0e588343-aaef-43f4-a078-0e6d49e8631c","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":74,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"a6487d3c-f691-46c8-b77d-7b492112e64a","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":74,"box":{"x":69,"y":272,"width":790,"height":11}},{"id":"92ddc1f2-47e7-416a-afd8-28c98f231c93","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":74,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"c1777b0f-3693-4325-9250-5685d8704f22","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":74,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"86511a70-21c4-4bbf-a3d3-a1e59b97f7f3","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":74,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"7f5531d9-7e42-4e86-bd11-d5e8ef0b9f5c","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":74,"box":{"x":69,"y":332,"width":483,"height":11}},{"id":"cec8be63-9032-4ae2-b7ae-a86d180d77c6","block_type":"box","text":"Currency Swaps.","page_number":74,"box":{"x":102,"y":355,"width":117,"height":11}},{"id":"5df40a1d-dcc7-4287-ae24-502559a4e544","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":74,"box":{"x":225,"y":355,"width":652,"height":11}},{"id":"4985b19b-27eb-4664-8d74-2d88cfa6b531","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":74,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"0c00fc60-893d-4c5a-9910-b0d653000acb","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":74,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"a4a0decb-edaf-4f30-be84-4433d438366d","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":74,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"3d10c4ae-2224-4a46-8997-468c8cbbc5b2","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":74,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"ae943665-2eb1-40f9-8623-25f45e78dfa2","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":74,"box":{"x":69,"y":430,"width":810,"height":11}},{"id":"05fc5fc0-65f7-48ba-ab6c-93dbaab73d80","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":74,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"2bb7e690-8798-4c7e-b9ac-465ed802cad6","block_type":"box","text":"Distressed Securities.","page_number":74,"box":{"x":102,"y":468,"width":159,"height":9}},{"id":"17f0ee51-923c-4b11-b079-c91d57a9b0cb","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":74,"box":{"x":267,"y":468,"width":633,"height":11}},{"id":"b7c0955d-b08a-4466-9bcd-c129fc1ff979","block_type":"box","text":"are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of","page_number":74,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"a716414d-16c1-4a6e-8df8-6d43a88efd17","block_type":"box","text":"principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one","page_number":74,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"3f23dea1-cfa1-4ace-bb19-4fe887fbd1cb","block_type":"box","text":"or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody’s and CC or lower by","page_number":74,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"c07f1340-0f61-42f4-88f9-41cceee84543","block_type":"box","text":"S&P or Fitch) or, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”).","page_number":74,"box":{"x":69,"y":528,"width":784,"height":12}},{"id":"6da0cfa8-6b22-46f6-9cfc-9e3b7396fff8","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":74,"box":{"x":70,"y":543,"width":569,"height":12}},{"id":"a6e74477-3e87-49b1-8f04-2192c877804e","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":74,"box":{"x":101,"y":566,"width":766,"height":11}},{"id":"25576eb9-2b84-4b0d-8ce4-35552c309e7f","block_type":"box","text":"issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization","page_number":74,"box":{"x":70,"y":581,"width":795,"height":12}},{"id":"c354193b-3a56-476d-8e7d-678e13077d31","block_type":"box","text":"pursuant to which the Fund will receive new securities in return for the Distressed Securities. However, there can be","page_number":74,"box":{"x":70,"y":596,"width":826,"height":11}},{"id":"207fa910-2bc0-4831-972a-b1de24e70054","block_type":"box","text":"no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In","page_number":74,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"44a92641-a928-44f8-bd42-8a82ba8dc059","block_type":"box","text":"addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed","page_number":74,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"b6d400bd-9847-4e9d-953b-1fb8d609f4f7","block_type":"box","text":"Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is","page_number":74,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"9cd4b145-eb1c-4f1d-8b5d-f5d7c2d9d255","block_type":"box","text":"unlikely that a Fund will receive any interest payments on the Distressed Securities, the Fund will be subject to","page_number":74,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"6752c4df-a424-45d7-bc9c-f9d286f083cd","block_type":"box","text":"significant uncer tainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":74,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"a8bba66e-fe09-4701-8f83-cefd887f051c","block_type":"box","text":"Fund may be required to bear cer tain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":74,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"5b46522e-a2b9-4d81-ac94-496c7c4917b4","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":74,"box":{"x":69,"y":703,"width":826,"height":11}},{"id":"7e9177ca-842c-4a65-8b13-e4cbc9b88041","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncer tainty as to","page_number":74,"box":{"x":69,"y":717,"width":827,"height":12}},{"id":"d3fdc86f-919d-4148-a346-d4fe0c702868","block_type":"box","text":"when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be","page_number":74,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"2c19f1f9-f70a-4093-b58e-c53040c64a35","block_type":"box","text":"satisfied (","page_number":74,"box":{"x":69,"y":748,"width":70,"height":11}},{"id":"11e7a804-6599-4337-8669-0cf3fbedc959","block_type":"box","text":"e.g.","page_number":74,"box":{"x":140,"y":749,"width":25,"height":10}},{"id":"6c2e1160-a7bf-4c6b-b7d9-54c59bbc379b","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":74,"box":{"x":168,"y":748,"width":729,"height":11}},{"id":"6f355d94-d973-4927-8a84-d652f1022846","block_type":"box","text":"distressed securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":74,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"77f13187-1403-43d5-9af1-e7c5ce6418f1","block_type":"box","text":"made or plan of reorganization is adopted with respect to Distressed Securities held by a Fund, there can be no","page_number":74,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"1ccbacee-ae74-4bf9-8740-a0d3945b0c7d","block_type":"box","text":"assurance that the securities or other assets received by a Fund in connection with such exchange offer or plan of","page_number":74,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"5dff497a-a919-4ec9-ad71-72e41cd2dc81","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":74,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"fd4aad0a-35e4-493e-80d5-06a674728167","block_type":"box","text":"was made or no value. Moreover, any securities received by a Fund upon completion of an exchange offer or plan of","page_number":74,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"6bcfc4a6-b43e-4d1a-ba82-9c9d3dbfcd91","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund par ticipates in negotiations with respect to any","page_number":74,"box":{"x":69,"y":838,"width":800,"height":12}},{"id":"84add88e-34a7-4ff1-a1ac-5b49d24a4060","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":74,"box":{"x":69,"y":853,"width":770,"height":12}},{"id":"3f9f11c7-7d94-416e-aa78-8434d7c417e4","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":74,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"503773e1-1ed5-4d6c-a452-ffd1c29ecd90","block_type":"box","text":"II-26","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d9efe9f6-89fe-4462-8407-b651a8aec1eb","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3417a3a6-1d45-4677-b9af-3b9840eed145","block_type":"box","text":"Fund may have a more active par ticipation in the affairs of the issuer than that assumed generally by an investor. The","page_number":75,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"8d22dd18-a55f-4da3-952b-8207083432a4","block_type":"box","text":"Fund, however, will not make investments for the purpose of exercising day-to-day management of any issuer’s","page_number":75,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"fc976397-4fd3-4a01-92de-ede5100f5ed4","block_type":"box","text":"affairs.","page_number":75,"box":{"x":69,"y":75,"width":49,"height":9}},{"id":"3befc002-9149-42bd-a0b9-4cc54aa02f17","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":75,"box":{"x":102,"y":98,"width":428,"height":11}},{"id":"6615dd0d-ebce-428e-819c-3255631bb137","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":75,"box":{"x":531,"y":98,"width":341,"height":11}},{"id":"10384356-5415-4f5d-9329-aaef62f04427","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":75,"box":{"x":69,"y":113,"width":785,"height":11}},{"id":"d052f2de-e1fc-41ed-bcdb-be5f887f10ee","block_type":"box","text":"consider ESG factors as par t of the investment process for the Fund. Fund management views ESG integration as the","page_number":75,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"04bd9154-5cbc-4e0a-9b48-53e6751e8516","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":75,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"bcd0bed5-64a6-45d8-bd39-75b0c50c26ff","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":75,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"d8720150-bc51-40a7-bc17-02e9d3872d3b","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":75,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"fc2c2f0e-12d0-496f-a154-f0f5c5e49984","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":75,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"8d738ba6-52ea-47f3-89f7-392b0bb3b43f","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":75,"box":{"x":70,"y":204,"width":800,"height":11}},{"id":"62d6ae12-d71c-4634-a915-ed38605ee6ee","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":75,"box":{"x":69,"y":218,"width":377,"height":12}},{"id":"1dfc22b6-4ac3-4aed-87ce-56a8486efed3","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":75,"box":{"x":102,"y":241,"width":778,"height":11}},{"id":"50b1f712-58e1-4104-a6a2-5fd851c1d2db","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":75,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"1f3740c2-102e-4d44-a990-4225e6ee4118","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":75,"box":{"x":68,"y":272,"width":400,"height":11}},{"id":"1ed25f44-7783-4817-b1fa-5ecd5103fb23","block_type":"box","text":"Equity Securities.","page_number":75,"box":{"x":102,"y":294,"width":127,"height":11}},{"id":"f4e5b7c4-effb-421d-9810-a1da25d121df","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":75,"box":{"x":235,"y":294,"width":648,"height":11}},{"id":"8fe18b4e-8027-445e-9e31-b94fac78836b","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":75,"box":{"x":70,"y":309,"width":802,"height":11}},{"id":"27bb5e73-7fa2-4de6-9368-b5b239cf883e","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":75,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"a7ea91af-77a8-46bf-b454-453d51c24454","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a por tfolio","page_number":75,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"88627e8c-f674-45e0-a85c-8874b7c8b43e","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":75,"box":{"x":70,"y":355,"width":813,"height":11}},{"id":"efad60ef-8d38-4673-91df-1fa2b01b503a","block_type":"box","text":"and overall market and economic conditions. The value of equity securities purchased by the Fund could decline if the","page_number":75,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"0ce8f250-01bd-432b-8729-c22316e11031","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":75,"box":{"x":68,"y":385,"width":775,"height":11}},{"id":"39addfd9-ef6e-402b-9621-b02e0a4ddea7","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a par ticular industry or industries, such as labor","page_number":75,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"d4b9ef6c-3422-4a61-98a0-f4f11bf579b7","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":75,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"2d51cee1-0de8-4870-a485-845b6477c6bb","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or perceived","page_number":75,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"3e9f10e0-e5a3-4d32-8782-14cc2fea6b1a","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":75,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"fa8447d9-d117-4ded-ab93-78eeb935474c","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":75,"box":{"x":69,"y":461,"width":325,"height":11}},{"id":"362bbef2-683f-4a63-990b-411cd453ee53","block_type":"box","text":"From time to time cer tain of the Funds may invest in shares of companies through initial public offerings","page_number":75,"box":{"x":102,"y":483,"width":745,"height":11}},{"id":"142ff900-aac5-4e72-b257-7ed9501f1d55","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for cer tain Funds. There is","page_number":75,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"18b6a01c-79d9-49c1-89f6-5b5a397c0eea","block_type":"box","text":"no assurance that any Fund will have continued access to profitable IPOs and therefore investors should not rely on","page_number":75,"box":{"x":69,"y":513,"width":824,"height":11}},{"id":"ace7b2f7-fa12-454d-a64e-1ef42f3b9e3e","block_type":"box","text":"these past gains as an indication of future per formance. The investment per formance of a Fund during periods when","page_number":75,"box":{"x":68,"y":528,"width":834,"height":12}},{"id":"78bee540-b882-46dc-a486-4ff553d98d29","block_type":"box","text":"it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In","page_number":75,"box":{"x":70,"y":543,"width":782,"height":12}},{"id":"7f295a0d-db18-4895-ba0d-b05099ddacf4","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":75,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"3db6ef17-09a2-4184-bc64-9bf7d077a31e","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":75,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"a93be664-86fa-4fe1-934c-92a41c159c3e","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":75,"box":{"x":69,"y":589,"width":805,"height":11}},{"id":"fc5754c2-5860-4bf7-b53e-3f82d76837f3","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the","page_number":75,"box":{"x":70,"y":604,"width":836,"height":11}},{"id":"c1168cfa-f9fc-4305-a5e6-63c64b0fd6ce","block_type":"box","text":"initial public offering.","page_number":75,"box":{"x":70,"y":619,"width":147,"height":11}},{"id":"740ad13c-627f-482d-b897-a59451993a87","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":75,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"233110e7-c90c-425b-a59f-34e9132d271b","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":75,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"dd25db74-d7b7-45da-abbe-0e271415f72f","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":75,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"44517b8a-da4b-4330-91a6-20ee1ca8ead1","block_type":"box","text":"companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by","page_number":75,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"82dfb3db-f16b-41af-8a35-f0e93833f20a","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":75,"box":{"x":70,"y":702,"width":831,"height":12}},{"id":"90757b2e-edf0-47d6-b01b-41c4da19ef1a","block_type":"box","text":"are often traded in the OTC markets and may have fewer market makers and wider price spreads. This may result in","page_number":75,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"e04773bd-3c2d-42bf-b4f9-dedb383d6e3a","block_type":"box","text":"greater price movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":75,"box":{"x":68,"y":732,"width":810,"height":12}},{"id":"5d844e7b-9528-42c0-acf3-ffb6bdd57935","block_type":"box","text":"more established companies.","page_number":75,"box":{"x":69,"y":748,"width":209,"height":11}},{"id":"4d7384e3-1219-484e-a944-82fd4e59b033","block_type":"box","text":"For a discussion of the types of equity securities in which your Fund may invest and the risks associated with","page_number":75,"box":{"x":102,"y":770,"width":776,"height":11}},{"id":"524ad296-fc5f-4be6-8a69-49b1c878e1c2","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Cer tain of the Funds may also invest in shares of","page_number":75,"box":{"x":70,"y":785,"width":810,"height":12}},{"id":"278fd8e1-49c2-4220-85a1-e84f2c927004","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":75,"box":{"x":70,"y":801,"width":799,"height":11}},{"id":"d767d308-8fd8-4fde-ae02-1ec6f25a597d","block_type":"box","text":"below.","page_number":75,"box":{"x":69,"y":816,"width":43,"height":9}},{"id":"a3ef7c3f-cd38-4637-a22e-12f13cf335f4","block_type":"box","text":"Real Estate-Related Securities.","page_number":75,"box":{"x":102,"y":838,"width":219,"height":9}},{"id":"5015149a-13d4-4fe7-9a3b-6f5f6a8722de","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":75,"box":{"x":327,"y":839,"width":565,"height":11}},{"id":"3ed6c938-ed2a-4f93-ac5e-acec00cf8e32","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":75,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"f1e298ce-d24c-45ca-9e6c-b389ee968a39","block_type":"box","text":"cer tain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":75,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"7af1470a-d316-4706-95eb-dc758d7240c9","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":75,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"f664d0bc-e927-4d76-9434-0e9680425c45","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":75,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"c10919e2-d12c-4d88-a390-bbbad2b3fa3b","block_type":"box","text":"II-27","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"233c0e23-9434-416f-b867-674011ccf72a","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16e580e2-302a-4f9b-a64a-5068b6b1525d","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":76,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"7fe19665-cd0e-4b04-8290-416b95c13566","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":76,"box":{"x":68,"y":60,"width":828,"height":11}},{"id":"3ff601d3-0187-45f1-9daa-2a4866eed0da","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":76,"box":{"x":69,"y":75,"width":794,"height":11}},{"id":"f7ad5591-fd79-4e44-8f4b-e24a4dd9c089","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":76,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"8daa0e6b-ff08-4a56-a9ad-4bcd9304ec7d","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":76,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"f538f9a8-0c12-401c-bcbb-54781347bf37","block_type":"box","text":"rents; investment in developments that are not completed or that are subject to delays in completion; and changes in","page_number":76,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"24da28bc-d085-4361-ab14-c40e33c59237","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":76,"box":{"x":70,"y":136,"width":838,"height":11}},{"id":"67a3e2bf-9e92-4233-9020-d8afc1a0cb6d","block_type":"box","text":"type or in cer tain other respects, the Fund may be subject to cer tain of the foregoing risks to a greater extent.","page_number":76,"box":{"x":68,"y":150,"width":785,"height":12}},{"id":"dc356072-73b5-44b4-b186-5b5aec4b96cb","block_type":"box","text":"Investments by a Fund in securities of companies providing mor tgage servicing will be subject to the risks associated","page_number":76,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"a4438f84-d32b-4e91-b936-c7e9ed10336f","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":76,"box":{"x":68,"y":181,"width":381,"height":11}},{"id":"487ead9f-b239-4b92-9846-c70ef7295463","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real proper ty acquired as a result","page_number":76,"box":{"x":102,"y":203,"width":797,"height":12}},{"id":"c2cbb723-46e3-4f0b-8bb1-1fb3dd6728f7","block_type":"box","text":"of a default on securities the Fund owns, the receipt of such income may adversely affect the Fund’s ability to retain","page_number":76,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"ef360311-82cc-4680-940f-c080ac3b5de2","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":76,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"262fb889-5fc0-42b6-94a1-47cea1853979","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":76,"box":{"x":69,"y":249,"width":730,"height":11}},{"id":"cf83220f-7b6d-43ec-851b-3d79ebde2e96","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":76,"box":{"x":102,"y":271,"width":381,"height":12}},{"id":"d40fabc0-283a-4f3c-8997-7ee1df255282","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":76,"box":{"x":490,"y":272,"width":376,"height":11}},{"id":"7509e825-1e16-4573-a598-8d54f3101a1c","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":76,"box":{"x":70,"y":287,"width":828,"height":11}},{"id":"d5c063d1-5389-401b-94b0-3907f0412976","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":76,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"cd8a8508-e277-4da1-bf9f-cb302f0424d7","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":76,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"229c24d0-9fde-4e08-a844-2c9ae2c52de6","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":76,"box":{"x":69,"y":332,"width":647,"height":11}},{"id":"d1c78e43-802c-43de-a24c-fd5291896d45","block_type":"box","text":"While smaller or emerging growth company issuers may offer greater oppor tunities for capital appreciation than","page_number":76,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"26b32206-ae84-45b6-bed7-7799007e8618","block_type":"box","text":"large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":76,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"9f5656dd-8f41-4e67-b98e-d9d33bd69605","block_type":"box","text":"considered speculative. Fund management believes that properly selected companies of this type have the potential","page_number":76,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"d015af3f-b234-4923-9d82-d964c2098141","block_type":"box","text":"to increase their earnings or market valuation at a rate substantially in excess of the general growth of the economy.","page_number":76,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"0d103a45-a927-41be-a85c-97b5a25150e3","block_type":"box","text":"Full development of these companies and trends frequently takes time.","page_number":76,"box":{"x":70,"y":415,"width":506,"height":11}},{"id":"31177949-72de-4755-a559-21cc87e6982e","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities","page_number":76,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"ff3434da-03cf-44f4-8ce0-50047e2a87f6","block_type":"box","text":"exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a","page_number":76,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"d4b4a934-f91d-45ff-8884-4051475c5558","block_type":"box","text":"result, the disposition by a Fund of por tfolio securities to meet redemptions or otherwise may require the Fund to","page_number":76,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"65fc5ae5-6c3e-4ca7-94c9-9ec2ec39983a","block_type":"box","text":"make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or","page_number":76,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"0624079f-c6fc-4c8f-bbba-76fcbf691738","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":76,"box":{"x":69,"y":498,"width":631,"height":11}},{"id":"97560f55-389d-470a-8174-a1376e92dbb1","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not, of course, guarantee","page_number":76,"box":{"x":101,"y":521,"width":759,"height":11}},{"id":"1de94ebb-6a64-431b-a357-87e7fdec4b94","block_type":"box","text":"successful investment results; however, it does provide access to an asset class not available to the average","page_number":76,"box":{"x":69,"y":536,"width":781,"height":11}},{"id":"7401730e-5ddb-4944-8d39-dc39eafd6a0d","block_type":"box","text":"individual due to the time and cost involved. Careful initial selection is par ticularly impor tant in this area as many","page_number":76,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"d2d46ffd-098e-47d2-9be7-ff49c93622d2","block_type":"box","text":"new enterprises have promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small","page_number":76,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"ae1adc74-9e03-48f8-a32d-cadf2acaed0e","block_type":"box","text":"cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot","page_number":76,"box":{"x":69,"y":582,"width":825,"height":11}},{"id":"0a3e6587-16b9-464e-b59a-5a742794f94e","block_type":"box","text":"invest sufficient assets in such companies to provide wide diversification.","page_number":76,"box":{"x":70,"y":596,"width":524,"height":11}},{"id":"aba9a949-646a-4bb3-9972-8e74a4aaf8c8","block_type":"box","text":"Small companies are generally little known to most individual investors although some may be dominant in their","page_number":76,"box":{"x":102,"y":619,"width":798,"height":11}},{"id":"2c0c2a7e-4eef-412f-b43f-f5e214254574","block_type":"box","text":"respective industries. Fund management believes that relatively small companies will continue to have the","page_number":76,"box":{"x":69,"y":634,"width":757,"height":12}},{"id":"8a2a3828-6568-4a64-8863-fee27267be61","block_type":"box","text":"oppor tunity to develop into significant business enterprises. A Fund may invest in securities of small issuers in the","page_number":76,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"07841402-c75b-410d-a433-776a5e5de26f","block_type":"box","text":"relatively early stages of business development that have a new technology, a unique or proprietary product or","page_number":76,"box":{"x":69,"y":664,"width":786,"height":12}},{"id":"451a33ad-8240-4aec-93c0-133295fafb44","block_type":"box","text":"service, or a favorable market position. Such companies may not be counted upon to develop into major industrial","page_number":76,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"fbd6614a-ee04-477f-98a0-987994a820de","block_type":"box","text":"companies, but Fund management believes that eventual recognition of their special value characteristics by the","page_number":76,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"a474cae0-64ad-43b9-98be-90b66c717d59","block_type":"box","text":"investment community can provide above-average long-term growth to the por tfolio.","page_number":76,"box":{"x":70,"y":710,"width":590,"height":11}},{"id":"e2a449eb-01ac-4ec7-b621-4153b8d155cc","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":76,"box":{"x":102,"y":732,"width":729,"height":12}},{"id":"fdcc80b0-683a-46ea-8b52-19bd15b21746","block_type":"box","text":"appreciation during varying por tions of economic or securities market cycles, as well as during varying stages of their","page_number":76,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"021b57a1-fcf1-438c-8cb6-b37cf1d5a7e0","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":76,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"864beb13-85ca-498f-b80d-aa4a3b6f85ce","block_type":"box","text":"cycles, presenting attractive investment oppor tunities at various points during these cycles.","page_number":76,"box":{"x":69,"y":778,"width":652,"height":11}},{"id":"4e6fa725-54cc-46b5-915e-b7faaf5a0bc3","block_type":"box","text":"Smaller companies, due to the size and kinds of markets that they serve, may be less susceptible than large","page_number":76,"box":{"x":102,"y":801,"width":778,"height":11}},{"id":"a5448076-fc56-4c11-bcc6-d7fc2746701d","block_type":"box","text":"companies to intervention from the Federal government by means of price controls, regulations or litigation.","page_number":76,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"7c06c508-56ad-4821-9502-f0c2723dad1e","block_type":"box","text":"Tracking Stocks","page_number":76,"box":{"x":103,"y":838,"width":110,"height":12}},{"id":"c18be452-916a-4fe7-b616-e53f1d493831","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":76,"box":{"x":214,"y":838,"width":640,"height":12}},{"id":"7d494cc2-745e-49ab-a50b-c8bd6450126c","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the per formance of such","page_number":76,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"ef30bb30-0c4c-4368-8c08-71d0a698c14d","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":76,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"03acace7-9d33-4c7b-a246-950b727cc157","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":76,"box":{"x":68,"y":884,"width":801,"height":11}},{"id":"162ad74f-f866-4a82-8810-54d33fb83a79","block_type":"box","text":"holders of the tracking stock may not have the same rights as holders of the company’s common stock.","page_number":76,"box":{"x":69,"y":899,"width":740,"height":11}},{"id":"1742ceb7-ca29-497f-9a45-128e24c674cd","block_type":"box","text":"II-28","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf383501-48f2-446d-9b82-0d7b64e05475","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a6634c9-00e2-4a49-8d8a-871f0b701a95","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":77,"box":{"x":102,"y":45,"width":245,"height":11}},{"id":"c87ebd09-51d4-416f-9213-96c076461804","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":77,"box":{"x":354,"y":45,"width":521,"height":11}},{"id":"b9816bf3-656a-498b-b3c0-60c68629ec99","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN’s returns","page_number":77,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"4c95a4b2-b7dd-4cbe-b1f2-bfddaf70a5af","block_type":"box","text":"are based on the per formance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":77,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"30bcec6d-47e3-41af-9cf1-63113ff3c5ff","block_type":"box","text":"expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an","page_number":77,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"3ade90ea-c90e-4d91-84a5-a979ab6e1bf8","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the per formance","page_number":77,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"738e36b7-0e72-401c-bbfc-41570a2f9603","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus cer tain fees. Unlike","page_number":77,"box":{"x":69,"y":120,"width":805,"height":11}},{"id":"9819e808-54ea-4049-8368-150f4fc12101","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":77,"box":{"x":69,"y":136,"width":654,"height":11}},{"id":"89b07585-2938-4e61-bf6f-4dcf8694db31","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for","page_number":77,"box":{"x":101,"y":158,"width":794,"height":11}},{"id":"76142f02-8977-4a78-84b4-9a4ce37e94a9","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":77,"box":{"x":68,"y":173,"width":748,"height":11}},{"id":"f68a2ba5-f2ed-4d0b-85b8-3f00d8cb86c2","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":77,"box":{"x":70,"y":188,"width":789,"height":12}},{"id":"04f5140c-a57c-4e62-b09a-acd593e9b036","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":77,"box":{"x":68,"y":203,"width":783,"height":12}},{"id":"06ebc481-5952-4568-adc7-0e2bead898c1","block_type":"box","text":"replicate the per formance of the reference instrument. ETNs also incur cer tain expenses not incurred by their","page_number":77,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"94ad8300-e2d1-48b5-b6cd-1ae675ed791d","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":77,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"5a1c0017-0a62-48da-980e-1a87003779b0","block_type":"box","text":"purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in","page_number":77,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"19b8ae22-4c76-45a7-90d3-e4b2958f25d1","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":77,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"96af9e72-cff1-40f6-bc55-1eb26492f63a","block_type":"box","text":"losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the","page_number":77,"box":{"x":70,"y":279,"width":820,"height":11}},{"id":"694c8be2-a010-46a8-9d1c-cf35b79031a8","block_type":"box","text":"loan still needs to be repaid.","page_number":77,"box":{"x":70,"y":294,"width":202,"height":11}},{"id":"f1cf832d-1ae3-4eaf-9587-4c99246d26ad","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its obligations, the","page_number":77,"box":{"x":102,"y":317,"width":774,"height":11}},{"id":"eabca6b9-7991-4c28-b2be-c92abad177bc","block_type":"box","text":"value of the ETN may change due to a change in the issuer’s credit rating, despite no change in the underlying","page_number":77,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"a2daca48-4c7e-49f8-aa54-08146f15738b","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":77,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"3be599bf-2745-4230-a1ed-c93df45b068a","block_type":"box","text":"difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in","page_number":77,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"1282488e-ccbf-4fa5-b5de-ed2dfac9681f","block_type":"box","text":"time is not always identical to the supply and demand in the market for the assets underlying the reference","page_number":77,"box":{"x":68,"y":377,"width":766,"height":12}},{"id":"a23f0dc7-5ce3-4885-bf36-240a46f672cd","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":77,"box":{"x":70,"y":393,"width":279,"height":8}},{"id":"5f7661c0-3dc7-4778-80f4-8f0c50a0a504","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally meant to","page_number":77,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"e4f93f1b-4b04-4d4c-93ea-5e23618e457a","block_type":"box","text":"be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary","page_number":77,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"b6ce4532-539e-4941-a9b6-8258cf0a9a9e","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":77,"box":{"x":69,"y":445,"width":547,"height":9}},{"id":"edf17c19-1993-4926-80fe-fbca9a282c5d","block_type":"box","text":"Foreign Investments.","page_number":77,"box":{"x":102,"y":468,"width":152,"height":11}},{"id":"d263bc65-6a80-4c20-88e5-10883d56b02e","block_type":"box","text":"Foreign Investment Risks.","page_number":77,"box":{"x":102,"y":491,"width":182,"height":11}},{"id":"0f18dca0-2247-4e7f-8478-2d4deb636d23","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":77,"box":{"x":291,"y":491,"width":567,"height":11}},{"id":"077c023a-0c6d-4d4d-b85c-ea747a1b837b","block_type":"box","text":"located in emerging market countries. These securities may be denominated in U.S. dollars or in a foreign currency.","page_number":77,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"240ee8bb-910a-4f43-a2b1-13ba27e41990","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":77,"box":{"x":70,"y":521,"width":774,"height":11}},{"id":"4fcb061d-554a-49e6-91df-9a933cd8f994","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":77,"box":{"x":69,"y":536,"width":738,"height":11}},{"id":"58611847-0b86-49e4-b80b-a68ae51b36aa","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":77,"box":{"x":102,"y":559,"width":782,"height":11}},{"id":"eb063be5-ffbc-45ed-a838-eb5a20768ab6","block_type":"box","text":"securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are conducted from the","page_number":77,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"3d62b81d-ebe5-4e45-bba5-27607db93867","block_type":"box","text":"U.S., (ii) the company’s equity securities trade principally on a U.S. stock exchange, (iii) the company does a","page_number":77,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"e1ab1b7e-9586-4041-8f67-1bd4b62a81ec","block_type":"box","text":"substantial amount of business in the U.S. or (iv) the issuer of securities is included in the Fund’s primary U.S.","page_number":77,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"2a54b50b-f08f-4868-b1e4-99c39d88116f","block_type":"box","text":"benchmark index.","page_number":77,"box":{"x":69,"y":619,"width":124,"height":9}},{"id":"06748aee-0e1f-4824-b9e4-842bd320abcd","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":77,"box":{"x":102,"y":642,"width":767,"height":11}},{"id":"0bbf6292-5a34-4905-a92a-ae73c63b0b00","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":77,"box":{"x":68,"y":657,"width":742,"height":11}},{"id":"b2699cab-8f15-4e85-8a41-1373f605b1f8","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":77,"box":{"x":69,"y":672,"width":818,"height":11}},{"id":"afc4ef54-ce2d-4898-b08b-7d71ee456d1f","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":77,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"1bf26aea-0d36-4a7b-97b6-5ae807562343","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":77,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"5394cf05-4a35-4fbe-9bda-0b9b3cbd12c1","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":77,"box":{"x":69,"y":718,"width":794,"height":11}},{"id":"2dc31c38-8f4b-44de-815b-08f9843f1920","block_type":"box","text":"securities and zero-coupon securities.","page_number":77,"box":{"x":69,"y":733,"width":268,"height":10}},{"id":"8b774ef2-2d96-4a1a-8ed0-6723c5341870","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":77,"box":{"x":102,"y":755,"width":785,"height":11}},{"id":"97b38e77-362c-4fdd-97a6-9a0159bf7198","block_type":"box","text":"taxes.","page_number":77,"box":{"x":68,"y":771,"width":42,"height":8}},{"id":"08ab619c-9261-491d-9fd7-48535b2f3c45","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in","page_number":77,"box":{"x":101,"y":793,"width":798,"height":11}},{"id":"fcb049bd-37ff-4698-9ffa-58c5b1dc57f4","block_type":"box","text":"foreign markets that are closed when the securities exchange on which the Fund’s shares trade is open, there are","page_number":77,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"80a23643-9d76-4c70-aa1d-a0c3455ea3d0","block_type":"box","text":"likely to be deviations between the current price of such an underlying security and the last quoted price for the","page_number":77,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"2a2bcca0-e2a3-4c72-ad8f-ed49390cd1ca","block_type":"box","text":"underlying security (","page_number":77,"box":{"x":69,"y":839,"width":140,"height":11}},{"id":"f52b0b5e-7c84-4aa5-836b-38beb42ae8cd","block_type":"box","text":"i.e.","page_number":77,"box":{"x":211,"y":839,"width":20,"height":8}},{"id":"53797f38-c933-4776-87d2-cf06b3c8f21e","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":77,"box":{"x":234,"y":838,"width":675,"height":12}},{"id":"025bc402-14f2-4d25-bb89-4feeb432de7a","block_type":"box","text":"Fund is likely to be greater where a large por tion of the Fund’s underlying securities or other instruments trade on","page_number":77,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"31a79af8-c400-4296-98f2-3edfa799b2a2","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":77,"box":{"x":68,"y":869,"width":800,"height":11}},{"id":"a53f55ce-0e4c-418d-8e96-162e20236935","block_type":"box","text":"result in premiums or discounts to cer tain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":77,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"32fae334-6277-4938-8a86-362a4dd4a38d","block_type":"box","text":"II-29","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7ac243c3-5267-45cb-8154-2699126fa0a9","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea6e76d4-7984-44c3-b924-941fd963d657","block_type":"box","text":"Foreign Market Risk.","page_number":78,"box":{"x":102,"y":45,"width":144,"height":11}},{"id":"2ef779fd-8190-4ed4-8c2c-4c0f1291382c","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":78,"box":{"x":254,"y":45,"width":652,"height":11}},{"id":"ce2e23ce-3489-4253-a8c7-48653d61a06e","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":78,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"532ca14c-72e9-4e1d-abdc-21c7e6fcb049","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":78,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"b74ecb3e-5c67-4476-b005-faf13eb63d12","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In par ticular, a Fund","page_number":78,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"3f7a6c87-39f5-44ba-be27-2a3be78d1efe","block_type":"box","text":"is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of","page_number":78,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"30c66e74-a131-4119-a1ab-a5da08726048","block_type":"box","text":"shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition,","page_number":78,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"2f1e82fa-6e62-4454-8f2d-2e9c6f9842a9","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":78,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"811578e0-5d2f-4d92-a06d-de68389b1b13","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In","page_number":78,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"ce16982d-ce72-4a57-8861-5747e425a383","block_type":"box","text":"addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military","page_number":78,"box":{"x":69,"y":166,"width":824,"height":11}},{"id":"81658013-d0a5-4a05-9a2b-535e30cf6304","block_type":"box","text":"action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the U.S.","page_number":78,"box":{"x":69,"y":181,"width":798,"height":11}},{"id":"0d4c83a2-7199-4163-832a-3b1bae5a5a4a","block_type":"box","text":"Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital controls","page_number":78,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"617fc5f1-9e55-4123-80cd-e32ef49ed160","block_type":"box","text":"and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital controls","page_number":78,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"5054639e-6126-4890-9b99-2e4cf7785a4f","block_type":"box","text":"and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency, securities,","page_number":78,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"7be09e0d-4dc8-4ff3-b31f-e7d7ec1190e1","block_type":"box","text":"derivatives or other assets and may also include retaliatory actions of one government against another government,","page_number":78,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"63dd9239-08ba-4c61-9cf5-6bf81b6ebff6","block_type":"box","text":"such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell, transfer,","page_number":78,"box":{"x":69,"y":256,"width":798,"height":11}},{"id":"d6712458-ff09-499a-b11f-9c5303a09433","block_type":"box","text":"receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the","page_number":78,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"294df613-2b31-446d-a3bb-4d9bd67c706c","block_type":"box","text":"Fund’s assets or income back into the United States, and could negatively impact the value and/or liquidity of such","page_number":78,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"f1523c3d-317e-442b-aae2-9216b8355b5c","block_type":"box","text":"assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other potential","page_number":78,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"3885c668-4a2b-46e5-bea4-9b8bbe95ea84","block_type":"box","text":"foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government","page_number":78,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"e5fb31a4-ce4d-4309-bba2-322d71b349de","block_type":"box","text":"securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social conditions,","page_number":78,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"d82f3dd1-fc2e-472b-b002-e99841be7675","block_type":"box","text":"such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets, or","page_number":78,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"c3b393ff-57e5-4d32-9bd4-10b20615ba90","block_type":"box","text":"imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain foreign","page_number":78,"box":{"x":70,"y":362,"width":804,"height":11}},{"id":"ffc03db4-1b86-427b-ab72-3087e2d7bf66","block_type":"box","text":"countries may be less extensive than those available to investors in the United States or other foreign countries. In","page_number":78,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"c3822c43-0037-411a-8708-2fe8577a3533","block_type":"box","text":"addition, changes in government administrations or economic or monetary policies in the United States or abroad","page_number":78,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"055f8ee0-3c2e-4e9c-978c-5f50ce00bc2e","block_type":"box","text":"could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a Fund’s","page_number":78,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"5f969890-e058-414e-ab3a-cfc23cf70ae4","block_type":"box","text":"operations.","page_number":78,"box":{"x":69,"y":423,"width":78,"height":11}},{"id":"f0cfe1fc-7420-4fb5-bdb5-89b3b6eb1378","block_type":"box","text":"Foreign Economy Risk.","page_number":78,"box":{"x":102,"y":446,"width":158,"height":11}},{"id":"0f448633-2b7e-472d-91c6-50453481c8bc","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":78,"box":{"x":267,"y":445,"width":636,"height":12}},{"id":"316c8ea0-b11e-4359-9250-b6dfbbf3659e","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":78,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"e2a1a13c-8c53-411a-98c6-49eaa5dac4d7","block_type":"box","text":"and balance of payments position. Cer tain such economies may rely heavily on par ticular industries or foreign capital","page_number":78,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"03f57e7a-3611-44f2-beaf-7cb6545dbca6","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":78,"box":{"x":69,"y":491,"width":795,"height":11}},{"id":"ac6571e9-59a9-4c17-a7f5-f4abc0ec60bf","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":78,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"bd0c2740-4b8a-41e3-9220-5bc9ca6daf74","block_type":"box","text":"measures.","page_number":78,"box":{"x":69,"y":523,"width":74,"height":7}},{"id":"3c8e5a69-f345-4771-950a-11d535bea651","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":78,"box":{"x":102,"y":544,"width":240,"height":11}},{"id":"584c15e7-5f18-4bd5-b60d-bc9b61d077f5","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":78,"box":{"x":349,"y":543,"width":534,"height":12}},{"id":"83ed5c50-7a5e-49bd-87ff-9647789d39fb","block_type":"box","text":"interest in foreign currencies, the value of a Fund that invests in foreign securities as measured in U.S. dollars will be","page_number":78,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"b0dc7157-7a5b-40aa-aef5-d473e7b093d7","block_type":"box","text":"affected favorably or unfavorably by changes in exchange rates. Generally, when the U.S. dollar rises in value against","page_number":78,"box":{"x":69,"y":574,"width":833,"height":11}},{"id":"c6308e82-7e9e-4be6-9dfd-9ecdd5c89aac","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is wor th fewer U.S.","page_number":78,"box":{"x":69,"y":589,"width":801,"height":11}},{"id":"8b32bc15-61f4-48ca-88b7-84cff2e468a2","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":78,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"299a724d-ad91-4590-bdb0-12a533b6139b","block_type":"box","text":"that currency gains value because the currency is wor th more U.S. dollars. This risk, generally known as “currency","page_number":78,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"bb07fea1-5e0e-4397-a2b1-6c5b8f5ed67a","block_type":"box","text":"risk,” means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase","page_number":78,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"33c15d4c-4578-413d-ba61-80a25a6e334a","block_type":"box","text":"those returns.","page_number":78,"box":{"x":68,"y":650,"width":100,"height":8}},{"id":"90a38154-e299-4938-b385-a2fd2ce42c89","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":78,"box":{"x":102,"y":672,"width":466,"height":11}},{"id":"de65c5a5-3c5b-433f-89d8-971cc154851d","block_type":"box","text":"Many foreign governments supervise and","page_number":78,"box":{"x":575,"y":672,"width":293,"height":11}},{"id":"16d4eefa-3a3d-4d4c-bb38-50c27e3366d3","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":78,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"0a68bfdc-1888-4d73-8ec2-f8dbbe22fd43","block_type":"box","text":"not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may","page_number":78,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"feafcf4a-0c35-442b-844d-2b6516f06807","block_type":"box","text":"have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company’s","page_number":78,"box":{"x":69,"y":718,"width":778,"height":11}},{"id":"f58d7d60-49da-46f3-bc9c-f01de975e062","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":78,"box":{"x":69,"y":732,"width":794,"height":12}},{"id":"135fc473-8199-4992-b28d-c0d18a08484d","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":78,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"eec0e5c8-ee93-4729-b4a1-cb6a9ea4de10","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":78,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"914063e6-6ce1-4823-8629-6ea589571760","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past imposed","page_number":78,"box":{"x":69,"y":778,"width":760,"height":11}},{"id":"391c95c0-8280-4ad8-b387-0b714ed134ce","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":78,"box":{"x":69,"y":793,"width":803,"height":11}},{"id":"25cd5faf-a8bb-450b-a1f4-66584e8460a5","block_type":"box","text":"restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its","page_number":78,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"8f6c05c4-11d1-4d16-a7f4-0bf6500f9006","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":78,"box":{"x":69,"y":823,"width":793,"height":12}},{"id":"e76f7c52-c401-4521-a8f5-e14f01ab0b97","block_type":"box","text":"higher in foreign countries than they are in the United States. This reduces the amount the Fund can earn on its","page_number":78,"box":{"x":69,"y":838,"width":797,"height":12}},{"id":"506ca314-858b-4e74-b060-71e836e31648","block_type":"box","text":"investments.","page_number":78,"box":{"x":70,"y":854,"width":89,"height":8}},{"id":"4a16351e-024d-4aa2-9c87-6de69ccfde72","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":78,"box":{"x":102,"y":876,"width":458,"height":11}},{"id":"6bf3120b-182c-4b98-a352-850b76588970","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":78,"box":{"x":566,"y":876,"width":341,"height":11}},{"id":"a5ba2531-173b-4b86-8389-c56070564f1b","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":78,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"2cb6c484-cf77-44bb-a98d-93c256224cf8","block_type":"box","text":"organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight over","page_number":78,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"121339c0-7bb0-4980-b88d-f365266a4f1e","block_type":"box","text":"II-30","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2700231b-3e48-499a-b117-9292e8d3606b","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba5ff6c3-cbf1-4493-9b52-2af5b9e87d2f","block_type":"box","text":"their operations. Also, the laws of cer tain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":79,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"5a766213-0cb2-4b09-83fc-ac66f92cb737","block_type":"box","text":"bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive","page_number":79,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"5f9dbace-babe-4041-aa5f-f5166dcff84a","block_type":"box","text":"for a Fund to buy, sell and hold securities in cer tain foreign markets than in the United States. The increased","page_number":79,"box":{"x":68,"y":75,"width":777,"height":11}},{"id":"bbb22670-e313-4546-9672-1badf6eb279d","block_type":"box","text":"expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results","page_number":79,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"4c5c41c3-9788-449e-a92a-35df7edc6033","block_type":"box","text":"in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United","page_number":79,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"adcabb23-81bb-414c-b2e9-726a096f0a81","block_type":"box","text":"States.","page_number":79,"box":{"x":69,"y":120,"width":49,"height":9}},{"id":"d342fef1-46e8-4520-ae6b-882a01c19e57","block_type":"box","text":"Publicly Available Information.","page_number":79,"box":{"x":102,"y":143,"width":210,"height":11}},{"id":"edc0e896-d2da-463b-a82f-b6a1d98f4793","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":79,"box":{"x":319,"y":143,"width":558,"height":11}},{"id":"5bf553a4-e9a1-4462-9513-4ba2d085ea6b","block_type":"box","text":"than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform","page_number":79,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"0a45221a-5fe6-4c2a-90bb-7d04ea2ef4b5","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":79,"box":{"x":69,"y":173,"width":793,"height":11}},{"id":"c1aa6795-592f-4a49-94a8-a71174274ca5","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":79,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"ca155f32-699b-4f05-ae8e-986f7f5f4423","block_type":"box","text":"the New York Stock Exchange. Accordingly, a Fund’s foreign investments may be less liquid than, and their prices may","page_number":79,"box":{"x":68,"y":203,"width":841,"height":12}},{"id":"ef66baa4-34c1-483f-b28d-3a2269af2bcb","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":79,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"0d8a9b3c-ca66-4be1-bfa0-4938f3c50749","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":79,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"d5a75f4e-f997-41cb-82eb-b9143926e7df","block_type":"box","text":"United States.","page_number":79,"box":{"x":70,"y":249,"width":99,"height":9}},{"id":"49a0fd88-3ba3-4b7e-b845-2efd48490239","block_type":"box","text":"Settlement Risk.","page_number":79,"box":{"x":102,"y":272,"width":116,"height":8}},{"id":"b7853ebc-4aa6-4a00-a6fb-aa1fac0f1b82","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":79,"box":{"x":225,"y":271,"width":669,"height":12}},{"id":"96af39e0-d1a3-4717-b95f-5e1def07d23e","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":79,"box":{"x":70,"y":287,"width":808,"height":11}},{"id":"eed8a3f6-acb0-483b-af62-93d4007cb477","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":79,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"7a3d1f6a-b638-4c91-85d1-504e1c6ef37b","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":79,"box":{"x":102,"y":324,"width":781,"height":12}},{"id":"2ecbbc7c-04c6-45f2-8a71-5207c2498b83","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":79,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"3a823970-e135-47f6-808f-4cbe60e463b0","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":79,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"c983d2d5-5e13-4b63-95f9-f9b9ff05cf70","block_type":"box","text":"these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in","page_number":79,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"c3f2ef91-afe7-4fb8-949f-cc3346080e13","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment oppor tunities and cer tain of its assets may be","page_number":79,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"e7375d24-d2c4-48fc-848e-aba463ac8486","block_type":"box","text":"uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of","page_number":79,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"e16b9d46-0247-4023-9ba4-53c7b91317a4","block_type":"box","text":"securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to","page_number":79,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"9fd5fc75-c2cd-4c56-850b-b9252cc9eebe","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":79,"box":{"x":69,"y":430,"width":539,"height":11}},{"id":"383905e4-35d1-4b9e-940f-a545e7ec1979","block_type":"box","text":"Sovereign Debt.","page_number":79,"box":{"x":102,"y":453,"width":111,"height":11}},{"id":"032e71bd-5a0c-469b-9b08-ebdde5dd5953","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":79,"box":{"x":221,"y":453,"width":653,"height":11}},{"id":"d183e3ad-94df-410b-a41b-43bd722e8974","block_type":"box","text":"controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in","page_number":79,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"d678b106-e92e-4d48-93cb-bb92066799d8","block_type":"box","text":"accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest","page_number":79,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"1ef913de-4032-4e67-9fe5-81e6c7c3beef","block_type":"box","text":"due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign","page_number":79,"box":{"x":69,"y":498,"width":798,"height":11}},{"id":"7382706d-276f-4f1d-bab9-3cf59954fbf8","block_type":"box","text":"reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt","page_number":79,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"2e2f0f3a-2e24-4372-b425-1072c0f60c57","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":79,"box":{"x":69,"y":529,"width":832,"height":11}},{"id":"c3beb0f1-eba4-4aaf-89fd-82b9fa8605ae","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":79,"box":{"x":69,"y":544,"width":790,"height":11}},{"id":"973fc55f-e88e-43a1-90ef-7e9de3e57141","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":79,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"56c3f0b9-c482-490b-9aa5-2bd4dff8d79a","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":79,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"0c8aea81-95a0-4083-bbc0-f9ed8213285b","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":79,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"fc6aafe0-965b-4f2f-a046-16e11a85a1de","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":79,"box":{"x":69,"y":604,"width":789,"height":11}},{"id":"c88aec57-d5c1-4067-ad00-dbd2aa23c69c","block_type":"box","text":"achieve such levels of economic per formance or repay principal or interest when due may result in the cancellation of","page_number":79,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"86096fc4-b0ea-4680-af08-3cca2d99fe52","block_type":"box","text":"such third par ties’ commitments to lend funds to the governmental entity, which may fur ther impair such debtor’s","page_number":79,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"68f26342-646f-412e-a2dc-aad1047c8cb6","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":79,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"94f54ce0-9e7a-453c-bba1-972de6f40a83","block_type":"box","text":"debt.","page_number":79,"box":{"x":69,"y":665,"width":34,"height":8}},{"id":"8652a379-cb3e-48ea-b263-25a8aa88956f","block_type":"box","text":"Holders of sovereign debt may be requested to par ticipate in the rescheduling of such debt and to extend fur ther","page_number":79,"box":{"x":102,"y":687,"width":807,"height":11}},{"id":"cb7042c3-887d-42c6-8c6e-dd2d1b8c6d83","block_type":"box","text":"loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective","page_number":79,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"88acb4d6-8cf8-4516-b9d2-d3ffd7f237a1","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":79,"box":{"x":70,"y":717,"width":300,"height":12}},{"id":"f86e71b0-7bae-4dcd-9dc4-bdb307e9f325","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":79,"box":{"x":103,"y":740,"width":215,"height":11}},{"id":"30d243ef-4b8a-4630-bff0-d88f7d50b794","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":79,"box":{"x":318,"y":740,"width":542,"height":11}},{"id":"debf2216-25b3-4731-bae9-bb05d816b6f1","block_type":"box","text":"interest income (if any) received from issuers in cer tain countries and capital gains on the disposition of stocks or","page_number":79,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"7355f77c-f584-45d8-8f3e-a36901918dce","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":79,"box":{"x":69,"y":771,"width":795,"height":11}},{"id":"7bd594b3-140c-48f2-b764-da76ccf8cefb","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding","page_number":79,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"0d3b9759-d30e-412d-9b00-ce8b29f853b9","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates","page_number":79,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"91cb3306-f004-409c-86bf-9e4135f33298","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":79,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"1699fa55-3c03-4a3a-aea1-b87f75cb65f4","block_type":"box","text":"regulation or approach in the foreign country, accruals in a Fund’s net asset value for such refunds may be written","page_number":79,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"0fb1ca80-7568-4ddd-92f0-e06835e916d9","block_type":"box","text":"down par tially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":79,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"f266db30-ca52-4324-988d-f35f8abab177","block_type":"box","text":"accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they","page_number":79,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"88875015-7c10-416a-a219-f54f09ab89fc","block_type":"box","text":"were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously","page_number":79,"box":{"x":68,"y":876,"width":833,"height":11}},{"id":"89c20063-8feb-4aea-abcb-884ee35228cb","block_type":"box","text":"accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in","page_number":79,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"f378e998-6322-4434-ba35-253667010962","block_type":"box","text":"II-31","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5a5d7d7f-fd86-4303-b1ab-0c1050d6b8e3","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8824295-31d3-40ef-880f-876938376e2f","block_type":"box","text":"the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase","page_number":80,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"975a8855-8ea2-4c15-8cc1-a123143ef115","block_type":"box","text":"in the Fund’s net asset value.","page_number":80,"box":{"x":70,"y":60,"width":209,"height":9}},{"id":"bd1599c3-2030-4aed-acea-c3a9820f0229","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":80,"box":{"x":103,"y":83,"width":263,"height":11}},{"id":"e13d270f-fc55-4e51-9bfb-40ddc2b4f39a","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":80,"box":{"x":372,"y":82,"width":532,"height":12}},{"id":"aafe6573-68f9-4f5c-ab22-d7c3934612c2","block_type":"box","text":"trading par tner of, or foreign investor in, cer tain countries in which a Fund may invest. As a result, economic","page_number":80,"box":{"x":68,"y":98,"width":773,"height":11}},{"id":"86047de0-ac10-4e0a-8b2f-5833b4eabcf1","block_type":"box","text":"conditions of such countries may be par ticularly affected by changes in the U.S. economy. A decrease in U.S. impor ts","page_number":80,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"83cd3f0b-fc79-42c0-a709-3f3d40de54a5","block_type":"box","text":"or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":80,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"b2ee88d8-e3b2-46ad-af4f-51e07229b3f2","block_type":"box","text":"slowdown in the United States may have a material adverse effect on a country’s economic conditions and, as a","page_number":80,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"a4e3983e-aaf8-48df-ad6a-3a784f66d34f","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":80,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"e174a0b3-05d0-4ab5-b37a-8804c1c523ca","block_type":"box","text":"of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment","page_number":80,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"ab57a675-64fa-4286-bfaf-92e141c5ebd5","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":80,"box":{"x":68,"y":188,"width":746,"height":12}},{"id":"243ecd3c-88bb-4d6b-ba7e-e52a2214c1b4","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":80,"box":{"x":101,"y":211,"width":787,"height":11}},{"id":"2530d2f9-e375-4232-b7b8-3a3b6fed7a12","block_type":"box","text":"allies, such as cer tain European countries, and historical adversaries, such as Nor th Korea, Iran, China and Russia.","page_number":80,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"84dd7b31-0c81-488b-9378-05067165e9e9","block_type":"box","text":"If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":80,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"53976a20-ecb5-401a-9d8f-62086ab8e66e","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":80,"box":{"x":70,"y":256,"width":791,"height":11}},{"id":"cbaf298e-7e3a-4e83-86db-dc7b4c5f05db","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and many of the issuers in which a","page_number":80,"box":{"x":68,"y":271,"width":803,"height":12}},{"id":"7ef07c7c-a006-418c-a810-e1197dacfdf2","block_type":"box","text":"Fund may invest.","page_number":80,"box":{"x":70,"y":287,"width":117,"height":11}},{"id":"ea0a4f13-820e-4fa5-99c1-fdbce52b55f6","block_type":"box","text":"Funding Agreements.","page_number":80,"box":{"x":102,"y":309,"width":154,"height":11}},{"id":"c5e9cf34-8e4a-442d-8e6e-314e91dbee5a","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":80,"box":{"x":262,"y":309,"width":584,"height":11}},{"id":"b98ac3fc-9017-49f7-aee4-93c9a982ad24","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":80,"box":{"x":69,"y":324,"width":773,"height":12}},{"id":"379f025d-3be2-446e-908b-e99975d45598","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":80,"box":{"x":70,"y":340,"width":761,"height":11}},{"id":"67f934d9-030c-406b-8b71-6a14befa4084","block_type":"box","text":"guaranteed interest, which is based on an index (such as the London Interbank Offered Rate (“LIBOR”)). The funding","page_number":80,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"f845a3b1-f0f0-4b26-8e54-967e61d1e56a","block_type":"box","text":"agreements provide that this guaranteed interest will not be less than a cer tain minimum rate. The purchase price","page_number":80,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"1bd7cc16-0733-4794-94c9-5e67b7587cf7","block_type":"box","text":"paid for a funding agreement becomes par t of the general assets of the insurance company, and the contract is paid","page_number":80,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"fde661ab-8072-4347-91e9-3acb4965cf4e","block_type":"box","text":"from the general assets of the insurance company. Generally, funding agreements are not assignable or transferable","page_number":80,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"7c822ae3-d0fa-4f5f-92ea-05e5dcb3d6f1","block_type":"box","text":"without the permission of the issuing insurance companies, and an active secondary market in some funding","page_number":80,"box":{"x":68,"y":415,"width":780,"height":11}},{"id":"69cb9157-1246-4763-8604-8f0865667e67","block_type":"box","text":"agreements does not currently exist.","page_number":80,"box":{"x":69,"y":430,"width":260,"height":11}},{"id":"87632651-d3eb-4ab4-9bf4-d2e7536e8719","block_type":"box","text":"Guarantees.","page_number":80,"box":{"x":102,"y":453,"width":87,"height":9}},{"id":"5e746d47-5767-4a79-a425-221deef1c71c","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":80,"box":{"x":194,"y":453,"width":685,"height":11}},{"id":"3152b022-d9ea-4cb4-9d3d-3c8182dc747e","block_type":"box","text":"issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will fulfill an issuer’s","page_number":80,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"9634e2e6-9c2e-4b02-b4d0-b4e2682e14be","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":80,"box":{"x":70,"y":483,"width":488,"height":11}},{"id":"b710fa06-baff-41a7-b6f9-59cc8f30f7de","block_type":"box","text":"Illiquid Investments.","page_number":80,"box":{"x":102,"y":506,"width":146,"height":11}},{"id":"08e22e05-2af5-48ff-947e-cb22a633c397","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":80,"box":{"x":255,"y":506,"width":630,"height":11}},{"id":"5492447a-a0fd-4775-b297-604276c389a1","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":80,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"e816093b-c5c8-4844-b419-222f86b12d4c","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":80,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"880042e9-6add-4f47-9451-b21303a46c6f","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":80,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"e2d696c1-77bd-43ba-9f39-df1386ef6684","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. There can be","page_number":80,"box":{"x":70,"y":566,"width":838,"height":11}},{"id":"9dda78c5-1e30-4c1c-9c42-53f6dcf81ee9","block_type":"box","text":"no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":80,"box":{"x":69,"y":581,"width":824,"height":11}},{"id":"35ae7b62-93f0-4d65-b961-ea447506cb37","block_type":"box","text":"as long as it is held by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":80,"box":{"x":69,"y":597,"width":838,"height":11}},{"id":"1b6fb3a7-797a-4f0b-b0b2-ba80040cab99","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce the returns of","page_number":80,"box":{"x":70,"y":612,"width":816,"height":11}},{"id":"4bdb4e77-70b1-4747-9aee-f6ea4d241aab","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if a","page_number":80,"box":{"x":68,"y":627,"width":832,"height":11}},{"id":"c37853eb-5fec-4e0c-b28b-671ecb9d4402","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":80,"box":{"x":70,"y":642,"width":803,"height":11}},{"id":"96d75c9a-70b6-4ecf-b1dc-1ec1806b8039","block_type":"box","text":"selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to","page_number":80,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"44731c9a-76e5-4c18-99f0-0b9ebf1de3cc","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger por tion of the Fund’s holdings. If illiquid","page_number":80,"box":{"x":69,"y":672,"width":781,"height":11}},{"id":"c4889031-95bc-4ecb-86ee-3dedf9de2978","block_type":"box","text":"investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as","page_number":80,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"8c353ec8-e687-4648-9289-db0d3c5e5592","block_type":"box","text":"defined below) will require that cer tain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":80,"box":{"x":69,"y":702,"width":822,"height":11}},{"id":"e2434c7d-6b1f-4c5b-b280-454ae7b5fb40","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":80,"box":{"x":69,"y":717,"width":813,"height":12}},{"id":"b9554a7c-9621-465c-8b98-a6f9d73c1c66","block_type":"box","text":"Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of","page_number":80,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"7fafbc82-c516-4850-acee-87dbca0201bd","block_type":"box","text":"market oppor tunities. The risks associated with illiquidity will be par ticularly acute where a Fund’s operations require","page_number":80,"box":{"x":69,"y":748,"width":833,"height":11}},{"id":"ac7a2216-2f18-496d-b2fc-15808c9b2a70","block_type":"box","text":"cash, such as when the Fund redeems shares or pays dividends, and could result in the Fund borrowing to meet","page_number":80,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"9d924ae7-504b-455c-86cf-b4d6d9698504","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":80,"box":{"x":69,"y":778,"width":651,"height":11}},{"id":"8c782e29-67f1-465f-a03c-1f845b560713","block_type":"box","text":"Index Funds.","page_number":80,"box":{"x":102,"y":801,"width":91,"height":9}},{"id":"2550f8cc-2e3d-4626-9416-02b8d4fc26c0","block_type":"box","text":"Cash Flows; Expenses.","page_number":80,"box":{"x":102,"y":823,"width":162,"height":11}},{"id":"89a5fa97-e6ad-4c20-acbb-656a1d770431","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":80,"box":{"x":270,"y":823,"width":613,"height":11}},{"id":"c4e25691-61db-407c-9a09-fba48082ed9a","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":80,"box":{"x":68,"y":838,"width":803,"height":12}},{"id":"ad9fa5aa-c006-4897-81bd-c0a99f191e9b","block_type":"box","text":"Fund’s investments). The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":80,"box":{"x":70,"y":853,"width":810,"height":12}},{"id":"cefd5b4e-da85-40b7-9a9a-80087a7d227b","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. Investors should also be aware that","page_number":80,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"4a762e58-527b-45f5-ae06-51a4c498d4ac","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":80,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"c9fad798-130d-4524-b5a6-26a3c89718a7","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":80,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"253aabcc-2a97-416f-9c3c-0e0755cf1c38","block_type":"box","text":"II-32","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"31815f70-7edf-4da8-aff1-9febf05e9e74","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2119eca9-2814-4802-80f3-67c3b128c874","block_type":"box","text":"(","page_number":81,"box":{"x":69,"y":45,"width":3,"height":11}},{"id":"4ac2d87a-bd43-4cf9-8a71-6b7b639f54fb","block_type":"box","text":"e.g.","page_number":81,"box":{"x":74,"y":46,"width":25,"height":10}},{"id":"745d5952-7870-4df1-8123-f1d3c42ccf5c","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":81,"box":{"x":101,"y":45,"width":749,"height":11}},{"id":"7a8864f4-1af6-4ea7-aaaf-2f011862ddbe","block_type":"box","text":"replicate the total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":81,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"88f81c0f-1dec-48d2-aeef-04874815b045","block_type":"box","text":"par ticular security as an investment.","page_number":81,"box":{"x":70,"y":75,"width":258,"height":11}},{"id":"3f726839-b0a7-4d46-8eef-7a8a45ac048b","block_type":"box","text":"Tracking Error Risk","page_number":81,"box":{"x":103,"y":98,"width":132,"height":11}},{"id":"36bb6c3d-235c-4df1-96b2-6ada0fa1cb5d","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":81,"box":{"x":236,"y":98,"width":658,"height":11}},{"id":"6df6601a-a966-4dd7-a70b-e95b853cbb9c","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":81,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"76cc8c5c-5141-4967-9a96-8cd5895f551d","block_type":"box","text":"instruments held in the Fund’s por tfolio and those included in the Underlying Index, pricing differences (including, as","page_number":81,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"be17ad89-05ce-4603-b5e6-6670d17e6ccb","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":81,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"ddab93cd-2be8-48b5-ae22-716364501058","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":81,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"0fe51fa1-2bbd-4e23-9b67-5256c6786d6e","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":81,"box":{"x":70,"y":173,"width":787,"height":11}},{"id":"6b88db48-f592-4eb3-b263-d7e4410ac8f4","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":81,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"e3093056-a8ed-4e43-8bb8-d4951621fe4e","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":81,"box":{"x":69,"y":203,"width":838,"height":12}},{"id":"9ba34010-3276-46c7-be89-7262de270f93","block_type":"box","text":"complying with various new or existing regulatory requirements. 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Bloomberg is not responsible for nor has it reviewed any","page_number":82,"box":{"x":70,"y":748,"width":809,"height":11}},{"id":"28b6ad48-e71a-43a1-80d4-65781bd8d6f2","block_type":"box","text":"Fund nor any associated literature or publications, and Bloomberg makes no representation or warranty, express or","page_number":82,"box":{"x":70,"y":763,"width":821,"height":11}},{"id":"70aaffb8-338c-4654-975c-ca8514b67d4a","block_type":"box","text":"implied, as to their accuracy, or completeness, or otherwise.","page_number":82,"box":{"x":70,"y":778,"width":430,"height":11}},{"id":"4aeef2c2-ccbd-4823-9d69-9a909f415856","block_type":"box","text":"Bloomberg reserves the right, at any time and without notice, to alter, amend, terminate or in any way change a","page_number":82,"box":{"x":102,"y":801,"width":795,"height":11}},{"id":"322dac0c-ee23-47dc-9133-d18719afee02","block_type":"box","text":"Bloomberg Index. Bloomberg has no obligation to take the needs of any par ticular Fund or its par ticipants or any","page_number":82,"box":{"x":70,"y":816,"width":802,"height":11}},{"id":"cd5c16e4-7df6-4884-bb79-5ef071a592bc","block_type":"box","text":"other product or person into consideration in determining, composing or calculating a Bloomberg Index.","page_number":82,"box":{"x":69,"y":831,"width":735,"height":11}},{"id":"b49ea474-2263-4c73-99d0-f546a2d8c376","block_type":"box","text":"ICE BofA Indexes.","page_number":82,"box":{"x":102,"y":853,"width":124,"height":9}},{"id":"8a63cffd-11d9-417c-9aa5-87b003095d59","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Intercontinental","page_number":82,"box":{"x":233,"y":853,"width":670,"height":12}},{"id":"f1d078e9-e487-4ad8-b211-fba006f9c88f","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). BofA is","page_number":82,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"3f57df4b-c910-4596-86d6-d0f33329834d","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":82,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"6d83b7c7-65e2-47ac-ac86-b405fbe4206a","block_type":"box","text":"under license. 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ICE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":83,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"a822827e-fcad-4ce0-8041-2a5df2db333f","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":83,"box":{"x":70,"y":113,"width":608,"height":11}},{"id":"d78e5b46-ab0c-41d2-a492-0377e9c86b36","block_type":"box","text":"Indexed and Inverse Securities.","page_number":83,"box":{"x":102,"y":135,"width":228,"height":9}},{"id":"66fb0ea8-96d4-4048-bc3f-6c61e40a04ca","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":83,"box":{"x":336,"y":136,"width":523,"height":10}},{"id":"907edbae-1f4e-48a8-a47f-85318a72a64f","block_type":"box","text":"par ticular index of value or interest rates. 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To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":83,"box":{"x":68,"y":181,"width":830,"height":11}},{"id":"822c7800-7b87-470d-a8dd-4909f543e0fc","block_type":"box","text":"be subject to risk with respect to the value of the par ticular index: that is, if the value of the index falls, the value of","page_number":83,"box":{"x":69,"y":196,"width":827,"height":11}},{"id":"dccb241b-c586-4f4a-9cfe-acb77c4ac87f","block_type":"box","text":"the indexed securities owned by the Fund will fall. Interest and principal payable on cer tain securities may also be","page_number":83,"box":{"x":68,"y":211,"width":812,"height":11}},{"id":"5f4d2fe8-f541-4e14-abc7-8103499748e8","block_type":"box","text":"based on relative changes among par ticular indices. A Fund may also invest in so-called “inverse floating obligations”","page_number":83,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"6a44d11a-5e26-41ed-9e92-623d393ac212","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":83,"box":{"x":69,"y":241,"width":781,"height":11}},{"id":"c9ac9f04-f352-4b4e-af5f-d5e1701b4e91","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a shor t-term tax-exempt interest rate index). A","page_number":83,"box":{"x":70,"y":256,"width":838,"height":12}},{"id":"6ccc3fb0-a47f-4219-a7c4-1edf9ad6e111","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":83,"box":{"x":70,"y":271,"width":771,"height":12}},{"id":"5441c118-dc5f-4619-9446-17fb5485d5e2","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":83,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"0ca68e30-ee08-4bf1-890f-3b91f884ebe4","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":83,"box":{"x":70,"y":302,"width":835,"height":11}},{"id":"aa7d5245-30a3-4ce7-8e53-2a190ac50b62","block_type":"box","text":"increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a","page_number":83,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"4ecd8f6e-aac3-4cd9-a76a-694ab11e4ba3","block_type":"box","text":"multiple of the rate at which fixed-rate securities increase or decrease in response to such changes. As a result, the","page_number":83,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"0cf36527-0c69-4709-86ac-2431f1984be7","block_type":"box","text":"market values of such securities will generally be more volatile than the market values of fixed-rate securities. To","page_number":83,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"618dc089-a7db-423b-b096-5584e1324a0b","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shor ter-term","page_number":83,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"0db7cbed-35dd-47c9-b684-75e9d60105f1","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Cer tain investments in such","page_number":83,"box":{"x":69,"y":377,"width":819,"height":11}},{"id":"be0adad9-b157-443d-83c3-f3f2319c7ba5","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":83,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"970d3e27-a92e-40ea-a9df-7d240c92ae03","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":83,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"fd4fe609-6961-4fe2-96f5-6f8b4d1b697a","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":83,"box":{"x":70,"y":423,"width":834,"height":11}},{"id":"93006530-4678-40ed-8cf1-ac0b1d676541","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. 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Fur thermore, where such a security","page_number":83,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"219fcd01-eee4-4bc9-b4dc-8f8b33707180","block_type":"box","text":"includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund","page_number":83,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"5941d455-cf2b-43dd-a87d-d66765a437bd","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":83,"box":{"x":69,"y":483,"width":553,"height":11}},{"id":"26ef83ef-fd3f-439a-a3e3-343b599112e2","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":83,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"af7c3aac-8bf9-44ac-be29-cd0b217a80ae","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":83,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"5c5cf999-5d96-47f0-ad7d-eb5718c05c71","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when shor t-term interest rates increase and increase","page_number":83,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"bdd22add-88ed-469d-962a-c351c011e454","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":83,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"ad208918-8b15-4159-838d-4b9065c01d76","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":83,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"ab1605ff-73cc-471d-8f35-bcd7e75ce442","block_type":"box","text":"Inflation Risk.","page_number":83,"box":{"x":102,"y":589,"width":100,"height":9}},{"id":"b257b99d-0f39-40bc-b518-5444acc83b65","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":83,"box":{"x":209,"y":589,"width":663,"height":11}},{"id":"a9eefe95-8c46-44cc-bc1a-c50cf03a866f","block_type":"box","text":"value of assets or income from investments will be less in the future as inflation decreases the value of money. As","page_number":83,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"c71883ef-9383-4961-9c1f-ff4bb1bea879","block_type":"box","text":"inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.","page_number":83,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"76c930bf-cea2-4d3f-bb71-8e3cbba78eb1","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":83,"box":{"x":102,"y":642,"width":253,"height":11}},{"id":"069ca8a6-9439-444e-a1a6-d5aa78fc28b8","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":83,"box":{"x":361,"y":642,"width":540,"height":11}},{"id":"019d093c-df38-4477-a2ac-db7a45931082","block_type":"box","text":"the secondary market are affected by the per formance of the stock market overall. If IPOs are brought to the market,","page_number":83,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"bfb64284-aa48-4ca6-8a74-b18d1cdb4773","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":83,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"af9a06b8-fea8-4720-9970-380dce20b923","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":83,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"8090d0fe-4c02-43b3-82bd-bc3bea3a266a","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":83,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"cac51666-5cb0-4004-82e3-c27da86265d8","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a shor t","page_number":83,"box":{"x":69,"y":717,"width":814,"height":12}},{"id":"4d1df83c-2b08-4b8b-affa-fb5e2450683d","block_type":"box","text":"period of time given possible price volatility. This may result in increased por tfolio turnover and expenses, such as","page_number":83,"box":{"x":70,"y":732,"width":813,"height":12}},{"id":"9946d7eb-5db0-4d96-b180-67cbde87c31c","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":83,"box":{"x":69,"y":748,"width":828,"height":11}},{"id":"941710d3-e1f6-4d29-8360-92ee1c92b5f6","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":83,"box":{"x":68,"y":763,"width":802,"height":11}},{"id":"4c850e15-b836-41d1-bcd6-64493248855d","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future per formance. The investment per formance of a","page_number":83,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"134676c5-52b1-414a-8df1-0a74e01ce77e","block_type":"box","text":"Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it","page_number":83,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"d6fb78f8-fba6-4e4c-a722-08d53ad1e48a","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its per formance will generally","page_number":83,"box":{"x":70,"y":808,"width":777,"height":11}},{"id":"43fe6957-2bcf-48dc-9d65-e7e688c35528","block_type":"box","text":"decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller","page_number":83,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"442df11d-3080-40e9-9295-644e4185c563","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":83,"box":{"x":69,"y":838,"width":823,"height":12}},{"id":"fecfdf7b-761e-4b74-b7f5-bdae62e4e4fe","block_type":"box","text":"be available for very limited periods.","page_number":83,"box":{"x":69,"y":853,"width":257,"height":12}},{"id":"7f131ba3-e543-4f2c-bb90-a5f3a6a18666","block_type":"box","text":"Investment in Emerging Markets.","page_number":83,"box":{"x":102,"y":876,"width":242,"height":11}},{"id":"257c1b81-ad04-4a0e-867c-7cdd605efc1c","block_type":"box","text":"General.","page_number":83,"box":{"x":102,"y":899,"width":58,"height":9}},{"id":"a0b31880-d1b5-45a8-8a3a-8d41fa0a1bc5","block_type":"box","text":"II-35","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"38026365-b32c-4ff4-b004-2e8a81185fab","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0327c871-f023-4ff3-a746-73e4895cd6aa","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":84,"box":{"x":102,"y":45,"width":748,"height":11}},{"id":"534babac-e2d5-49ff-b92c-e176f419496d","block_type":"box","text":"markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital market is any country","page_number":84,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"97b829cf-0621-49d9-a6ed-b54c4c15c515","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":84,"box":{"x":68,"y":75,"width":813,"height":11}},{"id":"add66f9d-4894-4c68-a6e1-9d74d3469ceb","block_type":"box","text":"the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income","page_number":84,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"69bbe959-ce8f-41bc-9e3b-9d65285b60da","block_type":"box","text":"economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based","page_number":84,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"f31c8f9a-0988-4576-a053-b5b16d6f61bc","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":84,"box":{"x":70,"y":120,"width":831,"height":12}},{"id":"758141d1-979a-4187-aa90-2bf76e10c8fb","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":84,"box":{"x":69,"y":135,"width":396,"height":11}},{"id":"d6a123e1-55b8-427e-b7a3-efd26c2d36fa","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":84,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"c2902caf-4884-4160-9ce4-af74d10072fe","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":84,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"6047efcf-7415-4e05-86ee-ffe7a4a838da","block_type":"box","text":"such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such","page_number":84,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"d1514814-30f6-4759-8152-06350b38197b","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":84,"box":{"x":69,"y":203,"width":779,"height":11}},{"id":"f5df6c3b-4bd8-481e-928f-a98ba6c888dd","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":84,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"0f42d587-496d-45e4-a9c7-f6fe3ce30896","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":84,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"c24d5c2a-1664-4f5e-8598-f64a39ed55eb","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":84,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"b921c262-dd84-4880-bd92-6bb0797f25f5","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":84,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"dae6b542-216c-4926-b0ca-fcc1f53131e8","block_type":"box","text":"policies that may limit a Fund’s investment oppor tunities such as restrictions on investment in issuers or industries","page_number":84,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"f0e87524-f2cc-48a1-89fe-e9d8058f475f","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":84,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"6d36f1ac-ff91-4df1-b37d-e30394718d47","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":84,"box":{"x":70,"y":309,"width":813,"height":11}},{"id":"47560998-4fe9-49a7-9e43-9b81b61dc8e5","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":84,"box":{"x":69,"y":324,"width":694,"height":12}},{"id":"4859cbd6-35ca-499d-a214-f1cbd8c58929","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":84,"box":{"x":102,"y":347,"width":767,"height":11}},{"id":"61e42197-216b-4d4d-bb13-07c3717b7346","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":84,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"5b7d6f6c-7b7f-4539-8c76-628cb1419775","block_type":"box","text":"developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital","page_number":84,"box":{"x":69,"y":377,"width":792,"height":11}},{"id":"867333f8-81e6-4ec6-9659-f74b61c4604c","block_type":"box","text":"markets will continue to present viable investment oppor tunities for a Fund. In the past, governments of such nations","page_number":84,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"d7ea803c-cf0c-4f5e-900d-f41c195d6b37","block_type":"box","text":"have expropriated substantial amounts of private proper ty, and most claims of the proper ty owners have never been","page_number":84,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"4b587500-7ff2-401e-881e-dae66b938b87","block_type":"box","text":"fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":84,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"e5112fdb-687a-4fe1-8d02-6b678154c5cc","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks described above,","page_number":84,"box":{"x":70,"y":438,"width":802,"height":10}},{"id":"aee6d54a-3c39-44c3-9d40-acf7b335e8d0","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":84,"box":{"x":70,"y":453,"width":838,"height":11}},{"id":"3e1d2774-8ebe-4ccd-b638-b77347c085f2","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":84,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"59ed600c-9399-4a4e-be60-45a6a003f111","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":84,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"ca56b725-02e8-4464-92d7-6db9d75a086b","block_type":"box","text":"the limited volume of trading in securities in these countries may make investments in the countries illiquid and more","page_number":84,"box":{"x":68,"y":498,"width":838,"height":11}},{"id":"02c774f4-7ce9-49f6-9c76-4a1d3f2a9b18","block_type":"box","text":"volatile than investments in Japan or most Western European countries.","page_number":84,"box":{"x":68,"y":514,"width":513,"height":10}},{"id":"2fce3cb1-4166-4fe0-b0e7-e78025cf2100","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":84,"box":{"x":101,"y":536,"width":805,"height":11}},{"id":"f3c9fd4c-4b32-4ef2-9546-f2e6a3606913","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":84,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"0b60957d-7222-4764-8f5e-2cfcd57a335b","block_type":"box","text":"financial repor ting standards and requirements comparable to those to which U.S. companies are subject. In cer tain","page_number":84,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"f299002a-17ed-49af-8d52-63e86e9456d2","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":84,"box":{"x":69,"y":582,"width":768,"height":11}},{"id":"605d7bf7-0490-4c26-bfd2-a6b18bf5e83d","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":84,"box":{"x":69,"y":597,"width":811,"height":11}},{"id":"b5871311-0b43-4454-988b-531f91391086","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":84,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"7189cd56-90c0-4d73-b60f-21a2869b9859","block_type":"box","text":"shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund’s","page_number":84,"box":{"x":69,"y":627,"width":814,"height":11}},{"id":"cb0d4485-8340-41a5-af6a-6643a0edfc1e","block_type":"box","text":"acquisition or disposal of securities.","page_number":84,"box":{"x":69,"y":642,"width":257,"height":11}},{"id":"0c7fdcb2-b3bb-4eba-9cc4-a368fbe3091e","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":84,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"61a75fab-777d-42e7-a264-a1ca18c243af","block_type":"box","text":"in developed markets, in par t because a Fund will need to use brokers and counterpar ties that are less well","page_number":84,"box":{"x":70,"y":680,"width":769,"height":11}},{"id":"64a11b38-52ef-4f87-b571-89177def4740","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":84,"box":{"x":69,"y":695,"width":798,"height":11}},{"id":"eb647653-5095-4712-b51c-53829b3d34a2","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":84,"box":{"x":69,"y":710,"width":819,"height":11}},{"id":"ea7e1134-00e2-4a61-9583-40e2719669ab","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":84,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"f2dbc48d-dc9d-4dc4-89aa-af9d8d70db4e","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":84,"box":{"x":69,"y":740,"width":794,"height":11}},{"id":"75a93375-f287-49a9-bcd7-141c0fdf9c77","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in par ticular those","page_number":84,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"898635af-73f9-4cc1-83b9-073e278d2591","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":84,"box":{"x":69,"y":778,"width":801,"height":11}},{"id":"ee964757-24ee-4a1d-b81a-12f366eb283f","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":84,"box":{"x":68,"y":793,"width":818,"height":11}},{"id":"c26c460e-293c-4d45-9a65-1821790960f1","block_type":"box","text":"tax management). Additionally, disclosures or third-par ty data coverage associated with sustainability risks is","page_number":84,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"1659117b-9913-4844-94c0-fd0b1f674d03","block_type":"box","text":"generally less available or transparent in these markets.","page_number":84,"box":{"x":68,"y":823,"width":401,"height":12}},{"id":"41ebfe30-f7fc-4787-8250-8ec0e49584e5","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":84,"box":{"x":102,"y":846,"width":778,"height":11}},{"id":"a00a32c5-6374-4129-b952-50b5e8c2ba98","block_type":"box","text":"countries may be on either a currency hedged or unhedged basis, and the Funds may hold from time to time various","page_number":84,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"bed5a581-1087-4b95-a10e-51db17127082","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":84,"box":{"x":68,"y":876,"width":797,"height":11}},{"id":"b260c0a6-f3d0-45c6-9663-1a9f7d825fc5","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":84,"box":{"x":69,"y":891,"width":832,"height":12}},{"id":"efa43d02-26a5-40ec-9253-bb0cd3146e29","block_type":"box","text":"to seek to protect against changes in the level of future exchange rates which would adversely affect the Fund’s","page_number":84,"box":{"x":68,"y":906,"width":799,"height":12}},{"id":"66499714-a71b-40b9-9fc7-8829ced5a067","block_type":"box","text":"II-36","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"88628b42-a801-488d-9da5-21ec89dd1a87","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b32abb6b-4c5e-461c-b0f3-30e211900adf","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":85,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"4548b1e1-6e59-4906-9f37-b21ce2ffbd1e","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":85,"box":{"x":68,"y":60,"width":740,"height":11}},{"id":"dd9fec90-ff20-49e9-b3f4-9d8cc116c6dc","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":85,"box":{"x":102,"y":82,"width":305,"height":12}},{"id":"0aaef9d8-89ea-4bb6-8bc4-90a6c12b4ddd","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":85,"box":{"x":414,"y":82,"width":485,"height":12}},{"id":"467b05e8-7b7e-420b-b496-4c014ee182f9","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to cer tain","page_number":85,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"6c0535fa-dc59-4ff3-be5d-8930f6069390","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":85,"box":{"x":69,"y":113,"width":808,"height":11}},{"id":"9c02f52d-41a0-4f3d-9b9e-42091e609a57","block_type":"box","text":"these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers","page_number":85,"box":{"x":68,"y":128,"width":838,"height":11}},{"id":"21e71377-2b7c-4d95-bdef-8bb4f09790e6","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":85,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"e55ec41c-d5df-43a8-9d4f-c5a3a87cf17a","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":85,"box":{"x":70,"y":158,"width":791,"height":11}},{"id":"b1726e0b-874b-490b-9d98-7b7d59cd92af","block_type":"box","text":"region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in","page_number":85,"box":{"x":69,"y":173,"width":804,"height":11}},{"id":"120e306b-8314-4cbf-819f-fb7aa8dfaf6a","block_type":"box","text":"number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory","page_number":85,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"95696931-25c3-4f6d-abb2-4349007eb201","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":85,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"89b67679-63bd-460b-89f9-dfb806638356","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":85,"box":{"x":70,"y":218,"width":766,"height":12}},{"id":"4fbdfb3c-d24c-424e-a2a6-aba3f80b27e4","block_type":"box","text":"per formance of the Fund.","page_number":85,"box":{"x":70,"y":234,"width":179,"height":11}},{"id":"89730218-791f-4072-9375-57fddbdfb08e","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":85,"box":{"x":102,"y":256,"width":784,"height":12}},{"id":"090b1d4b-3285-4aed-85d3-48a2ce634d79","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":85,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"c1f4e9ae-3d33-4d25-84b1-d3f5e23d366c","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":85,"box":{"x":69,"y":286,"width":788,"height":12}},{"id":"a744f975-eb74-4b84-8ea2-2b70b69dc082","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":85,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"a5ca9cfc-710d-4ab2-8441-f99f7c72b94e","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":85,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"2f8cf592-b4a1-40aa-92d7-6fd7ef8f504c","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":85,"box":{"x":68,"y":332,"width":822,"height":11}},{"id":"55ac4d67-44c1-4ee0-9e0a-ebdd8ae3473f","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":85,"box":{"x":69,"y":347,"width":818,"height":11}},{"id":"5176db00-d457-4a2a-ab5d-b018fad72b71","block_type":"box","text":"common to most such countries is that the economy is heavily expor t oriented and, accordingly, is dependent upon","page_number":85,"box":{"x":69,"y":362,"width":821,"height":11}},{"id":"e15c3271-8100-40c6-b5bf-2fcc980f4199","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":85,"box":{"x":70,"y":377,"width":827,"height":11}},{"id":"15c29b88-38de-4bef-86c5-3afe9a2db845","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":85,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"3c4b8dc8-2315-4e96-833c-a55a5c932a61","block_type":"box","text":"expor ts of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":85,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"c0f535ed-d75a-4728-a603-a36725dec474","block_type":"box","text":"affected by a variety of factors.","page_number":85,"box":{"x":69,"y":423,"width":220,"height":11}},{"id":"2ddf1a75-7c04-4900-80b4-4cd694534dc7","block_type":"box","text":"The legal systems in cer tain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":85,"box":{"x":101,"y":445,"width":785,"height":12}},{"id":"2c1c6aa3-1426-45f7-a8c7-dd524d7a1d9c","block_type":"box","text":"Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the","page_number":85,"box":{"x":70,"y":460,"width":789,"height":12}},{"id":"95b39c10-e192-479f-9773-44e34dbb3e61","block_type":"box","text":"corporation is generally limited to the amount of the shareholder’s investment, the notion of limited liability is less","page_number":85,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"68c1040e-8b5d-4a7c-9ab3-53b4a55c7c8f","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":85,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"265b181a-79ab-4bf5-b9f3-f393e9116e99","block_type":"box","text":"Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or","page_number":85,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"f7c90acf-62c7-4813-92e4-af8ebb1e6822","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":85,"box":{"x":70,"y":521,"width":652,"height":11}},{"id":"9d227abb-7fbe-4158-b821-0be71612650c","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":85,"box":{"x":102,"y":543,"width":737,"height":12}},{"id":"2a47f026-9b4f-4041-98f8-3d3ed107ea8b","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":85,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"a2e65df1-02a4-4ebf-a9de-17dd58403e90","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":85,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"63ebf186-8263-4ab5-96a4-47469b77eee8","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":85,"box":{"x":69,"y":589,"width":793,"height":11}},{"id":"892d6d71-39b2-4662-87b9-372c84f337fb","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s por tfolio. In addition, economic","page_number":85,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"cf0bee35-04fb-4919-945d-c5279abe08e6","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":85,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"4832560e-e0d0-4d31-9487-03502eea019d","block_type":"box","text":"nations.","page_number":85,"box":{"x":69,"y":634,"width":56,"height":9}},{"id":"c6c54c2f-6595-459b-ad89-3a869890428b","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":85,"box":{"x":102,"y":657,"width":794,"height":11}},{"id":"c0489e92-0bba-4066-b2a9-00ba5a511b97","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":85,"box":{"x":68,"y":672,"width":773,"height":11}},{"id":"9f24e83e-f346-4729-95fb-615213608f95","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":85,"box":{"x":69,"y":687,"width":808,"height":11}},{"id":"59fd0ef8-894a-4d95-a567-2234a585a6e9","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":85,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"780753f9-c22f-4957-896f-bdb2539b3cf9","block_type":"box","text":"cer tain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":85,"box":{"x":69,"y":717,"width":790,"height":12}},{"id":"62f75e4c-3913-4610-8bc8-75c2971f788c","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":85,"box":{"x":69,"y":732,"width":790,"height":12}},{"id":"120caaa8-126d-4933-8d39-7e7402f568c7","block_type":"box","text":"market Asia-Pacific companies.","page_number":85,"box":{"x":69,"y":748,"width":220,"height":11}},{"id":"b41e5921-0fa5-4250-a579-8d2facc5efa1","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":85,"box":{"x":102,"y":770,"width":780,"height":12}},{"id":"76bb99bb-f532-4b3b-a520-7e1943a99838","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":85,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"169969a8-c6b0-406f-873e-6dbe9ae2aa02","block_type":"box","text":"services for such securities outside such countries.","page_number":85,"box":{"x":69,"y":801,"width":367,"height":9}},{"id":"493fb085-ee07-4b96-b262-0db4713db8d1","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":85,"box":{"x":102,"y":823,"width":795,"height":12}},{"id":"ca29502a-17c0-442d-a691-41d477e0e152","block_type":"box","text":"to commercial banks and foreign governments.","page_number":85,"box":{"x":68,"y":838,"width":335,"height":12}},{"id":"26f757e8-43b4-41a6-a4b5-dc370efdb51d","block_type":"box","text":"On March 11, 2011, a power ful ear thquake and resulting tsunami struck nor theastern Japan causing major","page_number":85,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"547b0a06-9ca0-40ed-a3c7-5512fd98cff8","block_type":"box","text":"damage along the coast, including damage to nuclear power plants in the region. Future similar disasters, and the","page_number":85,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"dbfb3f6e-7b98-4ce8-b437-a2a040f383ac","block_type":"box","text":"II-37","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"305a80b9-f56c-4d44-8573-15d6df906148","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"557b1f04-4903-48d8-8f95-0cdd82849c6d","block_type":"box","text":"resulting damage, could have a severe and negative impact on a Fund’s investment por tfolio and, in the longer term,","page_number":86,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"7870f74d-d78d-45c2-acab-d3eb8502dcd3","block_type":"box","text":"could impair the ability of issuers in which the Fund invests to conduct their businesses in the manner normally","page_number":86,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"cc219a6b-0647-49a3-8134-c4a20086e4fc","block_type":"box","text":"conducted.","page_number":86,"box":{"x":69,"y":75,"width":76,"height":9}},{"id":"f207a696-2ab0-4a53-b257-f1faa1bb4d6e","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":86,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"611d97ce-c0dc-41d2-b8b9-973bc3a42bc7","block_type":"box","text":"practicable or appropriate to invest in a par ticular developing Asia-Pacific country. A Fund may invest in countries in","page_number":86,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"f23fb538-690a-45ba-b952-46850c993859","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":86,"box":{"x":68,"y":128,"width":711,"height":11}},{"id":"708836fd-eaa4-4186-a37d-5af9ba2e5521","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":86,"box":{"x":102,"y":150,"width":435,"height":12}},{"id":"2e33f8f7-0b56-4f03-80ce-034357f72f01","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":86,"box":{"x":543,"y":150,"width":355,"height":12}},{"id":"f3eed20f-3849-4ba1-9819-2e3a1467ed8b","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":86,"box":{"x":70,"y":166,"width":817,"height":11}},{"id":"7990fb8a-3097-404c-8868-ec443696b8f8","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":86,"box":{"x":69,"y":181,"width":836,"height":11}},{"id":"e1b97dfe-f7da-4fe4-a722-c134d4acb7f9","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a par ticular company or limit the investment","page_number":86,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"58e8d405-cfe9-4379-b9eb-56a59ad22326","block_type":"box","text":"by foreign persons to only a specific class of securities of a company which may have less advantageous terms","page_number":86,"box":{"x":69,"y":211,"width":794,"height":11}},{"id":"8237744e-3e21-444c-bdd4-b4c546e7ada1","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":86,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"afc5b32c-5421-4c9d-adb4-d465773ef66c","block_type":"box","text":"be no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In addition,","page_number":86,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"1a80415d-17fb-48e9-a397-ebe329c8dd64","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":86,"box":{"x":69,"y":256,"width":820,"height":12}},{"id":"e0570054-16a4-494a-b950-b4936663654e","block_type":"box","text":"have an adverse effect on the value of such shares. Cer tain countries may restrict investment oppor tunities in","page_number":86,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"88070262-4281-476a-88c5-e494a2723e0d","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":86,"box":{"x":70,"y":287,"width":434,"height":10}},{"id":"3d10e961-b4d0-4d39-b32f-7d6597c113bd","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":86,"box":{"x":101,"y":309,"width":787,"height":11}},{"id":"1e34767d-ed71-462d-8a13-e349c85ae281","block_type":"box","text":"well as limitations on such investments, also may have an adverse impact on the operations of a Fund. For example,","page_number":86,"box":{"x":68,"y":324,"width":833,"height":11}},{"id":"e3d7a207-f431-4104-9fdd-28b3c4da05a1","block_type":"box","text":"a Fund may be required in cer tain of such countries to invest initially through a local broker or other entity and then","page_number":86,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"926af3e9-38c5-482a-b4ec-3dd76345642f","block_type":"box","text":"have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able","page_number":86,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"d32d7784-07d1-4c41-bccd-88385fe9f5a8","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied cer tain of its rights as an investor,","page_number":86,"box":{"x":68,"y":370,"width":834,"height":11}},{"id":"c961cbca-3758-447e-b73e-5eca8ffbd847","block_type":"box","text":"including rights as to dividends or to be made aware of cer tain corporate actions. There also may be instances where","page_number":86,"box":{"x":70,"y":385,"width":836,"height":11}},{"id":"df4d27ec-7d37-4056-9996-4e50e08f4843","block_type":"box","text":"a Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible","page_number":86,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"a859886b-8e47-4341-8f6b-69f9928958f4","block_type":"box","text":"allocation of the investment to foreign investors has been filled, depriving the Fund of the ability to make its desired","page_number":86,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"c8c2f2da-fc5c-4593-a8f0-98747e6f62f3","block_type":"box","text":"investment at that time.","page_number":86,"box":{"x":70,"y":430,"width":168,"height":9}},{"id":"7cc1b0c1-f56f-4c77-b844-903d1bb94eaa","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":86,"box":{"x":102,"y":453,"width":774,"height":11}},{"id":"fde1713d-3d49-4578-9646-44a1dcd7ab9a","block_type":"box","text":"income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by","page_number":86,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"c34ccae7-210e-4c0a-b71f-a91d6e70e4d6","block_type":"box","text":"delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the","page_number":86,"box":{"x":69,"y":483,"width":789,"height":11}},{"id":"093e5970-5dc9-4265-b4c2-d923bca82eae","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that cer tain countries may impose currency","page_number":86,"box":{"x":69,"y":498,"width":826,"height":11}},{"id":"720f500f-086f-461a-9c52-58a222c05e56","block_type":"box","text":"controls or other restrictions relating to their currencies or to securities of issuers in those countries. To the extent","page_number":86,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"98f920f2-3dc8-496b-ade9-873959ac01cc","block_type":"box","text":"that such restrictions have the effect of making cer tain investments illiquid, securities may not be available for sale","page_number":86,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"90a9e502-efc7-4559-8901-7230ad62fe8b","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s por tfolio subject to","page_number":86,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"0a74656a-933e-43e4-af9c-317929685d97","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the por tion of the Fund’s assets","page_number":86,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"bcdeca39-6b3b-4ac8-9b17-94b8b5904d21","block_type":"box","text":"that may be used to meet redemptions may be fur ther decreased. Even where there is no outright restriction on","page_number":86,"box":{"x":68,"y":574,"width":798,"height":11}},{"id":"bd3221ef-629a-4a51-885f-dff8c9d4eb05","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect cer tain aspects of the operations of a Fund (for","page_number":86,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"513544ac-b978-47f2-a222-f550902e6c79","block_type":"box","text":"example, if funds may be withdrawn only in cer tain currencies and/or only at an exchange rate established by the","page_number":86,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"9e06841e-ffb3-4ca3-97e5-ab9e4e2b02be","block_type":"box","text":"government).","page_number":86,"box":{"x":68,"y":619,"width":92,"height":11}},{"id":"a09a0453-0bff-4a33-91f2-66144f877fe0","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":86,"box":{"x":102,"y":642,"width":790,"height":11}},{"id":"b1d81af3-8e1f-483c-a713-7d2fbc20fc24","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":86,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"ff4afa93-fef7-4d95-a661-a1b4474bae71","block_type":"box","text":"securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from “securities","page_number":86,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"f0cea208-898d-4089-82cb-ed634c14035a","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in cer tain","page_number":86,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"fd29b644-4b9c-4b19-b056-0f87c8ca531e","block_type":"box","text":"foreign banks and other financial institutions.","page_number":86,"box":{"x":68,"y":702,"width":322,"height":12}},{"id":"f5126e5d-169a-462d-af09-55ea536ebc15","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":86,"box":{"x":102,"y":725,"width":767,"height":11}},{"id":"810d4ff0-3f65-478f-a242-14530f9d098e","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":86,"box":{"x":69,"y":740,"width":814,"height":11}},{"id":"30a77d4e-2a7c-41d5-854c-5307cd1854ec","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private proper ty rights and","page_number":86,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"5e18c395-60d6-422c-8b01-37b745a76a9c","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":86,"box":{"x":69,"y":770,"width":812,"height":11}},{"id":"3a39434c-474f-4e1f-b983-442a8fb9a6ee","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":86,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"0143d717-71e6-4450-901d-e4ebea7f1c69","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":86,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"f6d8732d-9fae-4170-8000-d04bdabd8905","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":86,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"aa35efa0-baaf-4ec4-8172-97b471663bd0","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":86,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"99ea34c0-dc23-4869-ac59-68fdfe94db5f","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":86,"box":{"x":68,"y":846,"width":837,"height":11}},{"id":"182ed1bd-d321-4811-9a3f-529f537af751","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":86,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"34700b75-7f0e-4ebd-8aa6-a4a3dce6432a","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":86,"box":{"x":69,"y":876,"width":711,"height":11}},{"id":"6fbbfd87-b960-4eeb-a161-8b8172f97caf","block_type":"box","text":"II-38","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"36e76ee3-0108-4068-bc2a-b4a81179dc51","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2544820b-4303-46fb-aa46-390ceb5c8fb6","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":87,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"1cb2b75a-5363-43bc-acff-e4f2335b4431","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":87,"box":{"x":68,"y":60,"width":840,"height":11}},{"id":"d63e463d-9db3-449c-8b74-ff4d2029a00a","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":87,"box":{"x":68,"y":75,"width":838,"height":11}},{"id":"f5b5d52b-927b-44d2-befd-8bfccd3850d4","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":87,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"6f7380b2-3390-448e-9987-c1307b1c0f6f","block_type":"box","text":"foreign securities.","page_number":87,"box":{"x":68,"y":105,"width":127,"height":11}},{"id":"342aa456-756a-4a73-a15c-de664a56424e","block_type":"box","text":"Risks of Investments in Russia.","page_number":87,"box":{"x":102,"y":128,"width":224,"height":9}},{"id":"a5a69bbc-0bc9-4816-b743-c72c05cfc169","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":87,"box":{"x":332,"y":128,"width":539,"height":11}},{"id":"1a34c2b5-e6ae-45e0-b6a6-6f1c97e07ee6","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":87,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"525e50ad-a6df-4067-8ee9-116f13cfa69c","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":87,"box":{"x":70,"y":158,"width":821,"height":11}},{"id":"3723eba6-bf9b-44fc-b4a5-cccb80f425e8","block_type":"box","text":"and a substantial por tion of securities transactions are privately negotiated outside of stock exchanges. The","page_number":87,"box":{"x":69,"y":173,"width":772,"height":11}},{"id":"23cb1f8d-bf86-409c-b502-89a284832de0","block_type":"box","text":"inexperience of the Russian securities market and the limited volume of trading in securities in the market may make","page_number":87,"box":{"x":70,"y":188,"width":834,"height":12}},{"id":"b5c8181a-c18a-425f-a525-0f1e467e3267","block_type":"box","text":"obtaining accurate prices on por tfolio securities from independent sources more difficult than in more developed","page_number":87,"box":{"x":69,"y":203,"width":804,"height":12}},{"id":"5e5c9b27-f40f-4db9-a2e7-7cb332a7d8a0","block_type":"box","text":"markets.","page_number":87,"box":{"x":69,"y":219,"width":61,"height":8}},{"id":"2cb80b6a-ac96-4fb5-9f50-a7404fd4f88a","block_type":"box","text":"Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia’s","page_number":87,"box":{"x":102,"y":241,"width":753,"height":11}},{"id":"965d3873-f99f-4a9a-9ed7-562b004720f9","block_type":"box","text":"banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and","page_number":87,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"b70aa1e4-f230-4efc-984b-7057baf07e2f","block_type":"box","text":"registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration","page_number":87,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"cacdb448-2198-4b7c-bf78-837fe1bff319","block_type":"box","text":"system for equity share registration in Russia and registration was carried out either by the issuers themselves or by","page_number":87,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"170bb5dd-80ef-4ded-a9d7-22f65d1a7d30","block_type":"box","text":"registrars located throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":87,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"c2b83435-3352-4c51-af5b-4aedffd0fab0","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository (“NSD”) as a","page_number":87,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"1dc97b83-d625-4db6-989d-88f5a32154e0","block_type":"box","text":"recognized central securities depository, and title to Russian equities is now based on the records of the NSD and","page_number":87,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"045da3c6-70ae-46dc-ae83-3c3c35c95ebb","block_type":"box","text":"not on the records of the local registrars. The implementation of the NSD is generally expected to decrease the risk","page_number":87,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"bd273aca-5567-4d4a-aaef-a2a161c77a5e","block_type":"box","text":"of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally,","page_number":87,"box":{"x":69,"y":362,"width":802,"height":11}},{"id":"f8c7b14f-67bd-43ef-80a0-c999bf1dfe75","block_type":"box","text":"issuers and registrars remain prominent in the validation and approval of documentation requirements for corporate","page_number":87,"box":{"x":70,"y":377,"width":825,"height":12}},{"id":"20d5ccf7-be05-4fac-83dd-ad4035dae41e","block_type":"box","text":"action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to","page_number":87,"box":{"x":69,"y":393,"width":823,"height":11}},{"id":"4a1ad294-116a-40c0-8df1-2f5c40d39b49","block_type":"box","text":"the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title","page_number":87,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"350cefd6-7142-48a0-9a10-45b5a4b432e8","block_type":"box","text":"or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its rights or","page_number":87,"box":{"x":69,"y":423,"width":768,"height":11}},{"id":"47b5c91f-4cf0-4982-87a8-25df10df1224","block_type":"box","text":"otherwise remedy the loss.","page_number":87,"box":{"x":69,"y":438,"width":192,"height":11}},{"id":"0a1beb71-7ff7-4841-a71b-3b675f5ea727","block_type":"box","text":"In addition, Russia also may attempt to asser t its influence in the region through economic or even military","page_number":87,"box":{"x":102,"y":460,"width":765,"height":12}},{"id":"bce94e44-f306-4bec-bc4f-f2c471ab2f62","block_type":"box","text":"measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a","page_number":87,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"cf52258e-6a56-4376-a1f6-d9f622635581","block_type":"box","text":"large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting","page_number":87,"box":{"x":70,"y":491,"width":782,"height":11}},{"id":"aa6494db-ec7f-4f39-9529-74949a474dc8","block_type":"box","text":"sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":87,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"03da7483-83c6-4f11-80b9-8553ea922df4","block_type":"box","text":"against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian","page_number":87,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"b3378e83-6aad-418c-89f4-2c74925552dd","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses","page_number":87,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"a6b1f091-ac2e-42a0-8cb4-fb02c2cbf9b8","block_type":"box","text":"to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser","page_number":87,"box":{"x":68,"y":551,"width":787,"height":11}},{"id":"9aa3867a-e0f6-4561-834b-c44cd0d0dc41","block_type":"box","text":"preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":87,"box":{"x":70,"y":566,"width":759,"height":11}},{"id":"b009c678-8464-495f-8e1b-3558042febe7","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund","page_number":87,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"787afca8-2510-475a-90d2-ae6901060bc3","block_type":"box","text":"invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":87,"box":{"x":70,"y":596,"width":797,"height":12}},{"id":"d40edc96-6e16-442b-bb8d-84e57d721a66","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers","page_number":87,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"b43eb28c-e036-49f5-925a-bd3777e35f8d","block_type":"box","text":"of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the","page_number":87,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"a35222f5-7aea-430a-8c47-f58944e679a7","block_type":"box","text":"markets for cer tain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian","page_number":87,"box":{"x":69,"y":642,"width":786,"height":11}},{"id":"bc64fc33-acd8-49a2-a661-b70ce0d54bb1","block_type":"box","text":"economy, and may likely have collateral impacts on such sectors globally.","page_number":87,"box":{"x":69,"y":657,"width":521,"height":11}},{"id":"5df5e2c0-3bc9-4aa7-a601-d4027359a344","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":87,"box":{"x":102,"y":680,"width":745,"height":11}},{"id":"c46804f6-466a-4d89-b7a6-1b7b344948f5","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":87,"box":{"x":70,"y":695,"width":826,"height":11}},{"id":"2c55a3fd-7e1c-4806-a820-0c16d6ed5e7a","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":87,"box":{"x":70,"y":710,"width":799,"height":11}},{"id":"3510cafb-686e-4705-bd7c-bd15e76b929e","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":87,"box":{"x":70,"y":725,"width":788,"height":11}},{"id":"668aa13d-785e-4c0c-b5ee-8654b7f0f7ff","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":87,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"d6a4aac3-c0a2-4670-97af-af246bb59f02","block_type":"box","text":"payments. These sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and","page_number":87,"box":{"x":70,"y":755,"width":782,"height":11}},{"id":"41f7747b-652e-4304-9465-2637a49199cf","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":87,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"196448f7-86cb-4b46-94de-52be296af390","block_type":"box","text":"These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited","page_number":87,"box":{"x":68,"y":785,"width":826,"height":11}},{"id":"69c4584f-9eb4-4140-a7c4-b08f24c08dcf","block_type":"box","text":"assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Sanctions could","page_number":87,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"c99f8477-4381-4b13-bba3-1f70903347b1","block_type":"box","text":"also result in Russia taking counter measures or retaliatory actions which may fur ther impair the value and liquidity","page_number":87,"box":{"x":69,"y":816,"width":823,"height":11}},{"id":"15f3fe11-bed6-4f31-8c0b-e02b03a565a7","block_type":"box","text":"of Russian securities.","page_number":87,"box":{"x":69,"y":831,"width":153,"height":9}},{"id":"5c9d5cde-4b3e-42db-8e90-9d0c3f9682ac","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":87,"box":{"x":102,"y":853,"width":241,"height":12}},{"id":"b7ea9e37-77b1-4c97-ae29-14a6ef5c1af5","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":87,"box":{"x":350,"y":853,"width":523,"height":12}},{"id":"2da88bdd-b895-4eda-8880-3cdca88a162b","block_type":"box","text":"issuers is new and untested. Such ability could be restricted or revoked by the Saudi Arabian government at any time,","page_number":87,"box":{"x":70,"y":869,"width":838,"height":11}},{"id":"f7b9b3ca-dd01-4180-ac67-6f60c83921ec","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":87,"box":{"x":69,"y":884,"width":814,"height":11}},{"id":"42123d28-09c6-4590-8ac9-1cac54849a5f","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":87,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"c0ccefc7-3dfd-460c-a413-be8851547ee9","block_type":"box","text":"II-39","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"51bbd8da-6935-486d-a254-d18394f50bc9","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14e1ff2e-de53-4214-8b49-a4d435c43341","block_type":"box","text":"including a limitation on a Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange, which","page_number":88,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"25558ffa-14e2-44b3-9063-b9f819c880f0","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":88,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"37a5df01-c81b-411b-b8c2-e01480002ada","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":88,"box":{"x":70,"y":75,"width":803,"height":11}},{"id":"28da27e2-bcc4-4615-bfb2-3554a7071c96","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain or maintain any","page_number":88,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"442bc8d1-1c44-40ca-985e-3ef04133a1a9","block_type":"box","text":"such licenses or approvals and may not be able to buy and sell securities at full value. Major disruptions or","page_number":88,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"0e4df7ed-b95b-4edb-9d79-50d6a600f94b","block_type":"box","text":"regulatory changes could occur in the Saudi Arabian market, any of which could negatively impact a Fund. These risks","page_number":88,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"57e400a1-7c1e-4c01-835b-f3c54576f8b9","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":88,"box":{"x":69,"y":135,"width":805,"height":12}},{"id":"f3748429-d595-483b-9f9d-daa1d8a321b7","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":88,"box":{"x":69,"y":151,"width":837,"height":11}},{"id":"4ba52e11-d342-4260-9e49-79e61cf7e992","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":88,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"970a6cd9-3133-40ea-a22b-f5adf775534e","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":88,"box":{"x":69,"y":181,"width":834,"height":11}},{"id":"d0073530-7820-44bc-b396-56aa9e9b7f19","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":88,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"32d64bd9-6dff-4f51-aadb-d59f36f5d7b7","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":88,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"3399551c-9092-4cd1-a36a-f556ea29d0ed","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":88,"box":{"x":68,"y":226,"width":781,"height":11}},{"id":"b04508b6-9d33-41af-9ff9-d50eb3488a53","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":88,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"4ea9ff51-5605-4d61-b108-fd116b4ac53b","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":88,"box":{"x":69,"y":256,"width":833,"height":11}},{"id":"6f2f3b27-014d-40ab-937f-252d2793e942","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":88,"box":{"x":69,"y":272,"width":831,"height":11}},{"id":"79eca724-a5d1-4adf-8793-bb5192b2d671","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Fur ther,","page_number":88,"box":{"x":69,"y":286,"width":823,"height":11}},{"id":"e6fd054c-f0e7-4bac-a822-cc3b8ab6a5f7","block_type":"box","text":"under income tax laws imposed by the Depar tment of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":88,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"9efe99dc-1889-4b33-91c3-67198575058f","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":88,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"314a050b-6cdb-45a1-bba9-102ae8ee4bf7","block_type":"box","text":"to an applicable treaty). Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other","page_number":88,"box":{"x":68,"y":332,"width":799,"height":11}},{"id":"2306f6e5-8398-45c4-b216-55836fa854dc","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":88,"box":{"x":69,"y":347,"width":815,"height":11}},{"id":"03a48485-e4fe-439a-8a60-88dd7ce4c506","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":88,"box":{"x":68,"y":362,"width":818,"height":11}},{"id":"ad2e3fb0-dd51-4b9f-8ee3-8ff8b3ff1ab0","block_type":"box","text":"impacted.","page_number":88,"box":{"x":70,"y":377,"width":67,"height":11}},{"id":"a72179fa-90e5-41a7-9f3a-294eb7e81ec2","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":88,"box":{"x":102,"y":400,"width":773,"height":11}},{"id":"54780fb4-9475-4a8f-9700-f598ecbed336","block_type":"box","text":"many aspects of the private sector. Although liberalization in the wider economy is underway, in many areas it has","page_number":88,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"a1355435-58da-487d-8118-22d5387da019","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":88,"box":{"x":70,"y":430,"width":818,"height":11}},{"id":"dd9ec8d3-b7d9-4e4d-90b3-a4d335a54b0f","block_type":"box","text":"key industries. The situation is exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi","page_number":88,"box":{"x":69,"y":445,"width":836,"height":12}},{"id":"7c937010-167e-44f7-957d-2d655390e978","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":88,"box":{"x":68,"y":461,"width":826,"height":11}},{"id":"14e3c0f8-6378-43db-a172-2212d85b7038","block_type":"box","text":"the Middle East due to geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security,","page_number":88,"box":{"x":68,"y":476,"width":809,"height":11}},{"id":"e673b0a0-2475-4f7c-a208-50f500312d68","block_type":"box","text":"including terrorism, may cause uncer tainty in their markets and may adversely affect its economy and a Fund’s","page_number":88,"box":{"x":70,"y":491,"width":790,"height":11}},{"id":"33d1bb38-add5-4435-973f-4e2974c045ed","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":88,"box":{"x":70,"y":506,"width":798,"height":11}},{"id":"d9132348-90d3-446a-89ad-257891ade20c","block_type":"box","text":"Arabia, which could affect private sector companies and a Fund, as well as the value of securities in a Fund’s","page_number":88,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"f6ea2efe-d545-4c8d-85e4-977982557864","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":88,"box":{"x":70,"y":536,"width":836,"height":11}},{"id":"473bd523-a31e-43c1-9803-660d0b1d0946","block_type":"box","text":"of sanctions, may result in the decline of the value and liquidity of Saudi Arabian securities, a weakening of the Saudi","page_number":88,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"0772f77a-7bf9-4ca6-9e09-2b0559c1774e","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":88,"box":{"x":69,"y":566,"width":838,"height":11}},{"id":"609e95c6-6595-4f12-8a3d-2e2f6016ec7f","block_type":"box","text":"on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the","page_number":88,"box":{"x":69,"y":581,"width":790,"height":12}},{"id":"55652160-b5d5-4919-914e-9d1fe1aa1806","block_type":"box","text":"economy.","page_number":88,"box":{"x":69,"y":599,"width":65,"height":9}},{"id":"fae30e67-8289-4d5a-836e-69f87d300dd9","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result,","page_number":88,"box":{"x":101,"y":619,"width":747,"height":11}},{"id":"db159585-d14f-4695-8bf2-4904617a7f04","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":88,"box":{"x":69,"y":634,"width":776,"height":12}},{"id":"2c79ffce-c021-443f-a371-735e87217e53","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":88,"box":{"x":69,"y":649,"width":836,"height":12}},{"id":"fcf06fc2-eb09-4461-bf5d-8c3bc9adc904","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":88,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"fe2be440-7dbc-4fae-ba0d-276ed988d067","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":88,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"ad541564-1022-47fa-a882-6778b93e8838","block_type":"box","text":"infrequent trading may adversely affect the pricing of these securities and a Fund’s ability to sell these securities in","page_number":88,"box":{"x":70,"y":695,"width":822,"height":11}},{"id":"a26fa948-7a91-42bc-945b-9271d30347ca","block_type":"box","text":"the future. Current regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":88,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"432affcf-a7f8-4c83-9023-f8dac5b24b80","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a Fund than is","page_number":88,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"f2b4c192-50c7-430d-8ca6-2e7d439e2825","block_type":"box","text":"typically the case for investment managers.","page_number":88,"box":{"x":68,"y":740,"width":309,"height":11}},{"id":"5f261eb9-bae7-4ba1-ae20-e880a7786bd5","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":88,"box":{"x":101,"y":763,"width":806,"height":11}},{"id":"99dacea8-ba64-4a50-95ab-316b34a092d5","block_type":"box","text":"instability, and there remains the possibility that the stability will not hold in the future or that instability in the larger","page_number":88,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"2eb5eba4-7095-4b2f-9380-a26335de8d89","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":88,"box":{"x":70,"y":793,"width":777,"height":11}},{"id":"da6e73ab-92c8-463c-9913-7d0e771aeb9b","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":88,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"e5ed85aa-926c-4311-9bec-583468fd75b4","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":88,"box":{"x":70,"y":823,"width":830,"height":12}},{"id":"f4c2c076-e6af-43e6-ba42-7570725652f3","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":88,"box":{"x":70,"y":838,"width":827,"height":12}},{"id":"e8bd5412-63b5-4f17-8fc8-c2f5b72ce9cd","block_type":"box","text":"with Saudi Arabia and other Middle-Eastern countries may affect these attitudes and policies. The U.S. is a","page_number":88,"box":{"x":68,"y":853,"width":764,"height":12}},{"id":"48d65ef9-62ce-414c-88b0-32cc66b8f9ac","block_type":"box","text":"significant, and in some cases the most significant, trading par tner of, or foreign investor in, Saudi Arabia. As a","page_number":88,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"c7e7686d-feab-4fb6-88ef-57e68b6e3b27","block_type":"box","text":"result, economic conditions of Saudi Arabia may be par ticularly affected by changes in the U.S. economy. A decrease","page_number":88,"box":{"x":69,"y":884,"width":835,"height":11}},{"id":"34359d63-9fb0-47db-89d4-750feed4a3a8","block_type":"box","text":"in U.S. impor ts or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":88,"box":{"x":70,"y":899,"width":829,"height":11}},{"id":"85476083-424b-4552-abf2-5bff1c6fcee2","block_type":"box","text":"II-40","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"19ccc779-1678-4284-951d-7c8c3b2dd001","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b345fb0-9704-454d-b5d9-5e40d7c7e67d","block_type":"box","text":"an economic slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia","page_number":89,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"46f8f0c2-f776-46f8-ad0e-e52a2a8e7b64","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in Nor th Africa and the larger Middle","page_number":89,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"8f80320f-1d89-4220-ac05-7a93aa30b5ba","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":89,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"e34044d4-945e-42b9-9878-4364be3d583a","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":89,"box":{"x":69,"y":90,"width":510,"height":11}},{"id":"92665151-5f38-45fd-847d-8b4ee597ab03","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":89,"box":{"x":102,"y":113,"width":773,"height":11}},{"id":"8f856a8b-49c3-4f8a-866c-2e8cb3a290db","block_type":"box","text":"and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S.","page_number":89,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"d27e7ad0-4183-438b-a230-b8c9e560d6ba","block_type":"box","text":"Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":89,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"2ae750eb-e2c2-46b0-ae43-78b1c55a185e","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers","page_number":89,"box":{"x":70,"y":158,"width":837,"height":11}},{"id":"f846b222-876d-41a8-a71e-53669724e3d1","block_type":"box","text":"will be indirectly subject to those risks.","page_number":89,"box":{"x":68,"y":173,"width":277,"height":11}},{"id":"ed341be7-d195-4d3f-97f4-e122aef5c6b8","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":89,"box":{"x":102,"y":196,"width":223,"height":11}},{"id":"df183d58-6817-416d-88db-349a649c92c3","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":89,"box":{"x":332,"y":196,"width":521,"height":11}},{"id":"bb926d21-f0eb-4dab-915a-35663a529f56","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":89,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"aac06bef-b8c1-4a13-8fc1-2f2560e8de93","block_type":"box","text":"is extremely well endowed with natural resources and its economy is heavily dependent on expor t of natural","page_number":89,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"c8380b5f-2d4c-4781-9f16-45b01e15b644","block_type":"box","text":"resources to key trading par tners. According to the Organization of Petroleum Expor ting Countries (“OPEC”),","page_number":89,"box":{"x":69,"y":241,"width":769,"height":11}},{"id":"2e5d9fc1-76e8-4a19-9cc7-8b1ba67f4941","block_type":"box","text":"Venezuela boasts the world’s largest oil reserves. According to an industry repor t, Venezuela also has the","page_number":89,"box":{"x":68,"y":257,"width":757,"height":11}},{"id":"ce15ad31-d932-455e-89a1-e4e2f4d09d07","block_type":"box","text":"continent’s largest natural gas reserves at an estimated 152 trillion cubic meters. Any act of terrorism, an armed","page_number":89,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"10e2feb1-2d75-42d9-877d-92e4a3f7264f","block_type":"box","text":"conflict or a breakdown of a key trading relationship that disrupts the production or expor t of natural resources will","page_number":89,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"229317c0-d5c8-4dc3-85d6-ad7dac8fcda1","block_type":"box","text":"likely negatively affect the Venezuelan economy. The government continues to control key sectors of the economy,","page_number":89,"box":{"x":70,"y":302,"width":810,"height":11}},{"id":"19408544-cd71-4810-8fc0-b986b0f58088","block_type":"box","text":"including upstream oil and gas production, and has sought to increase its role in key sectors, such as","page_number":89,"box":{"x":70,"y":317,"width":726,"height":11}},{"id":"d628ae22-ab04-4401-bb93-a4ac30585795","block_type":"box","text":"telecommunications and steel. Meanwhile, ambiguities in the investment environment remain, such as continued","page_number":89,"box":{"x":68,"y":332,"width":808,"height":11}},{"id":"629ddda5-1f41-43a8-a5cf-0f765c3b0f9e","block_type":"box","text":"high levels of bureaucracy and corruption, large macroeconomic imbalances, and political and policy uncer tainty.","page_number":89,"box":{"x":69,"y":347,"width":802,"height":11}},{"id":"64d16a49-6891-40e6-b101-bb41fde35c9a","block_type":"box","text":"Friction continues between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":89,"box":{"x":70,"y":362,"width":821,"height":11}},{"id":"44a3bb6d-2d7e-4b53-b5d3-78b71b248dc2","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate","page_number":89,"box":{"x":68,"y":377,"width":820,"height":11}},{"id":"6fdecbbb-73cd-43e6-96c4-7d5e080d3914","block_type":"box","text":"entities, and on the Venezuelan government. The U.S. could also institute broader sanctions on Venezuela. These","page_number":89,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"c1d82059-ab53-4924-b075-ccc2c27391a0","block_type":"box","text":"sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and liquidity of Venezuelan","page_number":89,"box":{"x":69,"y":407,"width":819,"height":12}},{"id":"e5b1ad9b-7e44-494a-b189-de3d7de86e30","block_type":"box","text":"securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions","page_number":89,"box":{"x":69,"y":423,"width":820,"height":11}},{"id":"f3942f74-7271-4b99-a2d4-dd502408d252","block_type":"box","text":"impair the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against","page_number":89,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"42686109-0643-4564-8366-d3a1f81baaa2","block_type":"box","text":"Venezuela may in the future be imposed by the U.S. or other countries. These factors, among others, can have a","page_number":89,"box":{"x":68,"y":453,"width":803,"height":11}},{"id":"5d4e0931-658a-471b-8ddd-a02a1a1224f5","block_type":"box","text":"negative impact on a Fund’s investments.","page_number":89,"box":{"x":69,"y":468,"width":296,"height":11}},{"id":"011e64b6-1e6a-46a3-8b8e-f7008c915e7c","block_type":"box","text":"Brady Bonds.","page_number":89,"box":{"x":102,"y":491,"width":92,"height":11}},{"id":"88a1b010-19a6-4f33-b6fb-8a92d8f0fa19","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":89,"box":{"x":201,"y":491,"width":689,"height":11}},{"id":"f1ca2537-9742-4e80-8a97-9099c149ef85","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":89,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"8c2702e0-ca40-466a-be35-80f2f105d508","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":89,"box":{"x":69,"y":521,"width":766,"height":11}},{"id":"647f01e0-7fd6-4516-a7a6-b198fa612e13","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":89,"box":{"x":69,"y":536,"width":784,"height":11}},{"id":"4b6b26b5-3849-43f8-a478-bb228fd967d1","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":89,"box":{"x":68,"y":551,"width":837,"height":11}},{"id":"aba8e23a-5727-4aaa-be32-4599a4a1748b","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":89,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"5f5c6149-c38d-40bd-a107-26b94c439a26","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay and Venezuela.","page_number":89,"box":{"x":70,"y":582,"width":555,"height":11}},{"id":"d494b7ab-6071-4966-8427-bc3bf2239a53","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":89,"box":{"x":102,"y":604,"width":798,"height":11}},{"id":"bc2c3a86-8002-4c29-aa6c-908a16c6fe98","block_type":"box","text":"and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. Government","page_number":89,"box":{"x":69,"y":619,"width":780,"height":11}},{"id":"6fcba4b7-33e7-4307-982a-5efb42de8185","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":89,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"f0c517cc-6350-4c62-88eb-3c2632163f3b","block_type":"box","text":"discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero-coupon bonds having the","page_number":89,"box":{"x":69,"y":649,"width":796,"height":12}},{"id":"bb0997e2-1bae-41ce-8873-31ee4610d86e","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":89,"box":{"x":69,"y":665,"width":812,"height":11}},{"id":"2204ef30-9508-4f2e-83df-9e6b12a9fe7b","block_type":"box","text":"year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal","page_number":89,"box":{"x":68,"y":680,"width":823,"height":11}},{"id":"5d015572-ef2c-4cb6-b768-904073c3acfa","block_type":"box","text":"to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":89,"box":{"x":68,"y":695,"width":833,"height":11}},{"id":"91f07974-6b7d-486b-9589-c9303c2344bb","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":89,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"1254c0b0-5273-49f2-9fd5-0cccac2a5fd0","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":89,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"e64cbfde-be39-4596-876b-f8004d06407c","block_type":"box","text":"supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan","page_number":89,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"764b00bb-0fca-4b82-ab33-bff502950493","block_type":"box","text":"Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady","page_number":89,"box":{"x":70,"y":755,"width":812,"height":11}},{"id":"fbb2e54d-754b-4e47-821c-4cbfa57ec28a","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at","page_number":89,"box":{"x":70,"y":770,"width":825,"height":12}},{"id":"9d5f9a68-f159-4137-9bac-9471ff337b84","block_type":"box","text":"final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any","page_number":89,"box":{"x":68,"y":785,"width":780,"height":12}},{"id":"332e0f1b-3f60-4521-b873-67df1545b24c","block_type":"box","text":"uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the “residual risk”).","page_number":89,"box":{"x":69,"y":801,"width":790,"height":11}},{"id":"0d784aec-15a3-4aa2-a6b6-7b28828a74ab","block_type":"box","text":"Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by U.S.","page_number":89,"box":{"x":102,"y":823,"width":795,"height":11}},{"id":"e791c1ef-b80c-400b-8ec3-e3875ffcae9f","block_type":"box","text":"Treasury zero-coupon bonds (or comparable collateral denominated in other currencies) and interest coupon","page_number":89,"box":{"x":68,"y":839,"width":770,"height":10}},{"id":"951b03b1-2b7e-4ff9-be7e-d5f0eb45c9f1","block_type":"box","text":"payments collateralized on an 18-month rolling-forward basis by funds held in escrow by an agent for the","page_number":89,"box":{"x":70,"y":853,"width":745,"height":12}},{"id":"b0ace243-5b6c-45f1-8065-a354175f3453","block_type":"box","text":"bondholders. A significant por tion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have","page_number":89,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"5a149767-3243-4d79-9cf8-c068eed697c3","block_type":"box","text":"repayments at final maturity collateralized by U.S. Treasury zero-coupon bonds (or comparable collateral denominated","page_number":89,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"d9fa5bf9-91a3-4710-a03c-871872f74703","block_type":"box","text":"II-41","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"046b827f-86fe-4f39-9bde-95b5a22cd86b","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a2f88b5d-adfd-43c4-88b8-1356b9a50759","block_type":"box","text":"in other currencies) and/or interest coupon payments collateralized on a 14-month (for Venezuela) or 12-month (for","page_number":90,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"11441fe9-7d98-408b-a0b5-79b52d2e6fbd","block_type":"box","text":"Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.","page_number":90,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"0567310f-443c-491f-afa5-1252174d9d74","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":90,"box":{"x":102,"y":82,"width":807,"height":12}},{"id":"8157f9d9-dc41-4698-b977-25fa5af20d11","block_type":"box","text":"the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady","page_number":90,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"b6e2f108-2d7a-4adf-8c93-168d37468e87","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":90,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"8d4afde9-6a64-48f3-a2f7-8e4c54451ca9","block_type":"box","text":"Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Funds may invest","page_number":90,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"0efb6cdd-0067-4d28-9815-a9e5be114214","block_type":"box","text":"will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a","page_number":90,"box":{"x":68,"y":143,"width":841,"height":11}},{"id":"4376e479-c36c-49fd-a94d-52b4b010f71a","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":90,"box":{"x":70,"y":158,"width":351,"height":11}},{"id":"fbe280fa-7152-43b7-8c0c-a767b25d6683","block_type":"box","text":"China Investments Risk.","page_number":90,"box":{"x":102,"y":181,"width":171,"height":9}},{"id":"76842ae2-34ae-43c6-b596-881826ecab2f","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":90,"box":{"x":102,"y":203,"width":763,"height":11}},{"id":"2dd971a2-61e8-4bdd-9416-fee41e659e35","block_type":"box","text":"including cer tain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":90,"box":{"x":70,"y":218,"width":830,"height":12}},{"id":"f8693743-52ba-482e-9809-1b4e87a284c0","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":90,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"c5227928-ba87-463a-9d52-9c8551418f12","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":90,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"e6cf5e77-c654-4c49-be50-cc2572502914","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":90,"box":{"x":69,"y":264,"width":713,"height":11}},{"id":"c3a997ad-95ee-43e5-95c2-58919ffebb4c","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":90,"box":{"x":102,"y":286,"width":762,"height":12}},{"id":"842dbec6-c04f-4beb-9d58-7eff551db371","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":90,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"70c9d429-96e6-47fa-812b-3109c80ca42e","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":90,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"2b0dca00-ac6b-4917-8a56-5f815d92a70e","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":90,"box":{"x":68,"y":332,"width":777,"height":11}},{"id":"e5f48c75-cd34-4a73-87a8-82b557cf9c90","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":90,"box":{"x":69,"y":347,"width":809,"height":11}},{"id":"040bda8b-edab-4c6b-b6bc-5f6d0febda94","block_type":"box","text":"even fur ther. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":90,"box":{"x":69,"y":362,"width":805,"height":11}},{"id":"e9321c53-9d1e-4b51-9600-4a568947e318","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":90,"box":{"x":70,"y":377,"width":770,"height":12}},{"id":"a70b77b4-c201-4fbd-b080-5df67f12a41f","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":90,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"79dd281d-d62f-4478-8b6c-cd2eeaeec97c","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":90,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"a3dc729d-70a4-40e0-87ca-aa18790c9c47","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in cer tain","page_number":90,"box":{"x":68,"y":423,"width":812,"height":11}},{"id":"e020e8dc-a10d-4b3f-af4d-801301854adf","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":90,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"86227201-7597-421f-95e9-05237ae6fb89","block_type":"box","text":"hostility between China and Taiwan would likely have a significant adverse impact on the value of the Fund’s","page_number":90,"box":{"x":69,"y":453,"width":769,"height":11}},{"id":"9af2db6e-663c-428c-8c3e-2693a028c42f","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":90,"box":{"x":70,"y":468,"width":836,"height":11}},{"id":"8948c9e2-bdc2-4637-b5f3-a474b0a3e3db","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":90,"box":{"x":68,"y":483,"width":810,"height":11}},{"id":"f667557b-2c10-41d9-8c2c-e79261803200","block_type":"box","text":"Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially leading to","page_number":90,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"0be949ee-f923-4563-bc00-973a4bacf895","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":90,"box":{"x":69,"y":513,"width":811,"height":12}},{"id":"886cb7bb-3ca2-41d4-b925-caf7fb91c76c","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":90,"box":{"x":69,"y":528,"width":804,"height":12}},{"id":"edb30b74-69bc-429f-83e6-bd29f5c52b07","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":90,"box":{"x":69,"y":543,"width":829,"height":12}},{"id":"81008bbe-184b-4f71-842a-f61e1874d768","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be","page_number":90,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"923b31ea-5dbf-4932-8be0-e46325449792","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":90,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"d43c63ff-d6c5-4b9c-8468-e6b229d64b25","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":90,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"1f69cb9e-de10-45e0-a302-efecad53c047","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":90,"box":{"x":101,"y":612,"width":792,"height":11}},{"id":"b3e3f1b8-8ecb-43d8-9b06-339115cedef7","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":90,"box":{"x":70,"y":627,"width":818,"height":11}},{"id":"a2f25770-572b-4230-8f34-746c024073de","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":90,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"c0f4274e-0618-45dc-8e27-e02fb545f420","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":90,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"ba886172-3465-44cd-a00a-ac0b10918554","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":90,"box":{"x":70,"y":672,"width":763,"height":11}},{"id":"d0af441f-ef35-41e0-b3a4-5422c5752a94","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":90,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"86b78661-66f9-4681-b35c-4d00058333e2","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":90,"box":{"x":70,"y":702,"width":813,"height":12}},{"id":"542c496c-7f7e-4849-99ad-ebefb4cbab99","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":90,"box":{"x":68,"y":717,"width":653,"height":12}},{"id":"c29d9d32-8968-44c8-9b1a-2a09336a5278","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":90,"box":{"x":101,"y":740,"width":783,"height":11}},{"id":"b32e11a6-dc70-466d-90f5-0f9411dd56ab","block_type":"box","text":"restrictions, a ban on “naked” shor t selling or the suspension of shor t selling for cer tain stocks. This may affect","page_number":90,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"5682f5bd-7b5d-4cf1-836a-669047e4551a","block_type":"box","text":"market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the","page_number":90,"box":{"x":69,"y":770,"width":827,"height":11}},{"id":"43d48da0-4841-455b-b0da-8c6d6b79a07e","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":90,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"c366cd31-0722-431c-94cf-e6957339b8dc","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":90,"box":{"x":69,"y":801,"width":683,"height":11}},{"id":"fbf046e8-03e7-46e3-9ae7-47f15ac77dca","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":90,"box":{"x":102,"y":823,"width":797,"height":12}},{"id":"3b0c3545-49b9-4295-aa4d-8e3c35f87756","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":90,"box":{"x":69,"y":838,"width":779,"height":12}},{"id":"37239a2c-c284-4bfd-bfd2-339168150584","block_type":"box","text":"Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulation as are U.S.","page_number":90,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"c7e10291-d3cd-444e-b281-b2ef63b620d2","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":90,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"e1a97924-06b2-4e77-857a-9f7002b98dbf","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":90,"box":{"x":69,"y":884,"width":778,"height":11}},{"id":"fd13ae5e-f3eb-4216-bbe8-66eea879035a","block_type":"box","text":"information. Securities markets in China are in the process of change and fur ther development. This may lead to","page_number":90,"box":{"x":70,"y":899,"width":803,"height":11}},{"id":"94adbc0b-25f9-40e0-bc71-7c31f6b8e64f","block_type":"box","text":"II-42","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"20ac1820-b4b9-4fee-9837-d4ceaeae5278","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0116a914-286f-4ed6-8915-35c357a23054","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":91,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"f53350de-3675-4862-a697-5d6839bba7ce","block_type":"box","text":"the relevant regulation. Custodians may not be able to offer the level of service and safe-keeping in relation to the","page_number":91,"box":{"x":68,"y":60,"width":816,"height":11}},{"id":"07b28b5e-ce6a-4240-add2-0d75562c76b2","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":91,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"3a9522b4-d9f0-4e6d-86af-eb22c27e488b","block_type":"box","text":"there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a","page_number":91,"box":{"x":68,"y":90,"width":826,"height":11}},{"id":"5bcaea35-0c29-48d5-994c-6ed8f207ab73","block_type":"box","text":"sub-custodian.","page_number":91,"box":{"x":69,"y":105,"width":102,"height":9}},{"id":"f5a45102-b63b-417a-9019-64302e4e514e","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":91,"box":{"x":101,"y":128,"width":801,"height":11}},{"id":"ab1a3627-0c00-4e65-a221-8950781d1674","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":91,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"3ecf0e4c-858d-45cc-8c20-e7d3ab1cc60f","block_type":"box","text":"on investor protection considerations.","page_number":91,"box":{"x":69,"y":158,"width":268,"height":11}},{"id":"08dcd793-180f-4aa9-8da3-75a5ccf26c52","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":91,"box":{"x":101,"y":181,"width":806,"height":11}},{"id":"daa438ae-81ab-443d-b49b-7b32704c494d","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":91,"box":{"x":70,"y":196,"width":829,"height":11}},{"id":"764bfeec-fe41-4657-8946-11759e68c37e","block_type":"box","text":"for compliance with U.S. law and professional standards. On August 26, 2022, the PCAOB signed a Statement of","page_number":91,"box":{"x":68,"y":211,"width":810,"height":11}},{"id":"f82905ee-9d35-4bfa-b04d-2816669f1e02","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":91,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"84fb7f0c-7e5e-4cab-9f08-ee283ebf8804","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":91,"box":{"x":68,"y":241,"width":774,"height":11}},{"id":"045a98ee-f0ac-4d7d-ac26-016b51c21690","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":91,"box":{"x":69,"y":256,"width":760,"height":12}},{"id":"82b1cf68-156d-45e4-bad3-e8d5c1726a0b","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":91,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"8700e4d6-47bd-4917-99dc-388a82bb50fe","block_type":"box","text":"per formed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":91,"box":{"x":70,"y":286,"width":822,"height":12}},{"id":"435e8c73-521c-41ef-b60f-3e58b97ec6f2","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":91,"box":{"x":70,"y":302,"width":821,"height":11}},{"id":"fea394ff-0f0e-4add-89d7-68816363b24a","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":91,"box":{"x":70,"y":317,"width":820,"height":11}},{"id":"4701d395-3a2a-47f9-b939-ccf02867f697","block_type":"box","text":"2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer,","page_number":91,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"fff0268f-a6cb-4a85-8af8-23abf00ce886","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the","page_number":91,"box":{"x":69,"y":347,"width":816,"height":11}},{"id":"5bf7f431-3fd8-4d16-8432-865a27aab606","block_type":"box","text":"accounting firm.","page_number":91,"box":{"x":69,"y":362,"width":112,"height":11}},{"id":"760db848-76c6-42f8-a577-131ae844706e","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":91,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"24a4f523-d54a-40c0-87b3-a4b50ac5811f","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":91,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"25f1697d-6b8f-4921-abec-f5dcbe8e60eb","block_type":"box","text":"negatively impact per formance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":91,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"94e29514-dcd8-490c-a4cf-eca009261099","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":91,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"f14374a4-cc4d-400b-bfca-bb8dd3618315","block_type":"box","text":"capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or","page_number":91,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"9202f5d7-a9eb-4828-982e-7f3942143f7c","block_type":"box","text":"which have a substantial por tion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":91,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"3edef9c4-74f0-40f5-93b8-251c07a6c8f9","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs and delays to the","page_number":91,"box":{"x":69,"y":475,"width":828,"height":12}},{"id":"aa04bf9d-98dd-4187-bccf-6c8f84a99b9e","block_type":"box","text":"Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and RMB, as well as in","page_number":91,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"2d867550-d90d-4677-a136-789b631e506d","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":91,"box":{"x":69,"y":506,"width":808,"height":11}},{"id":"e2900071-f550-455a-9bab-2da2ae1621d2","block_type":"box","text":"RMB (“CNH”).","page_number":91,"box":{"x":70,"y":521,"width":97,"height":11}},{"id":"58646dc5-816f-42fd-a718-f5b1c1a0f937","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a","page_number":91,"box":{"x":102,"y":544,"width":802,"height":11}},{"id":"988ff46c-47b2-4250-b0f9-5f9a317fd7b7","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":91,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"f1e4fa8f-75b1-4af7-ab10-35414f6fdbce","block_type":"box","text":"in another jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to","page_number":91,"box":{"x":70,"y":574,"width":822,"height":11}},{"id":"220d2830-50d6-48ed-8df3-94b78e15110a","block_type":"box","text":"list its stock in the U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell","page_number":91,"box":{"x":70,"y":589,"width":775,"height":11}},{"id":"33d016ce-4e6a-4d2c-a07f-5d68532375b9","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":91,"box":{"x":69,"y":604,"width":809,"height":11}},{"id":"d33d51f5-680a-45de-be78-c3896f19094a","block_type":"box","text":"contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":91,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"d6115ecc-fecb-49a2-9f7d-1c7c5a692296","block_type":"box","text":"represent equity ownership in the operating company.","page_number":91,"box":{"x":69,"y":634,"width":380,"height":12}},{"id":"a6f2f320-0142-49a7-8fe1-b974f6e6fc66","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been","page_number":91,"box":{"x":101,"y":657,"width":801,"height":11}},{"id":"45553a97-e217-424c-b15c-109eb2e2f276","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":91,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"900b2e7e-d41b-4878-a65b-c3e7f9f9157d","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":91,"box":{"x":69,"y":687,"width":825,"height":11}},{"id":"1bdaa97e-77a5-4d3b-8fbf-9b6964a39c77","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":91,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"ed8f5e9b-066a-4af3-ab51-c116d2667c1d","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":91,"box":{"x":69,"y":718,"width":826,"height":11}},{"id":"d55d3f19-2422-4832-84bb-3db7767fe855","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":91,"box":{"x":69,"y":733,"width":770,"height":11}},{"id":"c2886392-ab47-451a-97ef-5dd7fa8d018b","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":91,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"5fc13c62-08d0-458a-8bd6-29f8d0eb33d5","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":91,"box":{"x":69,"y":763,"width":815,"height":11}},{"id":"96b8c725-45c2-4a72-bb2b-0117e5ddea9f","block_type":"box","text":"company and the value of the U.S.-listed stock. Fur ther, the VIE contractual arrangement would likely be subject to","page_number":91,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"660f9e23-8862-4529-95cf-7ac70e37e529","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncer tain and could be","page_number":91,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"cfc46dff-f32f-46fe-8ecc-73580f274e2c","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":91,"box":{"x":70,"y":808,"width":828,"height":11}},{"id":"f4d0154e-7d6d-4b4d-a58b-80edc8bebc0c","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":91,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"7880edb4-c075-4bed-83dc-d9c13cbc4b29","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":91,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"9f52ee8d-2583-4f8a-a266-bab29d02e538","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":91,"box":{"x":68,"y":853,"width":798,"height":12}},{"id":"d8cfba4b-9626-4b91-9fe4-7a2076bbba4a","block_type":"box","text":"losses on its investments through a VIE structure with little or no recourse available. Any change in the operations of","page_number":91,"box":{"x":70,"y":869,"width":833,"height":11}},{"id":"79c06fe4-5cf9-4cdd-9a98-cbaabd640b16","block_type":"box","text":"II-43","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6a5da3d4-bab3-4b74-8489-4b6f3cf6057c","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21822f29-2a52-44ed-a7ff-8d814ec76064","block_type":"box","text":"entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China,","page_number":92,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"d890b7e3-3638-41eb-903e-eb3de284754f","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":92,"box":{"x":68,"y":60,"width":792,"height":11}},{"id":"ddcc80a1-9c2f-46c5-a4e5-e5e51719b4ce","block_type":"box","text":"losses to a Fund.","page_number":92,"box":{"x":70,"y":75,"width":120,"height":9}},{"id":"7cc6f1d7-6b6a-401f-be7b-42b471608e1f","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":92,"box":{"x":101,"y":98,"width":760,"height":11}},{"id":"f54894b6-80be-4616-a725-759e76072ee9","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, and an","page_number":92,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"f541ea23-f79a-404b-9992-18440e0792b0","block_type":"box","text":"aging population. China continues to face pressure from its trading par tners over its expor ting of its excess industrial","page_number":92,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"7e265e36-e831-45c7-8dcc-9477a1d0cdf7","block_type":"box","text":"capacity and overall approach to economic management. China’s economy is heavily dependent on expor t growth.","page_number":92,"box":{"x":69,"y":143,"width":812,"height":11}},{"id":"7dec3bd6-8854-4dab-b83c-22fe6d8c3036","block_type":"box","text":"Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs,","page_number":92,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"d1c6fe31-768a-4f11-91cc-30893a8beb13","block_type":"box","text":"sanctions or other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":92,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"6528fc64-51e9-4954-a463-12e9ba059df6","block_type":"box","text":"States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s","page_number":92,"box":{"x":69,"y":188,"width":815,"height":12}},{"id":"3c3dbcac-dfb4-4e5e-b795-c2156b169866","block_type":"box","text":"key trading par tners may have an adverse impact on the Chinese economy and the companies in which a Fund","page_number":92,"box":{"x":69,"y":203,"width":788,"height":12}},{"id":"51c2ddb8-2cf3-4fcd-a5bb-d9ec79e5135d","block_type":"box","text":"invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly subject to","page_number":92,"box":{"x":70,"y":218,"width":775,"height":12}},{"id":"591dae05-d25d-4005-a685-fad1c8d91065","block_type":"box","text":"economic or trade restrictions imposed by the U.S. or other governments due to national security, human rights or","page_number":92,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"5bc5445b-28cb-412b-b2a0-36c671274db6","block_type":"box","text":"other concerns of such government. For example, cer tain foreign technology companies are subject to U.S. expor t","page_number":92,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"542152b9-eaaf-40d2-b07a-446d36cc7d54","block_type":"box","text":"controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of goods","page_number":92,"box":{"x":69,"y":264,"width":795,"height":11}},{"id":"1decd137-f17b-4fa6-83c4-822cfe2edec2","block_type":"box","text":"produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor. Such","page_number":92,"box":{"x":70,"y":279,"width":796,"height":11}},{"id":"e23e04ff-133d-4d81-8c55-d4f7bb8ab54d","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that","page_number":92,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"b6b1963f-cc67-4c72-859e-b8cc9f3ee718","block_type":"box","text":"targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement or","page_number":92,"box":{"x":68,"y":309,"width":812,"height":11}},{"id":"025db77b-8f78-40dc-972f-aacb88a516e2","block_type":"box","text":"cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":92,"box":{"x":69,"y":324,"width":820,"height":11}},{"id":"54866d7b-4f83-48f4-9ae2-8eaa99b77e48","block_type":"box","text":"restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of","page_number":92,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"31a4363a-1db9-4306-bf78-769a35f86011","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":92,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"55ba993b-4ba4-4116-981f-875cd08bc4ac","block_type":"box","text":"such companies.","page_number":92,"box":{"x":69,"y":370,"width":119,"height":11}},{"id":"03f79417-1a4c-4444-8037-855ccb8476ea","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":92,"box":{"x":101,"y":392,"width":792,"height":12}},{"id":"33654225-ae1d-40f4-9a98-d25f4e783887","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":92,"box":{"x":69,"y":407,"width":840,"height":12}},{"id":"5f947677-eca0-46ca-b4db-03798d28126b","block_type":"box","text":"tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time","page_number":92,"box":{"x":68,"y":423,"width":815,"height":11}},{"id":"aab4b2ab-3a30-4e2a-a68b-0cba5316780f","block_type":"box","text":"and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":92,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"772c9545-08d5-45b2-aef0-586e345e3643","block_type":"box","text":"on a Fund and its investors, par ticularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":92,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"04be7120-70b0-4844-9579-aaed4bd7ba3d","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":92,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"7ab1cc16-50d8-49db-b4bf-508d980ab05b","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":92,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"c4e31791-8fe4-4c92-97e8-79b15831f77f","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":92,"box":{"x":68,"y":498,"width":773,"height":11}},{"id":"0871a6a1-6d10-4172-917e-05b2d9667297","block_type":"box","text":"standards.","page_number":92,"box":{"x":69,"y":514,"width":74,"height":8}},{"id":"172c67a0-ddb9-49b2-9384-443c12b32f9f","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":92,"box":{"x":102,"y":536,"width":794,"height":11}},{"id":"2eae178f-5749-4360-9eec-5fabed1dd1bf","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":92,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"f7b50f54-981e-4ba8-8c3f-fe9e875c4aeb","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":92,"box":{"x":69,"y":566,"width":803,"height":11}},{"id":"9c3d1e17-23d0-4c8e-8c22-ada33f90abe5","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":92,"box":{"x":69,"y":581,"width":811,"height":12}},{"id":"d8a9afb5-a712-4bed-ba8d-6d37dc28f53a","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":92,"box":{"x":69,"y":596,"width":548,"height":12}},{"id":"ad72c303-a259-4b3a-8727-6dad02831669","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":92,"box":{"x":102,"y":619,"width":288,"height":11}},{"id":"83b0cc6e-ff60-44c2-9a5f-7d32fa1776fb","block_type":"box","text":"General","page_number":92,"box":{"x":102,"y":642,"width":55,"height":9}},{"id":"4a610944-3ebf-459e-85a8-2f43dccc56b8","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":92,"box":{"x":158,"y":642,"width":704,"height":11}},{"id":"c54ae2c2-7a46-4a63-b7fb-b23dc77f7d9b","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":92,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"b64a6d82-a95a-4cb9-902b-b015834f70d4","block_type":"box","text":"Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the SSE and SZSE is not permitted, other","page_number":92,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"73e1bc46-5568-430a-82dc-5ba127e5bf30","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":92,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"7688defd-481f-43a3-a44f-f68859ccf561","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":92,"box":{"x":69,"y":702,"width":744,"height":12}},{"id":"3df91230-e923-4c7a-b038-04afbf7b98b6","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":92,"box":{"x":102,"y":725,"width":745,"height":11}},{"id":"5d1a3718-f8e0-45cb-ab32-fd2e2bb85984","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":92,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"ec1e6ec8-632f-4ffd-b69e-2a96baa73b68","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":92,"box":{"x":70,"y":755,"width":834,"height":11}},{"id":"5a0b824e-6645-42f6-af50-a685cb735113","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":92,"box":{"x":69,"y":770,"width":812,"height":12}},{"id":"57a83996-d1a4-48a5-b882-fb63664b49c9","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":92,"box":{"x":70,"y":786,"width":819,"height":11}},{"id":"42f2a1bc-3492-4636-b241-a79164162e57","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":92,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"a0a0f172-2178-43f8-b90a-891234440d65","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market","page_number":92,"box":{"x":69,"y":816,"width":818,"height":11}},{"id":"cd1ec53d-308f-428e-ac6a-2a973a489f37","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":92,"box":{"x":68,"y":831,"width":824,"height":11}},{"id":"6b769106-62fc-4c16-ba51-fd58dd5266de","block_type":"box","text":"the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service","page_number":92,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"7aa6cf4d-2755-4673-8e97-cfbdea769227","block_type":"box","text":"company established by SEHK.","page_number":92,"box":{"x":69,"y":861,"width":219,"height":11}},{"id":"a1f1892f-9b5c-4391-a54b-1c12cf0fbc5b","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":92,"box":{"x":101,"y":884,"width":794,"height":11}},{"id":"c432baa0-d65b-440d-86f0-b7704ed6a054","block_type":"box","text":"through a Stock Connect’s Nor thbound Trading Link is subject to daily investment quota limitations which require that","page_number":92,"box":{"x":68,"y":899,"width":839,"height":11}},{"id":"10694a54-8257-4e51-83b3-b53474545e4d","block_type":"box","text":"II-44","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"43deba32-3cf6-492b-b59d-4f7398463193","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa50469c-b12a-4570-a98e-db348de32cf6","block_type":"box","text":"buy orders for Stock Connect Securities be rejected once the daily quota is exceeded (although a Fund will be","page_number":93,"box":{"x":69,"y":45,"width":779,"height":11}},{"id":"ccb8eeb5-1420-49d8-977f-b8a3f133e5a3","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":93,"box":{"x":70,"y":60,"width":824,"height":11}},{"id":"71c8433f-3b83-4283-bfbb-4e0832b27c9b","block_type":"box","text":"investing in Stock Connect Securities on a timely basis, which could affect the Fund’s ability to effectively pursue its","page_number":93,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"7a6e2b62-8daa-4b62-bb1a-307d586d1f28","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":93,"box":{"x":70,"y":90,"width":837,"height":11}},{"id":"2b685cd9-dfbc-43ff-bfd8-7ae33041b660","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":93,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"0839abe8-5aa6-420f-854e-4ebae61356fd","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":93,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"696ac925-5114-4243-ae8c-f3aee54ff869","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":93,"box":{"x":68,"y":135,"width":821,"height":12}},{"id":"0197faa0-b9d9-49e5-aca7-78b170495ba0","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a cer tain trading day, there must be sufficient Stock Connect","page_number":93,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"b4dcce6b-f019-4924-bee3-ef35fb27a4b2","block_type":"box","text":"Securities in the investor’s account before the market opens on that day. If there are insufficient Stock Connect","page_number":93,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"c1c64968-2ea6-462c-9246-e9a3a566eca8","block_type":"box","text":"Securities in the investor’s account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries","page_number":93,"box":{"x":69,"y":181,"width":820,"height":11}},{"id":"f7feb647-c850-4fb6-a970-1996e085475f","block_type":"box","text":"out pre-trade checking on sell orders of cer tain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":93,"box":{"x":69,"y":196,"width":820,"height":11}},{"id":"e3ee182c-e8f1-4272-9f8d-ce5153b15d0e","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":93,"box":{"x":69,"y":211,"width":278,"height":11}},{"id":"44ab8392-d429-4f2b-8ff8-e55a328813f1","block_type":"box","text":"i.e.","page_number":93,"box":{"x":349,"y":211,"width":21,"height":9}},{"id":"187baa2e-985a-4d08-abcc-5d7828e44f60","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":93,"box":{"x":372,"y":211,"width":524,"height":11}},{"id":"540db1bb-3de9-4497-b6f4-180e1b83408c","block_type":"box","text":"must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation,","page_number":93,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"348eac7e-2d48-402d-bde0-d05987b62a15","block_type":"box","text":"and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock","page_number":93,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"89e2c2f0-6f11-4e7e-bd63-54dab95aa237","block_type":"box","text":"Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking","page_number":93,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"7a42f1a0-2dad-4e01-92d3-4e6304b5e6ba","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":93,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"006cb7c5-deec-4e29-8c05-3e9e6e5320ce","block_type":"box","text":"Connect Securities through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the","page_number":93,"box":{"x":69,"y":286,"width":797,"height":12}},{"id":"8bbd6601-ea80-498b-aa7d-17431b74ec5f","block_type":"box","text":"Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on","page_number":93,"box":{"x":69,"y":302,"width":818,"height":11}},{"id":"dfba8ad0-7797-4283-aba4-38027b85ac79","block_type":"box","text":"the Stock Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will only","page_number":93,"box":{"x":68,"y":317,"width":820,"height":11}},{"id":"aebdce31-b58d-4aed-befd-8368fca92279","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Fur ther, since all trades of Stock Connect Securities","page_number":93,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"fa0d0428-7dfb-4f7d-abd6-67cbc0310364","block_type":"box","text":"must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be","page_number":93,"box":{"x":69,"y":347,"width":811,"height":11}},{"id":"e5e0858e-d5bd-4299-9149-4de30ba9d4ae","block_type":"box","text":"guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could","page_number":93,"box":{"x":68,"y":362,"width":815,"height":11}},{"id":"205bbcd7-6ac4-4ce7-b531-655641588649","block_type":"box","text":"adversely affect a Fund’s investments. If a Fund holds a class of shares denominated in a local currency other than","page_number":93,"box":{"x":69,"y":377,"width":824,"height":11}},{"id":"13030740-c2a8-4670-b942-214e2c255ad4","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund conver ts the local currency into RMB for","page_number":93,"box":{"x":70,"y":392,"width":777,"height":12}},{"id":"eb1a3cbc-520c-4a10-ae41-9a47be36e357","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":93,"box":{"x":70,"y":408,"width":582,"height":11}},{"id":"f2b6af45-68c1-4bc2-84e4-054ed69db442","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":93,"box":{"x":102,"y":430,"width":802,"height":11}},{"id":"15eb4ddf-e69e-478d-89e5-d003d83d7493","block_type":"box","text":"as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE","page_number":93,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"f45006ac-24d2-4b1d-b4fe-f1eef3c4430f","block_type":"box","text":"Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a","page_number":93,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"87e0b40e-a223-4cb7-bcd7-1c2c0ad98113","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":93,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"d86de7f9-619f-471a-b609-8e43ec7d8aa3","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC cour ts. The exact nature and methods of","page_number":93,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"6aa1e978-ef98-41ac-81ac-29cba57d75c5","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncer tain. In the unlikely event that","page_number":93,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"68da56b3-1036-4f22-bd39-b6d1608b84a2","block_type":"box","text":"HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE","page_number":93,"box":{"x":70,"y":521,"width":807,"height":11}},{"id":"850ece34-37c6-46df-af9d-512e96fd5705","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as par t of the general assets of","page_number":93,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"b81cfdf8-fb6a-4488-b269-edbbd125acf6","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":93,"box":{"x":70,"y":551,"width":774,"height":11}},{"id":"65296eab-cfdd-4a92-af15-fa2d9685128f","block_type":"box","text":"proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the","page_number":93,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"8e4c1bf7-d2de-40dc-b755-5c3f730fc732","block_type":"box","text":"CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders","page_number":93,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"693c3c83-b8c2-4989-8a5b-ccb619799aa6","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":93,"box":{"x":68,"y":596,"width":779,"height":11}},{"id":"5da1f0a8-c12a-49a0-8b2c-04f28376c1bf","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":93,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"185afdff-d84f-43d7-93ef-145988a99988","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":93,"box":{"x":69,"y":627,"width":839,"height":11}},{"id":"aa2f8046-6992-4a58-8da4-1ad9b3d9978d","block_type":"box","text":"order to par ticipate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":93,"box":{"x":69,"y":642,"width":811,"height":11}},{"id":"dce71a97-5020-4d8b-b8c7-e2b3bd4d6dd3","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":93,"box":{"x":70,"y":657,"width":783,"height":11}},{"id":"0eeabd9e-94be-4178-bea4-b485af88964a","block_type":"box","text":"HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company. As a","page_number":93,"box":{"x":70,"y":672,"width":826,"height":11}},{"id":"a326ac6f-852e-45f7-8abf-d26ce1694836","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":93,"box":{"x":69,"y":687,"width":752,"height":11}},{"id":"6833d673-2068-4615-bc45-ec0c58f5b93d","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":93,"box":{"x":102,"y":710,"width":804,"height":11}},{"id":"754581a2-c027-42e0-b20d-ce525c2c9c4f","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":93,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"5d0db3f6-375c-46bd-94ae-a48f2a01a2c9","block_type":"box","text":"to exchange-traded products in Hong Kong. For defaults occurring on or after January 1, 2020, Hong Kong’s","page_number":93,"box":{"x":68,"y":740,"width":769,"height":11}},{"id":"822dbd69-81ae-4aec-b4eb-ce10574fb26d","block_type":"box","text":"Investor Compensation Fund covers investors’ losses in relation to securities (i) that are traded on the SSE or the","page_number":93,"box":{"x":70,"y":755,"width":809,"height":11}},{"id":"a6248af2-bee3-43a2-9011-ef8e82fd5a55","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Nor thbound","page_number":93,"box":{"x":69,"y":770,"width":801,"height":12}},{"id":"a826d7a4-528f-4eb9-9e55-ba33d2cd5299","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Nor thbound trading through securities","page_number":93,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"8438d165-97cf-48e5-82c4-10269d840834","block_type":"box","text":"brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the","page_number":93,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"136bcbca-eee8-47d3-88b8-4bdfbf4cd5a4","block_type":"box","text":"PRC.","page_number":93,"box":{"x":69,"y":816,"width":32,"height":9}},{"id":"d3b62d64-72fc-4810-8b3e-7a5cb162f074","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":93,"box":{"x":102,"y":838,"width":796,"height":12}},{"id":"af8ba0e4-ce6a-4c35-bed2-2360022742e8","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":93,"box":{"x":69,"y":853,"width":815,"height":12}},{"id":"a2b851a3-71e9-4266-b21d-7662bffb65b8","block_type":"box","text":"house. Fur ther, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":93,"box":{"x":69,"y":869,"width":822,"height":11}},{"id":"cb1cab10-6cee-4f07-b1f5-bd89cba54710","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the par t of SEHK and exchange","page_number":93,"box":{"x":68,"y":884,"width":818,"height":11}},{"id":"d59e19ee-6652-4837-8222-c570b6ef8197","block_type":"box","text":"par ticipants. There is no assurance that the systems of SEHK and market par ticipants will function properly or will","page_number":93,"box":{"x":70,"y":899,"width":813,"height":11}},{"id":"6e3017f7-829f-4bd6-9355-a6783e7fbc1a","block_type":"box","text":"II-45","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"450e0aaa-eb45-49c1-b1d6-f143a3d5a66e","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca625b52-5e64-4332-bdb4-8b05a18353d0","block_type":"box","text":"continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to","page_number":94,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"b5ada38d-fb8b-4be7-b7d8-6733155894b9","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":94,"box":{"x":68,"y":60,"width":695,"height":11}},{"id":"4f56432c-be16-4838-8df3-de265fcc4438","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":94,"box":{"x":101,"y":83,"width":772,"height":11}},{"id":"3a0d6f5a-64dc-41d1-9047-b69ed1e97427","block_type":"box","text":"Stock Connect program launched in December 2016 are both in their initial stages. New or revised regulations may","page_number":94,"box":{"x":69,"y":98,"width":823,"height":11}},{"id":"f07feb20-d13d-4de6-b339-719dba0d90e2","block_type":"box","text":"be issued from time to time by the regulators and stock exchanges in China and Hong Kong in connection with","page_number":94,"box":{"x":69,"y":113,"width":787,"height":11}},{"id":"1609b655-3d4b-49ea-8d32-8a3d63aeb0af","block_type":"box","text":"operations, legal enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":94,"box":{"x":69,"y":128,"width":835,"height":11}},{"id":"268db0dd-d311-4a41-b70e-0440e6b78a75","block_type":"box","text":"that Stock Connect will not be discontinued. A Fund may be adversely affected as a result of such changes.","page_number":94,"box":{"x":68,"y":143,"width":767,"height":11}},{"id":"5df5023c-d0ea-4ccc-a7e1-bb2af0e57f20","block_type":"box","text":"Fur thermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may","page_number":94,"box":{"x":70,"y":158,"width":815,"height":11}},{"id":"26da6bb7-6952-487a-8fdc-d793b1a37926","block_type":"box","text":"arise from the differences on an on-going basis. In the event that the relevant systems fail to function properly,","page_number":94,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"b6d15b5c-17d8-48e9-bad0-2c120618aec9","block_type":"box","text":"trading in both markets through Stock Connects could be disrupted and a Fund’s ability to achieve its investment","page_number":94,"box":{"x":68,"y":188,"width":807,"height":12}},{"id":"ad3156e5-1918-42f7-9cb8-bce1a203c083","block_type":"box","text":"objective may be adversely affected. In addition, a Fund’s investments in Stock Connect Securities through Stock","page_number":94,"box":{"x":69,"y":203,"width":808,"height":12}},{"id":"fb2b4867-9807-4155-9276-71c8e02af73d","block_type":"box","text":"Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Fur ther,","page_number":94,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"d239fcc4-555c-45bd-86e0-6015a2df5395","block_type":"box","text":"different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through Stock","page_number":94,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"a87db6c8-bb30-4b02-b712-97bb85405ea1","block_type":"box","text":"Connects, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners","page_number":94,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"c2b48fc4-2ec2-4ca9-aae5-e0fb58d89460","block_type":"box","text":"of other securities providing similar investment exposure.","page_number":94,"box":{"x":69,"y":264,"width":407,"height":11}},{"id":"758b80de-22fc-438a-a0ca-09d464ed1a84","block_type":"box","text":"Suspension Risk.","page_number":94,"box":{"x":102,"y":287,"width":122,"height":10}},{"id":"4dfc64fd-957e-4775-b2d9-c823ed94e4fe","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":94,"box":{"x":231,"y":286,"width":675,"height":12}},{"id":"b706b21c-5343-49c7-bd95-60a69fabd7c4","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":94,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"c4a30ebd-5aee-4eaf-bb13-2f7d86150adb","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":94,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"6df18f24-3f83-434d-830f-82a42b149a4e","block_type":"box","text":"global equity markets. Each of the SEHK, SSE and SZSE reserves the right to suspend trading of SSE Securities and","page_number":94,"box":{"x":68,"y":332,"width":831,"height":11}},{"id":"53bd336d-8f94-43e2-8959-c7f6310897c5","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":94,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"d5119f42-e51b-4de1-b7be-6980a1cdb942","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":94,"box":{"x":68,"y":362,"width":791,"height":11}},{"id":"35ee4234-3731-4e01-8af3-8820ccb7eb9a","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":94,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"a51134f9-ca89-441a-b519-633c7ecec504","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":94,"box":{"x":69,"y":392,"width":796,"height":12}},{"id":"9e9d3d72-d7b3-49ca-a38d-97d485611f2f","block_type":"box","text":"Connect is effected, the Fund’s ability to access the PRC market will be adversely affected. Trading suspensions in","page_number":94,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"ee4f1658-0d64-4440-8e47-ca697b9fdd60","block_type":"box","text":"cer tain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":94,"box":{"x":69,"y":423,"width":829,"height":11}},{"id":"0c2a5f81-b42b-4fc1-8edb-d913ce1ebd61","block_type":"box","text":"daily price limit, generally set at 10% or 20%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":94,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"dd657520-dbc5-4440-8c17-45f057f50a7a","block_type":"box","text":"Securities and SZSE Securities during a single trading day. The daily price limit refers to price movements only and","page_number":94,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"1cff40c6-0cf3-4c75-812a-bb205c4f714a","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":94,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"de35b90b-ac8c-4bb6-8370-2e6e67a0e4a2","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":94,"box":{"x":69,"y":483,"width":563,"height":11}},{"id":"54d461f5-5e5f-4272-a075-3f4c5273e58b","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":94,"box":{"x":102,"y":506,"width":542,"height":11}},{"id":"c768347b-8a5c-423d-8339-595ca681095c","block_type":"box","text":"A Fund may invest directly in the","page_number":94,"box":{"x":650,"y":506,"width":230,"height":11}},{"id":"0ad0b4cf-ae06-4893-9d95-d80d4c438007","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":94,"box":{"x":69,"y":521,"width":791,"height":11}},{"id":"87f74b36-99d4-4284-abcc-e84f4d23d37d","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":94,"box":{"x":69,"y":536,"width":790,"height":11}},{"id":"63e5e49a-6d7a-444c-95a6-94eab43de3b8","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":94,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"beb4239f-384e-4383-ac0e-000db2a54460","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":94,"box":{"x":70,"y":566,"width":832,"height":11}},{"id":"522836d7-04d7-499b-b491-d5f2ba04a5bb","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":94,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"2d1fc56a-cdbb-450e-a085-08a1d1d566b0","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the China Interbank","page_number":94,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"fc7aa4d8-03c1-43fc-8b18-424625a5196d","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":94,"box":{"x":70,"y":612,"width":825,"height":11}},{"id":"bc5c3760-78da-4ace-a8f2-56fefae8fb36","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":94,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"97888c57-0c25-42d7-bfc4-82fcec366611","block_type":"box","text":"turn transmit their requests for quotation to CFETS. CFETS will send the requests for quotation to a number of","page_number":94,"box":{"x":68,"y":642,"width":786,"height":11}},{"id":"e2a72a40-5870-4e16-ac12-3b22abc09f70","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":94,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"3253931f-4489-4262-82c2-14d72bfb6397","block_type":"box","text":"The approved onshore dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their","page_number":94,"box":{"x":68,"y":672,"width":788,"height":11}},{"id":"f085968f-5486-4ef5-adaf-161e9c4f1952","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":94,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"6764a42a-1bd1-4222-a671-9a84ceaaed0d","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":94,"box":{"x":69,"y":702,"width":570,"height":12}},{"id":"9d5dbdc3-88b4-4b54-9143-cd633286d85a","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":94,"box":{"x":101,"y":725,"width":773,"height":11}},{"id":"ccf16606-f5db-43b8-860e-3629627daa8b","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":94,"box":{"x":69,"y":740,"width":823,"height":11}},{"id":"72363367-1187-4dc9-8162-a851314a0af8","block_type":"box","text":"as onshore custodians and clearing institutions in the PRC. Under the settlement link, CDCC or SCH will effect gross","page_number":94,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"e684ba28-6519-4266-87fb-416d03157968","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":94,"box":{"x":69,"y":770,"width":822,"height":11}},{"id":"25800ae3-0d2c-48c3-8080-9c0cc5b6405c","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":94,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"6fe701c6-f330-4084-8182-3532e102a4f9","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":94,"box":{"x":69,"y":801,"width":787,"height":11}},{"id":"0ebba438-173a-4720-980b-72419abcd97d","block_type":"box","text":"carried out simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":94,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"05baac25-c0c6-4056-b6b5-dd68a2c6b43d","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":94,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"3107d32b-a59f-4f1d-b0d7-f6021117273a","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":94,"box":{"x":68,"y":846,"width":500,"height":11}},{"id":"49488ab9-f320-4818-870d-1d3802953f06","block_type":"box","text":"i.e.","page_number":94,"box":{"x":570,"y":846,"width":20,"height":9}},{"id":"016fc66a-e615-4be7-ae59-d5f90d6ed783","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":94,"box":{"x":593,"y":846,"width":267,"height":11}},{"id":"bddd5866-1e46-46ea-b3e4-a24e2cf2f1f2","block_type":"box","text":"eligible foreign investors through Bond Connect will be registered in the name of CMU, which will hold such bonds as","page_number":94,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"2187781d-c18f-48f3-aeab-4ac7f2f7376d","block_type":"box","text":"a nominee owner. Therefore, a Fund will be exposed to custody risks with respect to CMU. In the remote event of a","page_number":94,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"b03f5024-10af-4be1-a0ad-b7b88fb446e5","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing par ticipants","page_number":94,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"ec5e08e4-8eb9-4c9c-8c33-79e75bda0343","block_type":"box","text":"will be limited to assisting clearing par ticipants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":94,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"2f587d72-db52-49d2-b8de-3e0bac08e9e7","block_type":"box","text":"II-46","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"98d7935f-3d3e-488e-a364-ac7fe02a14c5","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0f7067c1-4b10-44aa-b922-a53172557eb4","block_type":"box","text":"delay in the recovery process or may not fully recover its losses from CDCC or SCH. In addition, as the relevant","page_number":95,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"81637f86-5575-4880-b761-57eae167b9e3","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third par ties,","page_number":95,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"cd75f62f-b447-4e19-82e8-a29ba0f0770d","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the par t of such third","page_number":95,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"a3bc8316-d7da-4439-889a-7545b71138ee","block_type":"box","text":"par ties.","page_number":95,"box":{"x":70,"y":90,"width":52,"height":11}},{"id":"97ab2f7e-12eb-4a78-bde7-29f8bc429c65","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China Interbank Bond","page_number":95,"box":{"x":101,"y":113,"width":799,"height":11}},{"id":"2b999fd2-80c4-4392-a476-8ef3f9a4101f","block_type":"box","text":"Market through CMU as nominee is not well-defined under PRC law. There is a lack of a clear definition of, and","page_number":95,"box":{"x":70,"y":128,"width":785,"height":11}},{"id":"492a3756-a550-4a76-b575-c418b5ba1524","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":95,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"f4d19f4b-7256-45ce-8045-0d0766f4e648","block_type":"box","text":"involving a nominee account structure in the PRC cour ts. The exact nature and methods of enforcement of the rights","page_number":95,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"3e868858-bd58-46a5-9543-b1694d30dec3","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":95,"box":{"x":69,"y":173,"width":412,"height":9}},{"id":"a59a5f56-5cf7-4338-9ed0-f7771dac8851","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of cer tain bonds in the China Interbank","page_number":95,"box":{"x":102,"y":196,"width":793,"height":11}},{"id":"c4cea2ce-dad7-4871-9b1f-5d92ff762253","block_type":"box","text":"Bond Market may result in prices of cer tain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":95,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"1119e4a7-379e-45df-b3d5-4f4475f8210f","block_type":"box","text":"such market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of such securities","page_number":95,"box":{"x":69,"y":226,"width":821,"height":11}},{"id":"f254aa56-4b52-4c63-b12f-041c071ad579","block_type":"box","text":"may be large, and a Fund may therefore incur significant costs and may suffer losses when selling such investments.","page_number":95,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"fb588e2f-7119-4361-9753-911bfba4eaeb","block_type":"box","text":"The bonds traded in the China Interbank Bond Market may be difficult or impossible to sell, which may impact a","page_number":95,"box":{"x":68,"y":256,"width":798,"height":11}},{"id":"62f3fff4-aacd-4a16-acd5-8159676e859c","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":95,"box":{"x":70,"y":271,"width":556,"height":12}},{"id":"016c0235-99fa-42cf-85ff-1d0317bcb366","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":95,"box":{"x":102,"y":294,"width":762,"height":11}},{"id":"58980eaa-ca17-4f85-9c82-5e50d25a08de","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":95,"box":{"x":69,"y":309,"width":835,"height":11}},{"id":"919e6af6-a9f6-49b3-b102-55297912b312","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":95,"box":{"x":69,"y":324,"width":835,"height":12}},{"id":"34882eb3-891a-4119-8996-5685e8969f3a","block_type":"box","text":"systems of China and Hong Kong differ significantly and issues may arise based on these differences. In the event","page_number":95,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"bfb28761-3904-4c95-b72c-9d4d8298f9a8","block_type":"box","text":"that the relevant authorities suspend account opening or trading on the China Interbank Bond Market, a Fund’s ability","page_number":95,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"43d41bf3-c66b-47cf-9a6d-a5958bacc354","block_type":"box","text":"to invest in the China Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability","page_number":95,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"d19d0cd3-f1d4-4028-9a85-7dc998cb4f05","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":95,"box":{"x":68,"y":385,"width":808,"height":11}},{"id":"70778c53-cee1-4ca8-bd96-6677b1aa6e50","block_type":"box","text":"Fund may suffer substantial losses as a result. Fur ther, if Bond Connect is not operating, a Fund may not be able to","page_number":95,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"704eb530-8fda-4727-b150-0631ccd7f8b5","block_type":"box","text":"acquire or dispose of bonds through Bond Connect in a timely manner, which could adversely affect the Fund’s","page_number":95,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"16e72d25-7cf4-4bb8-b709-e94549d99966","block_type":"box","text":"per formance.","page_number":95,"box":{"x":70,"y":430,"width":93,"height":11}},{"id":"6187cb71-8c8d-405b-a4d7-8fe2c8dbf26a","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":95,"box":{"x":101,"y":453,"width":803,"height":11}},{"id":"6649d7f4-46b2-43b6-95c6-cf20c2261e6c","block_type":"box","text":"There is no assurance that such systems will function properly or will continue to be adapted to changes and","page_number":95,"box":{"x":68,"y":468,"width":776,"height":11}},{"id":"fa099966-4519-4d3a-92d8-2c34e7e29a1b","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":95,"box":{"x":69,"y":483,"width":806,"height":11}},{"id":"a7443850-b757-4523-9952-9c44a8323538","block_type":"box","text":"Connect may be disrupted. A Fund’s ability to trade through Bond Connect (and hence to pursue its investment","page_number":95,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"9173a881-3ad4-4477-8bb4-0f7ea1d2f4b9","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":95,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"1b8f2d05-84f0-4998-8272-a339fc888a4c","block_type":"box","text":"through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":95,"box":{"x":68,"y":528,"width":827,"height":12}},{"id":"745760bb-4d40-4b66-b553-cee9ded50586","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":95,"box":{"x":102,"y":551,"width":755,"height":11}},{"id":"019d5b2f-873f-4312-b7f4-1bb92983adcd","block_type":"box","text":"conver tible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":95,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"ea87fdf6-82b0-4291-876c-7543c2d25bd5","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":95,"box":{"x":68,"y":581,"width":298,"height":11}},{"id":"be93f87c-b9a4-4a94-9d69-cc97fe4cbdd4","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":95,"box":{"x":103,"y":604,"width":277,"height":11}},{"id":"61e64991-5cf1-4b24-a52e-4bc4a7ed1f75","block_type":"box","text":".","page_number":95,"box":{"x":381,"y":611,"width":2,"height":2}},{"id":"cbcd8e38-34d3-4170-a801-22689864ecac","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":95,"box":{"x":101,"y":627,"width":758,"height":11}},{"id":"f614725d-220a-467a-bdd7-28efa0c56bd1","block_type":"box","text":"interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an","page_number":95,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"f9941bae-4e52-4555-9d63-3fc3b5a67ffa","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":95,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"0b7bcf1e-94ee-400d-8aec-ac09a1876a25","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":95,"box":{"x":69,"y":672,"width":425,"height":11}},{"id":"c42fd399-8a5a-426d-a1b0-7275621d2e69","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":95,"box":{"x":101,"y":695,"width":697,"height":11}},{"id":"e209ecb9-369a-44ab-916e-cdad6db28c5c","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":95,"box":{"x":102,"y":717,"width":803,"height":12}},{"id":"140f8c52-defc-4066-ac05-6213f7821474","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":95,"box":{"x":68,"y":733,"width":822,"height":11}},{"id":"b533be73-46e6-45c7-8267-e1f1335a0c46","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":95,"box":{"x":69,"y":748,"width":794,"height":11}},{"id":"ff8c4c0d-89de-480e-842b-c0edd4ab4450","block_type":"box","text":"(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or","page_number":95,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"f44fbc76-e9b3-4208-aa44-482ac4130c80","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":95,"box":{"x":69,"y":778,"width":800,"height":11}},{"id":"78e628e9-d3c1-4cf7-9270-d67ecfe585be","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":95,"box":{"x":68,"y":793,"width":783,"height":11}},{"id":"4572aa62-c070-4b10-91d4-84df3d7252d8","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":95,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"291e62c2-e77d-4a79-8a6e-6f097914bd04","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":95,"box":{"x":69,"y":823,"width":809,"height":12}},{"id":"56832b64-2eb8-4430-8beb-df2b49d0bbf0","block_type":"box","text":"temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or","page_number":95,"box":{"x":68,"y":838,"width":818,"height":11}},{"id":"eba798e4-8823-4148-8ed7-ecab7f94ab62","block_type":"box","text":"without notice.","page_number":95,"box":{"x":68,"y":854,"width":103,"height":8}},{"id":"0337c0d8-b2fa-4cf0-80e3-03fec54dcadf","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":95,"box":{"x":102,"y":876,"width":759,"height":11}},{"id":"e33f9002-27e7-49e4-82e1-8efc75b6b994","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":95,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"ad52dc9e-bdcb-4cd0-ae7f-bf7beb86840e","block_type":"box","text":"the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA","page_number":95,"box":{"x":68,"y":906,"width":798,"height":11}},{"id":"e69fd993-5c35-4890-917f-d1ddecb3c382","block_type":"box","text":"II-47","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2daed179-faba-4cd2-a2e9-76cadae16ca0","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3a13282-338c-4b9a-a58d-66d8554c3f35","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is","page_number":96,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"90876af7-f0c7-4b9e-bab9-60471f0ca7cc","block_type":"box","text":"unclear whether the temporary exemption will be fur ther extended.","page_number":96,"box":{"x":69,"y":60,"width":473,"height":11}},{"id":"78881a9d-2be6-445a-9d57-f84b0653bfcb","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":96,"box":{"x":103,"y":83,"width":225,"height":10}},{"id":"61e3e1b6-b9e8-4b19-887d-9fe41c682ff9","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":96,"box":{"x":333,"y":83,"width":569,"height":11}},{"id":"ee592e1d-0dfa-4b9e-a622-8830592360ee","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":96,"box":{"x":69,"y":98,"width":528,"height":11}},{"id":"24cce8a7-ed5c-4619-9341-07bf5cc6a715","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":96,"box":{"x":101,"y":120,"width":697,"height":12}},{"id":"9d8f254c-e818-4718-a778-eee0ee256938","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the","page_number":96,"box":{"x":101,"y":143,"width":789,"height":11}},{"id":"51eeffac-634f-48a1-b776-b53f64f53bde","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":96,"box":{"x":69,"y":158,"width":565,"height":9}},{"id":"3576a1e2-f4f7-46ab-8064-b7cc14384cd8","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":96,"box":{"x":102,"y":181,"width":749,"height":11}},{"id":"6039e322-9864-4919-a089-c58d5121f4d3","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":96,"box":{"x":70,"y":196,"width":791,"height":11}},{"id":"733dc0f1-5518-44ee-be04-9b3f5d676d14","block_type":"box","text":"market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public","page_number":96,"box":{"x":69,"y":211,"width":840,"height":11}},{"id":"f80d4c3a-1dae-40f7-ad82-2c40817290a1","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":96,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"c07b9a71-ee7c-43b4-b942-90c8b2487a09","block_type":"box","text":"July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to","page_number":96,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"195cff00-7ad3-4797-885d-dd87ddde3d7b","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":96,"box":{"x":70,"y":256,"width":772,"height":12}},{"id":"e27d1c9b-862f-4097-bda8-f97d6433773c","block_type":"box","text":"August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption","page_number":96,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"069d942c-0268-4396-9f20-3e62548f2ce2","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":96,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"e5615f64-b556-428e-aada-f8526b5c43e9","block_type":"box","text":"Notice 34 will be fur ther extended with respect to interest income on bonds derived from the PRC bond market and","page_number":96,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"78442d27-3e7d-4345-97b2-a19c7be8ee6f","block_type":"box","text":"issued before August 8, 2025.","page_number":96,"box":{"x":70,"y":317,"width":216,"height":11}},{"id":"6d81d007-e4a8-431e-96fa-8133ea4f9eec","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":96,"box":{"x":101,"y":339,"width":801,"height":12}},{"id":"559799e7-880b-4726-b1ee-634dc9d23b26","block_type":"box","text":"tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may","page_number":96,"box":{"x":68,"y":355,"width":821,"height":11}},{"id":"a908a990-49ef-4b88-ad75-c9fb5c05a461","block_type":"box","text":"withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or","page_number":96,"box":{"x":68,"y":370,"width":808,"height":11}},{"id":"20d2ae84-e482-4f51-a013-389c96413e8e","block_type":"box","text":"PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":96,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"89449751-ecf6-4dab-af5c-b4b4e8da160b","block_type":"box","text":"temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and","page_number":96,"box":{"x":68,"y":400,"width":829,"height":11}},{"id":"ed9eae6b-165c-4965-9e3e-cca461d5ed2a","block_type":"box","text":"may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be","page_number":96,"box":{"x":69,"y":415,"width":819,"height":11}},{"id":"02d01802-9d6a-4b05-a8d5-658aa6a795dc","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":96,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"e8209536-faed-43d5-8f7d-24481859499e","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":96,"box":{"x":68,"y":445,"width":474,"height":11}},{"id":"833767cc-cab2-4761-a37f-617732f5ee46","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to","page_number":96,"box":{"x":102,"y":468,"width":777,"height":11}},{"id":"d5f86937-7c8e-4e91-a64d-b3932b8d45e1","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as fur ther clarified by","page_number":96,"box":{"x":68,"y":483,"width":836,"height":11}},{"id":"2fb3ee96-569e-447e-aa8a-d263aeb4e0f4","block_type":"box","text":"the PRC in notifications.","page_number":96,"box":{"x":68,"y":498,"width":171,"height":9}},{"id":"033d403a-c27a-4440-ac00-26cdb7058192","block_type":"box","text":"Investment in Other Investment Companies.","page_number":96,"box":{"x":102,"y":521,"width":320,"height":11}},{"id":"06e25066-b050-4036-bfc4-7a9ae3f8499d","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":96,"box":{"x":429,"y":521,"width":402,"height":11}},{"id":"841af8c8-ff8c-41a1-b23a-9acdc1aef544","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":96,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"7236940d-f4f8-4f95-9cbb-a3f75950ef4a","block_type":"box","text":"market funds and ETFs, which are typically open-end funds or unit investment trusts listed on a stock exchange.","page_number":96,"box":{"x":69,"y":551,"width":797,"height":11}},{"id":"ae6c3ae7-6325-4750-9187-3b95f83e0eb9","block_type":"box","text":"Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to 10% of its total assets","page_number":96,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"c111a468-42f1-4e59-ab29-497e7f88ad48","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":96,"box":{"x":70,"y":581,"width":814,"height":11}},{"id":"0bf02ceb-280a-4789-8f46-1087a83729e4","block_type":"box","text":"12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":96,"box":{"x":70,"y":596,"width":793,"height":12}},{"id":"d22d7682-36af-4d5f-a933-35ef833ea5d6","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such investment","page_number":96,"box":{"x":69,"y":612,"width":796,"height":11}},{"id":"984606fb-e542-4e19-9688-b4d6be67354f","block_type":"box","text":"company and a Fund may not invest in another investment company if such investment would cause more than 5% of","page_number":96,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"781e9b0c-e2b1-4b8a-b1b5-1cff3404d523","block_type":"box","text":"the value of the Fund’s total assets to be invested in securities of such investment company. (These limits do not","page_number":96,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"227d0b6c-d6b4-4eaa-9c5e-7e64071ecad1","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Por tfolio.) In addition to the restrictions","page_number":96,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"0209fef0-0a09-4488-ab64-ca9c87b88f45","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":96,"box":{"x":69,"y":672,"width":827,"height":11}},{"id":"b7fa6fa7-e934-4987-b352-4587b94ac6ef","block_type":"box","text":"Act a Fund may not invest in a registered closed-end investment company if such investment would cause the Fund","page_number":96,"box":{"x":68,"y":687,"width":821,"height":11}},{"id":"3746f28b-3893-497f-a5fe-9d70de83c8f1","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":96,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"60cd32f1-199e-4fe2-9d2a-e252c89f6928","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":96,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"6d16baf9-376b-4a37-912e-ab9962c22ecc","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":96,"box":{"x":70,"y":732,"width":802,"height":12}},{"id":"ad883471-d266-494a-b8fd-74b3bfcb5c02","block_type":"box","text":"cer tain conditions. In addition, a Fund may be able to rely on cer tain rules under the Investment Company Act to","page_number":96,"box":{"x":69,"y":748,"width":801,"height":11}},{"id":"d46f6b1c-c7bd-4d6e-ac9a-b5c15ed55b1e","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":96,"box":{"x":70,"y":763,"width":829,"height":11}},{"id":"ce4d42b7-84c7-4b7f-bdbd-39c7993dfa74","block_type":"box","text":"subject to cer tain conditions.","page_number":96,"box":{"x":69,"y":778,"width":206,"height":11}},{"id":"40edc832-32d1-4471-9b84-abcc0f3050cf","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":96,"box":{"x":101,"y":801,"width":799,"height":11}},{"id":"4a126292-a13a-4f57-97c9-5882a9bca8a5","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":96,"box":{"x":102,"y":823,"width":779,"height":12}},{"id":"22547df4-64fb-4656-8c7f-6085866c5a68","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":96,"box":{"x":69,"y":839,"width":824,"height":11}},{"id":"6903ed14-d7fd-4611-8bd5-831583ffa5a0","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":96,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"171ffb47-1d12-486f-a2c2-10bd84176068","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":96,"box":{"x":68,"y":869,"width":839,"height":11}},{"id":"12ec2928-66ff-4b75-acc6-0e86c47db3b8","block_type":"box","text":"II-48","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"304401a0-2cae-4ace-8974-f19d56e02ead","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b51dbf51-2740-4400-a12e-d3a4f899c728","block_type":"box","text":"the price that the Fund paid for the shares and the Fund were to sell its shares of such investment company at a","page_number":97,"box":{"x":68,"y":45,"width":806,"height":11}},{"id":"c3f515e8-e0b6-4886-b7d5-a73ef1a92b13","block_type":"box","text":"time when the market price is lower than the price at which it purchased the shares, the Fund would experience a","page_number":97,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"5f980a93-645a-4b17-b292-075dd59bb73b","block_type":"box","text":"loss.","page_number":97,"box":{"x":70,"y":75,"width":31,"height":9}},{"id":"e65f38a9-f4c5-4f8f-ad9e-c476e9c49842","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":97,"box":{"x":102,"y":98,"width":758,"height":11}},{"id":"10f7c2a9-6b9f-4bc3-9ab8-fa381849d3da","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":97,"box":{"x":69,"y":113,"width":837,"height":11}},{"id":"c3b36f00-0b0f-4945-a153-327b042a9e3a","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":97,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"d54090ee-440c-441b-b1c5-b5b3b2157bbe","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":97,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"f61620c5-f19a-4274-8d15-18b23c11a06f","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":97,"box":{"x":69,"y":158,"width":768,"height":11}},{"id":"407cd280-3502-414c-97aa-a0e95115b251","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":97,"box":{"x":70,"y":173,"width":807,"height":11}},{"id":"258bbb79-0db7-4689-85c0-3f583a06874a","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":97,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"da306f0d-7939-438a-875a-ba4730020931","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":97,"box":{"x":68,"y":203,"width":804,"height":12}},{"id":"de7a5414-6e4c-48de-af03-9dc67a2260b5","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":97,"box":{"x":70,"y":218,"width":778,"height":11}},{"id":"d97390ea-ebc7-44d1-a6eb-d39424c3366e","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":97,"box":{"x":69,"y":234,"width":796,"height":11}},{"id":"5b9fa9d5-65a0-44c6-879f-3b446f1c10d4","block_type":"box","text":"assets.","page_number":97,"box":{"x":69,"y":249,"width":51,"height":9}},{"id":"148e214c-d9cc-4769-be4c-7d1bdb033d5a","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":97,"box":{"x":101,"y":271,"width":776,"height":12}},{"id":"bcf833bb-de52-456e-83a0-678db2cc4a7a","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":97,"box":{"x":69,"y":286,"width":313,"height":12}},{"id":"3a53b445-5f93-42e3-a919-a847f3823208","block_type":"box","text":"e.g.","page_number":97,"box":{"x":384,"y":288,"width":24,"height":10}},{"id":"23f970be-856d-4224-af0d-cc90206c7aaa","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":97,"box":{"x":411,"y":287,"width":491,"height":11}},{"id":"65b5cd7f-1169-4f0d-b580-b8c9ef51b45e","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":97,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"1d7ab0b2-25e8-44f0-8283-282c43c5c263","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":97,"box":{"x":69,"y":317,"width":472,"height":11}},{"id":"5327a9a9-db5e-4b58-8554-72faa63712e1","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":97,"box":{"x":101,"y":339,"width":790,"height":12}},{"id":"4ea70549-9561-4327-b47d-3b15a2a7a52e","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":97,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"d81dce4b-6d72-4e66-bc66-d29a9b98e79f","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":97,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"20b7768a-ca10-4b41-bdc1-52b88fdca163","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":97,"box":{"x":70,"y":385,"width":795,"height":11}},{"id":"c4d7e80c-3afd-40b1-8472-4c3895e4d325","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":97,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"a2a5e1f1-91f9-4896-9a4e-b1aec02c5f11","block_type":"box","text":"countries.","page_number":97,"box":{"x":69,"y":415,"width":69,"height":9}},{"id":"0bde784a-1513-4827-a8b9-c5a42b72a42e","block_type":"box","text":"Issuer Insolvency Risk.","page_number":97,"box":{"x":102,"y":438,"width":166,"height":11}},{"id":"361dd684-5cb7-45a5-86c5-8c64aa77868e","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":97,"box":{"x":275,"y":438,"width":631,"height":11}},{"id":"a2d4a8be-f82f-4dbc-be61-903d844d2765","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":97,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"a82cb329-1a49-4f89-a054-c7b848090877","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":97,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"590d13a2-6f1b-4db5-9e50-303023c9f386","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":97,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"0577f4f8-2a5a-4ee6-bb50-d5fb1ce959e5","block_type":"box","text":"issuer uncer tain.","page_number":97,"box":{"x":70,"y":498,"width":118,"height":9}},{"id":"706c673d-bf0d-41c2-ae98-0dac37fcff5a","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":97,"box":{"x":102,"y":521,"width":788,"height":11}},{"id":"f86ad4c3-9982-4efc-b9b5-24b775b93caf","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":97,"box":{"x":68,"y":536,"width":827,"height":11}},{"id":"13168a62-c4d5-4e83-b0d5-48cc9b7eb8bf","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":97,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"b986a37b-7fb3-4004-ba6e-f48f99be7850","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":97,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"5b744878-f467-4f19-85fa-180ed421f1d0","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":97,"box":{"x":70,"y":581,"width":797,"height":12}},{"id":"db5cdfa5-75cb-41c3-ba02-df20487a61f1","block_type":"box","text":"eventually be satisfied.","page_number":97,"box":{"x":69,"y":596,"width":162,"height":12}},{"id":"58c5c227-991b-4ce8-aaef-2e4e5668dcd7","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":97,"box":{"x":102,"y":619,"width":805,"height":11}},{"id":"e39015a9-a79b-4b24-a705-726e166fd89b","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":97,"box":{"x":70,"y":634,"width":827,"height":11}},{"id":"7788a961-e318-4c6d-9f3d-596d0161a08d","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":97,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"05ae8f35-092d-46fc-b001-3f5509da52ba","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":97,"box":{"x":69,"y":664,"width":802,"height":12}},{"id":"aa2e43b5-0e95-4ee2-a28b-403849cc2ffd","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":97,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"653c2233-a815-4364-bf16-96c5fc563c1d","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":97,"box":{"x":70,"y":695,"width":805,"height":11}},{"id":"851fb2d3-dd56-49ad-bda1-35f6780b4088","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":97,"box":{"x":70,"y":710,"width":820,"height":11}},{"id":"f3804bab-d36b-45fe-bc9d-7573118d44d2","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":97,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"c5ddc3cd-5323-4707-b94f-f366d216cba9","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":97,"box":{"x":69,"y":740,"width":820,"height":11}},{"id":"b5e09b7e-c875-4843-8a7a-4c304fe06868","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":97,"box":{"x":70,"y":755,"width":820,"height":11}},{"id":"c4b49a70-81c4-408b-80be-63cca0ae61ed","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":97,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"7c9e722a-5802-490e-94a5-7c3631320da9","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":97,"box":{"x":68,"y":786,"width":788,"height":11}},{"id":"fc6cf3ea-34cc-4e8a-9745-af5f34583637","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":97,"box":{"x":68,"y":801,"width":826,"height":11}},{"id":"6f9f96ba-3df1-43f7-b7a4-4792c75da12a","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":97,"box":{"x":69,"y":816,"width":809,"height":11}},{"id":"c09eb019-1100-41ab-956f-5db846e91d18","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":97,"box":{"x":68,"y":831,"width":809,"height":11}},{"id":"67838577-b5e9-49a2-be61-9ae373e57304","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":97,"box":{"x":69,"y":846,"width":741,"height":11}},{"id":"2afa786b-5af3-42b0-b309-b7079c68ba60","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":97,"box":{"x":101,"y":869,"width":780,"height":11}},{"id":"0879dbbf-e4fc-4512-b4e2-b8404c0f8a01","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":97,"box":{"x":68,"y":884,"width":807,"height":11}},{"id":"6efa695a-7b89-4050-b023-28060a40c37c","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":97,"box":{"x":69,"y":899,"width":795,"height":11}},{"id":"87f812c9-dff7-4931-8439-5c584ebd6c05","block_type":"box","text":"II-49","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ad91d456-b4da-415d-b956-5f00e5667dc4","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"faa894af-f065-4b50-a964-926a6675ff3b","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":98,"box":{"x":68,"y":45,"width":814,"height":11}},{"id":"cf96642c-6b58-49a5-9209-e7118bc69b2f","block_type":"box","text":"loans to the extent permitted by the 1940 Act.","page_number":98,"box":{"x":70,"y":60,"width":329,"height":11}},{"id":"0ead82ef-41e8-4d81-8310-b4e5abcb90d5","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":98,"box":{"x":102,"y":82,"width":806,"height":12}},{"id":"e1d3414c-7802-400d-88d7-a7b9a8b5f027","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":98,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"249ec4c7-61e4-4ce5-81b7-15c212564be2","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":98,"box":{"x":69,"y":113,"width":767,"height":11}},{"id":"36bd4988-b0b4-4acc-b5b6-0d620c6903b1","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":98,"box":{"x":69,"y":128,"width":771,"height":11}},{"id":"dedd820e-5287-481b-b82a-b085596f9b99","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":98,"box":{"x":70,"y":143,"width":823,"height":11}},{"id":"fe0bff4c-87a7-405a-a159-93ec67180e0e","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":98,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"231e26d7-73db-4498-aff2-52867ba44ddd","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":98,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"d089edf9-7aef-40de-abe1-081aa1871a02","block_type":"box","text":"that assumed generally by an investor.","page_number":98,"box":{"x":68,"y":188,"width":274,"height":12}},{"id":"dde0a6e3-0e94-4314-8502-12b3d5005125","block_type":"box","text":"Lease Obligations.","page_number":98,"box":{"x":102,"y":211,"width":133,"height":11}},{"id":"d3d64fcf-0767-4883-9b82-1bc28cc9774d","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":98,"box":{"x":241,"y":211,"width":653,"height":11}},{"id":"261ed2c7-a9c7-4db9-a2c9-0f91bd2b0ee0","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":98,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"4b7eace2-23eb-46b7-9893-06eeacb571bf","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":98,"box":{"x":69,"y":241,"width":602,"height":11}},{"id":"a87d39e2-eab9-443b-845e-0054b2e9b74d","block_type":"box","text":"Life Settlement Investments.","page_number":98,"box":{"x":102,"y":264,"width":210,"height":9}},{"id":"90db7f17-7b05-4897-bd97-57a45120645a","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":98,"box":{"x":318,"y":264,"width":589,"height":11}},{"id":"6206357f-880f-44c1-8de6-c98e673f2bcd","block_type":"box","text":"Fund, of existing life insurance contracts for more than their cash surrender value but less than the net benefits to be","page_number":98,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"66bd8771-abbf-4793-8d57-5a37720316b1","block_type":"box","text":"paid under the policies. When a Fund acquires such a contract, it pays the policy premiums in return for the expected","page_number":98,"box":{"x":70,"y":294,"width":834,"height":11}},{"id":"b5147808-a4fb-4a6c-b9e7-315d2a419bb2","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve cer tain risks,","page_number":98,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"80e11fd0-eee3-4b68-beb4-cc0b4e31df89","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":98,"box":{"x":70,"y":324,"width":797,"height":12}},{"id":"08c70421-223e-4254-a5bc-ee31772ce5bc","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":98,"box":{"x":70,"y":340,"width":775,"height":11}},{"id":"2c827622-a337-4cb4-a4c7-5b2cc3d80295","block_type":"box","text":"secondary market through life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a","page_number":98,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"f69eddae-e8fd-4bcd-90df-c2ea77aebc41","block_type":"box","text":"policy, the Fund may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":98,"box":{"x":70,"y":370,"width":789,"height":11}},{"id":"d23af846-0613-4ea9-aad7-375996336011","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Fur thermore, a Fund may encounter","page_number":98,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"b837ffec-637f-4b3d-87e0-62885ef1cbf7","block_type":"box","text":"losses on its investments if there is an inaccurate estimation of the life expectancies of viators. A Fund intends to","page_number":98,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"ef901271-58d0-44f0-8c5f-ca3d1ccb7f47","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":98,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"34865012-46c5-4a7b-8b6d-309fa368855f","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":98,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"5c0fb0bd-8561-490f-9c13-70a131eac706","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the Internal","page_number":98,"box":{"x":69,"y":445,"width":793,"height":12}},{"id":"856e22da-45a4-447a-b42a-31af11909e00","block_type":"box","text":"Revenue Service (the “IRS”) 90% gross income test a Fund must satisfy each year to qualify as a regulated","page_number":98,"box":{"x":70,"y":460,"width":764,"height":12}},{"id":"d3dc6b00-b7b8-43a8-a66d-b9c66f5c67c8","block_type":"box","text":"investment company. A Fund intends to monitor its investments to ensure that the Fund remains qualified as a","page_number":98,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"42dd825f-9af1-4f9c-858e-85dfaf32190e","block_type":"box","text":"regulated investment company.","page_number":98,"box":{"x":69,"y":491,"width":220,"height":11}},{"id":"4734a490-c50c-4efd-88dd-7a130d70ef69","block_type":"box","text":"Liquidity Risk Management.","page_number":98,"box":{"x":102,"y":513,"width":202,"height":11}},{"id":"61355744-e8d9-4353-a671-7e5c2d24277b","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":98,"box":{"x":311,"y":513,"width":591,"height":11}},{"id":"c7216db1-f329-4308-881e-34dd9709ec72","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":98,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"f8349b2b-3460-4069-a22b-a1efcb9d6e8e","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":98,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"a9007f3e-7765-4087-8c59-d0ad18fc95b6","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":98,"box":{"x":70,"y":559,"width":801,"height":11}},{"id":"d1f79fb4-77d9-49ab-9b9f-78b225dfd530","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":98,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"779a600a-01c8-4504-9551-65dbd0a1f6a8","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":98,"box":{"x":69,"y":589,"width":808,"height":11}},{"id":"e256c708-66a3-470a-8ac0-762b8a07d00a","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":98,"box":{"x":70,"y":604,"width":838,"height":11}},{"id":"af69350a-e8ba-4745-829f-ab9cf0e9b823","block_type":"box","text":"“illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests to","page_number":98,"box":{"x":70,"y":619,"width":804,"height":11}},{"id":"344c4094-c0c7-4749-adb0-459ca9554999","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":98,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"081df32b-f5d2-4e82-82f0-f666e404e8a0","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":98,"box":{"x":70,"y":649,"width":815,"height":12}},{"id":"48d513fe-02e5-4061-9b10-5fcbbebd1e0c","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":98,"box":{"x":69,"y":665,"width":823,"height":11}},{"id":"cc906b74-a263-49a3-815b-bf5d956012dc","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":98,"box":{"x":69,"y":680,"width":601,"height":11}},{"id":"8bf61045-2255-4428-a8ce-9591021b6e36","block_type":"box","text":"Master Limited Partnerships.","page_number":98,"box":{"x":102,"y":702,"width":211,"height":11}},{"id":"e2d70baa-07ef-4da7-a1fe-125997891310","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":98,"box":{"x":320,"y":702,"width":577,"height":11}},{"id":"9510bbf2-4578-4cef-8af0-1e89860f658c","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":98,"box":{"x":68,"y":718,"width":816,"height":11}},{"id":"1bb4c48d-0591-4dd9-b229-62c658d270b2","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":98,"box":{"x":68,"y":732,"width":777,"height":12}},{"id":"579de0ea-35e2-4b61-b65b-181d09eddf62","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":98,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"f0545f8a-0010-4c0f-84d4-d263b3b8f67a","block_type":"box","text":"generally have two classes of owners, the general par tner and limited par tners. When investing in an MLP, a Fund","page_number":98,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"2aa8e377-65aa-4e07-b24a-9b40646e22a2","block_type":"box","text":"intends to purchase publicly traded common units issued to limited par tners of the MLP. The general par tner is","page_number":98,"box":{"x":70,"y":778,"width":791,"height":11}},{"id":"67b45752-43c3-45a1-8828-2950b9305f83","block_type":"box","text":"typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity","page_number":98,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"a8bb8b58-6795-4312-84ae-f0ed72dc747e","block_type":"box","text":"owned by one or more of such par ties. The general par tner may be structured as a private or publicly traded","page_number":98,"box":{"x":69,"y":808,"width":770,"height":11}},{"id":"fb68688c-fbad-4ad2-8fc0-c5d7d036ffaa","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":98,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"9f6a1e57-9440-4131-ba8a-bb4d84ea20d6","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.","page_number":98,"box":{"x":69,"y":838,"width":799,"height":11}},{"id":"d69c7069-32d8-41bb-82c6-3b39e22f5f67","block_type":"box","text":"Limited par tners own the remainder of the par tnership, through ownership of common units, and have a limited role","page_number":98,"box":{"x":70,"y":853,"width":825,"height":12}},{"id":"8fb80bda-87df-48af-a35e-9a2f9e43613e","block_type":"box","text":"in the par tnership’s operations and management.","page_number":98,"box":{"x":70,"y":869,"width":352,"height":11}},{"id":"625be351-f6d0-4a99-9022-8caad22778b6","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":98,"box":{"x":102,"y":891,"width":794,"height":12}},{"id":"0aab6eda-4629-4172-bae3-c5082976c299","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":98,"box":{"x":69,"y":906,"width":809,"height":12}},{"id":"eebfb116-0932-4768-811e-b30315c673e3","block_type":"box","text":"II-50","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"52223c03-72b9-4428-b0cb-62063adcb1e4","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b299d31-014c-4e80-b1c2-e54e4edb1b14","block_type":"box","text":"Common and general par tner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":99,"box":{"x":69,"y":45,"width":804,"height":11}},{"id":"afa457e7-e458-4165-b493-7109ddc1fe25","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":99,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"a138f006-0269-4ecc-b2d7-cf01e92a0b63","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":99,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"679563c6-04f3-44e1-9ce3-548e2d6c7f6e","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":99,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"c8a78c8f-7fb3-4d6a-9592-9547663a1c3f","block_type":"box","text":"The general par tner is also eligible to receive incentive distributions if the general par tner operates the business in a","page_number":99,"box":{"x":68,"y":105,"width":835,"height":11}},{"id":"5826fe1d-bd4a-4a73-b53b-2a9f0f9fcc1a","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":99,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"09a5d43b-d48a-4533-8a81-dadd822c3d43","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":99,"box":{"x":70,"y":135,"width":839,"height":12}},{"id":"2d6b45dd-50f9-4ca8-b1a6-ce514ea5b03f","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":99,"box":{"x":68,"y":151,"width":828,"height":11}},{"id":"f6694567-da5a-423d-a4d4-3ad58a59ee8b","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":99,"box":{"x":70,"y":166,"width":761,"height":11}},{"id":"72217793-fd43-47ba-9788-9edb5b48e03c","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":99,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"11e9deee-8a12-4952-9f43-cf3d59b51d2f","block_type":"box","text":"order to increase the par tnership’s cash flow and raise the quar terly cash distribution in order to reach higher tiers.","page_number":99,"box":{"x":69,"y":196,"width":824,"height":11}},{"id":"f5fff209-fa01-432d-ad52-b5f65a32d80a","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":99,"box":{"x":69,"y":211,"width":366,"height":11}},{"id":"443c43e8-d26d-47a8-b2ec-895be4d6360f","block_type":"box","text":"MLP common units represent a limited par tnership interest in the MLP. Common units are listed and traded on","page_number":99,"box":{"x":102,"y":234,"width":790,"height":11}},{"id":"aa33d745-8654-49e5-9ce0-91d8ce4e03b6","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":99,"box":{"x":70,"y":249,"width":820,"height":11}},{"id":"45cdbc75-690b-40a3-bcd8-c1885187823c","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":99,"box":{"x":69,"y":264,"width":787,"height":11}},{"id":"2a4fddec-034b-4f84-b17a-058cdf4669ad","block_type":"box","text":"common stock of a corporation, owners of common units have limited voting rights and have no ability to annually","page_number":99,"box":{"x":69,"y":279,"width":810,"height":11}},{"id":"7eb8f159-7f36-4df9-8ce9-15d6bc01739e","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":99,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"447f231a-5531-42f5-b2bc-f99760d97d61","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":99,"box":{"x":69,"y":309,"width":387,"height":11}},{"id":"50c501cf-997c-4113-b6a7-ceebd5140cf0","block_type":"box","text":"Merger Transaction Risk.","page_number":99,"box":{"x":102,"y":332,"width":183,"height":11}},{"id":"3e2a1fb4-b9e0-409c-829b-a52f786ee2fe","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":99,"box":{"x":291,"y":332,"width":616,"height":11}},{"id":"0547aced-d724-4259-bcdf-f75b43718565","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":99,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"8cb651bf-0724-4139-abd9-0940e68cab77","block_type":"box","text":"in cash, stock of the acquiring company or a combination of both) in excess of the purchase price paid by the Fund","page_number":99,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"6e338ee1-254c-4689-aa41-2ea0ee5dfc26","block_type":"box","text":"for the target company’s stock. However, a Fund is subject to the risk that the merger transaction may be canceled,","page_number":99,"box":{"x":68,"y":377,"width":825,"height":12}},{"id":"da6e6459-9f14-4b2f-aa27-9ac32d447025","block_type":"box","text":"delayed or restructured, in which case a Fund’s holding of the target company’s stock may not result in any profit for","page_number":99,"box":{"x":69,"y":392,"width":832,"height":12}},{"id":"67ece8ac-5866-4245-bdef-9b554489cb77","block_type":"box","text":"the Fund and may lose significant value.","page_number":99,"box":{"x":68,"y":407,"width":286,"height":12}},{"id":"e11614aa-4c54-42c1-ba0c-b67cfe37dc3c","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":99,"box":{"x":102,"y":430,"width":723,"height":11}},{"id":"89fd6ad9-2e2f-4b6b-84eb-79f3c3f387c4","block_type":"box","text":"Cer tain","page_number":99,"box":{"x":831,"y":430,"width":50,"height":9}},{"id":"0d0ec5c5-ae51-47b2-b1aa-78c2c6d3801b","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":99,"box":{"x":70,"y":445,"width":778,"height":12}},{"id":"8007ccc6-1ec0-461a-b488-e35efe48021c","block_type":"box","text":"deposits, including instruments issued or suppor ted by the credit of U.S. or foreign banks or savings institutions","page_number":99,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"68c79b8f-6af9-4c66-9650-ebde9859c59e","block_type":"box","text":"having total assets at the time of purchase in excess of $1 billion. These obligations may be general obligations of","page_number":99,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"6bcc6f5a-13bc-4263-a847-c3ab97430f6c","block_type":"box","text":"the parent bank or may be limited to the issuing branch or subsidiary by the terms of a specific obligation or by","page_number":99,"box":{"x":68,"y":491,"width":794,"height":11}},{"id":"a5dd8fdf-e401-4a3d-bd13-82194377f8c6","block_type":"box","text":"government regulation. The assets of a bank or savings institution will be deemed to include the assets of its","page_number":99,"box":{"x":68,"y":506,"width":781,"height":11}},{"id":"98a59c6c-a9e6-4b59-a908-3070a5ee9cf9","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":99,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"cf548160-18f4-4262-b173-0ce992cdc0f3","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":99,"box":{"x":69,"y":536,"width":785,"height":11}},{"id":"06a44026-af0f-40cd-b5a7-238de7b62ff6","block_type":"box","text":"branches of domestic banks.","page_number":99,"box":{"x":69,"y":551,"width":205,"height":9}},{"id":"c5916ab4-f2fc-46c5-b7d9-42d4d5affb40","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":99,"box":{"x":101,"y":574,"width":785,"height":11}},{"id":"5ee9f2ac-2ba3-4a8d-ac42-f9dc48b3ac1d","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":99,"box":{"x":68,"y":589,"width":787,"height":11}},{"id":"fe780d89-2469-47b5-b821-cebf6e39f1a8","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":99,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"1cf72dee-334e-4d65-b619-1de74a63a0db","block_type":"box","text":"paper of a foreign issuer.","page_number":99,"box":{"x":70,"y":619,"width":176,"height":11}},{"id":"84f4763a-807e-4cb1-8f21-7dfb8745cb27","block_type":"box","text":"Money Market Securities.","page_number":99,"box":{"x":102,"y":642,"width":188,"height":11}},{"id":"82141ce9-b416-45e0-828f-6f150dd6a6dc","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":99,"box":{"x":296,"y":642,"width":578,"height":11}},{"id":"95069a1b-cbe7-4bb8-be7a-80f0f7ff204c","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":99,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"791fe8be-2c1b-4fb0-9fbd-9ebc810484cc","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":99,"box":{"x":69,"y":672,"width":386,"height":11}},{"id":"729b1d9e-a962-444e-8b54-24ed83d6f24d","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or suppor ted by the credit of U.S. or foreign banks or savings","page_number":99,"box":{"x":69,"y":692,"width":779,"height":11}},{"id":"84bcdd12-a2a8-470f-8662-11ff69e7f465","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":99,"box":{"x":102,"y":707,"width":776,"height":12}},{"id":"4176863e-1e3e-4e52-bdc8-db5130dc7123","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":99,"box":{"x":69,"y":727,"width":821,"height":12}},{"id":"2fa08b57-8ff3-416d-a49f-66d986bf3420","block_type":"box","text":"other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2 or higher by Moody’s or F-2 or higher","page_number":99,"box":{"x":102,"y":743,"width":795,"height":11}},{"id":"300db2ba-2dae-46fc-b645-9fb87a23922d","block_type":"box","text":"by Fitch, as well as high quality corporate bonds rated (at the time of purchase) A or higher by those rating","page_number":99,"box":{"x":102,"y":758,"width":757,"height":11}},{"id":"f22add31-a620-42ee-b582-6dc10728459b","block_type":"box","text":"agencies;","page_number":99,"box":{"x":102,"y":773,"width":66,"height":11}},{"id":"e64066e8-a2a0-4729-b4f0-d58a035447a3","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":99,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"fcc6f94a-1ef8-42f7-815c-b5da0a67341f","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":99,"box":{"x":102,"y":808,"width":344,"height":11}},{"id":"40571271-9dca-4321-8f7b-68aa89a013a6","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":99,"box":{"x":69,"y":828,"width":776,"height":12}},{"id":"d2af92fd-49f0-4450-939f-f9394272e14f","block_type":"box","text":"obligations and credit card receivables);","page_number":99,"box":{"x":102,"y":844,"width":283,"height":11}},{"id":"19fd07f1-c42d-4588-b04e-b5d1675507a5","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or","page_number":99,"box":{"x":69,"y":864,"width":778,"height":11}},{"id":"ea2779c5-e27e-46aa-841b-a055bd332944","block_type":"box","text":"authorities and related custodial receipts;","page_number":99,"box":{"x":102,"y":879,"width":296,"height":11}},{"id":"25aa2976-841a-4433-9292-4b0601e602fb","block_type":"box","text":"II-51","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5119b0ff-9e9d-4c9a-a56e-ac58732518ad","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"997f437f-e50c-4fbc-b0a7-c9b239f4b46a","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":100,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"9bc32910-45a4-4ed3-960f-92e7d9825358","block_type":"box","text":"agencies or authorities;","page_number":100,"box":{"x":102,"y":60,"width":166,"height":11}},{"id":"2819544e-a118-415d-8df0-92e86f6f0e18","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":100,"box":{"x":69,"y":80,"width":528,"height":11}},{"id":"0fac9c85-2e15-4ef2-bc80-0c797cd465a9","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":100,"box":{"x":69,"y":100,"width":534,"height":11}},{"id":"5d0a3274-0f24-461b-bd24-aa187f6756ed","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":100,"box":{"x":69,"y":120,"width":447,"height":12}},{"id":"c1c31a42-4888-40ad-9c40-50e7c1352a8e","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":100,"box":{"x":69,"y":140,"width":812,"height":12}},{"id":"4524473f-f156-4f58-a8a8-9ff2feda505e","block_type":"box","text":"one of its agencies or authorities or which otherwise depend directly or indirectly on the credit of the United","page_number":100,"box":{"x":102,"y":155,"width":766,"height":12}},{"id":"d7f644c1-696b-42e2-bc9b-bf8cbb38dbba","block_type":"box","text":"States;","page_number":100,"box":{"x":102,"y":171,"width":49,"height":10}},{"id":"e630271f-9ac7-4223-aca5-fa2fce2f073b","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or higher by Moody’s,","page_number":100,"box":{"x":69,"y":191,"width":829,"height":11}},{"id":"dc0891c8-a06d-4087-a5f3-9b144b88dd28","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":100,"box":{"x":102,"y":206,"width":379,"height":11}},{"id":"7c5c0a90-6cea-46f0-b4d4-643103fde4ee","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by Moody’s, A-2 or higher by","page_number":100,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"4e0608c8-19e7-412a-9e3f-a8373f0affed","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":100,"box":{"x":102,"y":241,"width":207,"height":11}},{"id":"534dfc01-ac1f-446d-b49b-fc8270740c6f","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":100,"box":{"x":69,"y":261,"width":458,"height":12}},{"id":"1dfd3264-73bc-4e9a-9e69-e83ed3fa6f0f","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":100,"box":{"x":69,"y":281,"width":837,"height":12}},{"id":"2083871a-8542-4365-bcda-8b72cc7fb0e7","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":100,"box":{"x":101,"y":297,"width":589,"height":11}},{"id":"50e66a93-38b2-422f-857a-fa8d9f3be4ca","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S. Government or an","page_number":100,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"658314ae-2eab-401f-8285-bbbf2d6a1718","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":100,"box":{"x":102,"y":332,"width":764,"height":11}},{"id":"b3516b99-796c-4182-9387-6ee1f0ca99c7","block_type":"box","text":"States.","page_number":100,"box":{"x":102,"y":347,"width":49,"height":9}},{"id":"2d9ada84-5e75-42f5-9e4e-ff2ac946e3b5","block_type":"box","text":"Mortgage-Related Securities.","page_number":100,"box":{"x":102,"y":370,"width":213,"height":11}},{"id":"97237dd7-597c-4900-a823-13e551b5007c","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":100,"box":{"x":102,"y":392,"width":203,"height":12}},{"id":"ad4a4321-aa2e-463e-83e5-1c10579d64b0","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":100,"box":{"x":312,"y":392,"width":560,"height":12}},{"id":"292935cd-3350-4b3f-9402-178f98b5c979","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":100,"box":{"x":70,"y":407,"width":805,"height":12}},{"id":"3616ca90-2266-4342-9f38-1f9e020bdfd8","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":100,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"719260e8-643c-4a61-9599-020eb7e614f1","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mor tgage-backed securities differ from other forms","page_number":100,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"c74c600a-b46c-4110-b52a-20e10a3d3fc1","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":100,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"d57050dd-d941-4ad2-bf5f-7600f84c1ac8","block_type":"box","text":"maturity or specified call dates.","page_number":100,"box":{"x":69,"y":468,"width":222,"height":11}},{"id":"677ff788-f96f-43f3-b26e-3d85e58b16ae","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":100,"box":{"x":102,"y":491,"width":785,"height":11}},{"id":"2c02e93f-3a6a-4a82-9c15-4a5cee73705e","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mor tgages relates declines. In","page_number":100,"box":{"x":68,"y":506,"width":838,"height":11}},{"id":"a5bf3eec-ddd3-43b4-96bc-baf4b14c4935","block_type":"box","text":"addition, investments in mor tgage-backed securities involve cer tain specific risks. These risks include the failure of a","page_number":100,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"47afa77f-4e77-4160-9b8d-c7557c0f08de","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":100,"box":{"x":70,"y":536,"width":837,"height":11}},{"id":"948a2156-0b47-494e-b009-0d994c912009","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":100,"box":{"x":69,"y":551,"width":810,"height":11}},{"id":"0496aaa7-c9d0-4539-8713-b4991d88506f","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mor tgages are passed through to a Fund.","page_number":100,"box":{"x":70,"y":566,"width":811,"height":11}},{"id":"1c1fc7f2-11e1-41e4-858d-fc69b2427b1e","block_type":"box","text":"The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases when","page_number":100,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"add28a6d-09fe-4a85-834a-5ff94ac7e152","block_type":"box","text":"interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from traditional","page_number":100,"box":{"x":70,"y":596,"width":837,"height":12}},{"id":"4bfc7388-4f41-4631-982d-26fcf33c5ee5","block_type":"box","text":"fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund for its","page_number":100,"box":{"x":68,"y":612,"width":804,"height":11}},{"id":"e51e079b-a725-4aa5-afbd-0afed7c4166c","block_type":"box","text":"mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted average life","page_number":100,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"a9f8e974-d87e-4fb3-8bb3-3eb15f803e57","block_type":"box","text":"of the securities are based on a number of factors, including the anticipated rate of prepayment of the underlying","page_number":100,"box":{"x":69,"y":642,"width":807,"height":11}},{"id":"59f99866-fc42-4bc4-a7f3-101b4d4a817b","block_type":"box","text":"mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more quickly than","page_number":100,"box":{"x":69,"y":657,"width":832,"height":11}},{"id":"39d9aae3-14fc-4fd7-a52c-cd33507197d2","block_type":"box","text":"anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed securities. Moreover,","page_number":100,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"0184e909-c5af-4f04-8c27-fef9a26cdb9c","block_type":"box","text":"when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest","page_number":100,"box":{"x":68,"y":687,"width":818,"height":11}},{"id":"9a37cb81-2ecd-43cc-80a4-1efaebc2514c","block_type":"box","text":"that is lower than the rate on the security that was prepaid.","page_number":100,"box":{"x":68,"y":703,"width":423,"height":10}},{"id":"189c6614-6646-49bf-ac57-ae787322a82a","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":100,"box":{"x":101,"y":725,"width":761,"height":11}},{"id":"88366a66-4471-4418-8004-3198b6915bd5","block_type":"box","text":"principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a","page_number":100,"box":{"x":70,"y":740,"width":800,"height":11}},{"id":"5bd22df8-082f-43e6-8c6a-2eeeb37d5786","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":100,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"8758c17c-1588-4835-b1a7-0216ab4a59fd","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":100,"box":{"x":69,"y":770,"width":809,"height":12}},{"id":"d6340ab1-25fc-477f-b6e7-cc70f29e7cf6","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mor tgages may occur at a slower than","page_number":100,"box":{"x":70,"y":785,"width":801,"height":12}},{"id":"82558a8a-ca1f-4f30-a323-ddbde38645be","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":100,"box":{"x":69,"y":801,"width":778,"height":11}},{"id":"03c5263c-10ed-4f08-a3e2-23a0eac7ff88","block_type":"box","text":"considered shor t- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":100,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"ea317dc4-2879-4922-a830-8a85429c423c","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":100,"box":{"x":69,"y":831,"width":773,"height":11}},{"id":"23a1dd7c-d0b1-41c6-83a9-ea7bb2b76500","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":100,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"3a9cbf2f-f3ed-4cd6-b050-973f7484c1ce","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":100,"box":{"x":70,"y":861,"width":822,"height":11}},{"id":"218ced5d-fb9f-4071-a2d5-efdf730477a1","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":100,"box":{"x":69,"y":876,"width":399,"height":11}},{"id":"777a0815-3f62-43dd-a905-bc85eb30e7a4","block_type":"box","text":"II-52","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"91e01eeb-4fdb-4b2d-a526-c194874a90aa","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e595f0ed-7153-43db-ba3d-095ea519dbdf","block_type":"box","text":"There are currently three types of mor tgage pass-through securities: (1) those issued by the U.S. Government or","page_number":101,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"0c63ceb5-69aa-4d7b-b65e-151846a3b278","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":101,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"603bea4a-267e-449b-96a5-4e54ec21c14a","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":101,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"5609c003-ceaf-4796-8b93-50cee8b98ba4","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":101,"box":{"x":70,"y":90,"width":766,"height":11}},{"id":"18251bc6-6832-4e70-a9b6-3e6aab4db5f5","block_type":"box","text":"securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and (3) those","page_number":101,"box":{"x":69,"y":105,"width":808,"height":11}},{"id":"107c11e0-2ed2-4352-b20a-90c2e308fb82","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mor tgage loans or pass-through","page_number":101,"box":{"x":70,"y":120,"width":825,"height":12}},{"id":"a5f85923-9825-44d9-b9f0-52e5ba2ea002","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement. All of","page_number":101,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"00a1ac34-df89-4cbe-974c-faaff50af56c","block_type":"box","text":"these three types of securities are considered “mor tgage-related securities” for purposes of BATS: Series A","page_number":101,"box":{"x":68,"y":150,"width":769,"height":12}},{"id":"5f34756c-b827-4ab6-b832-110917ac4bd3","block_type":"box","text":"Por tfolio’s fundamental investment restriction relating to concentration.","page_number":101,"box":{"x":69,"y":166,"width":509,"height":11}},{"id":"bc167bca-0a55-4089-b098-0518c6be0bb3","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":101,"box":{"x":102,"y":188,"width":743,"height":12}},{"id":"a1ccc85e-1959-4639-9f6e-9792091929c5","block_type":"box","text":"Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely","page_number":101,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"08e9269b-856f-4d9f-9f4a-b8f12446b6b2","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":101,"box":{"x":70,"y":218,"width":815,"height":12}},{"id":"b286a9e1-0fae-4d32-b4f0-025770e94610","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":101,"box":{"x":69,"y":234,"width":737,"height":11}},{"id":"a21069a6-643a-4899-95bd-fe89b1166b2c","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":101,"box":{"x":68,"y":249,"width":814,"height":11}},{"id":"a24e00a1-4367-407f-b36e-160f4b2f5402","block_type":"box","text":"guaranteed by Ginnie Mae (such cer tificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":101,"box":{"x":68,"y":264,"width":794,"height":11}},{"id":"a54b8d75-6cc7-4646-ab5a-3ba4b18630cf","block_type":"box","text":"payment of principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the United","page_number":101,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"c2a2f097-1756-4357-830c-be26a78663d4","block_type":"box","text":"States. Ginnie Mae cer tificates also are suppor ted by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":101,"box":{"x":69,"y":294,"width":798,"height":11}},{"id":"69b80679-06a9-4458-994f-91a80e021dee","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":101,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"44243a06-7a69-4786-98cb-3aed3a0af49f","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":101,"box":{"x":70,"y":324,"width":788,"height":12}},{"id":"4a10b268-d3b2-4484-91ae-0e97780ae8f2","block_type":"box","text":"guaranteed as to timely payment of principal and interest by Fannie Mae. They are not backed by or entitled to the full","page_number":101,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"5ad64337-6f62-40cf-bfc6-89faadd78709","block_type":"box","text":"faith and credit of the United States, but are suppor ted by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":101,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"80231400-afad-4ee7-a019-b80a63aed0a8","block_type":"box","text":"Depar tment. Fannie Mae was established as a federal agency in 1938 and in 1968 was char tered by Congress as a","page_number":101,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"60f2896e-1798-41e3-9598-4b5f9ea2966f","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":101,"box":{"x":70,"y":385,"width":770,"height":11}},{"id":"f8573d18-ecac-46b2-85df-46076ab848ee","block_type":"box","text":"Mor tgage Par ticipation Cer tificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":101,"box":{"x":70,"y":400,"width":812,"height":11}},{"id":"1f77f5e5-ecac-4a47-aefc-83e05208d1fe","block_type":"box","text":"corporation char tered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":101,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"0a6c6206-7052-48e0-8a43-e7169d42c0ed","block_type":"box","text":"Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank.","page_number":101,"box":{"x":70,"y":430,"width":832,"height":11}},{"id":"4d726f9c-6274-4ec9-b030-445e2836035c","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":101,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"bd640046-ceac-4288-ae77-f6907996c0e4","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":101,"box":{"x":68,"y":460,"width":819,"height":12}},{"id":"4188af77-de28-496b-b0f6-c732a30bd869","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":101,"box":{"x":68,"y":475,"width":829,"height":12}},{"id":"084b702f-9ae9-4f07-935a-7411a6cd7550","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mor tgage, but","page_number":101,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"a1d5953a-40fc-4ba1-9654-dbf580c8c160","block_type":"box","text":"in no event later than one year after it becomes payable. On September 6, 2008, Director James Lockhar t of the","page_number":101,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"65ec86ba-c923-43ba-aaf8-c27898283dba","block_type":"box","text":"Federal Housing Finance Agency (“FHFA”) appointed FHFA as conservator of both Fannie Mae and Freddie Mac. In","page_number":101,"box":{"x":70,"y":521,"width":808,"height":11}},{"id":"ff99dd7b-4c3a-483a-9224-9ab0cee84582","block_type":"box","text":"addition the U.S. Treasury Depar tment agreed to provide Fannie Mae and Freddie Mac up to $100 billion of capital","page_number":101,"box":{"x":69,"y":535,"width":818,"height":12}},{"id":"12e2b395-b886-4427-bc6b-dd5374481476","block_type":"box","text":"each on an as needed basis to insure that they continue to provide liquidity to the housing and mor tgage markets.","page_number":101,"box":{"x":69,"y":551,"width":816,"height":11}},{"id":"b30ea670-7901-463b-a9c4-3b30a8fcae52","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":101,"box":{"x":102,"y":574,"width":786,"height":11}},{"id":"bb2497fb-ec65-4ba3-a733-f821c07949d5","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":101,"box":{"x":69,"y":589,"width":777,"height":11}},{"id":"fa944328-f3ce-4f15-9eb5-0555e7ac90df","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":101,"box":{"x":69,"y":604,"width":782,"height":11}},{"id":"a4937387-bb8b-42ab-96ac-6193a1d95d81","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":101,"box":{"x":102,"y":627,"width":802,"height":11}},{"id":"ca61c599-f1ac-4c70-b7e7-65fca2c883d5","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":101,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"b58e63df-cd8e-4ec7-9c3a-54d73a5c0022","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be suppor ted by various","page_number":101,"box":{"x":70,"y":657,"width":814,"height":11}},{"id":"7ea5a2c4-dcb9-4775-9dfe-f37a22114fc5","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":101,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"25ef4df2-804c-4e35-9543-07b13eb75660","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":101,"box":{"x":70,"y":687,"width":789,"height":11}},{"id":"e5c03e99-c795-499a-9999-6640f1003627","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":101,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"411216b8-181b-4c66-b625-a0080939e911","block_type":"box","text":"a mor tgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":101,"box":{"x":69,"y":718,"width":838,"height":11}},{"id":"1eedc798-5a16-4d18-b40e-2a9c3a588acd","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":101,"box":{"x":70,"y":733,"width":810,"height":11}},{"id":"21d7d513-dfc3-4be1-b9cc-47407225f070","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":101,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"ebb00e5d-faa6-4e63-b295-c6b4346fd743","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":101,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"89fad700-faed-407a-a1a2-2d8d42ef8485","block_type":"box","text":"meet a Fund’s quality standards. Any mor tgage-related securities that are issued by private issuers have some","page_number":101,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"7f3f34a6-ea8b-420f-8262-666f0e3d9e8a","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":101,"box":{"x":69,"y":793,"width":604,"height":11}},{"id":"119319f7-10a9-4dd9-a75e-c1006c2c753f","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":101,"box":{"x":102,"y":816,"width":774,"height":11}},{"id":"5f14b1da-55d7-4dd3-b5ed-bfe6d6ca76ab","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":101,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"cbdaa21c-74a2-4b2e-9a66-ea0f54aa51f1","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":101,"box":{"x":68,"y":846,"width":832,"height":11}},{"id":"aabf714b-22d8-4ff8-9f90-b97a8c9649cb","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":101,"box":{"x":69,"y":861,"width":742,"height":11}},{"id":"d0de25ae-57cf-4a95-ad1d-137bd78b6f35","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":101,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"2a4553f5-606b-4cba-810c-40c256d9accd","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":101,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"d7dc6177-f8b4-44d3-9e14-34fec302f53e","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":101,"box":{"x":68,"y":906,"width":809,"height":12}},{"id":"86d358cd-1ff7-4b0b-bcc6-b1cd0dccb1f6","block_type":"box","text":"II-53","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"019beedc-92b9-4582-ab56-8950a453b560","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3ea9bfc-6793-4f33-ae46-e61ee6dc1886","block_type":"box","text":"rates and maturities of the underlying mor tgage loans in a private-label mor tgage-related securities pool may vary to","page_number":102,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"364faf83-5f29-446e-9013-c508729a6adc","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mor tgage","page_number":102,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"e52de954-acb1-4c27-83c8-127bcafdf681","block_type":"box","text":"loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to","page_number":102,"box":{"x":70,"y":75,"width":810,"height":11}},{"id":"6825fd7d-a1e0-4f95-ac00-b4e585c04185","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":102,"box":{"x":69,"y":90,"width":804,"height":11}},{"id":"acc62e74-be85-40be-a624-2f02604f1573","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":102,"box":{"x":69,"y":105,"width":669,"height":11}},{"id":"14bf573c-dfc8-4653-a998-ea8bf3e28ec0","block_type":"box","text":"The risk of non-payment is greater for mor tgage-related securities that are backed by mor tgage pools that","page_number":102,"box":{"x":101,"y":128,"width":754,"height":11}},{"id":"527c90d5-ea75-4251-ae39-5d1acab0cc76","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mor tgage loan","page_number":102,"box":{"x":69,"y":143,"width":795,"height":11}},{"id":"f405029a-3811-44f7-abd7-b9a71f8a55a8","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":102,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"31c4540c-0ebc-44ef-9e56-b1122caed1c1","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mor tgage","page_number":102,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"755894a9-e7b4-4630-abe9-0865fc94e951","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":102,"box":{"x":70,"y":188,"width":361,"height":12}},{"id":"8f67b35f-c15e-4db6-a2d7-4c3638fc71ef","block_type":"box","text":"Privately issued mor tgage-related securities are not traded on an exchange and there may be a limited market","page_number":102,"box":{"x":102,"y":211,"width":784,"height":11}},{"id":"ca1924ea-685a-4c7d-acd1-202c68f78fed","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mor tgage and real estate market sectors.","page_number":102,"box":{"x":68,"y":226,"width":813,"height":11}},{"id":"fa031891-c045-473d-add6-e9a57f4555f5","block_type":"box","text":"Without an active trading market, mor tgage-related securities held in a fund’s por tfolio may be par ticularly difficult to","page_number":102,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"2a7ef3f6-92e1-4805-966a-10a084d665ee","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":102,"box":{"x":68,"y":256,"width":714,"height":12}},{"id":"d958a34e-f900-4242-bcb4-e2266ec0e357","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":102,"box":{"x":102,"y":279,"width":328,"height":11}},{"id":"c5d9848b-aa14-498d-b4bc-9b7eb4e9bf19","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":102,"box":{"x":437,"y":279,"width":407,"height":11}},{"id":"6a5639d5-bee9-490c-ae01-6eaaa7422c3e","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":102,"box":{"x":69,"y":294,"width":800,"height":11}},{"id":"eddf9572-2fa2-4a07-9ecd-c323fa105f8c","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mor tgage loans or private mor tgage pass","page_number":102,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"fb385f83-cbb2-4983-bd6a-a8cb5f5ee131","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":102,"box":{"x":68,"y":324,"width":826,"height":12}},{"id":"e740d1f8-f76e-4a3b-82a9-ab327fde6f7a","block_type":"box","text":"by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer of a series of CMOs may elect to be treated as a Real Estate","page_number":102,"box":{"x":69,"y":339,"width":833,"height":12}},{"id":"b8b12b11-b5f3-426d-83ce-ba18a1bcbeeb","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":102,"box":{"x":70,"y":355,"width":661,"height":11}},{"id":"bbb8a3a2-bce8-400f-bf69-4421899629f2","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":102,"box":{"x":102,"y":377,"width":803,"height":11}},{"id":"1c8fc74f-dd8f-44e4-b9f9-6278f6fad362","block_type":"box","text":"or fixed interest rate, and bearing a different stated maturity date and each must be fully retired no later than its final","page_number":102,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"d93026a7-e254-4490-9816-d8765f4ec356","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":102,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"3d152b34-a45f-48cb-80eb-0f5b38c66de4","block_type":"box","text":"is ordinarily unrelated to the stated maturity date. CMOs often provide for a modified form of call protection through a","page_number":102,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"6bf94796-022f-4efd-9ae8-cef8362114d9","block_type":"box","text":"de facto breakdown of the underlying pool of mor tgages according to how quickly the loans are repaid. Monthly","page_number":102,"box":{"x":69,"y":438,"width":791,"height":11}},{"id":"0610c342-4b7b-45cc-b44e-2d03642e4163","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":102,"box":{"x":70,"y":453,"width":792,"height":11}},{"id":"d27ef700-730c-4ab0-8b81-eba833ad24ed","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":102,"box":{"x":70,"y":468,"width":820,"height":11}},{"id":"a1fc9d3f-a176-42b8-8cf4-2881503bab11","block_type":"box","text":"only after the first class has been retired. An investor may be par tially protected against a sooner than desired return","page_number":102,"box":{"x":69,"y":483,"width":836,"height":11}},{"id":"662b808b-bc77-45ef-baab-fe72c4ba1754","block_type":"box","text":"of principal because of the sequential payments.","page_number":102,"box":{"x":69,"y":498,"width":346,"height":11}},{"id":"fe523aec-b8af-4ac0-9afb-2b9a7e4273dc","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":102,"box":{"x":102,"y":521,"width":723,"height":11}},{"id":"af81718d-a3c3-4ca5-9aad-e0b59edb5d0c","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":102,"box":{"x":69,"y":536,"width":768,"height":11}},{"id":"fcf01cd9-ed2e-4184-a7bc-a0a44efd5dee","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":102,"box":{"x":70,"y":551,"width":800,"height":11}},{"id":"fa39b737-b0b9-484e-ae51-907c7bdc6e02","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in cer tain other qualifying CMOs, which cannot or do not rely","page_number":102,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"abefc6a8-ed15-4625-af63-d31e2ce3d9c4","block_type":"box","text":"on the rule, are also not subject to the limitation of the Investment Company Act on acquiring interests in other","page_number":102,"box":{"x":69,"y":581,"width":793,"height":12}},{"id":"00e3345a-ee75-4bd4-abc6-c231864ad141","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":102,"box":{"x":70,"y":597,"width":767,"height":11}},{"id":"efe26e77-9ad0-449d-ac77-e236da8bf97b","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":102,"box":{"x":69,"y":612,"width":838,"height":11}},{"id":"ac7e5d36-3b39-4f05-8063-427c761e2344","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":102,"box":{"x":69,"y":627,"width":773,"height":11}},{"id":"540f11d8-98ea-4aaf-ad52-a761cd6416f3","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":102,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"110bcae6-2d38-4a42-b140-27f8cddfc943","block_type":"box","text":"To the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above requirements, the Fund","page_number":102,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"250d5e99-86c8-4ba5-a824-ba590a66168c","block_type":"box","text":"may not invest more than 10% of its assets in all such entities and may not acquire more than 3% of the voting","page_number":102,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"17164d44-8a33-4810-a501-e1cad58c3f1b","block_type":"box","text":"securities of any single such entity.","page_number":102,"box":{"x":69,"y":687,"width":248,"height":11}},{"id":"f57a0250-573d-451c-a206-25b4cf7c5696","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating rate CMOs.","page_number":102,"box":{"x":101,"y":710,"width":807,"height":11}},{"id":"d6e3668d-abf6-4452-82ca-9897021b6272","block_type":"box","text":"Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class,","page_number":102,"box":{"x":69,"y":725,"width":805,"height":11}},{"id":"289cfd2f-90b6-490a-b608-d66d8c48213e","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":102,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"ce41e4ed-a521-451b-b890-0f6abd7bb9c5","block_type":"box","text":"calculating the final distribution date of each class. Sequential pay CMOs generally pay principal to only one class at","page_number":102,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"ba67e2e8-dabb-43b7-b078-f48f73bee895","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Cer tificates may be issued in the parallel pay","page_number":102,"box":{"x":69,"y":770,"width":835,"height":12}},{"id":"551fad34-2fb4-4a25-b8e2-c8ae86570157","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":102,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"f1963d95-980b-43bc-ba37-dd13ebbf1fbf","block_type":"box","text":"accrue interest at a specified rate until all other cer tificates having an earlier final distribution date have been retired","page_number":102,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"549ab230-7ae5-41dc-875b-2af89ce38c79","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":102,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"86e969d8-4bb4-424d-a3c4-580c1df85b4a","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":102,"box":{"x":68,"y":831,"width":813,"height":11}},{"id":"883dcd3a-3d30-46cf-bd2a-2b6d8855553e","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), LIBOR, one-year Treasury yields, and ten-year Treasury yields.","page_number":102,"box":{"x":69,"y":846,"width":761,"height":11}},{"id":"644a9b0d-e304-48c4-9c2a-03b5f6f20c05","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":102,"box":{"x":102,"y":869,"width":742,"height":11}},{"id":"7e62c515-efd5-40f8-a384-c8e3a38fdd38","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":102,"box":{"x":69,"y":884,"width":784,"height":11}},{"id":"0d1ecc31-4dcb-49ac-bcae-55d5e2940372","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":102,"box":{"x":69,"y":899,"width":800,"height":11}},{"id":"bf015171-7e07-4220-a41e-9c98307dbf8c","block_type":"box","text":"II-54","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c59e4b94-a235-4d88-909e-f28769df0793","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bec37dd5-c3d0-4113-868e-dbff47ce6172","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shor tfalls, if any, are added to the","page_number":103,"box":{"x":70,"y":45,"width":802,"height":11}},{"id":"9e4a39e5-c209-45be-a90d-d64bbe3ddcee","block_type":"box","text":"amount payable on the next payment date. The PAC Cer tificate payment schedule is taken into account in calculating","page_number":103,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"b34c6ed1-f5aa-4f28-9e15-ca47ef37c2b7","block_type":"box","text":"the final distribution date of each class of PAC. In order to create PAC tranches, one or more tranches generally must","page_number":103,"box":{"x":68,"y":75,"width":835,"height":11}},{"id":"074a0d58-a072-478b-b1b8-86dba5157a52","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":103,"box":{"x":69,"y":90,"width":772,"height":11}},{"id":"07924f60-b83a-47a8-845f-450f9634c1d2","block_type":"box","text":"“suppor ts” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":103,"box":{"x":70,"y":105,"width":792,"height":11}},{"id":"40c4ab70-50c2-4e2a-a4aa-1c3b5360002a","block_type":"box","text":"classes.","page_number":103,"box":{"x":69,"y":120,"width":57,"height":9}},{"id":"99fec868-8045-4bec-be2e-9b98a5c41826","block_type":"box","text":"TACs are similar to PACs in that they require that specified amounts of principal be applied on each payment","page_number":103,"box":{"x":101,"y":143,"width":774,"height":11}},{"id":"3f797905-dd79-4261-a899-ed8b9e05cc7e","block_type":"box","text":"date to one or more classes of REMIC Cer tificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":103,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"b2092ff2-6729-4927-a0df-3f5154640e35","block_type":"box","text":"prepayment rates on the underlying mor tgages do not exceed cer tain ranges. In contrast, a TAC provides investors","page_number":103,"box":{"x":70,"y":173,"width":815,"height":11}},{"id":"6db9fbc1-9a0b-4b19-b826-a0d4fc04f58b","block_type":"box","text":"with protection, to a cer tain level, against either faster than expected or slower than expected prepayment rates, but","page_number":103,"box":{"x":68,"y":188,"width":833,"height":12}},{"id":"de758a4a-e675-4f65-8848-74510b108367","block_type":"box","text":"not both. TACs thus provide more cash flow stability than a regular sequential paying class, but less than a PAC. TACs","page_number":103,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"95b2c44b-3b0f-4803-8c30-0069648aa144","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":103,"box":{"x":69,"y":219,"width":541,"height":11}},{"id":"89650cc9-9b65-4548-a09c-9530093f764b","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":103,"box":{"x":101,"y":241,"width":265,"height":11}},{"id":"db30434f-3a62-4407-9dcb-fdf8d418a65f","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":103,"box":{"x":372,"y":241,"width":523,"height":11}},{"id":"3b776e8f-476e-4085-9c8c-105c3934a59e","block_type":"box","text":"collateralized by mor tgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mor tgage pool","page_number":103,"box":{"x":69,"y":256,"width":807,"height":12}},{"id":"3ba663b9-4ffe-4dca-8568-d4125da40001","block_type":"box","text":"generally provide for a fixed initial mor tgage interest rate for a set number of scheduled monthly payments. After that","page_number":103,"box":{"x":68,"y":271,"width":835,"height":12}},{"id":"e566eab1-2357-451f-855c-aacb03f0e37f","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":103,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"68717027-c8d5-45f2-b97b-dec57f5afb80","block_type":"box","text":"to a designated benchmark index.","page_number":103,"box":{"x":68,"y":302,"width":241,"height":11}},{"id":"ccac446e-d750-49f5-a4b3-5de6d6d0abc4","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":103,"box":{"x":101,"y":325,"width":767,"height":11}},{"id":"ea566fa1-3d38-416b-8dc1-f090ad391167","block_type":"box","text":"lifetime of the security. In addition, cer tain ARMs provide for additional limitations on the maximum amount by which","page_number":103,"box":{"x":70,"y":339,"width":828,"height":12}},{"id":"d1d17104-77a9-45fa-b1b6-bd3e59bc917d","block_type":"box","text":"the mor tgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":103,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"c6d132f2-8000-4596-90a9-fc881576c3f2","block_type":"box","text":"more rapidly to levels above that of the ARM’s maximum rate, the ARM’s coupon may represent a below market rate","page_number":103,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"74656489-14f9-4fbc-b4bf-a8101b7e736a","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":103,"box":{"x":69,"y":385,"width":676,"height":11}},{"id":"10a76879-ab0c-4065-ae20-7741e9e4610c","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":103,"box":{"x":102,"y":408,"width":757,"height":11}},{"id":"cf3e316a-b8e6-4a08-8753-da3c5831ac9d","block_type":"box","text":"payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal","page_number":103,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"c07f8f5c-0aa6-4448-9ce0-96c63c3eb1c8","block_type":"box","text":"balance of the mor tgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":103,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"a10104ad-010c-4a1d-b820-3e2798169ca8","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":103,"box":{"x":70,"y":453,"width":782,"height":11}},{"id":"9fdd35e0-bce0-4db9-a2e7-ace95ed67f8a","block_type":"box","text":"payment required at such point to amor tize the outstanding principal balance over the remaining term of the loan, the","page_number":103,"box":{"x":70,"y":468,"width":838,"height":11}},{"id":"e9a7f0fd-eca8-42e5-bcc2-967220ef7fcb","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":103,"box":{"x":69,"y":483,"width":544,"height":11}},{"id":"dc8a5602-d108-42da-86f5-50de5963eee5","block_type":"box","text":"CMO Residuals.","page_number":103,"box":{"x":102,"y":506,"width":112,"height":9}},{"id":"cdd8d958-9d6f-4c48-a909-8148122798e6","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":103,"box":{"x":221,"y":506,"width":682,"height":11}},{"id":"21191a61-3ab6-4a6a-b30d-d81ee60c88a5","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":103,"box":{"x":70,"y":521,"width":740,"height":11}},{"id":"2c2b68a8-c5f0-4c87-ae6e-35439bbbcb47","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":103,"box":{"x":69,"y":536,"width":829,"height":11}},{"id":"4cf31371-a4cb-45b0-b2f7-bfa4cf525dff","block_type":"box","text":"the foregoing. The cash flow generated by the mor tgage assets underlying a series of CMOs is applied first to make","page_number":103,"box":{"x":68,"y":551,"width":826,"height":11}},{"id":"d9b1e21d-4758-4512-bb96-d73dae279e0f","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":103,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"c59b09b6-afe7-4a5e-8edb-f72c774a33c4","block_type":"box","text":"the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after","page_number":103,"box":{"x":68,"y":581,"width":832,"height":12}},{"id":"f63de002-e760-4e0b-a32c-737d9b6d9685","block_type":"box","text":"making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual","page_number":103,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"8f13fc2c-7cef-4c02-93a5-5829b889fd12","block_type":"box","text":"represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on,","page_number":103,"box":{"x":69,"y":612,"width":833,"height":11}},{"id":"54b62cb6-2338-435f-88fa-2ccca86f05a3","block_type":"box","text":"among other things, the characteristics of the mor tgage assets, the coupon rate of each class of CMO, prevailing","page_number":103,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"87f7031d-0f18-408e-92a1-f0ec42517f61","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mor tgage assets. In","page_number":103,"box":{"x":70,"y":642,"width":810,"height":11}},{"id":"8c524ca3-d576-4405-9545-a8da35875642","block_type":"box","text":"par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":103,"box":{"x":70,"y":657,"width":795,"height":11}},{"id":"5422878e-d385-446e-812d-8417278285ec","block_type":"box","text":"mor tgage assets, in the same manner as an interest-only (“IO”) class of stripped mor tgage-related securities. In","page_number":103,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"a18786e8-f3cc-4aae-b200-2710c2009c05","block_type":"box","text":"addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the","page_number":103,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"6261d887-525e-4393-b9f4-3ff97a353d4a","block_type":"box","text":"related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate","page_number":103,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"73e5a829-1775-4560-abba-65757c41b322","block_type":"box","text":"adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in a CMO","page_number":103,"box":{"x":69,"y":717,"width":793,"height":12}},{"id":"c9d1c64d-b964-4ba0-b5c5-7ebf1574adb1","block_type":"box","text":"residual.","page_number":103,"box":{"x":69,"y":733,"width":60,"height":9}},{"id":"71296c2b-18e6-47f3-8381-9a39b2b048c8","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":103,"box":{"x":102,"y":755,"width":758,"height":11}},{"id":"10ebfc3a-bb5f-4c80-aec0-d45553f615ab","block_type":"box","text":"banking firms acting as brokers or dealers. The CMO residual market has developed relatively recently and CMO","page_number":103,"box":{"x":69,"y":770,"width":798,"height":12}},{"id":"71b1f0ff-eda6-46ff-821b-cd458403c8f2","block_type":"box","text":"residuals may not have the liquidity of more established securities trading in other markets. Transactions in CMO","page_number":103,"box":{"x":69,"y":785,"width":806,"height":12}},{"id":"44ea759d-4a9f-48e6-8813-e20f0f1f6102","block_type":"box","text":"residuals are generally completed only after careful review of the characteristics of the securities in question. In","page_number":103,"box":{"x":69,"y":801,"width":796,"height":11}},{"id":"18fc4fdb-62ba-4ac5-b972-357ff841a20a","block_type":"box","text":"addition, CMO residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":103,"box":{"x":69,"y":816,"width":784,"height":11}},{"id":"0cd05d23-2220-40d4-bba7-a892cf20f66f","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than, “regular” CMO","page_number":103,"box":{"x":69,"y":831,"width":822,"height":11}},{"id":"e331089b-b7a4-4d69-ad06-c2c067d6dd1f","block_type":"box","text":"and REMIC interests.","page_number":103,"box":{"x":69,"y":846,"width":149,"height":9}},{"id":"d1688403-c965-4167-9e5b-2cfc6434d585","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":103,"box":{"x":102,"y":869,"width":267,"height":11}},{"id":"112b3acb-6f6a-4eed-9439-860df6a6cfd8","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":103,"box":{"x":375,"y":869,"width":493,"height":11}},{"id":"8438bdcf-93d9-4c2e-9f76-d88e8a04bb40","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":103,"box":{"x":70,"y":884,"width":798,"height":11}},{"id":"a9f145f8-23e8-4977-931a-b9153096d5bd","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":103,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"add8326c-7bdf-498e-bdba-24d2b5bbd0c8","block_type":"box","text":"II-55","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a2929ac9-bd55-4a9a-86dc-8db61cfc79d9","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fa196a0-b951-4e6a-9671-8183c03b7bd3","block_type":"box","text":"interest and principal distributions on a pool of mor tgage assets. A common variety of SMBS is where one class (the","page_number":104,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"306fb78c-0cd8-46ca-80c8-d5ece0b7ee3a","block_type":"box","text":"principal only or PO class) receives some of the interest and most of the principal from the underlying assets, while","page_number":104,"box":{"x":70,"y":60,"width":821,"height":11}},{"id":"baa37455-cdec-4011-a508-dc18471260ec","block_type":"box","text":"the other class (the interest only or IO class) receives most of the interest and the remainder of the principal. In the","page_number":104,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"0217a52f-dc16-41c2-8079-e5bc640114df","block_type":"box","text":"most extreme case, the IO class receives all of the interest, while the PO class receives all of the principal. While a","page_number":104,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"b905cfde-f1b9-44ba-9faa-1a608c6fd745","block_type":"box","text":"Fund may purchase securities of a PO class, a Fund is more likely to purchase the securities of an IO class. The yield","page_number":104,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"f0fdd257-cdd3-4a3c-ab30-d2106f443403","block_type":"box","text":"to maturity of an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the","page_number":104,"box":{"x":68,"y":120,"width":800,"height":12}},{"id":"5bb7a4ba-ad5d-430a-9e5c-f8825d6b822a","block_type":"box","text":"related underlying assets, and a rapid rate of principal payments in excess of that considered in pricing the securities","page_number":104,"box":{"x":69,"y":135,"width":837,"height":12}},{"id":"f6b8b45f-2a81-4e62-b169-0df9b8fddbb9","block_type":"box","text":"will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets experience","page_number":104,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"2593b065-4bd0-4d1f-85c2-9adc0aacd171","block_type":"box","text":"greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs. In addition,","page_number":104,"box":{"x":68,"y":166,"width":836,"height":11}},{"id":"0f151ea2-0ed4-4acd-805a-00bf6d214a25","block_type":"box","text":"there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the interest","page_number":104,"box":{"x":68,"y":181,"width":802,"height":11}},{"id":"727d0e16-44ee-463d-badc-16b960af71d5","block_type":"box","text":"por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased because of","page_number":104,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"a0bf8814-8ee9-4eaf-a00f-cf9cf457998b","block_type":"box","text":"the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund generally will","page_number":104,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"65d734d9-79bf-45be-b618-9d02c6c1d7b9","block_type":"box","text":"purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs will be","page_number":104,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"7b07c817-24f6-446a-bb51-fb6b846c2cd7","block_type":"box","text":"matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate securities;","page_number":104,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"aaf1f8f9-f6fa-4232-879b-998541b15d67","block_type":"box","text":"as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative effect on a","page_number":104,"box":{"x":69,"y":256,"width":808,"height":12}},{"id":"bb9df6de-bcf5-4838-acf7-80712551757c","block_type":"box","text":"Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on the inverse","page_number":104,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"84f5a11e-cff3-4e1e-8e08-73e572c86e6a","block_type":"box","text":"floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":104,"box":{"x":68,"y":286,"width":599,"height":12}},{"id":"a2ec5791-87e6-49ee-a569-1f04e33b6407","block_type":"box","text":"Tiered Index Bonds.","page_number":104,"box":{"x":103,"y":309,"width":138,"height":9}},{"id":"6f3be901-20ee-4a2e-b68a-23cb0d2f97bf","block_type":"box","text":"Tiered index bonds are relatively new forms of mor tgage-related securities. The interest rate","page_number":104,"box":{"x":247,"y":309,"width":657,"height":11}},{"id":"53a9f1dd-c86b-495f-b7c5-9ecf90ad581d","block_type":"box","text":"on a tiered index bond is tied to a specified index or market rate. So long as this index or market rate is below a","page_number":104,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"0480f820-203d-4e0d-b7cc-15a9e367eb5d","block_type":"box","text":"predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index","page_number":104,"box":{"x":70,"y":339,"width":830,"height":11}},{"id":"df8a8aea-033c-438a-81bb-1476afee7730","block_type":"box","text":"or market rate rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under","page_number":104,"box":{"x":69,"y":355,"width":800,"height":10}},{"id":"304956dd-06c3-4c42-b16e-e22ba924fb16","block_type":"box","text":"these circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite","page_number":104,"box":{"x":68,"y":370,"width":788,"height":11}},{"id":"fd145885-80ef-4eb0-a212-2d3558579e7a","block_type":"box","text":"direction of prevailing interest rates, with the result that the price of the tiered index bond may be considerably more","page_number":104,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"dbab18fe-b992-4b00-9a3e-c9e9f2dd6ff9","block_type":"box","text":"volatile than that of a fixed-rate bond.","page_number":104,"box":{"x":68,"y":400,"width":266,"height":9}},{"id":"f15c8c2c-cb0d-4f73-9fa2-4d0dfd285259","block_type":"box","text":"TBA Commitments.","page_number":104,"box":{"x":103,"y":423,"width":133,"height":9}},{"id":"fda33545-609a-4a69-9911-f65f1852202c","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":104,"box":{"x":243,"y":423,"width":653,"height":11}},{"id":"ea9e6e12-4060-480f-970f-62af3d072fed","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mor tgage-backed securities for a fixed price,","page_number":104,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"7bbaa2d0-549d-4193-9722-f62a226dc627","block_type":"box","text":"with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not","page_number":104,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"9e84642c-18b1-4339-b7dc-958cefa2e967","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":104,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"d44ff223-fd99-4e0d-9127-b03c47ea9d0a","block_type":"box","text":"mor tgage terms. When the Fund enters into a TBA commitment for the sale of mor tgage-backed securities for a fixed","page_number":104,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"1197a1a3-0d27-4ffa-9ae5-986ab5d3cbef","block_type":"box","text":"price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a","page_number":104,"box":{"x":70,"y":498,"width":804,"height":11}},{"id":"cf1e1997-ab82-472e-8702-3818ce06f660","block_type":"box","text":"shor t position in such TBA securities), the Fund may or may not hold the types of mor tgage-backed securities","page_number":104,"box":{"x":69,"y":513,"width":779,"height":12}},{"id":"6df0f115-71b1-4deb-8f36-987639cbe5c8","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":104,"box":{"x":69,"y":529,"width":810,"height":11}},{"id":"7e46d90f-1c36-4019-a8cf-13ee0adef1cb","block_type":"box","text":"below.","page_number":104,"box":{"x":69,"y":544,"width":43,"height":9}},{"id":"156aac90-940f-40e0-b9f4-01ffd0f0e878","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":104,"box":{"x":102,"y":566,"width":157,"height":11}},{"id":"91291131-ab87-48c3-b73b-8c6405c8a2a3","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":104,"box":{"x":266,"y":566,"width":634,"height":11}},{"id":"163051d1-66f1-4462-8dbd-e2d62553f6b2","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":104,"box":{"x":70,"y":581,"width":825,"height":12}},{"id":"ee942c8e-d583-4f1d-b353-c90ac35abdd8","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":104,"box":{"x":69,"y":596,"width":805,"height":12}},{"id":"2e91f114-2a30-451a-962c-786646d30f8c","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mor tgages collateralizing those securities may have","page_number":104,"box":{"x":70,"y":612,"width":817,"height":11}},{"id":"59b598f7-bbf0-4ab7-9414-467218a424f1","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":104,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"f4eed915-a8dc-4765-b5fe-6dc55722cc7b","block_type":"box","text":"be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in","page_number":104,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"1c05e3f3-5324-4981-be13-e8772aaaa5d9","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":104,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"6bb49bf4-8dbf-48c2-a067-ff434884bb9a","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the","page_number":104,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"3e0bab00-5d07-42f4-8c46-b20b7db67b80","block_type":"box","text":"securities sold as par t of the dollar roll, the use of this technique will diminish the investment per formance of a Fund","page_number":104,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"c55408ee-1706-455a-8897-6d7651383690","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":104,"box":{"x":69,"y":702,"width":607,"height":11}},{"id":"5325a7a6-044f-4288-88dc-6808ea142740","block_type":"box","text":"Each mor tgage dollar roll transaction is accounted for as a sale or purchase of a por tfolio security and a","page_number":104,"box":{"x":102,"y":725,"width":744,"height":11}},{"id":"49d070bb-473c-4e1d-b624-c4fc662bce01","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":104,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"0766266d-e41a-463d-ac56-ec8b9a880fb5","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":104,"box":{"x":69,"y":755,"width":433,"height":11}},{"id":"c494a910-d90e-490e-a424-8f3cc0eb0264","block_type":"box","text":"In the event the buyer of the securities under a mor tgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":104,"box":{"x":102,"y":778,"width":795,"height":11}},{"id":"3639f366-2c88-472a-a7cf-15ffc0088cb4","block_type":"box","text":"Fund’s use of the proceeds of the current sale por tion of the transaction may be restricted pending a determination","page_number":104,"box":{"x":70,"y":793,"width":824,"height":11}},{"id":"84c25132-cffd-4919-815f-b0e8140d8a9f","block_type":"box","text":"by the other par ty, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":104,"box":{"x":69,"y":808,"width":774,"height":11}},{"id":"e3f3336d-0125-462c-b5e5-dc4778a365eb","block_type":"box","text":"securities in the forward transaction.","page_number":104,"box":{"x":69,"y":823,"width":261,"height":9}},{"id":"0947727a-cfcf-4ab5-8cdb-b4265398d47c","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance return. Successful use of mor tgage dollar rolls may","page_number":104,"box":{"x":101,"y":846,"width":777,"height":11}},{"id":"a2c34b4b-56af-4f68-bbcc-b88a95a08481","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":104,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"66f22c29-4a03-418e-8151-3819d91173a4","block_type":"box","text":"that the market value of the securities subject to a Fund’s forward purchase commitment may decline below, or the","page_number":104,"box":{"x":68,"y":876,"width":824,"height":11}},{"id":"9e338b54-0f6c-49dc-ac4a-ced0f4e90dfd","block_type":"box","text":"market value of the securities subject to a Fund’s forward sale commitment may increase above, the exercise price","page_number":104,"box":{"x":69,"y":891,"width":824,"height":11}},{"id":"e863c409-987c-4dad-809b-d86b74c75d66","block_type":"box","text":"II-56","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac25e4d8-420f-4800-b727-f61a5474caa1","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e1da14f-39bc-4504-a6e5-3937154c5ddc","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":105,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"37f7595c-fe46-40f6-aeed-4fdbb4adfa5a","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":105,"box":{"x":69,"y":60,"width":430,"height":11}},{"id":"7ab4860e-f884-4059-b769-2f5825ea0a8b","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":105,"box":{"x":102,"y":82,"width":759,"height":12}},{"id":"e5257610-f81d-45d6-a6f5-a3a2e118f21d","block_type":"box","text":"securities (","page_number":105,"box":{"x":69,"y":98,"width":78,"height":11}},{"id":"fc23bbb7-2104-4564-bf5d-c70ed5899bc9","block_type":"box","text":"e.g.","page_number":105,"box":{"x":148,"y":99,"width":25,"height":10}},{"id":"96c87484-ad6e-4d0d-8837-367b14f2bb81","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":105,"box":{"x":176,"y":98,"width":681,"height":11}},{"id":"9f51644e-92de-4edf-8405-283696b47ba5","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":105,"box":{"x":69,"y":113,"width":813,"height":11}},{"id":"9c2f4488-775b-45e5-b3c9-2793b596da91","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":105,"box":{"x":70,"y":128,"width":783,"height":11}},{"id":"30f38885-7d83-4e6b-a247-3c3123f9fec6","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":105,"box":{"x":69,"y":143,"width":832,"height":11}},{"id":"d364fd9e-10a2-45e8-a03e-811d9b0ae3e4","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":105,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"814ef3bc-8d65-4640-a57c-0848ec3233fe","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":105,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"ee816567-9e85-44e3-a1ea-e5cff9059473","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":105,"box":{"x":70,"y":188,"width":489,"height":11}},{"id":"b47000ef-2e5f-4985-bfc5-380b9b05604f","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":105,"box":{"x":102,"y":211,"width":260,"height":11}},{"id":"a5582c1c-fa5a-4a88-895d-c6abf0263c4e","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":105,"box":{"x":368,"y":211,"width":473,"height":11}},{"id":"1c60e58d-1764-4df9-8aa7-77308bdb1039","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":105,"box":{"x":69,"y":226,"width":768,"height":11}},{"id":"e1005eb8-bc48-4037-a2e4-c5f8fa242183","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":105,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"bcb00541-e486-497e-95ab-4832c2ed28a0","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":105,"box":{"x":70,"y":256,"width":760,"height":12}},{"id":"ad4bd4e7-7bb7-4ce5-b3a4-e09819131bfd","block_type":"box","text":"securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also","page_number":105,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"9c72b888-90d2-4473-adfe-7ced748b7ec5","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":105,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"cbb2a554-4d30-438c-b929-6ec378609ac1","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":105,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"d11561b6-1315-49ac-9e66-4b6c84aac636","block_type":"box","text":"Municipal Investments.","page_number":105,"box":{"x":102,"y":324,"width":169,"height":11}},{"id":"a7d0979d-82b5-49e7-80b4-ab52de97b2f6","block_type":"box","text":"Cer tain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":105,"box":{"x":102,"y":347,"width":763,"height":11}},{"id":"4812b362-1d92-4f2f-aa65-da48144c1feb","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":105,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"34307f46-cec5-4b25-ac14-7cdeeae2cd9e","block_type":"box","text":"payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for U.S. federal","page_number":105,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"bf82325f-c4e9-47b8-a304-8f6d1d7a48c3","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":105,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"0dd4fc9a-7dcc-42a8-b48b-6402f002e53f","block_type":"box","text":"pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/","page_number":105,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"c7911e0c-9c53-4843-a1c4-1d701e04d46d","block_type":"box","text":"or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated state (“State","page_number":105,"box":{"x":69,"y":423,"width":779,"height":11}},{"id":"8d14ee86-1170-4f03-a19f-5a419223d076","block_type":"box","text":"Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on behalf of a state or territory","page_number":105,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"2744fe2c-e1d3-4396-8af6-00252a553006","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":105,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"9ac0521a-2e14-47ae-b244-70782c18fbe1","block_type":"box","text":"gross income for purposes of U.S. federal income tax and state and local income taxes of the designated state and/","page_number":105,"box":{"x":68,"y":468,"width":834,"height":11}},{"id":"264e3421-6009-4cac-a761-deea4874b5ae","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":105,"box":{"x":69,"y":483,"width":801,"height":11}},{"id":"095a3015-9d00-461a-97ee-a13e7d186a4e","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":105,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"81d6b087-8b8e-476b-89fa-f4ac21443fee","block_type":"box","text":"more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":105,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"62bcd8c0-28af-4f84-83d5-28ba9e8d0c58","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":105,"box":{"x":70,"y":529,"width":809,"height":11}},{"id":"8329f2d8-cdc5-4e97-8f17-cba2df6c0a57","block_type":"box","text":"law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for U.S. federal income tax","page_number":105,"box":{"x":70,"y":543,"width":826,"height":12}},{"id":"c03e8124-8d23-48b4-9e86-dd5ae18efa8c","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":105,"box":{"x":70,"y":559,"width":834,"height":11}},{"id":"287bab54-d266-4758-9e34-7b170979225e","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":105,"box":{"x":70,"y":574,"width":800,"height":11}},{"id":"15ca97b6-f7f7-4bf3-a59d-5d44ad758e6c","block_type":"box","text":"income tax and state and local income taxes of a designated state and/or allow the value of a Fund’s shares to be","page_number":105,"box":{"x":70,"y":589,"width":819,"height":11}},{"id":"b36679ca-1a2b-45da-9604-51ee8a0fda60","block_type":"box","text":"exempt from state and local personal proper ty taxes of that state will be considered “State Municipal Bonds” for","page_number":105,"box":{"x":69,"y":604,"width":805,"height":11}},{"id":"d0b2f218-f60a-46f1-8466-ad9c27d5a078","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":105,"box":{"x":70,"y":619,"width":805,"height":11}},{"id":"5852b9ce-3fca-4955-b4cd-380f13b8f9d4","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":105,"box":{"x":70,"y":634,"width":721,"height":11}},{"id":"6db06226-385f-44d4-8e83-7c7ab4603dc6","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":105,"box":{"x":102,"y":657,"width":495,"height":11}},{"id":"8e390cd7-a6e4-48d2-8bd7-7b76fae01800","block_type":"box","text":"The risks and special considerations","page_number":105,"box":{"x":603,"y":657,"width":260,"height":11}},{"id":"586291bd-ee82-4775-906c-4f3f4c52a31b","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":105,"box":{"x":70,"y":672,"width":806,"height":11}},{"id":"d12c8db2-00f7-476b-9f03-63b58715a1fc","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain instruments","page_number":105,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"f8d6d6af-41f4-4d23-800d-4007188e5884","block_type":"box","text":"in which a Fund may invest may be characterized as derivatives.","page_number":105,"box":{"x":70,"y":703,"width":453,"height":10}},{"id":"64f08ba8-e248-4421-bd68-d8da3bb256b5","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncer tainties in the municipal markets as a result of","page_number":105,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"532e0321-56f3-4eae-a3f3-c29356af5efc","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":105,"box":{"x":70,"y":740,"width":829,"height":11}},{"id":"051c6f92-f7ce-401e-8fe0-b776dd2e7f91","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and cer tain provisions of the","page_number":105,"box":{"x":70,"y":755,"width":814,"height":11}},{"id":"135ffb38-1ed7-4a91-9248-2b0e4ef45338","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":105,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"5449a808-a25e-4e16-9623-87e9d5f0bf27","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":105,"box":{"x":70,"y":786,"width":834,"height":11}},{"id":"576ce95c-bbc9-4103-a1dc-3fbc37be4855","block_type":"box","text":"uncer tainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":105,"box":{"x":69,"y":801,"width":761,"height":11}},{"id":"d3a2a697-aba8-4309-85e2-0b96641eeb8a","block_type":"box","text":"II-57","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9b521907-c6f5-4fe4-9f13-28769eb7d7e2","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6c32344e-a37d-4c21-ad82-17a217739c3e","block_type":"box","text":"Description of Municipal Bonds.","page_number":106,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"d7e8d972-137a-4663-9065-967c8223b544","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":106,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"cfdbb154-33fc-4fe9-a902-afce15ec489f","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":106,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"72971521-a3c6-4d26-bcad-c79ff2cef464","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":106,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"aa0de94d-a799-456a-9676-e53a76398763","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":106,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"f8ea3969-8460-4116-82f2-e9f6a9e4e330","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":106,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"1913346d-57d2-4b1b-a1f2-54f84c718707","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":106,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"946a6617-b9ae-48cb-8e8e-d089adc3ed12","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":106,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"ec914a23-dd8a-47e7-a125-a5048d9117b1","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":106,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"70685f56-19d7-4feb-ad05-86e87e3438d5","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":106,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"26c71001-7a5a-4cf5-ae04-774e02f9fd40","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":106,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"eb3560bf-9a3a-4c2d-bef4-852f0f34d5bf","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":106,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"dca76818-9ba3-4856-9563-d35117a67ee0","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":106,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"cc6b5a6f-2aa9-496f-9916-0d079c1a2ff7","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":106,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"1d48794d-f05a-40cf-b7f9-344471c1650d","block_type":"box","text":"General Obligation Bonds.","page_number":106,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"7de57b4e-3bc3-4215-841d-1dc2bcb384e9","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":106,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"10cfa441-fb83-486c-8e3c-cd9763012a00","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":106,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"33c1e37c-a43c-43d0-baa2-9eec5c70dcdc","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":106,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"518d306f-1d50-442f-89e2-98512c2193fb","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":106,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"8ac33290-c56e-4d5a-9246-f59102b95d8c","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":106,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"32bf8bae-2232-44b1-86b1-e29faf4d8a84","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":106,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"86a97409-2729-4232-b49d-94a652e946a3","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":106,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"5ea74320-366e-45ad-8757-602893a0b927","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":106,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"9f15d58c-3c35-4481-81e9-8ae212477f34","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":106,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"f72f3205-e42b-4081-81eb-61c94e730ec6","block_type":"box","text":"Revenue Bonds.","page_number":106,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"bb07ba25-09ef-4dd5-85d1-1594be73ffa6","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":106,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"47037991-2266-4e50-91de-4c6e9463e69c","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":106,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"533c9d20-9487-4b1f-b9e0-685ec94b8765","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":106,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"7320d246-85fd-4d2a-ae85-5377fad4ed87","block_type":"box","text":"of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic","page_number":106,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"e78328c4-352c-44b5-bed9-d22a261adeb1","block_type":"box","text":"viability of such facility or such revenue source.","page_number":106,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"47436566-b7f0-43eb-8b0e-2a7210021d03","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":106,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"79d686d9-b80f-4854-9012-633618c5f704","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":106,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"535e8517-c2e1-4e1e-9b9c-25ae9bc72043","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":106,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"66102dae-1c91-4b5f-99d6-e67fe2d28cc4","block_type":"box","text":"recourse against the proper ty owner, may be junior to the rights of others with an interest in the proper ties, may pay","page_number":106,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"52f3a477-56a4-42c0-8fb7-ae4c1b03200f","block_type":"box","text":"interest that changes based in par t on the financial per formance of the proper ty, may be prepayable without penalty","page_number":106,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"1bb25662-91a1-4fc1-81be-2a25135aab15","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":106,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"d82c5b24-72b6-41f1-af75-b297c8b717e2","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":106,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"ac9a95ce-8879-4a3c-9580-ab27dcf3518f","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":106,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"40c1fdca-43f9-434a-9879-d3d296209180","block_type":"box","text":"PABs.","page_number":106,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"cb13c4fd-8cfe-4970-a3ae-347f604d5613","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":106,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"8f874577-2208-45be-9501-9fa645144666","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":106,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"58e604c7-1e8e-4d00-868e-78a5e6e0f273","block_type":"box","text":"construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues","page_number":106,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"e36196a2-dbb3-4110-a3c6-adf7eece029f","block_type":"box","text":"derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a","page_number":106,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"aded953a-2674-45f1-bfa3-74592d776bc7","block_type":"box","text":"parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of","page_number":106,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"1aa4df17-156a-4a40-8b40-fe8924599802","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":106,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"540f2097-f972-43ca-8ceb-f4768fb30602","block_type":"box","text":"revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an","page_number":106,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"1db0f775-bdf9-4299-81c4-f1cfa41075ac","block_type":"box","text":"entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by","page_number":106,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"ae2d25b5-0ee2-408a-a67f-df86b0c68be0","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":106,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"2043f93e-8f05-4efb-83d8-1e07b2c7817c","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":106,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"16d120e2-74b8-4547-b782-7aef4e707926","block_type":"box","text":"the par ticular facility being financed.","page_number":106,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"2a636c42-6608-4569-b83f-d261e21606ef","block_type":"box","text":"Moral Obligation Bonds.","page_number":106,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"dd9516f0-2aa2-4873-bdf4-a9d49513c7c2","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":106,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"3b48e785-8042-4f19-9f6b-6606c927f954","block_type":"box","text":"issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral","page_number":106,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"7811b12a-8e91-464a-a8d6-3c3efa230cf8","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":106,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"17aa9fc0-af7d-425e-8250-fa7fe6e45f75","block_type":"box","text":"that issued the bonds.","page_number":106,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"d00cb4d2-7368-46a3-b427-8a32a2670b0d","block_type":"box","text":"Municipal Notes.","page_number":106,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"08a038c2-1c0d-4090-b2e0-68e9326ab015","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":106,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"6a12019e-545a-4c91-b644-ac3a64d44b90","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated proceeds,","page_number":106,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"84a4e0f0-9ef2-4faf-a613-c0068698cb50","block_type":"box","text":"repayment on the note may be delayed or the note may not be fully repaid, and a Fund may lose money.","page_number":106,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"9d3cad7c-c1ec-4145-bd4a-0cae9666c68f","block_type":"box","text":"II-58","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"710f98b3-8154-4eb4-8a78-c2b54f7bcdbd","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d3594cfa-3abd-47ed-9ecb-7db81179022c","block_type":"box","text":"Municipal Commercial Paper.","page_number":107,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"2df9b455-7776-4b7d-bc77-81a132586ee8","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":107,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"5529540c-4fe6-422d-8d40-71ffe06a2ca1","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":107,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"fa3ed2ce-ca6d-42cc-9703-df2ae1d43bab","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":107,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"f1468b69-de26-4004-a000-953971516a45","block_type":"box","text":"Municipal Lease Obligations.","page_number":107,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"8f3a29c6-e9fc-4eb9-9e9b-ce244f77a366","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":107,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"95f8d8e2-9422-40d0-9910-2f2b10aba28e","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":107,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"df331067-1bf2-4a5e-89cf-923ae7a11f59","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":107,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"48ced6e5-baf6-4a5b-a961-7eb0830c1a2a","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":107,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"f08120d6-7f0c-46b3-8be7-f85cafe64cc8","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":107,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"89a6fe4a-a31a-43af-98e9-ef7c8f7b17c6","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":107,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"02162932-47cb-4553-95cf-c4a5a7a768ba","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":107,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"590ad69d-d557-413c-a757-ba1b9d173bfc","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":107,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"7ae30896-1173-419f-8c9a-1a87abad3897","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":107,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"42d4e1d1-62b4-4522-a3b1-2f0d443112c2","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":107,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"b776ffe3-7b02-404e-908f-38014087aee6","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":107,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"e016c359-6ffa-4167-a5b2-43550f24f8f2","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":107,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"be9ec02f-e45b-4180-bfe7-192145619a66","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":107,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"a632aa6e-f32d-4752-a22b-764826ae88fe","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":107,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"91fbba01-f8c2-4cb0-b583-78970b4c509e","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":107,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"761e3a83-27a9-45cd-a22f-4a0364cbf2d7","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund, and could result in","page_number":107,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"013f6e2e-aee7-450c-b6fd-c8f9a7f59034","block_type":"box","text":"a reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":107,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"3e7d037c-8599-4e68-976c-35e869f81a1c","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":107,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"a81ffd13-e1eb-41d2-90da-cb6e8467dfb1","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":107,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"cd15411a-8e4c-47a1-a216-7cc1819857b4","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":107,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"c356f297-47d2-4940-a4f7-881c9b4510e6","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":107,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"c5278bb8-d45a-4ab6-99c0-60946e26f020","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":107,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"492bcc89-7925-4642-a52f-4277220847c3","block_type":"box","text":"expenses and adversely affect the NAV of a Fund. When the lease contains a non-appropriation clause, however, the","page_number":107,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"7ad7dcd1-6b2c-49e2-b7d4-eba81b391953","block_type":"box","text":"failure to pay would not be a default and a Fund would not have the right to take possession of the assets. Any","page_number":107,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"d3571b50-4c4c-415d-9df5-78ee6395c727","block_type":"box","text":"income derived from a Fund’s ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s","page_number":107,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"f074abf5-ba34-4d36-ad06-f659a657167f","block_type":"box","text":"intention to qualify as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":107,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"d8f127df-d1f4-4c83-95e7-b79112e19f33","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":107,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"74ad8307-6828-4a3a-a457-f76771f08ecc","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":107,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"cbef1fa4-b26c-4bfb-b608-3557fdd50000","block_type":"box","text":"Tender Option Bonds.","page_number":107,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"d12b55de-9639-4079-a0a8-c9cf61e7fe0e","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":107,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"39157b50-084e-4d8a-b55b-2321407fe8a8","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":107,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"8b121786-8e33-4c36-9a3f-c2a8e3e010cb","block_type":"box","text":"invest pay interest or income that, in the opinion of counsel to the issuer, is exempt from regular U.S. federal income","page_number":107,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"bdf9933a-f71d-433f-a4c5-6fa27e637fec","block_type":"box","text":"tax. BlackRock will not conduct its own analysis of the tax status of the interest or income paid by TOB Residuals","page_number":107,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"d9de1f68-bb13-48cc-b88b-fcd5c888a3b7","block_type":"box","text":"held by the Funds, but will rely on the opinion of counsel to the issuer. Although volatile, TOB Residuals typically offer","page_number":107,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"f9850e3f-a30e-4491-9d5d-2c2c40cf68df","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":107,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"c3ef8219-1cd7-4380-9794-ac8df30b4b08","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":107,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"4824dbf1-19a2-425e-94ac-6dc27393a8a0","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":107,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"ad3aa57b-eccd-4aa9-97de-113d556bd4ad","block_type":"box","text":"Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically issues two classes of","page_number":107,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"08281bc0-32fd-4dbc-b14f-579331395b54","block_type":"box","text":"beneficial interests: shor t-term floating rate interests (“TOB Floaters”), which are sold to third par ty investors, and","page_number":107,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"ac72a718-617d-47b3-a57a-0a6d719c2b18","block_type":"box","text":"TOB Residuals, which are generally issued to the fund(s) that transferred Municipal Bonds to the TOB Trust. The","page_number":107,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"6a208af4-b4a3-40b6-895d-918319d40ee0","block_type":"box","text":"Funds may invest in both TOB Floaters and TOB Residuals. TOB Floaters may have first priority on the cash flow from","page_number":107,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"f38c4d15-4d37-4071-a782-399ed4d9ad81","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity suppor t arrangement from a third par ty","page_number":107,"box":{"x":68,"y":725,"width":829,"height":11}},{"id":"5e791f6b-22f5-4987-b223-852d29b664a8","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":107,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"34aa2cd0-ab62-4795-8060-619896ebff31","block_type":"box","text":"as a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes the","page_number":107,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"9cd62398-742c-4adb-be97-4f9fc9a4e215","block_type":"box","text":"Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the TOB Floaters, less","page_number":107,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"eb77779b-e8db-4df2-98f3-3db06fe1157b","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":107,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"c903cc4c-38d0-4236-97e7-b76294be050e","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a por tion of the TOB Floaters sold by","page_number":107,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"9d9b929b-0382-4e40-b807-ce066ebc7fbc","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a propor tionate amount of TOB Residuals to the","page_number":107,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"d8513e08-dff4-4caf-a8a3-8bb777696f9a","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":107,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"686efe74-2925-4ede-be3d-e222586a2912","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":107,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"d3550d2b-8363-4c63-a1e8-7ea9a4215016","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":107,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"cbf9ebaa-8f5c-4f89-a3ed-ada8493d1b27","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":107,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"03044c2f-5065-4da5-b920-41fc65a6e5ae","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":107,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"501976aa-749f-4c2f-a228-a8722ed283f1","block_type":"box","text":"II-59","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f91697e0-5a32-4fa3-8ebd-08e6634bd66a","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6597b05e-1cab-48ae-ae53-b69d16552529","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":108,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"a108686d-90a2-46bd-9b1f-c319c7994ba8","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":108,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"ecec351d-715b-4c95-a332-a9234f818cb3","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":108,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"bdde8def-c1f6-4671-b7be-82885721bc01","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":108,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"cd4b90ab-1d43-46af-b638-c9e24f660fbd","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":108,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"2289535c-4c8b-45e9-a7e1-178c09aeccdd","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":108,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"4a0a3b28-0e0a-4da6-92ed-fad6ce765208","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":108,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"9fb781a1-068c-4aec-86f6-031072ad0f9f","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":108,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"e4d7ad3f-bd54-4784-8a49-ddd3ef238882","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":108,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"db624532-eb01-4ed2-aef8-72fc053dabff","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":108,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"ca1500e1-b730-4b1f-a821-2210c53a0fb3","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":108,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"051b98b6-15d7-4c95-a7d0-417f78c6d5c7","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":108,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"03a0f83d-c84e-4c52-b929-f1b765a78b82","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":108,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"6c6db821-4d56-46b8-bda6-4c4918f630d6","block_type":"box","text":"issues.","page_number":108,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"3cd9a45a-93b7-428a-83da-25a36a32cbbf","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":108,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"295d2590-f60c-4fec-a690-524992b36866","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":108,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"149f8966-09cf-430b-8031-281c66f1a1ed","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":108,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"02200836-7bd1-4827-b7cd-7115210d2cbb","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":108,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"84909143-8da3-4b6e-9e96-45be3397157e","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":108,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"66fc29cc-f030-40eb-92b0-b2c56f6a2b99","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":108,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"10290c29-b3d1-4aad-8f65-f8578f01ca4b","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":108,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"5e4294ab-d5fd-4171-9804-a8f1ac7a4298","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":108,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"d00bb95b-efa8-4ca1-8f4e-5f4ecc5e4cfc","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":108,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"517a1986-3a1b-467c-9b90-b9bbf8b3822c","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":108,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"a167874b-f121-457a-a695-4163bb0d01b6","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a TOB Trust would be","page_number":108,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"a04d5721-ce52-4a48-ac74-3bb8df0893d7","block_type":"box","text":"liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing","page_number":108,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"6d1625df-2e7a-42f9-a1b8-d224db55f291","block_type":"box","text":"agent of the TOB Floaters and the Liquidity Provider (defined below). In the case of an MTE, after the payment of fees,","page_number":108,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"aa524ea2-c74b-405f-86a9-2e2c09ac5047","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":108,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"ad5d0090-fdc3-4e57-a20b-82f3ab4a4add","block_type":"box","text":"i.e.","page_number":108,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"c862c67c-9877-4ec9-a5d7-1bd526de6a94","block_type":"box","text":", the Fund). In contrast, in the","page_number":108,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"2b7a29f1-0b34-4ccd-a617-a02d097ecc5c","block_type":"box","text":"case of a TOTE, after payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro","page_number":108,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"559d6697-29f9-415d-b1d6-db6f0211504f","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":108,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"6dfbfc15-4f01-497c-960a-3c1810472953","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse and recourse basis. TOB Trusts are typically","page_number":108,"box":{"x":101,"y":529,"width":733,"height":11}},{"id":"8bbbc83e-53f8-43b8-84d6-9a2e1e091d58","block_type":"box","text":"suppor ted by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”)","page_number":108,"box":{"x":69,"y":543,"width":810,"height":12}},{"id":"fae99914-3d17-4cd9-8a32-dc582bb2e850","block_type":"box","text":"that allows the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued","page_number":108,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"cfbb0798-aff0-46e3-b6a1-019955f7e4a7","block_type":"box","text":"interest on any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure","page_number":108,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"cc2a5b36-665d-40d8-b119-354b03ecc648","block_type":"box","text":"of the TOB Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a","page_number":108,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"7accf1fb-6525-4251-bdce-c13cb4c2b5b2","block_type":"box","text":"loan from the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":108,"box":{"x":70,"y":604,"width":504,"height":11}},{"id":"56db9631-4dce-4552-9fef-ed78d2d8a501","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":108,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"db9eb06c-dc64-4ccc-8ba5-5ebb6a872e28","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a por tion of the Municipal Bonds","page_number":108,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"430b8126-8a54-4f46-9625-968c63e05584","block_type":"box","text":"held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the","page_number":108,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"be9956ac-dbe8-411a-9d2f-75a86bf2d514","block_type":"box","text":"liquidation proceeds (the “Liquidation Shor tfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":108,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"72192588-c402-43ad-b321-c40d71f29b33","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":108,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"3188ea89-bf11-4b9a-8892-da58a7a46835","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shor tfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":108,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"5f8c56f4-a995-4333-83ae-74e27a5c94df","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shor tfall. If multiple BlackRock-advised funds","page_number":108,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"e76dfabf-6bb9-43cb-80ff-e24354e4b18a","block_type":"box","text":"par ticipate in any such TOB Trust, these losses will be shared ratably, in propor tion to their par ticipation in the TOB","page_number":108,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"71fa954a-8745-4a4e-bad9-8c53eef62889","block_type":"box","text":"Trust.","page_number":108,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"f9986fc6-1e86-4e0f-9c4f-90cc0adc816f","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are investments of the","page_number":108,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"d7a41bd8-01e5-4459-94ee-ca92947d11ae","block_type":"box","text":"Fund and are presented on the Fund’s Schedule of Investments and outstanding TOB Floaters issued by a TOB Trust","page_number":108,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"590a504b-8102-42cd-a790-4ea59ebd4c89","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":108,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"e6fa229c-97b9-4410-a562-e81346946247","block_type":"box","text":"Municipal Bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other","page_number":108,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"36c26ae9-3c34-4453-ac9f-7217cfa87f92","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":108,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"04cc9aef-540a-4967-8c00-4766efd3466b","block_type":"box","text":"of a Fund. In addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented as","page_number":108,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"415de123-a3e8-4a92-9aba-800a5bd2a9a1","block_type":"box","text":"loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s assets.","page_number":108,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"9d65df16-336a-47c4-88cd-151024b5ca98","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":108,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"783c1ccd-1dd7-44d8-8fe7-814911939b47","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":108,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"217cf2e5-1897-49b3-9696-cf086a8e8875","block_type":"box","text":"II-60","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2d603311-c688-4e35-9fc7-bcf9b704f7d9","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d3363ab-201f-4adf-a2d3-ab4fabbaa220","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":109,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"909b0756-52aa-4e4e-ba26-ab012bae4b25","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":109,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"191ee164-9534-4449-82d2-4ee49e308b73","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":109,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"7e8f874b-b20e-4c74-a90b-c913a5c6ad05","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":109,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"9ee27e0b-9898-40f4-b16f-b77bc7d7bc51","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":109,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"93d36209-f983-484f-a0ba-c38910638cde","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":109,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"72dd510a-7cfa-4daa-848b-2b5309f923ec","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":109,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"feb3241b-b92b-4f6c-abce-26b46236e3c7","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":109,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"f50cdf38-f764-4ca1-b26d-70d1a10e78db","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":109,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"cc05dec6-2cdc-4a77-b413-6c9b4b51d765","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":109,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"99af9058-0f96-4c67-b3ee-4105927eafbc","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":109,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"c34c3655-a01a-459e-be9a-1e14e7bdf0e7","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":109,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"7b8d08c0-2044-4de3-a775-29b228e55f06","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":109,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"0fc32636-2489-458c-afb6-a63718b2bc53","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":109,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"ec8400ec-72aa-4f7e-996a-5a91f38c3e5a","block_type":"box","text":"In response to the restrictions imposed by the section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":109,"box":{"x":102,"y":279,"width":799,"height":11}},{"id":"f1229d8a-edde-4bda-af9c-97185a04e4e8","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a new structure for TOB Trusts designed to","page_number":109,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"76fcb9a5-841a-4279-831c-431b87f093c5","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":109,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"62ec7444-6696-4f31-988d-49da7f623a1c","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":109,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"ed075411-cb28-4fe7-b986-ca49294888b3","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":109,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"c394de0c-0e7c-4e80-9a85-2294e26edaea","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":109,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"5b971a9b-b512-4aee-b910-145766b62530","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under the","page_number":109,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"2732c9f5-be43-4906-aa04-73cbcdd52b01","block_type":"box","text":"new TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":109,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"a4a852e9-8a84-4022-b178-13a4c161df8c","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":109,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"2535dd2d-2a56-4d88-a2d7-b08c04401b9d","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":109,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"d1909d83-f12e-4360-a22b-3fffabdc14dc","block_type":"box","text":"and remarketing agents, act at the direction of, and as agent of, the Fund as the TOB Residual holder. Similar to the","page_number":109,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"d58e331d-9eb1-447f-892e-09571b9465eb","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":109,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"b26204fe-4818-4776-864d-ef3728f5f06d","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third par ty investors, and the proceeds of the sale of","page_number":109,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"9d114ace-6637-46ca-a643-45fe3e0f2f2e","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":109,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"a5107855-eba9-4d4f-a0e0-0bc50b2d0c1c","block_type":"box","text":"i.e.","page_number":109,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"98f96534-bed8-44b7-ad5d-a9bdf0011f28","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":109,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"e4e36752-1d6c-4898-9d42-39dfab37dfe5","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":109,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"eb0045d8-415f-4dfb-bb10-4803297707d4","block_type":"box","text":"TOB Floaters for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB","page_number":109,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"5daf55a4-52b6-4e60-85f1-c6bc37082aa2","block_type":"box","text":"Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of a failed","page_number":109,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"c7358a99-ade7-4e75-98d4-faa4caa1846e","block_type":"box","text":"remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the TOB Trust the proceeds","page_number":109,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"71d690a0-92df-4efb-be19-05341df0b456","block_type":"box","text":"of which would be used by the TOB Trust to purchase the tendered TOB Floaters. The Liquidity Provider is not","page_number":109,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"847c362f-123e-489f-9f6d-fe09924deff8","block_type":"box","text":"obligated to advance such a loan. The TOB Trust would be the borrower with respect to any such loan. Any loans","page_number":109,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"e60bbc4d-2040-468f-977d-1be7a815ec01","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":109,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"41094649-9a7c-4bec-b346-ad30ee26012b","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":109,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"b7da855e-e96b-4284-9542-a6305e53e09f","block_type":"box","text":"recourse TOB Residuals under the new structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":109,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"40812e26-198c-42ec-b559-4c2333550192","block_type":"box","text":"contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB Residual. However, as described","page_number":109,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"23b4a320-f519-4adf-ad68-52fcdf2e463b","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shor tfall if it holds a recourse TOB Residual.","page_number":109,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"7947c754-a149-4dee-870f-c068aeef62e7","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":109,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"4a7357f2-855e-43ec-9fa3-4f7716cfb59e","block_type":"box","text":"(the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention Rules require the sponsor of a","page_number":109,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"1e2c561e-0e0b-466b-9119-c33974b5d710","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets suppor ting the TOB Trust’s Municipal","page_number":109,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"c8f1399f-05a0-489d-b9f0-c4b460cc4f91","block_type":"box","text":"Bonds. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or","page_number":109,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"c4a14d81-7fbc-43e4-868f-c3a2a7593dad","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":109,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"fa908e32-88ab-4053-bfc3-29d1285238b3","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":109,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"2a3925ee-c905-4f05-a3d0-33865cd685b8","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":109,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"ef8ba38e-1d76-4aa8-bd87-1aa03c88020d","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":109,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"2b961ab9-f577-4791-83ba-fd6a717641d2","block_type":"box","text":"could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal","page_number":109,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"6c08ab9e-1fb6-479a-b298-cb75a9d3799d","block_type":"box","text":"market is not yet cer tain.","page_number":109,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"fc4a90bc-f122-45b2-8890-bc7c5a697d07","block_type":"box","text":"Yields.","page_number":109,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"92970d7f-8d45-4c9b-97ab-003681654ef0","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":109,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"8cfa858c-24d2-48b0-a4b0-d7c37b2d5491","block_type":"box","text":"money market and of the municipal bond market, the size of a par ticular offering, the financial condition of the","page_number":109,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"c4f96fa8-83f4-4a22-9cd6-e11df568969f","block_type":"box","text":"issuer, the maturity of the obligation and the rating of the issue. The ability of a Fund to achieve its investment","page_number":109,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"b32bcc2d-df17-4132-9837-17d5bc600bec","block_type":"box","text":"objective is also dependent on the continuing ability of the issuers of the securities in which the Fund invests to meet","page_number":109,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"e1a3bde7-d3e8-4e05-8ce1-62732e6d59f5","block_type":"box","text":"their obligations for the payment of interest and principal when due. There are variations in the risks involved in","page_number":109,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"6f7935ff-8a3e-45ee-b035-1161ab719b41","block_type":"box","text":"II-61","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b730bd9-4137-44ec-a8a4-f8573720cf9b","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0593e135-d9eb-4dbf-832b-827053a9f434","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":110,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"2728961e-8950-4fd0-99cd-68226997eb14","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":110,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"b07eb188-80e6-4c03-95ca-cc750a764fe1","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":110,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"45e92193-7f2d-430d-803e-5ffba206e751","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":110,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"066e4084-b820-4cee-be9e-29610064dff1","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":110,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"5440b76b-bc88-404e-96fc-134d71ddc930","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":110,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"a7423ce7-33d2-470f-ab58-a071ee9c9818","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":110,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"e1575a0a-4e7f-4fe3-ac3a-fb37f8ea95c2","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":110,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"737a6cf8-63d7-4624-8708-9c26226b256c","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":110,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"9878ea91-b83c-48cb-b74d-88be792cd438","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":110,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"a539ff13-ae47-4738-82fd-508622cbf279","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":110,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"98eee278-a916-42f1-b3af-9cfa8bf77568","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":110,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"2c4b1033-73c3-407b-9afa-9c36f415839d","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":110,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"2e311704-ac9e-436f-80a5-a1554a9d97f5","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":110,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"c62ac8f0-c359-4ccc-a150-ca50046095b5","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":110,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"2b236ef9-9192-488c-8de5-93ad26a50e24","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":110,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"a6e62152-01a8-41fa-80ac-ae0aff57d6be","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":110,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"377d6b93-2470-49a6-879a-caae947af484","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":110,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"9ec1dfd7-f5e6-4af6-b54f-7ce0393cf1d2","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":110,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"8ec760d3-49ca-4bda-947b-9415166c61a9","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":110,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"3fb2ef14-397f-4a1f-ab09-a84877097fec","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 tax","page_number":110,"box":{"x":68,"y":347,"width":817,"height":11}},{"id":"8b3869b3-931f-47f5-bccc-af20b0da178f","block_type":"box","text":"exempt municipal revenue and general obligation bonds. Each bond included in the Municipal Bond Index must be","page_number":110,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"59fd2cba-d53f-4aa4-84ee-dc7944c46212","block_type":"box","text":"rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more. Twice a month new","page_number":110,"box":{"x":69,"y":377,"width":811,"height":12}},{"id":"cb2eb0bd-1100-4c3c-b41c-0744d36004e7","block_type":"box","text":"issues satisfying the eligibility requirements are added to, and an equal number of old issues are deleted from, the","page_number":110,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"6587bf6a-45ab-4c9e-a556-1c96daa21638","block_type":"box","text":"Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a formula based on the","page_number":110,"box":{"x":70,"y":407,"width":825,"height":12}},{"id":"5e659627-0ead-4708-bd23-f7311731b0c1","block_type":"box","text":"price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":110,"box":{"x":70,"y":423,"width":656,"height":11}},{"id":"3f1ab794-8afd-4bc6-847e-ffbd46f29c65","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":110,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"3b15d488-4a9f-4002-87ff-384d2574643e","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":110,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"a3548c72-cf4c-4ac3-b37f-e71c3a0c5eb1","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":110,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"74d01f7e-503b-490e-ab0b-1b629f11261f","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":110,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"a256530c-bf70-4806-acb6-92a52ccec686","block_type":"box","text":"contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s ability to hedge","page_number":110,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"a03079a5-4ccf-44ef-a790-f1758ad85f2b","block_type":"box","text":"effectively all or a por tion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":110,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"e285717a-e348-45d4-b06b-b899046af9ee","block_type":"box","text":"depend in par t on the degree to which price movements in the index underlying the financial futures contract","page_number":110,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"1b5db112-2e20-4ab9-8220-a243e242a455","block_type":"box","text":"correlate with the price movements of the Municipal Bonds held by the Fund. The correlation may be affected by","page_number":110,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"fbd148b6-4d5c-4d3f-a5bd-374e0ffb9a98","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":110,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"1b3de0de-0077-44cb-aa4b-b413e45dec9a","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":110,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"94d64fa9-f921-4940-840d-47264411acf8","block_type":"box","text":"correlation between movements in the value of the Municipal Bond Index may be subject to change over time as","page_number":110,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"1f709fe8-f873-493e-af32-b47ccbf0877f","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":110,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"8670142b-c2b8-4128-9712-9cf0347613e4","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":110,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"750a655f-5048-4c00-8969-022b5fa03703","block_type":"box","text":"affected by similar factors and the risk of imper fect correlation between movements in the prices of such futures","page_number":110,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"07b8d2f3-27ca-4f61-bbd1-f7b1bc8dc36b","block_type":"box","text":"contracts and the prices of Municipal Bonds held by a Municipal Fund may be greater. Municipal Bond Index futures","page_number":110,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"b96ec17a-4af6-4edf-8401-afe48627fabd","block_type":"box","text":"contracts were approved for trading in 1986. Trading in such futures contracts may tend to be less liquid than trading","page_number":110,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"f73f808f-dae1-4c71-9e19-55b5fde695ac","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to cer tain market risks, such as inadequate","page_number":110,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"1e7365f6-da60-4cff-994d-090f03db3275","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":110,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"3692bc8a-0e7c-4498-a463-e7e46b50aa22","block_type":"box","text":"Call Rights.","page_number":110,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"61fa2677-fe26-4bea-b799-037ce23e3f83","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a por tion of such Municipal Bond","page_number":110,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"494c6d76-a39c-4c5d-96e0-c5491c92b918","block_type":"box","text":"for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a","page_number":110,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"f15e135b-77b2-4ce1-acaa-2587007f454e","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to cer tain conditions. A Call Right that is not","page_number":110,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"b8bfcb6e-99b7-47fd-97fc-8a4285ce66f5","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":110,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"cb590f8a-c8d8-4897-8f61-8d63059b9b6c","block_type":"box","text":"both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security.","page_number":110,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"df866c41-64a5-44cb-b0f5-b6e7981311a2","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":110,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"6bcb6ae6-a91b-45f3-93d3-88c271f74856","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":110,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"814e27e9-c867-45e1-b273-a655133b9f75","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":110,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"5131e153-0887-41f8-91e4-6ae17385cfb6","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such as Municipal","page_number":110,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"33b2daae-87e3-412d-89be-d5cb29bd4e07","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":110,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"f4db6bd9-6082-430d-b722-5fdd9c515965","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":110,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"88467d62-018d-4ba5-bd35-97196b894542","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a par ticular investment or por tion of its por tfolio or to","page_number":110,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"32f34d1e-2b61-489f-bec3-e51fd3f9b01b","block_type":"box","text":"protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund intends","page_number":110,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"0b2e8098-2b53-4d4d-b426-c054fa25ce74","block_type":"box","text":"II-62","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d068753d-ee65-46c4-8796-feb1eab41c12","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"accb91e2-748e-4bca-b81f-799d5ba2edd9","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":111,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"d91c652d-ea16-4b05-a16b-54cf3cdedf0b","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":111,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"b9954f7f-5c1f-4f9a-97da-716e9d43833a","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":111,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"3d69f474-65ce-46a4-a350-f38e039ac286","block_type":"box","text":"i.e.","page_number":111,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"cb926cfe-a55d-449b-8281-26c85adb7667","block_type":"box","text":", wide differences between shor t term and long term interest","page_number":111,"box":{"x":449,"y":75,"width":436,"height":11}},{"id":"76582f10-eb8f-459f-9ff4-4a264062a2e5","block_type":"box","text":"rates).","page_number":111,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"61b2904d-def4-4b90-a47a-5229e574597d","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":111,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"79bcf065-629a-44d4-9d32-cf210117c937","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":111,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"29ccf72b-5dcb-4838-8251-b789e603a014","block_type":"box","text":"e.g.","page_number":111,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"beb5ef8f-ea40-4549-9c35-ef8ad299f829","block_type":"box","text":", an exchange of fixed rate payments for","page_number":111,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"84011988-de22-4236-8db7-b95c80897532","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":111,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"36c04848-6f48-4d46-b9ac-74ad7f1686db","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":111,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"7b8fef8e-3669-4e68-aca6-f6b8bd9dc617","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":111,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"9ff6e56e-6792-418e-86a3-ed19991b9cae","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":111,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"e5df0ca8-5a06-44a3-b906-55cad0533efe","block_type":"box","text":"with the same attributes as the swap (","page_number":111,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"1e7b119a-814b-49f3-8844-b93c15caf254","block_type":"box","text":"e.g.","page_number":111,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"fb39d2ef-4f32-446b-8259-2809e301727c","block_type":"box","text":", coupon, maturity, call feature).","page_number":111,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"4b818b5e-f13f-4f77-8620-aa590d4bcfc3","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":111,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"ab8abc41-81ff-4deb-a516-2f4551f5717b","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":111,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"25d477b6-5994-4f79-bfca-c3069b378e9d","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":111,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"e4889793-88fc-466d-80fb-dd6f03d3f65b","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":111,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"53713edf-a6a4-46fb-a6a0-5750d7710196","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":111,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"f9eef149-2dc8-4ef9-b147-43f673ba38f8","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":111,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"c8a5e423-f737-4cba-b66a-d9713f36cc00","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":111,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"962f4530-3c52-428a-b72a-4828746f262a","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":111,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"96123ee5-98e8-4678-abf3-130a970e8971","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":111,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"b83cfc76-d095-4b42-ab56-638d72218d08","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":111,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"3fd2c9f7-defe-4bf7-ae07-01ac17d0a553","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":111,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"12b1a588-3afd-4859-82a5-cb8771c14b6d","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterpar ty equal to the actual level","page_number":111,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"cbec0eb5-0895-40fb-bf44-96530e0f1e0e","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":111,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"3535ab1d-944f-4b57-a866-ad09072610cc","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the","page_number":111,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"0a092efe-f981-465c-a23e-8d330dacd3c2","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterpar ty in","page_number":111,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"b2282a2d-6297-43fa-8f39-12fb0c346991","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance. A Fund has no obligation to enter into SIFMA or","page_number":111,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"ce313ff1-4382-47ef-a4e3-55a4ad88a3f3","block_type":"box","text":"MMD Swaps and may not do so.","page_number":111,"box":{"x":70,"y":476,"width":229,"height":11}},{"id":"9d5f2913-6804-4a21-9ec9-0b0c888b43c4","block_type":"box","text":"Insured Municipal Bonds.","page_number":111,"box":{"x":102,"y":498,"width":179,"height":11}},{"id":"dd095865-1d8e-47c5-8124-2f030311c8e3","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":111,"box":{"x":288,"y":498,"width":619,"height":11}},{"id":"4870b5fc-adb7-4125-ac84-0d5ade1dea15","block_type":"box","text":"payments on the bond will be made on time and the principal will be repaid when the bond matures. Either the issuer","page_number":111,"box":{"x":70,"y":514,"width":835,"height":10}},{"id":"ec01f692-dee3-4ea2-a233-59ea579b256c","block_type":"box","text":"of the bond or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by","page_number":111,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"eed779a0-3b92-413f-8062-91cf41c7709c","block_type":"box","text":"a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its","page_number":111,"box":{"x":69,"y":543,"width":818,"height":12}},{"id":"a75b8ee9-1cc7-487d-8a31-0be21624de24","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be cer tain that any","page_number":111,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"584ed97d-37bf-4555-987d-3467fb902ecd","block_type":"box","text":"insurance company does not make these payments. In addition, if the Fund purchases the insurance, it may pay the","page_number":111,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"3f2cd01e-5863-4270-91a8-fc18998e84f5","block_type":"box","text":"premiums, which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims paying","page_number":111,"box":{"x":70,"y":589,"width":815,"height":11}},{"id":"7f32daff-700d-4d9e-be6d-8ca2bebd54f1","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":111,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"5658bd4e-48d9-48ec-b0f4-4455033c92c9","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":111,"box":{"x":68,"y":619,"width":767,"height":11}},{"id":"09c57945-6cd5-42a7-ac25-f4b76adc0a3f","block_type":"box","text":"insurance or insured bonds. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the","page_number":111,"box":{"x":70,"y":634,"width":827,"height":12}},{"id":"842c98cf-659b-4c0c-a458-d18b40ae6c4d","block_type":"box","text":"bond could drop.","page_number":111,"box":{"x":69,"y":650,"width":118,"height":10}},{"id":"70ba1603-0866-44cf-9aab-0c0c2bcb2964","block_type":"box","text":"Build America Bonds.","page_number":111,"box":{"x":102,"y":672,"width":150,"height":9}},{"id":"dd9a2df7-3d50-4355-b429-db0f11fbead2","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":111,"box":{"x":259,"y":672,"width":616,"height":11}},{"id":"6ca5b666-6ed5-4238-8585-48c173e4559e","block_type":"box","text":"income tax credit; however, the issuer of a Build America Bond may instead elect to receive a cash payment directly","page_number":111,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"526b0b71-a5f6-46d3-ad59-2c8b8beed158","block_type":"box","text":"from the federal government in lieu of holders such as the fund receiving a tax credit. The interest on Build America","page_number":111,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"3cdf09cd-f46f-4c33-b0ef-fb1d09faaf10","block_type":"box","text":"Bonds is taxable for U.S. federal income tax purposes. If the Fund does receive tax credits from Build America Bonds","page_number":111,"box":{"x":70,"y":717,"width":833,"height":11}},{"id":"d0512333-13fb-4cf3-b532-fadd43a69f1d","block_type":"box","text":"or other tax credit bonds on one or more specified dates during the fund’s taxable year, and the Fund satisfies the","page_number":111,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"21259d4d-0fc8-458b-92e1-01f3b5219985","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":111,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"cafb07af-6ce4-4c56-8c32-03b5fe2c01b3","block_type":"box","text":"shareholders tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond","page_number":111,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"4c1c0744-c1ea-4289-881d-8a95d63dbd53","block_type":"box","text":"is defined in the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":111,"box":{"x":70,"y":778,"width":825,"height":11}},{"id":"af40b87e-3b9b-4c42-b0fe-f27c08cb1b77","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":111,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"0746616b-5e74-4dec-afa7-80eac93a6eb5","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":111,"box":{"x":69,"y":808,"width":802,"height":11}},{"id":"5258308b-8e21-40fa-bab5-ca97271f28ff","block_type":"box","text":"bonds issued before January 1, 2011) or cer tain other specified bonds. If the Fund were to so elect, a shareholder","page_number":111,"box":{"x":69,"y":823,"width":821,"height":11}},{"id":"ba0aa45d-4165-4b6e-875b-85c9cc481cbe","block_type":"box","text":"would be required to include in income and would be entitled to claim as a tax credit an amount equal to a","page_number":111,"box":{"x":68,"y":839,"width":760,"height":10}},{"id":"741c266e-0c7b-4143-9a76-e3a4c067d971","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":111,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"3bfff891-853b-4851-9b65-03edaea749eb","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":111,"box":{"x":69,"y":869,"width":563,"height":11}},{"id":"36cb39fe-ab4e-4379-af55-ed7cff1258ed","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":111,"box":{"x":103,"y":891,"width":246,"height":11}},{"id":"75be4415-8fb9-4219-9dd9-e5c07141866f","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":111,"box":{"x":355,"y":891,"width":534,"height":11}},{"id":"0979e0bd-4e95-4d25-abfd-36f8b5480074","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":111,"box":{"x":68,"y":906,"width":798,"height":12}},{"id":"901ca710-e0e9-4e39-94b3-626721798396","block_type":"box","text":"II-63","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"94eb4516-a0a2-4d4e-9984-e2d6c3696ce3","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"82fe91e7-848d-47a4-95f7-df4a8eba991f","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":112,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"528738fe-9717-4b3b-abdf-045862780899","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":112,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"15b54182-2e5f-439c-b5a8-17952804fe00","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":112,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"192935cf-d273-4ea4-890a-615da776427d","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":112,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"fe76d208-ba21-4e0b-9d39-0a497f1853fb","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":112,"box":{"x":69,"y":105,"width":752,"height":11}},{"id":"00ab314f-21ad-4c94-b058-deed94532d51","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":112,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"5d4fc97e-5a15-43c6-b611-34a5c7baa0d9","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":112,"box":{"x":69,"y":143,"width":806,"height":11}},{"id":"6ad8d510-a80f-40ed-86ce-b9f4b6cc93bc","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":112,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"c607da57-24c3-4594-b301-7acfa0f09ff8","block_type":"box","text":"their face value to the sponsor (","page_number":112,"box":{"x":68,"y":173,"width":228,"height":11}},{"id":"e7ee990d-6a63-4df6-a1c2-a2380bdcf91a","block_type":"box","text":"e.g.","page_number":112,"box":{"x":297,"y":175,"width":25,"height":9}},{"id":"01e90b61-ca3d-4d16-bf39-36e690e69e54","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":112,"box":{"x":325,"y":173,"width":557,"height":11}},{"id":"ef0eaf73-92c3-4adc-9172-5a346095b1a5","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":112,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"a8d65499-1656-47b8-85a7-b67fbd82a4f1","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":112,"box":{"x":69,"y":203,"width":648,"height":12}},{"id":"760a8198-cbb0-4879-a52a-245e2afe1edd","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":112,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"286bb8d5-72d6-43ad-b561-8b2954ff7856","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":112,"box":{"x":70,"y":241,"width":785,"height":11}},{"id":"06609a54-634d-41ad-b39b-b20d7922ac0f","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":112,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"ab57a4e2-eca9-44c9-9ac3-80c0e2c0ed0a","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":112,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"4fd8a474-55ff-48f8-be5d-2b9dfadbd92a","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":112,"box":{"x":70,"y":286,"width":351,"height":12}},{"id":"d3801cd4-184f-445c-a362-e1ca7fc27417","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":112,"box":{"x":101,"y":309,"width":797,"height":11}},{"id":"cf1be9dd-1698-4d0e-914a-4ed872f087d6","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":112,"box":{"x":68,"y":324,"width":836,"height":12}},{"id":"d72e8bc0-1084-494c-8f26-be70065c2ea8","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":112,"box":{"x":69,"y":339,"width":831,"height":11}},{"id":"2fbab15c-1620-4a09-ac48-a3ad8d5823f2","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":112,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"2b21c086-d498-44a4-b0ff-6d52b04e3d93","block_type":"box","text":"opinions of counsel to the sponsors of such derivative securities. Neither a Fund nor its investment adviser or sub","page_number":112,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"22b271e8-cdba-48d1-b19b-059db096a686","block_type":"box","text":"advisers will review the proceedings related to the creation of any tax-exempt municipal investments or the basis for","page_number":112,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"1753f3b0-b01d-4061-b00c-f2e861212893","block_type":"box","text":"such opinions.","page_number":112,"box":{"x":69,"y":400,"width":102,"height":11}},{"id":"f6436cf6-3916-452f-b0d7-7307e653750d","block_type":"box","text":"Participation Notes.","page_number":112,"box":{"x":102,"y":423,"width":145,"height":11}},{"id":"76bf91aa-6e7d-468b-8bb3-a3efce84789d","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":112,"box":{"x":253,"y":423,"width":641,"height":11}},{"id":"824dd47f-2d31-4ef4-bcb9-c6b16b00deb7","block_type":"box","text":"Fund to a return measured by the change in value of an identified underlying security or basket of securities","page_number":112,"box":{"x":70,"y":438,"width":766,"height":11}},{"id":"735f166d-0f8d-49dd-a9ef-3f5b126d6685","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":112,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"dfb3973e-0cf8-4606-a99a-d459284dae1a","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":112,"box":{"x":69,"y":468,"width":475,"height":11}},{"id":"4474eb4e-a512-4d21-82f8-584702f75ff7","block_type":"box","text":"The Fund is subject to counterpar ty risk associated with each issuer. Investment in a par ticipation note is not","page_number":112,"box":{"x":101,"y":491,"width":782,"height":11}},{"id":"c1bfd4ce-76bd-4bb0-8291-61f817a51fd2","block_type":"box","text":"the same as investment in the constituent shares of the company. A par ticipation note represents only an obligation","page_number":112,"box":{"x":68,"y":506,"width":831,"height":11}},{"id":"66612092-f4a9-422d-a6c1-b890d7d8ae31","block_type":"box","text":"of the issuer to provide the Fund the economic per formance equivalent to holding shares of an underlying security. A","page_number":112,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"abf2ead1-9354-4230-a32a-97cddf99d455","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":112,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"fe1ed3f1-cd2b-4019-8eb5-f7c1033e9ddd","block_type":"box","text":"security. In other words, shares of the underlying security are not in any way owned by the Fund. However each","page_number":112,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"e5952f67-6317-4a19-9bdc-5ca3a33bcddf","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":112,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"4690d14d-0968-49a6-94a2-dc742b1c6fab","block_type":"box","text":"a par ticipation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":112,"box":{"x":69,"y":581,"width":834,"height":12}},{"id":"575f34e6-8ed0-4c8b-b3d4-e053bed9f323","block_type":"box","text":"the Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":112,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"2491aa9e-0ed8-4719-a619-8a9ceac15f8d","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers which BlackRock deems to be","page_number":112,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"a0cf0040-a3d2-4298-bda8-d6b2e241c87f","block_type":"box","text":"creditwor thy.","page_number":112,"box":{"x":69,"y":627,"width":89,"height":11}},{"id":"9d86b2c8-c483-4129-bbf3-294079ffbcf9","block_type":"box","text":"The counterpar ty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":112,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"ca4af4ae-d283-4152-9474-dbccc3cf302d","block_type":"box","text":"obligation. The fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":112,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"0ea25613-9668-4391-b6f4-b4279ec5dd81","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, that Fund receives a","page_number":112,"box":{"x":70,"y":680,"width":804,"height":11}},{"id":"bac9e257-7245-4e7b-b92c-94ea3eb7b746","block_type":"box","text":"payment that is based upon the then-current value of the underlying security conver ted into U.S. dollars (less","page_number":112,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"f7adacd9-ce41-4157-bccb-256052563408","block_type":"box","text":"transaction costs). The price, per formance and liquidity of the par ticipation note are all linked directly to the","page_number":112,"box":{"x":68,"y":710,"width":771,"height":11}},{"id":"16635fc5-06df-4ccb-ad84-f1207b76c16e","block_type":"box","text":"underlying security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity","page_number":112,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"514b1dd4-1b84-4728-8e01-6a3c17044e34","block_type":"box","text":"in the local trading market for the security underlying the par ticipation note.","page_number":112,"box":{"x":70,"y":740,"width":536,"height":11}},{"id":"da092b80-256a-4ed3-8597-4478905e9b74","block_type":"box","text":"Portfolio Turnover Rates.","page_number":112,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"7658cdad-0bc4-4f20-a438-8412e389afab","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":112,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"385cc480-fd97-4211-86bd-82b1d07b61ff","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":112,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"2d5257a2-81df-4066-ad07-f285cd0659a3","block_type":"box","text":"Funds will use an approach to investing that is largely a passive, indexing approach, such Funds may engage in a","page_number":112,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"a65b052a-c231-45b1-9578-7305c3931d2b","block_type":"box","text":"substantial number of por tfolio transactions. With respect to these Funds, the rate of por tfolio turnover will be a","page_number":112,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"3ba59dd5-b768-41bb-937e-1e55a333b5c2","block_type":"box","text":"limiting factor when the Manager considers whether to purchase or sell securities for a Fund only to the extent that","page_number":112,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"b0de1f54-0d61-42e0-88c1-eb3409feac29","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Por tfolio turnover may vary","page_number":112,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"76a3855f-046a-49f8-9d15-205815b0d811","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":112,"box":{"x":68,"y":853,"width":595,"height":12}},{"id":"42bc48da-0ad1-42bb-b748-b73bce238f27","block_type":"box","text":"i.e.","page_number":112,"box":{"x":665,"y":854,"width":20,"height":8}},{"id":"7ff8dda4-74c8-4ac4-9322-ee8afbb2bebb","block_type":"box","text":", 100% or more) may result in","page_number":112,"box":{"x":687,"y":854,"width":210,"height":11}},{"id":"fd09ecdd-5249-46d6-aff8-064a669c60ad","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":112,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"3ed689ad-bfb9-4bd2-84f4-34e6a12195c5","block_type":"box","text":"costs on the sale of the securities and reinvestment in other securities. The sale of a Fund’s securities may result in","page_number":112,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"94fd6419-0e2f-4206-a14c-b95ed2ee697c","block_type":"box","text":"II-64","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4c2b0a09-7bd4-4cc1-87e3-722e99d7ba33","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"629b8204-1f29-46a0-ac71-661068fdb3b6","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be shor t-term capital","page_number":113,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"33c7e7b1-06f7-48f5-9022-9a2c6ccb7038","block_type":"box","text":"gain or loss. These effects of higher than normal por tfolio turnover may adversely affect a Fund’s per formance.","page_number":113,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"4b5af140-70bc-426d-a30f-47d3ccb9f0e4","block_type":"box","text":"Preferred Stock.","page_number":113,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"ec4f5323-e82c-48e9-9815-80e7c43b6d01","block_type":"box","text":"Cer tain of the Funds may invest in preferred stocks. Preferred stock has a preference over","page_number":113,"box":{"x":226,"y":82,"width":647,"height":12}},{"id":"8b3233f3-a6d7-40ac-bf2b-3408167c9097","block_type":"box","text":"common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the issuer in all","page_number":113,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"81be1ac1-e1d3-42fe-aa3d-8e600b216ced","block_type":"box","text":"respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element","page_number":113,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"f872428b-a92a-4860-a3d4-7d04d9549c99","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":113,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"3dd9b368-308c-4403-8b75-a2e055a35890","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":113,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"63b4f471-5ebc-42ad-b565-682a30a18b60","block_type":"box","text":"other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value","page_number":113,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"25754247-0dcf-4344-9916-7d4ac4d794fc","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":113,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"f2bba711-c9ab-4e6a-b361-5a7c763baed5","block_type":"box","text":"payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors.","page_number":113,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"dfe16637-2535-4bdf-bd31-e015327bf363","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":113,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"9d356b22-7310-409e-816a-f8854508c560","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":113,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"a263eb32-e7b0-4847-b5a5-e3bb79df7551","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":113,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"f893594d-6aa9-4bef-b027-e97051f07852","block_type":"box","text":"dividends that are exempt from regular U.S. federal income tax. Such funds in turn invest in municipal bonds and","page_number":113,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"1cc8f1fd-0d97-496c-a016-b709c3555404","block_type":"box","text":"other assets that pay interest or make distributions that are exempt from regular U.S. federal income tax, such as","page_number":113,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"f4bcefeb-ccb2-429a-a948-4cc68a82f814","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":113,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"89601a6f-8471-4b06-8df1-41beda81b656","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":113,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"5f16bb23-5eb2-46ff-82ef-890a3b14160c","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":113,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"587cfcce-f9de-4ed2-b0b5-6abcc3299671","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":113,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"ea52b15d-1287-4f86-9351-06a1997ccc41","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":113,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"42bcdfd7-d557-4d6f-91d6-10f5a73af706","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":113,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"f2689c86-6d0d-4635-85a5-32c738850bb8","block_type":"box","text":"Trust Preferred Securities.","page_number":113,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"f48d55c1-66b6-414c-a566-41016169b798","block_type":"box","text":"Cer tain of the Funds may invest in trust preferred securities. Trust preferred","page_number":113,"box":{"x":294,"y":370,"width":542,"height":11}},{"id":"762a1556-baf4-4d77-8f54-0de886deaaf7","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":113,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"83437a63-57d7-438a-b169-18261c0f922d","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":113,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"e9fa9bc8-8953-4c30-adaf-446b9c2b28a1","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":113,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"5f156e8d-20d1-4734-a30b-924452b5d313","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":113,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"e37608a6-9078-4836-bfcf-17b5a965acae","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":113,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"ead7e478-7cac-4c56-929b-7096e5d1e68b","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":113,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"637338d6-4bca-447c-8aaa-9ced163754c7","block_type":"box","text":"securities typically permit an issuer to defer the payment of income for five years or more without triggering an event","page_number":113,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"b010d8d1-163e-48b3-9008-9812c30523c7","block_type":"box","text":"of default. Because of their subordinated position in the capital structure of an issuer, the ability to defer payments","page_number":113,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"06749fdd-2e84-4059-825d-34037468b537","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":113,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"3fed216f-c508-48b2-8f6f-df2bb0fe94d9","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":113,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"a81ee023-2105-49aa-b370-146bf718f9df","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":113,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"f1bdad11-4a77-45ea-9ad0-c822fdedabef","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":113,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"922e4a48-ed57-496d-9ebf-48e0eb704b8c","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":113,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"23bec28f-429f-4a75-b53d-989e9780ed91","block_type":"box","text":"®","page_number":113,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"8d9bc159-648c-4c4d-84c9-77030d67f5bd","block_type":"box","text":"”); monthly","page_number":113,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"d47f2d81-7456-452c-b1b4-70518beaf318","block_type":"box","text":"income preferred securities (“MIPS","page_number":113,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"99f4ec9f-6235-40d9-abe0-1c95cba50c3d","block_type":"box","text":"®","page_number":113,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"03fcb3ec-06e0-4617-a330-19d0eb1ef11b","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":113,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"dfa69ff4-ceaa-4193-83b1-0f8be3dcb9fc","block_type":"box","text":"®","page_number":113,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"6a7cc2b6-76ea-4389-b94c-1826eec2ebfb","block_type":"box","text":"” ); quar terly income debt securities","page_number":113,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"06c1f710-8b5b-4fb5-9c53-bf6014ffc5ff","block_type":"box","text":"(“QUIDS","page_number":113,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"d9d52a8a-0149-4393-a26b-c191bd89aa9f","block_type":"box","text":"®","page_number":113,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"56af2a9f-1879-415d-8596-fbe91e598b62","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":113,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"54e98355-44fd-47f7-9cb3-276703399192","block_type":"box","text":"SM","page_number":113,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"d137865c-d9cd-41bc-ab97-5f6dd7300a9c","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":113,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"0dd3b3ac-a9ab-467f-8f21-32ddba71fde5","block_type":"box","text":"®","page_number":113,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"4db0c2ca-5d5e-460c-8e9d-59884340025f","block_type":"box","text":"”); public income","page_number":113,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"97b3c6d6-e248-4a86-8667-2f2b107dee76","block_type":"box","text":"notes (“PINES","page_number":113,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"b51dc6cc-876c-4a0f-9b92-493ab2580f12","block_type":"box","text":"®","page_number":113,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"4594d47f-2d85-4a28-8512-c91baad1b168","block_type":"box","text":"”); and other trust preferred securities.","page_number":113,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"db551bb0-cbd9-4e58-aac9-19c8fd9e5c8b","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":113,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"84d080d5-c2e8-4e1b-9966-44f4dae2de54","block_type":"box","text":"In cer tain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":113,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"7109158d-dc99-4075-b495-c9cfd1ad9a87","block_type":"box","text":"the issuer’s option for a specified time without default. No redemption can typically take place unless all cumulative","page_number":113,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"85363c3f-c6d3-496d-bee4-3a709970e8e6","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":113,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"e39905a3-7eff-4f90-8fed-75a6d7743d78","block_type":"box","text":"regard to whether all payments have been paid.","page_number":113,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"029a6fdd-e8c5-422b-84ef-e397bb27c112","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":113,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"5a24f96c-3032-4499-a917-fbe497b211dd","block_type":"box","text":"companies and are not a direct obligation of an operating company. At the time the trust or special purpose entity","page_number":113,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"ac43869f-e1b8-4f5c-b09b-075b3d02d950","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":113,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"bff667cf-dbd3-420d-8a9b-8cfe2309a54b","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":113,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"dea2b522-c34c-46e6-b0f0-fea18b64d453","block_type":"box","text":"purposes the interest paid on the debt held by the trust or special purpose entity. The trust or special purpose entity","page_number":113,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"8c9b6345-6009-400d-b2a2-c308dd2e8067","block_type":"box","text":"is generally required to be treated as transparent for U.S. federal income tax purposes such that the holders of the","page_number":113,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"7221da2a-05fe-48ae-92c5-b3907d2d79ce","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":113,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"ac6ef068-e196-4c78-b057-07b65eeaa2f9","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":113,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"add2a506-8094-4fa2-8ffb-28300dd16c82","block_type":"box","text":"income tax purposes. The trust or special purpose entity in turn would be a holder of the operating company’s debt","page_number":113,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"f90071f2-f884-4587-90ba-9a2d44fc32c7","block_type":"box","text":"and would have priority with respect to the operating company’s earnings and profits over the operating company’s","page_number":113,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"077704fe-0574-4d27-a713-ddc5ff3dc9ae","block_type":"box","text":"II-65","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a0c932e7-158f-487d-a5ab-2275475fc110","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1a3addaf-6425-4c3e-aadc-dec2e281f90a","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":114,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"4cf29552-8a2b-475e-9281-72a26b5e939b","block_type":"box","text":"Typically a preferred share has a rating that is slightly below that of its corresponding operating company’s senior","page_number":114,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"385e4e3f-b361-40da-944b-79deb1c864ae","block_type":"box","text":"debt securities.","page_number":114,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"2d1d9d51-c454-4a9d-82b9-d211f59fe871","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":114,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"db1341f0-98b3-4f05-af99-71cfa5e1c9bf","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":114,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"0ab78ae1-0729-4c77-948d-233c3dabb229","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":114,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"a342ac13-01c0-4142-9265-79425b4612d1","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":114,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"87c05d9f-8843-418b-b6ca-a6610b62ced6","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":114,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"f8be2087-06ea-463f-bc79-f3f84f738986","block_type":"box","text":"i.e.","page_number":114,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"c2e4679d-e233-4d2e-b0de-beb8abb16e93","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":114,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"33d8a998-c78b-46d7-93a8-268f07a5042f","block_type":"box","text":"buildings.","page_number":114,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"cd4e7045-f1d6-4534-9b2c-5c4e7dfbc896","block_type":"box","text":"REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its","page_number":114,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"028da771-544d-4609-b730-aa602b65fb07","block_type":"box","text":"propor tionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":114,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"ff5951a4-4522-45d5-a830-293256055ad8","block_type":"box","text":"Mor tgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":114,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"8f384ffe-1014-41c2-925f-11d6f9db611d","block_type":"box","text":"proper ty; they derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":114,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"b884cac4-e06d-4ff0-a390-10d2c6afdfa0","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":114,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"58f10645-3d1a-4bce-b743-62fb3411001a","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":114,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"1ded94c4-82aa-446e-bfa9-0e7e7204f5a3","block_type":"box","text":"Investing in REITs involves cer tain unique risks in addition to those risks associated with investing in the real","page_number":114,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"fe889ccb-b74d-4f61-822e-ac65c037816a","block_type":"box","text":"estate industry in general. The market value of REIT shares and the ability of the REITs to distribute income may be","page_number":114,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"51731cd1-4378-474a-bb2f-963569b03a8d","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":114,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"c2eb7ead-0966-429b-874d-835b12a3abbc","block_type":"box","text":"economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and","page_number":114,"box":{"x":69,"y":324,"width":795,"height":11}},{"id":"36a4a885-bc54-417d-8cce-b4c59b98802c","block_type":"box","text":"attractiveness of the proper ties, the ability of the owners to provide adequate management, maintenance and","page_number":114,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"a2cb04c1-ebad-4a88-a8c4-3c0663f5e83a","block_type":"box","text":"insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new proper ties,","page_number":114,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"2c3116c0-e9a5-4554-a10d-0b88fbf38dbf","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain","page_number":114,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"6f66252c-ee43-4606-b8f3-adc128788fa3","block_type":"box","text":"their exemptions from registration under the Investment Company Act, changes in real estate taxes and other","page_number":114,"box":{"x":68,"y":385,"width":782,"height":11}},{"id":"f8fa1c8a-3b0d-478f-94c7-6160e991cfdb","block_type":"box","text":"operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and","page_number":114,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"33547bc2-59e9-4b5f-a28b-ff1de2d26768","block_type":"box","text":"other factors beyond the control of the issuers of the REITs. In addition, distributions received by a Fund from REITs","page_number":114,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"04889ae7-6970-4a77-945f-65b91d818ea4","block_type":"box","text":"may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on","page_number":114,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"7ee1ace6-95b5-4a5b-a7fd-870ff4003a82","block_type":"box","text":"a pre-tax basis) than operating companies, to the extent application of the Fund’s investment strategy results in the","page_number":114,"box":{"x":69,"y":445,"width":825,"height":12}},{"id":"8a9e4314-0e79-4389-a587-b25e861b0d25","block_type":"box","text":"Fund investing in REIT shares, the percentage of the Fund’s dividend income received from REIT shares will likely","page_number":114,"box":{"x":70,"y":460,"width":805,"height":12}},{"id":"888726cd-f643-45ea-8ac1-7839ee144ee3","block_type":"box","text":"exceed the percentage of the Fund’s por tfolio which is comprised of REIT shares. Ordinary REIT dividends received by","page_number":114,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"9aa87fd0-2f88-4326-9e50-f7e7a56a26e4","block_type":"box","text":"the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary income and will not","page_number":114,"box":{"x":68,"y":491,"width":774,"height":11}},{"id":"ef0e9d9e-5bb0-4acc-9911-4ab74d0dc07c","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may claim","page_number":114,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"0cf8a90a-f084-4f1b-85fb-5ac9f510ab7e","block_type":"box","text":"a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may","page_number":114,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"e1a2a955-348a-4fd1-bd72-294686add26b","block_type":"box","text":"repor t dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":114,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"d2c00d3b-3c1f-4f8a-abc3-00e4b9d52ef1","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":114,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"02c21ef6-1e09-43cb-a5b4-00b552d4bfea","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable","page_number":114,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"fda95d1a-403f-42a2-ac4b-1d675ad64a46","block_type":"box","text":"holding period requirements.","page_number":114,"box":{"x":69,"y":582,"width":203,"height":11}},{"id":"583841ab-48ac-4293-aad5-c2cb8669364a","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":114,"box":{"x":102,"y":604,"width":772,"height":11}},{"id":"fa307ba0-988b-49cc-b3ef-10ce0012e481","block_type":"box","text":"investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity","page_number":114,"box":{"x":70,"y":619,"width":790,"height":11}},{"id":"5967ea12-86f2-4de4-88b4-85fab868f3c3","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":114,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"b9cb9a91-6f60-45db-8dda-d78aaad20445","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mor tgages","page_number":114,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"fdec967a-cd8c-4b7b-b590-630510c3e3b2","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":114,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"77f5c820-16ab-4522-b3e4-db663ce3bd65","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":114,"box":{"x":69,"y":680,"width":759,"height":11}},{"id":"90c011ac-535b-44f9-acff-8256881053ee","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":114,"box":{"x":69,"y":695,"width":778,"height":11}},{"id":"af4dfbd1-5369-44cb-ae29-6c4917e969f5","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":114,"box":{"x":102,"y":717,"width":773,"height":12}},{"id":"dfe4119d-f0d8-456c-b21d-e7565e7c4dc1","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":114,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"83fcb783-b6d7-474f-9e10-21e7b1e5084b","block_type":"box","text":"trade less frequently and in limited volume and may be subject to more abrupt or erratic price movements than larger","page_number":114,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"38c5f4d6-ffa4-45e3-8094-af419b49c8de","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":114,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"79ac80f9-1ac3-459b-9b15-a4dc692d6ff6","block_type":"box","text":"larger capitalization stocks such as those included in the S&P 500 Index. The management of a REIT may be subject","page_number":114,"box":{"x":70,"y":778,"width":832,"height":11}},{"id":"65cc8766-ab16-4f7d-ad0f-f28857d1c3d7","block_type":"box","text":"to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate","page_number":114,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"2246ff6a-beaa-4ad1-bd02-c4cd67dfe3a1","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":114,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"fd099d64-e28a-4e38-b58f-34b1cee5cd50","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":114,"box":{"x":68,"y":823,"width":761,"height":12}},{"id":"b50f2677-364c-4288-a318-08877b13edf7","block_type":"box","text":"Recent Market Events.","page_number":114,"box":{"x":102,"y":846,"width":167,"height":9}},{"id":"6bbe5362-10d8-4f8a-a92e-74c56a306916","block_type":"box","text":"Since the market stresses associated with the 2008 financial crisis in the United States","page_number":114,"box":{"x":275,"y":846,"width":631,"height":9}},{"id":"6a9fd5a5-f880-4cb9-adee-377bf6f3df4b","block_type":"box","text":"and global economies, periods of unusually high volatility in the financial markets and restrictive credit conditions,","page_number":114,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"bf3ac0aa-d2be-4189-90e1-8a7f2afa4334","block_type":"box","text":"sometimes limited to a par ticular sector or a geography, continue to recur. Some countries, including the United","page_number":114,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"8d4cf4b5-bbeb-4f6f-a8a4-f00e77d86a55","block_type":"box","text":"States, have adopted and/or are considering the adoption of more protectionist trade policies, a move away from the","page_number":114,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"6c81ef08-34ef-4b57-9ad2-7d41b0cf33dd","block_type":"box","text":"tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes.","page_number":114,"box":{"x":68,"y":906,"width":826,"height":12}},{"id":"a046b074-8d75-4e06-a754-b3e3819c7a67","block_type":"box","text":"II-66","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5424bbeb-080b-41cf-89c2-1c53a8cf4bde","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"25ace27d-117e-4535-87f6-a79d9ab92717","block_type":"box","text":"The exact shape of these policies is still being considered, but the equity and debt markets may react strongly to","page_number":115,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"4e556708-816a-471f-9049-7ab33a226306","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":115,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"a6a626c8-eec8-4ee2-b5c0-d9605341272e","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":115,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"eea11e41-bc0e-4c8d-ba41-d3aa296b4f04","block_type":"box","text":"affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition,","page_number":115,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"42264226-7d9a-4c4d-a8da-6cb9805356f3","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":115,"box":{"x":68,"y":105,"width":833,"height":11}},{"id":"8f7ec7f8-ab38-4f8c-a225-f62a30efff19","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected.","page_number":115,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"d4f38f5e-7faf-46f9-93e8-a1f0ffc1df08","block_type":"box","text":"As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries","page_number":115,"box":{"x":68,"y":135,"width":830,"height":12}},{"id":"c5c6bb5e-6dfa-456e-bb6a-a7fa599d8cba","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":115,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"eb535642-fb50-4b44-bb94-e7f8e43c9c6f","block_type":"box","text":"negatively affected by such events.","page_number":115,"box":{"x":69,"y":166,"width":249,"height":11}},{"id":"32effa1b-6279-4bcf-a49e-91bd08f7bfbd","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":115,"box":{"x":102,"y":188,"width":795,"height":12}},{"id":"5f18ab25-8cb6-4b2d-84a4-edfe211210ad","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":115,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"ea511578-e15e-4bf5-b328-9adc8c810bbf","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":115,"box":{"x":69,"y":219,"width":796,"height":11}},{"id":"dbededfc-d26e-4524-9885-d505c0750947","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":115,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"d0a48f76-740e-4f20-b166-88d9a0d3a0b6","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":115,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"a895cd2d-6197-43f1-8748-15628cbdd4a3","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets, and could adversely affect the","page_number":115,"box":{"x":68,"y":264,"width":763,"height":11}},{"id":"2f907270-2f47-450b-bb4b-b15e271b0108","block_type":"box","text":"investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international","page_number":115,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"63a7ccb6-53c4-4119-981f-e14bf125deb2","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":115,"box":{"x":68,"y":294,"width":821,"height":11}},{"id":"a3d18c43-0e52-4847-b185-b92682d4149c","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":115,"box":{"x":68,"y":309,"width":837,"height":11}},{"id":"b6abb425-00ea-4ed3-b77e-96d26de465d1","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":115,"box":{"x":69,"y":324,"width":795,"height":12}},{"id":"282b5669-0be9-4777-bf5a-5417e4533c8b","block_type":"box","text":"branches of the U.S. Government, the U.S. Government’s inability at times to agree on a long-term budget and deficit","page_number":115,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"4b9e2e92-c9f9-41aa-80d6-f2c4c3e59cbd","block_type":"box","text":"reduction plan, the threat of a U.S. Government shutdown, and disagreements over, or threats not to increase, the","page_number":115,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"0c5425d2-e15d-47a0-98ad-3d32c907f602","block_type":"box","text":"U.S. Government’s borrowing limit (or “debt ceiling”), as well as political and diplomatic events abroad, may affect","page_number":115,"box":{"x":70,"y":370,"width":816,"height":11}},{"id":"389350a3-8265-4451-8ff0-fcb3e93f5c78","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":115,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"0440c4cd-b903-48fd-a010-e7574180eb1f","block_type":"box","text":"suddenly and to a significant degree. A downgrade of the ratings of U.S. Government debt obligations, or concerns","page_number":115,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"a4f83f66-855c-4b87-aca4-b35d05cfd579","block_type":"box","text":"about the U.S. Government’s credit quality in general, could have a substantial negative effect on the U.S. and global","page_number":115,"box":{"x":69,"y":415,"width":836,"height":11}},{"id":"76839ed3-10c2-4f56-9310-2f03013a9cdd","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":115,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"f8365dd4-6f64-4dd5-839a-00ec85b7c8dd","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":115,"box":{"x":69,"y":445,"width":785,"height":12}},{"id":"3ee180bc-4081-4cf2-a074-0782de54d152","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":115,"box":{"x":70,"y":460,"width":832,"height":12}},{"id":"632d8968-e1cc-4e92-aa11-b4c9c39ba0cb","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":115,"box":{"x":68,"y":475,"width":799,"height":12}},{"id":"814156ba-ad5a-4e98-a429-f1bfc418a2a1","block_type":"box","text":"unprecedented event are impossible to predict, but it is likely that a default by the United States would be highly","page_number":115,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"0d50c409-318b-4dd5-a957-6c2ea6aec7a2","block_type":"box","text":"disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund’s","page_number":115,"box":{"x":69,"y":506,"width":746,"height":11}},{"id":"7b9c624d-68b8-4fa7-a6b0-4ad375ff293a","block_type":"box","text":"investments.","page_number":115,"box":{"x":70,"y":521,"width":89,"height":9}},{"id":"a9f5af4d-b753-4759-8949-94e07086c340","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":115,"box":{"x":101,"y":543,"width":733,"height":12}},{"id":"43d54a97-5d19-44fc-995b-4feee1c38d19","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":115,"box":{"x":70,"y":559,"width":794,"height":11}},{"id":"2be69c02-4601-479d-ad8f-98b1d2c1406e","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and","page_number":115,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"34f806e3-5bd9-4cbc-9f90-c94f6425af3c","block_type":"box","text":"customer activity, as well as general concern and uncer tainty for a period of time. The impact of this outbreak has","page_number":115,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"18983875-7a02-4a4a-a39a-11f0f15eac6c","block_type":"box","text":"adversely affected the economies of many nations and the entire global economy and impacted individual issuers","page_number":115,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"e43a0ab1-06c9-444d-993a-996de39995b6","block_type":"box","text":"and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen","page_number":115,"box":{"x":69,"y":619,"width":806,"height":11}},{"id":"7f8ee5c7-16b3-4be5-8ebf-ba52b63c0065","block_type":"box","text":"effects. The duration of any such outbreak and its effects cannot be determined with cer tainty.","page_number":115,"box":{"x":69,"y":634,"width":676,"height":11}},{"id":"690a5703-292f-4abe-ae20-722d3742d52e","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":115,"box":{"x":102,"y":657,"width":255,"height":11}},{"id":"8378fcc2-fda2-4278-b233-438b06545e85","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned","page_number":115,"box":{"x":363,"y":657,"width":525,"height":11}},{"id":"47f46ee7-e254-41b7-9d2c-a2c396333d1d","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (previously defined as “LIBOR”) to determine","page_number":115,"box":{"x":68,"y":672,"width":796,"height":11}},{"id":"6dd86c8a-3c61-4b41-92e9-f83089e24011","block_type":"box","text":"payment obligations, financing terms, hedging strategies or investment value.","page_number":115,"box":{"x":70,"y":687,"width":551,"height":11}},{"id":"c0e1b439-acc1-496c-909f-559bd2f70ce0","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all","page_number":115,"box":{"x":101,"y":710,"width":770,"height":11}},{"id":"934d7f85-191a-49e5-8186-783bf2cfa359","block_type":"box","text":"LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be","page_number":115,"box":{"x":70,"y":725,"width":779,"height":11}},{"id":"529bf3ce-dc0b-4785-aa4b-4772454dd3d1","block_type":"box","text":"published under a synthetic methodology until September 30, 2024 for cer tain legacy contracts. The Secured","page_number":115,"box":{"x":70,"y":740,"width":779,"height":11}},{"id":"7c75e5e7-12a4-42f8-9569-d3efeb60155f","block_type":"box","text":"Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight collateralized by U.S.","page_number":115,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"2d686fea-7961-472c-b408-c7c9926c7bbb","block_type":"box","text":"Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary","page_number":115,"box":{"x":68,"y":771,"width":800,"height":11}},{"id":"5690ea8e-f22c-4431-a654-1c563250c64f","block_type":"box","text":"basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to","page_number":115,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"54ae57d9-e948-453f-a8e7-6b5d31187c2e","block_type":"box","text":"replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in cer tain financial contracts.","page_number":115,"box":{"x":69,"y":801,"width":709,"height":11}},{"id":"b3698a9a-c064-4e18-b6e9-132d46c66e81","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some","page_number":115,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"00deb9b6-8f6a-4379-98bc-4757478c5689","block_type":"box","text":"existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":115,"box":{"x":69,"y":838,"width":833,"height":12}},{"id":"1e1af733-b646-44e1-8227-6f466b0f1181","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncer tainty regarding the effectiveness of any such","page_number":115,"box":{"x":69,"y":853,"width":805,"height":12}},{"id":"1551a937-d5e5-40b5-8ed8-d0d9d7e5c93d","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":115,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"6bd9cd74-ba70-4ff7-b30b-57e1ff1b5e3c","block_type":"box","text":"setting provisions and there remains uncer tainty regarding the willingness and ability of issuers to add alternative","page_number":115,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"31153efd-a591-42cb-90cc-2e7aee9ccdd1","block_type":"box","text":"rate-setting provisions in cer tain existing instruments. Par ties to contracts, securities or other instruments using","page_number":115,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"8566cc97-9806-49f5-92a4-985ebf6a7244","block_type":"box","text":"II-67","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7ccea5f9-7a18-4d12-842c-c2c2de91a0f8","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"682982b5-3561-4498-80c9-9b3a7aa85fb2","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncer tainty","page_number":116,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"9d026684-4c53-4fb7-a0f4-c3b97ecbb358","block_type":"box","text":"of per formance and the possibility of litigation. A Fund may have instruments linked to other interbank offered rates","page_number":116,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"22181b64-a3fb-4357-996d-b5779a7121f6","block_type":"box","text":"that may also cease to be published in the future.","page_number":116,"box":{"x":68,"y":75,"width":356,"height":11}},{"id":"301c3e7a-c6eb-405a-a359-b219d1015b78","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":116,"box":{"x":102,"y":98,"width":432,"height":11}},{"id":"5d02d338-fd29-4d0b-b19c-ac511ec0df8a","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":116,"box":{"x":541,"y":98,"width":347,"height":11}},{"id":"78e6e9bb-b74a-4991-b1c2-8f6c80946f1f","block_type":"box","text":"sale contracts, the other par ty agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":116,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"9f075d07-1654-45b5-b9fb-02ae50a1a714","block_type":"box","text":"the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during the","page_number":116,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"6c921d89-154a-4467-b256-aa5628e47419","block_type":"box","text":"term of the agreement.","page_number":116,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"cb7ab3d7-9b17-47d1-a380-61969df301e6","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":116,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"b315eb1e-6ecb-4085-983e-3f889fdf1b39","block_type":"box","text":"that securities are owned by the Fund and the purchaser receives any interest on the security paid during the period.","page_number":116,"box":{"x":68,"y":181,"width":831,"height":11}},{"id":"e3689b86-aae6-4e98-988b-57886e2182fb","block_type":"box","text":"In the case of repurchase agreements, the prices at which the trades are conducted do not reflect accrued interest","page_number":116,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"5938454d-279c-46c1-b23e-0093c6f5f8df","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":116,"box":{"x":69,"y":211,"width":790,"height":11}},{"id":"6136bece-05c7-4da9-82e1-74a609873e06","block_type":"box","text":"accrued interest. A Fund may enter into “tri-par ty” repurchase agreements. In “tri-par ty” repurchase agreements, an","page_number":116,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"764f1f37-9f98-431e-aff3-89f76f92c786","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":116,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"d9c58688-b6b1-487b-839a-4af8a667856e","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":116,"box":{"x":68,"y":256,"width":522,"height":11}},{"id":"079117f7-5e6e-4166-b3e3-a82adc3fb20f","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":116,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"5fa3a874-5329-4435-a9a6-c4829dbc561f","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":116,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"20de4ab3-71db-4f07-a873-38306d17e902","block_type":"box","text":"currency fluctuations. However, in the event of a default under a repurchase agreement or under a purchase and sale","page_number":116,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"55189eb3-2dac-4a0a-998e-67567d9082d7","block_type":"box","text":"contract, instead of the contractual fixed rate, the rate of return to the Fund would be dependent upon intervening","page_number":116,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"78254769-9045-4ac9-afbe-287ad7a5e3a0","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":116,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"a6e2a6a8-15a6-46de-8e78-ab25a822e69a","block_type":"box","text":"securities. In such event, the Fund would have rights against the seller for breach of contract with respect to any","page_number":116,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"a31f0997-79eb-4e42-ae1b-cf7633831cd3","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":116,"box":{"x":70,"y":370,"width":430,"height":11}},{"id":"6f5347cd-e143-4c25-8716-289d9c84d040","block_type":"box","text":"Both types of agreement usually cover shor t periods, such as less than one week, although they may have","page_number":116,"box":{"x":102,"y":392,"width":759,"height":12}},{"id":"4e41be01-123b-4c3e-99a0-80f8bf601685","block_type":"box","text":"longer terms, and may be construed to be collateralized loans by the purchaser to the seller secured by the","page_number":116,"box":{"x":70,"y":408,"width":765,"height":11}},{"id":"b0cd2195-1720-41c8-931f-126b77f82ca4","block_type":"box","text":"securities transferred to the purchaser. In the case of a repurchase agreement, as a purchaser, a Fund’s Manager or","page_number":116,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"82bc8ae2-494b-4841-8865-49b493ddfe32","block_type":"box","text":"sub-adviser will monitor the creditwor thiness of the seller, and a Fund will require the seller to provide additional","page_number":116,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"bc33673a-f9ff-4be4-8499-d9501ab68396","block_type":"box","text":"collateral if the market value of the securities falls below the repurchase price at any time during the term of the","page_number":116,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"9852fe7a-392b-4e5c-9489-d37413fcc67a","block_type":"box","text":"repurchase agreement. The Fund does not have this right to seek additional collateral as a purchaser in the case of","page_number":116,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"a1497acc-1b13-4fa9-8eb4-858692047209","block_type":"box","text":"purchase and sale contracts. The Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities.","page_number":116,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"d26ea790-d7cc-4041-b5d5-80ccd072c5f6","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":116,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"a58a35bd-c1b5-4610-8edf-9a430a430444","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury book-entry system","page_number":116,"box":{"x":69,"y":514,"width":829,"height":10}},{"id":"765b256e-2f0b-468b-9b77-62af4cf34a8c","block_type":"box","text":"or by another authorized securities depository.","page_number":116,"box":{"x":69,"y":529,"width":329,"height":11}},{"id":"a0b35dc2-bc1f-4d49-961e-24ddb5f1b765","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":116,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"702f0bf5-e212-4810-9e2c-5c88ab6eae4b","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":116,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"b9c68c3b-30ad-49b8-a27f-8434fd048a21","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":116,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"538a62d3-b86d-49da-b629-04fc0598de5b","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":116,"box":{"x":69,"y":596,"width":778,"height":12}},{"id":"277b2f60-7701-462f-ae7c-9f6fa0e5c772","block_type":"box","text":"applicable bankruptcy or other laws, a Fund’s ability to dispose of the underlying securities may be restricted. Finally,","page_number":116,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"79c812c0-86ab-4e56-89bd-7ad092935088","block_type":"box","text":"it is possible that a Fund may not be able to substantiate its interest in the underlying securities. To minimize this","page_number":116,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"16127be0-256a-422b-8f75-97b99adef1e2","block_type":"box","text":"risk, the securities underlying the repurchase agreement will be held by the applicable custodian at all times in an","page_number":116,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"68f1c05e-e0ea-4a2f-a401-2b3eb5c89a84","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":116,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"c0fec907-7228-4a68-ad4c-b6799221140c","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities are less than","page_number":116,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"f008f71e-068c-440e-9ebd-641acfde1b9c","block_type":"box","text":"the repurchase price.","page_number":116,"box":{"x":68,"y":687,"width":151,"height":11}},{"id":"18b92178-b398-414a-a16f-675aabffc6b0","block_type":"box","text":"In any repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash","page_number":116,"box":{"x":102,"y":710,"width":805,"height":11}},{"id":"31318808-abbb-4788-a3e7-f55a128b3e69","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For cer tain Funds, however,","page_number":116,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"74306714-3ec1-48d2-8730-76db5f79a405","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":116,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"07f754c7-e7ef-4a26-8ed9-fe7eef9d1a5f","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":116,"box":{"x":69,"y":755,"width":767,"height":11}},{"id":"4f489a15-cbf1-428f-adfe-e0f341bbea3e","block_type":"box","text":"strategies without the repurchase obligation.","page_number":116,"box":{"x":69,"y":771,"width":317,"height":11}},{"id":"9b967568-06a4-4946-9556-e797d535b5ef","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":116,"box":{"x":101,"y":793,"width":782,"height":11}},{"id":"7b4ea4c3-a2a6-4252-ad10-1434db443b42","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":116,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"20cc6a59-3754-4b6b-91cd-58fb5ff1f9bc","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":116,"box":{"x":69,"y":823,"width":799,"height":12}},{"id":"c493a915-0671-49b7-8784-4f6f20ca3790","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":116,"box":{"x":69,"y":838,"width":829,"height":12}},{"id":"d66f0c0b-2e14-4e3d-a5a6-94783dc2952a","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the","page_number":116,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"fcf50807-5cd4-456f-84aa-d97638505254","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":116,"box":{"x":69,"y":869,"width":374,"height":11}},{"id":"cb504184-f05d-4fc7-a950-9ef53db756cc","block_type":"box","text":"i.e.","page_number":116,"box":{"x":445,"y":869,"width":20,"height":9}},{"id":"65c792f8-e69e-4e90-a01f-4cda1b5f38a1","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":116,"box":{"x":468,"y":869,"width":434,"height":11}},{"id":"0d9b590c-bf9c-46f4-9d6f-dbfa9340391d","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":116,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"9e081331-728e-40af-a09c-0e9b84cafe55","block_type":"box","text":"II-68","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a09044da-f0c9-44dc-9c8c-6501880196f6","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d503527e-767b-4231-9cb3-937657907bdc","block_type":"box","text":"the amount of the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":117,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"553801f9-b948-4ea5-bd4b-61af6bc726f2","block_type":"box","text":"and income involved in the transaction.","page_number":117,"box":{"x":69,"y":60,"width":278,"height":9}},{"id":"b8174e42-cd8d-4d2a-a8fc-cda0b28ca21d","block_type":"box","text":"Repurchase agreements and purchase and sale contracts may be entered into only with financial institutions","page_number":117,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"3b63e39d-253b-419d-8fcf-802340f122c5","block_type":"box","text":"that have capital of at least $50 million or whose obligations are guaranteed by an entity that has capital of at least","page_number":117,"box":{"x":68,"y":97,"width":828,"height":12}},{"id":"4cdb1d75-90bb-4854-94ed-a2317cc4298b","block_type":"box","text":"$50 million.","page_number":117,"box":{"x":69,"y":112,"width":84,"height":10}},{"id":"41821a5a-e14f-4b90-abe3-774ca3010b1a","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":117,"box":{"x":102,"y":135,"width":743,"height":12}},{"id":"1b0b3da2-0e51-4864-912d-bc0fa9aa98df","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many repurchase","page_number":117,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"f27e32e2-d45b-4162-973b-671a7552898b","block_type":"box","text":"agreements and purchase and sale contracts, terms that delay or restrict the rights of counterpar ties, such as a","page_number":117,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"8f24c511-517a-48e1-90f1-919610c5b90a","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict transfers of","page_number":117,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"f895d3f0-99f4-4f5b-a6a4-267967b311d0","block_type":"box","text":"credit suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or","page_number":117,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"ba1c3406-c3f9-4191-a30e-34c594767f23","block_type":"box","text":"insolvency proceedings. It is possible that these new requirements, as well as potential additional government","page_number":117,"box":{"x":70,"y":211,"width":787,"height":11}},{"id":"6fce646d-fdda-4936-9ff3-81233716bef2","block_type":"box","text":"regulation and other developments in the market, could adversely affect a Fund’s ability to terminate existing","page_number":117,"box":{"x":69,"y":226,"width":778,"height":11}},{"id":"88d89860-e755-4661-b813-f6cfda77bbc4","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize amounts to be received under such","page_number":117,"box":{"x":69,"y":241,"width":754,"height":11}},{"id":"851856d3-a0ae-41f8-82da-958e97a637f4","block_type":"box","text":"agreements.","page_number":117,"box":{"x":69,"y":257,"width":87,"height":11}},{"id":"08010f77-aba3-47f9-a6ed-eb9a51dad274","block_type":"box","text":"Restricted Securities.","page_number":117,"box":{"x":102,"y":279,"width":157,"height":9}},{"id":"fb8fedd3-9e1c-4256-a327-16aca735d6b9","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":117,"box":{"x":265,"y":279,"width":617,"height":11}},{"id":"9005b07b-4141-4e93-8e99-ec08513fb65a","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":117,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"15150551-56bd-4824-b3bb-a9d2f0bf922b","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":117,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"9fa746ec-c0fd-4cc5-9ac1-507d148f4725","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":117,"box":{"x":70,"y":325,"width":802,"height":11}},{"id":"be0b9cc3-9fc5-4221-b539-140fb02c21c1","block_type":"box","text":"listed on an exchange nor traded in other established markets. In many cases, privately placed securities may not be","page_number":117,"box":{"x":70,"y":340,"width":834,"height":11}},{"id":"6904170d-5b1e-4534-bbcc-2fc0ea6a0006","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":117,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"4dc5b1dc-d1fd-4ac9-b80d-87d89a31ec81","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":117,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"b04ed370-0782-4ba9-acc7-4908f7ac9f10","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":117,"box":{"x":69,"y":385,"width":821,"height":11}},{"id":"11704dc6-f328-49cc-b3e2-4ce752683b88","block_type":"box","text":"are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that a","page_number":117,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"63c141d2-cd5f-4ed9-9e8c-936d4ed313d7","block_type":"box","text":"Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be","page_number":117,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"c21ece20-1e28-4f91-82fc-076d5bd24cb3","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":117,"box":{"x":69,"y":430,"width":834,"height":11}},{"id":"4a3845fa-f206-42c0-82bf-d75885233591","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on cer tain transactions,","page_number":117,"box":{"x":69,"y":445,"width":769,"height":12}},{"id":"571b6a46-334f-43e3-9628-c911dcfc2da4","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":117,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"7b2d45fb-977c-4c52-838c-20c9097b23d4","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":117,"box":{"x":68,"y":476,"width":805,"height":11}},{"id":"f887554f-df41-4be1-8ae2-63df7d7ef243","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those originally paid by the","page_number":117,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"0edf72f9-b9d7-4cc3-a0da-529a65c9a42f","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":117,"box":{"x":70,"y":506,"width":815,"height":11}},{"id":"913fe0b6-b32d-40e9-ba84-33ff672e98f0","block_type":"box","text":"character of the issuer, which par ty (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":117,"box":{"x":69,"y":521,"width":835,"height":11}},{"id":"eb9af62c-8a9b-4ca0-a70c-2baa85546b8b","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":117,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"ae0d742f-7f29-4578-a687-22f2c718a416","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":117,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"8455eaca-7474-4393-9b8d-57119247325d","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":117,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"9a023743-8866-423e-b9ff-0e9dfa52e2d3","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":117,"box":{"x":68,"y":581,"width":825,"height":12}},{"id":"397789e0-55e7-46dd-9be1-ae09cade1bae","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":117,"box":{"x":69,"y":596,"width":777,"height":12}},{"id":"03522dbf-c712-44db-a7b4-264d5b06abef","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":117,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"404e8eb9-5b3d-4e14-bac4-5440224104bd","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":117,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"ae545837-e6b2-417d-a3a8-b72006d72db2","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":117,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"84cc5509-889a-46b8-a353-9c34f97678f6","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":117,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"3ba9d14c-fe42-467c-935b-1588b78b161d","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":117,"box":{"x":68,"y":672,"width":819,"height":11}},{"id":"6743ea3f-8aae-4dd6-94aa-d491e30cc504","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":117,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"7e4875ac-8810-4a9a-81a3-746e31f087bb","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Cer tain of the Fund’s investments in","page_number":117,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"53b57e0a-ce15-4676-a452-9f0d88c2173e","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":117,"box":{"x":70,"y":717,"width":780,"height":12}},{"id":"037e8f3d-f75f-41f8-8f6b-efab6cf962d2","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":117,"box":{"x":70,"y":732,"width":773,"height":12}},{"id":"d4d00d19-6a6a-4462-b4b3-077b70cc450c","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":117,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"919a9709-b8c6-42fd-85c2-d34738b08a48","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":117,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"1cb12ccf-a493-468a-bcea-f2d66d317cf9","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":117,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"32a5fd1c-b2b5-4c3b-89c7-6cb780cc1dfc","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":117,"box":{"x":69,"y":793,"width":831,"height":11}},{"id":"6f6d1aba-390b-4329-96d3-91366dd477d8","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":117,"box":{"x":68,"y":808,"width":804,"height":11}},{"id":"831d2642-7e2a-4d63-b242-15daed1f9ccf","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":117,"box":{"x":69,"y":823,"width":647,"height":12}},{"id":"65897341-bb95-4b90-bccb-a3093889cf34","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":117,"box":{"x":102,"y":846,"width":714,"height":11}},{"id":"5593df2d-6157-434b-8759-c460016c1e78","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":117,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"b162186e-f431-4998-bd92-704ed6aa9839","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":117,"box":{"x":70,"y":876,"width":826,"height":11}},{"id":"c389dcaa-da91-4ce2-89fe-441d1467687c","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":117,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"b42b4c7c-c172-4067-9256-e702ee3e0c19","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":117,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"e0881d21-3926-408e-a73a-b1002ec0ece3","block_type":"box","text":"II-69","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"edbf45c8-e147-46c3-803b-cdb6aef7f3ff","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"57695992-f0ad-4f27-918f-a58fac167359","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":118,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"430827b0-0952-4dbe-84a9-2fd83e1bb1eb","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":118,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"61a7d847-2ca8-4d2b-8a68-ae7899dc3383","block_type":"box","text":"offer other liquidity oppor tunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":118,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"68827dc4-b635-4914-b083-5f54909eb5a8","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":118,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"f407d67e-66ed-456f-ab47-0d42acbdb424","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":118,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"e94ce85c-ceb8-4a62-859d-b10db2df127c","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":118,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"fb07f82e-7ef6-4960-97bf-d73f466639ab","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncer tainty. A Fund will be","page_number":118,"box":{"x":70,"y":135,"width":804,"height":12}},{"id":"b1dbaf87-5466-4fd7-921e-eaf51b9281cd","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":118,"box":{"x":69,"y":150,"width":816,"height":12}},{"id":"b1c48896-7c1b-4400-b222-c9bf981b7688","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":118,"box":{"x":70,"y":166,"width":835,"height":11}},{"id":"1af4576f-d5d1-4e6e-9910-230cf2b83577","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":118,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"5509d38c-0d87-4109-9f89-abd3bb8dd9ac","block_type":"box","text":"investment oppor tunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":118,"box":{"x":70,"y":196,"width":815,"height":11}},{"id":"d18db476-b8d6-4cf3-bc38-9d411671bb7c","block_type":"box","text":"especially as that Fund grows in size.","page_number":118,"box":{"x":69,"y":211,"width":264,"height":11}},{"id":"1f3c3c22-e0dc-4508-a70f-387e8d95d286","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in par ticular, restricted","page_number":118,"box":{"x":101,"y":234,"width":762,"height":11}},{"id":"55ededba-2d7e-432f-aece-a874de5aadc2","block_type":"box","text":"securities issued by private companies). Each Fund values restricted securities in accordance with BlackRock’s","page_number":118,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"72f73abc-93ab-4276-98c5-d6457b89bed5","block_type":"box","text":"valuation policies and procedures, which are designed to value investments such that they accurately reflect fair","page_number":118,"box":{"x":68,"y":264,"width":801,"height":11}},{"id":"e3e9cdee-5de0-4430-9716-aa19ba5943a0","block_type":"box","text":"value. Due to the inherent uncer tainty and subjectivity of determining the fair value of investments that do not have a","page_number":118,"box":{"x":68,"y":279,"width":836,"height":11}},{"id":"c9cbd4f9-55d2-4c6e-b089-66ea908339db","block_type":"box","text":"readily available market value, the fair value of a Fund’s private investments may differ significantly from the values","page_number":118,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"e069416e-7155-4c4a-9d7f-58bafef58993","block_type":"box","text":"that would have been used had a readily available market value existed for such investments and may differ","page_number":118,"box":{"x":68,"y":309,"width":772,"height":11}},{"id":"107b9fee-ac22-425c-a8a3-48fa7253f1f4","block_type":"box","text":"materially from the amounts the Fund may realize on any dispositions of such investments. Differences in the value","page_number":118,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"16b006e4-4a85-4854-bce1-02bfde94c0d7","block_type":"box","text":"of the Fund’s private investments could result in the Fund’s shareholder transactions being effected at a NAV that","page_number":118,"box":{"x":69,"y":339,"width":813,"height":12}},{"id":"01f1260d-8b0d-4bc2-86a5-46f91c5dafc8","block_type":"box","text":"does not accurately reflect the underlying value of the Fund’s por tfolio, potentially resulting in the dilution of","page_number":118,"box":{"x":69,"y":355,"width":770,"height":11}},{"id":"4b77e2f1-ba29-49e6-ac37-23d67df300af","block_type":"box","text":"shareholder interests and increasing oppor tunities for shareholder arbitrage. The values used by the Fund to price its","page_number":118,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"5d4a896f-f387-487e-900a-5bed02a4d242","block_type":"box","text":"restricted securities may also differ from those used by other investment companies and investors to price the same","page_number":118,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"bfeabcff-14e0-42f9-b283-df3fddb45260","block_type":"box","text":"restricted securities. In addition, the impact of changes in the market environment and other events on the fair","page_number":118,"box":{"x":69,"y":400,"width":790,"height":11}},{"id":"9f9a55ba-6198-4ae7-b6e8-bd23157b16f7","block_type":"box","text":"values of a Fund’s investments that have no readily available market values may differ from the impact of such","page_number":118,"box":{"x":68,"y":415,"width":792,"height":11}},{"id":"825807b4-281c-4454-a90d-2233758a6599","block_type":"box","text":"changes on the readily available market values for the Fund’s other investments. A Fund’s NAV could be adversely","page_number":118,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"18d7edc0-90ad-405b-8fa7-2e357ae4ef37","block_type":"box","text":"affected if the Fund’s determinations regarding the fair value of the Fund’s investments were materially higher than","page_number":118,"box":{"x":69,"y":445,"width":821,"height":12}},{"id":"462893ac-6b5d-4364-85e9-ae306f90f3c9","block_type":"box","text":"the investment’s actual market or fair value or the values that the Fund ultimately realizes upon the disposal of such","page_number":118,"box":{"x":68,"y":460,"width":832,"height":12}},{"id":"31ec962b-51e7-4132-8e59-d195fefc61de","block_type":"box","text":"investments.","page_number":118,"box":{"x":70,"y":476,"width":89,"height":8}},{"id":"2a425631-b6ca-45bd-94e9-db07117e24b7","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":118,"box":{"x":102,"y":498,"width":385,"height":11}},{"id":"382756fd-b963-43d6-931e-c50ad5caba9b","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":118,"box":{"x":102,"y":521,"width":246,"height":11}},{"id":"ba00d55d-9a16-4ffb-a382-e739cff814d7","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":118,"box":{"x":354,"y":521,"width":548,"height":11}},{"id":"09927fc0-1cd8-4f32-8cd1-f5aaa475620c","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":118,"box":{"x":68,"y":536,"width":830,"height":11}},{"id":"1a532c14-0114-4199-9e80-58f82d6d344a","block_type":"box","text":"to another par ty and agrees to repurchase them at a par ticular date and price. A Fund may enter into a reverse","page_number":118,"box":{"x":68,"y":551,"width":793,"height":11}},{"id":"95e48206-27d1-4b80-bc97-03f23da7132d","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":118,"box":{"x":69,"y":566,"width":784,"height":11}},{"id":"54f7afcf-13bf-408d-8125-9e6dfa7cd829","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":118,"box":{"x":70,"y":581,"width":591,"height":12}},{"id":"ca622ddb-284b-4bf4-9f74-7b77710a4d4a","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":118,"box":{"x":101,"y":604,"width":730,"height":11}},{"id":"12492d0c-9b62-4d4b-8f01-03ab17bf19f1","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":118,"box":{"x":70,"y":619,"width":822,"height":11}},{"id":"48fc7692-8189-4226-8e51-0a2ba406fc50","block_type":"box","text":"of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale","page_number":118,"box":{"x":69,"y":634,"width":821,"height":11}},{"id":"e1d5a407-1061-4b12-b36e-305c0312b82f","block_type":"box","text":"by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the","page_number":118,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"54fc094a-d859-4ebb-ae7c-927f09a45632","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":118,"box":{"x":69,"y":664,"width":830,"height":11}},{"id":"8ae262b8-0351-4990-835d-157ca255cf7c","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":118,"box":{"x":69,"y":680,"width":354,"height":11}},{"id":"3e39b4f6-7d20-470c-99a9-ac8e6af65f1f","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":118,"box":{"x":102,"y":702,"width":769,"height":12}},{"id":"0e7b0536-b6a7-406d-af14-0e461f9072ca","block_type":"box","text":"insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a","page_number":118,"box":{"x":70,"y":717,"width":815,"height":12}},{"id":"2bb47701-d4c4-4b39-8afd-5d361a06d519","block_type":"box","text":"Fund’s obligations to repurchase the securities and the Fund’s use of the proceeds of the reverse repurchase","page_number":118,"box":{"x":70,"y":732,"width":782,"height":12}},{"id":"a6cd9d9f-ea61-4588-9d3c-e9bd7f6b7747","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":118,"box":{"x":69,"y":748,"width":449,"height":11}},{"id":"a79397cc-8080-4a5f-a4c2-e96e4d7624e9","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":118,"box":{"x":102,"y":770,"width":794,"height":12}},{"id":"38acfc87-dd35-4c70-a50d-68d1294d8231","block_type":"box","text":"similar financing transactions (","page_number":118,"box":{"x":69,"y":785,"width":218,"height":12}},{"id":"10b130c3-dd88-4ae2-8981-a097d055f2ec","block_type":"box","text":"e.g.","page_number":118,"box":{"x":289,"y":787,"width":24,"height":10}},{"id":"a84cff1b-84e9-49bf-b255-03c83e4069d4","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":118,"box":{"x":316,"y":786,"width":594,"height":11}},{"id":"2bb3d6cf-3190-46bd-ac8e-9172f0118574","block_type":"box","text":"the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the","page_number":118,"box":{"x":68,"y":801,"width":813,"height":11}},{"id":"0b5fe1a6-c0bb-438f-bdf3-2f618d1ad045","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other","page_number":118,"box":{"x":70,"y":816,"width":768,"height":11}},{"id":"50db0f8d-c877-435e-930b-33674110e92b","block_type":"box","text":"borrowings in the aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":118,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"b92e0a31-5e65-41ad-93bf-f79a526ae725","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":118,"box":{"x":70,"y":846,"width":693,"height":11}},{"id":"e90bdeb3-89fb-4700-a22d-68dcad4fa785","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that are now in effect require cer tain bank","page_number":118,"box":{"x":101,"y":869,"width":763,"height":11}},{"id":"5fb268b2-965e-451c-899e-214798c99577","block_type":"box","text":"regulated counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many reverse","page_number":118,"box":{"x":69,"y":884,"width":840,"height":11}},{"id":"6af7b8cc-d957-46ed-ad9c-83d8bc713abd","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such","page_number":118,"box":{"x":69,"y":899,"width":823,"height":11}},{"id":"9bc98049-0661-47ea-a9a2-3d308b755c38","block_type":"box","text":"II-70","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"263a4b82-de9f-482b-9e98-99abab1e4359","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ea809d9-cc42-40fe-abcd-68f0339ff317","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event","page_number":119,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"0a2b87f1-d334-4f3e-ad8c-0d310f884b6c","block_type":"box","text":"that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is","page_number":119,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"ae6b697b-e2bd-4d10-9657-f4ef523268fb","block_type":"box","text":"possible that these new requirements, as well as potential additional government regulation and other developments","page_number":119,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"d493653a-2bef-43d3-9740-e82199552f69","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to","page_number":119,"box":{"x":70,"y":90,"width":793,"height":11}},{"id":"02f4fc69-23d6-4de1-abdb-ad4265ba47aa","block_type":"box","text":"realize amounts to be received under such agreements.","page_number":119,"box":{"x":69,"y":105,"width":396,"height":11}},{"id":"cd4790e8-e415-4605-b634-f026f2308f06","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":119,"box":{"x":102,"y":128,"width":316,"height":11}},{"id":"d2833967-2e92-442e-a8b6-d8791f9523a6","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":119,"box":{"x":424,"y":128,"width":481,"height":11}},{"id":"976013de-40e9-4059-88a4-fca44f8ebfaf","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":119,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"4e498a95-bf2a-41a3-9e64-c345fd000e51","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":119,"box":{"x":69,"y":158,"width":776,"height":11}},{"id":"53c2c77e-a0b8-47c2-a00a-a98c502eb690","block_type":"box","text":"normally have a shor t life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":119,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"1e59574a-11cf-420a-bcec-8cc3b3530caa","block_type":"box","text":"lose the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the","page_number":119,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"a6785afb-ea23-42c9-bfe7-fbd27e68990b","block_type":"box","text":"rights’ and warrants’ expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price","page_number":119,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"00f40a25-f593-4f7e-8569-65352cc3a664","block_type":"box","text":"paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the","page_number":119,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"08e063ba-d371-4c53-94ba-03a822ed43d5","block_type":"box","text":"subscribed security’s market price such as when there is no movement in the level of the underlying security. Buying","page_number":119,"box":{"x":69,"y":234,"width":830,"height":11}},{"id":"50a69bcc-35f9-4920-a122-d816937128a9","block_type":"box","text":"a warrant does not make the Fund a shareholder of the underlying stock. The warrant holder has no voting or","page_number":119,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"2f34711e-f600-49ec-9860-3294e5f72b09","block_type":"box","text":"dividend rights with respect to the underlying stock. A warrant does not carry any right to assets of the issuer, and for","page_number":119,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"fc23b632-a704-407b-b2f0-1d5c3ded9606","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":119,"box":{"x":68,"y":279,"width":708,"height":11}},{"id":"43f0347e-cf8d-4c6e-9f6e-539ddb48f6cd","block_type":"box","text":"Rule 144A Securities.","page_number":119,"box":{"x":102,"y":302,"width":159,"height":9}},{"id":"faa904a9-ffc2-4e83-b6aa-838632f8d74c","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":119,"box":{"x":266,"y":302,"width":560,"height":11}},{"id":"3bbdf3ea-b78a-46b5-a1c5-97238d6512e5","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":119,"box":{"x":70,"y":317,"width":741,"height":11}},{"id":"4ce7fda7-c59f-49bc-ac82-122f15f2f66c","block_type":"box","text":"Securities Lending.","page_number":119,"box":{"x":101,"y":340,"width":139,"height":11}},{"id":"c4760972-93ef-48a6-815f-daa1d58e012d","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":119,"box":{"x":247,"y":339,"width":645,"height":12}},{"id":"b646c016-9b64-474f-909e-c8306c005563","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":119,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"b5a2aa8b-c279-44e8-8de8-76584f3bcc09","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":119,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"46b3546a-a6de-46b3-a647-5970561b1796","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":119,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"b6f2a19d-e302-4be1-ba27-c38f86142fd6","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":119,"box":{"x":68,"y":400,"width":827,"height":11}},{"id":"0ce711ef-3712-4d52-9298-2e34b626d35b","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":119,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"1523a0a5-d66d-4b52-ac9a-2f80156023b8","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":119,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"962280b9-df4b-438d-903e-e175ef608ac1","block_type":"box","text":"the securities were not on loan.","page_number":119,"box":{"x":68,"y":446,"width":225,"height":8}},{"id":"d2e9fcdd-5ff5-4391-8601-9e16ccea719a","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":119,"box":{"x":101,"y":468,"width":799,"height":11}},{"id":"35910829-ed3d-456e-a9de-2879ce8bc3c9","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":119,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"622b7336-c040-420e-a00e-1628c8d6e64a","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":119,"box":{"x":69,"y":498,"width":824,"height":11}},{"id":"95821ce0-74ec-48c6-b63e-beb1ef15c2ed","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":119,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"76ab04ad-9745-4622-84cb-028625685356","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":119,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"3e30b7c7-300b-4722-aa19-15be65023fdc","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":119,"box":{"x":70,"y":543,"width":789,"height":12}},{"id":"4cf1567f-a189-4031-bc60-356758a72126","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":119,"box":{"x":70,"y":559,"width":643,"height":11}},{"id":"0a5e3cff-56a9-423f-b860-cbcdebcfa658","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":119,"box":{"x":102,"y":581,"width":568,"height":12}},{"id":"815507d7-0854-48d8-901a-7179e5ab97a8","block_type":"box","text":"i.e.","page_number":119,"box":{"x":672,"y":582,"width":20,"height":8}},{"id":"1c100848-1d38-47f9-a6c1-0b8cea0c8f9d","block_type":"box","text":", the risk of losses resulting","page_number":119,"box":{"x":695,"y":581,"width":198,"height":12}},{"id":"3bb42988-c016-4e35-aa74-fccceddc75aa","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":119,"box":{"x":68,"y":596,"width":501,"height":12}},{"id":"47abcb5c-46d8-44ff-8f90-aea11001611b","block_type":"box","text":"i.e.","page_number":119,"box":{"x":571,"y":597,"width":20,"height":8}},{"id":"cdc63f55-d86b-4f87-8482-3734988ba7e9","block_type":"box","text":", the risk of a mismatch between the return","page_number":119,"box":{"x":594,"y":596,"width":307,"height":11}},{"id":"16916056-7a18-41f8-ab90-47d353df77ad","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":119,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"cb5ce4ce-2170-450f-84bb-c989dda588b1","block_type":"box","text":"i.e.","page_number":119,"box":{"x":865,"y":612,"width":20,"height":9}},{"id":"14474418-796b-4879-977e-d45443761206","block_type":"box","text":",","page_number":119,"box":{"x":888,"y":619,"width":2,"height":3}},{"id":"936728b3-d5f8-457b-849b-883a35604137","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":119,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"9f8ec1a2-1193-47e5-9c1b-f616532b0086","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":119,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"ca753612-da6d-4757-8bf3-69ed74e0f06c","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":119,"box":{"x":69,"y":657,"width":822,"height":11}},{"id":"256d6bb2-d54c-4899-a61d-7ee9844d276a","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":119,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"320f0f49-04fa-4af6-8054-2aac120b576f","block_type":"box","text":"less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":119,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"cc001d7e-b008-46c8-9164-980166283a1b","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":119,"box":{"x":69,"y":703,"width":790,"height":10}},{"id":"091b7f2e-f0c7-4b37-b38d-5c9f5a8c3873","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":119,"box":{"x":70,"y":717,"width":820,"height":12}},{"id":"48477517-b5e6-4989-9541-32e1d9932bdb","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":119,"box":{"x":70,"y":732,"width":805,"height":12}},{"id":"37375446-781f-426b-9b45-8a1509ec602a","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":119,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"46112428-0503-489a-af01-97e5c72d07b4","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":119,"box":{"x":69,"y":763,"width":775,"height":11}},{"id":"554d4fba-c669-43ea-80f0-454180eb91cf","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":119,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"5f3413e2-d996-4c08-a11b-fa2977ff5506","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":119,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"811d2238-500f-4077-8e7a-5ac921bce38d","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":119,"box":{"x":70,"y":808,"width":837,"height":11}},{"id":"5cfc4a6a-e777-4635-9c9f-fd9849ccb504","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":119,"box":{"x":70,"y":823,"width":808,"height":12}},{"id":"2c65536d-a2dc-442b-b8df-194b783ce1bc","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":119,"box":{"x":69,"y":838,"width":839,"height":11}},{"id":"9ab108fc-9dd8-4472-9bc3-82417dcce059","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":119,"box":{"x":70,"y":854,"width":832,"height":11}},{"id":"b929dc1e-5237-4f2e-9db7-912f0475614e","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":119,"box":{"x":69,"y":869,"width":801,"height":11}},{"id":"03241418-d7b0-4bd0-b8bd-3fa0ef57c613","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":119,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"8359d2ea-c589-4436-9d45-48a3e012e365","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":119,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"b373e896-d5d4-45cb-8459-72c05d8c1822","block_type":"box","text":"II-71","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bba210dc-0ea2-4439-be45-597ae044a044","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"683052aa-43c1-464e-9201-f9eed70e8a2f","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":120,"box":{"x":69,"y":45,"width":812,"height":11}},{"id":"107c5975-7d7e-4103-8cfd-91ab3e95a6c5","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":120,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"dce81f00-9336-4383-a145-b61a8f42136c","block_type":"box","text":"will take into account the tax effects on shareholders caused by these differences in connection with a Fund’s","page_number":120,"box":{"x":68,"y":75,"width":787,"height":11}},{"id":"a2713ff2-f6da-4327-b430-40289e181ba0","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":120,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"12de1d72-6a16-46b7-91cc-b0a2d6bd140d","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":120,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"5277431a-1553-4547-8b7e-f3b7e9be8256","block_type":"box","text":"regulations, that may impact the regulatory or tax treatment of loaned securities and could, for example, result in a","page_number":120,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"381d6fbb-f7f1-42a9-8321-060aca263ce0","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":120,"box":{"x":69,"y":135,"width":731,"height":11}},{"id":"956825dc-e8ee-4c26-8871-4d4fefa25511","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":120,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"9b393e2f-0b95-4358-9db2-8665bcd9a0a4","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":120,"box":{"x":68,"y":173,"width":802,"height":11}},{"id":"1cdb3924-ae71-42c4-8c7c-ea4a6160fb2e","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":120,"box":{"x":69,"y":188,"width":783,"height":12}},{"id":"7b9501b3-bad5-465f-bbca-572a6cc07b94","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":120,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"d3da60c9-1fc3-4c67-b3db-008e996cb76d","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":120,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"ea9c8725-dc7b-451c-b7a4-d70bf4e4de10","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":120,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"52160cb8-af63-4fbe-b553-0fe3cf8a8329","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":120,"box":{"x":69,"y":249,"width":808,"height":11}},{"id":"10163ccc-bf12-4102-9dbb-66bc18c26969","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":120,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"4cc20619-94e1-4423-adb4-9770d134c894","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":120,"box":{"x":69,"y":279,"width":827,"height":11}},{"id":"b27152c5-e855-497e-b8b0-7ce8eb3533ba","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":120,"box":{"x":69,"y":294,"width":794,"height":11}},{"id":"f59dd113-7a21-4b51-9a87-dfd17c671ae3","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":120,"box":{"x":69,"y":309,"width":371,"height":11}},{"id":"cdca26bd-2330-48b3-aa5b-2f5ec90813bd","block_type":"box","text":"Short Sales.","page_number":120,"box":{"x":101,"y":332,"width":89,"height":9}},{"id":"1027a8df-75e3-40c8-ae69-dfc64150aa91","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":120,"box":{"x":196,"y":332,"width":696,"height":11}},{"id":"1dd98426-78c5-4349-8240-96e326285c22","block_type":"box","text":"value of a por tfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":120,"box":{"x":68,"y":347,"width":821,"height":11}},{"id":"969abb9b-1e70-4406-8fa4-657c6a3744ca","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":120,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"fb9d9a17-4622-49bf-a637-07af29a613da","block_type":"box","text":"“against-the-box.” In a shor t sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":120,"box":{"x":70,"y":377,"width":831,"height":12}},{"id":"a98fc13f-ba73-487d-8466-4abb6333b386","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a shor t sale, it borrows","page_number":120,"box":{"x":69,"y":393,"width":837,"height":11}},{"id":"31674218-7573-4557-a2ff-a7e048efc153","block_type":"box","text":"the security sold shor t and delivers it to the broker-dealer through which it made the shor t sale. A Fund may have to","page_number":120,"box":{"x":68,"y":408,"width":828,"height":11}},{"id":"c439df4d-d5be-4dde-9fbc-fa3affabafb7","block_type":"box","text":"pay a fee to borrow par ticular securities and is often obligated to turn over any payments received on such borrowed","page_number":120,"box":{"x":70,"y":423,"width":829,"height":11}},{"id":"6cb7f746-8cf6-490b-9725-470111e5bda3","block_type":"box","text":"securities to the lender of the securities.","page_number":120,"box":{"x":69,"y":438,"width":289,"height":9}},{"id":"7798eca9-306f-4be8-b05c-2b13694a8d21","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":120,"box":{"x":101,"y":461,"width":772,"height":11}},{"id":"5fca5478-03dd-4738-a7b2-aac290b13b9f","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":120,"box":{"x":69,"y":476,"width":795,"height":11}},{"id":"23edded1-c42d-418b-8b83-2c79715cb52d","block_type":"box","text":"uncovered shor t positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":120,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"bd8f9abd-5465-47d6-9f41-143cb0e76f35","block_type":"box","text":"extent that the value of both collateral deposits in the aggregate is at all times equal to at least 100% of the current","page_number":120,"box":{"x":69,"y":506,"width":830,"height":11}},{"id":"880b582a-3fec-4c96-899a-0704ff62ecc3","block_type":"box","text":"market value of the security sold shor t. Depending on arrangements made with the broker-dealer from which the Fund","page_number":120,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"f73d71a1-d720-4b37-a959-82f282d38ca4","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":120,"box":{"x":69,"y":536,"width":770,"height":11}},{"id":"85431e20-77a6-4263-9dd6-037d708873a3","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":120,"box":{"x":70,"y":551,"width":568,"height":11}},{"id":"c21c3522-a24e-4b2e-a11c-28eac2577d39","block_type":"box","text":"Because making shor t sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":120,"box":{"x":102,"y":574,"width":806,"height":11}},{"id":"02fe7658-6c25-4c1e-820e-eeea10acf29b","block_type":"box","text":"securities, such shor t sales involve speculative exposure risk. A Fund will incur a loss as a result of a shor t sale if","page_number":120,"box":{"x":69,"y":589,"width":817,"height":11}},{"id":"f44ef448-260b-4254-852a-d9f95bfb8927","block_type":"box","text":"the price of the security increases between the date of the shor t sale and the date on which the Fund replaces the","page_number":120,"box":{"x":68,"y":604,"width":819,"height":11}},{"id":"e9d564e8-6e42-409d-938a-6edacd53b5e9","block_type":"box","text":"borrowed security. As a result, if a Fund makes shor t sales in securities that increase in value, it will likely","page_number":120,"box":{"x":69,"y":619,"width":758,"height":11}},{"id":"cf25b6fd-38f8-497a-9878-d1e0241e0b04","block_type":"box","text":"underper form similar mutual funds that do not make shor t sales in securities. A Fund will realize a gain on a shor t","page_number":120,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"dfb07807-10ed-4d56-aa5b-1f69d2335095","block_type":"box","text":"sale if the security declines in price between those dates. There can be no assurance that a Fund will be able to","page_number":120,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"e3ef7aa1-c601-49c2-b152-409ee1f8ba88","block_type":"box","text":"close out a shor t sale position at any par ticular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":120,"box":{"x":69,"y":665,"width":818,"height":11}},{"id":"6e9e6d65-bd10-4362-a001-6ed4ea21d7df","block_type":"box","text":"the price at which it sold the security shor t, its potential loss is limited only by the maximum attainable price of the","page_number":120,"box":{"x":68,"y":680,"width":821,"height":11}},{"id":"c0788451-57f1-408e-b85e-1b431010d26d","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":120,"box":{"x":69,"y":695,"width":640,"height":11}},{"id":"1f37e6d6-cd6a-4990-8c94-f62b410465ac","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":120,"box":{"x":101,"y":718,"width":673,"height":11}},{"id":"6a1785c9-cdcc-464b-a565-f2ab9b82bb9f","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its shor t sale","page_number":120,"box":{"x":101,"y":740,"width":721,"height":11}},{"id":"5b5f42fe-fb3c-4edb-90e9-e50661a6e8da","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":120,"box":{"x":69,"y":755,"width":791,"height":11}},{"id":"bb59131c-fe15-430b-9580-d4d8cc52cf36","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":120,"box":{"x":70,"y":770,"width":489,"height":11}},{"id":"5b8a0633-b4b0-46d8-9e5c-7b9676acbe67","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":120,"box":{"x":101,"y":793,"width":293,"height":11}},{"id":"e2ac21b3-a8a1-4f29-a173-99a2d64f141b","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":120,"box":{"x":400,"y":793,"width":504,"height":11}},{"id":"a5c437af-7cdf-4fc2-bbd0-5509404c92e9","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":120,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"f1c30247-a6f3-4c0e-a8b1-f84e8c3070e3","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":120,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"52ae661d-d79a-42d5-b97d-37ca9e469bf9","block_type":"box","text":"publicly traded company that raises investment capital via an IPO for the purpose of identifying and acquiring one or","page_number":120,"box":{"x":70,"y":838,"width":824,"height":12}},{"id":"09a42455-236e-44a8-83f3-5ae5ad8ce2a8","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":120,"box":{"x":69,"y":853,"width":821,"height":12}},{"id":"a38b3abf-523e-403a-841f-c51e0801b8d7","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":120,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"6f0c8b37-77f4-43ef-b64f-2bc440e7bf63","block_type":"box","text":"percentage (typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a SPAC","page_number":120,"box":{"x":70,"y":884,"width":826,"height":11}},{"id":"865abe04-9d54-4793-88a1-d9370b75e070","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":120,"box":{"x":69,"y":899,"width":809,"height":11}},{"id":"88d46005-c7c9-4c58-9593-f3ed3a0fe17e","block_type":"box","text":"II-72","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d3444ff0-f7e0-4c6e-aa7e-011f3bb2983f","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c350353-3707-4d1b-bb50-cf2039293c4a","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":121,"box":{"x":70,"y":45,"width":797,"height":11}},{"id":"d9b5516f-fbe2-4ac2-a205-8bae03e43f7a","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":121,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"b7c43f17-da58-4b9b-8dd7-9fcbbac0932a","block_type":"box","text":"within a pre-established period of time, the invested funds are returned to the SPAC’s public shareholders, the","page_number":121,"box":{"x":68,"y":75,"width":788,"height":11}},{"id":"b1a168ac-5df4-4539-80fc-c94fea6620ff","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":121,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"84170b02-7a47-4560-86e8-438c97229b6d","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":121,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"4a00ac5f-7a66-401e-b9a0-214bd0307718","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is","page_number":121,"box":{"x":68,"y":120,"width":817,"height":12}},{"id":"64f66beb-9c49-4009-be8b-80478a1fca0f","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":121,"box":{"x":70,"y":135,"width":802,"height":12}},{"id":"c51d83e3-97b2-4633-91f5-7df4462e2099","block_type":"box","text":"There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions","page_number":121,"box":{"x":68,"y":151,"width":826,"height":11}},{"id":"69aae765-cd9f-4eae-bb86-a29b1c4fbdc5","block_type":"box","text":"completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within","page_number":121,"box":{"x":69,"y":166,"width":838,"height":11}},{"id":"d79d995f-c193-4c52-bf2e-abb3a5c1535a","block_type":"box","text":"cer tain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":121,"box":{"x":69,"y":181,"width":806,"height":11}},{"id":"fa5261b3-a0fe-42d9-a2a5-cf010d3b7774","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":121,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"3fa8e1f4-63f3-4764-9e6b-04b13e47f512","block_type":"box","text":"Standby Commitment Agreements.","page_number":121,"box":{"x":101,"y":219,"width":255,"height":11}},{"id":"cbfeed31-159e-4045-8709-6f8e85131d81","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":121,"box":{"x":362,"y":218,"width":511,"height":12}},{"id":"e583cb3f-f8a1-4604-9ca4-027f24457edc","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to that Fund at the option of the issuer.","page_number":121,"box":{"x":68,"y":234,"width":834,"height":11}},{"id":"90f7b14e-21de-41ad-ae86-0e49fa6e83a0","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, the Fund","page_number":121,"box":{"x":68,"y":249,"width":831,"height":11}},{"id":"797f0466-3fdf-4635-b62e-b54ef324f27d","block_type":"box","text":"is paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":121,"box":{"x":70,"y":264,"width":819,"height":11}},{"id":"2378e62b-139f-4cea-9e23-16f7b6a368e4","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":121,"box":{"x":69,"y":279,"width":793,"height":11}},{"id":"d8d7c50f-c946-435b-80bd-f2242e315e72","block_type":"box","text":"advantageous to the Fund.","page_number":121,"box":{"x":69,"y":294,"width":188,"height":11}},{"id":"1e1734c1-4e0f-465b-8d6a-84bfa42a8d02","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the value of","page_number":121,"box":{"x":101,"y":317,"width":800,"height":11}},{"id":"d97cd67e-94bd-46e9-bc6e-baa43cfd08df","block_type":"box","text":"the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the","page_number":121,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"d1f4e3d1-9102-461d-9446-069c624ce840","block_type":"box","text":"security underlying the commitment is at the option of the issuer, the Fund may bear the risk of a decline in the value","page_number":121,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"02fa04e1-4fdc-4c96-bdcf-1481067b7202","block_type":"box","text":"of such security and may not benefit from an appreciation in the value of the security during the commitment period.","page_number":121,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"6c149b81-5b2c-4526-a4fc-4cd78e02b3a9","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":121,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"641de6f4-c732-45dc-9d47-50fb985038ed","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":121,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"4791d5e8-a3e7-4b26-bb6c-6da4e1f66187","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":121,"box":{"x":68,"y":415,"width":815,"height":11}},{"id":"3b5f2eb1-0016-46a0-afb7-42644dc65111","block_type":"box","text":"amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as","page_number":121,"box":{"x":69,"y":430,"width":792,"height":11}},{"id":"241b835b-f747-4641-a8b5-a0a31aa0a88f","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":121,"box":{"x":70,"y":445,"width":415,"height":11}},{"id":"dd986362-3501-404b-b11c-fa93e1c08fd6","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":121,"box":{"x":102,"y":468,"width":789,"height":11}},{"id":"dd274979-02b8-4194-b517-12de817d94a9","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":121,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"5ffac880-8519-4c31-a062-e674e90dac9f","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":121,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"1b74fdb1-1186-409c-be20-e84346f4fb93","block_type":"box","text":"at zero in determining NAV. Accordingly, where a Fund pays directly or indirectly for a standby commitment, its cost","page_number":121,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"afa48953-1511-4e21-a437-6da30d58829a","block_type":"box","text":"will be reflected as an unrealized loss for the period during which the commitment is held by such Fund and will be","page_number":121,"box":{"x":68,"y":528,"width":817,"height":12}},{"id":"23e8aae2-d48d-4aec-abb4-7cf382a723b1","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":121,"box":{"x":69,"y":543,"width":578,"height":12}},{"id":"e8f6b436-f510-4846-ba18-f5a06dad8974","block_type":"box","text":"Stripped Securities.","page_number":121,"box":{"x":101,"y":566,"width":143,"height":11}},{"id":"363e077c-bd60-4e0c-863d-111dcbf8ba45","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":121,"box":{"x":251,"y":566,"width":596,"height":11}},{"id":"a1a61545-4930-4970-8da5-b5b24804224a","block_type":"box","text":"components of an instrument and sells them as separate securities. In general, one security is entitled to receive the","page_number":121,"box":{"x":69,"y":581,"width":839,"height":12}},{"id":"174956bb-593c-47fc-b5f5-f69b5f63fe40","block_type":"box","text":"interest payments on the underlying assets (the interest only or “IO” security) and the other to receive the principal","page_number":121,"box":{"x":70,"y":597,"width":818,"height":11}},{"id":"0d6c60c7-ab12-4a3d-83d6-0dea8650d4f2","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":121,"box":{"x":70,"y":612,"width":813,"height":11}},{"id":"9f5e81c6-ffe1-4f1b-8aa3-42f1523a8d44","block_type":"box","text":"principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of","page_number":121,"box":{"x":70,"y":627,"width":777,"height":11}},{"id":"07670b74-e998-4a2d-aa53-b7a98f82d379","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":121,"box":{"x":70,"y":642,"width":802,"height":11}},{"id":"f425b11c-0156-4a55-bf65-6918e1fdc2be","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":121,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"d64bf68d-09d5-4e6e-ac03-77844d1011fa","block_type":"box","text":"principal, a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less","page_number":121,"box":{"x":70,"y":672,"width":837,"height":11}},{"id":"debd18c3-a27d-485c-b3d5-0fbeefd0f6b1","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":121,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"8d6b49e9-7497-4dfa-bab9-4d6d595d92a0","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":121,"box":{"x":69,"y":702,"width":494,"height":12}},{"id":"f59b1f05-8606-4b39-beca-e2d137b76f4b","block_type":"box","text":"Structured Notes.","page_number":121,"box":{"x":101,"y":725,"width":130,"height":9}},{"id":"ac22f557-a4ec-4d6f-9110-213c5419e795","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":121,"box":{"x":237,"y":725,"width":650,"height":11}},{"id":"f2ea25f6-0070-4046-8986-6a7b34007d8f","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":121,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"21e6ccc6-4132-4045-90ee-6937fb0e34fa","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes include","page_number":121,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"472a9159-40bd-4837-aece-f9143bb9d5b6","block_type":"box","text":"corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may increase","page_number":121,"box":{"x":69,"y":771,"width":831,"height":10}},{"id":"8048565f-5b7a-4213-8187-a97a86d4fed0","block_type":"box","text":"or decrease, depending upon changes in the value of the reference measure. The terms of a structured note may","page_number":121,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"922be70a-457f-4680-8637-fd1fe052fc67","block_type":"box","text":"provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested","page_number":121,"box":{"x":70,"y":801,"width":830,"height":11}},{"id":"ba7be0c3-f9f3-4b65-9318-c3172cc3eb1e","block_type":"box","text":"capital by a Fund. The interest and/or principal payments that may be made on a structured product may vary widely,","page_number":121,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"c29f68fd-251c-41c8-91db-4afb8c9276ec","block_type":"box","text":"depending on a variety of factors, including the volatility of the reference measure.","page_number":121,"box":{"x":69,"y":831,"width":585,"height":11}},{"id":"28f4438b-16e9-413e-afe8-ab26a1297250","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":121,"box":{"x":102,"y":853,"width":768,"height":12}},{"id":"179dfba4-e6f3-4cbb-a68e-dd7dcce71d3b","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":121,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"56f84ac7-667e-4f7c-8689-f14f19ead9f8","block_type":"box","text":"II-73","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b8656af1-20d4-4b85-8e4e-7ba2768a67fc","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dffd8282-b9d1-4124-bea9-46d2f431b718","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":122,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"43b0f7a4-7d82-4881-acf6-967a9fef1df0","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":122,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"48973331-2c59-4558-84f9-8d204bdca826","block_type":"box","text":"the risk of loss.","page_number":122,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"08e53f21-c269-4847-acde-da5792b6e155","block_type":"box","text":"The purchase of structured notes exposes a Fund to the credit risk of the issuer of the structured product.","page_number":122,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"3337adbd-1fc9-44bd-b13e-dd6f10f63368","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":122,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"7c2c0496-2796-49a8-97f8-4f3caf5cf2ee","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":122,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"3c1ea25d-a7e8-4ce9-b66b-073df1984851","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":122,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"4c49c300-0a42-4a18-979d-2c810c9020c2","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":122,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"368dbf74-d040-45b3-8172-48f9a2939d3e","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":122,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"20e43f45-7b0f-40eb-8813-88ec03a23c56","block_type":"box","text":"Taxability Risk.","page_number":122,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"1f14c906-a555-431e-92af-5847b6179cac","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":122,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"5b1bbef9-69b4-45ea-ab5a-ab4e871b73ef","block_type":"box","text":"investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to","page_number":122,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"627b2e70-ab0a-4bba-a7db-a568286dea67","block_type":"box","text":"the issuer and, in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will","page_number":122,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"d5e613b6-d00d-4a3d-945b-d2509ab4a375","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":122,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"e0bed094-2752-4c48-8b2b-f1955d409d5b","block_type":"box","text":"to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS","page_number":122,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"531b5aee-7e6d-4d4f-88e0-191614fd1e3a","block_type":"box","text":"may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to","page_number":122,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"5292528a-4519-460f-bfbf-8780d9eeb72c","block_type":"box","text":"do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be","page_number":122,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"9f460f9d-e8ea-4f7b-951b-c90119769fb6","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":122,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"7d913986-6974-44c2-87f9-aabc0b917f12","block_type":"box","text":"increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by the","page_number":122,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"2c37f0dd-b3bc-49ff-8b2f-a78963d8d83d","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":122,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"ddf4773b-3c5a-44b8-bd0f-96db12a2c4f5","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":122,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"7cb0ea24-4b62-4451-81ad-74557edcf10b","block_type":"box","text":"securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities","page_number":122,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"41c7ea9e-a083-49cb-8d5c-f490ff5a3d17","block_type":"box","text":"to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or","page_number":122,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"6bad9fc1-e73b-4ec7-a041-18288bfb87be","block_type":"box","text":"local intangible personal proper ty tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":122,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"ef03745e-e5a4-4062-93cd-f0ea1e3bc793","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":122,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"5ac46e3b-c415-438a-a5ae-93e03284fb79","block_type":"box","text":"the value of an investment in the Fund.","page_number":122,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"66be8088-2320-4142-8d31-c132f0503294","block_type":"box","text":"Temporary Defensive Measures.","page_number":122,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"0637cf4b-5d6f-4eb4-a071-d6fa002dd9e7","block_type":"box","text":"As a temporary defensive measure, for example, to respond to adverse market,","page_number":122,"box":{"x":339,"y":445,"width":567,"height":11}},{"id":"41227505-047d-4fe4-892d-163f12b94340","block_type":"box","text":"economic, political or other conditions, if its Manager determines that market conditions warrant, a Fund may depar t","page_number":122,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"dee477a2-12c1-4aeb-a55f-79f1b5e643f8","block_type":"box","text":"from its principal investment strategies and may invest without limitation in high quality money market instruments.","page_number":122,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"dfb68465-45de-465a-8de2-7cc6372e0438","block_type":"box","text":"Cer tain Funds may also invest in high quality money market instruments pending investment or to meet anticipated","page_number":122,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"488c1f38-7587-4d7b-9867-4630308898f2","block_type":"box","text":"redemption requests. High quality money market instruments include U.S. Government obligations, U.S. Government","page_number":122,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"d2e7dd0e-6388-4530-b6f0-689196074d1e","block_type":"box","text":"agency obligations, dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries","page_number":122,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"9ff108ca-6cb8-44cb-9f5d-a169372e42ca","block_type":"box","text":"and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of","page_number":122,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"40c97836-7e19-46f0-ab96-098138034db2","block_type":"box","text":"supranational organizations. Generally, such obligations will mature within one year from the date of settlement, but","page_number":122,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"d6ba22c6-8840-4649-86b0-b583338bbb22","block_type":"box","text":"may mature within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability","page_number":122,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"9581d21b-53c0-4e30-8f43-f90ca53c08cc","block_type":"box","text":"to achieve its investment objective.","page_number":122,"box":{"x":68,"y":582,"width":251,"height":10}},{"id":"df23f461-aade-467a-af00-fe468a96b03d","block_type":"box","text":"U.S. Government Obligations.","page_number":122,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"8356a854-0021-4d82-a82c-c100650a849f","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":122,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"38cd7c01-e8ec-4494-9389-bd2d114dba66","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":122,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"566ea1d2-8894-4d69-8031-2a9d24446af2","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":122,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"f3372ef1-8ce6-4f07-9bc8-84308351a180","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":122,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"6711a3f3-d324-402c-9d30-47311c127780","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":122,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"d3c83e34-50fc-4ce5-9ac6-992b4b1cdcc0","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":122,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"e4941b55-1b74-4325-b0d8-21644f13e879","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":122,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"f629688f-7eb6-4ebc-b57d-6187cf183083","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":122,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"3a5728c2-adae-4657-8ccc-8f0756b22685","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":122,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"970acb83-1e25-47bc-b67e-de71d7a7693c","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":122,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"8f301085-2e52-413d-87d7-5c08093856a4","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":122,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"cde128c2-ca0f-4812-95e7-a304af26b069","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":122,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"0c6b97c3-9a87-428c-992b-b85015147422","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S. Treasury Bills,","page_number":122,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"44783c8d-f0e4-405b-8576-f3cdf00a136f","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":122,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"fcaf408f-9b88-41bf-a9b1-c215918ee315","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":122,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"397b00ee-482f-41f1-8dda-161a24e97906","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":122,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"03d01ccb-23ea-4641-a6be-012a07278064","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":122,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"aedd4c15-546f-44c2-a385-7a5cd1741d5a","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":122,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"4c51d1cb-b6d5-414f-855d-17a443ebe0ca","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":122,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"81c3b2bd-22b7-4112-9a9c-00a694f4b935","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":122,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"cc1e17cd-3530-4686-bc6f-ad73f19984f0","block_type":"box","text":"II-74","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f0f61855-f4cd-43c5-8018-6220a0994a56","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e8d7ec92-cd70-45b8-920e-f53fa22b2bad","block_type":"box","text":"U.S. Treasury Obligations.","page_number":123,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"6928b8ab-5793-443d-b634-0c35ae15d4d8","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":123,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"3fdbc677-0a79-4b4d-becd-eff5ded6edaf","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":123,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"5defaf1a-4eba-445a-98ef-d98a7513670b","block_type":"box","text":"of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given","page_number":123,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"a3ca85ae-4d96-4cfa-9800-4eca18bba3a7","block_type":"box","text":"that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated by law to","page_number":123,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"e9123a1e-9eff-4166-9723-ef647e3eac5f","block_type":"box","text":"do so.","page_number":123,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"10f605ed-942e-45c4-9321-5b5b14a64788","block_type":"box","text":"U.S. Treasury Rolls","page_number":123,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"3eb98e6b-6902-4e40-a29c-2f314e6a5ed9","block_type":"box","text":".","page_number":123,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"affb36ce-03ef-47f8-9da2-5ae21f2ca7ae","block_type":"box","text":"Cer tain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":123,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"720267c7-0121-455e-8f57-9644c2461285","block_type":"box","text":"sells a treasury security to a counterpar ty with a simultaneous agreement to repurchase the same security at an","page_number":123,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"25f1b705-461a-45af-978f-096592cf4d08","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":123,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"2767e9f8-32d3-4555-8dac-4020105f7a74","block_type":"box","text":"maturity of a Fund’s por tfolio and increase the interest yield on the Fund’s por tfolio by extending the average maturity","page_number":123,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"97474b5d-9b93-45d9-b5c7-451e61d11dec","block_type":"box","text":"of the por tfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":123,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"bea57491-4a2f-40e2-9019-7d35d7155c8a","block_type":"box","text":"roll, a Fund continues to earn interest on the securities it is selling; however, it does not earn interest on the","page_number":123,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"d157df18-4b88-4288-97b6-82f2b8b2af46","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an oppor tunity loss if the counterpar ty","page_number":123,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"b91738be-b5df-4169-a97a-2a0fa4fe63a1","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":123,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"59409f17-29b2-48c5-a000-6fa6d76f384c","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed upon","page_number":123,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"bdb8b1f4-a6ea-44f3-9342-12fc428e6baf","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":123,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"735b2233-9191-4bc7-928c-60ceeb578e34","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":123,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"9fd73eab-4669-436c-a37c-ba4fb750f9cf","block_type":"box","text":"Utility Industries.","page_number":123,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"2695bf9b-0cfe-40f8-8119-67b58a3ac3f6","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":123,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"77e72bd3-d413-4309-a395-25e95ae5beef","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":123,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"207722e8-62e0-4412-b13e-2e9d1eab92d0","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":123,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"1bdf046a-39ae-4c3e-add2-aef8ec6c8ebc","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":123,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"3b2e01ab-aad7-411b-92ae-f7aafe705b84","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":123,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"50aac33b-7367-40ae-892b-5417fed20cf9","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":123,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"95107a57-82d2-40c3-9c28-56cf87c20c25","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":123,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"6ace6d0d-004b-459d-a8ff-01bdb6254629","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":123,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"ff9aa862-95fd-46e1-9c3e-7ea7ab94cb44","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":123,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"f59b59cf-738b-4cb8-a94d-99201715fa4a","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":123,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"2af76fd9-0c78-4e3c-a912-7ee295c2a114","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":123,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"19808e97-d494-43a8-bc8e-d3b0d15e1302","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":123,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"e40ae3e7-5af5-4a0b-a0d7-60fc0ef289a3","block_type":"box","text":"authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":123,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"630cae0b-78f8-4f48-a830-195cadc42178","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":123,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"0e255dc8-03f8-4547-a1fb-a6859251e707","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Cer tain of the issuers of securities","page_number":123,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"32ce4ef8-e88e-40d1-858a-1a7276d72481","block_type":"box","text":"held in the Fund’s por tfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":123,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"31109b81-b84b-4904-ad5e-6ee50433b213","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":123,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"98548125-1cf0-4fc0-b014-09b180b066c4","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":123,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"a61fadcb-e81d-4ac9-bed2-14a5bc0b8721","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, par ticularly a hydro-based electric","page_number":123,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"00955b45-917f-4090-a3af-fad125767b74","block_type":"box","text":"utility.","page_number":123,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"851e2d77-c69d-447c-87c0-6d49df1b1308","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":123,"box":{"x":102,"y":619,"width":789,"height":11}},{"id":"8900e265-755f-4417-89f6-15bc0fae6e3a","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":123,"box":{"x":69,"y":634,"width":790,"height":12}},{"id":"db408592-2b59-4232-be8b-320d901520e2","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":123,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"5ea23ebc-cac1-4ea1-9d85-3bf5fb14663c","block_type":"box","text":"regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that","page_number":123,"box":{"x":69,"y":664,"width":824,"height":12}},{"id":"9060873a-8ce1-4ba6-a3aa-9bdacfc382cd","block_type":"box","text":"the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and","page_number":123,"box":{"x":68,"y":680,"width":781,"height":11}},{"id":"567a561c-8711-4cab-bf2f-2eca8a54c218","block_type":"box","text":"continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will","page_number":123,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"f256053e-895d-4b26-8e96-0653ccdf6720","block_type":"box","text":"continue in the future.","page_number":123,"box":{"x":69,"y":710,"width":156,"height":9}},{"id":"e40afc34-8aa4-46b4-931e-884bfe304ab0","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in foreign","page_number":123,"box":{"x":101,"y":732,"width":763,"height":12}},{"id":"8abca544-afbb-4480-b478-52f1bb52a70b","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":123,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"9e678a95-dbbc-4ac2-b0ea-46c751089403","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":123,"box":{"x":70,"y":763,"width":834,"height":11}},{"id":"0436322c-cf17-4ac0-8592-9388aae2b1ef","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":123,"box":{"x":69,"y":778,"width":784,"height":11}},{"id":"3ab8f4cb-ec0b-4d49-a7c5-13994f2a83db","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":123,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"abe163cb-f859-4e0b-970a-19fff9012e7e","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":123,"box":{"x":68,"y":808,"width":809,"height":11}},{"id":"57132d4e-651b-4ef3-99c5-7346682c9afc","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":123,"box":{"x":69,"y":823,"width":834,"height":12}},{"id":"767563d5-be8d-449c-93d6-85962e5fea30","block_type":"box","text":"utility companies being able to earn more than their traditional regulated rates of return, while others may be forced","page_number":123,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"e9fcd56a-64ba-4de3-afaa-d476cd82e4d8","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":123,"box":{"x":68,"y":853,"width":840,"height":12}},{"id":"14d08b95-49e3-4911-9cc7-e8a65d4f1a9a","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":123,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"830d22c6-4ef3-4dff-a15a-24d21c7002c8","block_type":"box","text":"rates. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from these","page_number":123,"box":{"x":69,"y":884,"width":780,"height":11}},{"id":"1fc8ae8c-d7df-469c-9826-e36a663c52f2","block_type":"box","text":"structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":123,"box":{"x":69,"y":899,"width":785,"height":11}},{"id":"3a7c8232-b3b6-44ce-9364-5198a0440415","block_type":"box","text":"II-75","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0c5aa84d-a751-402c-9453-c4e5c8bc0de9","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7704411f-1abe-42f8-bf62-cb05507f3799","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":124,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"0245e598-0caf-4e68-aa68-c1c8310cbf68","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":124,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"4b914122-1c6a-46c7-a155-917b2e392c31","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":124,"box":{"x":68,"y":75,"width":762,"height":11}},{"id":"893da6dc-867d-46bb-9287-69104b8749a6","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":124,"box":{"x":68,"y":90,"width":815,"height":11}},{"id":"dac66a34-f680-4a41-8e62-05b523d4d9fa","block_type":"box","text":"than those used in the United States, which may require such utilities to invest in pollution control equipment to","page_number":124,"box":{"x":68,"y":105,"width":801,"height":11}},{"id":"64befbbb-2c0f-4c7e-90af-35c9370566a8","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":124,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"4a9b53f0-aa4d-4e36-8039-96c970a19f62","block_type":"box","text":"ways different from regulation in the United States.","page_number":124,"box":{"x":68,"y":135,"width":365,"height":12}},{"id":"3abc771f-0d07-4298-8b50-aea3966f8669","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":124,"box":{"x":101,"y":158,"width":745,"height":11}},{"id":"9c49610b-01cd-458e-aa44-b0efd373a9ec","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":124,"box":{"x":68,"y":173,"width":790,"height":11}},{"id":"b58850a2-ffa7-4bf0-b4f8-94e590485174","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":124,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"02aff7a9-36c7-402a-9429-eea0457bb31f","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":124,"box":{"x":69,"y":203,"width":810,"height":12}},{"id":"06eae04b-d11e-405d-abaf-21be73e45d4f","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":124,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"4bc50ef0-f664-431a-9d01-5c4dc9e15b73","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":124,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"8edfeef5-9a63-4d95-95a6-99d03b253927","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":124,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"4ba2ac30-da4b-41ce-98a4-1c012932726b","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":124,"box":{"x":69,"y":264,"width":786,"height":11}},{"id":"4918e03e-17f0-4e9f-b575-19eb3ee7ca5f","block_type":"box","text":"increase.","page_number":124,"box":{"x":70,"y":279,"width":63,"height":9}},{"id":"9894c9be-4018-4b8a-8bc5-24defe487180","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":124,"box":{"x":101,"y":302,"width":793,"height":11}},{"id":"492bc79e-4bef-40ba-8600-4d56298d92c4","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":124,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"bc4be310-bdbb-4caf-9d88-d21a8979df31","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":124,"box":{"x":69,"y":332,"width":619,"height":11}},{"id":"7b914f78-e9de-4e2b-876a-fbc831460204","block_type":"box","text":"Electric.","page_number":124,"box":{"x":102,"y":355,"width":54,"height":9}},{"id":"0f8d0917-4159-48d3-8fe5-35cd46de884e","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":124,"box":{"x":163,"y":355,"width":684,"height":11}},{"id":"ea4b789f-4d93-4381-8f40-6556eadd85b9","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":124,"box":{"x":68,"y":370,"width":793,"height":11}},{"id":"23e5f795-f383-403a-a399-48d78c319259","block_type":"box","text":"electric utility companies, in general, have been favorably affected by lower fuel and financing costs and the full or","page_number":124,"box":{"x":69,"y":385,"width":814,"height":11}},{"id":"57db4faa-ae29-473c-8497-d05796eb613a","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":124,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"b6d4677b-b1ff-40c4-ba06-187bf0b1cc0a","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":124,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"4ca84fbc-6547-445a-9a0a-9d13c15c29b0","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":124,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"a6d074ce-2d60-4045-8e54-9630184352e8","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":124,"box":{"x":68,"y":446,"width":803,"height":11}},{"id":"d476c08c-ca6a-4441-ab88-8cb0a3263df9","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":124,"box":{"x":70,"y":460,"width":778,"height":12}},{"id":"80b53151-9e1a-4b2b-8be7-6e982b58f88e","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":124,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"6809dd1d-ff98-4989-b6a7-77329ccd9b56","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":124,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"25ee53dc-bd5f-4c46-8259-bac413c4df2e","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":124,"box":{"x":69,"y":506,"width":786,"height":11}},{"id":"85a2a68c-3155-4ff1-91ae-2005f1962248","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in par t with customers. In a period of rising interest","page_number":124,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"eb1dd960-1300-496d-be2c-3ab747da8e6d","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":124,"box":{"x":69,"y":536,"width":775,"height":11}},{"id":"9f1dedfc-b95a-48d9-b8cb-39d9c7b59530","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":124,"box":{"x":69,"y":551,"width":770,"height":11}},{"id":"110e71ce-da4a-455c-bbfd-9361b7482afc","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":124,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"a7094849-7988-4481-9a47-9051876a0c36","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":124,"box":{"x":69,"y":581,"width":800,"height":12}},{"id":"2b1e74b1-34b5-42ce-8396-61ea9dd75c5e","block_type":"box","text":"costs in rate authorizations or the risk that a company may not be permitted to operate or complete construction of a","page_number":124,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"06337f9c-f6fd-4d45-aabe-ce912b82a440","block_type":"box","text":"facility. In addition, operators of nuclear power plants may be subject to significant costs for disposal of nuclear fuel","page_number":124,"box":{"x":68,"y":612,"width":826,"height":11}},{"id":"4d753ba6-68d9-42b5-8762-de3b5399033c","block_type":"box","text":"and for decommissioning such plants.","page_number":124,"box":{"x":69,"y":627,"width":270,"height":11}},{"id":"c93e8925-a3d5-4a99-af75-ae9d7419cd1e","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":124,"box":{"x":101,"y":649,"width":776,"height":12}},{"id":"118f6866-2b32-4816-816d-8b73a700dada","block_type":"box","text":"impacted to a greater extent in the future by the division of their asset base. Electric utility companies that focus","page_number":124,"box":{"x":70,"y":664,"width":802,"height":12}},{"id":"109904b4-26ea-4399-901f-22da100f021d","block_type":"box","text":"more on the generation of electricity may be assigned less favorable ratings as this business is expected to be","page_number":124,"box":{"x":69,"y":680,"width":791,"height":11}},{"id":"bbaf0002-3b18-4b00-84a9-91780a6414ad","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":124,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"31b22d04-10c9-47b0-a39c-c378d6f7e96b","block_type":"box","text":"is expected to be the least competitive and the more regulated par t of the business, may see higher ratings given the","page_number":124,"box":{"x":70,"y":710,"width":838,"height":11}},{"id":"dbab3fde-77b6-4f95-87d7-b150af8d4cb7","block_type":"box","text":"greater predictability of cash flow.","page_number":124,"box":{"x":68,"y":725,"width":239,"height":11}},{"id":"2fd2e5bc-77a4-489e-afd7-5b861745ccd7","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":124,"box":{"x":101,"y":748,"width":801,"height":11}},{"id":"3f2b30f4-aabc-4105-86ee-f38e0c914027","block_type":"box","text":"the industry as a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased","page_number":124,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"926278b4-22b1-4f9c-a70c-b0c003fc88be","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":124,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"b9c4ec88-9c59-474d-93c3-fa38b19a305b","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":124,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"895a9bbc-9b6e-492d-b7e2-5d272d7d35cc","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":124,"box":{"x":68,"y":808,"width":803,"height":11}},{"id":"4232e581-86c6-4532-bb02-d4cd308778b7","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":124,"box":{"x":69,"y":823,"width":777,"height":12}},{"id":"81fc09b0-29b8-49c2-bcd9-c85284ef7174","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":124,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"4ce218b3-5edf-447c-9263-f3ed7a9e73cd","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":124,"box":{"x":68,"y":854,"width":835,"height":11}},{"id":"032733ce-3d88-4638-aa66-fe5803864642","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":124,"box":{"x":69,"y":869,"width":700,"height":11}},{"id":"e8d71012-5982-41b6-9a1a-34656eba7014","block_type":"box","text":"Telecommunications.","page_number":124,"box":{"x":103,"y":891,"width":147,"height":9}},{"id":"f3daef95-6320-415b-a3ff-86d081fef663","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":124,"box":{"x":256,"y":891,"width":652,"height":11}},{"id":"9723d696-9d7e-4942-b61e-a8bd7855fe87","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":124,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"89f3e234-1c0d-4208-b5d3-1f0f32ebd31b","block_type":"box","text":"II-76","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"af577589-55e0-4419-98b4-e3c0bc5d6896","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af4da014-23aa-45f7-bc09-8e91c1da1e99","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":125,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"a7407dcb-e471-41d1-a5c8-a8101ef4a312","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":125,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"5406d59b-050a-4975-8cb6-2487d0961498","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":125,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"c226cea3-e3fd-477f-92ef-f6f34aaf28c2","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":125,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"a15193ff-4a13-421d-a2c4-72c2f39751ea","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":125,"box":{"x":69,"y":105,"width":790,"height":11}},{"id":"ca9c7b18-8e18-49a4-aebd-1b31ff130440","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":125,"box":{"x":70,"y":120,"width":788,"height":12}},{"id":"4a9d0033-acf5-4fc7-adb8-28b0e23228be","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":125,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"af87e9c6-ab12-4a98-9054-a94c13d3c053","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":125,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"9d94caf0-37ea-4b97-b485-107e83924386","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":125,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"96dcc673-2148-4103-b753-3f9e4a404504","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":125,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"506a1457-51f5-4c1a-a9f9-ed511ef4fd50","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":125,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"593d0769-10f5-44d5-8838-f004e7051d94","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":125,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"cf608ebe-1d52-4b08-9257-9d4f9b81df25","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":125,"box":{"x":68,"y":226,"width":804,"height":11}},{"id":"f32c0ca5-a57a-42d9-82e1-537ff06f598b","block_type":"box","text":"residential, corporate and governmental customers.","page_number":125,"box":{"x":69,"y":241,"width":367,"height":11}},{"id":"f0561d7e-bf04-468b-a033-c0aa41e368a3","block_type":"box","text":"Gas.","page_number":125,"box":{"x":102,"y":264,"width":31,"height":9}},{"id":"993a8346-b0c0-4ed9-94a6-945e4cd9c732","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":125,"box":{"x":139,"y":264,"width":740,"height":11}},{"id":"8222cb5f-ba20-4309-a10b-ad3969eee0ab","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":125,"box":{"x":70,"y":279,"width":834,"height":11}},{"id":"4d12fdae-5bd9-420f-a44c-30185cee3e30","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":125,"box":{"x":70,"y":294,"width":756,"height":11}},{"id":"0e9b2f60-6544-4a6c-b749-a8dbdbc72e0a","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":125,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"bf9c90e7-b75d-4e43-a70f-866369b8d39b","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":125,"box":{"x":69,"y":324,"width":801,"height":11}},{"id":"1c39f1f1-9af1-4fc3-a5c6-5609815dd387","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":125,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"d57eca53-dc16-47e0-a942-65194b82d34c","block_type":"box","text":"outlook in the future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":125,"box":{"x":69,"y":355,"width":782,"height":11}},{"id":"fdbbcc81-45ec-4f64-9e1e-c1bcd7d437e8","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":125,"box":{"x":70,"y":370,"width":829,"height":11}},{"id":"6feb3f6e-616c-4d9b-ba89-1176648d0ab8","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":125,"box":{"x":70,"y":385,"width":691,"height":11}},{"id":"437c716c-6c41-4da2-9ecf-3c215e3e6e57","block_type":"box","text":"Water.","page_number":125,"box":{"x":103,"y":408,"width":42,"height":8}},{"id":"46a8f730-0aff-4870-8470-039b9ae9ac35","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":125,"box":{"x":151,"y":407,"width":754,"height":12}},{"id":"ed31b0d5-775c-43ec-bfbf-32a1df54c237","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":125,"box":{"x":69,"y":423,"width":796,"height":11}},{"id":"bf1d5d78-6d8b-457d-ad79-55ec4ffb0f26","block_type":"box","text":"Companies in this industry are generally mature and are experiencing little or no per capita volume growth. In the","page_number":125,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"6d2a6968-7d97-48b0-88ef-7421b3c78cf2","block_type":"box","text":"opinion of the Manager, there may be oppor tunities for cer tain companies to acquire other water utility companies","page_number":125,"box":{"x":69,"y":453,"width":814,"height":11}},{"id":"89c0f87d-7274-4120-9154-44237986383a","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":125,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"f06bebf6-d713-458b-b5bd-0f3d260dc96f","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":125,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"7efa006e-d979-4063-92b3-1b12275a81fa","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":125,"box":{"x":69,"y":498,"width":662,"height":11}},{"id":"c9ead9ff-0a4d-476e-b616-8fd8d1034666","block_type":"box","text":"Utility Industries Generally.","page_number":125,"box":{"x":103,"y":521,"width":186,"height":11}},{"id":"916a5f40-9c50-49ee-80b9-f696a1c47ab7","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":125,"box":{"x":296,"y":521,"width":584,"height":11}},{"id":"58217c72-ab18-4daa-9fbc-f4c1e1b1a6ce","block_type":"box","text":"those relating to privatization and changing regulation, will occur or that risk factors other than those noted above will","page_number":125,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"1d662716-65b9-4ad0-9353-c10bf71ec228","block_type":"box","text":"not develop in the future.","page_number":125,"box":{"x":69,"y":551,"width":178,"height":11}},{"id":"f3bd4d5f-24a5-480a-8d9b-6c1b258d9160","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":125,"box":{"x":103,"y":574,"width":585,"height":11}},{"id":"fff4c411-bff8-447b-8c1c-1b148fb928f9","block_type":"box","text":"A Fund may purchase or sell","page_number":125,"box":{"x":694,"y":574,"width":200,"height":11}},{"id":"ce8d6fca-4efd-4d4e-87f9-4867e8c6764c","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":125,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"359b1a8e-fc6d-45ce-ab14-57e85f09eca0","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":125,"box":{"x":69,"y":604,"width":777,"height":11}},{"id":"59c83cb8-d740-4858-9c3e-97f6c51cf8aa","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":125,"box":{"x":68,"y":619,"width":820,"height":11}},{"id":"27b6a06b-ab43-4a12-8fc4-39610da81d6b","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":125,"box":{"x":68,"y":634,"width":807,"height":12}},{"id":"492be5b1-c023-40e7-abae-3777f6f5dbbe","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":125,"box":{"x":70,"y":649,"width":430,"height":12}},{"id":"6ffb7b29-850a-419a-8350-51748b53606c","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":125,"box":{"x":102,"y":672,"width":750,"height":11}},{"id":"94176c39-2c45-42c9-b570-8a8fca414083","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":125,"box":{"x":70,"y":687,"width":823,"height":11}},{"id":"8fb6213f-9d87-4e40-9cfc-f4752adfdaff","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions.","page_number":125,"box":{"x":69,"y":702,"width":587,"height":12}},{"id":"ff8b6b0f-7333-42a9-a242-2abdfb7835c4","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":125,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"d2cd4bf9-c91b-4019-8fbe-a04b5b6e4b17","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":125,"box":{"x":70,"y":740,"width":823,"height":11}},{"id":"b4a863c7-4e14-40c0-a346-961abc8b0f4f","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":125,"box":{"x":69,"y":755,"width":838,"height":11}},{"id":"e556bd66-78c4-46bc-80f2-7874efaecc74","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":125,"box":{"x":68,"y":770,"width":839,"height":11}},{"id":"59fb5645-36f1-4459-b32a-3c0852044c25","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":125,"box":{"x":70,"y":785,"width":824,"height":12}},{"id":"5df9d3eb-052a-4420-9a8b-c68979c75814","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":125,"box":{"x":102,"y":808,"width":776,"height":11}},{"id":"bfc5e940-9de3-46ad-ad75-1e2e7ea3e5c4","block_type":"box","text":"after it has been entered into, and may sell securities it has committed to purchase before those securities are","page_number":125,"box":{"x":69,"y":823,"width":795,"height":11}},{"id":"5980c62e-5f2e-456e-bb63-65330fc37807","block_type":"box","text":"delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable capital gain or loss.","page_number":125,"box":{"x":69,"y":839,"width":799,"height":11}},{"id":"e8806c31-0d40-4d67-9da3-eeb65a1df64e","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":125,"box":{"x":101,"y":861,"width":784,"height":11}},{"id":"cb28640f-ba60-46d8-b645-d0f413ccf811","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":125,"box":{"x":69,"y":876,"width":772,"height":11}},{"id":"9029f319-25f8-4783-825a-780978324f11","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":125,"box":{"x":69,"y":891,"width":434,"height":12}},{"id":"52e157f0-052d-40bf-a5d5-b0b7122810ff","block_type":"box","text":"II-77","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bc7e1d77-738d-413e-8263-659218761773","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"593f9261-7eaa-4fc6-aa75-21cf18cfb9d5","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":126,"box":{"x":101,"y":45,"width":745,"height":11}},{"id":"d0a4609d-6fa4-4284-b893-d278eb8d05fc","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":126,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"32cbc147-a669-4cde-a092-15a49d3dfec7","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":126,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"d512d341-90e3-4fa4-812f-79efc754b4c1","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":126,"box":{"x":68,"y":90,"width":514,"height":11}},{"id":"8e39b359-25ba-427d-9169-34a3dd01aa63","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":126,"box":{"x":102,"y":113,"width":759,"height":11}},{"id":"4550fca8-13c4-47a8-83fc-e71c4f0782d5","block_type":"box","text":"securities (","page_number":126,"box":{"x":69,"y":128,"width":78,"height":11}},{"id":"8e658991-179f-4471-8156-851e8d8461af","block_type":"box","text":"e.g.","page_number":126,"box":{"x":148,"y":129,"width":25,"height":10}},{"id":"927f4c41-7c34-42d8-aa8e-fc1fd55bd23b","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":126,"box":{"x":176,"y":128,"width":686,"height":11}},{"id":"dfd30561-8774-4d83-b761-e7b60eab7c3c","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":126,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"6b66e4b9-ed16-4812-8681-6ffab391f72b","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":126,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"3b62bc66-a295-47cd-bbaf-835f8b08de2b","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":126,"box":{"x":69,"y":173,"width":802,"height":11}},{"id":"e6344df7-09b6-4775-ade8-de7e06492baa","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":126,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"6c08ee4d-f518-46b5-a792-f6e25784f04e","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":126,"box":{"x":70,"y":203,"width":816,"height":12}},{"id":"20bd4ef6-398e-4551-bbc9-ab0d45adb38b","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":126,"box":{"x":70,"y":218,"width":349,"height":12}},{"id":"94dc568d-8a3f-4235-82f8-6e17420fdb8e","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":126,"box":{"x":102,"y":241,"width":743,"height":11}},{"id":"eb19c7c2-376b-413b-aecd-eff4d4caa973","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many agreements with","page_number":126,"box":{"x":69,"y":256,"width":833,"height":12}},{"id":"07b8c7a3-3591-4dfe-af91-d3b3b37827bf","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":126,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"7879da30-db98-4e04-87b8-38cb37758d08","block_type":"box","text":"counterpar ties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":126,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"5446aab8-e08d-49bc-a210-11071e0674c0","block_type":"box","text":"rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or its affiliates are subject to","page_number":126,"box":{"x":69,"y":302,"width":797,"height":11}},{"id":"5104f9de-1975-4a88-ace7-acef96f22167","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":126,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"6122c69a-8d35-48ab-8b63-299c10fdb534","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":126,"box":{"x":69,"y":332,"width":807,"height":11}},{"id":"5a6ca749-0310-4042-a6a1-a69fd73f4261","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":126,"box":{"x":68,"y":347,"width":812,"height":11}},{"id":"9bba6307-c29a-4337-80a8-424daae3f81b","block_type":"box","text":"agreements.","page_number":126,"box":{"x":69,"y":363,"width":87,"height":10}},{"id":"60ecd358-c114-4237-b330-73d1b1e001a8","block_type":"box","text":"Yields and Ratings.","page_number":126,"box":{"x":103,"y":385,"width":139,"height":11}},{"id":"02c6bfad-cb5f-48cd-903f-a82ea5bfb288","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":126,"box":{"x":247,"y":385,"width":628,"height":11}},{"id":"cb67c3eb-3bd0-4e40-a0c9-b2a694f52901","block_type":"box","text":"market conditions, conditions in the par ticular market for the obligation, the financial condition of the issuer, the size","page_number":126,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"d7c2fbb6-08ae-48fa-b90a-321f9b717f4d","block_type":"box","text":"of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, Fitch and S&P","page_number":126,"box":{"x":69,"y":415,"width":799,"height":11}},{"id":"18b94958-b1ff-44f9-a829-98ce2d15c7a7","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they under take to rate. Ratings, however, are","page_number":126,"box":{"x":69,"y":430,"width":824,"height":11}},{"id":"c366ccd3-fbed-49a4-9f5a-a7e0bc507a8f","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":126,"box":{"x":68,"y":445,"width":792,"height":12}},{"id":"f3abbf68-7021-48fa-814e-ee25a16d26a8","block_type":"box","text":"interest rate may have different market prices. Subsequent to its purchase by a Fund, a rated security may cease to","page_number":126,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"62aaccbc-ce68-4a33-8731-b6e75b681d23","block_type":"box","text":"be rated. A Fund’s Manager or sub-adviser will consider such an event in determining whether the Fund should","page_number":126,"box":{"x":69,"y":476,"width":786,"height":11}},{"id":"794cf74b-2fae-4157-ba3c-10cf8421c987","block_type":"box","text":"continue to hold the security.","page_number":126,"box":{"x":69,"y":491,"width":204,"height":11}},{"id":"5751afb7-accc-4057-9eb0-b5d1b5ebbf07","block_type":"box","text":"Zero Coupon Securities.","page_number":126,"box":{"x":102,"y":513,"width":175,"height":11}},{"id":"8358b8ec-76f3-4397-ab11-748717ea3999","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":126,"box":{"x":283,"y":514,"width":601,"height":10}},{"id":"aa9da57a-11d8-469f-813b-150e72a0f942","block_type":"box","text":"not pay interest during the life of the security. The discount approximates the total amount of interest the security will","page_number":126,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"767a71ed-07dc-47f8-ab50-b13acd127585","block_type":"box","text":"accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at","page_number":126,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"0ce63ab7-5d34-446c-a107-8c73cfb670c6","block_type":"box","text":"the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the","page_number":126,"box":{"x":68,"y":559,"width":814,"height":11}},{"id":"c7576f22-4ff8-4c3d-8762-beb9a5b18571","block_type":"box","text":"security.","page_number":126,"box":{"x":69,"y":574,"width":57,"height":11}},{"id":"933768ae-02aa-40ef-9441-f2dbc6e51026","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":126,"box":{"x":101,"y":596,"width":749,"height":12}},{"id":"34ab57c2-edfd-4d08-b018-d7e225b87404","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":126,"box":{"x":69,"y":612,"width":835,"height":11}},{"id":"da67e54b-3cde-40c4-9df0-70dfa5805b42","block_type":"box","text":"owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original","page_number":126,"box":{"x":69,"y":627,"width":833,"height":11}},{"id":"03a20825-73b7-4216-b026-8edb953c4f19","block_type":"box","text":"investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of","page_number":126,"box":{"x":70,"y":642,"width":836,"height":11}},{"id":"8307101a-23b3-4a83-bc78-85521286407b","block_type":"box","text":"earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit","page_number":126,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"e7e87e04-d6a5-4439-8427-38987d2bee2d","block_type":"box","text":"yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the","page_number":126,"box":{"x":68,"y":672,"width":824,"height":11}},{"id":"72d01c20-aa8d-46d0-b009-87240142fc7d","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":126,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"e52e24fa-89fb-450d-976f-5d9359cb86f4","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":126,"box":{"x":70,"y":702,"width":837,"height":12}},{"id":"016d1c59-5ca0-4ca2-ae3d-8eb46f695443","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":126,"box":{"x":69,"y":718,"width":791,"height":10}},{"id":"79cc3ffc-b4a5-4b21-ad59-93e9bf732fd2","block_type":"box","text":"benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to","page_number":126,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"75b2ec22-3360-415b-95e3-5d3e00b754e6","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":126,"box":{"x":69,"y":748,"width":400,"height":11}},{"id":"736b8b07-0d02-4db7-b6af-c8e8faba02ed","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":126,"box":{"x":101,"y":770,"width":775,"height":12}},{"id":"52a2b972-ceb7-451d-91ba-39baf929708a","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":126,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"8cbf2a93-4b07-4a2e-aa30-87f9468078ae","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":126,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"c50f4f87-4f0e-4913-9ff1-fa248bf7fb50","block_type":"box","text":"intervals.","page_number":126,"box":{"x":70,"y":816,"width":64,"height":9}},{"id":"c2fd0960-100d-40a6-8015-60854af0ee66","block_type":"box","text":"Fur ther, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":126,"box":{"x":102,"y":838,"width":749,"height":12}},{"id":"6484aaed-b225-4fec-8f3d-0daf0f8be1bf","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":126,"box":{"x":69,"y":853,"width":784,"height":12}},{"id":"3960edbb-6754-4d56-a06f-3b2739bfe6f3","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":126,"box":{"x":70,"y":869,"width":799,"height":11}},{"id":"f4b0da54-cb2e-4e1d-a74a-7919cfacc0d7","block_type":"box","text":"generate the cash to satisfy these distributions. The required distributions may result in an increase in a Fund’s","page_number":126,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"65b0afc9-b45e-4ddd-8151-a8092e6f8c87","block_type":"box","text":"exposure to zero coupon securities.","page_number":126,"box":{"x":69,"y":899,"width":253,"height":11}},{"id":"1554a6d9-4ea5-4259-84e2-48cf8d247a90","block_type":"box","text":"II-78","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"168855eb-8569-447a-9624-d07652d897d6","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d025ac7-6fce-4f6f-b28b-3beb9129ea1c","block_type":"box","text":"In addition to the above-described risks, there are cer tain other risks related to investing in zero coupon","page_number":127,"box":{"x":102,"y":45,"width":740,"height":11}},{"id":"7c3f2e44-c813-48e9-b599-fc615fb97551","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":127,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"bf28ba6a-d4a1-4e60-8f3a-7a7baef2767f","block_type":"box","text":"In addition, as these securities do not pay cash interest, a Fund’s investment exposure to these securities and their","page_number":127,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"66cb82fe-bf16-4d0a-99a1-524445e2a653","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s por tfolio.","page_number":127,"box":{"x":69,"y":90,"width":741,"height":11}},{"id":"a76eabda-53c5-4dda-8db2-33d77b7992e1","block_type":"box","text":"Suitability. (All Funds)","page_number":127,"box":{"x":101,"y":113,"width":161,"height":11}},{"id":"07739c42-d043-47dd-a651-5c265086b67e","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of the Fund,","page_number":127,"box":{"x":101,"y":135,"width":793,"height":11}},{"id":"33ffd2bf-ac04-4425-9ce9-1626f9b68f84","block_type":"box","text":"the Manager and its affiliates. Each Fund should be considered a vehicle for diversification and not as a balanced","page_number":127,"box":{"x":68,"y":150,"width":811,"height":12}},{"id":"8e671067-0f1f-480c-a061-b4480e749f46","block_type":"box","text":"investment program. The suitability for any par ticular investor of a purchase of shares in a Fund will depend upon,","page_number":127,"box":{"x":70,"y":166,"width":810,"height":11}},{"id":"8b0fdea5-4a96-4d01-98b9-9583d45d7b9a","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":127,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"418a9a80-d749-45f7-9c5b-173b8bf4ce80","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":127,"box":{"x":68,"y":196,"width":460,"height":11}},{"id":"8b392e64-f06b-4e66-a3b0-ec31c025aa85","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":127,"box":{"x":102,"y":219,"width":264,"height":11}},{"id":"b786a109-9ba4-429c-b937-04a5c4555d79","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":127,"box":{"x":102,"y":241,"width":745,"height":11}},{"id":"78648775-f3d3-464c-9f99-d109f3050d53","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":127,"box":{"x":68,"y":256,"width":807,"height":11}},{"id":"006dec77-1fc1-446b-942b-08b48b6a6d8d","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":127,"box":{"x":69,"y":272,"width":528,"height":11}},{"id":"c98b2695-6b1e-4166-bb7e-742395158a6e","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to qualify as a “regulated investment","page_number":127,"box":{"x":102,"y":294,"width":735,"height":11}},{"id":"e00bc87d-259c-4120-b68c-8ed71ac64419","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":127,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"77e3934c-3c47-4996-964f-4f0915acb389","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quar ter of the taxable year, (i) at least","page_number":127,"box":{"x":69,"y":324,"width":837,"height":11}},{"id":"8726942e-43b6-4328-96a0-f3a87d51f4dc","block_type":"box","text":"50% of the market value of each Fund’s assets is represented by cash, securities of other regulated investment","page_number":127,"box":{"x":69,"y":339,"width":799,"height":12}},{"id":"b2b7c943-4b69-4b32-ad50-0b1c5e51c314","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":127,"box":{"x":69,"y":355,"width":837,"height":11}},{"id":"4f96ca62-f7c4-40db-89e3-8d4db2a17bb6","block_type":"box","text":"issuer, to an amount not greater in value than 5% of the Fund’s assets and not greater than 10% of the outstanding","page_number":127,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"df369691-8421-40ef-a1e4-25af61b8425f","block_type":"box","text":"voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities","page_number":127,"box":{"x":68,"y":385,"width":802,"height":11}},{"id":"c767eb50-a08b-4718-86ae-8c3bea8f57f6","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":127,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"f5eec43c-931f-4e7a-a2f6-7d9a803f789d","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or","page_number":127,"box":{"x":68,"y":415,"width":819,"height":11}},{"id":"b8bc841e-248f-408e-8579-f7b8ac3138c1","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded par tnerships","page_number":127,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"0650cebf-26e7-4c4f-9b43-55392bb6420d","block_type":"box","text":"(","page_number":127,"box":{"x":69,"y":446,"width":3,"height":10}},{"id":"7d40e383-c141-42bf-aa07-4e0f4773b358","block_type":"box","text":"i.e.","page_number":127,"box":{"x":74,"y":446,"width":21,"height":8}},{"id":"38b14aed-8a40-4ff8-ba72-f2f796ccb3a8","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":127,"box":{"x":97,"y":446,"width":806,"height":10}},{"id":"793f7dda-296b-43e6-8a9a-0e4bf73c8e0a","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":127,"box":{"x":70,"y":460,"width":824,"height":12}},{"id":"5e5d9559-3ae4-4d62-a73c-616a897d2c26","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":127,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"3f4016e6-bc4f-431c-a691-1200fbb84655","block_type":"box","text":"of its political subdivisions, agencies or instrumentalities and each multi-state agency of which the state is a member","page_number":127,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"a3d4cd08-f495-4d78-adfb-b8cba8271c61","block_type":"box","text":"as a separate issuer. Each public authority that issues securities on behalf of a private entity generally will also be","page_number":127,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"16cc749f-110b-4eae-bed8-ae82cbd5ef37","block_type":"box","text":"regarded as a separate issuer, except that if the security is backed only by the assets and revenues of a non","page_number":127,"box":{"x":69,"y":521,"width":781,"height":11}},{"id":"d3546787-363a-423c-9655-876b9c7a0915","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":127,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"02599d29-4dfc-45ef-b190-2544002fa3ce","block_type":"box","text":"regarded as the sole issuer.","page_number":127,"box":{"x":69,"y":551,"width":198,"height":11}},{"id":"076dcf2f-f0f9-47bb-a1c2-4ce5d10108fc","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":127,"box":{"x":102,"y":574,"width":784,"height":11}},{"id":"2725339e-4815-433f-8964-0ed45f65618f","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":127,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"e04d0e61-b42b-411e-aa83-9db5e4a03b28","block_type":"box","text":"considered to be obligations of a single issuer. These tax-related limitations may be changed by the Directors of a","page_number":127,"box":{"x":69,"y":604,"width":811,"height":11}},{"id":"180afed8-7b09-4bc9-bbaf-a7f5a009bf7d","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. 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The Manager","page_number":127,"box":{"x":68,"y":875,"width":832,"height":12}},{"id":"4185bc54-4bc2-4344-950c-8c6dcb561006","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":127,"box":{"x":70,"y":891,"width":801,"height":11}},{"id":"3d3123f6-add3-425a-9546-60d97ce6e9ff","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":127,"box":{"x":69,"y":906,"width":370,"height":11}},{"id":"db62062c-4b52-4e27-ac90-7241562a28dc","block_type":"box","text":"II-79","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5b21dde0-5734-4b98-bd12-758a6b4c6e34","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df9811c1-fc92-46cb-ac91-4801c419a58d","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. 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For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":128,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"85c1151f-1233-40a3-be6b-9b032c8094c6","block_type":"box","text":"Management Fee.","page_number":128,"box":{"x":102,"y":98,"width":126,"height":11}},{"id":"b514145b-7ef6-4259-9119-f4b949eb42ef","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":128,"box":{"x":235,"y":98,"width":646,"height":11}},{"id":"a31eb969-2567-473f-a513-7e245a9b1d47","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":128,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"b24588ea-af3e-46aa-8ba1-6d5d035c876b","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":128,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"5e32fa0c-7dae-4344-8be6-9ed82b8979f7","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":128,"box":{"x":68,"y":143,"width":746,"height":11}},{"id":"d929114b-5b4c-4335-994f-d7ff5e8a491c","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":128,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"0f71cacb-707b-4123-badb-878311e869be","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":128,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"619af5c3-cbef-4503-b7aa-b6a258536df6","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":128,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"b84d1ca0-15c4-407e-bab0-9e249f949e7d","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":128,"box":{"x":70,"y":211,"width":820,"height":11}},{"id":"59b681d7-aac8-49d3-8ebb-8884551187b4","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. 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Third-par ty feeder funds — Stock Index Fund, a series of Homestead Funds, Inc. and Transamerica Stock Index,","page_number":135,"box":{"x":70,"y":297,"width":827,"height":11}},{"id":"711e2303-11bf-465f-a14f-07adc0e85c58","block_type":"box","text":"a series of Transamerica Funds and their respective boards, sponsors, administrators and other service","page_number":135,"box":{"x":102,"y":312,"width":741,"height":11}},{"id":"b34312cf-da04-44ef-8adf-d8299f1e614b","block_type":"box","text":"providers.","page_number":135,"box":{"x":102,"y":327,"width":68,"height":11}},{"id":"c12b9577-a530-48e9-abc0-f7a5ee0ec422","block_type":"box","text":"12. Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":135,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"ba2b87e6-14d7-42f8-8531-b55949ec89fd","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":135,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"8fafe127-31b2-405e-8ea9-5d29e142a329","block_type":"box","text":"13. 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In addition, the","page_number":135,"box":{"x":69,"y":594,"width":784,"height":11}},{"id":"f990a7f4-2d35-4529-b97d-0f1f207e3157","block_type":"box","text":"Manager maintains an internal restricted list to prevent trading by the personnel of the Manager or its affiliates in","page_number":135,"box":{"x":70,"y":609,"width":808,"height":11}},{"id":"ab87d30c-ecd9-46ed-9310-bd4c6af92c32","block_type":"box","text":"securities — including securities held by a Fund — about which the Manager has Confidential Information. There can","page_number":135,"box":{"x":69,"y":624,"width":833,"height":11}},{"id":"5095704c-38b1-409d-9176-4dc2d85ef590","block_type":"box","text":"be no assurance, however, that the Fund’s policies and procedures with respect to the selective disclosure of","page_number":135,"box":{"x":69,"y":639,"width":783,"height":11}},{"id":"cacfe82e-9cb3-4b0c-bcef-d63e68beddff","block_type":"box","text":"Por tfolio Holdings will prevent the misuse of such information by individuals or firms that receive such information.","page_number":135,"box":{"x":69,"y":654,"width":817,"height":12}},{"id":"c67f7aeb-ca43-4171-bef5-f848e479b84a","block_type":"box","text":"Potential Conflicts of Interest","page_number":135,"box":{"x":69,"y":685,"width":216,"height":9}},{"id":"57dbb48b-9dff-4bbb-bc15-998652e635b7","block_type":"box","text":"Cer tain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other","page_number":135,"box":{"x":102,"y":707,"width":727,"height":11}},{"id":"ef9e0bd0-78c9-4308-a5be-6010d6f574c2","block_type":"box","text":"subsidiaries of BlackRock, Inc. (collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":135,"box":{"x":69,"y":722,"width":829,"height":12}},{"id":"b0032107-f53b-4632-a86a-aac7061ddc08","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":135,"box":{"x":69,"y":738,"width":802,"height":11}},{"id":"76482fc2-d682-4801-a303-ed6f07d11e3c","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":135,"box":{"x":69,"y":753,"width":507,"height":11}},{"id":"7df08816-9ebe-48fd-8fab-40eed6f95d19","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. 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These are considerations of which investors in a Fund","page_number":135,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"881f8f7e-5d55-4e53-ba8b-ae49aadd6a5c","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":135,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"455e396d-d6f1-460e-8c2c-bcf90d7e3e83","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":135,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"159559ab-59f0-40da-bb1d-ac2dd5330ba8","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":135,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"abc7dad4-de9d-4341-a287-aeffe8fa21a3","block_type":"box","text":"or sold by a Fund.","page_number":135,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"4c835f95-64c3-4a76-8499-30bf658e56e2","block_type":"box","text":"II-87","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"15f46195-3175-4e7b-a0e9-54c133c19d1a","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e9bee00-4270-4df6-9925-401f2e5db792","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":136,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"14d20fbf-2d04-41ad-8a71-335be461fc4b","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":136,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"1bd225d6-acc4-4e65-9c6f-27079a1a1145","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":136,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"dbcdd3b9-3c8e-4593-9b06-15891280ba95","block_type":"box","text":"and instruments as the Fund. 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Such transactions, par ticularly in","page_number":136,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"f1e38f26-1088-4f6f-b550-07bd1fff16b9","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":136,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"d15fff28-7f8f-4386-9a8c-a2f40127d27b","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":136,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"7a03b07c-a38f-4164-985f-35e270f8a057","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":136,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"2fbc1d0f-e5ef-4755-86da-3d53e6efb5c4","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":136,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"6d73d49e-884f-4e64-9000-e0b0f018f9ec","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":136,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"e0b467f8-01bf-4e3a-9858-22f92262b4ce","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":136,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"b6a11003-372c-435e-9975-1b60a68ca7c6","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":136,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"005ac6c5-e640-4ab6-a6db-accee2a2d8e2","block_type":"box","text":"based on the information received.","page_number":136,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"f15927bd-3da0-46ad-96b9-a51989b2d5f4","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":136,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"8b232b20-3e63-41ec-9adb-3fc2ebeaf5bd","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":136,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"588e929f-c3cb-4fa5-b416-196ea581d32c","block_type":"box","text":"be equitable. 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BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":136,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"72e21384-66ef-474f-9c9b-284817178a72","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":136,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"682cd843-c33c-426f-af43-5ddf75b99023","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":136,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"20766bc2-028b-4774-b894-b675eb19b4c9","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":136,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"f73a4d52-fd07-47ff-8468-cfff76b80eac","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":136,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"33428779-73af-4cf7-afcc-678c10326a9a","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":136,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"4d3efb55-168d-409d-b65d-a68e19a80ee2","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":136,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"1cb5a0bf-72f0-4215-a04f-b461ea5f96b4","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":136,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"cde7e481-91d5-4710-bb4a-34cd942277cc","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":136,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"5f2de8e5-4bdb-4187-9245-b094c45ddf2c","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":136,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"fa0604f3-f969-4b17-bf4c-14ee1a0d1b33","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":136,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"b4f7edcd-dcc4-40aa-a9a6-ef539a27929d","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":136,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"7108b66a-7415-4e62-a8cd-37ddcd0566af","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":136,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"7fc3faa7-78b0-4687-aab6-e7e892696a5d","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":136,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"2a1fbd3a-feba-488f-81a8-0128db507818","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":136,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"4455f144-4612-4206-8696-3a97c926810b","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":136,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"74e35016-3a7b-4c41-84f2-44829d083a4a","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":136,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"8e8d9323-7eab-4cbf-adc7-7189b1a23224","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":136,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"cd46eb03-b78c-462f-922e-70582958cb8a","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":136,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"42f2b2a4-c79f-4eef-b8d4-e4ac603f522f","block_type":"box","text":"Funds.","page_number":136,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"aa9d9b61-ede5-4c87-b582-b18566293490","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":136,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"a3786850-d5cf-437a-bda4-aed4832cbd34","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":136,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"5a0a4512-6bed-43a4-bd29-96ccea0b3c77","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":136,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"18103f9a-4605-46e8-9401-af7641630e4b","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":136,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"52a95a79-fed4-473c-be24-76cf84741a32","block_type":"box","text":"II-88","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5880a892-aeb1-4faf-9607-768de8a008be","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ff82c94-3043-4d22-bd4c-336719854bb1","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":137,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"610954de-d6e7-4d90-9f0b-6deb7301256c","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":137,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"3d8734b5-110a-4bc0-aa7f-650f73c1130d","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":137,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"30e83eb9-585f-4e12-a604-808bfc126ff9","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":137,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"06c061b5-38a0-490f-8be5-ce6d2600e78f","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":137,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"e12606c7-cc01-4202-8415-a2da0fcf1fcd","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":137,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"67856977-d8b9-44e5-9ba9-4075564326f4","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":137,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"73590d91-6b9a-4127-adc0-5a899fd865de","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":137,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"0374fb67-c09e-471c-a3b1-1af93b8788e1","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":137,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"012893fa-ce9e-432a-9cad-733c41d62708","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":137,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"9c601760-614d-4c80-9ab0-1f28fbf4a235","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":137,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"3215f467-6ae4-44ee-a650-cea2b71ec2f4","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":137,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"f4eb42df-a2fd-43bc-8556-b43cf18891b4","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":137,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"ddb3fb59-c884-4e33-8b01-7eb97efdcb51","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":137,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"43ddaf0c-b76d-48a8-b1dc-8bd9c975c0e5","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":137,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"9fbcfe44-f539-4358-b22e-3dad40b14912","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":137,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"0f3a6c9b-e509-4231-877b-12a81af8f743","block_type":"box","text":"case.","page_number":137,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"1c258809-17eb-4099-91a2-2782823ee554","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":137,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"e0b6f550-82ad-45fa-ba27-ff6f59b15270","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":137,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"6c5a4636-61d0-464b-99f3-7343ca6b90c4","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":137,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"e5ae3d6b-5b65-4b3d-a471-f6297917e96b","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":137,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"729825c1-f903-4c00-bd75-2aeb5eb68625","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":137,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"52fd2533-3de9-4e09-8221-0ebcbe84e442","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":137,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"be48d20e-c95a-4461-87e7-691624787bcc","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":137,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"a594f245-6f97-43dc-97ed-2772872e1b00","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":137,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"fe494516-404f-4eec-80c1-ac140afbe05c","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":137,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"f494c047-4c59-4f37-8fc3-744ae101f505","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":137,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"68f80077-abda-469d-90ac-7009cc983918","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":137,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"4960f73a-0b63-4c1e-92d6-063c3f3103a6","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":137,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"601636b1-1688-4c83-91f3-d6a754bb7b14","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":137,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"638341ef-8bdf-47a3-b7c5-dff36971c741","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":137,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"e92bc364-103f-45b7-9c05-281bd1b7f912","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":137,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"ca22034d-c8a5-489c-b969-af290bfba21c","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":137,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"e13fb576-5fbb-4ecd-8e75-95315d43ecb4","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":137,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"52aec66b-b911-47b4-b5f9-67fce06b5a5c","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":137,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"8cc6c57d-2a8f-4f20-8015-170c315adea8","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":137,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"70e37049-712d-425c-9546-170feb8af48d","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":137,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"898e05c0-1cef-4347-94b3-e3168dd8cf35","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":137,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"22dd75c4-bad9-498f-aaa5-8207417c1485","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":137,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"1440512a-c88f-4e23-ba9f-cfed9749b3b0","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":137,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"53b016a1-50f1-4ddf-8dce-5a89675a46c1","block_type":"box","text":"managing a Fund.","page_number":137,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"00d26e8b-c06d-4cfb-afbd-1fc25ab30c3c","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":137,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"da0e1314-02fc-4910-a406-e9964e6196c0","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":137,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"2af77dd6-a435-465e-b84d-06da9155eb26","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":137,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"6d5cbbd6-3bec-490a-a1e6-8e03aaa37c49","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":137,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"84249a86-b426-4542-9e2c-2a9be9e1649e","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":137,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"d2376547-92f0-492b-991d-1690dbecb327","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":137,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"6dc6b392-8701-4013-892b-bd29550d3370","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":137,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"ad7ad744-a8a7-443d-b055-1984fcc2c161","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":137,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"9067c63b-5bbe-4ff0-8222-24266e5dba68","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":137,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"54b0132d-f05c-4537-9378-4f69c45479db","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":137,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"d462c920-016c-4946-9449-47aba5d1fe0f","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":137,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"943dc75d-c4dc-4f0e-895a-85802424616e","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":137,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"f701f9a4-134e-41d1-91e4-90a25dacb09f","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":137,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"12a3f1c1-285c-4148-9fe0-e13e695631d5","block_type":"box","text":"II-89","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"85805fbc-1adb-4497-942a-a05cb90b8477","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"39c7c048-6f7c-4634-af8e-632c5f5af853","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":138,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"7c96e181-1c28-4a90-b824-31220cca6730","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":138,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"e0922c27-819a-46a6-b847-85657bb9edab","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":138,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"4cb09733-57c0-4e37-b6cd-7a116e83dbca","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":138,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"599936de-5794-43c8-930b-5b89bb3054e6","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":138,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"5603296a-dbf3-4542-8aeb-819da1b932ef","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":138,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"9ed7ff9a-936f-47cd-b9fc-451d462ea668","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":138,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"378f7b2d-fe9f-4b61-a89a-6568bc6b0ec2","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":138,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"035aeebe-e380-481e-b34f-3ec31e29458e","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":138,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"2967a104-76f7-4a31-baf8-ebc8f0d9c27d","block_type":"box","text":"under management for BlackRock.","page_number":138,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"725ee608-6440-4d88-ac03-f0563c137dda","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":138,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"3244e043-64b0-4a73-98ad-fc1bb1986a25","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":138,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"2e62e2a7-12d6-458c-9b7d-5936346cbec6","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":138,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"e340e124-f129-4114-8163-cc321eea3ddd","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":138,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"369f36ee-de2c-494b-9f26-f28d8aaa42ef","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":138,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"5f0ffb48-14d7-4fe6-8369-f391a3d2490f","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":138,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"cfa7ce0c-60c1-4a5b-b062-da4bc2895342","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":138,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"7a064b07-6dc6-4aa7-ac3d-2bf76ca553ad","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":138,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"5d8d7c98-82e0-40ca-81a7-2016958d6639","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":138,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"becd1bfe-3d77-453b-b050-9f3b443a05b5","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":138,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"287b9059-8881-4406-a2f0-3ce5d585fa90","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":138,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"1eb961df-ae03-4fec-a4f1-3e24208f13d1","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":138,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"c19cc246-d6e6-4f7b-8a3f-47500c49f683","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":138,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"f84d2f6f-4de2-4d2a-b50a-1c444ec6f86b","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":138,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"dad46bb9-47cb-4fab-9b7b-f0219d0c98c3","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":138,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"9175b592-fa14-4cbc-bf49-d4ad25bb958c","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":138,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"aa2401e9-9d8d-4e55-a39f-e8799658dd87","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":138,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"384e825b-a476-4f5b-9868-ceb5ae4d3931","block_type":"box","text":"any such fees or other amounts.","page_number":138,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"ded5cfb2-07f9-41fc-a368-0e839818cf7e","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":138,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"c8ab78b5-8687-491e-a648-dfe62a774bf2","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":138,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"bb68d182-287a-42f9-aaa0-f0f2b36294b6","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":138,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"ba910062-63b2-4f9f-a3be-37e8ed903480","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":138,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"adeb16e8-5fe7-41da-a771-43d41d3ddc78","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":138,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"21e5d1d8-511a-4437-8028-a358e92c0cc6","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":138,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"2cb1a3a6-a676-4feb-b270-f23aace9a1cd","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":138,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"cae2226e-98a6-476b-b306-47a59e2be2f4","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":138,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"3b1b8546-9ed6-4fce-aa43-cfa738f3f9b1","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":138,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"df352c0d-d228-419b-a535-cae5b54ebe3e","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":138,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"bdfe8607-433e-4c3b-82f5-50bea19efc60","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":138,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"a85935d0-b966-48d3-a02a-119221b91cdb","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":138,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"4eab1ba0-1824-43fe-b2f5-cf17e0d959f3","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":138,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"32311869-fe98-4782-92f8-4c0f35964ec2","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":138,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"239e086d-3bb0-4c39-b8f0-f206207ad114","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":138,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"b7d2f207-3ef8-43cb-bb6a-6867d4179195","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":138,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"207040dc-46d0-4453-befe-8c5c4329dff6","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":138,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"23c52178-4b1b-4629-940a-e8e49fd5c7dd","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. 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BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":138,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"e2048988-8ef3-4554-a5b7-bde25b3d1178","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":138,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"80dbed07-d2c0-4c1c-8f06-ba845178b893","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":138,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"e9720d97-003a-444c-b1f6-dc86709373b7","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":138,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"17fa50b5-6703-4dce-9d85-ac014870a9ef","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":138,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"f5088ff8-26b0-42b8-b0c3-5ee4b8fa676c","block_type":"box","text":"II-90","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"99a83ca6-74c9-4b9f-a672-d07dcfb42b17","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"205a9285-9103-473b-a66a-160f67598a21","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":139,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"d18922f0-ece0-4f1a-8868-9a77d515ad4b","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":139,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"0d04587a-c916-447d-8de1-352aa06a8903","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":139,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"4e0ac257-60fb-4c77-976d-5c4a5dbfb8d5","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":139,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"e6f0b920-58c3-4d6a-bcc9-d1ddf5dd9989","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":139,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"55612da7-9871-47da-89e3-e98558c09cf9","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":139,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"b14aea96-e676-4417-87a9-c842e364307e","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":139,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"abb330b6-9820-43bb-81de-4a3e09208738","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":139,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"30d57002-2e4d-4cd0-a170-573b3548585c","block_type":"box","text":"regulation.","page_number":139,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"c34b8c39-d579-4d3d-bd9d-379cf287f75b","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":139,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"6846df56-8c96-4166-ae6c-da83bddf32ec","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":139,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"f34a4886-6559-4524-a455-5ed432da1d4a","block_type":"box","text":"various program limits (","page_number":139,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"4bece21c-ca8d-4af2-9800-0d9d62e41c13","block_type":"box","text":"i.e.","page_number":139,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"aada4548-ab8c-4b8f-ab3a-b2fe6a9c7669","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":139,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"676aa305-bde8-455f-9479-8124bd8b4809","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":139,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"b7e356a6-c4a5-4ad8-a152-f51e37a42e78","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":139,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"41f19616-f418-4cac-8942-720e849c7617","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":139,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"54784f85-776a-487f-91a2-c63e74508456","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":139,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"c1dc8b12-2d49-4fdc-b903-24cadfe08aff","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":139,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"6a31b6d2-6d75-46ff-834c-371af3e6630b","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":139,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"f9a7ea8f-ce4e-42ed-bb33-ed2ddd7436f8","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":139,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"5529a4c0-040b-44af-a361-836afe8573cd","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":139,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"ba6eab95-0d0d-4ceb-bb29-976fe656d5bc","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":139,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"a6d670ad-ba85-470e-ad5e-cfadb31d87be","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":139,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"55498667-b1e6-4b05-8f47-b211beb35747","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":139,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"5d18b02a-2e10-4075-8a94-75dec3647fd3","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":139,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"bc9c577e-cae1-46a6-bb29-750ea372c7eb","block_type":"box","text":"entire volume of securities purchased or sold. 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In addition, under cer tain circumstances, the Funds will not be charged","page_number":139,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"24f283dc-6bf7-4e12-9fbf-0a9c9f16fa97","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":139,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"8f8f53be-e7e3-4069-9eba-c700414857f0","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":139,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"493f2c2c-8366-4ba3-b824-b24cb418571e","block_type":"box","text":"Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":139,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"b16f3446-ff0b-4c49-b580-a9b253c7d976","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":139,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"4f5b7f57-9c54-4577-926b-7ca2d36ecd61","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":139,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"84ae49d0-c1b0-47b9-bd03-efb62c2045a8","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":139,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"c4c2dd12-f579-4f3c-80f9-cb9edfa1b772","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":139,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"dd4a6167-c767-44cb-9d27-b77ad382f975","block_type":"box","text":"than through client commissions.","page_number":139,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"7c4fcbab-fb25-4bf3-9ac9-f5f099322c12","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":139,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"fd700ec2-78a2-486e-a049-d1612dcdf8fc","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":139,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"5259ae08-0336-4551-9099-81f6b660aedb","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":139,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"718431bd-d4b0-4881-857f-f9db14ebaa50","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":139,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"89eead9a-dbc9-4e68-b7b6-7822c7918aee","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":139,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"be58d28d-dd4c-4a61-890e-57d20f1878b3","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":139,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"ee0b1146-4bc7-4185-b9a7-8734b509c064","block_type":"box","text":"research-oriented software and other services and products.","page_number":139,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"14ed9dd0-3bb4-4e13-8269-af9019697b01","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":139,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"a930a3f6-51fb-484c-ae51-c2afe3dbe283","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":139,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"eb86aca5-55d3-4222-94e4-7ff700d8bbe9","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":139,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"256de5d2-7daf-407c-8d64-bdf7d1e31ec4","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":139,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"6b8c39e6-7a77-4324-8386-075b74119394","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":139,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"3bd20872-ec1e-47c3-9242-ea900d6b348a","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":139,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"e6625460-768e-4901-9d04-04a5cd46100b","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":139,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"1dee5c64-4210-41c9-8fd5-c653d3607588","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":139,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"02c6f58e-7485-4c0e-a654-e4225f57201c","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":139,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"b39a648a-5c13-4a8f-94d9-23f69d37224a","block_type":"box","text":"and services itself.","page_number":139,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"c4508fef-e6a2-4928-b534-9b29fd170312","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":139,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"ba67778b-1f02-4b23-b39e-b337848dfb9c","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":139,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"308a2d01-029f-4232-bb06-777b03f64221","block_type":"box","text":"II-91","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"46371b64-55e8-419b-91a6-dfae5da6acad","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"060789af-3152-4c3d-982c-7e1790711542","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":140,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"60ce3bad-e224-441a-8181-0010e7f0e39d","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":140,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"6c78e8a7-b907-478c-bf97-4c1ca2835643","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":140,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"0567949d-ac2e-4190-82b8-4251bfc990f1","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":140,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"ea8a7e47-063e-4c6e-8ca4-f30ff33d579e","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":140,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"5ce98832-b8cb-41d0-b0ab-458cf6fbe403","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":140,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"a2a1283f-6e7b-42bd-b942-330fe6b33d81","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":140,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"3a746f10-2675-4e90-a3da-31432450ca26","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":140,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"98ab7813-0b47-411d-a921-d5276b20a0b5","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":140,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"849a4cc0-019f-45fc-9624-d8361de4520a","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":140,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"2a874808-fd16-4e2c-a4c2-9457a7d3a171","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":140,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"a2a4cb3c-1adc-4ed9-8bc5-15af08f52b46","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":140,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"a3c50631-dcee-4338-a65f-ba7d9f57bb14","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":140,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"bf889007-4b74-48c5-8875-1a07363a5abd","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":140,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"b05b2a87-9def-4a54-a6c5-f12a545a9eaa","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":140,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"d06ae3d3-dd28-4721-9fc8-f5c6a9d90ae0","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":140,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"a5d57af7-ac1b-4c8a-89f9-bc94df08f73b","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":140,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"cfd57fcf-ed2d-4dd0-80b2-3b8267c3c697","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":140,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"09c3642d-4458-4870-a929-d1a99eced2b3","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":140,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"127c4008-18c9-4795-acab-6b9674c34fd2","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":140,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"4cea6e80-11e6-49ed-b7c7-ff2760de6204","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":140,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"c2767a99-a1bc-4929-bfdf-0412f483d29f","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":140,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"7192a26b-aefa-45be-bbd8-bf8aa47ceda9","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":140,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"6687b6dc-7ceb-4d94-b0e0-6c2f7cc4769e","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. 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BlackRock reserves the right, subject to compliance with","page_number":140,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"8dfc69aa-243c-48e5-86e2-678762a38c88","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":140,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"c61939c4-8a15-433b-a6fb-8d378165aceb","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":140,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"ba6e571e-3baa-4b60-906c-f1c07c3d4401","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":140,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"418f68ad-5247-4b0b-a321-fbe5d1098e8a","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":140,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"e9bbc7c5-b37e-4cca-9214-56bc29e9f8d9","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":140,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"d13825f8-3fbc-4945-95d1-4e77a1e31db4","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":140,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"c076ebf4-2065-4de6-b716-9fdba1e6a2f9","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. 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In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":140,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"af63498d-dc70-4c0f-9e6c-7f98f92d016e","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":140,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"bf38f6eb-848c-4077-9f97-d22222b73448","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":140,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"4c2c39af-d70c-46d2-84df-6483b6caef9c","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":140,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"8986653d-8f3e-4e2a-852c-e8008533259a","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":140,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"be699ac8-d4f6-4f2a-89ff-136c7bfc6e44","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":140,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"2dd1c2ad-dbf0-4441-b636-339f6ce9e4ab","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":140,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"019c6295-05eb-4fa9-aa8a-320cfacef8af","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":140,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"03304cb8-3624-4074-8d71-cd3ec18278eb","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":140,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"d03cb70f-ae09-4da9-a43b-f73ad5ca30de","block_type":"box","text":"management. 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While BlackRock will generally","page_number":141,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"cc60915d-cbf5-40eb-9e20-28bb693e00d6","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":141,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"5380b188-3eff-4e6e-b82a-bbbd3df67154","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":141,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"c0475105-0b76-4d72-9b2c-6c0db844b38b","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":141,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"952b9832-d040-46f0-a9fb-e33bfd7260dd","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":141,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"10d38dfc-0f9a-4b66-a1a1-8450fa60dbc8","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":141,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"46e978c7-66b3-4de3-a164-e0a843f36619","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":141,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"348e5b4c-c91b-47fd-93f2-346e012ce93e","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":141,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"9862567d-067d-44c9-a06e-38e3fbc70ca7","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":141,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"edf810ce-2991-4c97-9599-6f2100d7b004","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":141,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"858be5e5-b848-4c95-b0b7-15254329a9c6","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":141,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"44af274a-c71e-4c6a-bbd6-32bd12bfbdc9","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":141,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"6bdc6fbc-c131-4b86-83a3-1a17afebc9c3","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations","page_number":141,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"e4b581a8-4d1f-4fdf-8800-b38e9dc66fec","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":141,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"8ba4b3bf-c2a6-4f1a-97e6-888b70c2689a","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":141,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"453fad49-41bb-4062-9530-9f0fc783d76a","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":141,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"d123cc55-7ea7-4fad-9020-442c3688e65a","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":141,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"639673e5-b284-4b22-af58-5375352521e0","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":141,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"4da89aa3-e061-41d4-b9a2-29389b9cea4d","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":141,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"45cfa32b-f8e2-4ec6-85a1-3ef1fd55a420","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":141,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"a2b3f622-3e65-469a-bf6b-bc154fe11543","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":141,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"041fee8d-39b8-441a-9cf2-9282589e68b4","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":141,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"78c3bfed-f3d9-4dd1-aa2d-9ac0f5688887","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":141,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"2f99f15d-6599-432d-98b3-4eb277c5126c","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":141,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"0c5f72b2-f504-425e-a1fc-488547cf70c5","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":141,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"f4655b1f-4146-4548-804f-fb0ea8e6fc39","block_type":"box","text":"some additional expenses.","page_number":141,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"51ec4560-cbdd-4946-b1bc-d2e801490b75","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":141,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"05af80b3-8dd6-4a22-8dba-843616b52bbd","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":141,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"2c55ebd1-3972-4619-bded-758c3d6285b2","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":141,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"ee106221-c0e7-4f57-b1fb-1f5003f1d73a","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":141,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"f44405fc-6da4-4b74-ba1e-c8266a5eb664","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":141,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"67160cc1-482b-424f-93a4-ae35084b4211","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":141,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"a07448eb-2db0-47d3-970c-cb07efdcf8a5","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":141,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"f3c93696-cbf7-457d-b423-87e804ca391b","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":141,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"fce40caf-d67c-4980-9f6e-0bcf3c807bca","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":141,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"c4edea50-c9e6-4657-9391-8022543a3c60","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":141,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"a916822d-1ae5-424a-a19e-2be3df68f240","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":141,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"ab5c4d33-6ab5-4d24-ac46-6f30bbbe3867","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":141,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"62d660fe-1806-4b76-8ce1-fb5e4dee87ec","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":141,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"9f377aeb-37c1-41cd-bd97-7b39f9c47ac2","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":141,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"6bd9f251-245b-4450-ac1d-92bd50725fe4","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":141,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"4407c6b4-1949-4728-9a87-9c86bf99e5b7","block_type":"box","text":"to comply with, limit the applicability of, or otherwise relate to such requirements. A client not advised by BlackRock","page_number":141,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"e5416961-7a93-4da7-a827-a7e8088778de","block_type":"box","text":"would not be subject to some of those considerations. There may be periods when BlackRock may not initiate or","page_number":141,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"a0f0e877-98a9-4d94-a873-d76b33a50acb","block_type":"box","text":"recommend cer tain types of transactions, or may otherwise restrict or limit its advice in cer tain securities or","page_number":141,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"658304b1-e3a1-4e90-bf62-ab6e29de1100","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is per forming advisory or other services or has","page_number":141,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"d5b208b2-a460-4c7a-8b8f-86e46c466b62","block_type":"box","text":"proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for","page_number":141,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"2c468195-8fca-4b86-81c5-c7c8d344620a","block_type":"box","text":"a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on behalf","page_number":141,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"fd2f73da-09a9-496e-a57f-6a3c3d3b0eff","block_type":"box","text":"of a Fund, par ticularly where such services result in BlackRock obtaining material non-public information about the","page_number":141,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"2c653c21-3c0f-4303-8b3c-a776d9baeaab","block_type":"box","text":"company (","page_number":141,"box":{"x":69,"y":846,"width":72,"height":11}},{"id":"57306092-9ac5-49aa-80b6-9f5a22e9853d","block_type":"box","text":"e.g.","page_number":141,"box":{"x":142,"y":847,"width":25,"height":10}},{"id":"21228375-99cb-4fac-988d-7367b4cdddd8","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Similar situations could arise if personnel","page_number":141,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"065dbe46-2398-49e1-9509-19aa2d65adb0","block_type":"box","text":"of BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. However, if","page_number":141,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"ec05fba4-d8ef-429a-a974-593e366a31e8","block_type":"box","text":"permitted by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary","page_number":141,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"28d4d088-e225-4e59-8642-d965282db01b","block_type":"box","text":"implementation of appropriate information barriers), the Funds may purchase securities or instruments that are","page_number":141,"box":{"x":70,"y":891,"width":793,"height":11}},{"id":"8b5f6eaf-cf2e-4a03-96cf-38ae7ef857ee","block_type":"box","text":"II-93","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"313feb09-dc82-46a6-98c1-60e1c75b7997","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"678d40ef-62c5-41f6-a4bb-6870b2c0b03f","block_type":"box","text":"issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where","page_number":142,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"9de69976-c70f-4b90-b7d6-c7e65f6aa77e","block_type":"box","text":"personnel of BlackRock are directors or officers of the issuer.","page_number":142,"box":{"x":70,"y":60,"width":437,"height":11}},{"id":"1a23b3bb-2756-4856-8a85-a67a8e200a40","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":142,"box":{"x":102,"y":83,"width":748,"height":11}},{"id":"88db58bd-9c54-4421-9eca-dbdcc8742b2f","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":142,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"5ebbfe40-b2ef-4e8b-8f32-549529b8c105","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":142,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"0e6d72f2-986d-47c5-8592-32fbc100f018","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":142,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"9ffc056d-11df-4272-a6ea-dc71b2101922","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":142,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"54f86aa9-25ef-4b70-b0a0-f0b79aa6627e","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":142,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"b5e3b125-a299-4891-bc12-9555b230c320","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":142,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"61844d37-c23c-4256-af4d-be8ff890b4a3","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":142,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"faa3f20b-3d0e-4b0d-a258-24012d155051","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":142,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"9b3a0c1c-c5e5-4e05-a9e8-ac2375e29d11","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":142,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"a6e97a21-6423-40d1-a93e-2205a109af8f","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":142,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"a2460061-5062-4b4a-8d10-9d6785d8de4e","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":142,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"a1fa8912-9ea7-4a9c-85bf-f72db592de63","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":142,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"274a142a-b352-4948-a131-32c8ade57b2f","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":142,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"f75fe48c-3c80-4ee5-b263-e5b7f1f92a77","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":142,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"056a27f9-620b-45f1-a722-79ed14438920","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":142,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"1648c1c1-5d27-4949-a667-ae5559ca0084","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":142,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"af86d14a-f672-4a01-98de-84037bb27f32","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":142,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"667cc7ff-088b-4877-a0e7-f0bbf358fcf3","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":142,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"5059e15e-9fff-4405-a3fa-5533f8ece6de","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":142,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"74b4efdf-0883-4425-bfa5-6f5ebe95955a","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":142,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"c9e8c7b7-33fb-44b1-8a2b-dd4daaac34e5","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":142,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"7e343f31-bfd0-46fc-8dc1-1bca24ce7163","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":142,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"a4326faf-53dc-4bc1-9941-89dec7698a66","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":142,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"dbd293b6-ac91-4f23-83e1-52f590c5e82a","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":142,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"0d7ef25c-2dee-4d0c-8acc-cfef6b839917","block_type":"box","text":"a barrier.","page_number":142,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"9e5bc6ca-6933-4ac4-a93e-1fd253b2486d","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":142,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"5ed4792c-d67a-42a7-b63c-a0fe98329bb0","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":142,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"bd3ebe48-acd2-40b4-b386-6881ff2ce92e","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":142,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"0511c84b-95e2-4cba-80c9-8d81c0100225","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":142,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"2491306c-4bc9-47db-8120-06861a088410","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":142,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"49782fd4-4552-41c1-8021-a28742b8bcba","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":142,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"fc3474b4-7ebe-49cc-a04b-efdaeb1842ab","block_type":"box","text":"that operate in cer tain industries (","page_number":142,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"44b55d64-1fa3-4a81-8e33-52106011020c","block_type":"box","text":"e.g.","page_number":142,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"18fac271-01e3-43c9-8bd8-3fa309af08c7","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":142,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"bffef343-2330-425e-a12d-43e2807b5654","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":142,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"1324a7e9-34da-4c55-9949-5378a6bba6ae","block_type":"box","text":"e.g.","page_number":142,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"187f7527-2f3c-4faa-b788-f823b2e4f7b9","block_type":"box","text":", with mechanisms such as poison pills","page_number":142,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"d1bd6995-59c8-4174-9c74-d1b3e194d580","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":142,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"22ad9e86-8986-4de6-86a9-1126bf822889","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":142,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"87222700-a1e4-47df-9e3b-e51280bc8ef0","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":142,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"0dc72e3b-5b58-4216-9b4c-dcd9fdf8536f","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":142,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"7d113be3-92b1-4028-aa65-cb2c9f6b3a71","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":142,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"4a1cac01-333a-44a5-a8db-9d5544468017","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":142,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"5523f19c-bd5e-44a2-9e81-791cc9d35eaa","block_type":"box","text":"seek to make indirect investments (","page_number":142,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"65acf028-15b8-4d18-b5cb-18dcc07be2b0","block_type":"box","text":"e.g.","page_number":142,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"7eb5ed8d-03fb-46ae-8881-fb539f4f4f08","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":142,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"c5a2520d-5b18-408b-b008-e01aad62e606","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":142,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"18ddcc90-5c0c-43ce-a192-09ed11bd3fbe","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":142,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"ab350ba7-7dd6-4f39-a471-2a102bbaf0bd","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":142,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"23474e49-d5e3-4680-9aec-54a16cccec0c","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":142,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"6d8ff31e-a38b-4b6c-b295-7ac11d193b1c","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":142,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"9a7e059b-5e5e-472a-a9e5-3b0540220d83","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":142,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"5240c445-c045-4d77-a9f3-e3062669f109","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":142,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"6dd97050-e2c9-40ce-a087-c14995b86908","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":142,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"ac2dd27d-90e3-4a6e-8dc4-130726e53f27","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":142,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"d8dadf1b-168a-48fd-b21c-961f1cca482a","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":142,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"d9f0146b-fcea-45b6-bf12-0c38cd2a1663","block_type":"box","text":"an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would","page_number":142,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"9b6e7c04-f12c-4066-9bff-d1f02b807689","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":142,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"482b80d7-0a5e-4a8d-b568-1b4f646b0898","block_type":"box","text":"II-94","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b0f87119-a292-4e6c-be4b-8fc11c7d59ae","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12eefbef-c9a8-4ee0-99a4-3f25183321a2","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":143,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"c544649f-e689-430d-a2bb-33581d017e7c","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":143,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"2cf40cb6-5cda-448b-bff0-6189259a3edb","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":143,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"c54cea6b-9ebe-4b11-a893-b1d900bc6121","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":143,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"a269006c-894d-427f-b33f-4b41b732a6f8","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":143,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"e3ce5ee1-7c77-4e08-be75-9857e0636bd3","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":143,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"19e158a4-e894-4a65-aad6-3123896f8f61","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":143,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"bb07dd74-e21e-4ed2-8413-e9cb9cd0e294","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":143,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"062fc12a-f22d-44c1-a014-ea34347b83eb","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":143,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"8a053507-e59b-4ba6-9cc2-b69fc1fd5a5f","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. 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The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":143,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"c8fd7d06-c792-4ef0-b88f-9d58e3368e4d","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":143,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"4e367b2a-c063-4594-af8f-2a20f892789d","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":143,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"df8e9c95-34ca-443b-834d-26cba9fd6982","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":143,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"72edd889-cf68-400e-8633-a565fdf7a773","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":143,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"b39843c1-18d4-4e61-8699-c12b85f613ad","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":143,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"36c78acd-b61c-4460-8f96-8d4a164ee3d4","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":143,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"52b5dc98-f16b-44c8-a60f-6400bfa64941","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":143,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"8098dd72-4b59-4116-a967-5e5992a5628d","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":143,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"19e3346b-21cf-4661-ba34-ec970163fa2c","block_type":"box","text":"with purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and","page_number":143,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"53352fe4-f3f2-476c-8a7a-5191dc299073","block_type":"box","text":"BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to","page_number":143,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"0f776333-dee8-4bca-b21c-d5ff3bc2d407","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":143,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"3df702b2-7c85-4aad-b16c-ac749e5ff33e","block_type":"box","text":"actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":143,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"68dd743b-37af-4c1b-a735-d0919a91c383","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":143,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"628d5cf8-c613-4f62-9c68-65a016f0b3a3","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":143,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"35bc9f89-4c73-4b0d-b82a-0c21f9c1a34c","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":143,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"0e411a15-f6f0-49b9-80c6-93896775de99","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":143,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"19b3fa66-3bde-46ba-b42b-e882644d342b","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":143,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"c9d32cdc-fe5b-4d6b-bcbf-32ff39321ba5","block_type":"box","text":"strategy with respect to such security or asset.","page_number":143,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"4b3bd4e1-6fd5-444b-b578-a364335307aa","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":143,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"9d23a1c9-abba-4df3-ae0d-80d56e7f5d97","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":143,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"b4de29d5-2375-4a51-906d-1d0586cffa69","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":143,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"3fdd5f94-cee6-43d3-89d1-ce882d83045e","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":143,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"1b22091f-6908-4e39-afa5-667642e026c3","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":143,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"b5033069-0a3b-4934-8a60-d302c9b0fee0","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":143,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"6bd6e125-72c3-4a93-9307-97f069f06d7a","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":143,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"dc77c9f7-cd6f-49a7-b89b-acc9022450ab","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":143,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"f9f606e0-8975-4ff8-8c2b-cabd3bde029f","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":143,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"2960849b-5788-41bf-869b-b478f5cb03a2","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":143,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"8cf7a477-5ae8-4c43-973a-d547062f8a95","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":143,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"11e65794-9d96-4974-8273-2e9dd637718b","block_type":"box","text":"e.g.","page_number":143,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"77480c75-f7c2-4474-bce2-9f1294547c94","block_type":"box","text":", custodians,","page_number":143,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"c2031e37-6747-4150-a287-ec786e69a85b","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":143,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"0a6e9f79-b939-4511-970d-66805198567b","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":143,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"191925ac-3cd7-432b-bc71-444a870984aa","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":143,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"2e5eb627-28d9-495d-bf08-01e076956b6f","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":143,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"a825cc16-ca21-4b8f-bbd1-f42f29842681","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":143,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"adc2a4ac-71fa-4795-afc5-3c9a0e344021","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":143,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"c4288fa6-8f20-411b-b18a-2283fba6af09","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":143,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"f23570ec-8786-46b0-9627-830e74eaa13b","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":143,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"c65e3ba8-e7cb-45e2-83bc-22a7c96e1b9b","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":143,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"541da50f-f1e5-4748-9307-30b2cfdda85d","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":143,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"2d564d20-2858-4b73-abd1-9d1b64d13598","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":143,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"fb7b1b50-c9b7-42f5-a6f6-c35f8e52d2c4","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":143,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"22c3daa3-179f-4e73-8da2-c3bc6221aba7","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":143,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"4ccf8e40-9e82-4f2f-9d08-bcb1f2ed216e","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":143,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"7660ae20-1d04-4307-8135-deeba386517e","block_type":"box","text":"II-95","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"826a9b27-b371-439a-b445-6b0d686b1e9b","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ca05860-a5b6-4fd9-8cc0-f12eb389e862","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":144,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"6936e44d-164b-43d9-b176-f670c0cb2b41","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":144,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"cb4f0616-c8a6-4273-b26d-c4da7828db6b","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":144,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"ceef5e92-c7fe-4622-8dcd-9882ca4f4b63","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":144,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"043eefab-f562-4fab-87cd-c89ec44b130d","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":144,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"04432a54-898f-4fd2-a87e-c002dc36c94f","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":144,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"c8bc5ce0-bb29-4edf-8c4f-854a4c191c4f","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":144,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"db320304-d60a-42ab-b1ab-e226d3c64a5e","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":144,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"887d96de-e2f4-4db7-92a1-76048f2b889a","block_type":"box","text":"provider.","page_number":144,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"b46c1e83-2562-48fb-a487-4c265706505b","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":144,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"122a4009-cb28-4fe9-b25c-d7653198cca5","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":144,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"ca14c936-cbe4-430a-b97e-bad36c918f6d","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":144,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"32bf0dd7-dd47-4c26-9d31-4622a889e4eb","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":144,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"9634aa73-67b2-4129-985b-a7feb18b7e77","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":144,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"af071960-1bd3-495e-9b71-c95fb4c9506e","block_type":"box","text":"PURCHASE OF SHARES","page_number":144,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"da9b45cf-95c5-41e3-8669-e54841ae306e","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":144,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"0cfe8375-f4d8-4b02-aee5-2e45e2924da1","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":144,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"daf7d418-535f-4c49-979b-b471f0cc5d1a","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":144,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"274562e9-34ae-456a-9e0d-9f622e3fde54","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":144,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"218b7bb9-2a49-4978-a977-f4a8199612d5","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":144,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"6663422c-5e4c-4136-b7f9-4c2f5ce0ae65","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":144,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"e39ed32a-6acc-49a6-9a42-bc0958f31d21","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":144,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"656b46d0-edb5-4aa8-97b3-797669b58ea3","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":144,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"8b09b775-9525-4ba2-b0a8-c0be5d241178","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":144,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"d0bee8d0-5a28-4e93-954f-1e39c2649def","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":144,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"db445cab-7774-44c0-95a6-05ad824f6b68","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":144,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"f5ca1cb1-b10d-47e0-8682-144542ed7024","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":144,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"3d06e361-a13a-433d-b139-34da63bdb0b8","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":144,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"a6207ecd-cc24-4cad-986e-9ebdc50d7933","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":144,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"0cd86a38-3b94-45f3-99eb-3c22fa96fe42","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":144,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"30cc663a-6e1f-4fd3-b1cf-4cb4590c7757","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":144,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"00c0a9f9-266b-41c4-86a2-4edac8a38ae4","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":144,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"e26b4440-6340-4f69-8e88-d0967fec7bb1","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":144,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"5643331e-e389-4128-a9fc-76b01fb8356a","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":144,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"aec36c43-ec40-4f5c-8680-e487e9f8db30","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":144,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"26f1a6b7-705d-44fd-8742-3fcc19d997e8","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":144,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"45c0ca1b-9c4a-4c7c-a696-6aec0e090dba","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":144,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"9f6db06a-79ba-4377-b8b4-a5e9fe66dd8e","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":144,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"41706adb-d38d-4124-bde7-f38720484371","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":144,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"6dfd8f5f-6394-4eab-a2c6-a603208f11f3","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":144,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"e9012cab-8d42-4154-914d-2842050cff59","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":144,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"cba3b0fe-8975-490f-932c-02e4355a15d1","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":144,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"d98a9b46-fcb2-4391-872a-e90f194914be","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":144,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"3919e377-0d09-4b66-ac25-f5f06797ffe4","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":144,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"9979048e-5faa-4c50-a86d-226e48b78015","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":144,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"c2fef52d-0b26-4d42-8d9f-cf0161b7c933","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":144,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"88c9c8bd-0f88-497e-a11c-1b2bd195c6ed","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":144,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"957557a2-d267-4dff-8917-3cb7837d854c","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":144,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"e36360a7-f2a8-429b-880f-004f8a7cd960","block_type":"box","text":"investment is $25.","page_number":144,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"2529b23a-e6f3-4bb5-b600-9d7338718add","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":144,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"a7ee2cba-f39a-40c8-a516-1e8952fe55f3","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":144,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"e0c5e061-dfe8-4624-ad8d-01a5bb11b644","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":144,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"b18356a7-962d-41ec-8e85-d33a7d71a851","block_type":"box","text":"II-96","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6ce9bd06-525c-45cd-baf1-38c99950de01","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89e4b786-5e18-4d2b-ab96-9432bb7cdac1","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":145,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"79ee431f-fb53-4d89-88b8-ca278a32cf3f","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":145,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"11971094-05a5-4ade-accb-b7c1978625d6","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":145,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"12282498-73ef-4f9e-b785-f8b4a54e644e","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":145,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"1e6654c4-3d6e-4068-94a7-6f5352ccf894","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":145,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"f68e9009-a838-4b4b-8a1f-e469bc31ba61","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":145,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"26279c07-31a3-4ed6-a0a9-7d847f1ccaec","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":145,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"d4a2f537-f0b7-425c-ab6a-8c1f0077b297","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":145,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"7b9f8469-5dba-4da6-a564-319171e8232a","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":145,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"bc1d9148-714a-4c2e-81b3-d39522ab7a33","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":145,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"6859a41b-7126-4fe5-82ea-b99d583d46dd","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":145,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"5285e158-b6c1-494c-9e08-4dd4ff472a1c","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":145,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"b6b9ffa6-8c70-489e-acc6-1d9c366a7ca1","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":145,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"0d730d8f-7f84-46ce-9934-c733997516ea","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":145,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"9e79a502-6653-43f3-af33-f7a4bb8279bb","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":145,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"f356a078-6f34-4183-ad19-42279fef5e52","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":145,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"72808ceb-1078-49c8-b66e-f222bd1393a5","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":145,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"828c6d55-b089-4160-994c-4d7abc002d94","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":145,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"b2a11120-38e4-4a30-80db-3b1017ce37c0","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":145,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"43255d9e-c4c5-4500-9f40-4ad6a0a27471","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":145,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"7b7bb3c6-f623-43a9-bbad-408903467864","block_type":"box","text":"adviser.","page_number":145,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"ea2033dd-53f8-419c-b2b9-bddd3a00fef0","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":145,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"dbf52c3a-92ae-41db-88b7-9d3db6034c6d","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":145,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"ffdf8de6-82c8-431f-bd5a-ab01066bf201","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":145,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"c9043144-902b-4154-9793-c8bd61088275","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":145,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"e25856f4-b638-4273-8e42-351076eda79c","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":145,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"6d9fca2a-154f-493c-b316-b5226abbd9e1","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":145,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"c0832871-49ae-4691-a382-65548613c281","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":145,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"1696df2a-b699-424c-b13d-3f2d3e787ddc","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":145,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"a3c1387d-bbbf-4882-9cd9-05f0c1cb0643","block_type":"box","text":"also be restricted from making additional investments.","page_number":145,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"f894cee7-eb5c-45e7-b06d-53ebd82f9fde","block_type":"box","text":"In-Kind Purchases","page_number":145,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"8801f660-128e-4344-92ab-af9647d4aa01","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":145,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"516217a9-c95f-4a0a-bd4d-6518d5d43f8d","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":145,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"8e345227-9b59-4f34-8307-1db5036f7529","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":145,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"443cbcb6-7296-44c0-98cc-155f26963d9c","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":145,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"a582dea5-f504-4628-974b-b08ffda2f2c0","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":145,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"92143742-038a-4a6b-b711-a1999f406d88","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":145,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"c37916c7-59b2-476d-bfd3-2c329f880b44","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":145,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"380fe587-7848-40e9-8597-9a4ac419cf0d","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":145,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"f2d187dd-96f2-46ad-8570-2f42088d5fcb","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":145,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"a03da2e9-26de-4a34-ab91-b6f6207d83e9","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":145,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"039e46b3-939a-4aae-a974-c646271d66f2","block_type":"box","text":"has settled.","page_number":145,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"86ffc16d-c5bf-4571-98f2-bc01c5d2804a","block_type":"box","text":"Institutional Shares","page_number":145,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"45e0ddf3-e190-40f9-a9ef-61cf0df7ce4e","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":145,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"1232eb1f-8ac3-4a88-ae5a-942db777f039","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":145,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"0abff340-c86b-4c59-be53-bfb890f8c354","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":145,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"3bbe40e8-5718-43bd-906e-8a196ec049cf","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":145,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"8870c1bd-f94e-4862-9909-ebecab9f7292","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":145,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"6d6f6613-9fe9-4d2a-b3cd-2ffa447b168e","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":145,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"233bda68-566b-42ba-879b-19f4b28b0799","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":145,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"7681ba02-df9b-4509-9318-f47436be7c5f","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":145,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"d11a242d-98d5-45c5-b647-652df81521dc","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":145,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"d1d058ec-50ee-4be2-8dd5-2ec328b8367f","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":145,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"bcae7b26-0ad7-4275-b613-84a15bba52db","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":145,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"e4bca4ec-fa7a-4311-8bf8-f9d9731a8d91","block_type":"box","text":"redemption of Fund shares. Each broker-dealer or agent is responsible for transmitting to its customers a schedule of","page_number":145,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"2a8741cb-6e54-4bd6-a684-d1c1921bf7ae","block_type":"box","text":"II-97","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c9c34cdd-7a15-4463-bc2b-d26c361c2f96","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b72fcb0-b85b-492d-be68-7d23257952f7","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":146,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"e380eafd-6f44-45ac-87ae-ff40a8421764","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":146,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"831f0d00-46d2-459e-9ecd-01be1f0c42e1","block_type":"box","text":"these fees and conditions.","page_number":146,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"f28dee3c-cbbb-40df-b668-683288363088","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":146,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"0000a668-59d3-4b70-8dad-783a1da32044","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":146,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"aedac95b-f244-45ec-9db2-925656c882a9","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":146,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"23bb23b5-3935-4ed8-90fc-649a809e6c30","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":146,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"293be19b-612f-4390-9a6c-d367931da97b","block_type":"box","text":"incurred by the Fund.","page_number":146,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"8d15d93c-4b2d-4cb6-9fee-8260c36cdbb1","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":146,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"b94df2a2-81d7-45de-8d78-38a795280eab","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":146,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"f013ca75-11fe-4873-bc6f-0225fa3e73e9","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":146,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"74977bf7-7a19-4dea-a51c-4ac202b2b793","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":146,"box":{"x":70,"y":226,"width":762,"height":11}},{"id":"4236d49d-43d1-48f4-9c92-6ff408672575","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":146,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"790e4aaa-14e1-4ee7-8076-05acdbd4b948","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":146,"box":{"x":69,"y":257,"width":819,"height":11}},{"id":"7f7df8e4-6037-439d-a8f5-c106521bd77b","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":146,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"a4807384-ec4d-4719-bab0-ba313db22b92","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":146,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"887172df-25a3-448d-879d-dd7f660f2e06","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":146,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"ed114a30-2a06-49d0-81df-67284d0d2dff","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":146,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"824f8594-b6a5-4283-b30f-fd86d3734f64","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":146,"box":{"x":69,"y":332,"width":789,"height":11}},{"id":"3e5179df-c007-4c78-8b9c-7d7c9d93fbf5","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":146,"box":{"x":70,"y":347,"width":772,"height":11}},{"id":"62f3e2e4-a4c9-4cf3-8ffe-40650bb2a446","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":146,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"a26c215a-636f-45c9-99d8-195822ec6411","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":146,"box":{"x":68,"y":377,"width":783,"height":12}},{"id":"2806f267-5f95-4d0a-95f7-6c419a59e030","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":146,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"22ecaa48-fd71-4307-84b3-799287e17184","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":146,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"386c0b25-57ca-492f-b280-5fa114fb9da9","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":146,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"e1886c63-e406-455d-bf7e-fcf352f53c38","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":146,"box":{"x":69,"y":438,"width":751,"height":11}},{"id":"2843bafb-45ab-4d3b-bff9-324eaa7e1d4f","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":146,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"9c3d5229-6194-47ce-a99a-a605c7bb5c04","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":146,"box":{"x":69,"y":468,"width":773,"height":11}},{"id":"64022e18-6e4a-4bde-a849-3117c112918f","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":146,"box":{"x":69,"y":483,"width":771,"height":11}},{"id":"53aea5d1-f6d4-4f10-9aed-2c9af5b6ddca","block_type":"box","text":"minimum initial investment of $1,000; trust depar tment clients of Bank of America, N.A. and its affiliates for whom","page_number":146,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"34723535-ef13-4c9c-9e8d-fda286d6f109","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":146,"box":{"x":68,"y":513,"width":771,"height":12}},{"id":"6bcb2c68-f94c-4f04-80fa-4c40ad91a9cd","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of cer tain BofA Corp.","page_number":146,"box":{"x":70,"y":528,"width":801,"height":11}},{"id":"f24e68b2-4fda-4206-aa54-a6aaef90dca8","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":146,"box":{"x":69,"y":543,"width":770,"height":12}},{"id":"f70617bd-38bd-4c42-978c-3d6928d1c16e","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":146,"box":{"x":102,"y":566,"width":280,"height":11}},{"id":"642f707f-cf9e-4ba5-a16a-0725597626a5","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":146,"box":{"x":389,"y":566,"width":496,"height":11}},{"id":"aa4322a0-4712-4f42-9fcd-6507abd6bddf","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":146,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"b5bf9f1b-cefa-48ba-abfc-9f56fdb925ec","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":146,"box":{"x":70,"y":597,"width":828,"height":11}},{"id":"e18e5529-cd45-4429-b876-2ab8d5983d44","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":146,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"6aa08154-b12b-4533-8702-6cc743988cec","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":146,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"751aec2b-4317-4df7-8364-c247e99ad643","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":146,"box":{"x":69,"y":642,"width":279,"height":11}},{"id":"8dfe45cd-d9bd-4502-9a56-6a50986ce1f2","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":146,"box":{"x":69,"y":672,"width":382,"height":11}},{"id":"36baaad1-360f-448c-aa52-746423aad5a5","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":146,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"292d80a1-5606-4a24-b098-fe3ee917a69f","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":146,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"a78cbcc0-5183-4cef-8eb3-5320aea76f95","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":146,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"0bef4f67-c755-49e9-ac7f-51dacaf05d24","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":146,"box":{"x":68,"y":740,"width":840,"height":11}},{"id":"59298ce7-e774-46ec-8d2d-5f7260693020","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":146,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"46542ad9-3a91-4965-bdd1-d0d4898eb122","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":146,"box":{"x":69,"y":770,"width":791,"height":11}},{"id":"754efe8d-bd3d-4431-87b8-0566e8a197e3","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":146,"box":{"x":70,"y":785,"width":727,"height":12}},{"id":"40e810a9-529c-43bd-a33c-ddc24d552a9c","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":146,"box":{"x":102,"y":808,"width":770,"height":11}},{"id":"16431e2f-0236-4b32-8dde-4baa228e04ee","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":146,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"34258694-63be-42d8-b3fa-7caaa59998b1","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":146,"box":{"x":69,"y":838,"width":791,"height":12}},{"id":"dc974873-660f-431a-b3ed-2797993bbba3","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":146,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"1e35dc8f-3817-44c7-bfa7-8f6bc89b0962","block_type":"box","text":"for an extended period of time also may elect to purchase Investor A Shares, because over time the accumulated","page_number":146,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"dbbbb711-92c9-41f6-a99b-649f50f47560","block_type":"box","text":"ongoing service and distribution fees on CDSC shares may exceed the front-end load shares’ initial sales charge and","page_number":146,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"51ce941e-0442-42d7-8457-29b312057820","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":146,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"5219ea20-8e30-45d4-a11b-251b792a5b58","block_type":"box","text":"II-98","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"603a4cd0-92c4-4b2c-86c0-ec2f5721abf2","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5d897ac6-09e3-4ea1-94e0-f7ae93cf0ba9","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":147,"box":{"x":70,"y":45,"width":789,"height":11}},{"id":"2b5b4d7e-49be-484d-8b8a-7b6c83dcc44e","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":147,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"643a8b26-979a-4860-a893-a339b5826d50","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":147,"box":{"x":70,"y":75,"width":792,"height":11}},{"id":"d0932da5-754e-4768-b9e9-41d327a49dd6","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":147,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"92b5fb69-8275-4d70-b894-397bd0344031","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":147,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"7c9fb14e-3e8e-4899-bc9e-cd94e75dde18","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":147,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"73430eef-7270-4d8c-a587-faa4d6396aea","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":147,"box":{"x":69,"y":135,"width":358,"height":9}},{"id":"a7dbfdf5-fc17-45bd-98d4-0da779a863d9","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":147,"box":{"x":102,"y":158,"width":734,"height":11}},{"id":"67669dcf-808c-4f5c-9bf8-b47378eac0d4","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":147,"box":{"x":70,"y":173,"width":785,"height":11}},{"id":"4aca3a1b-19a2-4f31-865f-f5756735d3f5","block_type":"box","text":"periods indicated.","page_number":147,"box":{"x":70,"y":188,"width":124,"height":11}},{"id":"cab8f62c-8228-4b7f-bb98-df04e2a2f827","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":147,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"e3e31140-2857-4fb7-a8ca-43c41572e415","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":147,"box":{"x":68,"y":226,"width":830,"height":11}},{"id":"6af511fd-1833-49b6-b96b-9b4248b4f7e3","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":147,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"d790edfa-63c0-4915-82a7-87f62100df88","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":147,"box":{"x":69,"y":256,"width":714,"height":12}},{"id":"6a6d71be-7981-43a3-a751-bd37fa51d67a","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":147,"box":{"x":69,"y":287,"width":297,"height":11}},{"id":"fc3d3bd1-7207-4ff5-862e-4219795361d3","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":147,"box":{"x":102,"y":309,"width":761,"height":11}},{"id":"a0bccb43-267c-458d-b96d-921baaca8e3f","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":147,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"3ec6ec57-3ded-46f3-ab3a-31f145229168","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":147,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"cf0da019-81b3-4d39-9054-2455b41a60e5","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":147,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"4c7db015-c6b3-407f-9f9e-50d46ceac6c4","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":147,"box":{"x":69,"y":370,"width":578,"height":9}},{"id":"232d1d39-83cd-4309-ad9b-5cf8f4046285","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":147,"box":{"x":102,"y":392,"width":734,"height":12}},{"id":"54a44328-f7f4-433c-8548-0714f413d6ed","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":147,"box":{"x":70,"y":407,"width":800,"height":11}},{"id":"e4daa64e-8af9-4b7e-858e-7b94d91841ab","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":147,"box":{"x":101,"y":430,"width":806,"height":11}},{"id":"a91d1cd7-40d7-4e0e-ba47-84a8b53e1ed6","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":147,"box":{"x":68,"y":445,"width":830,"height":12}},{"id":"6c7dc235-6ce8-4e60-9592-e2a4bfbe3d06","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":147,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"cc51c3bc-a76d-4264-a1d0-6d8991e5dbec","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":147,"box":{"x":69,"y":475,"width":714,"height":12}},{"id":"fc051e0a-a65c-46a3-84d2-dd2bf0bc9eee","block_type":"box","text":"Reduced Initial Sales Charges","page_number":147,"box":{"x":69,"y":506,"width":219,"height":11}},{"id":"ce6f9c14-84fb-49d8-98de-c45400cf2e57","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":147,"box":{"x":102,"y":528,"width":782,"height":12}},{"id":"ed99d65a-b812-44a0-a53c-55029882ae40","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":147,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"4cd9b48e-86e2-4b71-b97e-d935883660ff","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":147,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"5754b072-b0b9-47e5-87b3-f8ab6baa13ed","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":147,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"e4dec92f-881d-4b37-9d76-0e56fd0163df","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":147,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"943086b4-6db0-4b03-a147-e62995ceeb3a","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":147,"box":{"x":69,"y":604,"width":813,"height":11}},{"id":"21d04c91-2172-40aa-8bc1-0db665006c7c","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":147,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"ba55af95-bc70-4e8e-9713-f2dc872a831e","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":147,"box":{"x":70,"y":634,"width":603,"height":11}},{"id":"a3a725e3-5767-4a9d-9d14-cfd50196d29b","block_type":"box","text":"Reinvested Dividends.","page_number":147,"box":{"x":102,"y":657,"width":156,"height":9}},{"id":"16dadcea-f937-46b6-838b-51d5d7169fcc","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":147,"box":{"x":265,"y":657,"width":566,"height":11}},{"id":"9b387dfb-8450-4f96-b7ba-01028c7167c9","block_type":"box","text":"reinvestment of dividends.","page_number":147,"box":{"x":69,"y":672,"width":186,"height":9}},{"id":"f9ad053c-5a2b-4c8a-8d16-b91921781124","block_type":"box","text":"Right of Accumulation.","page_number":147,"box":{"x":102,"y":695,"width":158,"height":11}},{"id":"5214dce9-8765-447e-8cc2-9370e158732f","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":147,"box":{"x":267,"y":695,"width":574,"height":11}},{"id":"de95abe4-2d35-4e4b-90d4-91d4d63952fd","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":147,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"d79a8479-7c23-43cf-a15d-e3f8da71239e","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":147,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"b5e37374-1f40-45e6-9e42-9aa39c4c6f20","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":147,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"bb3b2c2e-82f1-4256-a313-0e1c51eee6e2","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":147,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"87e8306f-31dc-4768-91fa-4d27a3ffc6af","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":147,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"2b8e2828-4cf3-4e00-9c9f-52f12ce30502","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":147,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"1562d25c-33db-49af-8c8e-916ba06069da","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":147,"box":{"x":70,"y":801,"width":794,"height":11}},{"id":"b2515540-98ca-44b5-8d20-238874d764dd","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":147,"box":{"x":70,"y":816,"width":814,"height":11}},{"id":"d048c575-6618-4f6a-99f9-fc6940f6eea2","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":147,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"9d558ee8-aff8-4413-873d-2940dbcd2f7f","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":147,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"a5717f26-ae67-4043-bc4a-7d831681c8c6","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":147,"box":{"x":70,"y":861,"width":776,"height":11}},{"id":"155c3bfc-59a6-437b-8ba3-eca530db0602","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Shor t Obligations Fund generally are not subject to a sales","page_number":147,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"5f3534e4-b9aa-4599-9f33-9217f4f6a496","block_type":"box","text":"charge, an investor’s existing Investor A, Investor A1, Investor C, Investor P, Institutional, Class K and Premier Shares","page_number":147,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"36250649-26b6-4575-a6e9-b430aba6b7ec","block_type":"box","text":"II-99","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b6aaf140-295a-47d5-9cbe-919b1aecc80f","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"69050790-6366-4aab-8878-ed2d9677ed1e","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":148,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"0ba58b1f-cf5a-4c41-9249-ff624fde9e39","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":148,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"1d405cf6-ffc0-4ce2-aebd-1b8dd87da0ba","block_type":"box","text":"Letter of Intent.","page_number":148,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"35f389cd-e233-448c-b542-e59679b7ac63","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":148,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"acc172d2-2a76-4f2c-b64f-365145772f04","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":148,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"3abb523c-676a-4ac6-84d0-fff48fcb3eed","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":148,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"07864921-7ad9-4a2d-b568-ed33ac4b4c42","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":148,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"6d27f8fa-08c7-4b35-8c37-daf8999c810e","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":148,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"bf46591d-1097-45c6-a34b-0e87ba1ca5a7","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":148,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"0e62ff19-1a75-43d1-a3a1-618d0efc0313","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":148,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"daea01a4-310e-4cea-bc1d-32b230700bac","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":148,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"1047f1cc-d39e-48e5-afe7-b8765cc4f247","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":148,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"e02bc235-2aa0-48eb-aa4b-4f2cd21fbd91","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":148,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"d10a54bb-c138-487b-a2ce-d117f94ebab5","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":148,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"4e3b3dda-f588-432b-aa41-18738752cedc","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":148,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"db7c8d0a-ad2f-411c-9d62-ae79524a8b88","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":148,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"8506ee5a-baf4-49f1-ba85-171fa4263e89","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":148,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"6e55ce39-e4be-4503-b9db-7abb4661ee4a","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":148,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"95792b9e-bc1c-4434-b862-47509c4f9942","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":148,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"5682e4ed-50c7-4cad-b2c6-b1697f21de96","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":148,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"51a93c57-258c-4b7a-87c4-b86cf9bfe735","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":148,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"b9134c79-a5e0-4d70-9b3f-dc1b42e5ffe7","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":148,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"eabbd2d5-0430-45a1-80d8-23b4fbc216dd","block_type":"box","text":"Placement Fees.","page_number":148,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"dd336382-1db5-4c23-b8b1-f197002b8668","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":148,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"01350a3c-ab23-4af2-aeca-5ffd0ce1f251","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":148,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"ea58701f-b078-4692-a183-654f10919c36","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":148,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"946a9a5f-9f19-47f1-85e4-f863ac42a06a","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"5d96d02c-cbb0-40a7-a3f4-e6cf0cbdbc99","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":148,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"40d110c4-a991-439c-b63d-2eff8bd3aaf1","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"8ef40293-da75-41b8-bbfc-32e5bb10ea71","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"33292576-b3da-4c8d-9ca2-79cf37077936","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"68446680-066c-4870-87cd-f0d699ff3bf7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"f2ca0b4c-c8bf-4e46-8bcd-bd88fc42568c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":148,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"2c1c1e26-3bd0-4bb8-a76a-5986913f85ce","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":148,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"031164fa-1375-4138-89ce-0d1d5630540c","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":148,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"5b5ecb17-379e-4239-a906-4c4d1a7f5598","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":148,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"9602e4a5-9588-4e89-b7a0-8d298e25dfba","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"fb1d8ddf-246a-4c6d-884c-d131123d72b6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":148,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"9cbcc497-1223-4277-be76-b01b9e9f0db6","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"6778a9e7-2020-4a19-b0fe-9879f1a863bd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"33bc742b-de83-41e7-b8b2-fac982cd7b68","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"c444aea3-ff3c-4d75-a35a-908a37528035","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"fb1b9321-8cfd-4639-8197-b7a3ac2c55d7","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":148,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"9d1359ec-2dfc-4248-bd73-579fb7a4da22","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":148,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"4c82ec27-269e-4c85-b41a-899c8a823429","block_type":"box","text":"SM","page_number":148,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"4132d686-54f4-4343-a414-50c89b1b3958","block_type":"box","text":",","page_number":148,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"095094dd-2f09-4033-be6d-4352392affaf","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":148,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"80c45787-d1d2-4ae9-8543-8ae804942b61","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":148,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"33a52f5e-ccab-410c-9a5d-a10f42e6f208","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"be8cf0aa-7ee8-41e7-a245-c38c2bdb07bc","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"cd164380-9654-475d-bd34-f23cbdc77707","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":148,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"5849d8e7-89ce-440d-8319-04cfe2ba726f","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"f52a90ce-068f-46ed-b33a-a60b863f38f3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"51fb3893-6da6-4e1c-b72b-677b15c1ef47","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"30df609b-17bf-403d-a94c-a595393462cc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"c26add67-aafc-4471-b4b5-408b6bfdf204","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":148,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"4d677b8c-0f1a-4cf6-85e7-0c75e572b536","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"beada458-b419-429b-8308-dde9c442461a","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"bc648687-a9d4-47f3-89b4-9a0d3f9a7647","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"8b418550-f10d-4c6f-b2ba-0e1ace52fa1b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"e7a49bca-b0a5-43d4-a016-49ec4fe0fd40","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"f1a08d4c-6a28-4dca-b70d-1063dae6eabd","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"2bd08d21-1690-4556-92b2-550b3e72ca39","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":148,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"74b96ca3-a4b9-4290-b5d4-ae27643f4ffd","block_type":"box","text":"II-100","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"56ebf53f-b3c4-43cf-97a6-6b5f628e333a","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e756cc72-e3d9-4aa5-a0a8-f10459d58a5d","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":149,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"72d9df1f-4ea4-4983-8acd-3cd375a31111","block_type":"box","text":"may be up to the following amounts:","page_number":149,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"22923857-9342-4490-974b-a0603d5b3edf","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"0329b818-dea2-4d49-9c63-2850bbd510b6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"04e57b28-b7b6-4ddd-8768-ae14ad6afb9a","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"1172d74c-0521-4c2c-a2ce-de56d46e372e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"3e9b7213-fc02-4ed3-92bf-e108dd30d93f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"700d75e0-1e88-4c21-879c-d52f99594211","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":149,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"dc4aade1-2ded-405f-9ed2-e96c07225d20","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":149,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"9f22ff88-8117-4d8d-971d-03c6379c1f6b","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"04da17b6-dba1-4629-8cca-7f8fe1c66ca9","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"94e30c0f-5c64-4f68-b433-ed10de42dfde","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":149,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"941f423f-72fd-4728-8748-ba876d880152","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"91d6e031-9720-432d-ac76-be8c225f4e67","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":149,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"4184109a-e927-430c-8142-46f372c5115e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"23d8b694-a328-4873-b701-da6eb98ebbcb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":149,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"24d9e16d-2a4e-463c-9746-9d3b0db2119c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":149,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"274b1d8e-b538-4044-b9cc-af85211dc8c8","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":149,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"3a1f1ae1-ee88-4aa4-ba0b-d71fd543c825","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"e21e9b2b-9b95-48f5-855d-ce89a2b5cc9f","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"33bf2007-1a18-43dd-99d6-80f39385057f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":149,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"a5fab7cd-dbe1-471e-be73-5f63d48d2dc8","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"50c494b7-ae50-443a-ace8-e72babfcdeb9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"c77867f6-aa9e-4442-8338-d7e51a6853e9","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"8492cdf5-69e7-47b6-8276-824c1416ccc5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"892b8b42-156a-4c57-9f90-bb4a479dfd7e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":149,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"b47a8cb8-63e9-486e-ad0a-594901c78efb","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"6c0aad29-888a-4a2f-b30c-6ec21c708b6a","block_type":"box","text":"$250,000 and above . . . .","page_number":149,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"6cba2072-723b-485d-8805-f405a9abd738","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"fd1eadbb-49f0-4d51-86b7-7e45d3bb5497","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":149,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"d896df2f-ce49-487b-97d4-f73b87409be4","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":149,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"739b135e-e04c-4854-b0eb-5f9b0b7d8ce7","block_type":"box","text":"the following amounts:","page_number":149,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"8e282e13-4c44-4e12-8f66-fd5e80280a6e","block_type":"box","text":"$100,000 and above . . . .","page_number":149,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"47ecb083-6b93-497f-85f1-827c15d4e9a6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"667a0a28-e852-41b5-86dd-71990852db15","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":149,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"e8fa71d2-f67d-43d6-86e8-0bb7b8ce838e","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"a1a766e0-8e3b-425d-a088-ae452600ab0b","block_type":"box","text":"$250,000 and above . . . .","page_number":149,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"51fbef2b-b259-4c7e-8297-a520ab001e7f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"07475db1-901f-45e8-ad7a-7b73893812f5","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":149,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"fc434c85-16e5-4a91-859e-b2284e0c5fbc","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":149,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"15906123-0f0a-457c-84de-b7bb34965fee","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":149,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"32fc5981-6e51-4eb6-b6db-d5164e04c680","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":149,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"424cccf2-0014-41db-aad8-766e28152acb","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"00c4f436-5df7-4541-af1f-083e3270ee8c","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"75c0114b-fa41-4f2d-9927-7ec6d967a8db","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":149,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"e722f800-ace9-4b18-b813-a3548c8b520d","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"45def6c0-d385-4c00-9539-b7f72a8d70b5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"6a38f867-1301-43a7-b6cd-fd82a44fdc89","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"bea5d8cb-fb2d-40a9-9c74-3ea0e29dbe92","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"fb2c2586-5be2-4104-914b-4c9d0863d6c0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":149,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"0a1942ca-ff67-4847-93bb-a1b83c974c7d","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":149,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"f055b699-e084-43f9-b3c6-b824655a4cc7","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":149,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"fb9a67e2-9ac6-4b6a-acd3-5cdf3a6716d2","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":149,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"2a9de7d9-08b1-4eac-b9de-54a5b2525e0e","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"94a583ad-10c3-4ca4-a45e-a879bf15ca4f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":149,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"272626bd-61da-4826-9de2-27f76c943dbe","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"138d4b8f-ec13-4c38-9e2f-8b2e77355879","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"c0cedf76-941e-4914-8072-fc84f51109eb","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"fc018c9e-0af7-43f7-8db5-9e93bbcb7e02","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"4f449619-0c99-4919-a721-45104b930611","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":149,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"ce57dc90-8235-465b-8a0d-316d63d108f2","block_type":"box","text":"®","page_number":149,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"cf387e6c-6609-465c-8978-5a39193ffb19","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":149,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"75f3fe02-99ad-491f-8cf3-04ccc15a5558","block_type":"box","text":"®","page_number":149,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"23a412fa-d305-48f0-8a41-12e6eaa8b73a","block_type":"box","text":"Index 2035","page_number":149,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"99c300f9-9459-4bc0-b29c-331858be8612","block_type":"box","text":"Fund, BlackRock LifePath","page_number":149,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"4a35eca3-e7a1-42d1-b653-91a5e3de6cf4","block_type":"box","text":"®","page_number":149,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"0d185307-47b0-4f42-978f-a828e49ee271","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":149,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"d3e06bf2-e7bb-430f-a0eb-d6dc7f982543","block_type":"box","text":"®","page_number":149,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"b9b6be6d-e42b-4ff5-8195-b749c9b612a4","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":149,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"54498bec-fd3b-41d8-9723-2ef808603fa1","block_type":"box","text":"®","page_number":149,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"9dee59c4-7e22-47ea-be8c-9be11ecfada5","block_type":"box","text":"Index 2050","page_number":149,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"b233cc31-44cf-497f-9acf-87a39636a91e","block_type":"box","text":"Fund, BlackRock LifePath","page_number":149,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"f68a0b9d-3b80-492c-a98c-8e8d957b860f","block_type":"box","text":"®","page_number":149,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"6ac93669-381d-41d7-9181-d4f2f486bdab","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":149,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"d27b4f3d-19a7-4e3f-9b42-7fe7bcf53d60","block_type":"box","text":"®","page_number":149,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"4357d4cd-0b63-4295-a501-742a5f409944","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":149,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"5fd5403a-70e7-4067-a3e2-2026f2fdc4b2","block_type":"box","text":"®","page_number":149,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"0d64d444-b21c-4dba-b320-8a4fbdd6c402","block_type":"box","text":"Index 2065","page_number":149,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"a4964a08-2a48-49b2-abf1-1117174b4f6b","block_type":"box","text":"II-101","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b6abf72b-10ad-4b41-ad5e-b583665843ba","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa6c7a5b-e8c7-41b0-9054-e126332a6858","block_type":"box","text":"Fund, BlackRock LifePath","page_number":150,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"381082b4-85e9-486f-ab89-c31129dfda24","block_type":"box","text":"®","page_number":150,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"ec71a5ea-a791-4945-9b1a-558764d8519a","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":150,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"fd9c75db-9d03-4df1-bfa3-9a5a01c68cf7","block_type":"box","text":"®","page_number":150,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"583d13cf-5534-4e2e-9bbc-6b0c8037b46d","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":150,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"fc9204db-7d12-4fca-bea7-07e9530b1c4d","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":150,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"bfd02cb3-3b5e-4182-b10b-b552473ba6e7","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":150,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"359268d1-23f0-467a-8041-aaaabc1e97b4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":150,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"71400d16-68d8-44eb-8b2a-04a113f2ccab","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":150,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"10a8860e-9a25-460b-89d6-32b97d3e37eb","block_type":"box","text":"SM","page_number":150,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"23070f5b-fae3-40bd-b993-36747b78afcc","block_type":"box","text":", the placement","page_number":150,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"3fc853b7-ebb3-455b-9262-2882e03e02d4","block_type":"box","text":"fees may be up to the following amounts:","page_number":150,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"0060c468-1b15-4f1d-8058-01501bebe625","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":150,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"f5c6665d-337e-4a87-b4f8-1ffd94ed26f8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":150,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"7e9cb384-915b-45f8-b270-479c9606e646","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":150,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"7e70aff6-6e5b-4b86-89c9-f2d9d7444dce","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":150,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"1e62bf56-aec6-4879-b088-195aa0b972eb","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":150,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"efc12f81-b0b5-4a97-8fc5-392e6ace5b43","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":150,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"46e32637-ad86-4b0c-b4c8-ef6402a1702f","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":150,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"02238cab-b4e5-4379-acad-6f26f67b3477","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":150,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"4353ee46-d1a6-4c77-846c-9c3bd2a578dd","block_type":"box","text":"$1 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employer","page_number":150,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"91d1e853-87bd-426f-86fd-3f177e5b20e2","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":150,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"1bbcf452-04e0-467e-9929-a18874b03b51","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":150,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"b4b629e9-ed19-4e48-9bf0-39d9167b008d","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":150,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"4a0d68c0-1ed2-4c2e-9ee5-d7cf13aff434","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":150,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"4b67d26a-95a4-4d8c-826c-c7c9cd95f06a","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":150,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"b44ff676-5c8b-4c09-9fd0-2f91b38b4495","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":150,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"1dea064d-4a56-4805-a3b1-b61081845c04","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons par ticipating in a","page_number":150,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"031fa5c6-1e9b-4925-b6bf-bcba1c4a3e76","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":150,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"d2c042e2-9e7b-444f-ab4a-56fc82cfbf0d","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":150,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"8d9d8863-adca-4748-9f57-cad869101832","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":150,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"f9d41c04-ee57-4e94-8a9c-ae2beb96665f","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":150,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"0570902d-a7f7-469b-ad15-6a8b18d9df2a","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":150,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"845d716d-63fb-47cd-9546-3eaf2d1a9a1b","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":150,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"a6cae4d1-bb29-4961-8f08-4bd8994a35be","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":150,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"c758f2f9-98a4-4efe-9482-9cb6cd254a30","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":150,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"6fc75890-cf4e-4f42-8ad9-c8f88041b0d8","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":150,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"fc54f3f8-e86d-4b17-8c26-1c15bd6c9715","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":150,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"942666ed-7d53-42e4-9126-a671679e04ff","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":150,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"1076843d-bf98-45b1-a03e-9e5ae3719ccb","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":150,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"528b5a9d-bd63-4a34-b375-b0cbab844475","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":150,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"656c60ee-2f0b-4487-806b-c127be3a96ab","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":150,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"e33cbb2b-fc83-46e8-8f4e-582224fe8c19","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":150,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"37d03e6a-777a-4cdf-b396-e4570ec16074","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":150,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"81af4e40-85bd-4cf3-ba85-f7a799b6992c","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":150,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"7d84e38e-e3ec-4a17-aece-d3a804cc24df","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":150,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"c9a66358-66c7-42eb-ada2-443ed725f55f","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":150,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"2b253972-685f-4104-88de-3ce841f697ac","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":150,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"d65705f9-a8cd-4deb-be63-235a0df625b8","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":150,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"288a3791-66f7-4234-bd9f-eca2bd9c2ca1","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":150,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"82c7018c-67af-4779-8c34-292bb6d4e985","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":150,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"07fc6c05-cb11-4782-ae52-dfe8c107628a","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":150,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"561e4dd2-898c-4a83-95c7-f098d5bda597","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":150,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"08e4dc27-d7a6-43ef-a3bb-fffdb9062590","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":150,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"e98ae245-d52c-4402-9f2d-c8c8b89df6f3","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":150,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"46dc8e68-eeed-4d15-b4a5-876f82d8d0e4","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":150,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"2e539650-0e98-4f2c-a5b9-42a1e8c3bcc7","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":150,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"e77710c9-6a77-44aa-8721-479bf986bd4a","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":150,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"3184f570-6f7c-47ca-8495-a26955c4fdc2","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":150,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"ed487bc4-8e8a-47a1-9884-23208183b4a4","block_type":"box","text":"II-102","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9067a50e-cefe-45f3-afb9-3a7ca15c73e8","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4702c915-3192-4bb9-8c0b-06fa15bda71b","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":151,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"d5c091f5-e846-4022-96e6-9e8feec9a314","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":151,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"2fea0e9e-6ffc-42c3-a022-355607c4869d","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":151,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"4fdc4250-0b34-43df-af21-721dd03f514c","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":151,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"4a14a0be-01f2-46b2-8a10-969d64506185","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":151,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"ccddfb27-e0f3-41e4-9806-4cfff8894d5d","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":151,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"1b2d151c-6d37-43a5-9228-7f456e0e4dda","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":151,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"9c89395a-cb78-426f-afff-0ad938bf2aa0","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":151,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"d9709fba-57e2-4cc9-87aa-65d913dc8162","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":151,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"bb91eed3-4fcd-4c06-9a4e-bdb66fca928c","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":151,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"190177be-2e5c-4648-9735-3c2fa5a48ca0","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":151,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"99ac0bc0-20d4-4d5c-a4d0-63a833f5bc18","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":151,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"1a210b6e-9545-4d28-b004-b469ed61e5c8","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":151,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"593ae634-9d2e-4814-95fd-1b5403fc6444","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":151,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"c0f7d31c-e7b6-474c-9a92-6c630d67fc45","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":151,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"dfa42e0d-b673-4fcb-9379-5708859e2643","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":151,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"069f0337-698e-4b75-802b-1b973ffa36f2","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":151,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"c4891300-cc3f-4e6b-8992-d4f74bdd94ee","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":151,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"f1cd4910-f3a5-4c03-80c3-0c9babc5212a","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to cer tain retirement plans sponsored by a","page_number":151,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"a477f057-279d-4109-b9d6-7b54e51f2c13","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the receipt of","page_number":151,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"598adc03-591c-41e0-9107-b3ae0c18325e","block_type":"box","text":"a cer tified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":151,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"33b96afb-d5f0-4005-a229-d57207aa3476","block_type":"box","text":"decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code) subsequent to the purchase of","page_number":151,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"aa850794-4602-4f20-a571-919fb42bfd2c","block_type":"box","text":"Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or Investor P Shares in accounts with low","page_number":151,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"bc79b275-03ea-4744-9eb9-f9f0b63ee12b","block_type":"box","text":"balances; (g) cer tain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":151,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"b784deae-c405-49ef-b97e-e8f68aeb70f3","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":151,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"32d3eb18-1c4f-4c08-8267-15adf64212b6","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":151,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"f3efde82-0f5f-47c2-95ed-65a6ecd3ed79","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":151,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"62d7dd32-e88b-45ea-b532-b8671b9f007a","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":151,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"f4c6bf36-f6f4-4e6b-a26e-b64aeb0b77c5","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":151,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"caab2553-cb76-4661-816a-f49afeb49d4f","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":151,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"5e4cacc8-3491-47b9-81cf-0f85b1f2e07b","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":151,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"9f197dfd-7254-4ce8-8078-bee092695053","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":151,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"f4dabc71-e216-46fe-b482-eb0dcd707896","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":151,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"2b2f12f0-18cc-4a0c-8512-ec8e4a4a9306","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":151,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"b3649077-de5c-4db2-a3d5-4b2c88efac53","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":151,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"398468bd-7d14-41e7-97f8-571e0e0b3fea","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":151,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"a183ba2f-eec1-4bae-9d3b-fb72ea237be1","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":151,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"b6af38a8-ee9e-48b0-9865-313225064731","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":151,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"6fde9b59-875a-40f4-b3c7-f92fa5fe668b","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":151,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"2225881c-dc29-4b32-a0c8-581c04f02381","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":151,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"3e5dbed2-f084-4e38-a396-49945b07520b","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":151,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"ee8a99a1-067d-4acc-bb91-c4366323de38","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":151,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"4ee05326-2e88-4751-a442-b4a2f9d77a07","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":151,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"daba377e-7aa0-4970-9613-a5a93cdd25d3","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":151,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"e5ef529f-42f1-4d04-a69e-a20a8519b369","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":151,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"f93e9d43-3c58-4437-bd58-bc1799c70d79","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":151,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"56e847a6-fafe-49e2-a276-046ee11d944d","block_type":"box","text":"public or private investment company.","page_number":151,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"89fe4c95-c292-40e4-b4ea-661d76e383bb","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":151,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"3ff39c7f-a40a-4d80-bdae-c916b88e1e48","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":151,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"6bf2802c-d1e5-41e9-b097-72d5647f0f9e","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":151,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"82fbbf7d-7801-4be0-9117-7410e3372e64","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":151,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"b30adc9a-0cd0-4675-9d31-fd132e636de4","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":151,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"b56b51e8-cbd7-4589-887f-95cd589c748c","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":151,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"e5179797-09aa-4a58-8da6-e70e3eb537c7","block_type":"box","text":"as to the length of time they intend to hold their assets in a Fund. If you select Investor C Shares, you do not pay an","page_number":151,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"619b5acb-2a18-4f72-b1d6-d3d2744b240f","block_type":"box","text":"initial sales charge at the time of purchase. A Fund will not accept a purchase order of $500,000 or more for","page_number":151,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"6a2dd51c-da88-4394-a737-0e53f74397a4","block_type":"box","text":"II-103","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"49aee25e-dcd5-4791-9c85-75755ee7d715","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"104f0864-cdbe-46e4-a042-3b140198b851","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":152,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"2f99cd48-abc1-420a-9678-af33b3dea2a0","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":152,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"fe73e3e8-9500-4d71-a613-b81ec1c56771","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":152,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"74cf8fc1-12f3-45b8-8971-fce5ded6a29a","block_type":"box","text":"intermediary associated with the account.","page_number":152,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"b0aacebf-6e03-4f60-afd8-1bddc450b3b5","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase.","page_number":152,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"c88e7bd8-5fcc-49a8-9b5d-c204d0d3010c","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":152,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"f83b1080-78a6-4dc1-9b91-d22b7f1722dd","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":152,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"a03776c9-01c4-49a7-b806-984a8a14c182","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":152,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"43dccfe0-c18b-40ae-b07c-0f1289fbfe4e","block_type":"box","text":"CDSC shares.","page_number":152,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"1e0b9fa4-6f41-4dc1-a4ee-9a7efa112093","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":152,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"7f0a3cb1-e329-43f1-9e87-4059b8c47991","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":152,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"78c9641d-fb74-41a4-9c04-b519bb2b3d9d","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":152,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"bce6cd4b-1982-4575-a146-0f26304ed1b6","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":152,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"d6b86846-bb78-4389-954e-57ef7ca6608f","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":152,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"eb92265d-ee82-4b8f-a4f4-5bfd501aa73b","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":152,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"7fdd78ab-c4db-44d2-a22c-a3e6fd57c39c","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":152,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"29109183-2d4c-4d29-bda5-c13502185eb0","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":152,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"b2c58b44-6c1a-4513-b74a-df7e1a23d5fd","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":152,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"56a68133-d39f-4b2d-b726-10583105a68b","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":152,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"d7be3f99-c920-41bb-8370-1a1343cc1f51","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":152,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"91c4484a-2e4f-4c7c-b880-b14dce0ccfe5","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":152,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"1b6d86e7-00aa-44a8-bf98-5eb434ac936d","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":152,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"eefa3e2f-d291-4b56-a5fe-82b2677956f7","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":152,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"b3686ae2-7fd0-4d05-9e58-cd9642876159","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":152,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"d7e3b6f8-f2c9-4685-83d7-f5b4bfabed6f","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":152,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"a272b310-3147-43d5-9576-d9f18b9ddbf3","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":152,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"7f65ec19-8791-45e3-8703-dc752ed7fc40","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":152,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"af60d1c2-b04a-496d-9eda-a3d097d2d952","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":152,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"b4c5a186-9b0c-4c14-b209-0b615727b2aa","block_type":"box","text":"Investor A Shares.","page_number":152,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"d9654c9a-5c61-4e28-962f-4edb51555153","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":152,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"5b37b340-19f0-4650-8dff-104c54cff58b","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":152,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"30d4b731-9290-4c40-b507-74adb4c63bc8","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":152,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"a1cd103b-aee2-4895-86b3-3dbf28a1f712","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":152,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"586e8a4d-709a-4991-adb1-ba401c9e41e1","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":152,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"4de8cf7e-2fa8-4ab3-8407-e5702d31b424","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":152,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"60f56d8d-3238-4ba9-b35e-2f58696b0226","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":152,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"e41660f7-ef0f-435a-b5a3-909b809ee80f","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":152,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"37ee622b-652f-4d22-af9c-6ed2966fbfc1","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":152,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"e12e9de1-ce96-4539-b1e9-e00902a59b6a","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":152,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"faff764d-7f42-47ce-ab68-bb3407acdecd","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":152,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"99b06b9a-0c54-44f3-bb5d-bef2a76983a4","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":152,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"b053cd95-d1d0-4e4f-9e82-9bda2981f5aa","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":152,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"06209f5e-3721-4909-9c2f-ca40a82f10ce","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":152,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"cc229eab-1c4e-4813-a137-df3780643597","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":152,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"9f997d2e-044d-4679-a76c-4e167351c340","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":152,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"704605b9-455b-499d-8fef-47a0546e5ca3","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":152,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"71cebb6e-82d0-4737-9da5-3c0e6705dd23","block_type":"box","text":"“Investor C Conversions”).","page_number":152,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"04898058-9073-457d-88ca-c3dbdcad3350","block_type":"box","text":"The Investor C Conversions will occur at least once each month (on the “Investor C Conversion Date”) on the","page_number":152,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"eb6662ab-b7c2-4fac-bf31-c0e5c3eb6030","block_type":"box","text":"basis of the relative NAV of the shares of the two applicable classes on the Investor C Conversion Date, without the","page_number":152,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"20ec462f-fc47-4e48-bf13-f976846b7806","block_type":"box","text":"imposition of any sales load, fee or other charge. The Investor C Conversions will not be deemed a purchase or sale","page_number":152,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"f87987da-b8f4-43ca-b171-791d06ea70d1","block_type":"box","text":"of the shares for U.S. federal income tax purposes. Shares acquired through reinvestment of dividends on Investor C","page_number":152,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"3cbb4dd8-37ad-4996-81a4-3e0fb86ca216","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in each Fund’s Prospectus. The Investor C","page_number":152,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"104e7d9e-8d11-4213-8e67-394ddafff257","block_type":"box","text":"II-104","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"abfa219a-fc27-4605-983d-9e7df6f2b057","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b760e73-19a3-482f-b59f-2cf6ed64366f","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":153,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"9cd4b051-8d10-48e4-a22a-a4d6fa7c7012","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":153,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"a74c7481-1109-40e3-9869-e6a1c151c96a","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":153,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"55b6c89a-9dac-4f5f-8ecc-e6e0de144dee","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":153,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"9bae7a22-5eec-4e47-aebf-f2b737e3548b","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":153,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"cd157a3b-b963-44b0-8858-f0e75d828d85","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":153,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"e260885a-27db-4190-aba3-20bf465d2735","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":153,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"627d47d2-3415-4605-95aa-3ae148b072cc","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":153,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"dd614c47-57ba-43a3-922a-21e7d91aa495","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":153,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"a8d6f06f-71f7-4ca3-b2ca-d9b940273d01","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":153,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"4e588f27-e355-403d-a0ac-a73ec6dda5cf","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":153,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"cc4af242-ad3d-4bde-8f55-d2f5c5b00c5e","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":153,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"08e3e268-c53c-431d-92ef-71c8fcdd8940","block_type":"box","text":"redemption.","page_number":153,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"f240e6b0-4fa5-4b99-95c0-2ba0739c9070","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":153,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"31efefe2-c788-4cea-86fb-9a551f4f45f0","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":153,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"6be90c84-2643-44f6-8584-06387b971b1f","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":153,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"f8e30868-0298-44b7-9ac2-fc6b28dbd1bb","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":153,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"65e9a557-e5f9-43de-9a94-09f919093f33","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":153,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"b198e022-fe3b-43da-bc90-9c9cbb51e117","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":153,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"25df213f-9377-4781-80b6-666c880c74c8","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":153,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"5c2c8726-ac91-4e96-98e8-39f52993f1d6","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":153,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"2289d1f1-ac87-4985-b112-81c21b7fd2b9","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":153,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"e5ddeff7-95b2-4d4c-b337-cbf7f878edc1","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":153,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"286f9ffa-906e-4082-af8e-ff86d8071f6a","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":153,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"d3c67574-a5d2-4c88-ba80-5c8c1cebe797","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":153,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"ed8517bc-6cc6-4392-aba9-b299fbded620","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":153,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"c182cc3c-1537-43f2-a819-ad32ba11bf32","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":153,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"b3c4a9bf-f48c-407c-8bfe-28b9747fe8e7","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":153,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"68f4ba84-4b3a-4f65-8fe3-b1d6c116878c","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":153,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"0fb28f86-7f81-40f7-bc28-a5dce15ae21f","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":153,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"008db69b-b697-494f-9fae-64bb9e191e16","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":153,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"12ec1694-bfd0-45fe-9c24-efd91a0a069b","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":153,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"f3da3fa1-41ed-4140-8143-a9501ce95ffd","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":153,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"6e6531ce-cf7b-4768-a4e6-48bc4e152bcd","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":153,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"11f44071-f48e-4c62-b400-cd7d8dcd1c34","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":153,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"b53d9dd4-cf90-4a13-93e8-1ef81468077a","block_type":"box","text":"Class R Shares","page_number":153,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"4960c8ed-8e3f-43ae-801b-bda289d3e88d","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":153,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"1f5bff69-52c2-4754-9a30-824cab2b7779","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":153,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"a2365c0d-400d-4494-9dde-f00fbdfa3b3f","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":153,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"150765ca-4dfe-4cca-99f4-53c0d6ce06d7","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":153,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"643b4ee4-62b6-4359-abe8-90223e821204","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":153,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"f8e250e1-fce2-4fe1-8542-951173146d81","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":153,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"61ae4b71-2100-49ea-b64f-cd9c0a0411ba","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":153,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"4750879e-cdbe-419d-b9df-2ac1bb9533d4","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":153,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"13944b06-c1cd-4ffc-989f-052d008965c3","block_type":"box","text":"Class K Shares","page_number":153,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"87489ea1-82d5-45f1-bfe7-458cbf33a762","block_type":"box","text":"Cer tain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":153,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"6d2c6c23-aad7-4e21-85cd-3a191d384704","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":153,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"69d4c8e3-3092-4d3c-8436-64f472cd5673","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":153,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"29cc5593-a952-4c1d-85dd-749e8a3b1108","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":153,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"66a877d4-9080-459f-9403-aa5e6b784dd5","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":153,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"3ccb85bc-da30-4a35-bfc3-c5a9feb3969b","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":153,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"8b94e268-e471-411f-a799-3383749b56ad","block_type":"box","text":"II-105","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8c401526-885f-4171-a83c-ff27894ee64d","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0cb5cd6c-be19-4a17-aa26-cdb608611145","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":154,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"5465d999-cb7a-4420-ada4-88681bf6ee63","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":154,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"0cd56393-ecdb-44f0-91ab-74370fc8f82f","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":154,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"18c0bb00-2b49-4dc7-9d3f-ae5eb727221e","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":154,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"42862d25-77ba-4047-aced-63d79871b18b","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":154,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"bb8ff98c-d562-452f-87f8-696018b38eee","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":154,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"510c1083-dde7-41a1-857c-181d02c06be2","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":154,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"3ecbaff9-6f25-4969-bb10-7e340480ea4c","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":154,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"5646009f-846e-40fc-a2d3-628d31e56de4","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":154,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"82870597-89e3-44db-99c1-e18482488b25","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":154,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"d4e13581-4587-4fc9-ba7b-4da3a7889ee2","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":154,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"fa6793dd-b6ce-4678-a656-6dfb655af660","block_type":"box","text":"distribution and marketing agreement.","page_number":154,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"68c50ddd-eb7c-43d1-a47c-7cf4e291f927","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":154,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"1df139bd-318a-42a2-80ec-0d73ee14353b","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":154,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"27f037a4-8de1-44c3-a718-789378c42740","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":154,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"dfa296a5-a71b-43c4-8476-daf6f4753bd1","block_type":"box","text":"Class G Shares","page_number":154,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"46f811b5-a8f3-41c9-b553-00ae5bffda3d","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":154,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"3c018ece-4eba-4eaa-a720-a4c7f8f506d4","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":154,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"b346672d-33e6-4ffd-b7ff-6c6de33e9324","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":154,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"71989c34-a939-4fc5-aa8d-fa2537b16702","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":154,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"14638548-1351-42b9-8f59-3adbf535ad39","block_type":"box","text":"eligibility requirements.","page_number":154,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"2446f8f0-05d6-4a9d-9e42-92f1c042f4ec","block_type":"box","text":"Service Shares","page_number":154,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"b020d92a-18ba-469e-82c1-5afe64153e91","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":154,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"995739ce-8f4f-42b7-b626-31ae720eb387","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":154,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"4afb0091-f41e-4cd1-a237-99d41c227243","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":154,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"ef527fba-8890-46ef-a0e0-043a17feeecc","block_type":"box","text":"®","page_number":154,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"922c247b-a222-49e1-99f5-33470d8efa0a","block_type":"box","text":"Fund in 1996; and","page_number":154,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"8a20a958-205e-4e1a-8ed2-62e59cfc1a71","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":154,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"be43394f-2392-4050-aa71-d0faaeec6126","block_type":"box","text":"SM","page_number":154,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"5aed4ed5-e238-498e-99da-19839ce8373a","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":154,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"6e6855d9-a325-49b0-b07e-176891c7cbfc","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":154,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"e13168f4-08c9-4c9f-a78d-3ce3386d514f","block_type":"box","text":"BlackRock Shares","page_number":154,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"71f25cd6-6da3-42b3-af07-3c89a48a4a91","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":154,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"38b030c6-134a-43f4-8442-22ec097151f7","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":154,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"34e9e1d7-32ba-4e5f-877a-52cc8c2dfe8b","block_type":"box","text":"fee-based programs.","page_number":154,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"c81893cb-cd70-4814-a938-e45dce47c603","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":154,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"02b4d0dc-8978-4e68-a896-fa92b2020bd0","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":154,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"20c80312-448a-4b58-a8ef-97d0da8f5c95","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":154,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"49eb3f5c-8e18-4564-8f2e-db41b488dd18","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":154,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"8ea1c587-7c8f-450e-a43f-01744a6dbd4f","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":154,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"28367d8d-3dbe-4d14-a2fa-0b537bcdb22c","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":154,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"e0e5cbe2-0191-46b4-8883-adb185d7759e","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":154,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"d0995e03-604c-4671-9257-2063cb7a7e95","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":154,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"1b252465-f5ee-4a5d-8fcd-e50d0ad35535","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":154,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"2a82d42d-198d-4c96-984a-b03a9938f453","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":154,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"02b1b642-02d8-4994-a35e-3353f6ac74ff","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":154,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"478959a7-9013-4262-a417-1701b335dac0","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":154,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"3309a56d-f425-4f0a-9a80-f666d19610c9","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":154,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"90bc4fb7-60b0-42ac-a0bb-7e13549ca8e1","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":154,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"0ef23dec-d563-452c-83a7-b2a7b966bae0","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":154,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"f02feabf-2593-441e-bea2-9dd3cca71314","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":154,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"d8e1fe0c-ffcb-40a1-9007-2e5e20b3c0fc","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":154,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"976c3512-d306-4673-8a69-5e8908277349","block_type":"box","text":"Service and Class R Shares of a Fund. Such services are intended to supplement the services provided by the","page_number":154,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"41d67774-7251-4776-bb55-32f59ed2dbdc","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":154,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"1b121a35-7c43-40f8-87ea-4aa2b0a9cf4c","block_type":"box","text":"II-106","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6a8111ca-ed4c-4569-b912-7f602ceb0205","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78198c8c-3758-4547-af21-e3e6b5435570","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":155,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"377bca91-a0f7-4e4f-ba37-dee5a4158510","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":155,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"a366640b-1260-4a5d-9544-e35183e719c5","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":155,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"be618462-6a07-4e67-a02b-595300549976","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":155,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"015e97f5-8d10-432a-86ee-7a0e7e649323","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":155,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"bada4b9f-c0f2-428e-9b02-ac446093c66e","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":155,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"d5236d0b-63da-412c-bb11-822baf0a9627","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":155,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"408f2872-47fe-47ec-b54a-d30d563a540a","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":155,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"a0d73efd-b115-48dd-9962-cd24d2f77844","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":155,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"2b1c23c9-7edf-4c97-ba05-e6ad0bb763ff","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":155,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"002a9939-af0d-4f0b-9869-011608061303","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":155,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"0c9de5c7-32ac-42c6-8e91-601c2f7185e9","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":155,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"971943e3-5cf1-4a77-9373-65eaf93d6941","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":155,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"6c5ed1e2-074b-497a-9f9f-5d70e59369d8","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":155,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"70303041-b556-4e9d-805f-886a0cde42b7","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":155,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"3645f3c1-33db-4189-915b-7e9d2e551431","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":155,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"1b0ab379-dce6-4c4c-b78f-9baa79c7f2fd","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":155,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"122a9e0e-975e-473a-a78d-8bab142d9688","block_type":"box","text":"compensation for selling different classes of shares.","page_number":155,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"226594b4-a32c-4de0-bad9-0f4aacb36ed5","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":155,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"24ce3869-ba9d-4d4d-8176-7da5286ba420","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":155,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"abcca807-8bd2-4d70-8d78-a57304df5f34","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":155,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"6f9d6aa4-2498-4d32-aa53-b9908eccf4b6","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":155,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"d0081b2b-f02b-4b08-9210-c30a653c2918","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":155,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"c32f1cd2-a750-4e2f-baa3-5fe117df74f9","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":155,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"e420481e-4bf5-4f8d-817b-056da6439d03","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":155,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"ae3d7a28-1ae3-4ff4-8ae9-7d2c2cdb717b","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":155,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"a3a21abe-5c91-4b09-982c-83681b7f89ad","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":155,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"e6858abb-58e0-4af6-be5a-2d958d527ba1","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":155,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"3b8a3a9d-1627-4ae4-8c25-8a8f0b7c1df4","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":155,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"306db78f-7e7b-4a82-a9ad-25935283f97c","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":155,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"adb7837d-f8fe-4fd7-a558-3700d5f659bb","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":155,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"1e695986-5706-48e4-b7e5-12594b6e3ed0","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":155,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"78eed288-499a-450a-8348-03a1a79bcf62","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":155,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"3e1e350a-194c-4c7d-8b1d-97b6e9402f6a","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":155,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"9ee03a6c-4c05-4af6-9d64-06465bb5a7ef","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":155,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"eb2faae5-7f0c-4467-860e-dedb6ae0458d","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":155,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"cea812c4-2ea8-43fc-9c2a-05b5532ae15c","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":155,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"2c703e09-41e7-4279-823d-54619343514e","block_type":"box","text":"easily accessible place.","page_number":155,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"36951a07-af33-4c55-b88f-01416130fde8","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":155,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"7e1ad20f-e89b-4e69-9164-a136f86f2ee2","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":155,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"5f8e49b1-b789-4eb7-842d-7c1579501ef2","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":155,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"ca0184b8-e3a6-4598-88ba-60bb9ec16802","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":155,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"6c5d3dd8-bc6a-45d6-8dd4-22cfcf35a017","block_type":"box","text":"fiscal year.","page_number":155,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"a839ccac-1d6c-4013-a1df-cebd07bf698f","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":155,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"a62a6945-5a73-43f9-83e8-037ed4ec2a12","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":155,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"d99e3e5d-6549-4960-b2ec-06477dc12c39","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":155,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"00eaacc0-c003-46a4-b6c6-8576364ee06f","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":155,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"9a028576-2b38-4be5-a61e-1a319b62cfb7","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":155,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"3a980fe1-af23-4434-840d-de83634bc180","block_type":"box","text":"distribution fee payments and CDSCs payable by a Fund to (1) 6.25% of eligible gross sales of Investor C and Class R","page_number":155,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"24edf472-638f-405f-8a8a-06a68373fe64","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":155,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"25102132-520d-47af-b0b3-093f166c3f42","block_type":"box","text":"(2) interest on the unpaid balance for the respective class, computed separately, at the prime rate plus 1% (the","page_number":155,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"13a24b80-3e41-4009-9f4f-d58917ab5726","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":155,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"aae16741-3659-42a7-ad19-424c4601cf6a","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI","page_number":155,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"d3958d1e-ab16-486c-b33b-e852e9719da8","block_type":"box","text":"II-107","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4fa194d8-15f0-4260-ab0d-27f9ee6f763b","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"987ce093-4874-49de-b155-a7d61feacd20","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":156,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"20759c3d-0154-4bec-9ff9-3ea453862c9c","block_type":"box","text":"and Class R Shares of your Fund.","page_number":156,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"c7b8ee00-49cd-4204-a154-21b7e0753c62","block_type":"box","text":"Other Payments by the Fund","page_number":156,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"7e4d6c8e-6a80-45ff-bff6-a64c943f169a","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":156,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"dab4753c-a3ef-4005-a1cf-1c264026a0c7","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":156,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"6f89f46e-b509-455f-ad1d-61abb4bca6b0","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":156,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"930f0260-3638-480e-acbc-de45b3ad7950","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":156,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"4c61c5f6-b235-4479-9766-62314e6c4b82","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":156,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"9a5c2772-06d8-477f-846e-2b2d827c1f18","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":156,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"66e0027d-b041-4cb0-b976-bf7f84a67387","block_type":"box","text":"of these payments may be substantial.","page_number":156,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"b48477bd-823d-484e-82b9-b12888eacfb3","block_type":"box","text":"Additional Payments by BlackRock","page_number":156,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"feddcd4d-bbc5-4fec-93b0-49b23a3e703e","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":156,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"105571b9-1b21-4a3b-ba0a-f6b5ed5b7f0f","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":156,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"ddbeec46-15f4-4a44-9b79-9dc80430f9b5","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":156,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"53883fad-4f71-4934-aa9a-b61578792cdb","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":156,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"187cd788-e282-44c0-822c-b523dd799272","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":156,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"8902c477-9786-4057-bc1c-125bcfc909d1","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":156,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"4339a8f0-4928-4eca-b8bd-7cfec877e425","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":156,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"2f8bfb17-0cac-4cf5-9f89-054df0bafec7","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":156,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"83654f6b-3d0f-46eb-b0ef-3a819e6cbfb0","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":156,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"f4e49f72-4202-40e4-a20c-0193c9ef4f5b","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":156,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"ff163a3c-fd62-4e1f-b471-b401aef25524","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":156,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"a77db675-ce56-46d9-a3c0-7869ab7d8c1f","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":156,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"7a4032bc-f781-4776-bf7e-fa501da33f97","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":156,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"eed5e8e3-f8af-4d50-b57d-cc6aa9c86a7d","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":156,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"c7e069b1-39e5-403d-b952-ae7f39cb6fab","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":156,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"852d5407-2bc0-44e6-a6e9-ec920c67a877","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":156,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"858d5f80-b75b-4d42-8d19-ae740572a064","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":156,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"182ca51c-0df6-4386-a90c-9f79ab3e95b2","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":156,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"4d4f29bd-c131-44e5-8ca3-42b708cccabc","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":156,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"8d181e94-7b33-489e-ac36-5523f32f1311","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":156,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"5f4d0576-d95a-499f-9556-859b0a8ccfed","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":156,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"abf163fc-fe8d-4b87-ab3d-3d1a8946fb53","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":156,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"18db72e0-0a19-4054-9a28-b66c668ccb5c","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":156,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"fa819a5d-9894-4256-bcf0-2ff88875371b","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":156,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"f44084c2-04a6-4fa3-904c-805c50574293","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":156,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"7eb1a78f-9c37-44b0-bf03-adbb8e7ceeea","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":156,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"4aab9001-8852-446d-9421-25c2be898ed1","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":156,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"f5ea9002-42a7-436c-8018-3e0f63139e00","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":156,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"218c87ff-1942-4fa4-a31e-a2ffafc14c0a","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":156,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"100c2b7c-ba04-4d99-9506-b20383ed52e8","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":156,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"9f42350b-9efa-453a-a04e-1a095551de15","block_type":"box","text":"Funds.","page_number":156,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"ab45790c-415d-46d7-b343-ecb6bd9fd493","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":156,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"d4b07bef-c04c-4d72-bd70-377a70c41a67","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":156,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"e1f452d7-6d4b-4340-863f-d6c0d914fefe","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":156,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"80b47701-38b8-4c43-9282-77619cfa95a5","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":156,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"3583571c-2035-4def-913b-1082c49730c5","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":156,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"c8523029-708e-45a5-bf94-9ad29b4f9d50","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":156,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"ada82e6b-8839-4b66-9ad4-39937683c044","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":156,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"b7bdbe1b-503e-406f-97c8-2984ffcb235a","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in cer tain sales","page_number":156,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"546d0a2c-6999-4190-80e5-63e868f0a0ba","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":156,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"203e794e-9255-4397-9e47-79aec8cd82a8","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":156,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"96640ff6-11a7-4c6b-83b9-fc9dffa34374","block_type":"box","text":"II-108","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e0396939-d5fb-4017-8504-effbb94bce68","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a4afaa1-afbf-40bf-870d-f5d30a09d8c3","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":157,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"3dc57a27-449d-42d2-b821-2101f9527728","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":157,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"94231022-f841-4b18-80e7-f4f20ede0886","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":157,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"67bb86a0-5484-4066-9c0b-c5ca3f6ad1b2","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":157,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"26a068a1-60f8-49c3-a8be-ce93ed335765","block_type":"box","text":"B. Shareholder Services","page_number":157,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"9075c6de-47d9-4e1c-9260-491b9c596872","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":157,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"ddfe097f-eeb3-4d53-83ef-9c8920c38d1b","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may per form","page_number":157,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"60c86a42-7db8-48ec-8d99-04f47d3a1eb2","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have per formed if the accounts","page_number":157,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"41a649eb-195a-4440-9203-207495ad4295","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":157,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"135bb200-026a-49e4-8ec8-1fc53c1519f9","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":157,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"49c51034-ba7d-48fa-b5b7-bbfd862b6b61","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":157,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"23a23dd4-c939-4d5e-9686-edf1fb145212","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the per formance of these or similar services. These","page_number":157,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"9738c8c7-96b3-4fe6-9457-94451dbf0f2c","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":157,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"2875d9a2-a4f5-4d0d-a8ee-d3e46d85b1bc","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":157,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"ce4caaef-70ba-4095-b833-c5248b71b888","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":157,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"ada4d9f7-3666-4a6c-9167-37604b6f3375","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":157,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"1eb7a090-b492-48d8-bff1-71c747643bd5","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":157,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"801c7b15-f7d4-4537-9580-43af9214b726","block_type":"box","text":"suppor t. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":157,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"6b0d36a3-4ca4-437f-88e2-8c86bad45923","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":157,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"b306db71-4652-4bd3-8d93-4e01a5ff6008","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, cer tain of the Service","page_number":157,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"ca4752ce-3d05-427a-a5aa-970a610b0965","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. This list may change over time,","page_number":157,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"c0388ca1-e958-4479-909f-10944d9de991","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":157,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"a033fe64-bc7e-45d6-9742-5bde3ca58f0b","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":157,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"31c6c81b-2d2b-4d1e-a989-0a12dd9d1390","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":157,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"6e07223b-6e83-466b-bfae-b3a2622cc2ad","block_type":"box","text":"&Par 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Each Fund has elected, however, to be","page_number":161,"box":{"x":68,"y":429,"width":831,"height":12}},{"id":"11f8d0de-bfd1-4bda-a28d-2415283dbd79","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":161,"box":{"x":68,"y":445,"width":828,"height":11}},{"id":"9177e37b-d38a-49f6-90fe-6cce7861b9b4","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":161,"box":{"x":70,"y":459,"width":826,"height":12}},{"id":"ebaddd5a-102b-4a12-ac75-14c2930b8bf9","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":161,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"ef1db41e-c59f-403e-a64e-9b4fabf9a4f2","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":161,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"e070b8f6-d6df-4ed5-a027-8263164d2a71","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":161,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"25a77645-48b8-4efa-bfb3-4032b934f203","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":161,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"2b8614b4-12f3-44e5-893e-44faf215a9f7","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":161,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"2d2bd751-b42c-4f23-8f2d-d0cc18ecc2fd","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":161,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"bc0c8351-fe0e-4b3a-8fc0-dab674cbf852","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":161,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"17aaa483-dde7-4ffe-90d3-0714db730cde","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":161,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"ac51c8df-861d-4528-8109-b371743b373b","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":161,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"2d5281a1-4e7d-4c0a-aa7d-7b983bfafef9","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":161,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"b42f0ac5-a33a-4e0a-b96e-3ec18f0a2936","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":161,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"0c1c07dd-e7b4-451f-9dae-ace531accb62","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":161,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"fccdb519-0b01-469a-a60e-afee220b57d1","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":161,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"d1d35bad-3f9d-4431-8836-3ed1cf967fd8","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":161,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"8e67a948-4cbc-4d48-aa76-b3269ad6344d","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":161,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"72634768-3749-431d-89a5-68c26d8ee587","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":161,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"40d8386a-3c6d-4367-adc8-068e04303376","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":161,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"f5c40f02-7994-49e0-9eda-984c55a82c17","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":161,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"05efc313-8344-40e1-82c0-9fd184a23c23","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":161,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"83fc32e8-7fd7-48a8-b8d6-6f58586dd953","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":161,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"2426d0c7-5973-484e-84b7-6bc888cb3aec","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":161,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"ce2706f3-6810-4c14-92d5-ef168c0910d4","block_type":"box","text":"Redemption","page_number":161,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"087045e6-5579-4eaf-8143-4f459d8b4bff","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":161,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"4bcaff7a-12f0-4f0c-aac2-420e19a4d01c","block_type":"box","text":"Redeem by Telephone:","page_number":161,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"c2b8d18e-93f7-4bdd-acc7-f4e5a37ebb16","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":161,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"35efe88e-fe33-4641-a5e0-c4aa28f8d63e","block_type":"box","text":"telephone request if cer tain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":161,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"307f78a1-2316-4424-b9cf-c58774426f5a","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":161,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"ce9b4431-fa4b-4135-8929-5f708815e3cc","block_type":"box","text":"II-113","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5cb50834-6920-4ae3-ab0d-da4f0d2bffde","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c946913e-20e0-48f0-8aab-c9dd87254115","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":162,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"5e58f5ff-8512-43fb-83e8-d0d3ec0ec6ec","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":162,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"b560fa76-9f59-4a1a-8097-850f92085928","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":162,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"dfc687a9-ebb7-448a-9909-e040895feda9","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":162,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"c3aa2cd2-dc87-4c56-9446-d87ae9074f0e","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":162,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"4c3c7a64-8630-49e2-a380-47e5608a29de","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":162,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"3d1487e4-44bc-48fa-a464-43f046fc8af9","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":162,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"6dd3e316-151e-4737-a246-72fc84b38328","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":162,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"7b2ef546-9ea1-4c42-a7e3-5bf69d20a36a","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":162,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"8f19182b-e1e4-458c-a69f-511ba03a9efd","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":162,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"d3ea5390-86b8-4c0f-9ef7-343ab13998aa","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":162,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"58273522-f33f-4bfb-a6be-cb40685b76ed","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":162,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"36cf10d7-82f4-4ff2-a7f5-07dba2737122","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":162,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"227ecc6d-be0c-4681-a8d6-e5badbc3c4e6","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":162,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"75f5080a-bdda-441f-8281-37efa0b6ed63","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":162,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"6eda0133-18f1-4aeb-bafe-793246a4c9ba","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":162,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"77369123-f976-42d2-9657-3a43c0903be2","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":162,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"ed734e3b-fea5-4541-8905-41588d98b01d","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":162,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"2ea53729-0a3f-417b-845c-7c97991bb81a","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":162,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"5c7a6373-7124-4b7f-91dc-683f1fbef35d","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":162,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"13e30898-1ba5-4750-a5cd-d6881151edc2","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":162,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"0151977c-ac6f-4827-ab73-c46ffbf179bc","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":162,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"c45f0c53-c4a1-4ca0-b180-77c0a0264701","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":162,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"702a70b7-0115-4a83-a174-366ec2e7e124","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":162,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"bd06b34a-bae6-4a16-8674-3490728ef1b7","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":162,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"7a2fa46c-5703-4e66-9c7c-e57363713134","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":162,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"f4f9c2ca-a559-451e-975b-a031ca1b8fb0","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":162,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"cbb4125e-25c7-4ebf-83e9-35343cb03b29","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":162,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"4fceb808-d51b-4511-b762-604907c34052","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":162,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"ef62f549-59c3-49ac-b426-3cca564190fc","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":162,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"fd94aaee-68c0-473e-afa8-7e6735697264","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":162,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"0751616a-2992-477f-bc92-4791be6bb4dd","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":162,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"ab0ecfd2-971c-4009-a5d5-2d49798801fd","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":162,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"3c0f343f-ac6a-4df8-9396-63d5d414078e","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":162,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"f9fc5105-4f7a-42d1-ab8a-ed41df3eeb96","block_type":"box","text":"Redeem by VRU:","page_number":162,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"8b706575-67bc-4bc9-be4e-4c8ccfc4a64e","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":162,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"aa8af5ca-879f-4710-bfa9-53dfb674227b","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":162,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"c42df263-651a-4a3b-b542-e1787b29afb7","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":162,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"f44553a6-7665-4091-a401-8022f7df97f0","block_type":"box","text":"Redeem by Internet:","page_number":162,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"bc0b2915-b8a3-4f12-8c13-ad95c908633b","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":162,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"2a023956-dd27-4581-be4b-bb911e9d253d","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":162,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"e1ac8054-51d4-4dc0-bfc9-4b533832912e","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":162,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"6bfd2ea4-c715-4b22-a894-d2166d53e983","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":162,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"231ad005-01e3-4935-bf74-0272c7302e01","block_type":"box","text":"institutional investors.","page_number":162,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"f4e46adc-ca15-41a7-a850-b0445d2ea0ed","block_type":"box","text":"Redeem in Writing:","page_number":162,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"8da23619-79e9-4e79-8f4d-dbe0ca09baea","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":162,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"7b860cb6-4a93-4014-bfbe-efbe2e51fcc7","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":162,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"b85b1034-76f3-4273-bf7e-36b195f76a60","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":162,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"7281b533-5ccc-48e0-bafb-6b6ec80a151e","block_type":"box","text":"15262. If you hold share cer tificates issued by your Fund, the letter must be accompanied by cer tificates for the","page_number":162,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"5ab3ec0d-e4f3-42a1-a1c8-1e7b42edde59","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":162,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"65663c82-e57d-4c0b-8c83-903b2ad737b8","block_type":"box","text":"required but may be waived in cer tain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":162,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"04218ef8-5342-488d-a6fd-856542d43fed","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":162,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"1b76ae8e-2683-48c6-897e-7f6a24d0f514","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":162,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"d4d94507-f9a0-4a37-af11-713d4c8fae44","block_type":"box","text":"cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":162,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"6747b036-523d-43cf-b6ec-06a1fd4cfc00","block_type":"box","text":"the bank account of record.","page_number":162,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"aaae0430-515e-4c86-8299-b0c5836b2038","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":162,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"8e78a99e-6a6e-46e5-ac8d-d48f868a6550","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":162,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"658ee93f-eaab-43c0-bc77-d3a86f7ec902","block_type":"box","text":"II-114","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"80e0f212-2b7d-45d9-ba38-ed1fc3441893","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa4811b1-51cd-4f3d-879a-1a355a3f8d22","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":163,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"5020ef06-cbad-4f30-87fb-7762a375f355","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":163,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"122dd1fc-29b3-4965-b8e2-4f42caf381ab","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":163,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"4022e5c5-c1d5-4ebc-97a5-9b9f559999a3","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":163,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"c405d2e4-d708-498d-a78e-badbdb2bb50e","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":163,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"ae537abd-2228-4361-8b2e-c526b0bfdbd7","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":163,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"994f2e24-f9be-4b2c-908c-dcf1960d36d1","block_type":"box","text":"redeemed by the Fund.","page_number":163,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"b177021c-0be2-4bb5-ac57-80def90bb788","block_type":"box","text":"Note on Low Balance Accounts.","page_number":163,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"ab51cc33-9c1b-4610-95d8-fdbc9242addd","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":163,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"0f0eb699-65a5-493e-b65e-40ce3bffb6d7","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":163,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"e2d1da65-2346-4262-a48f-93805f70984c","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":163,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"a73ba99a-6371-40ec-812f-d4e8043ae84e","block_type":"box","text":"for any reason, including market fluctuation.","page_number":163,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"665908d8-bcb0-4783-8e7b-6df4a775b5dd","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":163,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"283c0f5f-332a-4a34-ab9b-3b124372e460","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":163,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"229cb4cd-30a8-49a3-bce8-ea46d8772ccc","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":163,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"d2dccdcb-2bee-46eb-aa70-15dc56799c73","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":163,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"7642ffd9-209b-462f-8f69-4e921ee74c8c","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":163,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"ce0c3961-41ad-4274-a65e-636567e3b9ba","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":163,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"88ed963c-c6c3-4743-b173-743dd0430fc2","block_type":"box","text":"Repurchase","page_number":163,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"4cb86200-261d-44ca-ab4a-c4f6e0499fed","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":163,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"ce85fc3a-232e-4a72-9328-1e8412f1ca3f","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":163,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"472534ee-88e0-4a33-a39f-4fc5c254c887","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":163,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"031b8ce7-62ff-45dd-835e-2347ba566ca9","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":163,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"f5ef7123-cfa0-4b83-be0b-a9e381da6302","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":163,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"a92c3738-4309-4319-b4f4-8fdd09e02295","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":163,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"0d85d437-b65c-40da-a720-468874f15dd0","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":163,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"7a759f2c-f8f7-4374-af6f-9902b040ee5c","block_type":"box","text":"next business day.","page_number":163,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"fa60fd3a-5432-46de-8178-8ad629170bdb","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":163,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"553ad6f3-d89f-47fc-a8f9-a6c3139a3e7f","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":163,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"6f31c71f-d12f-415e-a48a-464ed4f22475","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":163,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"dfb93134-bb36-49b0-9901-8b7ff6cb7218","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":163,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"07f42506-38b5-479d-bb6f-622289f7e998","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":163,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"3d23cb10-8a9b-45c0-b741-35454bf9cdaf","block_type":"box","text":"redeem shares as set out above.","page_number":163,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"569f16ff-a2bc-4cca-8cef-03f1289c00e7","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":163,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"ceba085d-23c8-482f-ac17-14f660311e4e","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":163,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"d100393b-c085-4b36-ac29-bb5dcc1f523f","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":163,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"555b6ead-0d57-45e2-b45f-927a775ec580","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":163,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"ed534dcd-8d2c-4a7e-bdf2-23a0e20e0409","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":163,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"68a3b0c7-11e6-40d8-89a9-6f1edf268449","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":163,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"44caa3ae-2983-47a8-a875-40cebf76e7c2","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":163,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"f314d8b3-44f4-481f-9843-ef4b0a8fba49","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":163,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"c41515c6-3646-4ef4-b905-7a049d75c193","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":163,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"a1d60a58-ba21-4627-99a8-7b9917758f8a","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":163,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"c629d400-213d-4ba2-9135-b752e2c3bc69","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":163,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"1000710b-b39c-4594-9342-f56b10d93354","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":163,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"907a8c28-05be-4df1-b192-9082fb487ba6","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":163,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"c9023427-2716-4c12-a81c-3951ba080e6a","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":163,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"17f2a18c-32f5-442f-8e62-b9ce29d2b5c6","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":163,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"1e264dbd-1715-43d2-bc30-c27971ecd10f","block_type":"box","text":"II-115","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"537a87d0-c533-43e7-9f5d-096ca5918b6f","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b543a07a-aab6-4eb7-9311-8658a27a1ac4","block_type":"box","text":"Investment Account","page_number":164,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"ff4561cc-2647-4985-9d50-d60a797c62da","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":164,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"d6207524-c6ad-46fb-9ccd-a1ff7ae8fd0a","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":164,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"4fa563a1-525d-4d72-b67c-1e8f9add34f8","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":164,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"13de8595-0f11-4439-9a66-2bc2dc396595","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":164,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"fe8b98dc-309b-4a7c-9ddb-0aaf430c9058","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":164,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"c2161740-cc57-4ef5-9d78-98a1717a9439","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":164,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"5875854e-4d7f-4c45-8ddd-b5ee78ba4e95","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":164,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"7d8306e3-ab19-47eb-9274-6dfc4f5cfe80","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":164,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"614a1b34-becc-45a1-97a4-8a51006c4fc7","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":164,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"79411bc7-6630-411d-bbd5-ffcb4422863f","block_type":"box","text":"automatically at the Transfer Agent.","page_number":164,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"529962dd-7e34-475b-b099-475b5dd1b3c4","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":164,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"b76f3ba0-6626-4f3d-bb21-952c1c4923e9","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":164,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"3ae2cb3e-7fcd-4f58-80f4-7baff4912b16","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":164,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"eafc3f38-d904-4113-baa5-a2f179fcd59a","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":164,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"20c40a06-ee8b-461b-a125-460a16579bee","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":164,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"01fb3185-6448-411f-bb0f-6225a8369a9f","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":164,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"f38ab914-7770-477c-9e42-b887fc37a496","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":164,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"71741726-0c1c-4430-8edb-a030c25c6f03","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":164,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"876a7d5c-11ff-4440-b7ad-570151dbe778","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":164,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"85ac7b93-8a8d-4674-b8f5-f286e6f8ab16","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":164,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"6347cffa-4b3d-4251-a024-22c45e068718","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":164,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"a195e5da-4de1-403f-b03f-6991f5cb2653","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":164,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"d83baddb-c5c1-4639-b681-7a4325711d26","block_type":"box","text":"issued.","page_number":164,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"c94a0f9a-1d63-4582-b32e-f2af844e3b35","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":164,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"a2850d13-8c7d-4007-a61c-5cff70159af2","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":164,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"de0cb2f7-9074-4c59-9bf0-c5edacbd205d","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":164,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"0dbb851c-68a5-4e60-ad06-58f5ab7190b4","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":164,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"e0c23d89-9a0d-41ca-aad7-4f8e2b6ace02","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":164,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"b29e06bc-9037-4692-9d66-4000609c06d8","block_type":"box","text":"Exchange Privilege","page_number":164,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"4b991477-c158-4dea-8bc0-ceb183de4406","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":164,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"fac2cc18-c4a6-425c-9d0a-34f10a5ddb01","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":164,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"ec9f066a-c043-4b96-9632-0abc2e5d8b6f","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":164,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"e4b042eb-1294-45fc-a2ed-c6986595f2b4","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":164,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"1f4c36bf-19dd-4593-9c1a-b51da1b5554b","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":164,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"b205b9b1-a8b7-4833-8e30-f7468906caa1","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":164,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"df855b5e-148c-41df-92d5-346ddda75281","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":164,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"f36de878-ba86-48f6-a3c6-79b8233ccafc","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":164,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"c34b581d-c16c-4005-8e4a-f1755cede0fe","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":164,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"cbb3ce1b-e4d1-4fba-8c18-c302248778e6","block_type":"box","text":"Institutional Shares","page_number":164,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"178c6640-7a92-48ed-8f36-1e059b9f8b8d","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":164,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"178789b5-2c2a-447d-aeaf-cb010618ca6c","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":164,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"8edfeccb-251e-4a33-bb5a-5ad3095f0460","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":164,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"3603ed9c-8ac5-4e74-ba23-a2fbb5af4841","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":164,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"1353791e-f150-4e33-ac19-e4298946d00d","block_type":"box","text":"for Class G Shares of other Funds.","page_number":164,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"4468a90d-8975-4145-9908-07d7ddf981d0","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":164,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"59fe0699-64dd-4ce6-8984-facfac4e96d3","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":164,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"f46db18e-4c7f-44e5-abd3-8764e901db2c","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":164,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"44d739fe-8665-459d-b8f1-08108d3bdc83","block_type":"box","text":"money market fund (“new Investor A Shares”) are effected on the basis of relative NAV per share. Exchanges of","page_number":164,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"f2217171-ea65-401d-8635-a6aac89d32e9","block_type":"box","text":"Investor P Shares outstanding for Investor P Shares of a second fund are effected on the basis of relative NAV per","page_number":164,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"db5a1c2a-eb63-4a62-93c9-212270d117e9","block_type":"box","text":"share. Exchanges of Class K Shares outstanding for Class K Shares of a second fund, or for shares of a money","page_number":164,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"d73abace-1b1f-45c2-934e-34e17730a141","block_type":"box","text":"market fund are effected on the basis of relative NAV per share. Exchanges of Class G Shares outstanding for Class","page_number":164,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"ec5b3326-c5c0-4273-ac71-1212160c0710","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":164,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"0d629d61-15ea-4e45-a7c3-f4f7705253c8","block_type":"box","text":"II-116","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"134ff1a6-8376-4a03-b3c8-985a4abf0b81","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d140401a-1d62-4191-8c8f-83e340a56c56","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":165,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"15efe1ff-7a7e-4515-99b6-ae5f23ea9c8e","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":165,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"2ac376f7-cedf-4668-ad7d-aaf6635a408d","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":165,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"e5081380-9659-457b-bfa0-c834163719bd","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":165,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"903edc14-c7df-4ef1-8d14-3841e125e1d7","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":165,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"0ae0da94-da6d-4b82-8326-76df926b12d9","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":165,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"b14a6f09-e65a-4408-ab1d-c534edf21332","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":165,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"48ff3e2e-f1a5-43d2-920b-56e0867c6445","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":165,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"ba0aa414-1a4c-4b86-bdd4-46bdceb8173c","block_type":"box","text":"Exchanges of Service Shares.","page_number":165,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"c6ccb5c5-16da-4b49-843f-6008de125e49","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":165,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"420d2484-7c39-4c2f-b55b-a7734d4a626f","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":165,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"a6adfe0a-3459-4043-96b3-49c83865c8d5","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":165,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"a553b599-f66e-4f9c-8e95-c38cee0428c8","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":165,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"01cd0e41-cd4e-4296-b98a-24f54587d26c","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":165,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"aab95253-189a-4c3b-ba57-68157b41ce10","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":165,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"c4cf09a6-87e1-4a28-895b-1327a00beec9","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":165,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"eb7ca73f-8ec8-48c5-abcb-5aa58e35193d","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":165,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"a1093118-4a6e-407d-9c53-b102502ae1b7","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":165,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"b93bb203-3edf-448f-970c-d5e7d16444e3","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":165,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"69ad3d15-52c4-484b-84e2-ceb20d4df00e","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":165,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"69ad8d33-ee84-46c4-949b-daa4623ce5b0","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":165,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"5b08f956-ca24-4761-b53c-fd26894492b3","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":165,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"f30ee205-f649-4a53-9970-879ce5935c65","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":165,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"318e9a0c-099d-483f-90cc-8d6e5e7fb33a","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":165,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"9bfab605-d159-4dec-909c-91ab301ff7dd","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":165,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"85539d85-8b1e-4f6b-b398-9680b01d0743","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":165,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"12669267-e809-46f0-a051-f453b09738e0","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":165,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"42df696a-2bc5-4cf3-b52c-909e4b670419","block_type":"box","text":"exchange.","page_number":165,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"3e1ee904-610e-4644-a29f-42c31af7deda","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":165,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"8188ec82-61a2-4ba3-99bf-0c53cc517f04","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":165,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"4d0258c9-bd56-4ba3-874f-ac1f22c93bd0","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":165,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"2aa3a5ee-6ffe-4348-bda2-7520442a467f","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":165,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"af8266aa-1a4f-4e32-8dde-600ed32a53f7","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":165,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"fe23ecdd-9e37-4a72-bf5a-fc38657ee882","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":165,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"be087ee3-a467-49df-b288-35df9eca11b3","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":165,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"531a82f7-fd0b-449c-9ff0-045fd3cdd16b","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":165,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"9ec7dc01-c3e6-4e03-9f42-85175746f8b5","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":165,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"407bf675-950c-4174-8196-62508e7e467f","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":165,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"135ec8de-aae2-42d0-be19-75608d86b341","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":165,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"414b176c-5b33-43e3-beec-d989d6fbb832","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":165,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"3a6cf284-08a9-43ac-a70b-166a07f83137","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":165,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"6ab71925-824f-4dc5-8188-32464cc2a22c","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":165,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"462a5358-7a23-4e9d-8119-fd1b975ff615","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":165,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"2f74a066-fa4c-4b07-bebb-01ec6a91d76a","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":165,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"8b9c3c80-8962-45f8-9490-404e021343bb","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":165,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"808280e7-395b-4613-8cd5-428196f6f761","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":165,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"7fb8957f-16cc-4ac9-a2e1-e23a944565d6","block_type":"box","text":"Transfer Agent in writing.","page_number":165,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"f1bb9205-f1ef-4790-ad49-1fb94c2f7870","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":165,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"ca9c69a6-9e15-46ed-8812-85f676dd76bd","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":165,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"7c30327e-77f9-4a87-a0fd-4dc0b609ab32","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":165,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"1a5152d3-1a73-430c-8143-c59a0ce6dd95","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":165,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"75e7ff0b-6155-420e-baa1-6579459baa2e","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":165,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"62bd1392-114d-482e-86cc-bb858fd3afee","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":165,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"9493dfc3-af7e-4344-a6aa-4e758c619841","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":165,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"2c1cb3ae-f14d-4bb5-b081-4d5516d3eca2","block_type":"box","text":"must be legally available for sale in the state of the investor’s residence. For U.S. federal income tax purposes, a","page_number":165,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"a42b18c1-0028-4376-b9f5-4c4e546dce79","block_type":"box","text":"share exchange is a taxable event and, accordingly, a capital gain or loss may be realized. Before making an","page_number":165,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"4a65275f-a6b7-4abe-be8d-a0272cf606cb","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":165,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"c39a6ec5-4958-4932-9140-d21def45f2b9","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":165,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"0e4092f1-94d0-455f-b1e3-986319806d11","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":165,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"184f5202-4378-4f80-9490-cfc176e77a74","block_type":"box","text":"II-117","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"da743c7c-37a9-4cd5-a028-ea5bad8f597e","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4083f968-d995-49da-b7da-040c3ce923e2","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":166,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"51b39b30-45f4-4888-b8a6-cbd4862667ff","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":166,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"97e3c88d-1edc-45a4-ba32-a0401966936e","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":166,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"52f99a66-158b-4222-a39c-e91df771e285","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":166,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"2f5d4b9a-4356-436c-81c4-05f5a2cdd250","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":166,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"cf9113c3-1d9a-415c-9576-b252e538140c","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":166,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"827cc6ff-1392-4bd9-9fd5-3f323a888b51","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":166,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"11a1bc4f-8112-4dac-b49f-23afe6fb67d0","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":166,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"e4ca9bfb-c7ea-4374-9220-7226eb308d8f","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":166,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"58a12db7-f8e8-491a-9900-b3c3d2bbcf10","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":166,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"efc0be42-eda5-480c-bdbf-488381d67553","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":166,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"2150adde-67a8-4308-bc19-4752bd98e059","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":166,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"9561242e-852c-44bb-a771-f890ba08e04b","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":166,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"ad630d8f-d1c0-49c3-b26a-28ec20b1732e","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":166,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"a8f97136-47da-4d7c-9715-6e068c9ff003","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":166,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"d509cab7-af4d-45ae-9dfd-cd1c82593853","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":166,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"a2d799ee-0e4e-4e84-8b7d-5b8f7bda1b19","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":166,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"f2266200-4b8a-4e8b-8533-cd2904ab63e1","block_type":"box","text":"may be distributed by the Distributor.","page_number":166,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"6eef24f0-f14d-49ba-aa7f-e856a0664736","block_type":"box","text":"Participation in Fee-Based Programs","page_number":166,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"3774db21-cd2c-4c41-9cee-901945b299b1","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":166,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"a99dcb75-4e51-4ef1-b74c-c5f7cb477e37","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":166,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"6758675c-11d3-41a6-93bc-671a9dd792af","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":166,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"2dddbbe8-65a4-4f85-bf50-7c72c3f43082","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":166,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"3ec17594-0f1f-4769-8a95-b04b1b7c9fbf","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":166,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"6f7b5d59-5097-4426-b49e-4a6b81f22661","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":166,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"a15d6529-176d-4ab2-8e86-99bc024fac3c","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":166,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"2c8b863b-8de9-4991-8ce6-b3a944be95c4","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":166,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"82ba70a0-ef48-42ae-b127-bee81aabfe75","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":166,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"f1129b10-3084-4070-a364-e1fd66ed7888","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":166,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"bc16c2aa-5248-4426-ab1c-281f0e562eba","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":166,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"986ef825-640a-47a6-895f-73de93b37cd3","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":166,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"8c531eed-ba80-4ba3-8a13-7db3009cf5ee","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":166,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"e2df9806-5ce4-461f-88c2-3c3a937e4cde","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":166,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"3d6f7048-06d0-4606-b937-7f9b22ff9cb2","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":166,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"a345ad78-9aec-4717-9532-8862e967e168","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":166,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"37e3d3b7-eede-4215-a1bc-1f2fd5767a7d","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":166,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"28f847dc-956a-4bc6-ac9a-e5f00413ff2e","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":166,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"aad39dd2-fab9-4b5f-8f33-00eb9322b591","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":166,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"b005e08b-aec2-47a8-9a74-6cc23479b197","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":166,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"24326085-99ef-4648-b9f8-ffc786805e02","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":166,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"b70bc56c-afe5-4c7d-8b5d-581ff8588ef5","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":166,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"bf4d6b8f-3c67-42d9-bf9e-5e6d4376effb","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":166,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"5f58d365-5bc4-47b7-a68e-7304f2999df3","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":166,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"06554131-f9b3-4611-a34e-6474c4f6c861","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":166,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"df2f4ee7-011d-4c02-ab2e-4e7765c73613","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":166,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"f86aa966-b2a9-464e-aa3c-d78efa11befd","block_type":"box","text":"information.","page_number":166,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"8ece7773-721b-4f08-b460-7aaf478f7ca0","block_type":"box","text":"Retirement and Education Savings Plans","page_number":166,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"22e20fbd-0834-461b-a009-bbfd083e0176","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":166,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"6e23db12-49ff-47a6-a832-6541d90d6609","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and cer tain of","page_number":166,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"d5956c20-e987-4316-93a5-b482fbd4d5fe","block_type":"box","text":"the other mutual funds sponsored by the Manager or its affiliates as well as in other securities. There may be fees","page_number":166,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"88b64cdd-bddc-4ccc-ba5e-6ef3b7f9df6b","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":166,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"6792c00f-10fc-4777-93f9-a04bdaef13c9","block_type":"box","text":"your financial intermediary.","page_number":166,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"f5de96a0-ceb4-42f1-b848-01e61fc246e2","block_type":"box","text":"II-118","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d1d80bc6-89bd-4e00-afe4-f6b52083c578","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2291a10c-a3d3-4dc3-a099-d9b330b17904","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":167,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"1a6c7d50-7791-4531-8b0c-56d9cf411782","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":167,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"4d878733-5dab-45b9-a29b-fe1681f2365d","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":167,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"818c44a9-60cf-45db-ae80-7828a49843a9","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":167,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"7f6b4a90-25a0-456c-86a7-8dca02f97bf6","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":167,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"278fa75f-7ded-4f43-b44c-23a22c0cbdff","block_type":"box","text":"Automatic Investment Plans","page_number":167,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"3c1651f4-21e5-4138-82ae-e67f98c5284b","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":167,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"781cc4f2-5490-4035-a2be-255e7fd5830d","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":167,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"815083b9-b7a6-4e36-be7d-45b71e149ab5","block_type":"box","text":"®","page_number":167,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"fcf18dca-e947-47f3-9624-835706cdad0a","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":167,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"dbc45263-e86e-48b5-a229-df368f15d985","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":167,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"ca82dc21-6b27-416b-bb52-55eb057b1a9e","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":167,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"eff188a4-c734-4e06-b203-e0b405fd21e6","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":167,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"25571c9a-c4cc-4702-9d01-217a1c95e606","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":167,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"eee01dc7-a681-4908-acb1-c932d54dc15a","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":167,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"8bf68f35-4db0-4a43-ab9b-af46c69766cd","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":167,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"734da90a-ecd0-4e11-a68f-c0b0baafee8b","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":167,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"9bc959ce-abfb-4dbc-9de3-61c71e509290","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":167,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"4151f351-c26f-4d22-94ed-4ad89e19acbe","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":167,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"c109224e-2083-4ab8-9d5a-a7dd89dd4501","block_type":"box","text":"Systematic Withdrawal Plans","page_number":167,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"001efb5c-0066-4e8b-bd09-73cb4b4c184b","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":167,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"4e5bb79a-b99c-4546-8b57-19d42b1fe6eb","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":167,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"20188dc6-eab0-42f6-a2d2-5e56624ec398","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":167,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"ef3d91cc-fabc-4e62-b55d-e5a532e950ba","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":167,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"63f163d8-c6fa-4a3a-8b87-7a4fb17d1ada","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":167,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"77c10e4b-8e52-4f06-9437-68b904ec8453","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":167,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"3485e6b4-a3b4-47a5-88cb-0af7d3687a8c","block_type":"box","text":"www.blackrock.com.","page_number":167,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"da305293-7656-4d8d-80e5-4fbeac43fb4e","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":167,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"8d99f86a-baf3-4504-ab2a-cab32dff92b2","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":167,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"2212fa57-6270-4eac-8ec3-88f702c59e60","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":167,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"620ee802-7548-4813-8f9e-27d85dc2636c","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":167,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"d3b0ed05-5fb6-4c2c-a9bd-088122d4f733","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":167,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"cf8a08cd-a164-4240-bb91-6035a4e8cf95","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":167,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"01e87ae3-5709-4223-8d85-031f37844754","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":167,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"4131e75c-242b-4b55-a391-edc4b67626d3","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":167,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"25a8d2ce-fa26-4700-a887-fef6de3277bb","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":167,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"e032f883-f9cb-4833-84e4-8674ff32fb28","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":167,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"c3d62c80-53b0-4384-9eb0-b87267b97372","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":167,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"b53f3643-9ec6-4994-9f99-2966f84ef97c","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":167,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"59a752ba-cdcc-4afc-918a-36beb3afaae0","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":167,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"c47655af-61ea-403d-866e-c31709ed8bc5","block_type":"box","text":"Dividend Allocation Plan","page_number":167,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"b387c805-92e5-408d-b3ac-aa28a889a202","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":167,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"f97a3f98-0bcf-4804-823c-1381b78e54b4","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":167,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"8db6eb16-8190-4261-a255-fbee0dbf7bcd","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":167,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"4f6abfcb-6cc4-4d95-851a-14a091561895","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":167,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"d48be9d5-2083-4239-969b-fd7a1ad2b920","block_type":"box","text":"PRICING OF SHARES","page_number":167,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"2267a467-cf90-4c5b-8cfc-6f0cfcb1e3a7","block_type":"box","text":"Determination of Net Asset Value","page_number":167,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"6bdd1319-f25a-4826-a5b3-8cfbf72ecb3a","block_type":"box","text":"Valuation of Shares.","page_number":167,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"fbb4b239-1417-4ce6-84e6-a648a93e9932","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":167,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"b4b08af2-225d-4b0b-b23a-e9c6857a9ac8","block_type":"box","text":"regular trading hours on the NYSE (currently 4:00 p.m. Eastern Time) on each business day the NYSE is open.","page_number":167,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"3a95d3a1-045a-4dc3-a1c1-b828b93acadc","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":167,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"b4dc4063-a2a0-4e10-8a38-a4cbb63f0f00","block_type":"box","text":"II-119","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"dbed0373-3bad-4b33-bc78-38922c265ee9","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"602531d9-8a25-486f-a23d-1cd3a888703c","block_type":"box","text":"Equity Investments.","page_number":168,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"f463305e-b7f1-4eb2-9b1e-a9a1ff020534","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":168,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"3d8dc4d3-cf20-4d75-aea3-1755d65c4faa","block_type":"box","text":"e.g.","page_number":168,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"92277693-1969-4b2c-87d1-0fabe0140a80","block_type":"box","text":", NYSE), on separate","page_number":168,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"491ad5ab-b344-4263-93bf-2b9df08d7e22","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":168,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"8dd82a92-c968-4eb9-b59e-b671f882dd2d","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":168,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"87407995-2bff-4bf9-a62e-692f8c97a9b1","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":168,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"0c0ea864-d568-45df-adf9-05d7ff3f9eb0","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":168,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"40256468-34a1-4634-83ee-41cb48ca69d4","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":168,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"af367fe4-14e8-4c12-93e0-82e7a98c4eb4","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":168,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"f07e0fff-bf3a-471f-8d6d-34cce769a659","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":168,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"4274618c-1a2b-4245-80d0-90ec05d8723c","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":168,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"1097cbd6-694f-4f6a-b0fa-2339139234d8","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":168,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"2b7d8d5f-d1eb-4071-a5ee-a514dade37e0","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":168,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"e378a84d-6cab-45b4-afea-64fdc3af4aaf","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":168,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"f49b5486-ca8d-4571-bd0f-1b4e9f7313f7","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":168,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"b077498d-61aa-4e53-b24f-dd05fd99de1a","block_type":"box","text":"defined below).","page_number":168,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"48f528a8-5338-4ebc-8d35-67b535828568","block_type":"box","text":"Fixed-Income Investments.","page_number":168,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"63e4d1ab-3ecc-40c3-8c50-5d39706dbaba","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":168,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"362ce6bc-568c-418f-8b4b-83e50d7e56ef","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":168,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"580af079-f82c-48ab-8a3e-5723c9f0fa3e","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":168,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"56adbb13-67e1-4806-a585-a6996fb87d99","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":168,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"9c599bc7-f801-499a-873b-226c78bbf2d5","block_type":"box","text":"e.g.","page_number":168,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"3b22d35c-8e1e-4aff-a890-932788f34281","block_type":"box","text":", recent representative bids and offers), credit","page_number":168,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"049eeb7b-1726-4db7-ab56-62bbdfa1e43d","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":168,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"57933bb9-7dfc-4e53-bccb-bb1ae8e563bf","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":168,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"b4b90ec5-43fa-4c46-9125-4a1f59b98cb1","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":168,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"e4f304af-5b25-4113-a35d-4cea475bb846","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":168,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"f57effbd-e87c-4e43-a474-3043cd838faf","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":168,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"92cfc66d-b0c1-4656-a423-9d259dabf40d","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":168,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"dabeae0f-fbf5-4eaa-b045-16dd4a2258a5","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":168,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"2ad7d278-ee30-421e-901d-c254c504d757","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":168,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"95dcf47a-c7ba-42fa-8cd2-b36eab838b05","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":168,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"be6ee437-a7ba-4b5e-a098-083ec9d460cc","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":168,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"fffa49fa-8b2a-4426-ab15-312c1386d181","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":168,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"60e4bff0-5f44-4884-9be1-002d5035ed48","block_type":"box","text":"attributes of the tranche.","page_number":168,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"db17b243-1229-4eca-8b6c-6f456485de20","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":168,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"e54ac1ff-86ea-4407-9f99-bb562523e713","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":168,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"8491ac68-26fd-4c29-9cb2-15d05b8d7eba","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":168,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"d074a9ee-54ac-4777-8187-ec63e6b135e0","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":168,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"4294cbbe-4f37-4df1-92b4-612012dc6581","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":168,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"f9666c6a-a11b-4039-96d1-61e29330dc33","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (shor t positions) price, if available, will be used as","page_number":168,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"2c8681dd-7b89-432e-838b-6dc886286aaa","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":168,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"07e306d2-6e36-4347-8d7a-9b56f4bb880a","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":168,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"1ad79d88-faef-45c1-825d-b0d6dd61eee0","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":168,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"2b073bf3-c763-4d67-b357-92b1ab129a5c","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":168,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"f1f3ebe5-7f49-45f3-80b3-5a14853c4fd8","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":168,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"98e2cee6-0a1b-408b-b896-75fa438b6c88","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":168,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"1cb7b3a2-70f9-414f-8c38-a0b313c8a0a1","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":168,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"0a39fc7a-c15b-484e-93fa-6f5eb3356c24","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":168,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"e9b0332c-ae44-48f1-921c-a59adb18b993","block_type":"box","text":"Underlying Funds.","page_number":168,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"9a3fe68d-bfc2-4681-8e4b-36152a2c2a97","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":168,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"8b906bf2-ad46-499a-96e2-46a771174c8c","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":168,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"2750d8b9-bc18-49a7-a596-de9747730b7e","block_type":"box","text":"General Valuation Information.","page_number":168,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"a991e201-6a82-41c6-bc6f-1540f9ba5370","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":168,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"c1a43e1b-a4c3-48da-8a7b-bf03aa5b2500","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":168,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"0bed735f-ee3a-4881-becf-e15ed68c9ca6","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":168,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"5a3ef773-bf55-4254-93c7-db160419557f","block_type":"box","text":"subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be","page_number":168,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"401cc86b-3e40-4ecf-a1b9-85cc7d8ec88f","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":168,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"2ef20455-b6de-469f-b361-37a1dfc18ed4","block_type":"box","text":"the revision.","page_number":168,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"1b4e682c-36c2-434c-8bb1-e44fd20fad37","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":168,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"da2393b8-7442-4128-8e83-f6a3ad4fe2d6","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":168,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"5e235be9-3466-4295-83c5-927374c38c76","block_type":"box","text":"matrices, yield curves and other specified inputs and assumptions. This may result in the assets being valued at a","page_number":168,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"e462c68a-3b58-43d1-909d-34c801abbadb","block_type":"box","text":"price different from the price that would have been determined had the evaluated pricing method not been used. The","page_number":168,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"15f95008-89c0-4fef-b7ab-77734f412039","block_type":"box","text":"II-120","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0b235249-f5d9-4f77-bfd6-8a1f18e47469","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"902e7161-4afa-4242-8d07-88742284c529","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":169,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"b16ea0a6-ff40-470c-9b57-a8482bb9eb6e","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":169,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"1dab461f-8301-4ebe-9035-d62031c5f0c1","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":169,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"fc619112-cbb8-40ce-9a04-63dcc574a1e2","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":169,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"29209d9d-c31c-42d8-99f4-26a67a9adb4e","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":169,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"315c96f4-d4e9-4cc3-acb0-3fb32044fda4","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":169,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"0e33f296-a2e8-4a1e-8397-791827f7d606","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":169,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"6efca915-d793-4c16-ade6-f6f482a4daeb","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":169,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"929ca821-fe7a-46e8-8f0b-241291d19e3f","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":169,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"3798938d-0db3-40e7-9db9-7545a655cb29","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":169,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"6f43903e-9919-477e-b998-42b59a746a58","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":169,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"7363c33e-edfa-489c-ba3a-7a06d74efc08","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":169,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"d79e1d4d-df3b-42de-81d2-f4db3cc8b6a0","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":169,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"efb9fe78-8796-4416-a5c9-e44a71865e50","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":169,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"01836c3c-c543-4b96-a12a-55b60f73e47c","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":169,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"98dca6ee-6e9e-4dc6-8779-9fd1614189e8","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":169,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"61abedc4-f56c-411a-90c8-0e43aeb9acec","block_type":"box","text":"Fair Value.","page_number":169,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"c2e6130d-10ca-4f61-9593-d2edb45d580f","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":169,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"734bebc0-29cd-4d18-8195-e4df7cbf15a0","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":169,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"2a9e2e3b-8bfb-4ff7-82dd-4f9f0b84468d","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":169,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"80411a49-44db-4e26-806c-feced0f9a557","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":169,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"3a0bcfcf-b487-4f47-af73-29f2ec727799","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":169,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"80f1377e-f22d-484f-aab2-ca4da2662ac2","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":169,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"4b2dd89e-48d0-41ce-babb-ec7d6c0dab6d","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":169,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"3ffa9c42-3450-49e3-ac5f-f9cc15f3cc72","block_type":"box","text":"(","page_number":169,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"86b2a15a-aeaf-463c-bf74-2de492c855a4","block_type":"box","text":"e.g.","page_number":169,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"480eacb0-4085-4b34-81ab-c999bdd33f71","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":169,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"f91f09e1-d572-4d0d-b831-82ae49b91508","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":169,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"115547eb-a57a-4871-b2ef-498d8b42b669","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":169,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"2430e20d-b035-433c-8a40-35bdae76d6a7","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":169,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"68b5f337-e412-4988-90c5-642a5b242db2","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":169,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"b7894df8-ee66-44a5-a83d-ad76305d242d","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":169,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"c434fe94-6cb8-417e-8ae8-0847585406d3","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":169,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"1bea150b-36f7-4a58-9312-6ce8374fe51d","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":169,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"9e4ad12b-0564-4bef-bcb4-da70c40b1a1a","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":169,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"dbc526f0-65f0-4a1c-8641-c6668da40508","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":169,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"612214d2-6f2f-4898-a512-9a5809565e95","block_type":"box","text":"be treated as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair","page_number":169,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"3c0b2255-0343-4ffb-95dd-c087e79b1018","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":169,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"efa74ada-edca-499d-a5ce-9ea9149d6dcf","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":169,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"bd44d2e8-2be0-4498-8af6-8022258975c3","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":169,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"b076ade9-23bd-47b0-b2c2-0ca05fc24d39","block_type":"box","text":"pricing time.","page_number":169,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"e9c0b9e5-3bac-4cf3-ac69-107632d38a40","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":169,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"a5b2862d-7114-45a6-9121-1fdd2c8c0e49","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":169,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"e62c6d0d-819b-4a25-91b1-9973bbca1636","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":169,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"34796fa6-0e41-457e-9add-9905d7d7b74b","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":169,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"78c9ce3b-84a3-48b9-bf24-3bf11c9b276c","block_type":"box","text":"assets and liabilities of the Funds.","page_number":169,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"9ea9d0c3-62fb-424f-bfc5-b9f64d925095","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":169,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"9089245c-278d-4063-9986-df3376304146","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":169,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"5aed33b6-9591-419d-aae5-a12d96e1c020","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":169,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"bbd67add-6c94-4868-8622-a0e2b62c051f","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":169,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"7e6d3efa-a795-4f7c-8509-9ffc73cd7187","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":169,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"6eb36652-c3ef-4aa7-9f69-ee0e1de32c5e","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":169,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"4aad4bd6-c95f-405a-b01d-317383198876","block_type":"box","text":"valuation models.","page_number":169,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"acad387b-1a51-40c8-9795-31fa2362bc55","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. When determining the fair","page_number":169,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"6755038c-0639-476c-a3ce-3cf934118413","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on cer tain factors, including","page_number":169,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"c51d8639-3ad4-4070-a46c-3a55da77447e","block_type":"box","text":"the asset type). For example, the investment may be initially priced based on the original cost of the investment or,","page_number":169,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"ddcc07a7-5591-4f23-9f3e-6a2248f2a0e6","block_type":"box","text":"alternatively, using proprietary or third-par ty models that may rely upon one or more unobservable inputs. Prices of","page_number":169,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"9ad2f63a-cf3e-4c2d-b0d6-a5797dc3d530","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":169,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"448a8d60-71a6-4a7a-b259-0fb3326d69e7","block_type":"box","text":"II-121","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f11cfd9e-b65b-47f4-8532-f59d00c57667","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0cfd4654-9ddb-4b02-a6e3-04fd5844bebe","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":170,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"fce6977b-7566-4e55-a3f4-13b99cb14ea3","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":170,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"8f909e7d-ad78-40f1-b02a-dc6960cf5d78","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":170,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"119dcb1f-73aa-4ed8-950b-acf77f84f707","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":170,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"6f2d42a2-0292-4804-af5a-49ff23350499","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":170,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"c1c6555c-f69b-4311-b3a5-1f5fe48e73c9","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":170,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"ff3717c4-e2f8-455f-ac6c-1cb8bb5b12fa","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":170,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"174476a4-f31a-42ca-aba7-bb8a00e1c1a1","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":170,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"33f2a2f4-2805-47fb-b0df-ce2962ece074","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":170,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"17d513ff-5484-44c9-808f-fc591173b914","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":170,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"0ffd8821-332c-43af-b4d8-53b5e98b17c8","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":170,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"0a489696-d74c-4617-828b-9b36277716dd","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":170,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"b9b6cccf-8064-4626-b11d-0e66f8ffa2b4","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":170,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"78af3178-cd36-4928-b7a3-53fdce201b25","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":170,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"e1ae5d70-d5d2-449a-8b6c-d8207219e25a","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":170,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"5124e867-9928-4631-8943-a1a7651f3111","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":170,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"2384fb73-4dfd-4148-bd3c-9175b754e6b6","block_type":"box","text":"par ty determination of fair market value.","page_number":170,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"8890ee1d-f07b-41a1-8e04-955559cc7796","block_type":"box","text":"Computation of Offering Price Per Share","page_number":170,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"b11b9bf8-ba46-463d-9097-ffde13e3e784","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":170,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"fe3589b9-ff6a-4a64-8cdc-4506ab4a86f1","block_type":"box","text":"the offering price for shares of your Fund.","page_number":170,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"5470f236-b70c-4354-91a5-a238c7b504be","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":170,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"99365366-40a6-4705-a64b-83f3e8b6486b","block_type":"box","text":"Transactions in Portfolio Securities","page_number":170,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"cd433942-6c03-4940-87eb-470f5663ed67","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":170,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"18700624-e4cc-454f-9a68-be1dae691e42","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":170,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"7e49b7d8-08fb-46ca-b763-5f63003deeb1","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":170,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"f617dd25-29f3-488f-ab3c-22c9ac125510","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":170,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"fbda7c16-3ace-4d98-9e36-be95818c0e27","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":170,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"f6451b94-48ee-4520-a1df-fe7be9779bec","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":170,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"efcac817-59cd-49fc-ac72-0bd34e79ad8d","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":170,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"170ac5e9-a87a-4f91-ac06-c994d257d926","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":170,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"f7cd1885-c72e-4376-9de9-1c8bac1b1734","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":170,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"14df6987-3af9-4a26-87c3-045c01e81c6d","block_type":"box","text":"reasonable in relation to the services provided.","page_number":170,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"f8dc8977-384c-41f3-b71e-aad2ccae2acf","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":170,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"89a1c669-e33a-435c-b151-7ffb9ebc20a5","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":170,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"da1463b8-40ed-4ae1-8b72-351762646a33","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":170,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"a5dd9e06-e41f-4b57-b9db-fdb7b3af793f","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":170,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"52c42c80-1920-4702-b732-886014328ce7","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":170,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"338d2660-4588-461e-a95c-8954f444369d","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":170,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"724e05a1-f703-43d5-9247-7d9c405db400","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":170,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"ddb1e7b9-62b3-4dca-bcb6-e0800fc61402","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":170,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"a8216f77-11f7-4718-877c-2456c649bb96","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":170,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"70011b5a-6222-466c-9c1b-82ce8b11636f","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":170,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"4e85979e-3c54-45cd-baeb-0bfa610e2bc1","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":170,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"e07d70ed-e9f5-45c6-83ee-a1b5d53335af","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":170,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"9f66b661-4211-46e3-8e07-26ca458b4646","block_type":"box","text":"to cause an account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount","page_number":170,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"657f29c7-7e5d-4e6b-ae52-0a1e108173b3","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":170,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"7c2479a1-278c-4cf7-8fce-56a09d66d8c4","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":170,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"3eeeef14-1f59-4203-9a39-0c271cc0ca60","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":170,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"59d6a681-5a0c-4ff0-9b43-c6d83496f253","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":170,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"95697c99-4fa9-4561-bc26-db98d3dc956f","block_type":"box","text":"per formance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":170,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"035c36a6-bb20-4714-8564-cb60d0772754","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":170,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"cf995f3b-9173-4e98-87f3-c5944004a635","block_type":"box","text":"II-122","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cf450b3d-eb6c-49ec-ac86-188e96647b44","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d99b0238-1330-4bde-8493-96ef0069ce2f","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":171,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"937dbbd3-8ae8-4673-ad54-975bdc5b0e16","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":171,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"b052b80f-511d-45bd-8c45-8d02d7eeb57f","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":171,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"be0dca61-2e89-4ac3-a8aa-6eafc114075c","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":171,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"a2d2bf4a-906d-4826-87c9-057cd067b819","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":171,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"98c8725b-b046-4aaf-8858-559261fd3d10","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":171,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"529c275c-4210-4aec-a2b8-ca5fedbb9400","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":171,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"da449d5c-004c-4026-952a-63fd4f184e4c","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":171,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"cbefcba2-5cd2-4dee-b20b-1ff80717ba80","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":171,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"7a457952-fefe-4fc8-8d8e-726be193e689","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":171,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"8f59cfe2-0b01-45a5-96d8-a5a874d65fa6","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":171,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"2a332bb0-ba17-4a82-9cac-e0bfc9e7da95","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":171,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"9d5f6bfe-4e6b-4d6a-92b2-8af8ff30c11c","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":171,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"0d0f85d8-9907-4469-a711-49de07c702bc","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":171,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"e0117242-1296-43a2-adee-9d3d1d7e1ea3","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":171,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"15bff2c1-50da-4f40-b974-bd9dc5728ec8","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":171,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"68c12af9-55ea-4cb7-85a0-28640abab3af","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":171,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"bda432dc-c91e-48f2-868d-ebe16aa64c12","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":171,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"99f5d01a-b1ef-4142-8265-dd4f402026be","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":171,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"14df6214-d006-40af-a297-e8c92e8e2f02","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":171,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"fe4f5b36-b002-41ad-8938-75495fa47f26","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":171,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"23818474-80ce-476c-b8bf-7d829ff00661","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":171,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"b471c984-7dbc-49bc-bf0a-47301d71047a","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":171,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"fef6203a-63d9-47b5-a8bd-336605393091","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":171,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"3bc50e10-6cef-4232-9165-dba5c82c7c8a","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":171,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"e6d8d770-efe1-4002-ad96-ae909cd37045","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":171,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"e5ba2ff2-565f-4ebf-b936-9cce37c476db","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":171,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"c0a50b0e-21f6-4912-8cb4-88260f52a870","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":171,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"c99bcac1-1939-46fb-96c2-3f55d0f60efe","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":171,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"c676a3f6-6a31-4dcd-833b-4fa19beb327c","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":171,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"dad3b909-5339-4bf6-bdb7-f9bccd3e0f10","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":171,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"de4da9d9-9a99-4b07-9508-6e1a9337ab13","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":171,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"a28a0eb5-a007-4f41-a31f-622b269514c1","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":171,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"87419534-66ce-4063-b239-695ea54372e8","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":171,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"87044419-0815-43ff-9abc-711ffb96949b","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":171,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"c71d2a1a-268f-423a-8ddb-50a7e0422dc2","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":171,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"2d6337c3-f97b-40d8-98be-3b476528e40d","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":171,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"caec3cc0-d702-49e6-abab-9305137c1367","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":171,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"1e98e4d2-486d-4944-b8c8-ef0e8dd17d69","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":171,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"ceff6722-2f15-4566-9073-e268e4fbcc63","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":171,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"c5a5511c-6a74-43bc-b631-e3bb8a66ba16","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":171,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"383265f4-7aa6-40af-bf4a-6c8083220ae1","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":171,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"665023c7-2c7b-4263-ae1c-224bca187afa","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":171,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"729165fe-8382-4680-8531-4b8daa9b3de8","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":171,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"c2dd8de7-88f2-406e-b630-490e6cf4f032","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":171,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"0f5432a3-cfc0-4725-836b-ea754d05cdb8","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":171,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"91a63efc-51e3-49ea-a9b3-2cc2c169734e","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":171,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"8b309f7a-b658-40d9-9c20-b0cce40be482","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":171,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"d0114155-59c7-482a-9be0-71de21e4ba72","block_type":"box","text":"payments for research are unbundled from the payments for execution. BIL will pay for any research out of its own","page_number":171,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"8fed60b6-4aad-4d4a-9730-d4e0e3688336","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":171,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"0e1e1dd5-f5d3-4764-a14f-6335f8008577","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Por tfolio with respect","page_number":171,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"97fabad0-2400-4550-9ce7-073b7a969bc1","block_type":"box","text":"to the Feeder Fund (or affiliated persons of such persons), will be made in accordance with Rule 17e-1 under the","page_number":171,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"58af1086-babd-4053-83fe-1d110ff0bf0b","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":171,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"35661235-9843-4c8a-b365-50305d7a8e0e","block_type":"box","text":"is primarily responsible for the execution of the Master Por tfolio’s por tfolio transactions and the allocation of","page_number":171,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"ea7de3be-1385-4236-ba41-2f592182f171","block_type":"box","text":"brokerage.","page_number":171,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"86f64958-0fb1-4f94-b6ee-2a8280d0de57","block_type":"box","text":"II-123","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"53ca2638-1c72-49f8-9096-566cb6176b27","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"36a3b41d-b757-47db-920d-92ad03f62ad7","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":172,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"06e5806e-a821-47bb-bcb0-fb61f14b5c09","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":172,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"551c640f-292b-49d2-93b1-5f7c6c2099b3","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":172,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"b8209fd5-8ac9-4a91-bdfd-b3ab506773b3","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":172,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"8733f763-dbf3-4e6e-979e-03134f47d166","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":172,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"5956b5f3-dd8e-469e-a87f-aa80ac4b1f43","block_type":"box","text":"Section 28(e).","page_number":172,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"98ede328-d451-494a-8db1-853039858b87","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":172,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"20c53389-b215-4878-b707-14ff6c20f442","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":172,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"2b8dbad4-5869-4380-a5ae-ae54b483a4ee","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":172,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"33e3c593-0cf2-42fa-8f0e-7665c6082ed0","block_type":"box","text":"execute transactions for those mutual funds.","page_number":172,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"7c03987b-4cba-4574-b9e6-a950794d80a5","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":172,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"7486bf31-5875-435e-9ad2-6947ccbd000d","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":172,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"73054ec6-df18-4394-a963-33547a3f6ab6","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":172,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"7e9f6a63-73c9-48da-a909-06c428be9af5","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":172,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"3146f061-d4aa-4aec-92bf-edc3c5d6a718","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":172,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"306b1377-4d5e-4d30-9c38-c40e59c9bf49","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":172,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"3354631d-84c8-4d40-aa89-4f69efe1ac5c","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":172,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"416b655d-b8ed-4250-a8e2-d58be972aba6","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":172,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"53bd03dc-0b2b-4205-8682-7c791af315ed","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":172,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"55a589e8-a69e-4d5a-aa4b-585a4ed61e8a","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":172,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"6609536b-387a-4115-a843-2bf8d375e909","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":172,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"75496747-1519-4bd4-baf3-6d76b5554224","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":172,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"a9c6a53d-ec56-4bd4-9ef4-c1e22b0314d6","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":172,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"934e0b95-bbe6-44c5-a8b4-faf9964aa55b","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":172,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"1f59bba3-6141-453e-a463-ae3874867874","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":172,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"93e1c6a3-e3d9-46d8-8ba0-b9bf53917e79","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":172,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"b7281ae9-28e6-4ecb-a7fe-6f46f64b3ec7","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":172,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"1f3e048f-ed43-4602-a80f-77546732f873","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":172,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"6273b06c-71c2-4571-8ee1-be99a3e4dad6","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":172,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"fa599525-14a4-4eb5-8067-8ad1c2e1fdbc","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":172,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"77f6d808-15a3-4438-9f0d-f0e836e79f1b","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":172,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"b7f5c6b5-94b0-4d31-9abc-f64252eaa7f4","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":172,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"14cf5a8a-27c0-4fd2-b273-7dd410d02522","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":172,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"5d4bfe2b-bd47-443d-9473-355faeaf86ef","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":172,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"4f9fc84b-b879-46d5-8950-a159294992ae","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":172,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"f0d2743a-dab2-425f-9fd3-88d7c5b5aec2","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":172,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"9af752a0-d373-4534-a28c-0a1cf3323d80","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":172,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"dd8453ca-82a3-48ab-ac8d-ce3d5fc2f361","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":172,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"09bd9f16-3124-4ba7-87ff-41517cd1e447","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":172,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"cb0b4f01-f893-425d-a123-096888c8ca0a","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":172,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"517df516-940b-4b23-86e6-9b661ec1adae","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":172,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"0beded70-bad6-4a37-8896-94ad97fe7812","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":172,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"2e42bb9e-ff4f-4ac8-913c-9b51d56dee04","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":172,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"db2eacb7-e8e7-45b8-9973-ef82ffa76226","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":172,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"19d3614d-c069-4aae-bd13-8a0d873c4d9e","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":172,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"a2c43b52-6a58-441e-b12e-01d7b182246e","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":172,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"40baf280-6190-4507-ae95-5ae1a2f2a185","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":172,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"af00abdd-400d-4187-9572-6062b260962e","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":172,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"1435d28c-ff2f-4ae1-b0a8-a62f5fabd287","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":172,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"496fa68e-06c7-43ce-8008-62f208b0e1b5","block_type":"box","text":"selling commercial paper to consider the repurchase of such securities from a Fund prior to maturity at their original","page_number":172,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"b8dad69a-e031-4204-92e2-0d9d2b536974","block_type":"box","text":"cost plus interest (sometimes adjusted to reflect the actual maturity of the securities), if it believes that a Fund’s","page_number":172,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"02077c15-4d5d-4127-93f4-a933e41a438f","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":172,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"8082a6bd-5975-4513-8b9b-077e8e0c6e4e","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":172,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"5cd06ce7-2574-4898-993a-793918a7c12b","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":172,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"7144e9f4-849f-4694-929b-b32129cd1f37","block_type":"box","text":"II-124","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"92e7b5d9-7c34-43cd-9050-2edd4bd418c7","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2004c35a-80f9-4547-9e82-f3173bc96603","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":173,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"08847081-c503-4023-9897-e30c36c741e8","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":173,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"865eb1c8-7b00-4eb0-8158-37e52b3ce3f1","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":173,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"36a6d20b-5db7-4b43-86a5-72bb335f9234","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":173,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"96555cad-e853-492f-83a1-00aa93ad48cc","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":173,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"7655d07f-52fc-4ea0-a1af-fc21424ee403","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":173,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"bef5c3a5-0664-4d3c-b9c6-7c100f050bb2","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":173,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"c1546692-2c0a-45db-a4cb-53c0dc82e929","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":173,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"462e75c0-f62b-495f-8dfd-686ea8f0fa87","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":173,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"16e6b011-482a-4752-a246-6b583dafa45d","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":173,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"5d85a1fc-e56c-4a31-ae30-0d331dd5ea40","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":173,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"d3f25da5-45e8-454d-9eeb-c3bfeb88db25","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":173,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"74117a96-748e-498c-a35c-f6661017e822","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":173,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"cd7644ab-098d-4cb3-9a15-bfd408a360a3","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":173,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"9f2e9002-3108-4af4-aa06-c91c1f65f726","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":173,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"cf0ad61b-ba2b-4ae2-aeb4-3396e3391c84","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":173,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"8c408c8a-4601-438b-a4b3-e221cfa7a03b","block_type":"box","text":"accounts and compliance constraints.","page_number":173,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"64be4492-1969-4cf3-bc32-5498e9e3fa3d","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":173,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"b6d3a46f-7966-4a7b-9e91-b9a66140b5ab","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":173,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"df4bb270-068f-4558-8095-58488698e1e6","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":173,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"b5aed8b4-0387-4f80-ae20-7b39c16548dc","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":173,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"a91910d1-109e-4c61-9f4c-e9bc31b759cc","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":173,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"1d6267ae-16df-4d9b-aee8-c53f21f21971","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":173,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"4d3a3988-3892-4708-b2a1-0ce2933431cf","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":173,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"6a96bfe6-28d5-4b65-b904-d48e33b0ce11","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":173,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"c3d345ab-7bc2-434b-aba6-dcf02d3d0b12","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":173,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"c5ce7da1-1278-40c6-9555-89b403c1c9c2","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":173,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"2cd86e14-33d3-4069-8afb-ce6999b0e1d1","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":173,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"573d8c4a-72c0-400a-a33f-791564141f86","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":173,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"979c3f25-adfe-41e4-9920-e83730b32f34","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":173,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"b8f38acb-64fa-467b-87ee-cb59e24031b5","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":173,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"484bb4a8-1b39-4c7a-a5ac-942b38867d18","block_type":"box","text":"clients may be used as well.","page_number":173,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"5878a09a-c499-4434-9177-58c67063b910","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":173,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"5317c55b-f36d-4d0f-afcd-977cbba28b46","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":173,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"7c9c4b04-31b7-40a8-b60e-fd66de350301","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":173,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"df4cb2e7-501e-40bc-b2e1-94ead55a46e7","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":173,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"03a5f17b-69ae-40d3-8124-3f6f7dd01f43","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":173,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"b0e9272d-77d4-48b1-b877-ba136de96465","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":173,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"178e41a1-9da7-4004-a34b-ba74cbdf4bb1","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":173,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"0c171533-9ebc-4c39-87a1-e6bdeb6f3338","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":173,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"09e09b2f-91a8-49d0-9a77-6302c818bcc0","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":173,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"5fd9c5b2-fd35-4998-9718-d6844a6bfdcf","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":173,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"c12f2c36-6df8-47b9-a43a-798634bde5c4","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":173,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"53647ce4-d0af-495d-859f-a6690a065fc4","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":173,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"35bb3d3c-7248-4b08-809b-d95bda8f2bd6","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":173,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"7f3861bd-7021-4ea2-b617-226c55965c5c","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":173,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"fbbe9e7c-8a03-4966-b706-9add16599715","block_type":"box","text":"will be aggregated in a single order if the trader believes the aggregated trade would provide each client with an","page_number":173,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"188809e0-7680-4ea8-bae1-39248a5ec760","block_type":"box","text":"oppor tunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":173,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"bf6c5f79-cd64-440e-bef3-01634cad9ef8","block_type":"box","text":"aggregated order will be shared pro rata among the clients in the aggregated order. Generally, if an order for a","page_number":173,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"cfa143a4-4022-4455-9a46-84092480f615","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":173,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"4525d051-7a00-4ea7-847b-81d6a4507982","block_type":"box","text":"accounts par ticipating in the order will receive the average price except in the case of cer tain international markets","page_number":173,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"e803a882-8f5f-410e-ad54-776fcfada0e3","block_type":"box","text":"where average pricing is not permitted. While in some cases this practice could have a detrimental effect upon the","page_number":173,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"60e085c2-cf1e-414e-a6da-bebfe1b18ec7","block_type":"box","text":"price or value of the security as far as a Fund is concerned, in other cases it could be beneficial to the Fund.","page_number":173,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"6c19eca2-8624-4747-b4c4-bfde2e5460c2","block_type":"box","text":"Transactions effected by BlackRock on behalf of more than one of its clients during the same period may increase","page_number":173,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"dca47635-daa3-44ff-94dc-996794e41ffb","block_type":"box","text":"the demand for securities being purchased or the supply of securities being sold, causing an adverse effect on price.","page_number":173,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"465f9e66-68ed-4671-a12d-1560afd5f041","block_type":"box","text":"The trader will give the aggregated order to the broker-dealer that the trader has identified as being able to provide","page_number":173,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"6ff9be63-44b1-4e44-b804-8b414aac6dd5","block_type":"box","text":"II-125","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"297cce40-241d-4aac-b91d-d9902664c7e8","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2ede3c76-5141-48c5-8ec6-ae361cc6f3d3","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":174,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"c3d2c867-7582-4b56-9227-0e514d01b207","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":174,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"8ee7286f-eec8-4642-9aca-af960c6c90a5","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":174,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"73962949-85bf-4f40-a3a5-73e06873d945","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":174,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"11f73c00-1b32-48e6-a97d-63815267ec55","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":174,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"e8c87ff6-daa8-42c0-847a-46cb2d869b0e","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":174,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"552e86b0-f38e-4914-9cfe-5e9c8c157cfd","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":174,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"55b82c84-3212-4598-9478-cc48987f8209","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":174,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"e6129792-a46e-463e-95f8-48edd2bf79e1","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of por tfolio securities of a Fund and","page_number":174,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"ca73c254-4d2a-4cc5-af02-69ebe3862dd5","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":174,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"e8ebd45b-9a19-42e0-96a4-c3d59696ecdf","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":174,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"0d2bb7ed-f9a3-4bfe-861e-6ebd647b586d","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":174,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"303649ac-bb96-4fcb-bb24-6cea523c16c4","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to par ticipate in volume","page_number":174,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"f8013243-3508-4ad2-87c0-14ffa290858d","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":174,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"c3037f77-4b89-4d2e-88a5-45ad8364511b","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":174,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"f1ce146a-7962-4b85-aeff-b496645701e3","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":174,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"b422ba3d-8656-4edf-9d4c-1537b60ef8b6","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":174,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"4cb57a0d-0cd9-4c10-9dc5-7f5ccf10b89e","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":174,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"3fd920cd-2484-4f9f-8513-f5e7afd73421","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":174,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"7e7eb6b4-d773-428f-930a-4b4752a7d19c","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":174,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"1abaddc4-348a-4d73-b1a3-52a212628c5a","block_type":"box","text":"Portfolio Turnover","page_number":174,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"302ce481-6a32-46d0-85dd-18cd251af6a9","block_type":"box","text":"The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of por tfolio","page_number":174,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"98d49e41-bb58-47e3-914e-c09ca57937c5","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":174,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"306e847a-9498-4640-9c73-00dca7e5aa83","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the por tfolio during","page_number":174,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"b540d19d-a84d-43d2-acac-fa1609de7b97","block_type":"box","text":"the year. A high rate of por tfolio turnover results in cer tain tax consequences, such as increased capital gain","page_number":174,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"4f816825-162a-4030-ae15-c0d0941306f2","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":174,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"9cab23df-9d7b-4879-8c64-a695bc13b74c","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":174,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"e2b219cd-8af6-45ad-b211-772f77a80abc","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":174,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"1127656e-46ab-4011-aa94-fb0e0f1304fe","block_type":"box","text":"Dividends","page_number":174,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"46f885ed-a1bc-409b-be5d-efeae63fa866","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":174,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"fd986a7a-86c3-434e-83ec-7629813af6bf","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":174,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"4e5461f5-8446-41ef-ab10-9af9d88685e6","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":174,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"9e3ebf15-211d-47c2-9585-e3b4461e8bdf","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":174,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"f3cb7132-59c4-4ca6-a882-4c0177594409","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":174,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"636a0664-007e-4720-9c14-d8f09b47d07b","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":174,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"635991ed-ae76-44a4-a94e-a482e92ef2a8","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":174,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"4f256fae-6519-4c16-88c5-610d7b4d676e","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":174,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"735c7818-5b75-47a2-bcc9-c09eac60acdb","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":174,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"276b8473-a471-41f7-8c3f-b061662fb69d","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":174,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"202e5de0-9565-4b56-901e-d2aa07c036c0","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":174,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"b0946b4b-3253-47b6-9e52-e14e41237b85","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":174,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"01ab36a4-8e65-44c4-af24-420e3be3598c","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":174,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"40eeb86e-6756-42b6-a9b6-2f2d6a17c94b","block_type":"box","text":"Shares. Similarly, the per share dividends on CDSC shares and Class R Shares will be lower than the per share","page_number":174,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"85bc66bb-a794-4aae-9722-8a2df7bdd299","block_type":"box","text":"dividends on front-end load shares and Service Shares as a result of the distribution fees and higher transfer agency","page_number":174,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"eb8a73dc-f33c-4fbd-8d9e-65597506796f","block_type":"box","text":"fees applicable to CDSC shares and the distribution fees applicable to Class R Shares, and the per share dividends","page_number":174,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"c1b210e8-4193-403f-bf31-b72f7681395e","block_type":"box","text":"on CDSC shares will be lower than the per share dividends on Class R Shares as a result of the higher distribution","page_number":174,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"7ac9d8eb-5455-4ad0-800c-7a2a366f80aa","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":174,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"13b3d44a-21a8-4e1a-ad91-ea31fdc12bc6","block_type":"box","text":"Taxes","page_number":174,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"a48306bd-86e6-4da7-af37-b4b3fb8c19c3","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":174,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"a095fb50-eca9-4ce7-b34f-2c4c26e3391d","block_type":"box","text":"companies under the Code. As long as a Fund so qualifies, the Fund (but not its shareholders) will not be subject to","page_number":174,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"8acf629c-9653-4427-a4e5-ca21a23b41e5","block_type":"box","text":"U.S. federal income tax on the par t of its investment company taxable income and net realized capital gains that it","page_number":174,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"2bfb122b-d085-4e41-88eb-384f4a8114cd","block_type":"box","text":"II-126","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"852739bb-e883-4dfa-a815-8200748452b2","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21953cdd-eb0f-4283-9316-369d0c4ac19f","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":175,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"1031be2f-5c73-4c78-8dae-9de142acf808","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":175,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"51d9cd76-ab78-4048-804a-13dda3fa75e7","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":175,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"94d0dc89-5096-4b65-a915-ecff0beb6459","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":175,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"16caeedd-33dd-4a5c-9e8d-60e5105b9167","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":175,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"ea2252bd-7a1b-411b-aac8-6f0e176df4af","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":175,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"79542548-e56b-47f6-902d-a9ba2e0edbe6","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":175,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"d2f215f5-71e1-472f-b2a2-c1abac5dc87d","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":175,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"2879b9aa-8a0f-42b9-8668-cb6e46aec72c","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":175,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"82c06741-2fe4-45d2-aa61-2ae957577997","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":175,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"57df1f5b-6348-486d-affb-57fbacf9a3ea","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":175,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"8896a61e-3a95-4d92-a2c4-5c43561a25ec","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":175,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"9256459b-6d97-4815-9355-1f60386c7659","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":175,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"9f1a4290-2350-454a-845f-f1b4cccb0d0d","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":175,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"5cb76a2a-9fa7-46c8-a7f3-703b4366a420","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":175,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"126ce28f-b2cf-44c3-9966-8b00c41011bc","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":175,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"9f558fb4-e5ae-4957-8778-b5c8c5f0fe89","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":175,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"fe73c3dc-dc4a-4a55-8a3a-c63f022de1db","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":175,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"746a6b34-8828-415a-85c5-4e36b5c6e28f","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":175,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"7fa5cd67-9c0d-4134-80f7-2a17a448e93b","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":175,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"cf7677d6-2c85-450c-806c-2e0e321c0b7c","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":175,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"8689f330-1e97-401b-9707-afa3b7dcb6b8","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":175,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"d5ee3480-5404-4c10-a817-e3f400ec2682","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":175,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"2dea63bb-c71a-4d29-9f43-e2c6863d0ab1","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":175,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"411739a4-49ba-4540-b9ad-349299d978f8","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":175,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"b136a6e3-4e71-469d-9e3f-c023b56fd630","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":175,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"3bffd853-4cfa-474b-80e9-f1deaf0fd34f","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":175,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"d0b83742-bf50-4acc-a495-0b5abea56b86","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":175,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"99e63d5d-27fb-43f1-a55d-56e5c0eb74e0","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":175,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"527b7e4e-87f4-46dd-aa21-8651e9424d4e","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":175,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"23748251-cef4-4c7d-9c7b-286f4cf58b66","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":175,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"dd402ea7-b9c5-4493-a3de-926a542f1f3f","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":175,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"351b2e1b-fabc-49e2-8749-af9d54b7d1ac","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":175,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"38aacce6-78ca-4bbc-8933-5c1cd7971fd4","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":175,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"bf48ecf0-793d-4550-bc86-1de94a1191fc","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":175,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"0d7cb1bb-9698-4578-8d3d-05ceb5d65f7a","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":175,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"215f56cd-8e85-42e7-8f23-6b6b8e8de27f","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":175,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"bb9aa600-e2ed-4272-9067-5b73f3715ab6","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":175,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"36de32f1-10cc-408d-b94f-5c06f491add2","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":175,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"ca71a012-c6f2-44b0-9b9d-7915639bddd8","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":175,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"5d9d5ca2-ef3b-48ee-a217-b0e8f9e6e91f","block_type":"box","text":"limitation.","page_number":175,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"4bbfa1e3-6e92-453c-a880-0b72b00dbbc1","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":175,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"9695311e-4dce-41c0-b393-52fc985c7a20","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":175,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"69da89e7-c699-42b4-a702-9dc863fc4279","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":175,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"b96bfa44-e99a-45db-98a6-ff40ad987f2e","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":175,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"265ec236-8f45-4d09-9e03-406065b9f947","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":175,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"ec6e8719-f3ca-4d50-a5ed-8b5f50bc7554","block_type":"box","text":"Distributions paid by a Fund that are repor ted as exempt-interest dividends will not be subject to regular U.S. federal","page_number":175,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"38865881-e63c-403d-b34f-c7b2c92459e4","block_type":"box","text":"income tax. Cer tain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":175,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"dc3d7aff-6c1b-4f9d-a6b9-3de34f7bfcf8","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":175,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"9a62a044-ad8d-4cc9-9ba1-d75e5199d413","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":175,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"ff1a861c-bc08-49e3-ad79-d25c4f6e86cb","block_type":"box","text":"taxable to such shareholder at long-term capital gain rates provided the shareholder has held the shares on which","page_number":175,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"9d624597-c70e-4d2f-b8e4-141415b1eee8","block_type":"box","text":"the dividend was paid for at least 61 days during the 121-day period that begins on the date that is 60 days before","page_number":175,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"f30d05e1-8258-4eb8-96d8-055a242e3fae","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of cer tain","page_number":175,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"40235063-6603-48ee-9b46-d0d133b3ab19","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":175,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"28bd7b9d-39b4-4e46-a53b-6288090d4b94","block_type":"box","text":"was paid for at least 91 days during the 181-day period that begins on the date that is 90 days before the date on","page_number":175,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"d61419e0-e5f9-4eac-a0d9-20a92549a37f","block_type":"box","text":"II-127","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5c1f0613-a257-473d-8a97-b586ae2a7809","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9201dcca-7f0f-47bd-86d4-c13b004ccde0","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":176,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"9597b3a0-6ce3-47d6-ba07-f3e5d0985537","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":176,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"c5a72644-7871-4e99-b454-bc1366b9f47e","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":176,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"2ca31433-df3c-4ebd-bb85-7a22791e3b53","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":176,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"5ba2f6a8-ed6d-4084-8252-658d7faef781","block_type":"box","text":"constitute “qualified dividend income.”","page_number":176,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"e30bc002-c879-4cda-b4d9-4f13f4d41db6","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":176,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"92c2cee7-708a-45d8-8df7-eeedf7b2d413","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":176,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"538f1d4d-a75a-452b-9fb3-e129374b74e3","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":176,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"f9ebaf81-5e59-490f-8770-3dc7b689e209","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":176,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"75285c86-2246-40b4-8013-eea6066c70c0","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":176,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"876ae040-eede-41da-9aef-62f5b128bcc3","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":176,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"1c69eed3-fecf-4dad-9255-1c1f5ea6d804","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":176,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"6d47a53d-c0f5-4e89-9a2a-53b97f0e709a","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":176,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"4a34ff51-8b93-4b06-95b3-9695cbd7e39e","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":176,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"5781e30f-1135-4aa3-8280-b3e91013f791","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":176,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"6e46cc14-89de-4b60-a1fc-6a51dd410afb","block_type":"box","text":"against their taxes.","page_number":176,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"eb631972-7730-486a-88dc-96754eb3319b","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":176,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"df9eb797-1012-4f77-99d9-612dee5db534","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":176,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"0a9fb0b2-11f1-4877-9fa5-a6cdd1963353","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":176,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"dd371d9f-1d84-4280-872f-39beeb8fde4d","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":176,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"a4cc94c6-6e66-4a5e-923a-d676f28e03b0","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":176,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"fc2de871-64e6-46f1-8d9b-9b0d78593749","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":176,"box":{"x":68,"y":385,"width":831,"height":11}},{"id":"9220ce9e-a819-454c-a81d-46e36f60259b","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":176,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"f8f6f543-8fa4-44b3-84ef-6b1d3bf3d7d4","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":176,"box":{"x":70,"y":415,"width":797,"height":11}},{"id":"2ef638a2-32c9-4cbd-8671-e7838186e5a5","block_type":"box","text":"dividends received by the shareholder.","page_number":176,"box":{"x":69,"y":430,"width":272,"height":11}},{"id":"54a6e467-63e7-4224-a0f6-c8d5b716011b","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":176,"box":{"x":102,"y":453,"width":792,"height":11}},{"id":"d38f94f9-9454-4a3d-befc-c28224a2653c","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":176,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"4242c10a-c37c-4f97-a0fc-84579636ace3","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":176,"box":{"x":68,"y":483,"width":809,"height":11}},{"id":"27ad4b1c-dc57-4e50-bf83-e01d66e6f14e","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":176,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"9783656f-1967-4a33-823a-02f920efa84f","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":176,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"142f3e1b-f755-4389-b7b2-53dc0966341b","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":176,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"e95ed73a-f0a5-4767-9f1c-a7bcbd192f41","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":176,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"13dadaac-55fa-4b2d-b128-87ffb78f83ff","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":176,"box":{"x":70,"y":559,"width":797,"height":11}},{"id":"2d839953-ff02-464a-ba89-deda671f4c7a","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":176,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"cf26dbb9-2e5f-4069-96a8-4b6b600d9d73","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":176,"box":{"x":68,"y":589,"width":826,"height":11}},{"id":"71cea6a6-9a53-4bba-8b41-cf16d8c91617","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":176,"box":{"x":70,"y":604,"width":772,"height":11}},{"id":"bcea1249-f5e6-4b76-9ddb-8ef7c7f65b5f","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":176,"box":{"x":70,"y":619,"width":795,"height":11}},{"id":"210847a4-3a79-412a-a33f-370a50a4f99d","block_type":"box","text":"taxable year.","page_number":176,"box":{"x":68,"y":634,"width":89,"height":11}},{"id":"c5f3a853-5c6e-4c5e-902c-580c243471a8","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":176,"box":{"x":102,"y":657,"width":733,"height":11}},{"id":"339b2276-089d-452a-9964-e80127684e34","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":176,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"03627b7b-a12e-4492-9c42-274b4c14345a","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":176,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"05cd9c90-5be9-4711-acf5-b0dbb69be584","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":176,"box":{"x":69,"y":702,"width":362,"height":12}},{"id":"bad82f83-a3e9-4d8e-ac8b-5f756ee98e5d","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":176,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"6185a75e-2e89-43ca-a3ac-f5e8e89b3160","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":176,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"5f86e1d1-e4b7-4460-b305-c962991b22e4","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":176,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"3ebd1203-4847-4e4a-a04e-fd4b10cef383","block_type":"box","text":"charge the shareholder would have owed upon the purchase of the new shares in the absence of the exchange","page_number":176,"box":{"x":69,"y":770,"width":791,"height":12}},{"id":"392a09da-4ed0-486f-b52e-de42d755e7cd","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":176,"box":{"x":70,"y":785,"width":646,"height":12}},{"id":"6f35fbc7-1dcc-4440-8389-10df5a84c247","block_type":"box","text":"A loss realized on a sale or exchange of shares of a Fund will be disallowed if other substantially identical shares","page_number":176,"box":{"x":101,"y":808,"width":807,"height":11}},{"id":"9c2ac531-4c50-403c-bfb3-8d3cb05ba9a5","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":176,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"0ecf9921-ddd7-4525-818b-2b37cfd79dbd","block_type":"box","text":"30 days before and ending 30 days after the date on which the shares are sold or exchanged. In such case, the","page_number":176,"box":{"x":69,"y":838,"width":799,"height":12}},{"id":"b75b95ea-366d-4eb0-8fae-d22ae935b08d","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":176,"box":{"x":69,"y":853,"width":534,"height":12}},{"id":"2bc95a4c-591b-4309-9fbb-89df290c22e5","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":176,"box":{"x":101,"y":876,"width":792,"height":11}},{"id":"2ea79174-bddc-4e6b-b55c-85db1ef57622","block_type":"box","text":"shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. This information","page_number":176,"box":{"x":69,"y":891,"width":800,"height":11}},{"id":"25cc6727-9fb4-48a9-848e-ba20c822d4a8","block_type":"box","text":"includes the adjusted cost basis of the shares, the gross proceeds from disposition, and whether the gain or loss is","page_number":176,"box":{"x":70,"y":906,"width":828,"height":12}},{"id":"7aaadb57-f310-45bd-8131-6687e74ab6d7","block_type":"box","text":"II-128","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2004d621-2d20-4abe-be8e-f02531006a07","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2647dee-02fe-4b5f-a6b0-40002a5fe826","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":177,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"d131ebc2-6cf8-4819-8331-421ebf6614a4","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":177,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"45dd89a7-fd54-4d7c-9686-6569adfaaeaa","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":177,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"8ebfaa8d-92db-4547-a813-3c24e06b3e12","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":177,"box":{"x":68,"y":90,"width":840,"height":11}},{"id":"d1082d58-6aeb-414a-8378-d12af2dd4eb3","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis repor ting","page_number":177,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"fac16eff-cbd9-4323-aa56-f4723edda214","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these new requirements will not","page_number":177,"box":{"x":69,"y":120,"width":831,"height":11}},{"id":"33d6080c-ada3-4ebd-9e76-6ed0eb4897dc","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":177,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"4b8c0518-0b87-4a4d-a280-629986e35ab4","block_type":"box","text":"redemption of such shares.","page_number":177,"box":{"x":69,"y":150,"width":195,"height":11}},{"id":"2b2c2124-1a54-4938-bbdd-1c2489568924","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":177,"box":{"x":102,"y":173,"width":799,"height":11}},{"id":"92382082-0992-457a-ba0d-e2f8d521dcb7","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":177,"box":{"x":69,"y":188,"width":791,"height":12}},{"id":"03d8eb46-77f2-4e85-8886-31ca8d3aaa98","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":177,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"3d549df6-f0e3-4df4-a435-fe7aeb65bc1c","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":177,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"af40ab46-28e7-4197-b99e-7706090f3411","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":177,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"d663a52c-4ca7-46c5-bb2f-def523841b04","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":177,"box":{"x":69,"y":249,"width":829,"height":11}},{"id":"4aee90be-73b7-4fd8-ba04-c483eb9492ee","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":177,"box":{"x":69,"y":264,"width":813,"height":11}},{"id":"b365a1c4-1ff3-4b11-906a-023f5f7d2abf","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of","page_number":177,"box":{"x":68,"y":279,"width":831,"height":11}},{"id":"cd1eaed8-addb-4332-a286-2915758258c6","block_type":"box","text":"cer tain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":177,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"fa049f27-bd21-42bb-9365-9509e2ed4533","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":177,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"410003bc-2498-422d-a6a9-48283903b73c","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":177,"box":{"x":69,"y":324,"width":658,"height":12}},{"id":"25b0b6a5-569f-4d0f-88f4-99fe6c7b6c55","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":177,"box":{"x":102,"y":347,"width":744,"height":11}},{"id":"89a98a27-b31b-4030-a80b-cd89aa69f7d2","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":177,"box":{"x":69,"y":362,"width":751,"height":11}},{"id":"c0823be2-a7c1-4217-937a-27603e67b1e3","block_type":"box","text":"agreements. Although all of the income on a notional principal contract is ordinary income, only some of the income","page_number":177,"box":{"x":69,"y":377,"width":826,"height":12}},{"id":"35cc2a71-4f2e-492b-886d-afbda3b86f1c","block_type":"box","text":"on a section 1256 contract is shor t-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":177,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"6c4bcf0d-e686-44db-9ddd-888558e56f49","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":177,"box":{"x":70,"y":407,"width":802,"height":12}},{"id":"8d2ca229-ef41-4035-a29d-9605e59c4fd7","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":177,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"78e01112-3852-438b-a81f-295de471043b","block_type":"box","text":"1256 contracts. When finalized, these regulations could result in the Fund having to treat more of its income on swap","page_number":177,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"2fb5c0dd-a108-426b-aaf0-097ca76681ea","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":177,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"10920969-5a9a-427d-bbf6-e6891e519beb","block_type":"box","text":"gains.","page_number":177,"box":{"x":68,"y":468,"width":42,"height":11}},{"id":"3c8da1b6-f387-404d-94b0-e2cbbf354cd0","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":177,"box":{"x":102,"y":491,"width":768,"height":11}},{"id":"c25e0812-0134-4988-b08d-9f2a6386f1f4","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":177,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"6d52d122-dca1-46d8-9846-05d1214b0b9a","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":177,"box":{"x":69,"y":521,"width":822,"height":11}},{"id":"c35b4296-81f6-477a-aeb5-a416762abbed","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":177,"box":{"x":70,"y":536,"width":819,"height":11}},{"id":"de154727-f424-4937-8d60-4729cef3f8f7","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":177,"box":{"x":68,"y":551,"width":818,"height":11}},{"id":"aae08b35-bfa3-4a67-ae98-115d225d5ef8","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":177,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"9e44547b-cda5-4a97-9d18-4b5318e67068","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":177,"box":{"x":70,"y":581,"width":792,"height":12}},{"id":"945ad321-2c27-47b0-8850-0b96adf9a1fb","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":177,"box":{"x":69,"y":596,"width":808,"height":12}},{"id":"7ec24924-f968-42aa-9e78-f9b4cfd15735","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":177,"box":{"x":70,"y":612,"width":812,"height":11}},{"id":"c441496c-7d70-4354-af5d-d91d036b2ad9","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":177,"box":{"x":69,"y":627,"width":570,"height":11}},{"id":"291f7cf7-63d6-4bd7-beef-713339b52011","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":177,"box":{"x":102,"y":649,"width":795,"height":12}},{"id":"87893a2e-3192-4ff7-b30a-897cbeebd66c","block_type":"box","text":"through entities to the extent owned by U.S. persons) generally will be subject to a 30% U.S. withholding tax under","page_number":177,"box":{"x":68,"y":665,"width":816,"height":11}},{"id":"907d6fa1-8845-4358-a717-568694776fa6","block_type":"box","text":"existing provisions of the Code applicable to foreign individuals and entities unless a reduced rate of withholding or a","page_number":177,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"59ceac5e-8111-403a-a944-63e118eea5e2","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":177,"box":{"x":68,"y":695,"width":815,"height":11}},{"id":"862bf5c4-7d44-4953-aee4-b1f5b3f14fe1","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly repor ted as capital gain dividends, generally will","page_number":177,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"70de0f31-06ac-4857-9901-6bde455c45d6","block_type":"box","text":"not be subject to a 30% withholding tax, unless cer tain exceptions apply. Dividends derived by a regulated investment","page_number":177,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"503e3a1b-4686-47e0-b69b-e6b596c73faf","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":177,"box":{"x":69,"y":740,"width":781,"height":11}},{"id":"80a741c6-8683-46cc-a3e9-c1064fe355f7","block_type":"box","text":"discount and market discount) and paid to shareholders who are nonresident aliens or foreign entities, if and to the","page_number":177,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"085453dc-ec4f-41fa-afc8-e859e9b02351","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":177,"box":{"x":69,"y":771,"width":832,"height":11}},{"id":"0182c867-c22b-47ed-8f81-f50946cbd588","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to repor t such dividends as interest","page_number":177,"box":{"x":68,"y":786,"width":808,"height":11}},{"id":"3a249392-db58-4b6e-afd7-3da406a3d37b","block_type":"box","text":"related dividends or shor t-term capital gain dividends. However, depending on its circumstances, a Fund may repor t","page_number":177,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"640f9594-f7f1-491a-81d7-0c6d7a6f792b","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as shor t-term capital gain dividends, and/","page_number":177,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"677a23b2-7177-4e83-9859-8c1f98d11329","block_type":"box","text":"or treat such dividends, in whole or in par t, as ineligible for this exemption from withholding. In order to qualify for","page_number":177,"box":{"x":69,"y":831,"width":811,"height":11}},{"id":"4a529688-9fb5-4625-bde8-f2f4afbebac8","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":177,"box":{"x":68,"y":846,"width":784,"height":11}},{"id":"23f9d896-40c6-476d-ab0f-1f1028f34540","block_type":"box","text":"relating to its foreign status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute","page_number":177,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"f04265b0-19c1-4bec-bce9-38340703ff41","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":177,"box":{"x":70,"y":876,"width":839,"height":11}},{"id":"a004af69-501f-4b30-8219-08827e598f71","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":177,"box":{"x":70,"y":891,"width":772,"height":12}},{"id":"34992a3b-b7c8-456f-bd6f-fa87ad05e516","block_type":"box","text":"intermediaries with respect to the application of these rules to their accounts. It is not possible to predict what","page_number":177,"box":{"x":70,"y":906,"width":791,"height":11}},{"id":"57564113-cddf-45fe-bd5a-690a4a846e6e","block_type":"box","text":"II-129","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4d2c2f41-dee0-4559-9ea1-3372c3cfbca1","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2cb95e69-4d63-4826-86d4-a460847220db","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":178,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"3a50605e-16b4-4502-af69-546c2708c126","block_type":"box","text":"dividends under these rules.","page_number":178,"box":{"x":69,"y":60,"width":201,"height":9}},{"id":"72bf804f-f009-438c-960f-35e0b0c05185","block_type":"box","text":"Special rules may apply to a foreign shareholder receiving a Fund distribution if at least 50% of the Fund’s","page_number":178,"box":{"x":102,"y":82,"width":756,"height":12}},{"id":"ea500928-a4c1-44c1-9560-8914814c6de1","block_type":"box","text":"assets consist of interests in U.S. real proper ty interests, including cer tain REITs and U.S. real proper ty holding","page_number":178,"box":{"x":69,"y":98,"width":798,"height":11}},{"id":"f4c01309-069b-4dfd-a1cc-e04badfdceae","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":178,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"bf778b1c-195c-4dc7-a1db-19d1db61a480","block_type":"box","text":"attributable to gain from the disposition of a U.S. real proper ty interest will be taxable as ordinary dividends and","page_number":178,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"1e3a5655-e047-43af-bd29-b68ac6dda0d8","block_type":"box","text":"subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund’s","page_number":178,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"66ac4788-0083-478e-91b3-43c99167519e","block_type":"box","text":"shares at any time during the one-year period ending on the date of the distribution. If the foreign shareholder held","page_number":178,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"5e6157e7-67bf-4d2c-8a99-d17179dc6097","block_type":"box","text":"more than 5% of the Fund’s shares, the distribution would be treated as income effectively connected with a trade or","page_number":178,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"198c36b1-773d-4560-a503-b187056d3044","block_type":"box","text":"business within the U.S. and the foreign shareholder would be subject to withholding tax at a rate of 21% and would","page_number":178,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"29c696f8-a92b-4020-be63-a6710e4d6c21","block_type":"box","text":"generally be required to file a U.S. federal income tax return. Similar consequences would generally apply to a foreign","page_number":178,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"e9e3782b-0dfe-4ff9-b1ff-d7f041a23010","block_type":"box","text":"shareholder’s gain on the sale of Fund shares unless the Fund is domestically controlled (meaning that more than","page_number":178,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"683fd33e-636c-465d-aee4-030380445d2d","block_type":"box","text":"50% of the value of the Fund’s shares is held by U.S. shareholders) or the foreign shareholder owns no more than 5%","page_number":178,"box":{"x":69,"y":234,"width":840,"height":11}},{"id":"ca6553d9-2b6d-48c2-80a8-f6afd41dc879","block_type":"box","text":"of the Fund’s shares at any time during the five-year period ending on the date of sale. Finally, a domestically","page_number":178,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"d278a1ef-4998-494b-852a-a2bbeed221e4","block_type":"box","text":"controlled Fund may be required to recognize a por tion of its gain on the in-kind distribution of cer tain U.S. real","page_number":178,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"2c6f65c4-9e07-42c7-bb82-54ac473e9cc0","block_type":"box","text":"proper ty interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":178,"box":{"x":70,"y":279,"width":804,"height":11}},{"id":"d0304edf-4431-4ff9-85bc-52108b247380","block_type":"box","text":"advisors concerning the par ticular tax consequences to them of an investment in the Fund.","page_number":178,"box":{"x":69,"y":294,"width":648,"height":11}},{"id":"c90bcea2-f175-4aaf-825a-d207d3d1df60","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":178,"box":{"x":102,"y":317,"width":763,"height":11}},{"id":"c2260b08-c10f-49a9-beb7-172dfd1fdeb6","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":178,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"c476a854-e9d8-42dd-bece-47d4452d83b5","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":178,"box":{"x":69,"y":347,"width":794,"height":11}},{"id":"3ca7fa66-26f6-4cb5-a699-89b1930fe413","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":178,"box":{"x":69,"y":362,"width":794,"height":11}},{"id":"fa1f1364-1f8d-48bb-98f7-1525b66375ab","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":178,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"6a1cffa4-3eaa-4469-888b-cff6b0a7b689","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":178,"box":{"x":68,"y":392,"width":791,"height":12}},{"id":"722fa409-f60e-4786-a622-5146f1f49965","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":178,"box":{"x":70,"y":407,"width":822,"height":12}},{"id":"40a87a09-9c6d-4bf5-9985-fe4dd22aa551","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":178,"box":{"x":70,"y":423,"width":739,"height":11}},{"id":"e73a85d6-3923-4097-a55e-26041213a12f","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":178,"box":{"x":102,"y":445,"width":786,"height":12}},{"id":"ee672abc-867e-499e-8453-5cd41919a92d","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":178,"box":{"x":70,"y":460,"width":820,"height":12}},{"id":"ffdd7b1d-f6e4-4c0f-926a-b3288cb21678","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":178,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"fbdf1547-b12d-4d95-b356-959345f6c4bc","block_type":"box","text":"is on file with the Fund or who, to the Fund’s knowledge, have furnished an incorrect number. When establishing an","page_number":178,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"4547e9b3-6d70-4de3-a610-cba5416d6102","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":178,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"d47ede7f-45fb-49a2-b7f7-c0dc69953451","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":178,"box":{"x":69,"y":521,"width":826,"height":11}},{"id":"329fd001-7e98-4384-8b53-d8b07bb2dcaf","block_type":"box","text":"may be allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that the","page_number":178,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"5d3cf947-8245-4551-b5f1-b994c6ce75a8","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":178,"box":{"x":69,"y":551,"width":364,"height":11}},{"id":"9764e712-c0fa-4d96-b77b-d2bf61f6c43b","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an individual","page_number":178,"box":{"x":102,"y":573,"width":742,"height":12}},{"id":"7609ff00-0896-468e-8c14-cce876300ad6","block_type":"box","text":"shareholder or $10 million or more for a corporate shareholder in any single taxable year (or a greater amount in any","page_number":178,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"3086bb8c-77b8-4356-a181-c2cfdda6be11","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":178,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"75e577f1-bd30-41e2-b9a3-b16577f12a1d","block_type":"box","text":"Direct shareholders of por tfolio securities are in many cases exempted. That a loss is repor table under these","page_number":178,"box":{"x":70,"y":619,"width":781,"height":11}},{"id":"da16a10e-ff6b-42c4-99a5-e879f214e590","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":178,"box":{"x":69,"y":634,"width":774,"height":12}},{"id":"4874ec35-c325-4064-80eb-c541170af795","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":178,"box":{"x":69,"y":649,"width":798,"height":12}},{"id":"a4c897ad-a4cd-43aa-9a62-89737a388b36","block_type":"box","text":"individual circumstances.","page_number":178,"box":{"x":70,"y":665,"width":177,"height":8}},{"id":"ab30c979-4e7c-46ee-8ed8-23074d0f0b8b","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":178,"box":{"x":102,"y":687,"width":758,"height":11}},{"id":"8aafdb7f-afb7-4961-99e0-dbeb4d939dcd","block_type":"box","text":"mor tgage pools or other investments may cause the Fund to repor t some or all of its distributions as “excess","page_number":178,"box":{"x":69,"y":702,"width":782,"height":12}},{"id":"95619b71-ebaf-48f8-a524-521db6752556","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":178,"box":{"x":70,"y":718,"width":783,"height":11}},{"id":"e7cf17f4-945c-4a33-b9d5-f2b117122868","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":178,"box":{"x":69,"y":732,"width":797,"height":12}},{"id":"3bd9524d-187f-41a9-be53-5027179b3adb","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":178,"box":{"x":70,"y":748,"width":822,"height":11}},{"id":"c4759c77-5983-4c3f-98fe-cfd2628f818c","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":178,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"ae4f377b-e99b-48e7-b150-502935a1e51f","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if cer tain “disqualified","page_number":178,"box":{"x":70,"y":778,"width":826,"height":11}},{"id":"b284392a-ccfc-4c3c-8987-175b55695e72","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":178,"box":{"x":69,"y":793,"width":808,"height":11}},{"id":"a0e4ec99-ae40-4f20-93ce-a21f24947693","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":178,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"6940918f-5b81-43ae-a273-e8a86eed2980","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":178,"box":{"x":70,"y":823,"width":770,"height":12}},{"id":"a7c841dc-c535-45b6-a3b3-bb10b89b0231","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":178,"box":{"x":70,"y":838,"width":816,"height":12}},{"id":"b3402051-09ea-4c82-88ba-448c3c3560ab","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":178,"box":{"x":70,"y":853,"width":796,"height":12}},{"id":"b6a5f977-fed7-4ca3-8322-6e5d75da86ec","block_type":"box","text":"investment oppor tunities.","page_number":178,"box":{"x":70,"y":869,"width":180,"height":11}},{"id":"abff8c96-9e79-4081-a356-20a24c5a4786","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":178,"box":{"x":102,"y":891,"width":801,"height":12}},{"id":"75bb3947-a80b-4968-9298-32e3d117bb6b","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":178,"box":{"x":70,"y":906,"width":839,"height":12}},{"id":"b9a05791-4a3c-4db6-95be-b2741b5f0abe","block_type":"box","text":"II-130","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"41a26b30-5f40-454c-8c57-b7fd5660e9d0","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a549c2ee-2191-4db9-b5d2-5394c895a549","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":179,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"aeb32c3a-2bbb-48bb-a0e5-84eea814daaa","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":179,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"9f82b92e-5640-4dc7-a43c-601e94f12b3e","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":179,"box":{"x":70,"y":75,"width":774,"height":11}},{"id":"4ee3640e-f3cc-460e-9163-dcd0a4984d8c","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":179,"box":{"x":69,"y":90,"width":820,"height":11}},{"id":"c7a41c6f-4dfa-4404-b4aa-51776d6316e3","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":179,"box":{"x":69,"y":105,"width":795,"height":11}},{"id":"96e1fbf5-2ce3-42f3-ad60-c7227960b94c","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":179,"box":{"x":69,"y":120,"width":755,"height":12}},{"id":"f9f7b558-4c10-4ed6-8b29-102b2ddecb0d","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":179,"box":{"x":69,"y":135,"width":811,"height":12}},{"id":"07454dd3-7ac7-41d8-aba4-d2aa5e91276a","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":179,"box":{"x":69,"y":150,"width":839,"height":12}},{"id":"8e605247-f8b8-40cb-afd0-cfdbd05ad52e","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":179,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"059f3ab4-e4c0-458c-af08-8c18a9f9744b","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":179,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"33d4ad08-0ad3-44e9-af3b-9e19255ceb40","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":179,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"f6a9e932-d637-4204-83b0-c2a6683c4373","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":179,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"a8c91896-319a-41ae-95ba-6218d44c68b8","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":179,"box":{"x":68,"y":226,"width":825,"height":11}},{"id":"4215191f-afef-4ff9-9096-7fdfea26d304","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":179,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"3749036a-018a-42c0-994c-cc333026ad3f","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":179,"box":{"x":69,"y":256,"width":818,"height":12}},{"id":"607c7586-b3e2-4a16-9cb2-03914b32a8df","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":179,"box":{"x":69,"y":271,"width":773,"height":12}},{"id":"9f36b263-fddc-4d70-9f5f-65e4be52f812","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":179,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"9f35bdc9-60a6-4e31-a93a-946084633e2c","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":179,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"4a4a4b9b-8dad-4624-88b3-bb48284cd404","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":179,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"e9fe8139-49b1-4a55-b321-656efd73e611","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":179,"box":{"x":68,"y":332,"width":527,"height":11}},{"id":"ae319292-26aa-4ecf-8dc3-3d39d11817a5","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":179,"box":{"x":102,"y":355,"width":768,"height":11}},{"id":"aba43133-c779-4ecf-b446-f2c0e33c5afb","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":179,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"8bc10df4-7544-4f09-b535-475a739ee618","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":179,"box":{"x":69,"y":385,"width":797,"height":11}},{"id":"ddd84053-0eb9-4571-b146-94a57c7ee126","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":179,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"54ec5b80-c621-40ea-91de-11f30724a2f2","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":179,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"6b705f17-b46b-47ae-994f-629ecd072051","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":179,"box":{"x":69,"y":430,"width":776,"height":11}},{"id":"08a1c2e4-472b-47c2-9977-7e858d5c5509","block_type":"box","text":"positions in its por tfolio (","page_number":179,"box":{"x":70,"y":445,"width":177,"height":11}},{"id":"0aad1a3d-7857-4d71-90ce-577149f0769a","block_type":"box","text":"i.e.","page_number":179,"box":{"x":249,"y":446,"width":20,"height":8}},{"id":"bb4e585f-6d42-47ae-aeed-d0c34ef83203","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":179,"box":{"x":272,"y":445,"width":636,"height":12}},{"id":"e6b19d28-d664-4810-bd3c-c9b94bd080e4","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":179,"box":{"x":69,"y":460,"width":795,"height":12}},{"id":"9dd1d0fe-ca2b-404b-a1d3-e7b5e8a56511","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":179,"box":{"x":70,"y":476,"width":830,"height":10}},{"id":"e1af5e52-149f-402b-8f6c-f1da8e088aa2","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":179,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"aef95a75-9bae-4f36-a8a8-7b367b14859f","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":179,"box":{"x":69,"y":506,"width":415,"height":11}},{"id":"73562efb-adca-485f-a9e5-58d962aa5a78","block_type":"box","text":"If a Fund invests in underlying funds, the Fund’s realized losses on sales of shares of underlying funds may be","page_number":179,"box":{"x":102,"y":528,"width":787,"height":12}},{"id":"02d75a65-f157-4ad8-b304-266a20b77baa","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":179,"box":{"x":70,"y":543,"width":836,"height":12}},{"id":"7d0352f9-a3bc-4fb4-9d1a-5d55ec922cc5","block_type":"box","text":"be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if","page_number":179,"box":{"x":69,"y":559,"width":812,"height":11}},{"id":"ee3bb523-7a48-493c-957f-11b4dbca8ffd","block_type":"box","text":"any. Capital loss carryforwards of underlying funds, if any, would not offset net capital gains of the Fund. Each of","page_number":179,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"6dae1feb-3843-4873-a9bd-e83105ac5a28","block_type":"box","text":"these effects is caused by the Fund’s expected investment in the underlying funds and may result in distributions to","page_number":179,"box":{"x":68,"y":589,"width":829,"height":11}},{"id":"9b034cbf-6a3a-4096-8fe6-39cd53378ad3","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":179,"box":{"x":70,"y":604,"width":803,"height":11}},{"id":"603a8bb3-8fd3-49da-93d7-fcdef14fce32","block_type":"box","text":"Fund were to invest otherwise.","page_number":179,"box":{"x":70,"y":619,"width":216,"height":9}},{"id":"7aaa0dd3-084d-41f1-8b84-8e6360d9e01a","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":179,"box":{"x":101,"y":642,"width":721,"height":11}},{"id":"f394020c-06c4-43dd-985b-8bac911af263","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":179,"box":{"x":70,"y":657,"width":787,"height":11}},{"id":"1bc535a5-d973-40aa-8661-4b2f7659f841","block_type":"box","text":"income will be “subpar t F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":179,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"dc8e1d2b-479f-4770-96c7-f92e511de7c0","block_type":"box","text":"to repor t all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":179,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"922398ad-2271-45d0-9e63-b0f5e27b7d93","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":179,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"17fe87e3-739f-48ca-a4d5-2af378c806cf","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":179,"box":{"x":68,"y":717,"width":838,"height":12}},{"id":"8f42c49e-993a-4caa-b61f-249b29acbe29","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":179,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"f618d055-2395-430f-938a-960629af8948","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":179,"box":{"x":69,"y":748,"width":515,"height":11}},{"id":"2a1df723-ea58-473e-9fcf-6969f1ad1207","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":179,"box":{"x":102,"y":770,"width":798,"height":12}},{"id":"f45b7b65-eb04-4395-9dd6-3d05c5e92d84","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":179,"box":{"x":68,"y":785,"width":835,"height":12}},{"id":"b23cd544-66f3-4579-a144-f2c215ee036d","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":179,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"5c2983ec-6ce1-4ac8-84e8-f5c7456b0fab","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to cer tain distributions from such","page_number":179,"box":{"x":68,"y":816,"width":830,"height":11}},{"id":"8a1bc2e3-fea5-48ce-a64c-e461bbd860b8","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":179,"box":{"x":69,"y":831,"width":802,"height":11}},{"id":"97d359f8-a6fc-4731-bed9-409937e9d957","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":179,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"3fd2fe17-f027-4456-9955-f58baa010961","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":179,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"8efc80ff-a0e5-4ee4-a06b-1300859bcc02","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":179,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"d3b277b4-d1c5-4e5d-ad9e-02f4400da8ef","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":179,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"c0667df7-6d37-40cc-9129-e1c24cf463d4","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":179,"box":{"x":68,"y":906,"width":797,"height":12}},{"id":"897b56a0-ea3c-4abc-bfcf-f5085fdfa345","block_type":"box","text":"II-131","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1da3a551-fdf8-4ed5-8ed8-aab10d1420d8","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2c26712-83ad-405e-b7bb-9f69ba6ecd7e","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":180,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"f13d278d-c1cd-41f1-9bdd-edf900d77b56","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":180,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"cd6c4104-0c26-4bfd-9c3a-21121bf0911f","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":180,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"1d15da1c-9916-40a5-a2c2-5845ec39c11b","block_type":"box","text":"PFICs.","page_number":180,"box":{"x":69,"y":90,"width":42,"height":9}},{"id":"c31a1b84-926f-4225-b809-f6a45cca8770","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":180,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"85546f53-767e-444e-b666-b965538edeab","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":180,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"89098fd2-c7cd-4619-af87-9bba0de53422","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":180,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"757f19e6-ff83-4414-b0e3-61ce6112c555","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":180,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"94a27107-bc71-4aef-a683-58ddafbd5e71","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":180,"box":{"x":68,"y":173,"width":804,"height":11}},{"id":"909711ae-ab9b-47a6-86b7-c6ba20f52c33","block_type":"box","text":"difficult or impossible to obtain.","page_number":180,"box":{"x":69,"y":188,"width":225,"height":11}},{"id":"0c40dc24-0e2f-45c2-aeaa-55e3647a7084","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":180,"box":{"x":102,"y":211,"width":796,"height":11}},{"id":"2853411c-d98e-4195-9174-2886db23a373","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":180,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"5b24c4d4-1527-4d04-a379-12c7de7f2f15","block_type":"box","text":"(defined as the sum of the excess of post-October foreign currency and PFIC losses over post-October foreign","page_number":180,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"12002b56-0bca-42cb-acc8-0b8f0a2997a6","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":180,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"71240238-1107-4df3-a6ab-24e97d3ed85b","block_type":"box","text":"the next taxable year in computing its investment company taxable income and net capital gain, which will defer the","page_number":180,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"496138e1-252f-44d5-8a60-3023e06b4307","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":180,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"3eae8125-4b37-4c38-9067-08a40f5f8f10","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":180,"box":{"x":69,"y":302,"width":511,"height":11}},{"id":"9694cd41-bc0f-4377-aed1-afa591c477d1","block_type":"box","text":"Municipal Funds","page_number":180,"box":{"x":102,"y":325,"width":115,"height":10}},{"id":"ac85efc1-a375-48e3-9cc0-cfe480d61b48","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in Section 852(b)(5) of the","page_number":180,"box":{"x":102,"y":347,"width":798,"height":11}},{"id":"8a383787-7819-496f-a5fd-96055c9d0a32","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":180,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"76b9ecf5-696a-4c5e-9004-8c17b800d734","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":180,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"b947344c-955b-40e3-9928-28e844399155","block_type":"box","text":"Section 103(a) of the Code (relating generally to obligations of a state or local governmental unit), the Fund shall be","page_number":180,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"8da6d6ac-0375-4d37-a9b9-9fde63d0dca5","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":180,"box":{"x":69,"y":407,"width":752,"height":12}},{"id":"d9c38506-c7b8-4fe5-beb0-ba411e61bcfa","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any par t thereof paid by a Fund that are attributable to","page_number":180,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"f2f5c3ff-a7ea-4c50-ad57-605463ef319d","block_type":"box","text":"interest on tax-exempt obligations and repor ted by the Fund as exempt-interest dividends. A Fund will allocate","page_number":180,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"cad4e2b1-097e-4463-a710-a11c966ba80e","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":180,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"595bd16f-6136-4abb-8c37-21db34a0e64d","block_type":"box","text":"below) among the Fund’s shareholders according to a method (that it believes is consistent with the Commission rule","page_number":180,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"5e216b25-6582-4d57-a6e5-b92f6f6d76cd","block_type":"box","text":"permitting the issuance and sale of multiple classes of shares) that is based upon the gross income that is allocable","page_number":180,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"652e6e93-97cb-4009-8636-6ff2be3ba701","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":180,"box":{"x":68,"y":498,"width":730,"height":11}},{"id":"8fb6300b-1cdd-4eae-b522-61ddc0c73642","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":180,"box":{"x":102,"y":521,"width":763,"height":11}},{"id":"66160ebf-81cb-44a3-b4a1-56f30e299327","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the por tion, if any, of a person’s social","page_number":180,"box":{"x":70,"y":536,"width":809,"height":11}},{"id":"1921a519-853b-48ac-927e-a67c46fdb501","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":180,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"d9851974-393b-4614-a301-687d25ffe67f","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":180,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"db915c8b-a6d9-4b39-91f1-47fbab27190b","block_type":"box","text":"the Fund, will not be deductible by the investor for U.S. federal income tax purposes to the extent attributable to","page_number":180,"box":{"x":68,"y":581,"width":800,"height":11}},{"id":"ff01507c-e7f7-4559-841d-159ab3cd9d08","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":180,"box":{"x":69,"y":597,"width":810,"height":10}},{"id":"dcd3753b-71e1-4206-8c5d-36a0e447570a","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":180,"box":{"x":70,"y":612,"width":836,"height":11}},{"id":"2a9986aa-551a-4304-8482-5f096e93f171","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to proper ty financed with the proceeds of an issue","page_number":180,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"d9a72869-1419-44b6-8d7d-b3a320c9eabb","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":180,"box":{"x":69,"y":642,"width":217,"height":11}},{"id":"02f5e9a2-1468-419e-8626-f99fe4325c09","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":180,"box":{"x":102,"y":665,"width":788,"height":11}},{"id":"d9179271-d487-4c75-aa5b-ee799e399872","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":180,"box":{"x":70,"y":680,"width":790,"height":11}},{"id":"5d32969e-7198-4584-b894-9a99b241a316","block_type":"box","text":"constitute exempt-interest dividends.","page_number":180,"box":{"x":69,"y":695,"width":261,"height":11}},{"id":"f0cf8259-6cd3-4fd7-85b6-b040259810ed","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":180,"box":{"x":102,"y":717,"width":765,"height":12}},{"id":"00786547-d021-4782-b9dd-62b95809c0ef","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":180,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"2bb3cfdb-91a4-4fc9-9473-aaa5e33c9bb1","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":180,"box":{"x":68,"y":748,"width":813,"height":11}},{"id":"b628cbeb-de65-4fd5-bc6a-043e5f8d9ea5","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":180,"box":{"x":70,"y":763,"width":809,"height":11}},{"id":"496cfb9c-fae2-414d-99b8-fe7444028060","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":180,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"95453d1c-1b56-4fda-bb37-4c5eb8b8e1b0","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":180,"box":{"x":69,"y":793,"width":388,"height":11}},{"id":"f68895f3-1e8a-4745-9054-2ae64cb445ad","block_type":"box","text":"All or a por tion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":180,"box":{"x":101,"y":816,"width":787,"height":11}},{"id":"ff062cc4-1b2f-47a4-a1fe-92ec60592444","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":180,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"a3226182-4141-4801-916a-5e018cbcfce5","block_type":"box","text":"income dividends received by shareholders.","page_number":180,"box":{"x":70,"y":846,"width":309,"height":11}},{"id":"594018ae-f148-4c28-8684-844972864f74","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":180,"box":{"x":101,"y":869,"width":766,"height":11}},{"id":"7eaa0493-5bca-4ac6-921e-59add054d210","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":180,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"8d6b41d8-e26c-4333-9ad3-5a31d35a2714","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":180,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"5f1018a1-3d5f-4bf4-ab06-66ce04297eed","block_type":"box","text":"II-132","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"83738c97-2f44-47df-8809-bd2cf7765ea7","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"632960b8-f8be-4c21-9e5e-867277424a2e","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":181,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"b99ede68-1465-4074-b32f-65f27c3b0f00","block_type":"box","text":"the accrued market discount.","page_number":181,"box":{"x":68,"y":60,"width":208,"height":9}},{"id":"86d10a8d-977f-408c-b15d-5fa784352a6d","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":181,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"4bd8624e-6185-4fe6-81de-b56aca8aa8fe","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":181,"box":{"x":68,"y":98,"width":818,"height":11}},{"id":"9dcb2dc3-387e-48d2-bf94-14c6c6377f37","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":181,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"e8894b2c-5408-4af5-abea-20533366a601","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":181,"box":{"x":69,"y":128,"width":351,"height":11}},{"id":"c963bf39-7113-41ef-9f2e-10c46f437926","block_type":"box","text":"e.g.","page_number":181,"box":{"x":422,"y":129,"width":24,"height":10}},{"id":"14534b35-ff0c-4d7c-accc-ec33cea02e37","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":181,"box":{"x":449,"y":128,"width":441,"height":11}},{"id":"c3b25444-3ab4-4049-aa99-7bee0bc0d045","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":181,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"9552663b-171e-4f50-ab96-950b52a9f4b2","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":181,"box":{"x":69,"y":158,"width":786,"height":11}},{"id":"31c3d1f0-d1f0-45b6-b7b8-5ab8be9398c3","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year-end the por tion of the Fund’s dividends","page_number":181,"box":{"x":70,"y":173,"width":812,"height":11}},{"id":"db09bd8f-b1ca-4954-8252-52206f5d2814","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":181,"box":{"x":69,"y":188,"width":740,"height":12}},{"id":"7706f102-6c78-489c-b9c6-9321ce432bcc","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":181,"box":{"x":102,"y":211,"width":802,"height":11}},{"id":"839e1233-59c7-47c7-851c-ac5eaf8f328e","block_type":"box","text":"the taxation of interest rate swaps are not entirely clear and may require a Fund to treat payments received under","page_number":181,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"8d8cefe9-e9ad-4f4a-b39b-8e5c1cbb8440","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":181,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"59bc6c8f-d937-4469-9323-692780633504","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":181,"box":{"x":70,"y":257,"width":776,"height":10}},{"id":"55c0d3a8-1993-4564-87cd-3ef6b2d0d9f1","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income propor tionately, they","page_number":181,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"0076d151-80f6-4838-b239-c223cfa9051b","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":181,"box":{"x":69,"y":287,"width":436,"height":11}},{"id":"a24becda-3848-48c6-8b71-06356477f9f1","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":181,"box":{"x":102,"y":309,"width":771,"height":11}},{"id":"5e1af568-2de9-4a68-a953-d0a1ffa83829","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":181,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"f471b205-d1a6-4afe-aaa8-bf07e6ccb55f","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":181,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"26ec5625-603f-4f60-a9b2-7535492b41b7","block_type":"box","text":"within each applicable state.","page_number":181,"box":{"x":68,"y":355,"width":203,"height":11}},{"id":"ff0d369b-65d4-4db6-8cb2-36a182c8057a","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":181,"box":{"x":102,"y":377,"width":774,"height":12}},{"id":"541851e0-1eb9-4359-b5f3-e6d634eb5133","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":181,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"93054115-6516-4bd6-978e-86623aa0852b","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":181,"box":{"x":70,"y":407,"width":816,"height":12}},{"id":"68eb4a5c-9410-441b-8269-afb934f3a0ea","block_type":"box","text":"(depending on the par ticular Master Por tfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":181,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"7f1b71dc-89b3-4cdb-a5cc-8c423acc8de1","block_type":"box","text":"to change the classification of a Master Por tfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":181,"box":{"x":68,"y":438,"width":822,"height":11}},{"id":"eae3f744-53d6-4da1-99ea-6a5454a9312e","block_type":"box","text":"its discretion, the appropriate course of action for the Feeder Fund. One possible course of action would be to","page_number":181,"box":{"x":70,"y":453,"width":783,"height":11}},{"id":"41410e28-0801-402a-89ec-7c62b435c85a","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Por tfolio and to retain an investment manager to manage","page_number":181,"box":{"x":68,"y":468,"width":822,"height":11}},{"id":"ab4b5831-e51c-4cf2-9c37-a0e26d973032","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":181,"box":{"x":68,"y":483,"width":710,"height":11}},{"id":"89dba1f0-aab4-4846-a327-b22eb9fa8377","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Cer tain states exempt","page_number":181,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"fbb31f5e-71e8-4d78-85d0-ea13c4f579c0","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":181,"box":{"x":68,"y":521,"width":828,"height":11}},{"id":"d20a13db-2976-4edd-bd3d-9319c2b36305","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":181,"box":{"x":68,"y":536,"width":841,"height":11}},{"id":"b93200ce-0182-4180-8b6d-0caf83709ac1","block_type":"box","text":"exempt from state income tax.","page_number":181,"box":{"x":69,"y":551,"width":216,"height":11}},{"id":"642ddb1a-67da-4bcd-930b-08eb85cfab07","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":181,"box":{"x":102,"y":574,"width":771,"height":11}},{"id":"8a5274dc-48d2-400a-8786-c289fa8027a0","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":181,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"c424c1db-5293-497d-8cef-a129faaaeadc","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":181,"box":{"x":68,"y":604,"width":309,"height":9}},{"id":"0e5f64b1-57db-4548-b68f-293f2b347608","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":181,"box":{"x":101,"y":627,"width":749,"height":11}},{"id":"3ed9c202-2eb5-4b1e-99db-16e70f4d10dc","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":181,"box":{"x":69,"y":642,"width":803,"height":11}},{"id":"6ab8019d-3a16-47c7-869f-ede18cad6c70","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":181,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"90aa64c4-2918-4adc-bb15-3d90532d61eb","block_type":"box","text":"decisions may have a retroactive effect.","page_number":181,"box":{"x":69,"y":672,"width":283,"height":11}},{"id":"ca4790eb-586c-48d4-85e4-f226a08e5f08","block_type":"box","text":"PERFORMANCE DATA","page_number":181,"box":{"x":403,"y":702,"width":173,"height":9}},{"id":"71deecb6-b0c7-400b-a629-5807ab0f4a83","block_type":"box","text":"From time to time a Fund may include its average annual total return and other total return data, and, if","page_number":181,"box":{"x":102,"y":724,"width":738,"height":12}},{"id":"ac005aa5-5ddc-436d-83e8-9e99007e867e","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":181,"box":{"x":69,"y":739,"width":779,"height":12}},{"id":"4b02c9e0-bb26-4b51-ba2a-34306ffffe7a","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical per formance and is not","page_number":181,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"c6ce63bb-4b54-4d70-bf26-6b55b39680ae","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":181,"box":{"x":70,"y":770,"width":792,"height":11}},{"id":"181b4256-ba6f-47b8-9a6d-c71e2b724bc5","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":181,"box":{"x":69,"y":785,"width":473,"height":11}},{"id":"6545dca0-71a3-4679-92fd-549f6c605f9d","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":181,"box":{"x":102,"y":807,"width":761,"height":12}},{"id":"681c2999-55fb-44b6-bd95-0ef7e5e2ee3f","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":181,"box":{"x":69,"y":823,"width":836,"height":11}},{"id":"6fb3724e-e621-43eb-9c94-24f3fe0c2ebe","block_type":"box","text":"gains or losses on por tfolio investments over such periods) that would equate the initial amount invested to the","page_number":181,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"3a2b15a3-d141-4f0e-a553-06326658b355","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":181,"box":{"x":69,"y":853,"width":765,"height":11}},{"id":"1b6af991-7aca-47cd-bd0e-7cc3b7cfdb39","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":181,"box":{"x":69,"y":868,"width":808,"height":11}},{"id":"0c003992-6334-41c4-89e4-a63a517f13ec","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":181,"box":{"x":69,"y":883,"width":813,"height":11}},{"id":"bcc92381-37b9-4849-a18f-18b268f07037","block_type":"box","text":"II-133","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ed145abf-6498-43a5-9db0-ac786052dcda","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3eed47dc-fc74-4c92-80cc-9bcd845a3bfb","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":182,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"daeb1c3e-e870-420a-9edb-263acd2b8efe","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":182,"box":{"x":69,"y":60,"width":546,"height":11}},{"id":"726a74b3-fb85-463e-b2c0-85d2321e74e0","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":182,"box":{"x":102,"y":82,"width":781,"height":12}},{"id":"ab888b2b-bef1-4447-bae1-9c6dcfe2efa8","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":182,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"85383919-abb1-432e-abd5-48b73de14fb4","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":182,"box":{"x":68,"y":113,"width":810,"height":11}},{"id":"9fa4739a-4635-41bf-a709-e4ca95d9ee43","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":182,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"3504d30d-7c22-4bb6-84ea-4a4754efba00","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":182,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"dd81f69c-bad9-4645-9aa3-5f899f69d5d9","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":182,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"cb41d993-4b54-477d-bf3e-2d4c3aaf8e0b","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":182,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"1de59e35-ef56-4df7-855c-aaf4c4b55fc9","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":182,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"8383b3c1-baa8-47d2-81b2-2a9029993865","block_type":"box","text":"income tax rates in effect on the reinvestment date for that dividend. The rates used correspond to the tax character","page_number":182,"box":{"x":70,"y":203,"width":833,"height":11}},{"id":"0251cab9-9900-479a-ae22-b5a9294d7edd","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":182,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"7696fba4-19ee-4d2b-b449-7d8185e13ff7","block_type":"box","text":"taxable amount and tax character of each dividend are specified by each Fund on the dividend declaration date, but","page_number":182,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"e0af82da-c8bb-42ec-aae6-4e307c77e952","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":182,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"6f126c4e-c4b5-4dec-bf67-1988e84a610f","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":182,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"37cbee45-9a75-4273-ab72-a482afd58088","block_type":"box","text":"credits, are taken into account according to U.S. federal tax law. The ending value is determined assuming complete","page_number":182,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"9f084b84-a3cd-4a8f-8c15-3d2558c340ec","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":182,"box":{"x":69,"y":294,"width":774,"height":11}},{"id":"7c210509-a80a-4bf6-ac98-4576e394f3df","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":182,"box":{"x":102,"y":317,"width":752,"height":11}},{"id":"aa90b655-5e30-495b-a9c5-590852fbab9f","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":182,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"fc02010c-9f24-4bbe-9535-fc2a06417b02","block_type":"box","text":"invested to the ending value of such investment at the end of each period assuming payment of taxes on dividends","page_number":182,"box":{"x":70,"y":347,"width":820,"height":11}},{"id":"9eb02c43-7f36-4d02-bd1a-51af9ea401ef","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":182,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"82cbebc6-be99-4428-b101-2e9d08e62d28","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":182,"box":{"x":69,"y":377,"width":772,"height":12}},{"id":"56481292-5564-4941-8de2-8fc3c4c08753","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":182,"box":{"x":69,"y":393,"width":827,"height":11}},{"id":"8fd655b1-9977-4d68-bf04-21e015083ce8","block_type":"box","text":"charge in the case of front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":182,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"aa9c71c4-b541-4f93-b7ee-4f5b9bce4d2c","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes of shares,","page_number":182,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"b7317ed9-1c3a-4b5a-bbb7-1e3d54be50a0","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":182,"box":{"x":69,"y":438,"width":795,"height":11}},{"id":"f4eff59c-9cbe-4b19-84a6-c6b7cff4f8bd","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":182,"box":{"x":69,"y":453,"width":768,"height":11}},{"id":"452edc11-dc61-4510-90ec-56a3828ebb55","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":182,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"94d4178d-3d7d-4acc-9126-cec1b52e2eb4","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":182,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"30f950c0-6f1b-4b1f-b06e-d45911e9cae5","block_type":"box","text":"individual income tax rates in effect on the reinvestment and/or the redemption date. The rates used correspond to","page_number":182,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"ed9468eb-5d9b-4fc6-8031-c6a15ab22fb3","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":182,"box":{"x":68,"y":513,"width":823,"height":12}},{"id":"884c5685-9476-4c46-92b8-b3b8c7f598f6","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":182,"box":{"x":69,"y":528,"width":743,"height":12}},{"id":"8247c945-ce97-4127-a1a2-d3bff9381c6f","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":182,"box":{"x":69,"y":543,"width":814,"height":12}},{"id":"e3b9fc56-c2dc-4bd3-8a5c-f5df4c817dc9","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":182,"box":{"x":68,"y":559,"width":422,"height":11}},{"id":"2756bd83-cd2d-42ee-8c5a-1945a3d74ca6","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":182,"box":{"x":101,"y":582,"width":720,"height":11}},{"id":"a037eb36-f8c0-414a-9e98-b892007b2bf2","block_type":"box","text":"per formance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":182,"box":{"x":70,"y":596,"width":813,"height":12}},{"id":"6e589906-7d89-4af0-8684-513f44bcfde6","block_type":"box","text":"some other amount, for various periods other than those noted in Par t I of each Fund’s SAI. Such data will be","page_number":182,"box":{"x":69,"y":612,"width":781,"height":11}},{"id":"ab7da1e6-62ff-4c38-8bc2-f585345d8603","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":182,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"9ea295ee-dd08-45d1-9903-9f86474269b9","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":182,"box":{"x":69,"y":642,"width":817,"height":11}},{"id":"07724ceb-318c-43d0-8437-915205827155","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":182,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"bd37464e-4a34-4232-af7f-35c751d9ee4c","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":182,"box":{"x":70,"y":672,"width":801,"height":11}},{"id":"7fbe15bc-0863-41ba-8a89-6034b80001a2","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":182,"box":{"x":69,"y":687,"width":819,"height":11}},{"id":"86eb5b2c-5d7b-4d1d-8e0b-d6ed4d509b63","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":182,"box":{"x":69,"y":702,"width":811,"height":12}},{"id":"9d9fc604-b997-4ca1-931b-c835894440e0","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":182,"box":{"x":69,"y":717,"width":686,"height":12}},{"id":"92522f3e-e1c8-430f-807e-9f79602dba25","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":182,"box":{"x":101,"y":740,"width":796,"height":11}},{"id":"3505506d-2f7f-4a2b-a81c-a7cf1553b37c","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":182,"box":{"x":69,"y":755,"width":821,"height":11}},{"id":"4bd3a3f3-6e5b-4b31-a537-a8af17751469","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":182,"box":{"x":68,"y":770,"width":817,"height":12}},{"id":"89ce1f13-784a-4090-958a-076e54847fc1","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the par t of a Fund’s yield that is tax-exempt by (b) one","page_number":182,"box":{"x":68,"y":785,"width":837,"height":12}},{"id":"c22b2568-ee6a-4ec2-83de-d925d31a9cb2","block_type":"box","text":"minus a stated tax rate and adding the result to that par t, if any, of the Fund’s yield that is not tax-exempt.","page_number":182,"box":{"x":69,"y":801,"width":759,"height":11}},{"id":"a776756c-18aa-4ea1-aeee-5effb971e83e","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s por tfolio, a","page_number":182,"box":{"x":101,"y":823,"width":779,"height":12}},{"id":"992e406b-5e62-46cd-9eec-ecaa7524353b","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":182,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"f7d7c520-84f9-4948-aec6-d042431ba82a","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be wor th more or","page_number":182,"box":{"x":68,"y":853,"width":830,"height":12}},{"id":"fa668562-a8a6-41cc-843a-e16dbdcebfb8","block_type":"box","text":"less than their original cost.","page_number":182,"box":{"x":70,"y":869,"width":196,"height":11}},{"id":"ff9b88ce-b347-4dfa-b924-6fcdb9fd6f79","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":182,"box":{"x":102,"y":891,"width":782,"height":12}},{"id":"4abe5dc0-ef58-45e2-9f77-78ee5102c844","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":182,"box":{"x":68,"y":906,"width":836,"height":11}},{"id":"9af0c685-afcc-49ca-b9df-4c2ab4e75613","block_type":"box","text":"II-134","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fc48eaab-ae2a-4254-9ebb-925f72a10d11","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81f83298-8ce0-4543-ae49-c2c8e5fb9414","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":183,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"b160fe84-38e0-4ddd-8b30-190ea376d3cb","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":183,"box":{"x":68,"y":60,"width":820,"height":11}},{"id":"3ac5c389-f404-41f4-af9d-8a6dbc975064","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":183,"box":{"x":68,"y":75,"width":824,"height":11}},{"id":"3114da92-c000-4ec8-9faf-f8a268e36f32","block_type":"box","text":"lower amount of expenses is deducted.","page_number":183,"box":{"x":70,"y":90,"width":278,"height":11}},{"id":"41584021-d040-49e9-9f76-175a8d41f61e","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":183,"box":{"x":102,"y":113,"width":741,"height":11}},{"id":"30302fbe-d312-47f9-b5fb-7f08ed8b16e7","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":183,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"530169a6-4859-4cdf-8a24-df7f77dd4cf2","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":183,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"f9771261-b6de-4086-97a2-56a206a31aba","block_type":"box","text":"Money Magazine, U.S.","page_number":183,"box":{"x":724,"y":143,"width":156,"height":11}},{"id":"09190afc-c151-4d14-b0c2-a3e105ed23e5","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":183,"box":{"x":70,"y":158,"width":533,"height":11}},{"id":"df979969-6e20-4597-87f4-42a5e94c3f00","block_type":"box","text":"or other industry publications. When","page_number":183,"box":{"x":608,"y":158,"width":257,"height":11}},{"id":"6f9d5547-8539-495a-9011-6fd1fbd6b77b","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":183,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"fa624457-4678-43eb-88f5-d259d6fc8905","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":183,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"262fd056-b2be-467a-a045-8523637013d9","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":183,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"c7e2bd08-b0c0-4f0c-a275-3c1a153baa78","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":183,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"8c856c52-e314-451d-8a0a-6f12b69b2efd","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":183,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"353e7545-0ff8-410d-a400-de36051f5496","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":183,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"dd96376e-b7b6-4c26-a581-82fea4ff1636","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":183,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"41d12864-a179-43c7-97af-4a80f36ed2e1","block_type":"box","text":"developed by Fund management.","page_number":183,"box":{"x":69,"y":279,"width":233,"height":11}},{"id":"c52b7c3f-3a24-4097-9152-4753cc61eafb","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":183,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"07683aca-033c-4899-8103-b402cade171f","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":183,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"68d6b15e-2916-4578-95df-162e92e3dc7e","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":183,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"f15a4231-e9da-497e-8f73-d7853c53e6b9","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":183,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"be7cb2ac-fe23-4852-8391-8e8e56676c70","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":183,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"b5191a91-68c4-421d-980b-e8b4063411a6","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":183,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"6b4e448d-5db1-4643-90a3-dad0d16425f0","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":183,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"f4ae4a06-dd58-4093-ad4d-6778784814c4","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":183,"box":{"x":68,"y":407,"width":461,"height":12}},{"id":"c20ff344-0cc6-43f3-aaf1-d4cfc6daacfe","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":183,"box":{"x":308,"y":437,"width":362,"height":10}},{"id":"f05c3533-0f90-43f6-9821-cc5203f71297","block_type":"box","text":"The Board of Directors of the Funds has delegated the voting of proxies for the Funds’ securities to the Manager","page_number":183,"box":{"x":101,"y":460,"width":802,"height":11}},{"id":"8f6e0f5f-366b-42b0-a78d-8d4802060581","block_type":"box","text":"pursuant to (i) the Open-End Active and Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting","page_number":183,"box":{"x":70,"y":475,"width":809,"height":11}},{"id":"498d32e7-f926-4d2d-9e68-e52941e5e3f7","block_type":"box","text":"Policy”), with respect to cer tain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to cer tain other","page_number":183,"box":{"x":69,"y":490,"width":833,"height":11}},{"id":"b60ce5b6-6521-4501-bb06-54ebe05cec0e","block_type":"box","text":"Funds, as applicable. Please refer to Par t I of this SAI, which discloses the policy applicable to each Fund.","page_number":183,"box":{"x":70,"y":505,"width":755,"height":11}},{"id":"5bc49b8e-9496-4a12-a1b1-06d7b760f025","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":183,"box":{"x":101,"y":528,"width":785,"height":11}},{"id":"ec2a762f-627e-4d03-b953-d554b2a01346","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":183,"box":{"x":68,"y":543,"width":822,"height":11}},{"id":"464670a9-777a-4dd7-9997-577e7b542044","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Par t I of this SAI, follow supplemental","page_number":183,"box":{"x":70,"y":558,"width":824,"height":11}},{"id":"546abb89-6e04-4c55-8afa-685401c3c0dd","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":183,"box":{"x":68,"y":573,"width":812,"height":11}},{"id":"76f0ef21-32bc-4c86-aa0c-ac4da9b87878","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":183,"box":{"x":69,"y":588,"width":392,"height":11}},{"id":"72311390-735f-4de3-abd7-e176f17d2caf","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":183,"box":{"x":101,"y":611,"width":749,"height":11}},{"id":"ecad974d-5081-49e8-a6b1-9eb2e92850b5","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":183,"box":{"x":70,"y":626,"width":759,"height":11}},{"id":"510f2246-3752-48da-8c83-679dd93aea9f","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":183,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"6c6da4a6-d340-46ee-b197-10a7c27f8b34","block_type":"box","text":"addition, cer tain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Par t I of","page_number":183,"box":{"x":69,"y":656,"width":838,"height":12}},{"id":"8b53d2b3-da95-4333-9cd0-b18cf1a5b9bc","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":183,"box":{"x":68,"y":671,"width":822,"height":12}},{"id":"c37c1775-dbd4-4b24-bd29-9647680de30e","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":183,"box":{"x":69,"y":687,"width":392,"height":11}},{"id":"8a118962-31ea-4fb7-8165-5d798182cb6a","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":183,"box":{"x":102,"y":709,"width":767,"height":11}},{"id":"7d8ebabb-95e3-4aec-a0ad-696ff25c4685","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":183,"box":{"x":68,"y":724,"width":827,"height":12}},{"id":"537fcb03-3dff-476a-8b08-1dc8e48c6390","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":183,"box":{"x":69,"y":739,"width":819,"height":12}},{"id":"3c89f918-5dc0-45dc-96cf-3a64ca96335a","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":183,"box":{"x":69,"y":755,"width":684,"height":11}},{"id":"62314ad8-6f06-498f-bc05-ebaf02fc1dcd","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":183,"box":{"x":102,"y":777,"width":766,"height":12}},{"id":"30632d7a-b4ac-49ba-b23c-98453212804f","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":183,"box":{"x":69,"y":792,"width":784,"height":11}},{"id":"c2d66acd-81d1-4843-a6a1-62425c238d8b","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a par ticular Fund pursuant to the","page_number":183,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"77cd27dc-5129-4b3c-ac32-d410f02a941b","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a par t of the","page_number":183,"box":{"x":68,"y":823,"width":790,"height":11}},{"id":"43b95744-c60b-40e1-b6b9-5443b6dcd090","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":183,"box":{"x":70,"y":838,"width":810,"height":11}},{"id":"8b46afe3-e492-4bdd-88a8-825d38e50410","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":183,"box":{"x":69,"y":853,"width":788,"height":11}},{"id":"cbd25aa8-82ec-421a-a7af-dd894ae43424","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":183,"box":{"x":69,"y":868,"width":327,"height":11}},{"id":"442c6644-897f-42fc-a868-86d006072019","block_type":"box","text":"II-135","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4adb3e9d-34ec-4144-9951-26d99f1a3902","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ed247a3-5d3b-41c8-bebf-17ad4f4bcb82","block_type":"box","text":"GENERAL INFORMATION","page_number":184,"box":{"x":391,"y":45,"width":195,"height":10}},{"id":"13bf49bd-9586-4275-abea-2bffbff66641","block_type":"box","text":"Description of Shares","page_number":184,"box":{"x":69,"y":76,"width":156,"height":11}},{"id":"0c389da4-4d2c-4145-b0c8-1fdc2224cace","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":184,"box":{"x":102,"y":98,"width":800,"height":9}},{"id":"a9fd3712-48ac-49e2-bf9e-9a520813f234","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":184,"box":{"x":69,"y":113,"width":811,"height":12}},{"id":"8935d4aa-9b89-4575-a32e-40825ac3eed3","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":184,"box":{"x":69,"y":128,"width":825,"height":12}},{"id":"6599fd4b-bd3c-446e-9d86-b99246e43fbe","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":184,"box":{"x":69,"y":143,"width":838,"height":12}},{"id":"0958bbcc-c762-42a4-b4b2-c08583427c7d","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":184,"box":{"x":69,"y":159,"width":835,"height":11}},{"id":"0def897f-cb9b-49b5-bf7d-5a59950993d6","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":184,"box":{"x":69,"y":174,"width":781,"height":11}},{"id":"fcc2ae4f-b212-4667-b095-8de2b894bd86","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":184,"box":{"x":102,"y":196,"width":801,"height":12}},{"id":"931c6787-cca5-4774-a67a-05fc011c16e7","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":184,"box":{"x":69,"y":212,"width":760,"height":11}},{"id":"796ea6b4-1e10-4962-86ff-aa4bcd68e633","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":184,"box":{"x":69,"y":227,"width":810,"height":11}},{"id":"1a4a30e8-26d1-4393-bd24-7f75ea3bdaa9","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":184,"box":{"x":69,"y":242,"width":790,"height":11}},{"id":"31417da5-9111-43bf-920f-c952974b5230","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":184,"box":{"x":69,"y":257,"width":787,"height":11}},{"id":"3a69ec0f-2bb8-455a-927b-0b18a182e39e","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":184,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"48a64e1c-eeeb-46fa-be2e-9b3b8b651fe8","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":184,"box":{"x":69,"y":287,"width":658,"height":11}},{"id":"9cf5e73d-acb2-4586-a818-779679974789","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":184,"box":{"x":102,"y":310,"width":741,"height":11}},{"id":"849991f9-9b76-4978-860c-ddbefa7b9f3c","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":184,"box":{"x":69,"y":325,"width":790,"height":11}},{"id":"40159976-a9d6-48ed-b715-8f2eb0f903cb","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":184,"box":{"x":69,"y":340,"width":546,"height":11}},{"id":"fdb8b7a2-c52a-48c8-a35f-be216d5eb635","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":184,"box":{"x":102,"y":363,"width":712,"height":11}},{"id":"ce830090-32f1-4843-b128-35e4d2e2b218","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":184,"box":{"x":69,"y":378,"width":765,"height":11}},{"id":"bea59f21-9c3e-4022-8b44-aab7a2c76309","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":184,"box":{"x":69,"y":393,"width":834,"height":11}},{"id":"8bc36e61-bfa5-4583-b110-7d0f82ea6e27","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":184,"box":{"x":68,"y":408,"width":729,"height":11}},{"id":"9f174696-a217-4067-8cf2-7a7bb8d9d965","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":184,"box":{"x":69,"y":423,"width":815,"height":12}},{"id":"d6b97579-9e9d-4c5d-8ff1-5d171e03deb4","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":184,"box":{"x":68,"y":438,"width":761,"height":11}},{"id":"ea774e78-441c-4ef8-bb8f-3e12284175f6","block_type":"box","text":"shareholder held personally liable for the obligations of the trust. The Declaration of Trust also provides that a trust","page_number":184,"box":{"x":69,"y":453,"width":824,"height":12}},{"id":"0e6fdfcb-b6ef-462c-8cee-eca4815ffff1","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":184,"box":{"x":69,"y":469,"width":839,"height":11}},{"id":"cedbcb06-7107-4ef1-a4ca-c8ffc62fe1da","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":184,"box":{"x":69,"y":484,"width":813,"height":11}},{"id":"cfac26ea-4b02-4757-8359-42e9828a5642","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":184,"box":{"x":68,"y":499,"width":827,"height":11}},{"id":"88e9730a-0f26-49e1-8050-d46be9b183fd","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":184,"box":{"x":70,"y":514,"width":699,"height":11}},{"id":"ebe608cd-ee82-4fd8-bc67-1ade1ba2409a","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":184,"box":{"x":102,"y":537,"width":413,"height":11}},{"id":"f94f38b1-9f31-424b-a3b8-e0ac06020438","block_type":"box","text":"Additional Information","page_number":184,"box":{"x":68,"y":567,"width":161,"height":9}},{"id":"af2d2aee-ec6c-40d4-9d15-c036c4b52ab2","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":184,"box":{"x":102,"y":590,"width":789,"height":11}},{"id":"098f6da7-f0b5-4df8-abb8-397a77f47890","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":184,"box":{"x":69,"y":605,"width":799,"height":11}},{"id":"6712e005-770d-456c-8a4b-15c71ec71f87","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":184,"box":{"x":70,"y":620,"width":837,"height":11}},{"id":"6e8d2fb2-c377-42cd-9f17-3e043a6c1adb","block_type":"box","text":"such name to any other company.","page_number":184,"box":{"x":69,"y":635,"width":238,"height":11}},{"id":"912e4407-ca6a-493c-83a3-62574e3737ce","block_type":"box","text":"II-136","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a79b2a03-0f7b-479e-b9dd-70211609f085","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bcbd9d28-6007-4bc5-ad8c-4cc437265f39","block_type":"box","text":"APPENDIX A","page_number":185,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"405089dc-40d5-41dd-8438-c9768283012e","block_type":"box","text":"Description of Bond Ratings","page_number":185,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"761a39bd-1921-42b4-b85c-540f49755ab5","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":185,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"75b51a06-85c1-4a25-8051-d1578a98b1b3","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":185,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"774ab0bd-9bc3-4c0b-af40-24b225c9f29b","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":185,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"b21fe793-ef1d-41b0-8f4a-625c0e6adaaa","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":185,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"d65e7379-08df-41b8-ba5b-ef9d54153326","block_type":"box","text":"date.","page_number":185,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"596a85cc-7ffe-4762-b8db-b11090a17339","block_type":"box","text":"NRSROs may rate specific investments (","page_number":185,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"878eba17-6bb9-4a8b-9f94-6ffb5514aa0c","block_type":"box","text":"e.g.","page_number":185,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"359b08be-5fdc-4539-9c5c-20df05044f36","block_type":"box","text":", bonds), issuers (","page_number":185,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"b2395e3e-1856-4d0d-801f-99cdc012cbc2","block_type":"box","text":"e.g.","page_number":185,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"16c8112b-4dcb-48b8-84a8-150937ba9e9b","block_type":"box","text":", corporations, governments and financial","page_number":185,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"d4238c9f-5d1c-48a2-9bd7-93e1d188ad96","block_type":"box","text":"institutions) and/or programs (","page_number":185,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"9dd95033-4060-4c4f-b72d-d790749a81a0","block_type":"box","text":"e.g.","page_number":185,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"7682e199-2147-4f01-964a-48807aa41ce6","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":185,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"3471c9a6-2fbd-488f-8a1b-9646d0e97be3","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":185,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"71bda6f9-d8df-49c9-a600-5176e9de98bd","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":185,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"9932845c-1698-4582-8451-7a78230c1aa8","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where a NRSRO has not rated the","page_number":185,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"d8a7a8e5-f9ee-4767-b66f-a7f2cc9a3c4e","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":185,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"7129ef5c-be72-4060-b8bd-3b50f9c96715","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":185,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"94599479-b406-4494-afec-e57ed87ed0bf","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":185,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"efcfc8e8-775a-4ca7-89f1-b2e900d2e262","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":185,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"2e109a6e-be11-42dc-9516-2545dfe250d2","block_type":"box","text":"security (","page_number":185,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"32ac1fcf-e6c6-4d80-ad9f-f951e8555edf","block_type":"box","text":"e.g.","page_number":185,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"aae49753-69bc-4c52-8bf3-9def32978876","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":185,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"02384681-0f6d-4e1e-af2c-7016d5185426","block_type":"box","text":"highest of the multiple ratings.","page_number":185,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"82612a6e-2a6b-43a9-be8b-ee9b058bbddf","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial offering.","page_number":185,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"55c3497c-255e-44c6-871f-97a9c8e3e260","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":185,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"c43031d2-c1c4-42eb-86cd-17b7585595b0","block_type":"box","text":"determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when","page_number":185,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"b0a38741-000b-4aaa-96a1-56c429e57c4f","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":185,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"fe0958ff-ece3-4515-9982-48156c4bd820","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":185,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"a282bffa-3658-4a6f-b49b-f87899e90fe8","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":185,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"da7fc7f1-654c-43fc-9324-74649e5b98b5","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":185,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"aea9c462-fd98-4b9a-bb94-0c5ccf363c38","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":185,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"1ff8b7fc-94e1-427c-9566-6635d4bcbc79","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":185,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"3223a6c6-1934-41a7-be45-19ab8c6f434d","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":185,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"d65b8628-c791-426e-8416-5d813bcc4936","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":185,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"8bf33483-e38a-4d18-b4e2-04138e0138f4","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":185,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"f46947e1-6cb2-47fe-ae75-1fdddfb4c2d4","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":185,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"b496dfce-7511-4528-b5ca-3ffd3026ae07","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":185,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"a5505027-7e09-4506-8426-ec58b2f4b49c","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":185,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"cb1c292e-a04b-4843-821a-f07bfdc12b7c","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":185,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"9d397088-d42d-4dcb-a525-6c517fed7bdb","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":185,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"d511de6c-ac5a-4f32-92eb-b9f7242409fc","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":185,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"cdcc6c97-a284-4e0b-b5d2-d863f839d2cd","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":185,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"fdb649d4-321d-4884-9c60-ecb64929c80e","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":185,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"8d3fda9f-a569-4ea4-9dbd-388ddd026bbb","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":185,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"96b4532e-1ace-4345-94c4-fe0c7b7f062f","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":185,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"55af5de7-e077-46d8-9552-c8006f1b43c7","block_type":"box","text":"Fitch.","page_number":185,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"631ab2fe-0f47-4545-aa2d-05f2146f89cd","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":185,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"39048422-ce8e-42a7-b57b-8ed5b813b214","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":185,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"7660e794-3989-42a8-80f4-3a3262ad51c2","block_type":"box","text":"Ratings assigned on Moody’s global long-term and shor t-term rating scales are forward-looking opinions of the","page_number":185,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"568bc6e9-35e0-4c22-8c14-d69d1abd00e3","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":185,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"2a1a8600-9bd1-4014-b592-ba61c7a2eea6","block_type":"box","text":"finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an","page_number":185,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"1f3f4d62-91aa-4640-ab8e-5180320a7708","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":185,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"e48adefe-6ced-417b-8618-8cbaca8809f7","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":185,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"33811e38-651a-4c02-9629-e07573bd1756","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":185,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"26004ed7-66e2-49c2-bb87-46b9a15e01e2","block_type":"box","text":"sources of variation (","page_number":185,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"a433c396-278c-41b0-8b82-6f95135da1e9","block_type":"box","text":"e.g.","page_number":185,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"27da7e4a-132a-436e-a2d8-bfef536152c6","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":185,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"f85a1aea-98c7-4fbf-8037-b585bf8a5ae0","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":185,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"cc6fcc30-0ed9-469c-8cad-6e6dfd170c18","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":185,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"184eafb1-564b-4402-a8be-4bcc0fad8004","block_type":"box","text":"e.g.","page_number":185,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"b9d111bc-ad9d-4b13-96f2-3a7baf357cd0","block_type":"box","text":", equity indexed), absent an express","page_number":185,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"caf62e20-6571-4e8f-9141-df1f3f2aca39","block_type":"box","text":"A-1","page_number":185,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"ac475e9b-172b-4e97-9d76-0ef341601d23","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"25269121-a1ed-4e84-86c5-6b734ce6c0cf","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":186,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"bb787b68-5344-4924-adf1-7be0f84de3cf","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":186,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"44627633-58a4-4166-b867-6745aa2cbafb","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":186,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"c4f40e49-d384-4ad1-8e52-1473e3651cb4","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":186,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"1d214d65-7f8f-4e14-9eb5-ff64376d900e","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":186,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"d1658c29-f12a-43fd-a902-f5db506a622d","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":186,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"e622c32e-5f39-41ba-87e0-3e7d8daac7fe","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":186,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"5ac7e868-51ea-40e2-aadb-b96fb3889d28","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":186,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"fafbc852-1263-45c4-8dc9-0c33662b0552","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":186,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"fdb3fa4b-4fe5-4ccc-bf59-7a56a97ab322","block_type":"box","text":"i.e.","page_number":186,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"426a8c31-5a23-467d-971d-6b8c111941ce","block_type":"box","text":", ratings on nonfinancial","page_number":186,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"c1d7e1a4-2f7f-4fff-b273-c7a8cf941faf","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":186,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"f57c9475-50a4-4e09-a3d7-084f836e5fe2","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":186,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"b7c87fbc-831f-4ae2-ae25-da1a08ba653d","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":186,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"31cae1fe-4fcf-43c3-ac08-4f77086ed633","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":186,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"71767c28-b80d-4add-a7de-83731f1ce1e5","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":186,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"945e4bb7-1742-4dc7-bf4a-40ebf3f0d0fc","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":186,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"f1a2ded1-d557-44ba-aa5d-b271288a8059","block_type":"box","text":"of time.","page_number":186,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"5a666b21-f721-4fe4-a860-80520fdae63e","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":186,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"cb51a1d0-8b8a-4bef-8582-a87cfff061ea","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":186,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"98afa498-ff55-48c4-86bc-be6b05cd2676","block_type":"box","text":"risk.","page_number":186,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"d97bd4e8-0a8f-4674-9d73-ba141d20d19a","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":186,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"0d059ae0-027f-4f76-9a7c-9e8496ae5816","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":186,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"ac863723-f5cd-4015-a5d2-5634991a725c","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":186,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"a46e29e1-5cf9-4768-8e6e-168dcb77893a","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":186,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"26105e88-e91d-441a-8de6-4a72c967cbf1","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":186,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"5ae622d5-acec-480c-ac38-f21a06bb3c60","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":186,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"dd925b72-0e6d-4a22-a75d-acbbc42f18a1","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":186,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"f7ae11b6-6b69-4dd3-81ba-46780bd457e9","block_type":"box","text":"credit risk.","page_number":186,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"9e19a303-b949-4198-93e8-b6603d8b86a2","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":186,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"248666b6-4c1f-454b-9741-6306437eb2a4","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":186,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"f852cf1b-c5a8-44c6-a29b-fd4797ffda6f","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":186,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"1ef2bd2c-12a7-4831-9a3b-65ed39c86a3b","block_type":"box","text":"of principal or interest.","page_number":186,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"8176f1f4-eb08-4471-80b6-77bc428037fd","block_type":"box","text":"Note:","page_number":186,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"c80a9e2d-ed39-4228-8225-d4b0f6611851","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":186,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"b483443d-8ea7-474a-9aaf-334d6b50b866","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":186,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"04cc5f89-d01e-4895-9b81-429383e0d840","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":186,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"e028c4fd-39ff-4571-a0d8-722daeb638ac","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":186,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"da30b61e-8d1d-4e78-ab5c-dd81e157959a","block_type":"box","text":"companies, and securities firms.","page_number":186,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"9ced602a-9ec9-4df6-95cc-53115c28d8ce","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":186,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"a3ad7e6c-931f-40af-9e08-daa627a6dd35","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":186,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"9924ce98-8c3a-4e33-b72b-18e45ab8f3d0","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":186,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"3ea3f5ad-1685-4eac-9ce9-8bd5639fce7b","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":186,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"55f9d72a-7b12-4597-8d80-8ae07769ce50","block_type":"box","text":"that security.","page_number":186,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"a73ce080-809a-41c6-8aac-9907580ad53b","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":186,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"1d858653-6a7e-4923-ac7c-ed9680fd03b4","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":186,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"aa5c18e1-af12-4e74-bfc9-d07f4d6579dd","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":186,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"b9ec0016-d667-4306-a79b-f3c2d3e94e6c","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":186,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"9aef26b3-05d2-4e56-a9b3-f16d8bc211ab","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":186,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"9da3001e-143a-4f7b-8328-48358ae673fd","block_type":"box","text":"categories.","page_number":186,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"28dd9837-92ee-4632-88f0-045acaeee631","block_type":"box","text":"A-2","page_number":186,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"ac9f503c-dd32-41f4-b2f9-c54b328c696d","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d540698d-5dd3-4bf5-910c-f89ecce004ee","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":187,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"5dc86d3c-1ee3-4282-b805-c6996f404619","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":187,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"0e45f5c1-96b6-4a4d-9a36-b0011a02a3ad","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":187,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"fbf2f556-c4a0-42c8-bd3e-d4140bbb0b20","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":187,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"e2a42cde-0da0-4266-94f9-a532be4a731d","block_type":"box","text":"an issuer’s self-liquidity.","page_number":187,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"b54fa85e-300e-4422-ad82-27f146650809","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":187,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"87587efd-c9e5-432a-adec-985099dd7002","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":187,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"aa5e1e61-eb65-4846-8271-75c8c576c217","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":187,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"485bc508-b7d5-4b79-a477-b7465a8caae2","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":187,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"7b991bcf-ab6c-48cb-a559-26d3e4a89021","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":187,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"a9eb7122-9476-417c-9be2-1a36d4ad1319","block_type":"box","text":"MIG Scale","page_number":187,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"60be3dae-2139-496f-9499-074248e54510","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":187,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"2baffbc7-6460-49cf-8759-80d4c87dec06","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":187,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"c55c69cc-7c25-4088-adfb-8e4ce1bd2e33","block_type":"box","text":"refinancing.","page_number":187,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"e655d145-0376-4b0c-9ff5-fff00fa63fb4","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":187,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"bcfee1df-13fd-4135-8147-a9d3c65a4578","block_type":"box","text":"large as in the preceding group.","page_number":187,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"027df950-952c-4d11-b5d7-6fb244c1df36","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":187,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"4aaeac7c-896b-4645-8eae-061d1b681b0c","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":187,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"2278db39-87d1-4adc-a810-5f923d72816d","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":187,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"c158a620-3cf3-4a55-b856-aa15c82cbe11","block_type":"box","text":"lack sufficient margins of protection.","page_number":187,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"a5a64b29-c6db-4fa8-a42c-627d6ad32600","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":187,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"5db83b18-1031-4542-8080-fd91de1c85e6","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":187,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"5cc606a4-5381-406e-a756-bc5bc32e32d1","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":187,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"32a138e6-6537-4ea9-8749-ced4f08b3379","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":187,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"42cc87cc-0b31-4523-b13f-d6b742247f64","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":187,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"423459ab-84c0-4fa0-b081-9b5186d554ac","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":187,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"d0563b1d-5592-4a12-a53d-a141e7cbf802","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":187,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"7454124d-a398-48c1-a046-9955bf3ce99b","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":187,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"aec76cdc-1079-4d9e-ba79-81d5a3efe439","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":187,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"aaddabde-9d81-4ed7-8a43-dfae10a6795d","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":187,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"ebb6b568-d270-4665-b9f0-24c856a30d7c","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":187,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"54ca3550-cae2-4320-9c2c-051e3394642b","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":187,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"19df4b9c-27b3-4c5e-8627-0dfe62e1867f","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":187,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"e69b2b19-098b-4590-889e-bec4fff828bb","block_type":"box","text":"VMIG Scale","page_number":187,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"6f4cc8d1-50b3-4144-b20c-b788a2d6ca29","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":187,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"a5359a2d-94f7-4202-afe2-4fb8ceb5947e","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":187,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"37b49eb9-e412-4c6f-852d-9713ae3ed896","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":187,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"fee2912f-8fa0-4a7e-829e-15644d0d60cd","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":187,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"5264704c-6a31-48ad-b1bd-cff2a2c0df7a","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":187,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"e8149384-0afa-411a-b163-a160f7ccbbab","block_type":"box","text":"payment of purchase price upon demand.","page_number":187,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"bab6caac-27d2-4b3e-b5e6-c58fff0b61dc","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":187,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"54be787f-7e01-4920-8b47-132551e7a777","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":187,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"1f13a295-0b18-4620-980b-3900faf0a873","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":187,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"cb4aa999-0479-4b6e-bce5-36646879b0ed","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":187,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"ff1ad85e-2485-4ebb-868f-5121bf387fb5","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":187,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"d1290cda-c164-4f68-81f5-76ff8bb2ff91","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":187,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"eb00d89d-109b-4407-b47e-9ef3977db6a6","block_type":"box","text":"price upon demand.","page_number":187,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"2dbd2fee-afb6-4fa2-8149-3765a50dabb4","block_type":"box","text":"A-3","page_number":187,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"3ade67f4-ac2e-4c8c-9564-3c547384fca8","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ce68e48-5c00-4ac8-b380-a8402836937f","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":188,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"c6b964b6-22a9-4559-b3b3-6d968268769a","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":188,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"3d257eef-0cc7-462e-b753-03017160854d","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":188,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"d7d15093-a336-4481-a590-39bcec57fe6a","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":188,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"cfad1086-c4c9-40a6-b0f1-a68fa43ef46b","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":188,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"3991ac34-12f3-4dbe-9873-d6f358b343ef","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":188,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"d5853181-6b73-419a-a274-ceb7c8cd31e0","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":188,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"4957709d-cc4a-419a-9dc7-669f3c88ddad","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":188,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"aff0c002-ced6-4bd0-92aa-88992ad48b78","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":188,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"4b68aa6f-e269-4c40-91c7-05efb4e712e8","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":188,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"2435ea61-a07e-48cb-9de1-d65431f80486","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":188,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"a10df1ee-ac1a-462b-bc3e-57dbdca678a9","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":188,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"9240dc02-57a1-453f-addb-608e2651c432","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":188,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"f0f1dccd-5044-424a-8dde-f1a4b33be127","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":188,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"2fe329cf-4812-4897-95a2-91ee18e784cf","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":188,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"44c447da-7f53-4684-a18d-eb0c4c0a8fd6","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"39c7c307-2fc6-49a7-8401-40ae79d54903","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":188,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"8f0d82b7-1935-4730-bdc8-5098f0e6664e","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":188,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"8ba22220-8c50-496a-981c-e38ff8798938","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"01fcf5d2-2cf0-4132-932a-c47b3d03a4c4","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":188,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"1d72c409-d458-4840-8642-631058f4a24e","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"8e7e79a9-7486-4ce7-927f-733a429fba3f","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":188,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"3da9a284-ad44-43e2-9b82-355596ce51fb","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":188,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"1ac5ed2a-60e0-4e75-90dd-dddbe1a66715","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":188,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"1bfc4d3e-6438-42ef-a45d-094856ca32c2","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":188,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"cc267a60-3daf-46f1-a5ad-ba703f491e4e","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":188,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"e678360b-dc2a-4115-9e41-b7bc2e457f23","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":188,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"f7d44d03-70c6-4085-8d49-2ab5b6fe6b6c","block_type":"box","text":"obligations.)","page_number":188,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"c4592ea4-993b-4c47-a143-5a58d2b47bf5","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":188,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"68d98b2c-25e0-4496-9256-5c5f3de3e1a0","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":188,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"e0c28577-3ee1-4220-9663-3c054e3a3fdc","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":188,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"3cd076e7-6b1e-4d05-9304-2123132c8a3e","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":188,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"55676c6d-eb55-4d28-89ad-98fc2424632c","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":188,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"7dabc4be-5e9e-442c-b86c-b63bc59f25a3","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":188,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"f79b0338-9908-40f7-b143-16be7def10ae","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":188,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"431b6add-3fb9-4e41-8e89-c40396a70203","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":188,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"e2504c1c-c9f1-4e5e-bfb1-ab86a0492572","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":188,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"ae7f3b3b-2529-41ba-aa48-092efb3c16d3","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":188,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"9e0be098-ef01-4c8c-aac1-b4c5aee0718a","block_type":"box","text":"financial commitments on the obligation.","page_number":188,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"9112dd15-6b1d-4bfa-b1c9-e3694ee5f347","block_type":"box","text":"BB,","page_number":188,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"7a0e1643-83b7-40ac-a08f-65e604b52393","block_type":"box","text":"B,","page_number":188,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"068472d0-ee7f-4fb8-a513-f6e2f4610568","block_type":"box","text":"CCC,","page_number":188,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"15209926-e7d2-4787-8424-b0257ecd1cdb","block_type":"box","text":"CC,","page_number":188,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"312d6d2f-31dd-4f87-b421-345f31b40450","block_type":"box","text":"and C","page_number":188,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"f98b7cfd-775c-427a-805b-30ebc9356301","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":188,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"d369bcde-9dbc-4386-830c-11ab0a5b1f1b","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":188,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"83a42a9a-4669-4411-a17b-da44b806844d","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":188,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"eed082bc-5674-4bea-ad59-90097a9f3a52","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":188,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"efda93fa-de34-4eb7-b6c9-c9b089fb5acd","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":188,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"8faf4aed-9c89-4dab-bc6a-bdf304e18916","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":188,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"900a5613-d308-4fb1-91de-2f01a54cec7a","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":188,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"44731ee4-cee3-4baa-9e64-24dfd202c1f1","block_type":"box","text":"on the obligation.","page_number":188,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"151ef976-7144-4193-bb3c-fadc52805838","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":188,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"b801cfb7-6908-4b95-9c60-fc122f9cd761","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":188,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"527511a6-0511-472b-b4df-79d4e5e5ca1a","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":188,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"f658f5a5-c35f-4afa-b1a6-f2548141ce3f","block_type":"box","text":"financial commitments on the obligation.","page_number":188,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"1a3a25c0-d25c-433a-bb08-c3fb154aa50e","block_type":"box","text":"A-4","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"054de279-9703-4b47-ac01-4af2196b347b","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e9c3367-ffb2-4512-96e0-3618349e66b9","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":189,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"4139af8f-b435-4a69-82bd-9388e7c515ef","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":189,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"59d11d78-b75e-46e5-83ca-c919fd88215d","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":189,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"fc6a2dd1-6db3-4eac-a556-509dda84ac01","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":189,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"57410d43-2e25-4e8a-97a3-b61b49ea257a","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":189,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"19a69e63-183f-44fd-a44d-b911e7d287d2","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":189,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"04a304fa-9bf4-4d31-89ba-5d435b9f4815","block_type":"box","text":"anticipated time to default.","page_number":189,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"0d93053a-2733-40d7-b3bb-845871e71e68","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":189,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"463a97a0-1d7a-47b7-b5d9-bfb05df2623b","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":189,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"5ffb9af3-0ac3-477a-b32e-47120982000c","block_type":"box","text":"higher.","page_number":189,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"4f1b6a6d-6865-4ece-9fe9-efe4a8748818","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":189,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"67032f18-5709-4a2f-8eb7-a343c8378df9","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":189,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"537d0f4c-13cc-4c31-851d-7983bbf56b2c","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":189,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"479bb1d3-759b-42fc-9e01-be5bbc935095","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":189,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"8d1209fc-1f41-4df6-a5f3-f5754bffde4f","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":189,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"f5c32e3b-21e7-4015-b45f-2a57ae8ff67e","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":189,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"93c8715e-1ff3-44cf-bda8-73bf851a537b","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":189,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"f79489ad-c685-491d-920e-00a2ea193b6c","block_type":"box","text":"restructuring.","page_number":189,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"887dc34f-909c-48ee-b7b4-a7d78f984df9","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":189,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"8f391e44-df1a-4db3-b39a-91bab3c0d955","block_type":"box","text":"standing within the rating categories.","page_number":189,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"3903a7e3-e2f4-4cc9-bf2f-cb2fd73cc145","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":189,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"bfa46188-051d-4359-806b-f6fd76584519","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":189,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"c7c32ec0-771a-479d-9e39-c3c3cc664825","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":189,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"ab61aa1a-eff4-4147-a98e-203593e343c7","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":189,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"3b94d34a-e6ec-4e31-835e-4e95d637caa7","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":189,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"132caf9e-5cf2-4060-9209-099f22183528","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":189,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"4cf874fa-8a9a-47a6-87c1-de4d7ee54355","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":189,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"ff66b1be-2d64-4420-8ca6-d76dfcf29c95","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":189,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"c5c4bf42-4f7f-406a-87f3-34e39d9fa051","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":189,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"1517622e-b7ff-4730-b485-7870805d1520","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":189,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"95f7dd0e-da82-438d-a93c-7075da2c6713","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":189,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"949894e2-7e86-490d-bb86-a6f96e4075fe","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":189,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"3c5ed97c-f54a-4cf5-b0a7-ef094795e5b5","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":189,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"f22f2d41-96d4-4c65-b95d-b4f8b38d2a6a","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":189,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"0cecf7f0-f662-4cc6-8ccb-01f12c953a11","block_type":"box","text":"financial commitments.","page_number":189,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"55cdf538-c5fb-4f93-8546-eb9dc0112be2","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":189,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"305077eb-427d-407f-9655-e35f90efe11d","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":189,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"e8c9e7b8-c821-46c5-9ffa-63972ef39438","block_type":"box","text":"commitments on the obligation.","page_number":189,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"2cba42c7-1c0b-4845-81e1-fcb54785d308","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":189,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"c4164017-8100-4931-b3bd-c7687e6a6f67","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":189,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"a038944b-37ad-4a29-b92b-c20f5504a327","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":189,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"301365b4-cbb2-4b18-a068-9f373a0dc155","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":189,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"69baf2d6-3884-4ca6-885a-313326ff9470","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":189,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"0b02d697-9638-4e7b-ae3d-bb68591db624","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":189,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"1d3c9875-3e61-4c5c-bcd6-88807ffca754","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":189,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"0573c03b-642d-4da9-8155-16e02d32dfff","block_type":"box","text":"debt restructuring.","page_number":189,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"f268471c-0fc9-4a18-aa5c-d4597292728d","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":189,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"b9e95970-9472-4a83-81b1-b14bc712e155","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":189,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"43788b56-5e37-4669-b3ba-3c4e5363f73c","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":189,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"4a8530de-9327-41c0-acee-b6a254a0df89","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":189,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"a0e1090d-ef84-486c-89b3-1731997f7c5e","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":189,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"27f1bbad-3bdc-4cf2-b845-4d2cc0b487ee","block_type":"box","text":"A-5","page_number":189,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"07899120-90af-4ac8-889e-4772144f4c84","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7c4b9c37-7ea6-4302-a47c-094580cea655","block_type":"box","text":"•","page_number":190,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"316e018b-acfb-41d0-84a9-d2c2871408a0","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":190,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"58d7f56e-ef3d-48d6-8adc-dfa6de446ac0","block_type":"box","text":"as a note; and","page_number":190,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"24442ef0-2d0c-4182-b023-cbb7fe3a5e93","block_type":"box","text":"•","page_number":190,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"f2b5e445-1311-409e-baeb-5b4c5f492b73","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":190,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"76d0edd9-802d-4aad-ac0b-dd4f807a0025","block_type":"box","text":"treated as a note.","page_number":190,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"b65b4c20-0e66-47ac-abb6-2cc80bd15715","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":190,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"e26026d3-d6b7-4f77-ba6e-e9e222f343b4","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":190,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"75846eae-2d8a-4fc3-bb18-b5c7663523cb","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":190,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"f258dfb0-2641-4ced-9a8c-2637b8647bd3","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":190,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"48a4f9a2-1853-4594-af8b-0d16d3fc085b","block_type":"box","text":"economic changes over the term of the notes.","page_number":190,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"79c9d839-11b5-4f91-b8a4-8389ad49a4eb","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":190,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"e4661018-224b-445f-b43a-aa8c0012a5ab","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":190,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"acb62ee5-e0e0-4bba-a17b-78d6f3eefb67","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":190,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"43a75a1a-0665-4419-b0e8-ee9996f50c50","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":190,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"5547f86e-e5cd-4763-85dc-582cafb2d0d8","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":190,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"5c9c4434-81d6-4575-bd41-ab724a7b78fa","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":190,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"a5b776a7-9417-4613-bd7c-039d8bf70c13","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":190,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"47273593-b8c0-4535-a7a6-58a03e9d3a94","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":190,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"44921139-7cd7-467d-baa3-bba0d3c9e3a9","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":190,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"42eec1d0-ef01-4a43-a253-8faacdfb8a57","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":190,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"2ef89c17-d8b0-45c5-aad5-719e3d6a04ed","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":190,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"a4871030-5902-4512-9e17-054ff3fbfff4","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":190,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"b08b3be7-90a2-4ea5-9de8-07bdea0d6c8f","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":190,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"f55d1dc2-1099-41f8-8bf6-06fbf0b4e948","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":190,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"7ba5b79c-88ad-4c64-af1c-9e074f9cef85","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":190,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"6dd08f21-9ecd-4111-85f2-293e73469ef1","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":190,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"452f5b73-08f7-4a8f-8fea-c1e2ec8911d0","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":190,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"9cbf88f1-17bc-4b18-bd10-4b18bae18bcf","block_type":"box","text":"receivables or other financial assets.","page_number":190,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"ef9241c5-fce7-483c-b411-0e39b85ec2ae","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":190,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"a347859f-300f-4f75-8a9a-2dbc9e6533de","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":190,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"107b60a3-97f5-4e89-b7a4-720f93c5cfbb","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":190,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"5ce396f0-68aa-4ca6-b445-a649ae5b39be","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":190,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"d623a731-e0a9-47c3-b58a-8e751fa0a418","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":190,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"285b4f18-0fcf-412e-8e14-6b8e4575a62d","block_type":"box","text":"occurred.","page_number":190,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"7f2aaf57-7af7-411e-a50f-d0d25557f251","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":190,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"1e894d8e-2bcc-416d-ba88-8b781993f11a","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":190,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"8f0e5455-b966-4b5d-83d3-9c9079834bd0","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":190,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"0ee0b014-aad1-4dc9-b92a-aae1e5cf094c","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":190,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"5b5ed4d1-20ae-40de-9e06-cd12f36367e8","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":190,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"6c735f02-88d0-4e4e-9f25-3b76261ce2e4","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":190,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"21a564b6-f3b9-4cba-a45a-c058b27d17ae","block_type":"box","text":"rates.","page_number":190,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"b74e84a6-90f9-4ce2-98db-fac362dc364a","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":190,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"97465ea0-532f-4b38-bc1f-e230144901a9","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":190,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"ed504fbd-bcca-4d3c-ba30-f705aaef49e1","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":190,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"1ba8a3bc-b2df-4faa-970c-df90a6bdbc10","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":190,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"fdceeb35-8d5a-42f8-aabb-178f948bf24c","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":190,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"74a2b04d-83d4-4f8d-8d03-82df590c52ed","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":190,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"604258cf-fe05-42ac-9367-69e09b9b7dc2","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":190,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"76cf6dfa-762d-4525-8fd9-33691ae6b13d","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":190,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"888403a3-c45a-498f-9e51-4427c805dd7f","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":190,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"2ee3a9da-56be-4c0f-a943-587b347f4704","block_type":"box","text":"i.e.","page_number":190,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"5b69e34e-69a2-47ef-adda-210733d8b2ec","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":190,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"f447a3e8-8c35-451c-8f81-94e0ac03e445","block_type":"box","text":"the obligation’s documentation).","page_number":190,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"56c3cbe8-a3e9-4211-a7f8-ae6355e5fd38","block_type":"box","text":"A-6","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"573e7779-718c-43ee-a4a7-311ef9636d26","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b0e83a2f-b48f-4282-b47f-313a254aed13","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":191,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"7fa4eaf1-bcb7-482d-bab1-f162b2496219","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":191,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"0310f288-231a-4d00-89cf-0a5a2f3bce80","block_type":"box","text":"agents in the form of a rating letter.","page_number":191,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"d4acc084-822e-47b4-853b-268e26a5aab0","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":191,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"43f5d1b1-8112-4efe-b86c-1f0cfc40c07c","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":191,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"9febc93c-88b4-4c08-9eb9-8cf71bf0a2d8","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":191,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"2a085c70-bf8b-4d7c-90d3-c6704f5d132d","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":191,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"311ceaba-e407-4eaf-ba54-2beb55e6fee2","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":191,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"a5605efa-0149-47f4-ad77-102853bf63e8","block_type":"box","text":"e.g.","page_number":191,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"a1e450b3-a6a7-4244-a642-1fa13401f096","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":191,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"43078dbb-c24d-468a-90c9-afa0b0ef8964","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":191,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"d87b7e67-7c00-46f9-9246-4a5746bab0bb","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":191,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"5e81d3a5-2e00-4e6c-bfa6-ab2a52e894f3","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":191,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"cfee4622-3f48-46d9-a5a2-0a5d050c4bb8","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":191,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"bef254bc-f106-4a10-803e-ded7dd8f2423","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":191,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"eea0a1fd-1abf-41c8-a96c-3143c1ca4906","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":191,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"52d947c2-3e9b-40df-8049-3c6a546ac92e","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":191,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"340c5e0d-75bc-4bd9-97c1-42a5d4d8e3f6","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":191,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"03204e54-9f0e-43c1-bf1a-d62c86e88207","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":191,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"f535e6fd-4862-4e17-b1f4-4adb533e29c7","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":191,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"c3ccd0fb-3950-4d7c-a367-3f7c60f16b6b","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":191,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"5da9a040-cc1b-4353-b0b8-f0df728aee35","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":191,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"f5b875a6-b004-4e8b-b9ea-638ce6aee396","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":191,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"fb70adea-d27b-4681-b97c-227cd0f4b946","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":191,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"45010a07-dcd1-4e3d-9ecb-8e715364c7e0","block_type":"box","text":"Ratings.","page_number":191,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"ff4edb41-8f77-4c74-9469-3975abca2700","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":191,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"123b2677-ffaf-48e2-9c72-5144d32c0589","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":191,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"fa6eede2-ccc4-435d-acb4-42e071dce250","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":191,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"520222bf-5104-4043-9563-c6d406c2ac86","block_type":"box","text":"obligation ratings.","page_number":191,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"fccfadd2-3948-4e61-8ad7-aa45b19069df","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":191,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"8d976f37-5a05-40f7-bc80-b6de3e40eb27","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":191,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"6e11b3ec-1cef-4f49-801a-fd92f53316f4","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":191,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"9ab9b818-f1d6-40e3-9e36-5626170ab103","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":191,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"38960e9b-e4b6-4f68-a4e2-5e79827b14df","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":191,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"5dc085fb-5bfd-4ae1-bf46-c31a0e76ff09","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":191,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"0b7fdeef-f0b5-4938-85b3-6880c0c3b192","block_type":"box","text":"to foreseeable events.","page_number":191,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"e9f1decb-8859-4088-995b-93cc3710331f","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":191,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"cf8aa0fc-974d-4251-b53a-fcd01b49007f","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":191,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"9f513878-e644-4bc3-a530-15c71ec419e0","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":191,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"46f56997-0166-4fb4-879e-b6da8607cf99","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":191,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"a94fda7b-9f89-455c-9479-e8a6fdfa4b12","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":191,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"1f20762f-2391-4a0b-a248-3b68d9bb413d","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":191,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"d50603d6-5c52-4354-b37d-35bce26cd33c","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":191,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"c0edf6f6-32cf-43bd-9312-185c295bd7b7","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":191,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"f77d4200-9b8a-4290-9314-1d5fe448fd7a","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":191,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"de3cd845-a0c9-4159-bd59-f526da3d7064","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":191,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"7a0bc5c6-c865-4bed-a1ad-1d2502301aa6","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":191,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"fadf00d8-3eb8-475c-a315-df4a4dfe620b","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":191,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"aa8026a2-ea20-480e-bbb6-2cb2b7a6358d","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":191,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"84b0995c-1b27-42f8-b06b-a67bd946f4a8","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":191,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"ede107a5-5003-49c1-b33c-271150129da1","block_type":"box","text":"relative status within major rating categories.","page_number":191,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"754f80e1-47cc-4a26-9e0d-819530d8ed2f","block_type":"box","text":"A-7","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"623056d2-759a-4364-a165-26097ee08979","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8400fe48-b61a-4829-8fac-f006ea1c2b39","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":192,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"e314cfec-b30a-491b-b817-d363e8c01a64","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":192,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"60589b37-7b69-49a4-96a7-64442599aabb","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":192,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"0d0711b7-13a5-4b6a-8940-1eee38b3a9dc","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":192,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"70fec753-acdb-4bf1-8819-f81765a62bef","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":192,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"c15d2a6c-074d-4f6b-9d68-783eda683721","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":192,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"c53a9310-9b6f-4495-990b-3b13655d3c0d","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":192,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"0c6972a0-e303-4411-8133-1197f56ae6f0","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":192,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"5b887cec-1c15-404a-be2f-1db33b399cd6","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":192,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"e2e07c79-8618-49a3-9e5a-eb5eead15921","block_type":"box","text":"finance markets.","page_number":192,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"781a9894-43d6-4e3f-8583-5e0f872ac0e7","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":192,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"ee5ce568-4938-4c8f-be87-d82334f27b9f","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":192,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"4002be64-710d-41af-9e31-7573b985b8e2","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":192,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"2c5c64ee-1f43-41d0-a8ce-087dada84e2b","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":192,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"be479549-3e8d-4875-811d-32fd57d4ec41","block_type":"box","text":"commitments.","page_number":192,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"732abda2-9dc5-441e-8927-28c5dd4527b6","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":192,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"7338937e-7f34-4b2f-a60d-84528f452f22","block_type":"box","text":"adequate.","page_number":192,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"4d674b9a-167f-45f1-abfe-c061db1835ab","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":192,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"bfe588f7-54fe-4ab3-a04d-7c16f21e2478","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":192,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"9ee6e082-3efc-4737-b4a4-87ed584cc0b7","block_type":"box","text":"economic conditions.","page_number":192,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"959d98bb-85b1-425c-ac56-9564664359fd","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":192,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"565b42dc-7ef5-4fca-aa05-8694c9f2802c","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":192,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"74104b1a-5927-45af-9d8d-3823de494e40","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":192,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"d58b2573-d547-4528-b9b1-675b17befd5a","block_type":"box","text":"ratings only.","page_number":192,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"260402dc-f160-4fd5-a105-23025da57f53","block_type":"box","text":"D Default. 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subject to the","page_number":193,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"ba1e7e0d-54ce-4fd0-b221-a71ddad9d271","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":193,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"8c149bb9-c76d-4f7a-8acb-6ddaa652803d","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":193,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"bc50274b-f84a-4523-b62d-49e7c0e9033a","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":193,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"a7515785-fedd-4abb-93ce-23aba671c182","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":193,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"0a107ad9-5656-437e-9b78-22ff0cb459ed","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":193,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"d5fc1eaa-9406-456e-9ab8-f25e54ea26f4","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":193,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"a1c77a99-ab4c-48db-92c7-2266b98eb510","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":193,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"2bdfeef5-e52a-456d-91af-f4fc57720c6b","block_type":"box","text":"Conflicts Management","page_number":193,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"00687ad4-a1c6-4409-8410-22568a272ea2","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":193,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"a7f1c55b-89e5-4a54-a105-1a24897ac0ed","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":193,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"565b9489-755e-4b3a-b427-5b4e079fd2e1","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":193,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"4d6ab3d1-f287-4c8b-b405-2e73b82df5b9","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":193,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"c3f37d67-b28a-44bb-a218-e9b5250061c0","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":193,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"a2024d5c-46ba-473f-8185-165e788d3de9","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":193,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"c10f8cf8-9835-4548-a6fd-141fc71a7734","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":193,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"767f9c15-0e44-492b-ac88-88b47f1d9ce6","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":193,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"0715111c-8ccd-47b1-807e-e94e3d12dba5","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":193,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"74b3a7b7-4cf1-454b-b105-d739eb78e231","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":193,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"6ec33752-2a16-4bfc-9588-2b0c31ffc842","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":193,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"6267b55e-3dfc-4f50-a27b-f142892d98ed","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":193,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"60989e9d-e19a-4565-a18c-a39e1babc8ca","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":193,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"6db3ff91-b369-4edf-938e-5d4c0dafcafd","block_type":"box","text":"connection with proxy voting.","page_number":193,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"8407aec0-ee5b-4dea-8a31-38db6b9d463c","block_type":"box","text":"Reports to the Board","page_number":193,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"e7ffaf5f-8610-4f23-848a-6e93fececc21","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":193,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"5a3cab74-fa7b-4ab8-88da-ef9575dcf81e","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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. . . . . . . . 10","page_number":196,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"2cb5ca70-8b5d-4807-9b61-2996183066ee","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":196,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"2e0c37eb-75e1-4792-920d-36577fec0968","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":196,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"08beb168-f338-43a0-be6b-d0d80145c3c3","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":196,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"68185f41-2244-46a5-90ad-fee3cd8cddf2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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RESPONSIBILITIES","page_number":196,"box":{"x":73,"y":363,"width":787,"height":9}},{"id":"5c5f17e6-7e5f-43c8-8bde-ecc05503c4d5","block_type":"box","text":". 15","page_number":196,"box":{"x":862,"y":363,"width":42,"height":9}},{"id":"a85a337a-f93d-42f0-857d-e28e06c7e789","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":196,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b5c05cbf-04c4-4262-99b9-9fc6ae71c781","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":196,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"97fdf0e5-f500-410a-8a23-f4ef3916323e","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"420ae8c8-1656-49ce-8461-bb253c732ee9","block_type":"box","text":"OVERVIEW","page_number":197,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"1102df00-e44d-4918-b3c4-a37186474fb4","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":197,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"1221d74b-cb87-483a-ae92-9f19a7fac3bd","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":197,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"2a35d51e-8fbd-4c26-acd7-70df17849007","block_type":"box","text":"issuers. BAIS works in par tnership with BlackRock’s investment teams, excluding index equity, providing exper tise on","page_number":197,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"eb96fb07-48d0-4ba0-956e-94c716f8c1e2","block_type":"box","text":"investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in","page_number":197,"box":{"x":70,"y":113,"width":792,"height":11}},{"id":"55dcc399-1cb4-411b-9942-cd117339dfac","block_type":"box","text":"recommending, operationalizing and repor ting on voting decisions. The guidance informs BAIS’ voting","page_number":197,"box":{"x":69,"y":128,"width":722,"height":11}},{"id":"561edec6-6748-43b4-8291-5821d1551ae3","block_type":"box","text":"recommendations to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s","page_number":197,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"55d77195-7cde-4b3d-b628-6c3f1908443f","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in","page_number":197,"box":{"x":68,"y":158,"width":760,"height":11}},{"id":"15dd2005-ca29-4609-be58-15b01616130b","block_type":"box","text":"BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct","page_number":197,"box":{"x":70,"y":173,"width":834,"height":11}},{"id":"c6feb0fd-6745-4d16-8a0c-323812ca97e9","block_type":"box","text":"issuer engagements. The guidelines are not prescriptive as active por tfolio managers have discretion as to how they","page_number":197,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"dab43ef3-6ad4-4eaf-a876-f7379d5a3189","block_type":"box","text":"integrate these guidelines within their investment processes in light of their clients’ or funds’ investment objectives.","page_number":197,"box":{"x":70,"y":203,"width":825,"height":12}},{"id":"935f0e76-f701-4b42-8143-234945c4ba9f","block_type":"box","text":"There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":197,"box":{"x":68,"y":219,"width":804,"height":11}},{"id":"9a8dacea-233d-49c3-9ee2-189351a36f6b","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":197,"box":{"x":69,"y":234,"width":675,"height":11}},{"id":"9fcf5137-5f0e-4d47-9f19-3d1c6a696c7e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a2c10383-a3b8-4ec9-aa4d-d048c0af84ca","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"18eb0d1d-d36b-412d-9e1f-c21716022a8c","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"449b6341-bfb2-4997-8536-fc086fcc4d00","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":198,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"9ae9ac9e-c2be-465c-aa57-da0b705bcdaf","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on","page_number":198,"box":{"x":102,"y":63,"width":775,"height":12}},{"id":"90716813-81b9-4b3b-8563-cba494508058","block_type":"box","text":"behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and","page_number":198,"box":{"x":69,"y":78,"width":798,"height":12}},{"id":"ddf45f41-ee58-43af-8eae-5bcc6d13e7b7","block_type":"box","text":"regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers,","page_number":198,"box":{"x":69,"y":93,"width":817,"height":12}},{"id":"40782f53-69e6-4b94-8e2c-da3a25e08215","block_type":"box","text":"and other financial institutions, as well as individuals around the world.","page_number":198,"box":{"x":69,"y":108,"width":506,"height":11}},{"id":"e8a5ddbc-4bef-44e8-94e7-bac6b2c39be0","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":198,"box":{"x":277,"y":138,"width":424,"height":9}},{"id":"c2d01bfd-d6ab-43e5-ae32-ea0db991bb02","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":198,"box":{"x":102,"y":157,"width":804,"height":11}},{"id":"7b5dfe38-4fc3-41ae-9aa9-f165c6ac3a76","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":198,"box":{"x":69,"y":172,"width":826,"height":11}},{"id":"3f1e5a70-5176-4eef-8bad-581c825ec977","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":198,"box":{"x":70,"y":187,"width":783,"height":11}},{"id":"e69567ea-e627-425f-b97e-5ea9f5dcb5e4","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active","page_number":198,"box":{"x":69,"y":202,"width":834,"height":11}},{"id":"1d9524af-c08e-4902-9259-f414d1f0236d","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":198,"box":{"x":70,"y":216,"width":779,"height":12}},{"id":"321055f1-d8bc-45e2-8f8d-02ba3c9f4070","block_type":"box","text":"shareholder meetings.","page_number":198,"box":{"x":69,"y":232,"width":158,"height":11}},{"id":"51e4b04f-79cb-42f8-a0ae-a0157d3b8778","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":198,"box":{"x":102,"y":250,"width":789,"height":11}},{"id":"2521a50c-0d78-4efb-937c-e431ce42e9ba","block_type":"box","text":"investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":198,"box":{"x":70,"y":265,"width":815,"height":11}},{"id":"5e73bf7a-d938-4d99-b7bc-aa45779411b5","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk adjusted financial returns. Generally, por tfolio managers and","page_number":198,"box":{"x":69,"y":280,"width":827,"height":11}},{"id":"8d39207a-6001-4819-9b40-4a2d1f90cd85","block_type":"box","text":"stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a","page_number":198,"box":{"x":69,"y":295,"width":771,"height":11}},{"id":"57279079-7489-4a17-b121-d12572402302","block_type":"box","text":"company’s success over time including governance and leadership, corporate strategy, capital structure and financial","page_number":198,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"1acad6f4-294e-4536-9084-fce02dd57a1d","block_type":"box","text":"per formance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector","page_number":198,"box":{"x":70,"y":324,"width":771,"height":12}},{"id":"987696d8-fca5-4cb0-8b8f-93e4b6fb1599","block_type":"box","text":"dynamics. We aim to be constructive investors and are generally suppor tive of management teams that have a track","page_number":198,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"ddeb63ce-2d2a-4510-afd2-9d1610a63314","block_type":"box","text":"record of financial value creation. We aim to build and maintain strong relationships with company leadership based","page_number":198,"box":{"x":69,"y":354,"width":826,"height":11}},{"id":"7045f82b-cbae-41b2-9748-771419178b8d","block_type":"box","text":"on open dialogue and mutual respect.","page_number":198,"box":{"x":69,"y":369,"width":269,"height":11}},{"id":"f67eaa1d-cf72-4cf6-a57e-4c77ded33112","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":198,"box":{"x":102,"y":387,"width":780,"height":12}},{"id":"4f6dae4e-d252-4af9-bb7d-f94873a248a8","block_type":"box","text":"the por tfolio manager has to make independent voting decisions aligned with their por tfolio objectives and","page_number":198,"box":{"x":68,"y":402,"width":759,"height":12}},{"id":"7cbe8862-e5b2-4d9b-b005-b4734a6eb84f","block_type":"box","text":"investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity por tfolios in","page_number":198,"box":{"x":70,"y":417,"width":785,"height":12}},{"id":"adf13c34-0e48-4743-a049-71fe5f93e4a2","block_type":"box","text":"accordance with these guidelines. We provide voting recommendations to fundamental equity por tfolio managers,","page_number":198,"box":{"x":69,"y":432,"width":809,"height":11}},{"id":"63110ca2-6a75-49fc-b2c3-038e909c2f47","block_type":"box","text":"who may determine to vote differently based on their por tfolio investment objectives and strategy.","page_number":198,"box":{"x":68,"y":447,"width":698,"height":11}},{"id":"85b73b2b-23bb-49de-bee6-7d49853d63f9","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and","page_number":198,"box":{"x":101,"y":466,"width":780,"height":11}},{"id":"c426ef9c-4484-4e06-80f5-2b22c4e4f64a","block_type":"box","text":"board directors","page_number":198,"box":{"x":69,"y":481,"width":107,"height":8}},{"id":"d92c66f2-38fe-4df0-8add-33c9b4ac2e5e","block_type":"box","text":"1","page_number":198,"box":{"x":177,"y":481,"width":4,"height":4}},{"id":"7471d258-d1b9-41ca-a26a-98e270ec7302","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":198,"box":{"x":187,"y":481,"width":663,"height":11}},{"id":"3011475c-8191-478e-ac42-994dacc0faf7","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":198,"box":{"x":68,"y":495,"width":833,"height":12}},{"id":"8d36b7be-8fcd-46c9-a9db-40ee2370b573","block_type":"box","text":"governance that suppor t a company’s ability to manage material risks and oppor tunities and deliver financial returns","page_number":198,"box":{"x":68,"y":510,"width":833,"height":12}},{"id":"afc4ad09-4cc9-40f5-8174-f19857fce802","block_type":"box","text":"to investors. Generally, we believe companies should observe accepted corporate governance norms within their local","page_number":198,"box":{"x":68,"y":525,"width":839,"height":11}},{"id":"edfc4e01-31f8-44b3-830e-ebec232d8e7a","block_type":"box","text":"markets or, par ticularly in markets without well-established norms, aspire to widely recognized international best","page_number":198,"box":{"x":69,"y":540,"width":802,"height":11}},{"id":"17a6049f-d03b-4949-92c3-0a3162797596","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s","page_number":198,"box":{"x":70,"y":555,"width":786,"height":11}},{"id":"11baed02-98cb-4e99-9a4d-79eabb8dcd3a","block_type":"box","text":"strategy or its implementation. We look to companies to provide disclosures that explain how their approach to","page_number":198,"box":{"x":69,"y":570,"width":790,"height":11}},{"id":"0ba566e4-daa3-4117-b5c9-90c2e833c914","block_type":"box","text":"corporate governance best aligns with the financial interests of their investors.","page_number":198,"box":{"x":69,"y":584,"width":559,"height":12}},{"id":"ad5672e3-3095-4e17-9f72-2ca4983f9a83","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":198,"box":{"x":263,"y":615,"width":451,"height":10}},{"id":"5d06d4d1-e1b3-4f04-8d86-5324fcfe2895","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have cer tain fundamental rights, including the right to","page_number":198,"box":{"x":101,"y":633,"width":799,"height":12}},{"id":"fe1a0451-4a40-4441-9f76-3689ad4d7a98","block_type":"box","text":"vote on proposals put for th by a company’s management or its shareholders. The voting rights attached to these","page_number":198,"box":{"x":68,"y":648,"width":806,"height":12}},{"id":"350628b2-df2d-4344-bf4a-0aa99f7dc633","block_type":"box","text":"clients’ holdings are an impor tant mechanism for investors to express suppor t for, or concern about, a company’s","page_number":198,"box":{"x":69,"y":663,"width":814,"height":11}},{"id":"9d84ae8d-184a-40a0-96c1-b0b87d1aec65","block_type":"box","text":"per formance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients","page_number":198,"box":{"x":70,"y":678,"width":819,"height":11}},{"id":"258531cb-f495-402a-921f-40b58ef255e4","block_type":"box","text":"who have delegated voting authority to us, in a manner that is consistent with their investment objectives.","page_number":198,"box":{"x":68,"y":693,"width":755,"height":11}},{"id":"3f010ba1-a583-4915-8b81-a02e2ac5f587","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":198,"box":{"x":102,"y":711,"width":778,"height":12}},{"id":"41e7fd46-73e2-4521-8dbe-0c77f0afa422","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":198,"box":{"x":69,"y":727,"width":788,"height":11}},{"id":"b869d537-096a-433a-b1a1-3650d7c9793c","block_type":"box","text":"serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting","page_number":198,"box":{"x":69,"y":741,"width":822,"height":12}},{"id":"748a21a1-5f8f-4ef9-bb3d-5eab4a2591b7","block_type":"box","text":"but consider the different corporate governance regulations and norms in various markets. Votes are determined on","page_number":198,"box":{"x":69,"y":756,"width":826,"height":11}},{"id":"7f396dc5-4158-4b40-9f1f-3d490389b492","block_type":"box","text":"a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":198,"box":{"x":69,"y":771,"width":800,"height":11}},{"id":"514a8ed6-e78f-4f36-83be-9a7915c7e5b5","block_type":"box","text":"Please see page 16 for more information about how we fulfil and oversee BlackRock’s non-index equity investment","page_number":198,"box":{"x":69,"y":786,"width":819,"height":11}},{"id":"a8cb6bd4-6efb-4948-9260-1e8932662de7","block_type":"box","text":"stewardship responsibilities.","page_number":198,"box":{"x":69,"y":801,"width":202,"height":11}},{"id":"a3eaa1f9-d217-44b4-99ab-7319ba2ae9e4","block_type":"box","text":"1","page_number":198,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"344bf700-ba64-46e5-b617-eb2f7a0f98af","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":198,"box":{"x":79,"y":830,"width":801,"height":11}},{"id":"4fc3e82c-fffa-4eb3-8072-d3f52b59c649","block_type":"box","text":"boards and their members, where relevant.","page_number":198,"box":{"x":69,"y":845,"width":306,"height":11}},{"id":"01a88e38-a808-4c3b-bcbb-f61eea50f920","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3a6d6777-ced3-4bc0-b8c2-94a3b52eb3d4","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"82b27d1c-510f-4bf9-a017-70b723e7a91c","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94d4e687-c91b-407e-88a1-ed6cbd9aeb0f","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":199,"box":{"x":272,"y":45,"width":434,"height":9}},{"id":"9473a5e8-d2b4-40ad-aab2-f9dadce23b9f","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":199,"box":{"x":101,"y":63,"width":788,"height":12}},{"id":"59a183da-8bb3-46e6-81d5-13ba80a780ff","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly those with sustainability objectives in","page_number":199,"box":{"x":69,"y":78,"width":808,"height":12}},{"id":"27802532-1274-403f-a5e2-d96c39184391","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":199,"box":{"x":69,"y":93,"width":801,"height":12}},{"id":"217349f9-1966-4e52-9056-6f49cc0bffb1","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":199,"box":{"x":69,"y":108,"width":824,"height":11}},{"id":"599e2f7e-1a29-4f52-9910-7ce44a5bb44f","block_type":"box","text":"listed below, engagement with fixed income investment teams can help inform an issuer’s approach to structuring","page_number":199,"box":{"x":70,"y":123,"width":813,"height":11}},{"id":"21232e3a-d379-42e1-b9d4-94710f4f6eb6","block_type":"box","text":"specialist issuances, such as green bonds, and the standard terms and information in bond documentation.","page_number":199,"box":{"x":69,"y":138,"width":772,"height":11}},{"id":"d12cb0bb-d31b-4427-a20e-b5b44f9b8149","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2da81d52-db34-4ff9-b072-fbfd307552fb","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"ab167422-ab8a-4f31-a7b8-21ddf0c980cc","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6790aac-4fec-4ebd-8d5a-a7ec5b057ac0","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":200,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"2a783e81-f07b-4e72-8eba-e36d909bc06b","block_type":"box","text":"Roles and responsibilities","page_number":200,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"79d1ee91-8986-4f63-8897-2d8eb7623533","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":200,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"b491e134-536a-4062-bbe3-01b8886f3eb6","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":200,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"1a51e999-7d5f-4d86-b9f8-6df7a7e57007","block_type":"box","text":"2","page_number":200,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"1d90b2d4-fd1d-408c-b2d2-7b5db8230a17","block_type":"box","text":"We look to the board of directors (hereafter ‘the board’) to have an oversight role in the establishment and","page_number":200,"box":{"x":101,"y":119,"width":760,"height":12}},{"id":"83951c26-439a-4ce5-b784-919298505dbd","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":200,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"80566c58-b0ab-40df-95ab-2d6db7f4ddc6","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":200,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"0cc0e3dd-41ff-4ca2-aea3-d1a317707ec6","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":200,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"4c8a04fb-ac74-4e7d-9277-aed37119bdf4","block_type":"box","text":"per formance over time.","page_number":200,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"dfb9fa05-b892-4aa1-bd20-e550408f8f76","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures","page_number":200,"box":{"x":102,"y":198,"width":795,"height":11}},{"id":"4c5a74b8-9f99-4adb-8ff6-058b9f6d6d4e","block_type":"box","text":"are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":200,"box":{"x":69,"y":213,"width":669,"height":11}},{"id":"9f87d90b-b042-4583-8630-42fdb402b7c1","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":200,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"06fc50f2-9ec5-4293-810d-0cec647ffd01","block_type":"box","text":"executive officer (CEO). In addition, the board plays a meaningful role in monitoring the per formance of the CEO and","page_number":200,"box":{"x":69,"y":246,"width":827,"height":11}},{"id":"8ed43dcc-3e1b-4bf7-829e-44b2cc38267f","block_type":"box","text":"other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution","page_number":200,"box":{"x":69,"y":261,"width":823,"height":11}},{"id":"5355a52c-1aa9-4dca-9fbf-a75b3183f367","block_type":"box","text":"and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":200,"box":{"x":69,"y":276,"width":669,"height":11}},{"id":"d6d9e934-1753-47f9-a0cd-e3e0044af6e9","block_type":"box","text":"Composition and effectiveness","page_number":200,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"0bb62f00-3061-4fa4-8cb6-d2459826288f","block_type":"box","text":"Appointment process","page_number":200,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"4dbacad2-ebe5-456d-bf6a-24df626d6ad4","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":200,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"27e3dad4-9b2d-45dc-b539-5358f2884414","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. The board or a sub-committee","page_number":200,"box":{"x":69,"y":350,"width":795,"height":11}},{"id":"3d57f5fb-30eb-4176-af71-eaa7faecff7b","block_type":"box","text":"should determine the general criteria given the company’s circumstances (","page_number":200,"box":{"x":69,"y":365,"width":531,"height":11}},{"id":"3d2f7b70-a20b-425c-9c0b-849d553d8680","block_type":"box","text":"e.g.","page_number":200,"box":{"x":602,"y":367,"width":25,"height":9}},{"id":"a709da4d-9e9c-4813-9ed8-6d64f1e01113","block_type":"box","text":", sector, maturity, geographic footprint)","page_number":200,"box":{"x":630,"y":365,"width":273,"height":11}},{"id":"551e0f0d-1675-408d-979a-c95caffba31a","block_type":"box","text":"and any additional criteria for a specific role being filled (","page_number":200,"box":{"x":69,"y":380,"width":404,"height":11}},{"id":"a0c043e8-9c72-4a96-b68e-e03cb83037d0","block_type":"box","text":"e.g.","page_number":200,"box":{"x":474,"y":381,"width":25,"height":10}},{"id":"4d9639c4-ce8b-4c30-b570-8664b11b5c0a","block_type":"box","text":", financial exper tise, industry track record). To inform the","page_number":200,"box":{"x":502,"y":380,"width":405,"height":11}},{"id":"05095d0e-b9e1-4367-8c8a-f1f1f78a9174","block_type":"box","text":"process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and","page_number":200,"box":{"x":70,"y":395,"width":836,"height":11}},{"id":"e89f0306-e23f-4afb-aeff-db587290ec31","block_type":"box","text":"whether a director candidate’s characteristics would be additive. We welcome disclosures that explain how the board","page_number":200,"box":{"x":68,"y":410,"width":834,"height":11}},{"id":"c350b0a8-ccd9-4405-97d0-7a283a276137","block_type":"box","text":"considered different skills, backgrounds and experience to ensure the directors collectively can be effective in","page_number":200,"box":{"x":69,"y":425,"width":785,"height":11}},{"id":"9cdf8ce1-5f0a-44a9-83e0-7b2a19d1cfbd","block_type":"box","text":"fulfilling their responsibilities. We assess a company’s board composition against that of its peer group and local","page_number":200,"box":{"x":68,"y":439,"width":807,"height":12}},{"id":"ce2993d4-97b3-489d-bdcf-db12626ec15f","block_type":"box","text":"market requirements.","page_number":200,"box":{"x":69,"y":455,"width":152,"height":10}},{"id":"d67dccc1-3680-47ab-b5fa-2c19fa80cd24","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote","page_number":200,"box":{"x":102,"y":473,"width":763,"height":11}},{"id":"f405fb0f-d47d-4588-a808-9bdd71e48c80","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a","page_number":200,"box":{"x":69,"y":488,"width":772,"height":11}},{"id":"c353d3f9-c621-4446-be2f-e9dc3473d7c6","block_type":"box","text":"company has not demonstrated it has an appointment process that results in a high functioning board with the","page_number":200,"box":{"x":69,"y":503,"width":790,"height":11}},{"id":"31868ff9-c173-46a2-889a-bc73965bc87c","block_type":"box","text":"appropriate complement of skills, backgrounds and experience amongst the directors to suppor t strong financial","page_number":200,"box":{"x":69,"y":517,"width":801,"height":12}},{"id":"b44bd1b7-cdbe-42cf-ac68-3e3275f1e928","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":200,"box":{"x":70,"y":532,"width":808,"height":12}},{"id":"7d72b9ab-b38b-4ad3-92d4-bf49bc9d707a","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":200,"box":{"x":69,"y":547,"width":442,"height":11}},{"id":"7f200c4f-35c1-456b-bc47-17caef24eb24","block_type":"box","text":"Independence","page_number":200,"box":{"x":70,"y":570,"width":99,"height":11}},{"id":"1c7506fe-7d93-408e-b52b-1f795aeb54cf","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":200,"box":{"x":102,"y":588,"width":642,"height":12}},{"id":"00992864-b05d-4fa9-a6c5-236bba40d461","block_type":"box","text":"e.g.","page_number":200,"box":{"x":746,"y":590,"width":25,"height":10}},{"id":"907b23e9-40a1-4cd0-ac32-5b46ef483e0a","block_type":"box","text":", government or","page_number":200,"box":{"x":773,"y":589,"width":111,"height":11}},{"id":"7e502a68-035f-4634-82cf-5a9213459f81","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":200,"box":{"x":69,"y":603,"width":759,"height":11}},{"id":"c1d87d8b-f0e2-4683-a3ef-83b9c713e3ac","block_type":"box","text":"BlackRock’s clients. At least half of the directors should be independent and free from conflicts of interest or undue","page_number":200,"box":{"x":70,"y":618,"width":826,"height":11}},{"id":"221f2a2c-8acb-433a-ac4c-017bffeeb2ca","block_type":"box","text":"influence.","page_number":200,"box":{"x":70,"y":633,"width":66,"height":9}},{"id":"d6299a20-8647-42ec-800f-a26ef65600e0","block_type":"box","text":"3","page_number":200,"box":{"x":138,"y":633,"width":4,"height":5}},{"id":"17692884-53f1-4314-a7c8-85cbd77be218","block_type":"box","text":"This ensures sufficient independent directors to have appropriately independent board committees.","page_number":200,"box":{"x":148,"y":633,"width":709,"height":11}},{"id":"c919f464-3b0f-4beb-af3d-9da36c2ff910","block_type":"box","text":"Companies domiciled in markets with a higher threshold for board independence should meet those requirements.","page_number":200,"box":{"x":69,"y":648,"width":816,"height":11}},{"id":"a9ba390b-3b59-420b-a319-7b20ce3f253f","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":200,"box":{"x":101,"y":666,"width":803,"height":12}},{"id":"c4db4042-808c-43a4-9a50-348d0a6b2b4f","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":200,"box":{"x":70,"y":681,"width":748,"height":12}},{"id":"5de0cfaf-9c97-4dc8-9d6e-c1f7eadc604a","block_type":"box","text":"composition if this is a perennial issue.","page_number":200,"box":{"x":69,"y":696,"width":280,"height":11}},{"id":"c2ec6959-f22c-4908-a0eb-52337fe03464","block_type":"box","text":"Independent board leadership","page_number":200,"box":{"x":70,"y":719,"width":212,"height":11}},{"id":"dacc1b08-8b81-4cb3-88ad-f4991518bd5b","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":200,"box":{"x":102,"y":737,"width":784,"height":11}},{"id":"f693a774-e453-42e2-9459-b373961a472b","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":200,"box":{"x":69,"y":752,"width":827,"height":11}},{"id":"c7882394-3437-40a0-9f85-60fbd92f6a26","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":200,"box":{"x":68,"y":767,"width":774,"height":11}},{"id":"90f75c1b-f955-429d-8c59-8a1ab2c56f70","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":200,"box":{"x":69,"y":782,"width":826,"height":11}},{"id":"53d31d45-3388-4a34-811f-66965f1199db","block_type":"box","text":"2","page_number":200,"box":{"x":69,"y":811,"width":4,"height":5}},{"id":"9a0e3261-8af8-4b5d-ac49-0bc5ffb9123b","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":200,"box":{"x":79,"y":811,"width":762,"height":11}},{"id":"aa6b88d7-7fea-4f00-a600-f90f15ba52d1","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":200,"box":{"x":70,"y":826,"width":394,"height":11}},{"id":"cf47d773-348c-4304-9d2e-b44dcee4106d","block_type":"box","text":"3","page_number":200,"box":{"x":69,"y":844,"width":4,"height":5}},{"id":"c7d538bb-1126-4122-a45d-9e8dcb5b022e","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":200,"box":{"x":79,"y":844,"width":795,"height":11}},{"id":"96d5ceb8-41e8-400e-bd87-8860ca48eedc","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":200,"box":{"x":69,"y":859,"width":793,"height":11}},{"id":"5b3bfb92-236e-45a3-bb95-ca5cc83fcb10","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could,","page_number":200,"box":{"x":70,"y":874,"width":826,"height":11}},{"id":"3df93b07-d0ba-46a5-9991-834094d8381a","block_type":"box","text":"or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests of the","page_number":200,"box":{"x":69,"y":889,"width":805,"height":11}},{"id":"71102d8c-54c5-4e72-8f5c-091f73319110","block_type":"box","text":"company and shareholders.","page_number":200,"box":{"x":69,"y":905,"width":195,"height":10}},{"id":"74f98224-0146-44e3-92cf-2cb6d41bc1f6","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3f6d9a87-d4ea-4a5a-8c2c-faea8d8324ac","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"3a585a74-7ad8-4aca-a555-e6d2a9d97f51","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b0d95cab-1123-41c4-9ab6-c2e88ab09701","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":201,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"fd027b0d-ecd1-4de7-befa-53edd3f92ffe","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":201,"box":{"x":69,"y":59,"width":823,"height":12}},{"id":"a665080f-c6b8-4730-ade0-13c28c7ff6f8","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss board governance matters such as CEO","page_number":201,"box":{"x":68,"y":74,"width":839,"height":12}},{"id":"2699d743-4925-4605-a097-38e6a94ef598","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their independent board leadership","page_number":201,"box":{"x":69,"y":89,"width":830,"height":11}},{"id":"5c7eee30-b64e-4b05-b40c-901004fb0833","block_type":"box","text":"model and how it serves the interests of shareholders.","page_number":201,"box":{"x":69,"y":104,"width":391,"height":9}},{"id":"d7ecf857-534a-4c77-b45e-608426639fbb","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":201,"box":{"x":101,"y":123,"width":798,"height":11}},{"id":"5eab84ce-82fb-4511-b9b4-d37512610016","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":201,"box":{"x":69,"y":138,"width":831,"height":11}},{"id":"16530ac8-3de8-4499-9857-ab7ace3951ea","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":201,"box":{"x":68,"y":152,"width":691,"height":12}},{"id":"53404a8d-2d0f-4ba3-8b27-81884f61f0af","block_type":"box","text":"Tenure and succession","page_number":201,"box":{"x":70,"y":175,"width":162,"height":9}},{"id":"5419d870-3a91-4741-9e5f-99d80efc1ca3","block_type":"box","text":"Boards should establish the length of time a director would normally be expected to serve, in line with market","page_number":201,"box":{"x":102,"y":193,"width":783,"height":12}},{"id":"db6188d7-6b24-4831-b29e-36b3e70a6d27","block_type":"box","text":"norms where those exist. In such markets, we find it helpful when companies disclose their approach to director","page_number":201,"box":{"x":69,"y":208,"width":802,"height":11}},{"id":"ae53ae93-52ad-4248-bd53-a2ec80728056","block_type":"box","text":"tenure par ticularly around the contributions of directors who have served for longer periods than provided for in local","page_number":201,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"a6432b04-7042-4c2b-b2b7-fb9dbaf2c513","block_type":"box","text":"practices. In our experience, long-serving directors could become less independent given their relationship with","page_number":201,"box":{"x":70,"y":238,"width":790,"height":11}},{"id":"63e2a881-237a-4ad1-a565-e97549d6265e","block_type":"box","text":"management and involvement in past board decisions.","page_number":201,"box":{"x":69,"y":253,"width":389,"height":11}},{"id":"ac7aada1-374e-4ecd-a9ba-c41569cab5fe","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":201,"box":{"x":102,"y":272,"width":779,"height":11}},{"id":"15f30200-521f-490d-8260-0cfce183e6b8","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":201,"box":{"x":68,"y":286,"width":777,"height":12}},{"id":"c4a883ae-cc55-42f8-8e3b-1e6ae8288a4c","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":201,"box":{"x":69,"y":301,"width":528,"height":12}},{"id":"016c4503-fe4c-41d7-ae97-f58bb3b94eda","block_type":"box","text":"In markets where there is not specific director tenure guidance, we may vote against the election of the chair of","page_number":201,"box":{"x":102,"y":320,"width":796,"height":11}},{"id":"dde5bbd6-0fd1-410a-b2d4-43bcb867a567","block_type":"box","text":"the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and","page_number":201,"box":{"x":68,"y":335,"width":819,"height":11}},{"id":"ecb7473e-4c40-4bb2-8091-48b2431b5b5d","block_type":"box","text":"board renewal. We may vote against the election of directors who have served for longer duration than typical in","page_number":201,"box":{"x":69,"y":350,"width":797,"height":11}},{"id":"bf6d1c8a-a738-47f1-b4b4-665e72dbd1cc","block_type":"box","text":"markets with specific guidance, where the case for their continued service is not evident.","page_number":201,"box":{"x":69,"y":365,"width":635,"height":11}},{"id":"0284a45a-118d-4d7a-9cbe-16bcd118c9fa","block_type":"box","text":"Capacity","page_number":201,"box":{"x":70,"y":387,"width":60,"height":11}},{"id":"d78cc567-bd31-47cf-afdc-6dc620b55856","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should","page_number":201,"box":{"x":101,"y":406,"width":772,"height":11}},{"id":"c61c3677-12ea-4ca1-89e1-7ec2fbb18d49","block_type":"box","text":"assess the ability of its members to maintain an appropriate focus on board matters and the company taking into","page_number":201,"box":{"x":69,"y":420,"width":810,"height":12}},{"id":"aced466c-ca2c-484c-83f5-4b5b00039853","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in","page_number":201,"box":{"x":69,"y":436,"width":756,"height":11}},{"id":"b0650927-53a9-4f59-b673-a7c0e27adef6","block_type":"box","text":"responsibilities and required time commitment but note that they are generally more intensive than a standard","page_number":201,"box":{"x":69,"y":450,"width":788,"height":12}},{"id":"c800ad0d-453b-4ef9-a244-588c0f05bf8d","block_type":"box","text":"directorship. We will take local norms and practices into consideration when making our voting determinations across","page_number":201,"box":{"x":69,"y":465,"width":837,"height":11}},{"id":"ae49b382-21ba-43cb-bd81-dfcd75d71ace","block_type":"box","text":"markets.","page_number":201,"box":{"x":69,"y":480,"width":61,"height":9}},{"id":"aa42cf5e-db10-424b-8572-0a0018cd8145","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil","page_number":201,"box":{"x":101,"y":499,"width":772,"height":11}},{"id":"1fd1d5bc-9c88-47d5-92c6-e40751c6e52d","block_type":"box","text":"their duties to the board and company.","page_number":201,"box":{"x":68,"y":514,"width":275,"height":11}},{"id":"59b1543e-799c-43fb-8b3d-296da98558d3","block_type":"box","text":"Director elections","page_number":201,"box":{"x":70,"y":536,"width":124,"height":9}},{"id":"fb68616f-7527-494c-ba6c-c472e2b032ef","block_type":"box","text":"In suppor t of director accountability to shareholders, directors should stand for election on a regular basis,","page_number":201,"box":{"x":102,"y":555,"width":761,"height":11}},{"id":"8b04cc97-8721-48ae-b4d1-7d65d78d6018","block_type":"box","text":"ideally annually. A classified board structure may be justified by a company when it needs consistency and stability","page_number":201,"box":{"x":70,"y":569,"width":817,"height":12}},{"id":"01600d37-b4ab-4744-86f0-8a91673ce775","block_type":"box","text":"during a time of transition, or on the basis of its business model,","page_number":201,"box":{"x":69,"y":584,"width":463,"height":12}},{"id":"026d07ee-5237-4838-bd37-5bf2e309a268","block_type":"box","text":"e.g.","page_number":201,"box":{"x":540,"y":586,"width":24,"height":10}},{"id":"e56dd076-6f0c-49cd-8cae-4a52a8b7577c","block_type":"box","text":", a non-operating company such as closed-end","page_number":201,"box":{"x":567,"y":585,"width":328,"height":11}},{"id":"faba1141-3e0c-4681-a465-9d69df0c83de","block_type":"box","text":"funds.","page_number":201,"box":{"x":68,"y":599,"width":43,"height":9}},{"id":"d01a02ea-11fc-474b-8d8a-e4683509c6e6","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":201,"box":{"x":102,"y":618,"width":774,"height":11}},{"id":"666d3015-5c2a-4daa-8bb3-3566bef32a47","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":201,"box":{"x":69,"y":633,"width":770,"height":11}},{"id":"7d4234da-dd05-48d7-912f-402a3b46ba01","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will not suppor t the election of directors whose names","page_number":201,"box":{"x":69,"y":647,"width":830,"height":12}},{"id":"7c13bbf5-31ad-4652-bce0-78259229f3be","block_type":"box","text":"and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":201,"box":{"x":69,"y":662,"width":713,"height":12}},{"id":"90b9134b-ed28-42ef-9fb5-64dc34c2cd0a","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":201,"box":{"x":102,"y":681,"width":743,"height":11}},{"id":"a5006cd7-f97e-47e4-8604-b8ee7dca5a74","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":201,"box":{"x":69,"y":696,"width":823,"height":11}},{"id":"90ea8bec-e2dc-48fc-ad47-84582f7c7c74","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":201,"box":{"x":68,"y":711,"width":377,"height":11}},{"id":"b97e1167-2125-45ef-b7d9-405ca2855b99","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":201,"box":{"x":101,"y":729,"width":798,"height":12}},{"id":"2fa2ea5b-5813-4cbb-8bdc-c0b4af74fd3e","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":201,"box":{"x":69,"y":744,"width":822,"height":12}},{"id":"4d2b5e3a-2d26-4f52-bf73-1ed427904918","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":201,"box":{"x":70,"y":759,"width":706,"height":11}},{"id":"8c22ce6f-d0e3-4820-8bf4-c72650b46105","block_type":"box","text":"Committees","page_number":201,"box":{"x":70,"y":782,"width":84,"height":9}},{"id":"ebd92e10-36db-489d-be18-bfef806c970b","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":201,"box":{"x":102,"y":800,"width":766,"height":11}},{"id":"b5174b2e-c995-4f6a-bd57-f479d9ac41bc","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":201,"box":{"x":68,"y":815,"width":776,"height":11}},{"id":"28d9f255-6295-42c6-a836-c97f45a075d0","block_type":"box","text":"companies what committees they should establish but we seek to understand the board’s rationale for the","page_number":201,"box":{"x":69,"y":830,"width":762,"height":11}},{"id":"e249a967-c7dc-4fdd-99e0-51919271aafd","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":201,"box":{"x":69,"y":845,"width":759,"height":11}},{"id":"4b1fa5ce-d512-4e76-bf94-066d3dae039a","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":201,"box":{"x":69,"y":860,"width":804,"height":11}},{"id":"5f199bef-7b1e-4f32-9edb-04dc655178bb","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. The board should disclose to shareholders","page_number":201,"box":{"x":69,"y":874,"width":834,"height":12}},{"id":"30299141-79c8-4604-b056-e79387e29c8f","block_type":"box","text":"the structure, membership, propor tion of independent directors, and responsibilities of each committee. The","page_number":201,"box":{"x":68,"y":889,"width":776,"height":11}},{"id":"05cb4906-a76a-4d20-9bae-534c0cb265b4","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":201,"box":{"x":69,"y":904,"width":636,"height":12}},{"id":"fd847845-1237-41a1-83e0-a0fbf8b98ff4","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2b48423e-4be6-40f4-9164-11fd8d96f408","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"eba1a88c-735b-4a07-9628-b2b1dfdbe53b","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f35403c4-9ce7-4472-aa88-49927ae034cb","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"9cad75b2-c3e3-47c4-bb13-0c4eb7f9bdb2","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":202,"box":{"x":101,"y":45,"width":722,"height":11}},{"id":"778276c7-3709-44db-b980-2cfda3f2b25e","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":202,"box":{"x":101,"y":60,"width":771,"height":11}},{"id":"b29a45f0-f3e5-4839-b6d4-402b23e423cf","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":202,"box":{"x":102,"y":74,"width":335,"height":12}},{"id":"f1b387b2-8316-48c9-9c70-f8d00fe80b6f","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":95,"width":6,"height":4}},{"id":"2be6521f-8702-4ec8-ac61-87f5d6aa0a31","block_type":"box","text":"Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":202,"box":{"x":102,"y":92,"width":802,"height":11}},{"id":"3818fcd6-cbbf-4e64-a554-8ef95d6e2896","block_type":"box","text":"including the periodic review of board per formance; responsible for succession planning for CEO and key board","page_number":202,"box":{"x":102,"y":107,"width":791,"height":11}},{"id":"fb423c66-d29f-422b-9f95-913debb072ae","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":202,"box":{"x":102,"y":121,"width":781,"height":12}},{"id":"b241421c-6f72-4faf-bba0-42fd6c3e0573","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":202,"box":{"x":102,"y":137,"width":459,"height":11}},{"id":"5e515277-494f-4970-abec-49e12033b39a","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":157,"width":6,"height":4}},{"id":"92457fd9-982a-4f34-9f65-7bf0cd2b64ab","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":202,"box":{"x":102,"y":154,"width":796,"height":11}},{"id":"e4bb4bde-c81f-4454-a21f-36ded8038a81","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":202,"box":{"x":102,"y":169,"width":793,"height":11}},{"id":"83bbaee5-0a6d-4f7e-bf15-0af0bbc6f11e","block_type":"box","text":"firm-wide compensation policies.","page_number":202,"box":{"x":101,"y":183,"width":232,"height":11}},{"id":"ed82dbde-69df-48f1-b66a-cf9da85eb494","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":202,"box":{"x":101,"y":202,"width":807,"height":11}},{"id":"d7d78f25-5516-4b4e-a34d-8e2c0b86c259","block_type":"box","text":"to convey our concerns and provide feedback on how a committee has under taken its responsibilities. We may vote","page_number":202,"box":{"x":68,"y":217,"width":825,"height":11}},{"id":"8ce29509-bca4-428c-9ca5-ea9066eb0936","block_type":"box","text":"against the election of the most senior non-executive director if there is not a clearly disclosed approach to board","page_number":202,"box":{"x":69,"y":232,"width":808,"height":11}},{"id":"d43a412f-6f79-4563-a355-fa61e609a507","block_type":"box","text":"committees.","page_number":202,"box":{"x":69,"y":247,"width":86,"height":9}},{"id":"1cda3bd1-0021-4e68-99ab-fe622781d961","block_type":"box","text":"Board and director evaluation","page_number":202,"box":{"x":70,"y":269,"width":209,"height":9}},{"id":"49b1aedd-0fc5-419e-a744-7497a0eb4a96","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":202,"box":{"x":101,"y":288,"width":776,"height":11}},{"id":"d3bad626-24e8-48ae-bee0-beca9fed8179","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":202,"box":{"x":69,"y":303,"width":825,"height":11}},{"id":"7e69877c-6da5-4350-8d24-7434284cfc27","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":202,"box":{"x":70,"y":317,"width":831,"height":12}},{"id":"b1ccb8c9-2463-44e3-a36a-ab5ebe1d0510","block_type":"box","text":"disclose their approach to and objectives of evaluations, including any changes made to the board’s approach as a","page_number":202,"box":{"x":69,"y":332,"width":821,"height":12}},{"id":"3f3cdf14-edfb-45aa-b95e-19069fba580c","block_type":"box","text":"result.","page_number":202,"box":{"x":69,"y":347,"width":43,"height":9}},{"id":"f11a78d8-2f14-4c9f-80dd-897355565f25","block_type":"box","text":"Access to independent advice","page_number":202,"box":{"x":68,"y":370,"width":214,"height":11}},{"id":"7cd5894b-4286-4920-acde-21b861d4a7d3","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":202,"box":{"x":101,"y":388,"width":786,"height":12}},{"id":"e61bf9e2-1acb-486f-8cf1-802fcc72b280","block_type":"box","text":"access to independent advice. When circumstances warrant, boards should be able to retain independent third","page_number":202,"box":{"x":69,"y":403,"width":791,"height":11}},{"id":"9b1ca8f2-76eb-4707-b2bb-d5720f27d48c","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":202,"box":{"x":70,"y":418,"width":770,"height":11}},{"id":"f3366b15-4976-423c-b208-eff7da7a8739","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":202,"box":{"x":69,"y":433,"width":746,"height":11}},{"id":"16bc9181-7e51-49a5-bdc6-865053ebe20e","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":202,"box":{"x":70,"y":448,"width":793,"height":11}},{"id":"4f638790-867d-4940-83ce-aa04550420b2","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":202,"box":{"x":69,"y":463,"width":524,"height":11}},{"id":"be908bd3-0349-434e-aa99-78bcd30bc9f5","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":202,"box":{"x":385,"y":493,"width":207,"height":9}},{"id":"34380db3-8445-4729-a1a0-417ccd98aeb6","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the","page_number":202,"box":{"x":102,"y":512,"width":795,"height":11}},{"id":"f2a69998-d002-4907-a9e0-327f3bf1ba86","block_type":"box","text":"caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":202,"box":{"x":69,"y":526,"width":807,"height":12}},{"id":"4282c845-7f8a-4b49-b484-d86eef32d075","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial per formance.","page_number":202,"box":{"x":69,"y":541,"width":683,"height":11}},{"id":"5f7b8d59-ccbb-414d-a0d4-b7bc4f36841f","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":202,"box":{"x":102,"y":560,"width":805,"height":11}},{"id":"5320a1de-792d-4978-9ab7-e4da93a16406","block_type":"box","text":"per formance against shor t-term metrics, share-based incentives that reward per formance against long-term metrics,","page_number":202,"box":{"x":70,"y":575,"width":830,"height":11}},{"id":"2468444f-dfe5-4285-8d6c-de53b1393e2d","block_type":"box","text":"and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":202,"box":{"x":69,"y":590,"width":826,"height":11}},{"id":"494707cc-fc9c-4ce3-b54c-cdd2b52405a6","block_type":"box","text":"norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to","page_number":202,"box":{"x":69,"y":605,"width":813,"height":11}},{"id":"c991e471-2541-4fc7-b693-30c722612ca1","block_type":"box","text":"the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and","page_number":202,"box":{"x":68,"y":620,"width":770,"height":11}},{"id":"8a2f95aa-c750-407a-944c-96787cc73b42","block_type":"box","text":"motivate.","page_number":202,"box":{"x":69,"y":634,"width":64,"height":9}},{"id":"aa50637a-1c00-4136-943c-38ffdbfd6f86","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":202,"box":{"x":102,"y":653,"width":739,"height":11}},{"id":"b4cc438d-a5cd-4811-af51-55bbc4263215","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":202,"box":{"x":69,"y":668,"width":831,"height":11}},{"id":"e2bff06f-4b5c-4998-bcc5-34abd0ec8216","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":202,"box":{"x":69,"y":682,"width":737,"height":11}},{"id":"187431b7-ef44-4c14-a086-ea8bd2effe86","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":202,"box":{"x":69,"y":697,"width":741,"height":12}},{"id":"444033a0-8411-4235-b789-ed120a70602a","block_type":"box","text":"arrangements include:","page_number":202,"box":{"x":69,"y":712,"width":157,"height":12}},{"id":"e6493717-335e-4c10-93f7-dfe691a42382","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":733,"width":6,"height":4}},{"id":"c2c672fd-c21c-4fbf-ac99-11849684f465","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":202,"box":{"x":102,"y":730,"width":783,"height":11}},{"id":"9e6bcbc3-1d52-4ae9-ac47-4670b0c8b652","block_type":"box","text":"the company’s size, sector and market.","page_number":202,"box":{"x":101,"y":745,"width":280,"height":11}},{"id":"8c1cf35c-5e86-4aca-a990-82c69358a45a","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":765,"width":6,"height":4}},{"id":"98b5e83e-3f80-4cf8-8259-b782567c7464","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":202,"box":{"x":101,"y":762,"width":752,"height":11}},{"id":"b8c4b231-814c-4c98-a062-4f7eda1ef568","block_type":"box","text":"strategic objectives.","page_number":202,"box":{"x":102,"y":777,"width":140,"height":11}},{"id":"b6da859d-efc5-43f3-86ed-6fe2a1ade58f","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":797,"width":6,"height":5}},{"id":"3bb3fd74-9079-4b20-bd5c-45499b533b35","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":202,"box":{"x":102,"y":794,"width":609,"height":11}},{"id":"cc71fce2-2154-4733-968b-fbf2d3e8fd85","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":814,"width":6,"height":5}},{"id":"cd311944-9df2-43e4-84c9-80957327dda9","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":202,"box":{"x":101,"y":811,"width":784,"height":12}},{"id":"7c2c02a2-cb35-4beb-b82f-6b5c7a8b3c1e","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":202,"box":{"x":101,"y":826,"width":790,"height":12}},{"id":"634bd898-61bc-4368-9b12-91f915086515","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":847,"width":6,"height":4}},{"id":"d910a26f-045b-4add-97d6-0060cf87dd1a","block_type":"box","text":"Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":202,"box":{"x":102,"y":844,"width":630,"height":11}},{"id":"fc3485ae-7c63-4bf3-9bdd-d60309463228","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":864,"width":6,"height":5}},{"id":"7971b34c-19dc-4a2f-af31-243f65e2c6de","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":202,"box":{"x":102,"y":861,"width":735,"height":11}},{"id":"06dd85e0-e746-4f5f-b2d5-86183a3107d7","block_type":"box","text":"transparently.","page_number":202,"box":{"x":101,"y":876,"width":95,"height":11}},{"id":"049d43cd-5fa9-4416-b752-258123687249","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":896,"width":6,"height":5}},{"id":"4dfe25e4-ef4c-4c21-8a76-0e4856c4000f","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":202,"box":{"x":101,"y":893,"width":798,"height":12}},{"id":"16d6bf3b-c5f8-4704-8790-280953ef5e80","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":202,"box":{"x":101,"y":908,"width":477,"height":11}},{"id":"de3f83cc-0fd7-4d8f-bc98-a7a7c6d349e4","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a95797c4-f9cd-4efe-a58c-54cd1686e8d0","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"61cb4b22-a249-449f-8098-89b6db3cee7f","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d15c5456-c203-4c1c-b9c9-f79f3b7c60bc","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"7a37dbdd-a70d-4b77-b51b-17a299c11aa7","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":203,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"27518245-a297-438f-af27-30905f2b2187","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":65,"width":6,"height":4}},{"id":"acb9154c-1189-47b8-9d66-1b5d63d6f195","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":203,"box":{"x":102,"y":62,"width":747,"height":11}},{"id":"c94d9011-9069-4733-8700-d3fe01d2e382","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":203,"box":{"x":102,"y":77,"width":733,"height":11}},{"id":"7b0fe5e9-bc3f-4135-b5e0-7c588db25a1d","block_type":"box","text":"misconduct.","page_number":203,"box":{"x":102,"y":92,"width":84,"height":9}},{"id":"27ca81ad-1312-491f-98dd-90793f1dd898","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":112,"width":6,"height":5}},{"id":"ed07411f-6878-4db6-8109-2948182ccea6","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":203,"box":{"x":102,"y":109,"width":738,"height":11}},{"id":"704505c3-a730-45ba-9340-8d76df25f785","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":203,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"9d9f483f-46ee-4ec2-b627-9b7c82bfd7ca","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":203,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"0816c27b-5796-4b24-ac18-a80eb000fb16","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":203,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"02880d23-d5f0-4aa9-abc6-ff6054736004","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":203,"box":{"x":69,"y":172,"width":775,"height":12}},{"id":"566f0f17-142f-4e5c-a836-b7c28b43e2da","block_type":"box","text":"committee, or the most senior independent director.","page_number":203,"box":{"x":69,"y":187,"width":371,"height":11}},{"id":"5f3e7e5a-c5df-4e8e-9822-4f9d3b98d357","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":203,"box":{"x":326,"y":217,"width":325,"height":9}},{"id":"bde50708-8f45-4987-b9b6-bef793222be2","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":203,"box":{"x":102,"y":236,"width":785,"height":11}},{"id":"532e39c4-2eea-47f1-a85c-48c724755d4e","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":203,"box":{"x":68,"y":251,"width":831,"height":11}},{"id":"a4329447-9a25-4f26-8a0d-86bcad0abe88","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":203,"box":{"x":69,"y":266,"width":825,"height":11}},{"id":"bc273f52-d97f-45c1-862f-221073352e9e","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":203,"box":{"x":69,"y":281,"width":668,"height":11}},{"id":"ec1d9a11-c36b-44a9-8fb4-21a9046a49ba","block_type":"box","text":"CAPITAL STRUCTURE","page_number":203,"box":{"x":411,"y":311,"width":156,"height":9}},{"id":"95aae969-555d-4342-b683-094bc5e2c228","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":203,"box":{"x":102,"y":330,"width":800,"height":11}},{"id":"b01bcd00-d808-466d-8a64-e27696c4552f","block_type":"box","text":"appropriate capital allocation and management in suppor t of long-term financial resilience.","page_number":203,"box":{"x":69,"y":344,"width":645,"height":12}},{"id":"0b2c5d42-c32f-41eb-a69a-01dd92a4f729","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":203,"box":{"x":101,"y":363,"width":776,"height":11}},{"id":"271e5389-32ab-4692-94a6-5b830f555515","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":203,"box":{"x":68,"y":378,"width":803,"height":11}},{"id":"adcf9b7a-91b0-4374-81ce-2b4b0b6bbfec","block_type":"box","text":"capital-related authorities or the election of the most senior independent director if we have concerns about a","page_number":203,"box":{"x":69,"y":393,"width":781,"height":11}},{"id":"948113e6-8ece-401c-aa5a-149ff310d074","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":203,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"20254673-39e6-423a-8e3a-dad919867842","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":203,"box":{"x":68,"y":423,"width":336,"height":11}},{"id":"15bcf439-79dc-4a4b-a38e-3508c5c97670","block_type":"box","text":"Share issuance","page_number":203,"box":{"x":68,"y":445,"width":111,"height":9}},{"id":"6546e144-a935-440f-bf26-b2d64c51b92d","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":203,"box":{"x":101,"y":464,"width":776,"height":11}},{"id":"a53312e6-4449-4e50-9ff7-f44f0744b82c","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights.","page_number":203,"box":{"x":69,"y":479,"width":804,"height":11}},{"id":"b77c0d28-7d4a-4af3-b60a-efdd85d8a26f","block_type":"box","text":"Companies should seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":203,"box":{"x":69,"y":493,"width":813,"height":12}},{"id":"8eab9a41-4a66-4c4c-9ec2-94cbd8886501","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":203,"box":{"x":70,"y":508,"width":787,"height":11}},{"id":"1568d07f-1b2e-4854-b7f2-eb8217641d56","block_type":"box","text":"Share buybacks","page_number":203,"box":{"x":68,"y":531,"width":116,"height":11}},{"id":"86975b73-f51b-4e93-8f63-b90fb719e65d","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":203,"box":{"x":101,"y":549,"width":806,"height":12}},{"id":"8f267b46-395d-42fb-91ed-d577ce3ef384","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":203,"box":{"x":69,"y":564,"width":823,"height":11}},{"id":"a884ac69-8bc8-414f-bfa8-208a7df68509","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":203,"box":{"x":68,"y":579,"width":836,"height":11}},{"id":"31c17575-cfe5-4343-999e-ea4810df9fe1","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":203,"box":{"x":69,"y":594,"width":830,"height":11}},{"id":"36cd7a62-e53b-4382-8700-58a5bca9976f","block_type":"box","text":"relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take","page_number":203,"box":{"x":69,"y":609,"width":821,"height":11}},{"id":"c3307e7c-354c-454c-a10e-e6ed38bd6d75","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":203,"box":{"x":70,"y":624,"width":802,"height":11}},{"id":"18ebbc6c-a578-4ad4-996c-f791b0b732fc","block_type":"box","text":"market environment.","page_number":203,"box":{"x":69,"y":639,"width":145,"height":8}},{"id":"798a9a89-4194-4182-8655-fc7df4895d94","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as","page_number":203,"box":{"x":101,"y":657,"width":756,"height":11}},{"id":"53f3be57-5424-4a0d-aa8e-41dbea8450e8","block_type":"box","text":"treasury shares, management should provide a detailed rationale in the context of the disclosed capital management","page_number":203,"box":{"x":68,"y":672,"width":839,"height":11}},{"id":"7bcf1b20-76d3-45d5-b1e2-804a630adab9","block_type":"box","text":"strategy.","page_number":203,"box":{"x":69,"y":688,"width":58,"height":10}},{"id":"96ba52ae-266e-4aa5-b7ce-66e06834c697","block_type":"box","text":"Dividends","page_number":203,"box":{"x":69,"y":709,"width":69,"height":9}},{"id":"3953ae4b-a468-4322-aeb5-6102fe3457ab","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":203,"box":{"x":101,"y":728,"width":799,"height":11}},{"id":"f1749ed4-ee45-45cd-979a-5067787f1cff","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":203,"box":{"x":68,"y":743,"width":604,"height":11}},{"id":"a72628f8-e089-4a3a-8918-c68878374f3f","block_type":"box","text":"Differentiated voting rights","page_number":203,"box":{"x":69,"y":765,"width":196,"height":11}},{"id":"410e9fe4-8442-4ae4-bc8f-da8f284a63bc","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":203,"box":{"x":101,"y":784,"width":750,"height":11}},{"id":"7412c9c5-457d-4eef-b31c-bccccb31cc7f","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":203,"box":{"x":69,"y":799,"width":740,"height":11}},{"id":"320702e6-4265-410f-ade5-b77360ae7202","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":203,"box":{"x":69,"y":813,"width":819,"height":12}},{"id":"144e12f1-0e91-4b4d-835d-a1f057c360d9","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":203,"box":{"x":69,"y":828,"width":456,"height":11}},{"id":"e7d80138-e858-4004-ab78-a40f7164a1c9","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":203,"box":{"x":332,"y":858,"width":314,"height":9}},{"id":"f526b175-26b6-4ecd-b1c7-546dfd773cfe","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":203,"box":{"x":101,"y":878,"width":743,"height":10}},{"id":"d4afb62b-fed6-4c0a-91a7-d642da58844e","block_type":"box","text":"analyses of proposals.","page_number":203,"box":{"x":69,"y":892,"width":159,"height":11}},{"id":"a78d3f88-0fa4-4119-97a2-41a65255cb6a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e921af07-599c-4306-b875-f0dc8241ef45","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"44483fdd-a2ad-4b9c-b2d6-3d2c07b06596","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df508b84-383f-4394-a49f-4d8739a1c402","block_type":"box","text":"Mergers and acquisitions","page_number":204,"box":{"x":69,"y":45,"width":184,"height":11}},{"id":"a6c4b247-8b89-4bcd-b0b2-50a816104631","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":204,"box":{"x":101,"y":63,"width":775,"height":12}},{"id":"72f76103-5d71-446f-ab31-509f4e4c9ede","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":204,"box":{"x":69,"y":78,"width":797,"height":11}},{"id":"ffe791ac-289a-4dd4-aec7-8db022a69901","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":204,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"d2149049-94f5-43f0-8694-dacd6ae3a5f7","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board should consider establishing","page_number":204,"box":{"x":68,"y":108,"width":835,"height":11}},{"id":"05f50416-0882-42c7-b88b-5bacffc8f3b3","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":204,"box":{"x":69,"y":123,"width":827,"height":11}},{"id":"e80fd89f-d8e4-4cb8-9bf6-0afc14fafe42","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":204,"box":{"x":69,"y":138,"width":400,"height":11}},{"id":"7b8016b5-c4f1-432b-971a-62186ad75df5","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":204,"box":{"x":101,"y":156,"width":749,"height":12}},{"id":"d9fbcd23-53ca-44b6-9108-e0bfbbe02283","block_type":"box","text":"Anti-takeover defenses","page_number":204,"box":{"x":68,"y":179,"width":167,"height":9}},{"id":"1acbd185-87d2-4fbe-b1ef-fe916b0f029e","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":204,"box":{"x":102,"y":197,"width":727,"height":12}},{"id":"0735ff39-4ebb-445e-ba70-f86cae556825","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":204,"box":{"x":69,"y":212,"width":766,"height":11}},{"id":"bebf3192-24d0-4e7a-a81c-775bdd71030f","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":204,"box":{"x":69,"y":227,"width":763,"height":11}},{"id":"a5af082b-88da-4bad-8b41-d6a78ccaa769","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":204,"box":{"x":69,"y":242,"width":821,"height":11}},{"id":"6eedf179-13d9-460c-b8c5-f9c5c2adbe5d","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":204,"box":{"x":69,"y":257,"width":799,"height":11}},{"id":"859cd689-8248-4125-aaa1-5375c6edcbf9","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":204,"box":{"x":70,"y":272,"width":836,"height":10}},{"id":"f3548a38-f7b7-4d9e-9948-22475a12b6c1","block_type":"box","text":"be closely monitored by the independent members of the board. We look for a shareholder vote for any mechanisms","page_number":204,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"2429ded8-72da-4f00-9efe-b09914b43ce2","block_type":"box","text":"expected to be in place for more than 12 months.","page_number":204,"box":{"x":69,"y":301,"width":353,"height":11}},{"id":"c425b6d3-c5bd-4ece-a7e2-8911b660c55a","block_type":"box","text":"Shareholder activism","page_number":204,"box":{"x":68,"y":324,"width":153,"height":9}},{"id":"e015c58a-461f-44d2-a0d7-ec31a81b425f","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their","page_number":204,"box":{"x":101,"y":342,"width":777,"height":12}},{"id":"68d3d724-aa4f-4c76-b1b0-91e6bf0f6e72","block_type":"box","text":"analysis and objectives, once they have gone public. We will also engage with company management and possibly","page_number":204,"box":{"x":69,"y":358,"width":812,"height":11}},{"id":"a9c0701d-3d07-4f8b-81f3-629ffa534319","block_type":"box","text":"board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":204,"box":{"x":69,"y":372,"width":805,"height":11}},{"id":"0a3beac7-b724-4ff6-a496-131e10ead594","block_type":"box","text":"factors, including the concerns raised by the activist and the case for change; the quality of both the activist’s and","page_number":204,"box":{"x":68,"y":387,"width":816,"height":11}},{"id":"bcf44f00-3cd6-477d-a59c-48b245bb7db2","block_type":"box","text":"management’s plans; and the qualifications of each par ty’s candidates. We evaluate each contested situation by","page_number":204,"box":{"x":69,"y":402,"width":807,"height":11}},{"id":"72c7ba8e-dd26-4fc3-b888-510f0b8f911d","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":204,"box":{"x":69,"y":417,"width":586,"height":11}},{"id":"66363c5f-ac4a-44a0-a19b-82ad31a5ab53","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if the activist has demonstrated that their","page_number":204,"box":{"x":101,"y":435,"width":806,"height":12}},{"id":"f2d7c17a-93f1-45d3-9205-0697ea6ac3a2","block_type":"box","text":"case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant","page_number":204,"box":{"x":69,"y":450,"width":816,"height":12}},{"id":"5c4e5ea7-1b3e-4db0-91ee-1502d2cad3b8","block_type":"box","text":"skills and exper tise or have a poor track record of protecting shareholders’ interests.","page_number":204,"box":{"x":69,"y":465,"width":606,"height":11}},{"id":"5d54e8f1-f1f6-4b29-b282-a34bcdeaab45","block_type":"box","text":"Significant shareholders and related party transactions","page_number":204,"box":{"x":68,"y":488,"width":403,"height":11}},{"id":"db3759a4-9ccb-4515-8ee9-323e3e68dd0b","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests","page_number":204,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"b5e4a61d-b5c8-448d-ad74-a0bf72ab970a","block_type":"box","text":"of all shareholders are given equitable consideration.","page_number":204,"box":{"x":69,"y":521,"width":377,"height":11}},{"id":"cb400d00-d574-4407-8adb-1b7559f0de6a","block_type":"box","text":"Transactions with related par ties, such as significant shareholders or companies connected with the public","page_number":204,"box":{"x":101,"y":540,"width":764,"height":11}},{"id":"0f0025f3-114d-4d04-8ae3-2fd77e13c27f","block_type":"box","text":"company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed","page_number":204,"box":{"x":69,"y":555,"width":821,"height":11}},{"id":"ff415a6a-07ad-47ae-9dc7-301b1e7912c1","block_type":"box","text":"with a non-related par ty. Such transactions should be reviewed and approved by the independent members of the","page_number":204,"box":{"x":68,"y":569,"width":809,"height":12}},{"id":"21995ecd-4e32-46e3-a438-1bc0b92affd5","block_type":"box","text":"board, and if voted on, only disinterested shareholders should vote.","page_number":204,"box":{"x":69,"y":584,"width":481,"height":11}},{"id":"0e21faa5-0f25-4167-a967-d1521b01f371","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":204,"box":{"x":274,"y":614,"width":430,"height":11}},{"id":"9a99ac8a-2326-46ec-97b4-c141d82695f2","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":204,"box":{"x":102,"y":633,"width":796,"height":11}},{"id":"ef81210b-b493-4809-8916-0590a6b040f0","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":204,"box":{"x":70,"y":648,"width":795,"height":11}},{"id":"3b687a83-f1a6-4e8d-a103-b75d7e6e12c8","block_type":"box","text":"potential for the company to create shareholder value over time. The board should oversee corporate repor ting and","page_number":204,"box":{"x":70,"y":663,"width":819,"height":11}},{"id":"60f9fd7d-3985-45ed-94e4-e19b9b297eb1","block_type":"box","text":"the policies and procedures underpinning the internal audit function and external audit.","page_number":204,"box":{"x":68,"y":678,"width":621,"height":11}},{"id":"db8b5603-4827-4224-a240-26480e162cf2","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors and other stakeholders","page_number":204,"box":{"x":101,"y":696,"width":794,"height":12}},{"id":"b6b9da08-69d6-4a88-af15-6c12aa015301","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":204,"box":{"x":69,"y":711,"width":819,"height":11}},{"id":"e72e4658-c265-4559-832b-143b61b5fbf7","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":204,"box":{"x":69,"y":726,"width":752,"height":11}},{"id":"ea95e5aa-a01b-4fb3-b0b7-41cf5bcc8452","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":204,"box":{"x":69,"y":741,"width":817,"height":11}},{"id":"1279bb11-67be-4251-b459-c9ddd4613f5c","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":204,"box":{"x":70,"y":756,"width":771,"height":11}},{"id":"a64eb6a9-da60-4ecd-ae60-3c71c0561b59","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":204,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"cdc7ef09-1a18-4804-bd16-ab8287c8101d","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":204,"box":{"x":69,"y":786,"width":788,"height":11}},{"id":"2bae8510-cd41-49d7-831e-de2656e4b073","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":204,"box":{"x":102,"y":804,"width":739,"height":11}},{"id":"6a79f8ae-c8d9-46cb-8f62-d05c47529f0f","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial","page_number":204,"box":{"x":70,"y":819,"width":798,"height":11}},{"id":"38f723e1-ff42-4cd5-9bfb-31d87248291d","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":204,"box":{"x":70,"y":834,"width":787,"height":11}},{"id":"10b52b0a-5d1e-461e-933c-b91e5344992f","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":204,"box":{"x":69,"y":849,"width":795,"height":11}},{"id":"b9b49e37-2b70-424f-90b4-24508785041b","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":204,"box":{"x":70,"y":864,"width":838,"height":11}},{"id":"3cb2fb07-d697-4516-8e4a-d26c7763a2e1","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":204,"box":{"x":70,"y":878,"width":585,"height":12}},{"id":"d2e28b66-b938-431d-a064-cd3914dde501","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d6458cd0-6052-4afa-9e71-c8679ce6ee65","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"a46e9008-f530-4189-b731-c4542af765b1","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7fd2a78e-f614-40f2-9087-5312e6104737","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates","page_number":205,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"ee4938f1-4ba8-4116-83ed-f9b8bf1d5797","block_type":"box","text":"revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards","page_number":205,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"fd8d0d03-0d22-4a83-a5fd-2aa78fc6c05a","block_type":"box","text":"Board, can be helpful to companies in preparing such repor ts.","page_number":205,"box":{"x":70,"y":74,"width":441,"height":12}},{"id":"4cac5587-e692-4bfb-a481-86fcbd8fe1b7","block_type":"box","text":"4","page_number":205,"box":{"x":513,"y":75,"width":4,"height":4}},{"id":"ec4c1bea-b40a-4f70-aadd-c8380809558a","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":205,"box":{"x":102,"y":93,"width":735,"height":11}},{"id":"ec4643fd-8766-4e0d-ab47-8261529d10e5","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":205,"box":{"x":69,"y":108,"width":810,"height":11}},{"id":"c61768dc-c14e-428f-b219-a9e09e503764","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":205,"box":{"x":69,"y":123,"width":822,"height":11}},{"id":"feafd9e1-1bb6-4fb0-9536-7b5b29713cb3","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":205,"box":{"x":69,"y":138,"width":704,"height":11}},{"id":"ad27c6b5-c6be-4542-adb1-62faba4b6aea","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":205,"box":{"x":101,"y":156,"width":794,"height":11}},{"id":"2a29d402-0c3e-453b-bb1a-a24705f4a25e","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":205,"box":{"x":69,"y":171,"width":836,"height":11}},{"id":"52b61adb-f206-498e-be22-3efa7d801a43","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":205,"box":{"x":68,"y":186,"width":838,"height":11}},{"id":"024e8ad1-3538-4e79-8581-3d614799dd58","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":205,"box":{"x":69,"y":201,"width":773,"height":11}},{"id":"1a23fbf9-ae89-436a-90f6-1cc79ad96227","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":205,"box":{"x":69,"y":216,"width":804,"height":11}},{"id":"a8443627-6066-4279-8505-de9a7b33c05b","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":205,"box":{"x":69,"y":231,"width":780,"height":11}},{"id":"d6a94a36-3e88-4c4f-9874-7b784b0775d8","block_type":"box","text":"remained independent.","page_number":205,"box":{"x":69,"y":246,"width":163,"height":10}},{"id":"cac40eb1-8a04-4e12-8c6c-6f657b7ff67f","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":205,"box":{"x":101,"y":264,"width":783,"height":11}},{"id":"4f95c21f-5707-4719-b5cc-0b54417960d9","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":205,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"9928603f-24a6-4048-bc17-1428ca828fad","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of the repor ting or","page_number":205,"box":{"x":68,"y":294,"width":819,"height":11}},{"id":"1a938358-8a01-4ce9-87fa-39e7e7f6c04b","block_type":"box","text":"the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the audit fee if we","page_number":205,"box":{"x":68,"y":309,"width":834,"height":11}},{"id":"aaf0501d-a7db-44af-9594-a02cb7ac33c4","block_type":"box","text":"are concerned about the auditor’s independence, the quality of the audit, or there are material misstatements in","page_number":205,"box":{"x":69,"y":323,"width":802,"height":12}},{"id":"4eade302-d48b-4003-a641-6a2ca1c3f071","block_type":"box","text":"financial repor ts and the board has not established reasonable remediation plans.","page_number":205,"box":{"x":68,"y":338,"width":589,"height":11}},{"id":"0f37432e-e2dc-4513-96df-1ffe3b4e1271","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":205,"box":{"x":329,"y":368,"width":319,"height":9}},{"id":"0d1e72a4-714f-4d1e-a1aa-2b92bcb3e0f5","block_type":"box","text":"General shareholder meetings","page_number":205,"box":{"x":69,"y":391,"width":217,"height":11}},{"id":"50aafd8f-befe-468b-989c-5b793a031d01","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":205,"box":{"x":102,"y":410,"width":792,"height":11}},{"id":"e2606a18-59ef-4229-957a-77a0bae4cfa9","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":205,"box":{"x":69,"y":425,"width":812,"height":11}},{"id":"6e73a5ac-fb57-46fa-8b1e-980b6317b41b","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":205,"box":{"x":69,"y":439,"width":813,"height":12}},{"id":"3d25aa8d-901b-4c93-be83-f723144e18f3","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":205,"box":{"x":70,"y":454,"width":801,"height":12}},{"id":"f8ff60a8-ad86-42b0-85c3-33cae64e76a4","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":205,"box":{"x":69,"y":469,"width":841,"height":11}},{"id":"a98a69c7-0ce5-4561-8fca-fd41c0ba7db5","block_type":"box","text":"an in-person meeting.","page_number":205,"box":{"x":69,"y":484,"width":152,"height":11}},{"id":"1bb84bd3-1467-4a27-bd76-a937480471e0","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":205,"box":{"x":101,"y":503,"width":752,"height":11}},{"id":"f91d72dc-84d0-412c-bc14-835845865af7","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to take an informed voting decision. We","page_number":205,"box":{"x":70,"y":517,"width":812,"height":12}},{"id":"055e63cd-4a10-41be-aa97-bf21aee5e49a","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":205,"box":{"x":69,"y":532,"width":825,"height":12}},{"id":"6b7ffa6c-897a-4543-8edf-f0f011063400","block_type":"box","text":"par ticipation.","page_number":205,"box":{"x":70,"y":547,"width":91,"height":11}},{"id":"7c79b181-1d61-4bd8-8501-bd0e7db777c4","block_type":"box","text":"Bylaw amendments","page_number":205,"box":{"x":69,"y":570,"width":141,"height":11}},{"id":"d56a01bc-15cd-47da-b992-102fa8127492","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":205,"box":{"x":101,"y":589,"width":766,"height":11}},{"id":"2fe0bc64-3aa1-4199-ba90-d0f4f0cdaccb","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":205,"box":{"x":68,"y":603,"width":800,"height":11}},{"id":"fe99408c-94fb-46b3-86df-83c5a1915c12","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":205,"box":{"x":69,"y":618,"width":349,"height":11}},{"id":"eae1a2c1-bee0-49de-b062-cdcd66a629a5","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against","page_number":205,"box":{"x":101,"y":637,"width":784,"height":11}},{"id":"a0179166-dce2-48ff-beff-53b0e789edb6","block_type":"box","text":"directors if material changes are made to the bylaws without shareholder approval.","page_number":205,"box":{"x":69,"y":652,"width":590,"height":11}},{"id":"cea0f842-41a0-4bce-9b5e-8d3ce10cf0aa","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":205,"box":{"x":102,"y":670,"width":790,"height":11}},{"id":"f694d2da-71ef-4c76-9c1d-40a68e179b4d","block_type":"box","text":"group, with a meaningful shareholding the right to call a special meeting of shareholders. The shareholding required","page_number":205,"box":{"x":68,"y":685,"width":826,"height":11}},{"id":"9982383b-b21b-481e-864a-728ec65f73e6","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":205,"box":{"x":68,"y":700,"width":740,"height":11}},{"id":"7f14e594-9899-4366-b6eb-700fa8390cc7","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":205,"box":{"x":102,"y":719,"width":790,"height":11}},{"id":"8432196b-30ff-4186-9a04-6b3d656c2bae","block_type":"box","text":"group, with a meaningful shareholding the right to nominate directors to the company’s board. The threshold for this","page_number":205,"box":{"x":68,"y":733,"width":829,"height":12}},{"id":"be575b6d-624d-412a-ac35-5be79e7b088b","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":205,"box":{"x":69,"y":749,"width":758,"height":11}},{"id":"97575c02-6c42-4025-994a-ad367ebdf155","block_type":"box","text":"nomination process.","page_number":205,"box":{"x":69,"y":763,"width":143,"height":11}},{"id":"8274e30f-6c26-4787-aa88-d761a1634e3f","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":205,"box":{"x":101,"y":782,"width":799,"height":11}},{"id":"258b1411-8ae4-4a89-92c3-5b91cddbea2f","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":205,"box":{"x":68,"y":797,"width":810,"height":11}},{"id":"6bd71600-4baa-47d3-8255-c11069d7c184","block_type":"box","text":"4","page_number":205,"box":{"x":69,"y":826,"width":4,"height":5}},{"id":"acab0803-984a-47d8-8c9c-ac39e2e20d32","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":205,"box":{"x":93,"y":826,"width":804,"height":11}},{"id":"0f4fe87b-d087-4e10-b4d4-0c1215f5cb9b","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and oppor tunities that is useful to","page_number":205,"box":{"x":94,"y":841,"width":791,"height":11}},{"id":"1c897c16-33ad-4823-aacc-73974b185efe","block_type":"box","text":"primary users of general-purpose financial repor ts in making decisions relating to providing resources to the","page_number":205,"box":{"x":94,"y":856,"width":770,"height":11}},{"id":"7e2e00db-f020-4b53-9145-fcd20ede1a0f","block_type":"box","text":"entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its","page_number":205,"box":{"x":93,"y":871,"width":815,"height":11}},{"id":"36087e90-7c66-410a-84ec-d4eb068f214f","block_type":"box","text":"climate-related risks and oppor tunities that is useful to primary users of general-purpose financial repor ts in","page_number":205,"box":{"x":93,"y":886,"width":772,"height":12}},{"id":"98a9cbe0-26e6-4f3a-8b20-920fd365a04e","block_type":"box","text":"making decisions relating to providing resources to the entity.","page_number":205,"box":{"x":94,"y":902,"width":437,"height":11}},{"id":"b972f901-a3d1-4ee9-a506-00644653843c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"469c4b39-3389-4734-8ffe-85911cc85097","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ff248e88-8190-4e89-a6cc-58c2c15f8fc7","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec676aa2-cdc7-4f79-ba90-e45edee86e01","block_type":"box","text":"Change of domicile","page_number":206,"box":{"x":69,"y":45,"width":139,"height":11}},{"id":"fe5f5d30-11db-4496-b2f9-23af3f8a632b","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":206,"box":{"x":101,"y":63,"width":778,"height":12}},{"id":"a5e3d96d-da80-45e6-86bc-4d64f8162937","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":206,"box":{"x":69,"y":78,"width":766,"height":11}},{"id":"79d21b12-c9bb-4959-a618-fb9087ceb656","block_type":"box","text":"immaterial.","page_number":206,"box":{"x":70,"y":93,"width":77,"height":9}},{"id":"8e241668-7cc0-4200-a920-bdb5d8fec007","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":206,"box":{"x":101,"y":112,"width":777,"height":11}},{"id":"1a65e61e-e8e1-434d-af49-d3656d94ebf9","block_type":"box","text":"with our clients’ financial interests.","page_number":206,"box":{"x":68,"y":126,"width":249,"height":10}},{"id":"2414d252-367c-484b-b187-d7cfec7ef3a6","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":206,"box":{"x":69,"y":149,"width":452,"height":11}},{"id":"c58e5551-cb95-4043-bf91-2bd76d38d204","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":206,"box":{"x":102,"y":168,"width":803,"height":11}},{"id":"36ff8ae6-20cf-45bb-86aa-a63a3a4c864a","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":206,"box":{"x":70,"y":182,"width":829,"height":12}},{"id":"02c1907a-121d-4a8f-bc49-ee6b4e0d3ead","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":206,"box":{"x":69,"y":197,"width":511,"height":12}},{"id":"ab7a0d01-c890-4561-85e2-04a71c579ebb","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":206,"box":{"x":101,"y":216,"width":792,"height":11}},{"id":"1a4e58ba-b4b8-4548-8923-e86b1ee77915","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":206,"box":{"x":68,"y":231,"width":424,"height":11}},{"id":"9c50e3fc-3729-458f-b37e-f444d84ae9f9","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":206,"box":{"x":385,"y":261,"width":207,"height":9}},{"id":"34639c9b-3040-4f8b-b20b-e4232e5d3657","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":206,"box":{"x":102,"y":280,"width":772,"height":11}},{"id":"cdfaf5ba-c7f9-4fd8-a51e-761a8b4938ef","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":206,"box":{"x":68,"y":295,"width":811,"height":11}},{"id":"27e649c4-d7ab-443e-9a3c-c6da5de53779","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised address a range of governance, social and","page_number":206,"box":{"x":69,"y":309,"width":813,"height":12}},{"id":"a6bb8fa8-e289-41b0-a8bb-242f9810e0c7","block_type":"box","text":"environmental matters that may be relevant to a company’s business. Shareholder proposals are considered by many","page_number":206,"box":{"x":69,"y":324,"width":841,"height":11}},{"id":"ed429028-99f3-4950-a087-ca25e030d446","block_type":"box","text":"investors to be an escalation tool when a company is unresponsive to their engagement.","page_number":206,"box":{"x":70,"y":339,"width":630,"height":11}},{"id":"6de18c81-932e-421d-bfd3-f3a753b113b2","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":206,"box":{"x":101,"y":358,"width":730,"height":11}},{"id":"fb13eef8-8ce3-48e4-9bd6-d1208b3dc86d","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":206,"box":{"x":69,"y":373,"width":772,"height":11}},{"id":"3d3ae63c-d2d1-4261-af83-1f075e42d3b5","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":206,"box":{"x":70,"y":387,"width":681,"height":12}},{"id":"3f7afcb3-3331-4b4d-b57c-bb00d07245b3","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":206,"box":{"x":102,"y":406,"width":801,"height":11}},{"id":"ac1ff3e3-b282-4d31-8a71-e4ed69dee9c4","block_type":"box","text":"engage to understand the apparent difference in perspective. If we continue to believe the company is not acting in","page_number":206,"box":{"x":69,"y":421,"width":821,"height":11}},{"id":"f10bca65-7dcd-4fdd-a8af-48d357466749","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":206,"box":{"x":69,"y":436,"width":761,"height":11}},{"id":"7917ad2e-2022-46f8-b338-fae5413cc2e7","block_type":"box","text":"shareholder proposal if doing so reinforces the points made in our engagement or is aligned with our clients’ financial","page_number":206,"box":{"x":69,"y":451,"width":839,"height":11}},{"id":"31e7b5cb-10ab-4822-8be6-62af666c15e3","block_type":"box","text":"interests. We generally do not suppor t shareholder proposals that are legally binding on the company, seek to alter a","page_number":206,"box":{"x":70,"y":466,"width":833,"height":11}},{"id":"a183a5e7-e162-44f5-8db6-7afc2e8239e3","block_type":"box","text":"company’s strategy or direct its operations, or are unrelated to how a company manages risk or generates financial","page_number":206,"box":{"x":69,"y":480,"width":821,"height":12}},{"id":"b5bcb90c-e870-49d3-9295-05b99a36bee9","block_type":"box","text":"returns.","page_number":206,"box":{"x":69,"y":496,"width":54,"height":8}},{"id":"5ccbf054-cc64-4465-bf7d-172832292a04","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":206,"box":{"x":102,"y":514,"width":784,"height":11}},{"id":"daace7e3-c2b2-44c4-869f-fc4ad45906cb","block_type":"box","text":"how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit","page_number":206,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"1d6b2029-570b-4f74-a51a-b20d27a5259d","block_type":"box","text":"shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put for th by others.","page_number":206,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"afc3117d-b3c5-47eb-b514-0dd6e66ad68c","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":206,"box":{"x":359,"y":574,"width":260,"height":9}},{"id":"5408c812-9b18-4718-8cb0-b52709720640","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making","page_number":206,"box":{"x":101,"y":593,"width":777,"height":11}},{"id":"d2686639-b3ee-4eb0-b773-c0b44932808b","block_type":"box","text":"process is consistent with their public statements on policy matters impor tant to the company’s long-term strategy.","page_number":206,"box":{"x":70,"y":608,"width":820,"height":11}},{"id":"54772fcd-86bd-4b31-972c-aea529fc1e91","block_type":"box","text":"The board should be aware of the approach taken to corporate political activities as there can be reputational risks","page_number":206,"box":{"x":68,"y":622,"width":821,"height":11}},{"id":"6102b752-c3e2-40da-b03a-94a8feb59df9","block_type":"box","text":"arising from inconsistencies. Companies should, as a minimum, meet all regulatory disclosure requirements on","page_number":206,"box":{"x":69,"y":637,"width":796,"height":11}},{"id":"fdb691fc-8b51-452f-b2ee-af99fbc5472a","block_type":"box","text":"political activities, and ideally, provide accessible and clear disclosures to shareholders on policy positions, public","page_number":206,"box":{"x":70,"y":652,"width":812,"height":11}},{"id":"44dec8ba-0eb5-4f4a-925f-35c2ecae84b2","block_type":"box","text":"policy engagement activities and political donations. To mitigate the risk of inconsistencies, companies can usefully","page_number":206,"box":{"x":70,"y":667,"width":823,"height":11}},{"id":"a24862a7-c4ce-41ae-a76c-cdfc2de8162e","block_type":"box","text":"assess the alignment between their policy priorities and the policy positions of the trade associations of which they","page_number":206,"box":{"x":69,"y":682,"width":823,"height":11}},{"id":"f4e3ecd7-30e5-4208-ae66-0c3a1f4d6e37","block_type":"box","text":"are active members and any engagements under taken by trade associations on behalf of members.","page_number":206,"box":{"x":69,"y":697,"width":712,"height":11}},{"id":"dfc80b5e-c9e1-4483-8800-2d2527937cee","block_type":"box","text":"Generally, this is an engagement matter, although we may suppor t a relevant shareholder proposal, or vote","page_number":206,"box":{"x":102,"y":715,"width":763,"height":12}},{"id":"9248d2e0-335d-4b9a-b0f7-e22bc1cf26e2","block_type":"box","text":"against directors, where a company’s disclosures are insufficient, or it becomes public that there is a material","page_number":206,"box":{"x":69,"y":730,"width":787,"height":11}},{"id":"5e31f67c-59be-4309-b74f-bae45e90e8b6","block_type":"box","text":"contradiction in a company’s public policy positions and its policy engagement.","page_number":206,"box":{"x":69,"y":745,"width":561,"height":11}},{"id":"f072bb90-cfac-4c97-9f7b-59da23ef130d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9159d61d-3f52-4a89-90e8-98ac3bf4cbcd","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"6cce7582-0f6a-46a5-b031-e99fae484523","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1fe2c44a-a536-492d-a990-51b1ebe81e5b","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":207,"box":{"x":228,"y":45,"width":522,"height":11}},{"id":"c26b885b-ba49-4c4d-8523-bd73c3c4aec6","block_type":"box","text":"We seek to understand how companies manage the risks and oppor tunities inherent in their business","page_number":207,"box":{"x":101,"y":64,"width":727,"height":11}},{"id":"00fadc67-459a-463b-a7ae-a9d4bd8c3b88","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":207,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"54184c69-8218-4bad-886e-7e1b0517c905","block_type":"box","text":"5","page_number":207,"box":{"x":488,"y":79,"width":4,"height":4}},{"id":"2cd5492b-bb9b-449f-8452-58c76e21ab8c","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":207,"box":{"x":497,"y":79,"width":402,"height":11}},{"id":"25e89c22-935c-48c0-a3fc-9d6c50f1f642","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":207,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"1caf4c8f-06ca-4b87-8e3a-cb5fb67d798e","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":207,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"8ac3bfe9-64e3-440e-aff9-eda62527b714","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":207,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"eeb55720-c4fd-48f9-8e51-a6ab6b5a7407","block_type":"box","text":"regulatory requirements.","page_number":207,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"00dea24f-9d0b-46ea-89f5-44f3887a9eeb","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":207,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"cec9e623-116f-4a93-b266-73a0b2a09fc0","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":207,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"a81c9580-d47c-414b-8ef6-6795ee131dbf","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":207,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"d2f6b534-0635-4839-9581-254d4ee0c71b","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":207,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"eb206cdd-36ff-442e-96bc-9b24b7711c80","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":207,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"2a7d7c81-5b09-4c6e-8714-2fbf186bf1b4","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":207,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"b2996b04-aa02-4bc4-996c-eb483ee187ad","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":207,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"7f04a639-dd27-4ffe-bf77-4b6057072bd2","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":207,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"c4583f39-5b2a-4f15-b77d-695a9bf1b54f","block_type":"box","text":"returns.","page_number":207,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"201cb8bf-5618-4d51-bb2f-f6b12beca421","block_type":"box","text":"KEY STAKEHOLDERS","page_number":207,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"28719ab6-282b-484e-8c6e-f2db29e29886","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":207,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"bb442c48-4b64-429f-bd12-135303331505","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":207,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"a3cc0617-f9fc-4a73-8367-2b463d5ea391","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":207,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"74251efc-cec0-41bf-b93e-f264b2ff91e6","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":207,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"2b474624-9283-4eac-91c5-a8e0c161277e","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":207,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"a5e82449-5304-4e8f-803d-52a5425fb256","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":207,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"ccb1f57f-5284-433f-bc48-f0bc6e3b642a","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":207,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"f33b9e81-fe4b-4994-b8ac-d4dc14d0d6ab","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":207,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"966d7ea5-f1ce-4a97-bad9-70eab57f8d96","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":207,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"5e108eb5-9da6-483a-acb6-677e5748506a","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":207,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"b2bdbfaf-7c2e-4e83-ad13-689dfeea0c91","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":207,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"ea911199-8243-4c3d-b2a8-940b421dcd8a","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":207,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"43995e17-7832-40b5-b4b2-b17b71fdb53c","block_type":"box","text":"i.e.","page_number":207,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"c2056986-6321-4480-8b6b-1a4bbd66f660","block_type":"box","text":", one in which global","page_number":207,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"a317544f-1204-4474-835e-45f59c214aee","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. This approach is only taken following BlackRock","page_number":207,"box":{"x":68,"y":526,"width":795,"height":11}},{"id":"51218460-c23c-4757-b5aa-a6b5d739944e","block_type":"box","text":"receiving the explicit approval from the applicable fund board.","page_number":207,"box":{"x":69,"y":540,"width":437,"height":12}},{"id":"e95ba4de-57bf-49d5-8141-d82cb7a3f16a","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":207,"box":{"x":101,"y":559,"width":744,"height":11}},{"id":"9e78a949-303a-4c40-b29c-0c370f813c34","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":207,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"7a27bcad-1143-44b8-a910-adddc4bddeb9","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":207,"box":{"x":68,"y":589,"width":817,"height":11}},{"id":"1636877d-c237-4bcb-a545-7bfd2194552d","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":207,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"9d0de271-f2d8-4428-9b6d-49547660b0a8","block_type":"box","text":"metrics and targets relevant to decarbonization. These disclosures should include an explanation of the","page_number":207,"box":{"x":69,"y":619,"width":739,"height":11}},{"id":"0baffd67-0a53-463a-8854-f43da62edaec","block_type":"box","text":"decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and","page_number":207,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"e437b065-5df7-4ca2-bb1e-a1d7e387173c","block_type":"box","text":"material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions. As with the","page_number":207,"box":{"x":69,"y":648,"width":819,"height":12}},{"id":"37c7150b-4d4c-4dd9-bb69-8f816e1035f0","block_type":"box","text":"BAIS benchmark policies, we consider the climate-risk repor ting standard issued by the International Sustainability","page_number":207,"box":{"x":70,"y":663,"width":816,"height":11}},{"id":"763cd229-b540-4ca3-bd61-5aaad76f0f2a","block_type":"box","text":"Standards Board, IFRS S2, a useful reference for such repor ting.","page_number":207,"box":{"x":69,"y":678,"width":462,"height":11}},{"id":"8f30b59c-e1dc-4f13-b24c-9f51367a4ea7","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":207,"box":{"x":102,"y":697,"width":788,"height":11}},{"id":"e086d9d9-8731-404c-bb71-f708064662be","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing","page_number":207,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"955472c3-e51a-49df-baed-a7cdbffc5875","block_type":"box","text":"material climate-related risks. We may recommend suppor ting shareholder proposals seeking information relevant to","page_number":207,"box":{"x":69,"y":726,"width":833,"height":12}},{"id":"ffd07e64-bd43-43a0-a94a-13638b0becd0","block_type":"box","text":"a company’s stated low-carbon transition strategy and targets that the company does not currently provide and that","page_number":207,"box":{"x":69,"y":741,"width":824,"height":12}},{"id":"ee78d019-f9ef-4c3c-a976-0a90324e3908","block_type":"box","text":"5","page_number":207,"box":{"x":69,"y":771,"width":4,"height":4}},{"id":"7fe7ddc1-f14d-4e97-93cf-c5bc77299d12","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":207,"box":{"x":79,"y":770,"width":822,"height":12}},{"id":"861c43d9-7896-44ae-951c-b54f46e1b246","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":207,"box":{"x":69,"y":786,"width":835,"height":11}},{"id":"a044391f-edf8-4d83-be78-a5d1438292b2","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":207,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"8206f404-66ce-4f7f-9986-32af7f2ce1d4","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":207,"box":{"x":70,"y":816,"width":826,"height":11}},{"id":"b85fea3c-8319-4f81-9591-534139c90e87","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well managed companies will","page_number":207,"box":{"x":69,"y":831,"width":774,"height":11}},{"id":"0eafc67c-9a05-4d98-b172-43d67d064a91","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":207,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"7a5a71f6-1adf-412e-be43-5f6b6cf86523","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":207,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"1de7d42a-26f6-4041-bc7a-fca689135235","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":207,"box":{"x":68,"y":876,"width":833,"height":12}},{"id":"9add4819-48de-402b-b7a3-88d2f51908d6","block_type":"box","text":"sound governance framework.","page_number":207,"box":{"x":69,"y":891,"width":212,"height":12}},{"id":"6e122127-ac1e-48ec-8e9e-7cc00c457c8f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"88c3d4ee-ecbb-45be-98fd-07b9cca31cf2","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"5a811ff9-5f10-4642-b8ae-b5ea513ebf2e","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45dcbe26-0cb2-48d3-9804-a97514e6d2e1","block_type":"box","text":"would be helpful to investment decision-making. As under the BAIS benchmark approach, the active por tfolio","page_number":208,"box":{"x":68,"y":45,"width":775,"height":11}},{"id":"de4c5a5f-1a16-4bd4-aab0-e842f3b4d512","block_type":"box","text":"managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.","page_number":208,"box":{"x":69,"y":59,"width":778,"height":12}},{"id":"b2e74d40-bced-4eda-a953-120e688e84bc","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"efb0ecae-5726-4fd4-ae7f-b3c1a2e478c2","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c8295dc4-d04d-4fae-a814-b056ac599c5c","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f5d48bea-836d-4fc0-a21f-a1c8abaef796","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":209,"box":{"x":96,"y":45,"width":786,"height":9}},{"id":"d7b0da9c-32d1-418e-9996-ae7c14a0f9ba","block_type":"box","text":"Oversight","page_number":209,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"deb978dc-2cfa-4444-808f-0ef1cec20f58","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":209,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"bd632625-f36f-4ba1-af9d-61a35460a42e","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the","page_number":209,"box":{"x":69,"y":101,"width":786,"height":11}},{"id":"f042df47-59ee-4823-a1d9-48f3a67a38b0","block_type":"box","text":"Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":209,"box":{"x":69,"y":116,"width":807,"height":11}},{"id":"bee17ddc-81fe-4d79-9f10-88c8580ec33c","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":209,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"002d0ae8-d0a3-4f68-9243-fffa65c6a6be","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":209,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"0aacd5b9-dfca-4b62-abeb-6c195c688489","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active","page_number":209,"box":{"x":101,"y":164,"width":763,"height":11}},{"id":"fc9afc8d-540c-42a4-ad0c-c270341ee8b4","block_type":"box","text":"investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting","page_number":209,"box":{"x":70,"y":179,"width":790,"height":11}},{"id":"3205d6f8-a8ad-437d-94cd-b74d69812c14","block_type":"box","text":"Guidelines. The Committee also considers developments in corporate governance, related public policy, and market","page_number":209,"box":{"x":69,"y":194,"width":823,"height":11}},{"id":"0210878a-a6f5-43b4-b2af-79c7adcbd92e","block_type":"box","text":"norms and how these might influence BAIS’ policies and practices. The Committee does not determine voting","page_number":209,"box":{"x":69,"y":209,"width":781,"height":11}},{"id":"e762b9ef-35ad-4f1f-84a0-ef4623b087da","block_type":"box","text":"decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":209,"box":{"x":69,"y":223,"width":617,"height":12}},{"id":"1e37d3b3-e695-445b-8681-11b4f3b819d0","block_type":"box","text":"In addition, there is a standing advisory group of senior active investors who counsel BAIS on complex or high","page_number":209,"box":{"x":102,"y":242,"width":786,"height":11}},{"id":"0a2b3e50-a456-42ee-b679-3fd3dfa47078","block_type":"box","text":"profile votes before a recommendation is finalized and escalated to the por tfolio managers with holdings in the","page_number":209,"box":{"x":70,"y":257,"width":791,"height":11}},{"id":"a6f7a130-e66e-4d74-94a7-2be3e852df74","block_type":"box","text":"company under consideration. This group also formally reviews any revisions to the Engagement and Voting","page_number":209,"box":{"x":69,"y":272,"width":764,"height":11}},{"id":"2567c000-876f-4f1c-bb26-5b2212a159dd","block_type":"box","text":"Guidelines proposed by BAIS as par t of its annual review.","page_number":209,"box":{"x":69,"y":287,"width":408,"height":11}},{"id":"040afe8b-76f7-4c76-bad2-c72c9310c70b","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":209,"box":{"x":102,"y":305,"width":797,"height":12}},{"id":"5c4c752e-f871-4fd0-be77-399ad98d5131","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":209,"box":{"x":68,"y":320,"width":810,"height":12}},{"id":"325563c7-eb83-4272-82d6-4775126f2dfc","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":209,"box":{"x":69,"y":335,"width":832,"height":11}},{"id":"e281aad6-b16b-4d60-8987-cd8d9913fe12","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":209,"box":{"x":69,"y":350,"width":801,"height":11}},{"id":"cece0c5a-2d56-4577-917b-128224c6da3f","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":209,"box":{"x":70,"y":365,"width":836,"height":11}},{"id":"171884a7-1e8c-4d0d-834c-fcba80cec438","block_type":"box","text":"third-par ty vote services providers” below).","page_number":209,"box":{"x":68,"y":380,"width":305,"height":11}},{"id":"a2fd22bd-bc71-4549-861d-883e317254a2","block_type":"box","text":"Voting guidelines and vote execution","page_number":209,"box":{"x":68,"y":402,"width":269,"height":11}},{"id":"ac74731e-1825-4803-88ae-2a199c1fb2c9","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":209,"box":{"x":102,"y":421,"width":790,"height":11}},{"id":"8a4f1bf9-bf38-4cc0-bbf7-6e5a0ef932bc","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":209,"box":{"x":69,"y":436,"width":838,"height":11}},{"id":"cac15ab1-6b4f-43e3-aeae-7bea7f776e1b","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":209,"box":{"x":69,"y":450,"width":831,"height":12}},{"id":"a943e8c6-ceb9-4a5e-9cfd-463d72aaef3e","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":209,"box":{"x":68,"y":465,"width":809,"height":12}},{"id":"2511f581-1d91-4d96-b6e1-264cd940f2a7","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":209,"box":{"x":67,"y":480,"width":749,"height":12}},{"id":"88668d6b-f817-42ad-af03-8414a9bdf8b0","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":209,"box":{"x":69,"y":495,"width":825,"height":11}},{"id":"8ce58a5e-5a0f-4d0a-9156-5624e61884ca","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":209,"box":{"x":69,"y":510,"width":445,"height":11}},{"id":"7b13748f-9c9a-4118-9c06-94ba2594ecdb","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":209,"box":{"x":101,"y":529,"width":803,"height":11}},{"id":"9617ab26-5ff8-4331-bd7a-bc2f2023edec","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":209,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"b9132745-5d1f-4b26-aeb3-3827462785db","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":209,"box":{"x":69,"y":558,"width":752,"height":12}},{"id":"7fd44208-292c-406c-9ac6-b69ea8523048","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":209,"box":{"x":101,"y":577,"width":782,"height":11}},{"id":"e46b5be1-8c15-48fe-95cf-7f134765053f","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":209,"box":{"x":69,"y":592,"width":837,"height":11}},{"id":"c9ed8965-a973-4a2f-a8c8-30db6417cb4a","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":209,"box":{"x":69,"y":607,"width":830,"height":11}},{"id":"0105b0ce-c229-407c-82a9-340838f9fc7c","block_type":"box","text":"generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The","page_number":209,"box":{"x":68,"y":622,"width":813,"height":11}},{"id":"213c52eb-bc08-42a9-96bf-e4da7bee85e6","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":209,"box":{"x":69,"y":636,"width":829,"height":12}},{"id":"a2911fe6-55e7-4f49-82c1-f801ce13e162","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":209,"box":{"x":69,"y":651,"width":802,"height":12}},{"id":"6f5bc85d-370d-46b4-9a47-306a08375e13","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":209,"box":{"x":69,"y":666,"width":718,"height":11}},{"id":"406a8dbb-73e3-484c-9942-64c974c31756","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":209,"box":{"x":102,"y":685,"width":792,"height":11}},{"id":"22018dde-c250-4715-b398-0d8fb20ad2f6","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":209,"box":{"x":68,"y":700,"width":791,"height":11}},{"id":"02bb2804-7b83-4262-afc5-7fdd074be308","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":209,"box":{"x":69,"y":714,"width":805,"height":12}},{"id":"35b94703-2924-4973-b5ab-7e01588612cd","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":209,"box":{"x":70,"y":730,"width":784,"height":11}},{"id":"e5350ae2-770a-4452-8eb0-6688fce47be1","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":209,"box":{"x":69,"y":744,"width":836,"height":12}},{"id":"19458921-567c-426e-b869-d3f93bfb3687","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":209,"box":{"x":68,"y":759,"width":838,"height":11}},{"id":"7f11cc36-64f9-4745-84a1-c1fa14f49bc9","block_type":"box","text":"of attorney to facilitate voting instructions. We are not suppor tive of impediments to the exercise of voting rights such","page_number":209,"box":{"x":69,"y":774,"width":839,"height":11}},{"id":"4010d598-596c-46ed-b927-1c20ad64a889","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":209,"box":{"x":69,"y":789,"width":490,"height":11}},{"id":"1112a727-c509-4219-8604-89bc3522af0d","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":209,"box":{"x":102,"y":807,"width":796,"height":12}},{"id":"70115641-42e0-49c4-b5d3-b421b7ec1cd6","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":209,"box":{"x":68,"y":822,"width":799,"height":12}},{"id":"d63969f2-2f31-48bf-8682-63b3db971d74","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":209,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"00f3b9d6-8b5b-48d9-9828-841685ada825","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":209,"box":{"x":69,"y":852,"width":661,"height":11}},{"id":"1ab59252-9dbc-4659-82d1-a0f47ac6a3c7","block_type":"box","text":"Voting Choice","page_number":209,"box":{"x":68,"y":875,"width":101,"height":11}},{"id":"0ab62e89-be9b-403e-81ed-30a2f6a61ada","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":209,"box":{"x":102,"y":893,"width":800,"height":11}},{"id":"dc8ccffc-6eae-4da6-9493-d55f6f42a6b9","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":209,"box":{"x":68,"y":908,"width":447,"height":11}},{"id":"03de0c30-4f59-43e8-bde4-440880e80d70","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"20f9f3f5-4937-461e-a7d9-578c5c7c1d95","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"6a1fb2e8-4428-4685-b01f-03704f5fca08","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31584cc9-4c16-4b59-bb2b-772bbda03706","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":210,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"a96c93f9-24bd-48f1-825a-b90218b24950","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. 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Our clients have greater","page_number":210,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"46a1d6fb-9c2c-4e25-85f3-482c2828cfe6","block_type":"box","text":"control over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a","page_number":210,"box":{"x":69,"y":152,"width":787,"height":12}},{"id":"a925eab6-7d86-46e6-907e-3c3ef6e6036c","block_type":"box","text":"client’s selection of proxy policy, without client consent.","page_number":210,"box":{"x":69,"y":167,"width":395,"height":11}},{"id":"17d3be22-c550-48b4-af4b-32e3af939db0","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":210,"box":{"x":69,"y":190,"width":403,"height":11}},{"id":"2a6ef0b9-ba1f-4f88-b93f-6b17b7ef28c0","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":210,"box":{"x":101,"y":208,"width":794,"height":12}},{"id":"5edb91ee-6b1c-40ea-8c21-5647a3983ad6","block_type":"box","text":"votes, as well as voting infrastructure. 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Both BAIS and the vote services provider actively","page_number":210,"box":{"x":68,"y":391,"width":785,"height":11}},{"id":"2c441c0f-81ad-4bf2-85cb-2bb9f3659545","block_type":"box","text":"monitor securities filings, research repor ts, company announcements, and direct communications from companies to","page_number":210,"box":{"x":69,"y":405,"width":837,"height":12}},{"id":"fb833a50-d699-456e-ad9f-a497161e1b7b","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":210,"box":{"x":69,"y":420,"width":775,"height":11}},{"id":"2de1e910-6586-4514-a1ad-13f8905bf251","block_type":"box","text":"BAIS closely monitors the third-par ty vote services providers we contract with to ensure that they are meeting our","page_number":210,"box":{"x":102,"y":439,"width":807,"height":11}},{"id":"5633f74b-dc19-4c45-ae39-ea504b90ec96","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":210,"box":{"x":69,"y":454,"width":788,"height":11}},{"id":"388011e7-fbc9-49d1-b859-66535f090300","block_type":"box","text":"interest. 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Such influence might stem from any relationship between the investee company (or any shareholder","page_number":210,"box":{"x":69,"y":554,"width":771,"height":12}},{"id":"f8ff3eb9-735f-4bde-bab2-10c642da36b1","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":210,"box":{"x":70,"y":569,"width":763,"height":11}},{"id":"f7792402-f81f-405d-bfce-8f02860cbd45","block_type":"box","text":"BlackRock employees. 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BlackRock can then use its proxy voting infrastructure to cast","page_number":210,"box":{"x":70,"y":890,"width":838,"height":11}},{"id":"41c3af83-9205-43dc-b851-2c41cbc31b01","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":210,"box":{"x":68,"y":905,"width":354,"height":12}},{"id":"9b819c63-5f61-4d0e-a9d0-66c871b73cd5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"41e1678d-be34-4cc1-b336-85565e6df4eb","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"526c6672-88f6-4356-9709-3a244c3762b7","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26f211d8-5ca1-4fd7-918f-16c5b2c790ca","block_type":"box","text":"access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":211,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"8af92ddf-83f1-4326-b1b2-8704886556e6","block_type":"box","text":"information to make a voting decision or our view on the likelihood that an engagement could lead to positive","page_number":211,"box":{"x":102,"y":59,"width":777,"height":12}},{"id":"e92786ec-d178-421d-8603-d43a47761f84","block_type":"box","text":"outcome(s) over time for the economic value of the company. 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While this has occurred in a limited number of cases, the decision to","page_number":211,"box":{"x":70,"y":599,"width":832,"height":11}},{"id":"d6e48312-c510-470c-a1b4-c7fd0e3e78b8","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":211,"box":{"x":69,"y":614,"width":832,"height":11}},{"id":"779eefa5-74d1-4214-b69d-a84836be005d","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":211,"box":{"x":69,"y":629,"width":814,"height":11}},{"id":"bd56b381-db46-4e0c-8462-7bed3b265fb3","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":211,"box":{"x":70,"y":643,"width":834,"height":12}},{"id":"34f16a00-36a3-48af-9411-b7111fec9513","block_type":"box","text":"of recall consideration). 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All other trademarks are those of their respective owners.","page_number":212,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"918196c8-cde5-4aea-abc0-875e966647a0","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2d91f2f4-adb8-4868-a4f1-a0f140f2d039","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"4b94e224-1c31-4d56-817c-84de3b386268","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52f4050a-a45e-4137-a9b8-9fb15a9f3e9a","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":213,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"4352d83f-1741-4c17-b7e9-7435b6356aa8","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund 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Funds","page_number":213,"box":{"x":437,"y":219,"width":125,"height":8}},{"id":"51eeb373-72fc-4fc8-b77a-393e8433fe36","block_type":"box","text":"□","page_number":213,"box":{"x":460,"y":241,"width":14,"height":11}},{"id":"6712022c-96cb-4938-8f6a-c180e271d281","block_type":"box","text":"Other","page_number":213,"box":{"x":481,"y":241,"width":38,"height":9}},{"id":"cdae7301-fafd-4516-b7dc-40413a500909","block_type":"box","text":"Objective and Scope","page_number":213,"box":{"x":101,"y":260,"width":149,"height":11}},{"id":"8a1cb741-4a90-4939-a178-c8f6b568715c","block_type":"box","text":"Set for th below is the Index Equity Fund Proxy Voting Policy.","page_number":213,"box":{"x":134,"y":279,"width":421,"height":11}},{"id":"b95cbd6f-fd1b-4ae8-b8fc-a425e39fc29d","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":213,"box":{"x":102,"y":297,"width":354,"height":11}},{"id":"509d916e-0c7a-4ec0-93c9-641f177fef49","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":213,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"86892aa0-b7f7-4158-82ea-83cd2b3ce0c0","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":213,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"4fec288b-8345-410d-8c84-017f2b47b2a3","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":213,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"8a44a398-b6d6-4bd7-bd89-eae763ad0771","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":213,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"7a2a5216-9735-4948-a1e5-30933ead099a","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":213,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"9976e54c-491a-45c6-b1b6-0c580b6baa16","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":213,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"7bdc869d-4c24-417c-9bc1-8e890dc937b9","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":213,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"99745ebd-6c59-4eb8-96c0-75333ab3aa61","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":213,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"99a8957b-ea8f-4960-98db-0edfc80aba2d","block_type":"box","text":"the iShares Core S&P 500 ETF. 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Our sole objective when conducting our stewardship program is","page_number":217,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"8a26b1b3-cc0b-451d-a6a3-dc49d52ade15","block_type":"box","text":"to advance our clients’ long-term financial interests.","page_number":217,"box":{"x":68,"y":158,"width":370,"height":11}},{"id":"6f0f66a0-0975-42a2-ab57-dc1656980c1a","block_type":"box","text":"1","page_number":217,"box":{"x":440,"y":158,"width":4,"height":5}},{"id":"e755b746-65b2-4668-bb44-0fc789486218","block_type":"box","text":"BIS takes a long-term approach in our stewardship effor ts, reflecting the investment horizons of the majority of","page_number":217,"box":{"x":102,"y":181,"width":791,"height":11}},{"id":"43b25a65-7928-474b-9fca-2f4b0d5784ac","block_type":"box","text":"our clients. BIS does this through:","page_number":217,"box":{"x":69,"y":196,"width":242,"height":11}},{"id":"7b3ac9e4-2b3a-442c-b832-305c0ffbcbca","block_type":"box","text":"1. Engaging with companies in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":217,"box":{"x":70,"y":216,"width":823,"height":11}},{"id":"9350c7a9-93bc-4145-8e87-e1da4fc3e537","block_type":"box","text":"our voting decisions.","page_number":217,"box":{"x":102,"y":231,"width":145,"height":11}},{"id":"5d19de23-56fb-4741-817e-eb8bb0a85915","block_type":"box","text":"2. Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have","page_number":217,"box":{"x":69,"y":251,"width":783,"height":12}},{"id":"21a501f9-4d29-4287-9a33-2077ade3d441","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":217,"box":{"x":101,"y":267,"width":284,"height":11}},{"id":"8cc698e5-eb28-4c5a-ae32-aa003f4c2c07","block_type":"box","text":"3. Contributing to industry dialogue on stewardship to share our perspectives on matters that may impact our","page_number":217,"box":{"x":69,"y":287,"width":795,"height":11}},{"id":"e2ef74a6-db86-4253-8b13-3f5603d916c8","block_type":"box","text":"clients’ investments.","page_number":217,"box":{"x":101,"y":302,"width":147,"height":9}},{"id":"e727794b-4d1b-4b4e-975f-0fefc949338d","block_type":"box","text":"4. Repor ting on our activities to inform clients about our stewardship effor ts on their behalf through a range of","page_number":217,"box":{"x":69,"y":322,"width":803,"height":11}},{"id":"fcceb0eb-073b-4798-b80c-8ccbb1be0245","block_type":"box","text":"publications and direct repor ting.","page_number":217,"box":{"x":102,"y":337,"width":234,"height":11}},{"id":"04fb4df9-1f80-4561-a3b0-284aff8ed8b2","block_type":"box","text":"PHILOSOPHY ON INVESTMENT STEWARDSHIP","page_number":217,"box":{"x":321,"y":367,"width":337,"height":9}},{"id":"13f9b858-c34a-40e0-8a03-cc4ff692a802","block_type":"box","text":"Sound governance is critical to the success of a company, the protection of investors’ interests, and long-term","page_number":217,"box":{"x":102,"y":390,"width":786,"height":11}},{"id":"d9d9b6e1-2875-4b71-a004-2be340b404bc","block_type":"box","text":"financial value creation. Research indicates that high-per forming companies will effectively evaluate and address","page_number":217,"box":{"x":68,"y":405,"width":806,"height":11}},{"id":"1b162e8a-121c-4096-bed0-40914e7c5912","block_type":"box","text":"risks and oppor tunities relevant to their businesses, which suppor ts durable, long-term financial value creation.","page_number":217,"box":{"x":69,"y":420,"width":795,"height":11}},{"id":"ac512ca0-af09-45f5-a083-37fd8faa59dd","block_type":"box","text":"2","page_number":217,"box":{"x":866,"y":420,"width":4,"height":5}},{"id":"0299f94f-d307-4015-8ddc-0ce83ba90bdc","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many","page_number":217,"box":{"x":102,"y":443,"width":802,"height":11}},{"id":"734f40e9-ee72-413a-a1b5-6985fb4aced7","block_type":"box","text":"minority shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation.","page_number":217,"box":{"x":69,"y":458,"width":819,"height":11}},{"id":"91237d95-e858-4c7c-9f92-34308c4be7fe","block_type":"box","text":"Our role, on behalf of BlackRock’s clients as long-term investors, is to better understand how corporate leadership is","page_number":217,"box":{"x":69,"y":473,"width":833,"height":11}},{"id":"8caa2f6c-8188-48cc-a407-3268a412115c","block_type":"box","text":"managing material risks and capitalizing on oppor tunities to help protect and enhance the company’s ability to deliver","page_number":217,"box":{"x":69,"y":488,"width":840,"height":11}},{"id":"b1d9d1c0-b945-4728-b052-2943430e33a0","block_type":"box","text":"long-term financial returns. We aim to take a globally consistent approach, while recognizing the unique markets and","page_number":217,"box":{"x":70,"y":503,"width":829,"height":12}},{"id":"3e281dfc-8ea5-4369-806f-b7bce53b77f5","block_type":"box","text":"sectors in which companies operate.","page_number":217,"box":{"x":69,"y":519,"width":260,"height":10}},{"id":"478a7797-49d2-4e02-89c4-91cd7d72d889","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":217,"box":{"x":403,"y":549,"width":172,"height":9}},{"id":"3b96a419-7cea-493f-bf34-d295f500eb78","block_type":"box","text":"Corporate law, regulations and listing rules in most markets establish cer tain fundamental rights attached to","page_number":217,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"034722c4-d129-4a4b-b87e-46859c38a329","block_type":"box","text":"shareholding. Shareholders should have the right to:","page_number":217,"box":{"x":69,"y":586,"width":373,"height":12}},{"id":"bbcf10f2-68ca-4ee7-932a-c0147410f260","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":609,"width":6,"height":5}},{"id":"b4b1ced3-c21e-4da9-a02b-6659932afbb0","block_type":"box","text":"Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate char ter","page_number":217,"box":{"x":102,"y":606,"width":805,"height":11}},{"id":"a7aa27b8-954d-489b-8955-10ecf52722b7","block_type":"box","text":"or by-laws.","page_number":217,"box":{"x":102,"y":622,"width":72,"height":11}},{"id":"4b11ef2d-0721-48da-b56e-f093a67cf7e0","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":645,"width":6,"height":4}},{"id":"ca129801-e0be-454f-b23a-e269d36b7cde","block_type":"box","text":"Vote on key board decisions that are material to the protection of their investment, including but not limited to,","page_number":217,"box":{"x":101,"y":642,"width":789,"height":11}},{"id":"4739c21f-8a7c-42b4-afd2-f15aca8ed692","block_type":"box","text":"changes to the purpose of the business, dilution levels and pre-emptive rights, and the distribution of income","page_number":217,"box":{"x":101,"y":657,"width":779,"height":11}},{"id":"cde79280-c120-42e4-9bb9-c8ef4ddce187","block_type":"box","text":"and capital structure.","page_number":217,"box":{"x":102,"y":672,"width":150,"height":11}},{"id":"77a90fcc-a5ba-4058-9ea1-e0b4d3df7784","block_type":"box","text":"•","page_number":217,"box":{"x":69,"y":695,"width":6,"height":5}},{"id":"6e1e8e38-0cc5-44eb-b314-cbf955fc1331","block_type":"box","text":"Access sufficient and timely information on material governance, strategic, and business matters to make","page_number":217,"box":{"x":101,"y":692,"width":757,"height":11}},{"id":"1ab7d60c-a601-4c01-98d3-02b138f85a01","block_type":"box","text":"informed decisions.","page_number":217,"box":{"x":102,"y":707,"width":138,"height":9}},{"id":"18062e47-86a5-4c64-9337-f3d0ed306c52","block_type":"box","text":"1","page_number":217,"box":{"x":69,"y":737,"width":4,"height":4}},{"id":"3cb0e316-927f-4d2c-b14c-486b3e0eecec","block_type":"box","text":"BIS’ Benchmark Policies, and the vote decisions made consistent with these policies, take a financial materiality","page_number":217,"box":{"x":79,"y":737,"width":808,"height":11}},{"id":"1eff5582-515b-4f72-a5dc-c3f393f7b2a0","block_type":"box","text":"based approach and are focused solely on advancing clients’ financial interests. BIS’ Benchmark Policies –","page_number":217,"box":{"x":69,"y":752,"width":765,"height":11}},{"id":"c1fd4627-d4c8-402d-8697-c39796485538","block_type":"box","text":"comprised of the BIS Global Principles, regional voting guidelines, and engagement priorities – apply to clients’","page_number":217,"box":{"x":69,"y":767,"width":788,"height":11}},{"id":"25dc3014-f7f3-4698-a4f7-7d0b09b5fbff","block_type":"box","text":"assets invested through index strategies and provide guidance on our position on common corporate governance","page_number":217,"box":{"x":69,"y":782,"width":805,"height":11}},{"id":"df694545-935a-48e4-90eb-830a1730d98c","block_type":"box","text":"matters. We take a globally consistent approach, while recognizing the unique markets and sectors in which","page_number":217,"box":{"x":69,"y":797,"width":768,"height":11}},{"id":"523e5dad-3a20-415d-86cf-6e23ed745530","block_type":"box","text":"companies operate. BlackRock offers a wide range of investment products and funds to suppor t our clients’ unique","page_number":217,"box":{"x":69,"y":812,"width":823,"height":11}},{"id":"3ac49d30-edf3-408c-ab60-e4bf980106bc","block_type":"box","text":"and varied investment objectives. Other materials on the BIS website might also provide useful context.","page_number":217,"box":{"x":69,"y":827,"width":737,"height":12}},{"id":"9c64dbd1-a984-4774-8b88-73dfaaff9f7f","block_type":"box","text":"2","page_number":217,"box":{"x":69,"y":845,"width":4,"height":5}},{"id":"605312b0-01a4-43b2-8876-dd7a9fcdc020","block_type":"box","text":"PwC, “The 3 things all high-per forming companies do”. Harvard Business Review, “6 Strategic Concepts That Set","page_number":217,"box":{"x":79,"y":845,"width":807,"height":11}},{"id":"9a5c4008-24a5-4df4-81bc-939b23c25bc6","block_type":"box","text":"High-Per forming Companies Apar t”, March 2024.","page_number":217,"box":{"x":70,"y":860,"width":349,"height":11}},{"id":"8d880740-c3ad-4792-b8e7-4c59b074d10e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c24cb15a-879c-4328-b424-e6e4ec128eb8","block_type":"box","text":"Global Principles | 3","page_number":217,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"6a2b0e6f-84fd-4c1c-b907-c9924c00af06","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1bfc1cea-6f2b-4426-b974-e7f562e3389d","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder","page_number":218,"box":{"x":101,"y":45,"width":773,"height":11}},{"id":"048dbac3-9636-49be-bde5-090960c7268e","block_type":"box","text":"voting rights should be propor tionate to economic ownership—the principle of “one share, one vote” helps to achieve","page_number":218,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"b3739b34-36cd-4edf-bed7-6ea917e3cfcb","block_type":"box","text":"this balance.","page_number":218,"box":{"x":68,"y":75,"width":91,"height":9}},{"id":"11a93a6e-a5be-4917-b536-8623b4f78a6a","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":218,"box":{"x":384,"y":105,"width":210,"height":9}},{"id":"3b9dcaea-9525-4067-9a76-5d1476a379a0","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":218,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"40da61ce-bbd7-4556-ad7c-f495717f68a7","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":218,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"69e756a4-6d49-4253-8763-ff660a3a9cff","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":218,"box":{"x":70,"y":158,"width":831,"height":11}},{"id":"0d08a9e8-bff2-4039-8255-c1da7b44e309","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement.","page_number":218,"box":{"x":68,"y":173,"width":658,"height":11}},{"id":"92d8f73d-6664-41ab-b150-4d7e7f2e19b3","block_type":"box","text":"As shareholders of public companies, our clients have the right to vote on matters proposed by a company’s","page_number":218,"box":{"x":101,"y":196,"width":773,"height":11}},{"id":"3c556002-620c-43b9-bcca-195faf87e3cb","block_type":"box","text":"management or its shareholders. Voting is an impor tant mechanism for investors to express suppor t for, or concern","page_number":218,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"c2c9bbda-fce3-428c-a084-ce77bfa4aaed","block_type":"box","text":"about, a company’s per formance and most of our clients authorize BlackRock to exercise this right on their behalf.","page_number":218,"box":{"x":69,"y":226,"width":817,"height":11}},{"id":"7b9eb535-9dc2-4c04-a21b-d7217b7df513","block_type":"box","text":"For those clients, and as a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner","page_number":218,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"8e7ccf2f-86b9-4df4-b3c6-b286f6dc3d0c","block_type":"box","text":"that is consistent with their investment objectives. BIS does this by casting votes in favor of proposals that, in our","page_number":218,"box":{"x":68,"y":256,"width":815,"height":12}},{"id":"a15c2dc7-f5a2-4e97-aef0-74a0ae57906a","block_type":"box","text":"assessment, will promote stronger governance and better operating practices and, in turn, potentially enhance long","page_number":218,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"cd8d6e21-e204-467f-ad6c-a0a6f03cf712","block_type":"box","text":"term shareholder value. Our vote decisions are informed by our in-depth analysis of company disclosures,","page_number":218,"box":{"x":68,"y":286,"width":753,"height":12}},{"id":"85c7472c-6a1e-4a27-9469-01063975c208","block_type":"box","text":"engagement with boards and management teams, third-par ty research, and comparisons against a company’s","page_number":218,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"4ff6e7e7-0b9e-421e-8264-16a8e0b70773","block_type":"box","text":"industry peers.","page_number":218,"box":{"x":70,"y":317,"width":104,"height":11}},{"id":"24fe8d7f-7f18-454b-8667-0a2159632e5b","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment","page_number":218,"box":{"x":102,"y":339,"width":762,"height":12}},{"id":"79a47b5a-927d-41cc-879b-c1001c824dfd","block_type":"box","text":"horizons of the majority of our clients. An engagement is a meeting between BIS and a company’s board and","page_number":218,"box":{"x":69,"y":355,"width":774,"height":11}},{"id":"a13d96aa-0941-409f-a223-8ce66450b9c0","block_type":"box","text":"management that helps improve our understanding of the company’s business model and material risks and","page_number":218,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"b0b42192-bbc9-46e2-9748-def25617af46","block_type":"box","text":"oppor tunities, to inform our voting decisions on behalf of clients who authorize us to vote on their behalf. In these","page_number":218,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"81fc7b28-28ed-4e7d-8ad5-7dc6412aa724","block_type":"box","text":"two-way conversations, we listen to and learn directly from company directors and executives and ask questions","page_number":218,"box":{"x":68,"y":400,"width":799,"height":11}},{"id":"8fcbb4ee-76ac-44d3-b012-e06030d03808","block_type":"box","text":"relevant to their business. Either a company or BIS can request an engagement. Many of the engagements are","page_number":218,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"9e3b9221-c147-425a-9447-0233807a8319","block_type":"box","text":"initiated by companies to discuss their long-term strategy, risk and oppor tunity set, and management’s plan to deliver","page_number":218,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"80629584-fb8d-4d31-84cb-85750239229b","block_type":"box","text":"financial returns through business cycles. The ongoing, multiyear nature of our engagements allows us to build strong","page_number":218,"box":{"x":68,"y":445,"width":841,"height":12}},{"id":"1c55784c-aaa6-4030-9f20-f918af607e48","block_type":"box","text":"relationships with company leadership and mutual understanding on key matters of corporate governance and the","page_number":218,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"5400dc9e-bc93-4b06-8981-158faa576770","block_type":"box","text":"drivers of long-term financial per formance.","page_number":218,"box":{"x":69,"y":475,"width":301,"height":12}},{"id":"10a089a8-745a-494f-a0ef-4902822693da","block_type":"box","text":"Generally, we suppor t the vote recommendations of the board of directors and management. In case of","page_number":218,"box":{"x":102,"y":498,"width":737,"height":11}},{"id":"6fe37b7d-0785-4d5e-bf8d-e2262acb059d","block_type":"box","text":"concerns, we typically raise these through dialogue with board members and management teams first. When we","page_number":218,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"29eaf0a7-bcca-4497-aadd-f6e195dc79ef","block_type":"box","text":"determine it is in our clients’ financial interests to convey concern to companies through voting, we do so in two","page_number":218,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"36ce84b9-7984-4628-b281-9bb61453cb15","block_type":"box","text":"forms: we might not suppor t the election of directors or other management proposals, or we might not suppor t","page_number":218,"box":{"x":68,"y":543,"width":792,"height":12}},{"id":"9486d543-abf0-43ea-8132-80f7913c5486","block_type":"box","text":"management’s voting recommendation on a shareholder proposal.","page_number":218,"box":{"x":69,"y":559,"width":473,"height":11}},{"id":"cbab5119-9366-4c8a-b16a-59f75911317c","block_type":"box","text":"KEY THEMES","page_number":218,"box":{"x":441,"y":589,"width":96,"height":9}},{"id":"7d945e7a-6383-4ecb-bfec-5853cd38d7dd","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience,","page_number":218,"box":{"x":101,"y":612,"width":780,"height":11}},{"id":"e31c8d1c-67cb-4dd4-a340-4939b2857ad4","block_type":"box","text":"there are cer tain globally applicable fundamental elements of corporate governance that contribute to a company’s","page_number":218,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"26be408c-3004-41e0-8a97-70654a0da027","block_type":"box","text":"ability to create long-term financial value for shareholders. These global themes are set out in this overarching set of","page_number":218,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"6b29e00b-3cdf-4dfb-9dfc-be83cf020073","block_type":"box","text":"principles (the “Principles”), which are anchored in transparency and accountability.","page_number":218,"box":{"x":70,"y":657,"width":592,"height":11}},{"id":"628d761c-6864-44aa-b44c-39924a63464c","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in","page_number":218,"box":{"x":101,"y":680,"width":778,"height":11}},{"id":"a1a47c0f-74e3-43ce-be74-8220e518acf5","block_type":"box","text":"their domestic market,","page_number":218,"box":{"x":68,"y":695,"width":160,"height":10}},{"id":"e5143c07-9f67-439b-8a4a-0a42461c4873","block_type":"box","text":"3","page_number":218,"box":{"x":230,"y":695,"width":4,"height":5}},{"id":"81029f1b-3be7-4c4c-874a-b56935552f64","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better suppor ts durable, long","page_number":218,"box":{"x":240,"y":695,"width":669,"height":11}},{"id":"7ec42b8e-54a1-43bf-a608-1b6702bc5f13","block_type":"box","text":"term financial value creation.","page_number":218,"box":{"x":68,"y":710,"width":206,"height":9}},{"id":"f9cbd64a-67b0-438d-b562-e4b04ba74020","block_type":"box","text":"These Principles cover seven key subjects:","page_number":218,"box":{"x":68,"y":740,"width":313,"height":11}},{"id":"7ab1ca8a-da3e-4274-8864-9e1bfec93e93","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":763,"width":6,"height":5}},{"id":"05495aa3-7f95-48de-ab8f-120947b09039","block_type":"box","text":"Boards and directors","page_number":218,"box":{"x":102,"y":760,"width":147,"height":9}},{"id":"d05708e7-5666-4e55-a610-146b7552621b","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":783,"width":6,"height":5}},{"id":"3a6d8697-6495-46e6-ac82-908a7c19441c","block_type":"box","text":"Auditors and audit-related issues","page_number":218,"box":{"x":101,"y":781,"width":234,"height":8}},{"id":"8ccfe1d0-0cb1-4048-b861-55ec84cf6363","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":803,"width":6,"height":5}},{"id":"c9b6f76e-d96e-4893-b387-e0eb6dc3c651","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":218,"box":{"x":102,"y":801,"width":505,"height":11}},{"id":"c3bfeaa3-3780-441d-a0d4-ae938374fd91","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"3c0fcde9-f88c-44ae-aad4-ba88bfe9789e","block_type":"box","text":"Executive compensation","page_number":218,"box":{"x":102,"y":821,"width":170,"height":11}},{"id":"440d1d1f-c803-4867-a3c2-7c692b200003","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"f8fa8d15-d6d4-4cd6-b61a-417338dbc601","block_type":"box","text":"Material sustainability-related risks and oppor tunities","page_number":218,"box":{"x":102,"y":841,"width":379,"height":11}},{"id":"58e6bc0b-4c00-4684-aa4f-61be05a01809","block_type":"box","text":"3","page_number":218,"box":{"x":69,"y":870,"width":4,"height":5}},{"id":"bc3603ea-3f26-4995-a1d8-667fef01844d","block_type":"box","text":"Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and","page_number":218,"box":{"x":79,"y":870,"width":806,"height":11}},{"id":"2ff46b41-b54f-47b4-ba69-6b6564c2d3b8","block_type":"box","text":"norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best","page_number":218,"box":{"x":69,"y":885,"width":820,"height":11}},{"id":"f02cd141-6600-4ad3-8730-7b78bbacbd1f","block_type":"box","text":"practices, and industry initiatives, amongst other factors.","page_number":218,"box":{"x":70,"y":900,"width":406,"height":12}},{"id":"ba43f1e4-6f8b-4086-9154-24a5806265a3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ea9babc9-d40d-4384-91fa-f103031d69d3","block_type":"box","text":"Global Principles | 4","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"6d7977fc-3d2e-4c29-b374-0163f157dd2c","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a69e85b4-14c0-4c51-8651-831f353ef444","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"87879c6b-8ae9-47d5-9119-7c069279ceb6","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":219,"box":{"x":102,"y":45,"width":462,"height":11}},{"id":"d465c41d-709d-45f6-ab51-9d4ea98e8c27","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":68,"width":6,"height":4}},{"id":"be67b0e3-634e-4b1d-a044-9b55fdad57c7","block_type":"box","text":"Shareholder proposals","page_number":219,"box":{"x":102,"y":65,"width":160,"height":11}},{"id":"90e1b4e8-0818-433c-9fdf-77da312c7e02","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in","page_number":219,"box":{"x":102,"y":87,"width":775,"height":12}},{"id":"e9f56594-e3e8-4b08-9447-0ba160816e59","block_type":"box","text":"relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional","page_number":219,"box":{"x":69,"y":103,"width":808,"height":11}},{"id":"97c355dd-4223-45b1-8d4c-ad4e5c17dc6f","block_type":"box","text":"voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently","page_number":219,"box":{"x":68,"y":118,"width":834,"height":11}},{"id":"dc01e9f5-199f-4136-8985-0f1e5e332599","block_type":"box","text":"engage companies, where they are relevant, as these can be a source of material business risk or oppor tunity.","page_number":219,"box":{"x":69,"y":133,"width":790,"height":11}},{"id":"62760b2d-a0e7-4c43-8aa6-111464657817","block_type":"box","text":"Collectively, these BIS policies set out the core elements of corporate governance that guide our investment","page_number":219,"box":{"x":69,"y":148,"width":770,"height":11}},{"id":"8f6e9c81-0a42-43fa-9775-5dbcc96432c2","block_type":"box","text":"stewardship program globally and within each market. The BIS policies are not prescriptive, applied on a pragmatic,","page_number":219,"box":{"x":69,"y":163,"width":822,"height":11}},{"id":"27ecfbe6-09d3-4a97-a9c7-28388c6e7aa9","block_type":"box","text":"case-by-case basis, taking into consideration a number of factors, including the sector, market, and business","page_number":219,"box":{"x":69,"y":178,"width":777,"height":11}},{"id":"f64c299c-e279-4ebe-a85d-199dffaaecc4","block_type":"box","text":"environment within which a company is operating.","page_number":219,"box":{"x":69,"y":194,"width":352,"height":11}},{"id":"8b1508f1-fa50-4623-9f6b-c4f6f72c2056","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":219,"box":{"x":394,"y":224,"width":190,"height":9}},{"id":"fc7f409e-f617-49ed-8ec1-13d5c1d53349","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":219,"box":{"x":102,"y":246,"width":734,"height":11}},{"id":"e49ff730-7d49-46e5-84fb-e220b73efc6b","block_type":"box","text":"characteristics relevant to a company’s business enhance the ability of the board to add value and be the voice of","page_number":219,"box":{"x":69,"y":261,"width":815,"height":11}},{"id":"97bf96b5-1fe2-4d1a-aa43-60e25f33f0c0","block_type":"box","text":"shareholders in board discussions. A strong board gives a company a competitive advantage, providing valuable","page_number":219,"box":{"x":69,"y":277,"width":798,"height":11}},{"id":"8b9a0744-1633-4fa8-8506-9e4621e0d428","block_type":"box","text":"oversight and contributing to the most impor tant management decisions that suppor t long-term financial","page_number":219,"box":{"x":69,"y":292,"width":744,"height":11}},{"id":"17497221-43c0-44f9-abe7-677e8f621d37","block_type":"box","text":"per formance. As par t of their responsibilities, board members have a fiduciary duty to shareholders to oversee the","page_number":219,"box":{"x":70,"y":307,"width":818,"height":11}},{"id":"032953e3-ff0c-4cb6-b304-bb28cd453f2d","block_type":"box","text":"strategic direction, operations, and risk management of a company. This is why our investment stewardship effor ts","page_number":219,"box":{"x":69,"y":322,"width":820,"height":11}},{"id":"7a3f212f-4568-428f-ac9b-f2c1941a9815","block_type":"box","text":"have always star ted with the per formance of the board of directors, and why we see engagement with, and the","page_number":219,"box":{"x":69,"y":337,"width":790,"height":11}},{"id":"13ce1971-1bfc-4af5-864e-7487dac03b0e","block_type":"box","text":"election of, directors as one of our most impor tant responsibilities. We engage, as necessary, with members of the","page_number":219,"box":{"x":69,"y":352,"width":823,"height":11}},{"id":"b10b2195-7357-40a4-9c3c-08fed8186a73","block_type":"box","text":"board’s nominating and/or governance committee to assess whether governance practices and board composition","page_number":219,"box":{"x":69,"y":367,"width":818,"height":11}},{"id":"988eb8e9-b36b-47d2-9083-971db7641cf8","block_type":"box","text":"are appropriate given a company’s business model and we take into consideration a number of factors, including the","page_number":219,"box":{"x":69,"y":382,"width":833,"height":12}},{"id":"1387facd-1928-4b54-b534-9a71b3e9e9e7","block_type":"box","text":"sector, market, and business environment within which a company is operating.","page_number":219,"box":{"x":69,"y":398,"width":566,"height":11}},{"id":"e8023591-a9ff-4218-b0a1-f704d45b912a","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective","page_number":219,"box":{"x":101,"y":420,"width":762,"height":11}},{"id":"59c8ed49-1c05-4ff8-b57e-3098397bfcf7","block_type":"box","text":"governance mechanisms to suppor t its oversight of the company’s strategy and operations consistent with the long","page_number":219,"box":{"x":68,"y":435,"width":829,"height":11}},{"id":"e0ee4ccc-f24d-4cbe-9f61-ba45ba55c3db","block_type":"box","text":"term economic interests of investors. There should be clear descriptions of the role of the board and the committees","page_number":219,"box":{"x":68,"y":450,"width":836,"height":11}},{"id":"8bfe4d4d-3bce-4859-af1a-aee2f61f6424","block_type":"box","text":"of the board and how directors engage with and oversee management. Disclosure of material risks that may affect a","page_number":219,"box":{"x":69,"y":465,"width":830,"height":12}},{"id":"1e5c9990-55f4-4dd1-abc9-216e9a4cc77e","block_type":"box","text":"company’s long-term strategy and financial value creation, including material sustainability-related factors when","page_number":219,"box":{"x":69,"y":481,"width":792,"height":11}},{"id":"6a3beb4c-0134-4f43-8c4a-cae166f1acbc","block_type":"box","text":"relevant, is helpful for investors to appropriately understand and assess how effectively management is identifying,","page_number":219,"box":{"x":69,"y":496,"width":820,"height":11}},{"id":"7d607e24-5126-43f6-9188-76b9784dcd02","block_type":"box","text":"managing, and mitigating such risks.","page_number":219,"box":{"x":69,"y":511,"width":260,"height":11}},{"id":"3bf30f94-046a-492c-a121-076670a54d9d","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should","page_number":219,"box":{"x":101,"y":534,"width":775,"height":11}},{"id":"e808728f-d186-4d2e-ba8f-10d6f8da6298","block_type":"box","text":"assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful","page_number":219,"box":{"x":69,"y":549,"width":815,"height":11}},{"id":"03d0585e-f6ab-4a95-b24f-b2cf13548fb2","block_type":"box","text":"when company disclosures provide a detailed explanation of the changes and an indication of the board’s role in","page_number":219,"box":{"x":68,"y":564,"width":803,"height":11}},{"id":"6e0ee548-c47d-496a-9974-8192f2fd1680","block_type":"box","text":"reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these mechanisms in","page_number":219,"box":{"x":69,"y":579,"width":759,"height":11}},{"id":"54e0d849-0060-4667-aa38-706bd88de5e3","block_type":"box","text":"overseeing the management of business risks and oppor tunities and the fulfillment of the company’s strategy.","page_number":219,"box":{"x":69,"y":594,"width":786,"height":11}},{"id":"919c24b2-bf34-44f3-9be6-8262e2b99be0","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate","page_number":219,"box":{"x":101,"y":617,"width":782,"height":11}},{"id":"0fdca9d3-fb3f-46e6-9c69-a29b8f4669b8","block_type":"box","text":"governance and risk oversight responsibilities, we may consider voting against the election of directors who, on our","page_number":219,"box":{"x":68,"y":632,"width":822,"height":11}},{"id":"60c7ab6a-d272-451d-bcd0-67919f64c915","block_type":"box","text":"assessment, have par ticular responsibility for the issues. We assess director per formance on a case-by-case basis","page_number":219,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"0ae02a53-5719-47c9-804d-40618cac3a8c","block_type":"box","text":"and in light of each company’s circumstances, taking into consideration its governance, business practices that","page_number":219,"box":{"x":69,"y":662,"width":797,"height":11}},{"id":"025c5989-47b6-47ff-93a5-0ff5fce66a13","block_type":"box","text":"suppor t durable, long-term financial value creation, and per formance. Set out below are factors we may take into","page_number":219,"box":{"x":69,"y":677,"width":806,"height":11}},{"id":"4c9b0860-017f-4172-8987-b66d4dbae6a7","block_type":"box","text":"consideration.","page_number":219,"box":{"x":69,"y":692,"width":99,"height":9}},{"id":"532666e0-e4be-4ec7-8f85-e8b29d96dab2","block_type":"box","text":"Regular accountability through director elections","page_number":219,"box":{"x":69,"y":723,"width":358,"height":11}},{"id":"db7206bf-da6d-4b83-8032-31a02fcdf2da","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a","page_number":219,"box":{"x":101,"y":745,"width":767,"height":11}},{"id":"e2784d26-c9bd-453d-b7b1-85f0abaa0d9e","block_type":"box","text":"regular basis, ideally annually.","page_number":219,"box":{"x":69,"y":760,"width":212,"height":12}},{"id":"eda545dd-c80a-4f5c-b5cf-a433bd2f5f5d","block_type":"box","text":"4","page_number":219,"box":{"x":283,"y":761,"width":5,"height":4}},{"id":"3927e379-639c-44e9-a0b8-1f9eb04225ca","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for board","page_number":219,"box":{"x":293,"y":760,"width":562,"height":11}},{"id":"5d5ce7e1-c4fa-4aa1-92ed-3aa923376680","block_type":"box","text":"members and/or hold them accountable for their decisions in a timely manner. When board members are not elected","page_number":219,"box":{"x":69,"y":775,"width":836,"height":11}},{"id":"e45253a1-2aca-4ad8-8984-065154938919","block_type":"box","text":"annually, in our experience, it is good practice for boards to have a rotation policy to ensure that, through a board","page_number":219,"box":{"x":69,"y":790,"width":808,"height":12}},{"id":"5269cec6-6d49-4372-a411-8b33a96c726a","block_type":"box","text":"cycle, all directors have had their appointment re-confirmed, with a propor tion of directors being put forward for","page_number":219,"box":{"x":69,"y":806,"width":794,"height":11}},{"id":"07d66869-a031-4dca-b707-07f906785dbf","block_type":"box","text":"election at each annual general meeting.","page_number":219,"box":{"x":69,"y":821,"width":289,"height":11}},{"id":"3fe86d7e-14de-4046-b7d4-315cb8f3c41c","block_type":"box","text":"4","page_number":219,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"9f270bd3-b482-434e-8f4d-419f32d293d1","block_type":"box","text":"In most markets directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":219,"box":{"x":79,"y":850,"width":790,"height":11}},{"id":"0c30c429-0b00-4d5b-a080-5dc210abdab2","block_type":"box","text":"market regulation or voluntary best practice.","page_number":219,"box":{"x":69,"y":865,"width":314,"height":11}},{"id":"73aab306-7b6c-4345-86df-bb31cc8537b9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d6c596f1-c49f-4c4b-b19f-2e5784846fe3","block_type":"box","text":"Global Principles | 5","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"42664ae2-5cc5-439c-ad91-0967ff505c3d","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ef4178a-7ed5-48f5-a228-40fb61f6160a","block_type":"box","text":"Effective board composition","page_number":220,"box":{"x":69,"y":45,"width":203,"height":11}},{"id":"4d9f9ffb-7e44-4fb3-81dd-8a19408aa18b","block_type":"box","text":"Regular director elections also give boards the oppor tunity to adjust their composition in an orderly way to reflect","page_number":220,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"ce7b771d-a059-4dc1-b9ef-2498b4d43d0b","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":220,"box":{"x":69,"y":82,"width":831,"height":12}},{"id":"15a9f3a4-3f6f-4c4d-993f-37118230a537","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":220,"box":{"x":69,"y":98,"width":758,"height":11}},{"id":"64a1b842-fc0e-4b09-a52a-327e40c1633f","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":220,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"1e249dc7-0bc5-45e6-9c54-0196a0cf3cd8","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":220,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"161471eb-c61a-41ac-ad56-efad92f2e9d4","block_type":"box","text":"recently.","page_number":220,"box":{"x":69,"y":143,"width":57,"height":11}},{"id":"64a8be20-ca7a-47f8-8439-121d2d03993c","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess","page_number":220,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"2f60d2d5-3650-4568-8336-1fbc3e4f444b","block_type":"box","text":"directors nominated for election in the context of the composition of the board as a whole. In our view, the company’s","page_number":220,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"60551ac3-cc56-4f48-bc3c-cebf4644c1ff","block_type":"box","text":"assessment should consider a number of factors, including each director’s independence and time commitments, as","page_number":220,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"a1db94a4-fcfb-42f6-bef7-4d2b65cc4356","block_type":"box","text":"well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the","page_number":220,"box":{"x":68,"y":211,"width":824,"height":11}},{"id":"1df2c085-bdd2-433f-aad4-714425ed9a90","block_type":"box","text":"board’s effectiveness in advising and overseeing management in delivering long-term financial returns.","page_number":220,"box":{"x":69,"y":226,"width":731,"height":11}},{"id":"51aac8c1-fac9-4923-ac9a-09709c7357f4","block_type":"box","text":"Director independence – from management, significant shareholders, or other related par ties – is a central tenet","page_number":220,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"2fd429dd-b9c1-413f-9d82-09aad94c3f3d","block_type":"box","text":"of sound corporate governance across markets.","page_number":220,"box":{"x":69,"y":264,"width":339,"height":11}},{"id":"380d5909-ae16-488c-82fe-3e5c97024292","block_type":"box","text":"5","page_number":220,"box":{"x":410,"y":264,"width":4,"height":5}},{"id":"7464796c-4f35-47f9-920b-c07b752533f4","block_type":"box","text":"We encourage boards to have a sufficient number of independent","page_number":220,"box":{"x":420,"y":264,"width":468,"height":11}},{"id":"ce8e59f2-4a39-49fb-af39-2ff7d9196c94","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":220,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"ae93931d-7eb3-429d-8ee0-44ae5c8ae4f7","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":220,"box":{"x":69,"y":294,"width":813,"height":11}},{"id":"c8dc73f7-70f8-48b1-a1b0-ec81d4f2304f","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":220,"box":{"x":69,"y":309,"width":566,"height":11}},{"id":"578586a7-d455-459c-bc18-0eed0134a6e9","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":220,"box":{"x":102,"y":332,"width":531,"height":11}},{"id":"c56c96de-8b46-43e3-ac65-440ffdd1ebee","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":355,"width":6,"height":5}},{"id":"f78b4685-decd-47a9-9853-a6b3639adddb","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":220,"box":{"x":102,"y":352,"width":438,"height":11}},{"id":"a7ccc18c-bc6f-43cc-952c-a4142c10dcd6","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":375,"width":6,"height":5}},{"id":"77517cad-3b26-4632-9b86-83a1524b1259","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":220,"box":{"x":102,"y":372,"width":606,"height":11}},{"id":"23314cfd-dd90-41e2-917b-97e1032ab562","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"7eab98b8-bf0a-447b-abe9-bdcc8da1c8cc","block_type":"box","text":"Interlocking directorships","page_number":220,"box":{"x":102,"y":393,"width":177,"height":11}},{"id":"c91ca4ec-94ee-4bc1-819c-fd664c4b0887","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"c00f449e-a804-4272-adfb-b0da94f6db93","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":220,"box":{"x":102,"y":413,"width":761,"height":11}},{"id":"0e03cbba-9262-4662-8aeb-56b81856daf2","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":220,"box":{"x":102,"y":428,"width":738,"height":11}},{"id":"1406478d-f86d-47df-9fad-e4f5a1ca9243","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":220,"box":{"x":102,"y":450,"width":775,"height":12}},{"id":"1bd90a47-e3ed-4022-b705-3196a9abb341","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":220,"box":{"x":70,"y":466,"width":827,"height":11}},{"id":"3fa70b94-e698-4559-ac4c-5b7f897bece7","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness","page_number":220,"box":{"x":70,"y":481,"width":831,"height":11}},{"id":"c39fe8a8-274d-44fd-aaa3-a83c58c47d44","block_type":"box","text":"of the independent members of the board through shaping the agenda, ensuring adequate information is provided to","page_number":220,"box":{"x":69,"y":496,"width":831,"height":11}},{"id":"1327789e-7963-48db-af01-76e345d001cd","block_type":"box","text":"the board, and encouraging independent director par ticipation in board deliberations. The lead independent director","page_number":220,"box":{"x":68,"y":511,"width":826,"height":11}},{"id":"0fd68e5d-564c-4257-87d0-2b14dafbbbca","block_type":"box","text":"or another appropriate director should be available to meet with shareholders in those situations where an","page_number":220,"box":{"x":69,"y":526,"width":759,"height":11}},{"id":"a5a95b29-be71-487b-a8c9-f105e7ea09be","block_type":"box","text":"independent director is best placed to explain and contextualize a company’s approach.","page_number":220,"box":{"x":70,"y":541,"width":624,"height":11}},{"id":"f52136f9-aedb-455e-8350-c1474b8d297f","block_type":"box","text":"There are matters for which the board has responsibility that may involve a conflict of interest for executives or","page_number":220,"box":{"x":101,"y":564,"width":791,"height":11}},{"id":"f26f1c1e-1674-4411-b4b0-2f26551f8dd3","block_type":"box","text":"for affiliated directors or require additional focus. It is our view that objective oversight of such matters is best","page_number":220,"box":{"x":68,"y":579,"width":787,"height":11}},{"id":"93cd8ca6-f4a6-435f-b7dc-f69433a2b269","block_type":"box","text":"achieved when the board forms committees with a majority of independent directors, depending on market norms","page_number":220,"box":{"x":69,"y":594,"width":809,"height":11}},{"id":"eac7407e-eea4-48ba-98e3-ccd5bf90d471","block_type":"box","text":"and a company’s ownership structure. In many markets, these committees of the board specialize in audit, director","page_number":220,"box":{"x":69,"y":609,"width":823,"height":11}},{"id":"a5788128-5e0b-4745-a557-26a37db8451e","block_type":"box","text":"nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special","page_number":220,"box":{"x":69,"y":624,"width":767,"height":11}},{"id":"f813884e-eded-48bb-b3ca-bc1dbd609564","block_type":"box","text":"transaction, par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":220,"box":{"x":68,"y":639,"width":698,"height":12}},{"id":"f260ced6-7e15-4a53-814a-c5a42f4bc026","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":220,"box":{"x":101,"y":662,"width":802,"height":11}},{"id":"c177c9f7-869d-4c9b-843f-975d05f49825","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":220,"box":{"x":69,"y":677,"width":818,"height":11}},{"id":"65ef0da2-0ee5-4e0e-b60f-1e5cfa08177b","block_type":"box","text":"within overall board composition. These disclosures should give an understanding of how the collective experience","page_number":220,"box":{"x":68,"y":692,"width":816,"height":11}},{"id":"b5de6476-be8a-4704-b053-718c853f08ec","block_type":"box","text":"and exper tise of the board, as well as the par ticular skill sets of individual directors, aligns with the company’s long","page_number":220,"box":{"x":69,"y":707,"width":831,"height":12}},{"id":"aa15ed2e-e90e-46e3-8527-58ff51068bc6","block_type":"box","text":"term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a","page_number":220,"box":{"x":68,"y":722,"width":829,"height":12}},{"id":"123bc0e7-644e-4c70-b19b-e0738928f078","block_type":"box","text":"company’s business and strategy enhance the ability of the board to add value and be the voice of shareholders in","page_number":220,"box":{"x":69,"y":738,"width":818,"height":11}},{"id":"ed7e7c0f-8aa7-46aa-8652-ebe066003ec5","block_type":"box","text":"board discussions.","page_number":220,"box":{"x":69,"y":753,"width":133,"height":9}},{"id":"b5dfe3fc-b236-4a87-a71a-6bd7c4f6fdf0","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":220,"box":{"x":102,"y":775,"width":775,"height":11}},{"id":"939f0971-271a-4a97-8e46-fb40da20f7c4","block_type":"box","text":"room. We see it as a means of promoting diversity of thought to avoid “group think” in the board’s exercise of its","page_number":220,"box":{"x":69,"y":790,"width":806,"height":12}},{"id":"a32417a6-49a5-49bb-a870-df2c3775533d","block_type":"box","text":"responsibilities to advise and oversee management.","page_number":220,"box":{"x":69,"y":806,"width":371,"height":11}},{"id":"a1d70add-919a-4cbf-a717-80d37462dc32","block_type":"box","text":"5","page_number":220,"box":{"x":69,"y":835,"width":4,"height":5}},{"id":"b26b432a-db7a-4b0a-adf2-a312a622879f","block_type":"box","text":"Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Repor ting","page_number":220,"box":{"x":79,"y":835,"width":792,"height":11}},{"id":"a30d8654-3454-4583-9630-9aad8945434a","block_type":"box","text":"Council. “UK Corporate Governance Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance","page_number":220,"box":{"x":69,"y":850,"width":793,"height":11}},{"id":"7887e2ca-ac2d-4355-9f10-85b290d171c7","block_type":"box","text":"Principles for US Listed Companies.”","page_number":220,"box":{"x":69,"y":865,"width":261,"height":11}},{"id":"bf1e837b-f5ef-4c8f-9a37-3bae2141d772","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a6a5530d-4410-4f98-bccc-d2b6bca17e7b","block_type":"box","text":"Global Principles | 6","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"c25827fa-85dd-4f61-b2c2-d26663751042","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c214a69f-3900-4a26-95a0-8572c5633ca1","block_type":"box","text":"In assessing board composition, we take a case-by-case approach based on a company’s board size, business","page_number":221,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"d44e2397-85d8-48b5-83e6-9417caa77e59","block_type":"box","text":"model, strategy, location and market capitalization. We look for companies to explain how their approach to board","page_number":221,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"4f2d6f8a-f810-4c5c-b712-bf4144a49065","block_type":"box","text":"composition suppor ts the company’s governance practices.","page_number":221,"box":{"x":69,"y":75,"width":424,"height":11}},{"id":"8b1afe87-7846-4054-b34e-f2dfc6d08963","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with","page_number":221,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"cb245ee8-5751-4fc5-bc31-9147ce2d57d4","block_type":"box","text":"companies, par ticularly if there is a risk their board composition may be misaligned. We ask boards to disclose,","page_number":221,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"fb93ace3-06f2-46cf-bea0-e0039a182e74","block_type":"box","text":"consistent with local laws, how diversity, including professional and personal characteristics, is considered in board","page_number":221,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"8eb8cd14-e18c-481c-85f1-8de49151d588","block_type":"box","text":"composition, given the company’s long-term strategy and business model.","page_number":221,"box":{"x":69,"y":143,"width":528,"height":11}},{"id":"a9568a45-1580-4d07-863e-a625e86207c7","block_type":"box","text":"6","page_number":221,"box":{"x":598,"y":143,"width":5,"height":5}},{"id":"f92ba254-e55f-4051-8e8a-834ee69c4856","block_type":"box","text":"Sufficient capacity","page_number":221,"box":{"x":68,"y":173,"width":137,"height":11}},{"id":"d2041715-9e97-492a-a0d9-e475281d2b3d","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":221,"box":{"x":101,"y":196,"width":763,"height":11}},{"id":"56cb2604-7262-47cf-9560-02ca71f2df8f","block_type":"box","text":"appropriate amount of time to board and committee matters. It is impor tant that directors have the capacity to meet","page_number":221,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"48d19f73-4592-4071-8743-f1ce3f094281","block_type":"box","text":"all of their responsibilities – including when there are unforeseen events – and therefore, they should not take on an","page_number":221,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"1054e0e3-5cd2-445b-a308-ec2b5cfed583","block_type":"box","text":"excessive number of roles that would impair their ability to fulfill their duties.","page_number":221,"box":{"x":69,"y":241,"width":545,"height":11}},{"id":"e708aa64-3095-40ff-a200-4cbb31424310","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":221,"box":{"x":342,"y":272,"width":293,"height":8}},{"id":"9b77e8ec-25a6-4ed5-82af-66e650299bae","block_type":"box","text":"BlackRock recognizes the critical impor tance of financial statements, which should provide a true and fair picture","page_number":221,"box":{"x":102,"y":294,"width":806,"height":11}},{"id":"ac47cf98-b73b-4c13-af98-795c1517d685","block_type":"box","text":"of a company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by","page_number":221,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"7daf2bf0-259e-4a20-ba0e-54587c6b21ab","block_type":"box","text":"the auditor in preparing the financial statements to be reasonable and justified.","page_number":221,"box":{"x":68,"y":324,"width":567,"height":12}},{"id":"dbd93a54-438d-4367-98e3-9e1884197403","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted","page_number":221,"box":{"x":101,"y":347,"width":805,"height":11}},{"id":"89b9826d-2c5c-4851-ac71-7a0a206d04f7","block_type":"box","text":"under market-specific accounting rules, is of paramount impor tance to BlackRock. Investors increasingly recognize","page_number":221,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"83508ea1-ab59-464c-a440-9aa03709d0cf","block_type":"box","text":"that a broader range of risks and oppor tunities have the potential to materially impact financial per formance. Over","page_number":221,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"60edadcf-2daa-4cb2-bb87-1aa4be7fa4ff","block_type":"box","text":"time, we anticipate investors and other users of company repor ting will increasingly seek to understand and","page_number":221,"box":{"x":68,"y":392,"width":769,"height":12}},{"id":"3941339b-d433-4aa5-833d-f3033f2889c2","block_type":"box","text":"scrutinize the assumptions underlying financial statements, par ticularly those that per tain to the impact of the","page_number":221,"box":{"x":69,"y":407,"width":787,"height":12}},{"id":"927fec41-903c-4bd0-9763-c1eae2c5ff13","block_type":"box","text":"transition to a low-carbon economy on a company’s business model and asset mix. We recognize that this is an area","page_number":221,"box":{"x":68,"y":423,"width":833,"height":11}},{"id":"cce810a9-8767-47b9-8656-66ad23e79ca0","block_type":"box","text":"of evolving practice and note that international standards setters, such as the International Financial Repor ting","page_number":221,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"0d0407d5-4c36-43b7-8c65-03ab31ee36d8","block_type":"box","text":"Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop","page_number":221,"box":{"x":69,"y":453,"width":824,"height":11}},{"id":"0fb3a424-249b-48be-bace-28817daf0bbe","block_type":"box","text":"their guidance to companies.","page_number":221,"box":{"x":68,"y":468,"width":206,"height":11}},{"id":"83b0c842-7507-4d6b-ac3f-950aea4e9b18","block_type":"box","text":"7","page_number":221,"box":{"x":276,"y":468,"width":4,"height":5}},{"id":"28de5c2e-a273-4660-bba7-23bb05ebb9eb","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial repor ting system by","page_number":221,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"f44e40aa-db97-4208-9286-fe86770bdd18","block_type":"box","text":"providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non","page_number":221,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"d19a9c8a-9286-427a-9127-74c045a9ef06","block_type":"box","text":"financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":221,"box":{"x":68,"y":521,"width":835,"height":10}},{"id":"b640aad2-6d0f-4e64-851d-b2e02bf5181a","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":221,"box":{"x":69,"y":536,"width":537,"height":11}},{"id":"abc21f90-c3fa-45b1-aae1-242029aab0e1","block_type":"box","text":"8","page_number":221,"box":{"x":607,"y":536,"width":5,"height":5}},{"id":"45bdb305-8eb4-477e-a5ba-95852782d4b0","block_type":"box","text":"In our view, effective audit committee","page_number":221,"box":{"x":618,"y":536,"width":265,"height":10}},{"id":"a466ed2f-624f-4445-ac3c-c69815003966","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an impor tant level","page_number":221,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"bc2efcd6-e92e-404b-9f09-d2ab8034c280","block_type":"box","text":"of reassurance to shareholders.","page_number":221,"box":{"x":69,"y":566,"width":226,"height":9}},{"id":"cfcde76a-d3e6-4cfd-9525-12b99a521183","block_type":"box","text":"Audit committees or equivalent should have clearly ar ticulated char ters that set out their responsibilities and","page_number":221,"box":{"x":101,"y":589,"width":777,"height":11}},{"id":"9001b34e-ca53-4457-91d8-74edd04dac31","block_type":"box","text":"have a rotation plan in place that allows for a periodic refreshment of the committee membership to introduce fresh","page_number":221,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"3dd50e62-e140-4f3a-8ca2-aa48e6efe0cd","block_type":"box","text":"perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the","page_number":221,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"0d23d300-452a-4e7c-b479-819d9c173719","block_type":"box","text":"independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have","page_number":221,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"d5d6407c-e86d-478c-87e8-f8326565c73b","block_type":"box","text":"relevant exper tise to monitor and oversee the audit process and related activities.","page_number":221,"box":{"x":69,"y":650,"width":585,"height":10}},{"id":"4c3d840c-03c7-489e-89ad-4ac09b31f32f","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":221,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"b20de770-440f-4476-905f-91973fc1617b","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should","page_number":221,"box":{"x":69,"y":687,"width":783,"height":11}},{"id":"910170fd-d951-498d-a5b1-8adb0f42c71f","block_type":"box","text":"provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor","page_number":221,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"e91304ab-e470-4509-b953-1e47c5e47a88","block_type":"box","text":"or internal audit function.","page_number":221,"box":{"x":69,"y":717,"width":178,"height":9}},{"id":"5501ea74-acd6-4d85-80e9-fcb701772b8c","block_type":"box","text":"6","page_number":221,"box":{"x":69,"y":747,"width":4,"height":4}},{"id":"fdeee1de-c918-4416-97f3-5f99ed5e545b","block_type":"box","text":"Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status;","page_number":221,"box":{"x":79,"y":747,"width":775,"height":11}},{"id":"a8e6446b-f289-4360-a3c0-4d0e266a8fb6","block_type":"box","text":"LGBTQ+; and national, Indigenous, religious, or cultural identity.","page_number":221,"box":{"x":70,"y":762,"width":451,"height":11}},{"id":"14674a78-ab89-46ab-a7e4-ce4bd99d69ce","block_type":"box","text":"7","page_number":221,"box":{"x":69,"y":780,"width":4,"height":4}},{"id":"f197c8e3-69ce-455c-8fe9-e5255fd24e64","block_type":"box","text":"IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and","page_number":221,"box":{"x":79,"y":779,"width":829,"height":12}},{"id":"25197905-5355-44d7-8544-3706723a1bac","block_type":"box","text":"IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”,","page_number":221,"box":{"x":70,"y":795,"width":796,"height":11}},{"id":"0c0ba4e7-b890-4a90-ad2d-d97de44ba7de","block_type":"box","text":"August 2023.","page_number":221,"box":{"x":68,"y":810,"width":96,"height":11}},{"id":"5e982e3c-be3e-4bdf-929e-e409e811a552","block_type":"box","text":"8","page_number":221,"box":{"x":69,"y":828,"width":4,"height":4}},{"id":"d41034a9-d03f-4f35-a648-c20b6719959c","block_type":"box","text":"Enterprise risk management is a process, effected by the entity’s board of directors, management, and other","page_number":221,"box":{"x":79,"y":827,"width":779,"height":12}},{"id":"449a9e26-22ad-4782-a3b5-8fced25d1f60","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":221,"box":{"x":70,"y":842,"width":834,"height":12}},{"id":"5605b4bf-208c-4071-b2f5-d9a1a7a7979e","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":221,"box":{"x":68,"y":858,"width":841,"height":11}},{"id":"06b38f83-389e-4aad-b663-b97f3ab36b83","block_type":"box","text":"of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":221,"box":{"x":69,"y":873,"width":763,"height":11}},{"id":"778a68e6-4c95-47f8-86f2-7ade0b851225","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":221,"box":{"x":70,"y":888,"width":271,"height":11}},{"id":"bff66eb0-44ec-49ee-b1f6-8466a3d6b77b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0b84c38c-5ce1-4ed7-b76f-ab9c538ecb23","block_type":"box","text":"Global Principles | 7","page_number":221,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"595e981b-1dfa-4732-b900-42c2a62629d6","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d59c39ee-2caa-43e4-af38-2dae3c717b82","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective","page_number":222,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"8fea3377-529e-4607-9bed-803f0958841f","block_type":"box","text":"check on management. To that end, it is impor tant that auditors are, and are seen to be, independent. Where an","page_number":222,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"a1bac9af-410d-4300-aa24-131e9b90b827","block_type":"box","text":"audit firm provides services to the company in addition to the audit, we look for the fees earned to be disclosed and","page_number":222,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"54533428-0013-4b19-8020-5cfc0b50a7c6","block_type":"box","text":"explained. We look for Audit committees to have in place a procedure for assessing annually the independence of the","page_number":222,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"209f566d-9056-436f-bf56-679924dfa29f","block_type":"box","text":"auditor and the quality of the external audit process.","page_number":222,"box":{"x":69,"y":105,"width":373,"height":11}},{"id":"557e6cf3-621b-4256-ba78-f90db3a9bbc2","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk","page_number":222,"box":{"x":102,"y":128,"width":732,"height":11}},{"id":"5363b0d7-c846-4763-bc22-32c9f0009494","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":222,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"df8a8fe1-59b3-4917-b988-18ff6827bfc4","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":222,"box":{"x":68,"y":158,"width":806,"height":11}},{"id":"cac631b4-b88f-4f1f-82e2-2c332d8b13b3","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors and management’s steps to","page_number":222,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"e0e25ce6-c1c2-4f7e-a70a-473516830f57","block_type":"box","text":"address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not","page_number":222,"box":{"x":69,"y":188,"width":766,"height":11}},{"id":"e8a4f0d7-0998-4b61-bb5f-87f856a206b5","block_type":"box","text":"adequately managing risk.","page_number":222,"box":{"x":69,"y":204,"width":185,"height":11}},{"id":"cce8320f-3148-44c6-a35b-2f6d07b4297b","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":222,"box":{"x":169,"y":234,"width":640,"height":10}},{"id":"f8c54031-9963-4c22-b74f-6506e605f896","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":222,"box":{"x":101,"y":256,"width":798,"height":11}},{"id":"6b6b826e-fafe-40c6-bd4e-cf5992e33144","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":222,"box":{"x":70,"y":271,"width":824,"height":12}},{"id":"fd3cfc74-b66a-47a4-9cd7-42af595a62c0","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":222,"box":{"x":70,"y":286,"width":460,"height":12}},{"id":"022d37b6-23fa-4ac7-bcb7-85dd949a8332","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance.","page_number":222,"box":{"x":102,"y":309,"width":729,"height":11}},{"id":"149fe9af-d9f2-46bc-a9d5-38c29c98b56f","block_type":"box","text":"Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company,","page_number":222,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"5a4d0bcd-78d6-40a4-8b96-21b8b7d3c81c","block_type":"box","text":"and voting rights should match economic exposure,","page_number":222,"box":{"x":69,"y":340,"width":365,"height":11}},{"id":"eb49ed13-15ce-4bcf-953b-b243135be208","block_type":"box","text":"i.e.","page_number":222,"box":{"x":442,"y":340,"width":20,"height":8}},{"id":"7aee6cf9-c8d2-4105-acff-8232e0e4f705","block_type":"box","text":"one share, one vote.","page_number":222,"box":{"x":469,"y":340,"width":145,"height":10}},{"id":"e52c44ee-4312-43ab-a45a-f45630625b22","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential,","page_number":222,"box":{"x":102,"y":362,"width":792,"height":11}},{"id":"67007c8a-b448-4c28-9bb4-933971cf4e74","block_type":"box","text":"differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of","page_number":222,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"0bae1aff-5964-48e1-9d9a-c0d1675eecf1","block_type":"box","text":"propor tionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising","page_number":222,"box":{"x":70,"y":392,"width":801,"height":12}},{"id":"7b4676e9-0ff9-4a20-84d9-e4d7af4b9cd5","block_type":"box","text":"other shareholders and amplifying any potential conflicts of interest. However, we recognize that in cer tain markets,","page_number":222,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"3942231b-41db-4170-ba43-0d23ea82dcd8","block_type":"box","text":"at least for a period of time, companies may have a valid argument for listing dual classes of shares with","page_number":222,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"557b384c-d946-4402-b701-d16266ee1413","block_type":"box","text":"differentiated voting rights. In our view, such companies should review these share class structures on a regular","page_number":222,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"231d1edb-a022-42f0-a352-2a93eb4e03b9","block_type":"box","text":"basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital","page_number":222,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"3486c176-7758-476f-9791-3f18bdc3f098","block_type":"box","text":"structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":222,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"bef073d8-12d3-43db-9a96-f89975ce7237","block_type":"box","text":"should give unaffiliated shareholders the oppor tunity to affirm the current structure or establish mechanisms to end","page_number":222,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"a73f7f06-45ef-4134-8d30-d501b92f64f6","block_type":"box","text":"or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":222,"box":{"x":69,"y":498,"width":705,"height":11}},{"id":"432f992e-1e38-4521-93ce-5333bdfc254a","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long","page_number":222,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"5051f119-11b9-4661-951f-2eeb6f3d2b1a","block_type":"box","text":"term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the","page_number":222,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"b9aef180-d439-4f56-b108-2baa152efd25","block_type":"box","text":"economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it","page_number":222,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"984625e4-3520-406a-860b-0dae6a4f029a","block_type":"box","text":"can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed","page_number":222,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"2f2a923c-c8b3-4096-92cc-7b7c80336752","block_type":"box","text":"transactions have the unanimous suppor t of the board and have been negotiated at arm’s length. We may seek","page_number":222,"box":{"x":68,"y":581,"width":799,"height":12}},{"id":"beceaaa5-e376-4f41-9b17-0e2ea49c433b","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction","page_number":222,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"16aa60d2-7ca1-4619-9765-7a7bd5d2c8ce","block_type":"box","text":"have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction","page_number":222,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"9a08b0db-e4d2-4c89-89c2-591824aa4cd9","block_type":"box","text":"involves related par ties, the recommendation to suppor t should come from the independent directors, a best","page_number":222,"box":{"x":70,"y":627,"width":779,"height":11}},{"id":"e0c42a51-2d81-482d-84cd-a883838a0569","block_type":"box","text":"practice in most markets, and ideally, the terms should have been assessed through an independent appraisal","page_number":222,"box":{"x":70,"y":642,"width":789,"height":11}},{"id":"ba4d554f-9cdd-4162-87f2-d4e16cbc561a","block_type":"box","text":"process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted par ties.","page_number":222,"box":{"x":70,"y":657,"width":762,"height":11}},{"id":"b2a2f3ff-ff81-4408-a257-102e02745fd2","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":222,"box":{"x":101,"y":680,"width":806,"height":11}},{"id":"8375368a-1737-41df-9f39-3523f8434db7","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":222,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"ba57c27b-ae0d-4163-9b09-0272a528a3c5","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":222,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"3510729c-ecde-425d-af09-a0204dc36242","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":222,"box":{"x":70,"y":725,"width":826,"height":11}},{"id":"2e16b171-df0f-46bc-b215-142b7ab8f1df","block_type":"box","text":"their own best interests. We encourage any so-called “shareholder rights plans” proposed by a board to be subject to","page_number":222,"box":{"x":68,"y":740,"width":838,"height":11}},{"id":"211441de-7888-45aa-96aa-753e0e94fbfd","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":222,"box":{"x":69,"y":755,"width":472,"height":11}},{"id":"7e1ce190-6888-494c-b6e6-c16b49419a49","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":222,"box":{"x":385,"y":786,"width":207,"height":8}},{"id":"8d297e81-f61c-4997-990e-b2b3c93ae3db","block_type":"box","text":"In most markets, one of the most impor tant roles for a company’s board of directors is to put in place a","page_number":222,"box":{"x":102,"y":808,"width":742,"height":11}},{"id":"f8b52cd3-53b5-480c-a8c6-0e138ec843fc","block_type":"box","text":"compensation structure that incentivizes and rewards executives appropriately. Executive compensation is an","page_number":222,"box":{"x":69,"y":823,"width":779,"height":11}},{"id":"e104c99f-2dd9-4aba-9ba6-65949b8c569d","block_type":"box","text":"impor tant tool used by companies to suppor t long-term financial value creation. In our experience, well-structured","page_number":222,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"493e0a20-0b8f-4175-b8f9-a3bf151b7146","block_type":"box","text":"compensation policies reward the successful delivery of strategic, operational, and/or financial goals, encourage an","page_number":222,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"a87b3cba-b7fc-4026-ac3e-fd0cd0467227","block_type":"box","text":"appropriate risk appetite, and align the interests of shareholders and executives through equity ownership.","page_number":222,"box":{"x":69,"y":869,"width":760,"height":11}},{"id":"60f07691-0b0b-42dc-a035-23ee0cef0af6","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial per formance.","page_number":222,"box":{"x":101,"y":891,"width":712,"height":11}},{"id":"5f2e0a5d-d4e9-48b2-82f9-bdecede4e7d6","block_type":"box","text":"Per formance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not","page_number":222,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"f5e948d2-187d-4471-ae56-12375764ae0e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d9eef0c6-69de-48df-83ea-56265ed9c570","block_type":"box","text":"Global Principles | 8","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"95690bdf-74c6-4d7e-bb37-697e81e8cfba","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ffd30192-f0b2-4272-b486-2c65221649be","block_type":"box","text":"have a position on whether companies should use sustainability-related criteria in compensation structures, but,","page_number":223,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"7574fc2d-b1e3-4549-b9b5-83046d7211ba","block_type":"box","text":"where they are included, we look to companies to be as rigorous as they would be in setting other financial or","page_number":223,"box":{"x":68,"y":60,"width":783,"height":11}},{"id":"00679e75-c66a-47fe-a0d3-e7aca2b8cf09","block_type":"box","text":"operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual","page_number":223,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"2d56293b-1b51-451b-85e3-e7b158181505","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a","page_number":223,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"25589eab-1462-4623-b0b0-8460d848d1fd","block_type":"box","text":"period of years.","page_number":223,"box":{"x":70,"y":105,"width":108,"height":11}},{"id":"70285e35-fa32-442e-98b3-4533ab05279a","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees –","page_number":223,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"ca3580e2-c178-41cd-b188-0a7b2ba0ae80","block_type":"box","text":"or board members responsible for setting executive compensation – should carefully consider the company’s specific","page_number":223,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"b86310b0-2632-4230-9c4f-879c9890ef10","block_type":"box","text":"circumstances, such as its risk profile, the environment in which it operates, and the individuals the board is trying to","page_number":223,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"1e7c4211-1419-419d-a42e-e2dc52f1cf11","block_type":"box","text":"attract, retain and incentivize. We look to the compensation committees to guard against contractual arrangements","page_number":223,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"f3e60bb0-6cf7-4138-bb67-afeda3dab4f8","block_type":"box","text":"that would entitle executives to material compensation for early termination of their employment. Finally, pension","page_number":223,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"2d0895c6-06c4-437f-973b-4ee500fc81b3","block_type":"box","text":"contributions and other deferred compensation arrangements should be reasonable in light of market practices or the","page_number":223,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"16267459-af82-401a-899b-b1502f96d49b","block_type":"box","text":"company’s business and executive compensation strategies.","page_number":223,"box":{"x":69,"y":219,"width":433,"height":11}},{"id":"fff101c7-e080-4647-929a-6a1f44bace79","block_type":"box","text":"We are not suppor tive of one-off or special bonuses unrelated to company or individual per formance. Where","page_number":223,"box":{"x":101,"y":241,"width":772,"height":11}},{"id":"867c526a-1405-460c-91df-995f609b350a","block_type":"box","text":"discretion has been used by the compensation committee or its equivalent, we appreciate disclosure relating to how","page_number":223,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"4734af72-e2ca-4380-b330-b17f33a3869d","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. We","page_number":223,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"45c68d8d-4425-4e86-b1c6-206a2b990a68","block_type":"box","text":"acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay;","page_number":223,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"b6b00a14-bc0b-4844-93b0-5b8d35add4ed","block_type":"box","text":"however, we are concerned when the rationale for increases in total compensation at a company is solely based on","page_number":223,"box":{"x":69,"y":302,"width":822,"height":11}},{"id":"8f762e6d-8ae3-4b05-835d-75c879a441e7","block_type":"box","text":"peer benchmarking, rather than also considering rigorous measures of outper formance. We encourage companies to","page_number":223,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"b03b7502-c535-4ecd-802b-851ce1849a70","block_type":"box","text":"clearly explain how compensation outcomes have rewarded per formance.","page_number":223,"box":{"x":69,"y":332,"width":522,"height":11}},{"id":"343be92e-2a40-4405-836b-b7e8e4e7e944","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could","page_number":223,"box":{"x":101,"y":355,"width":786,"height":11}},{"id":"b2ab8fb9-bf88-48fa-94f0-977c48c27d99","block_type":"box","text":"clawback compensation or require executives to forgo awards when compensation was based on faulty financial","page_number":223,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"6e1486b0-edae-452c-b547-8f527468382c","block_type":"box","text":"statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any","page_number":223,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"94411055-4ed5-4768-b6d0-16100f683521","block_type":"box","text":"awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational","page_number":223,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"8132b92a-2cd7-4429-8dde-dc6552d23abf","block_type":"box","text":"risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material","page_number":223,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"678dc87f-0d71-402e-a654-66605b3dad23","block_type":"box","text":"restatement of past results.","page_number":223,"box":{"x":69,"y":430,"width":198,"height":11}},{"id":"755d1e92-9ea8-4957-b04e-11fece951a03","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":223,"box":{"x":102,"y":453,"width":803,"height":11}},{"id":"1a225b0d-cd49-431b-945f-78ca2ec24238","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":223,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"35f7197a-0822-45d9-92d3-e0f45c821285","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":223,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"e2f820cc-ca34-493d-8989-1f219a1cd6cf","block_type":"box","text":"whom they are charged with overseeing.","page_number":223,"box":{"x":68,"y":498,"width":285,"height":11}},{"id":"1d0444af-e8c2-427f-9706-8c42a880c0e0","block_type":"box","text":"BIS may convey concerns through not suppor ting management’s proposals to approve compensation, where they","page_number":223,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"d7e104ce-be76-410e-9fd2-b8957e3fe057","block_type":"box","text":"are on the agenda. We may also vote against members of the compensation committee or equivalent board members","page_number":223,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"c7f3f59a-9b82-483c-bf78-9586bdd8ecfe","block_type":"box","text":"for poor compensation practices or structures.","page_number":223,"box":{"x":68,"y":551,"width":331,"height":11}},{"id":"24e99096-39a6-420e-b391-119ebdc9d78e","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":223,"box":{"x":247,"y":581,"width":484,"height":9}},{"id":"72d27f4b-124c-4cd2-aad4-7f4263659727","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related","page_number":223,"box":{"x":102,"y":604,"width":782,"height":11}},{"id":"6fdf72db-4ea2-42d4-bdc6-7dc4d141a5ea","block_type":"box","text":"risks and oppor tunities relevant to their businesses.","page_number":223,"box":{"x":69,"y":619,"width":372,"height":11}},{"id":"ad8521cc-10d4-4aac-a341-ef88e540ddb7","block_type":"box","text":"9","page_number":223,"box":{"x":443,"y":620,"width":4,"height":4}},{"id":"5806072e-28e8-486e-b741-4f973d94fa3b","block_type":"box","text":"As with all risks and oppor tunities in a company’s business","page_number":223,"box":{"x":453,"y":619,"width":424,"height":11}},{"id":"497111d5-23a8-4611-8f58-3a93fdd0ca85","block_type":"box","text":"model, appropriate oversight of material sustainability considerations is a core component of having an effective","page_number":223,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"3fd55950-be1d-4000-a709-aa9366b0e6bc","block_type":"box","text":"governance framework that suppor ts durable, long-term financial value creation.","page_number":223,"box":{"x":68,"y":649,"width":570,"height":12}},{"id":"e1391a84-4952-4bf1-8a54-9121f57ff32c","block_type":"box","text":"9","page_number":223,"box":{"x":69,"y":702,"width":4,"height":4}},{"id":"7af41710-89d5-4a11-9d18-7a016e30f7a1","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":223,"box":{"x":79,"y":701,"width":822,"height":11}},{"id":"e645361b-71a3-460d-9474-8ce90aa04604","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":223,"box":{"x":69,"y":716,"width":835,"height":12}},{"id":"ff5f0868-f394-43ae-a4a4-30d6c036fde1","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":223,"box":{"x":70,"y":731,"width":827,"height":12}},{"id":"5f128a63-63b3-458e-8a06-c6b58b499616","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":223,"box":{"x":70,"y":747,"width":826,"height":11}},{"id":"5c0e76c6-d96f-4441-b8c6-414d0f567bb6","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":223,"box":{"x":69,"y":762,"width":433,"height":11}},{"id":"1c344f60-3a72-4bf8-92b2-31933eecb5cb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ab0b28ec-1ffd-4d2d-b1a1-f08c42e6838c","block_type":"box","text":"Global Principles | 9","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"3f808de0-b8fc-4795-a15e-1a785d587adb","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eace8f08-239e-47b3-91fe-9f7149accd7a","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to","page_number":224,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"d8ce15c4-72a1-4bdd-a0b2-3b0cde8d927d","block_type":"box","text":"material sustainability-related risks and oppor tunities. We find it helpful when companies’ disclosures demonstrate","page_number":224,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"91727ac1-c014-4551-87f5-09f59c2a96db","block_type":"box","text":"that they have a resilient business model that integrates material sustainability-related risks and oppor tunities into","page_number":224,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"ef2a0c94-1048-4c63-9b89-4b2268c11900","block_type":"box","text":"their strategy, risk management, and metrics and targets, including industry-specific metrics. The International","page_number":224,"box":{"x":68,"y":90,"width":786,"height":11}},{"id":"2b2ade23-0aa1-47f8-9d10-77d95969e41d","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2","page_number":224,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"088f8257-61fc-4981-9316-4267706ecc69","block_type":"box","text":"10","page_number":224,"box":{"x":538,"y":106,"width":9,"height":4}},{"id":"2624c60f-4acf-4fae-aeec-75a652acdde4","block_type":"box","text":"may prove helpful to companies in preparing this","page_number":224,"box":{"x":553,"y":105,"width":346,"height":11}},{"id":"bc93c4d0-5a1f-477d-8936-ba8a7ad0f1e6","block_type":"box","text":"disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":224,"box":{"x":69,"y":120,"width":834,"height":11}},{"id":"e1409b67-3dc1-470b-bb43-b6453972af8e","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":224,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"160acf55-a219-4e7d-95a9-9625a15aa304","block_type":"box","text":"converged under the ISSB. We recognize that companies may phase in repor ting aligned with the ISSB standards","page_number":224,"box":{"x":69,"y":151,"width":806,"height":11}},{"id":"cd60ce2c-4679-4f0c-aeee-12d4d4709cf3","block_type":"box","text":"over several years. We also recognize that some companies may repor t using different standards, which may be","page_number":224,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"66c86d41-8a7b-45f5-a2d1-6d5a1974e87f","block_type":"box","text":"required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies highlight","page_number":224,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"d6e7157b-61a6-4319-9855-86d249631f10","block_type":"box","text":"the metrics that are industry- or company-specific.","page_number":224,"box":{"x":68,"y":196,"width":356,"height":11}},{"id":"1c4511fa-9bcd-4e59-9fb9-07965f373307","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and","page_number":224,"box":{"x":101,"y":218,"width":739,"height":12}},{"id":"4cb4d196-bb14-4c47-b312-921b43fe84bf","block_type":"box","text":"aggregate data from various internal and external sources. We recognize that the practical realities of data collection","page_number":224,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"acceaa60-3850-4f84-8c51-5110d2974548","block_type":"box","text":"and repor ting may not line up with financial repor ting cycles and companies may require additional time after their","page_number":224,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"d2dec6a0-57f0-4d56-afda-c64148e10fd4","block_type":"box","text":"fiscal year-end to accurately collect, analyze, and repor t this data to investors. That said, while we do not prescribe","page_number":224,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"feb76398-c964-4b56-a873-0b4890271d37","block_type":"box","text":"timelines regarding when companies make these disclosures, we encourage them to produce climate and other","page_number":224,"box":{"x":68,"y":279,"width":797,"height":11}},{"id":"a785c3b7-dde6-4531-9743-037e78afb7ff","block_type":"box","text":"sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to","page_number":224,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"fd7be43c-9739-442b-861a-2a035b8475ad","block_type":"box","text":"provide investors with time to assess the data and make informed decisions.","page_number":224,"box":{"x":70,"y":309,"width":549,"height":11}},{"id":"139bf184-8e60-4022-afb5-cea18a6b538b","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct","page_number":224,"box":{"x":102,"y":332,"width":773,"height":11}},{"id":"7a6aeaf4-0761-4952-a14f-229b27e839ed","block_type":"box","text":"issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and","page_number":224,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"e697ba96-965d-4dd6-90b7-8ace4850799d","block_type":"box","text":"Development. Fur ther, industry initiatives on managing specific operational risks may provide useful guidance to","page_number":224,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"79f683ce-5435-49aa-8a11-8ffdee3b275e","block_type":"box","text":"companies on best practices and disclosures. While not a voting item, we find it helpful to our understanding of","page_number":224,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"c9f95aac-0def-4b60-98a7-efc080011123","block_type":"box","text":"investment risk when companies disclose any relevant global climate and other sustainability-related standards","page_number":224,"box":{"x":70,"y":393,"width":792,"height":11}},{"id":"f7f35713-99ce-4efd-9803-a9a0c316c846","block_type":"box","text":"adopted, the industry initiatives in which they par ticipate, any peer group benchmarking under taken, and any","page_number":224,"box":{"x":69,"y":408,"width":776,"height":11}},{"id":"fd695236-b2a7-42a4-9e44-63366ce73ec4","block_type":"box","text":"assurance processes to help investors understand their approach to sustainable and responsible business practices.","page_number":224,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"7df296df-7d2b-4b13-8e80-0926fefc3ec3","block_type":"box","text":"10","page_number":224,"box":{"x":69,"y":467,"width":9,"height":5}},{"id":"b69d0e32-bc39-43d8-ad68-b225eedbb394","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":224,"box":{"x":83,"y":467,"width":804,"height":11}},{"id":"2cba850f-f42f-416a-87a4-c95c17737cf8","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and oppor tunities that is useful to","page_number":224,"box":{"x":69,"y":482,"width":792,"height":11}},{"id":"5a64f1e9-30d4-4af3-b7eb-fed8c9cd76aa","block_type":"box","text":"primary users of general-purpose financial repor ts in making decisions relating to providing resources to the entity.","page_number":224,"box":{"x":70,"y":497,"width":816,"height":11}},{"id":"c7309d48-812c-4dab-933d-ba1e2a56ee95","block_type":"box","text":"The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its climate","page_number":224,"box":{"x":68,"y":512,"width":829,"height":11}},{"id":"f8d972cf-457b-4017-83ad-48499eae5210","block_type":"box","text":"related risks and oppor tunities that is useful to primary users of general-purpose financial repor ts in making","page_number":224,"box":{"x":69,"y":527,"width":773,"height":12}},{"id":"7f2b3dd2-ec74-4728-b83d-cb28cc5ca761","block_type":"box","text":"decisions relating to providing resources to the entity.","page_number":224,"box":{"x":69,"y":543,"width":381,"height":11}},{"id":"9ee1e758-0673-45d6-b768-3e676e4d8c3e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"eb56987e-3392-4f82-9c8d-8ca19ac47ae6","block_type":"box","text":"Global Principles | 10","page_number":224,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"1af9b415-6383-46cb-80e3-070cbffa4793","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"141e340c-8a25-4b80-af8a-018a599be3cb","block_type":"box","text":"Climate and nature-related risk","page_number":225,"box":{"x":69,"y":45,"width":226,"height":9}},{"id":"abc2995e-75ed-49c8-b4d8-fd7a281abff8","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":225,"box":{"x":102,"y":67,"width":718,"height":12}},{"id":"116d25d1-4fe5-4105-b58b-32777c586fbf","block_type":"box","text":"11","page_number":225,"box":{"x":822,"y":68,"width":8,"height":4}},{"id":"aef2573b-fc66-43d1-9641-203251293770","block_type":"box","text":"Our","page_number":225,"box":{"x":836,"y":67,"width":24,"height":9}},{"id":"39840a4e-4975-4a76-b03f-fb53e3424d92","block_type":"box","text":"research shows that the low-carbon transition is a structural shift in the global economy that will be shaped by","page_number":225,"box":{"x":69,"y":82,"width":787,"height":12}},{"id":"61026fda-9955-4f0e-af7b-0dbfb5cd9710","block_type":"box","text":"changes in government policies, technology, and consumer and investor preferences, which may be material for many","page_number":225,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"1695e7a6-8381-4579-8d8e-ad68331200fd","block_type":"box","text":"companies.","page_number":225,"box":{"x":69,"y":113,"width":80,"height":11}},{"id":"079c866b-2271-42b3-93b4-efa4288caeaa","block_type":"box","text":"12","page_number":225,"box":{"x":151,"y":113,"width":9,"height":4}},{"id":"0df4f5f3-9447-4e92-a04e-9eb5846e4584","block_type":"box","text":"Yet the path to a low-carbon economy is uncer tain and uneven, with different par ts of the economy","page_number":225,"box":{"x":166,"y":113,"width":705,"height":11}},{"id":"e95511ca-30b1-474c-84c2-7933ee4bce72","block_type":"box","text":"moving at different speeds. BIS recognizes that it can be challenging for companies to predict the impact of climate","page_number":225,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"1dab7258-21d6-4a3b-bd31-63d3cc6ed04c","block_type":"box","text":"related risk and oppor tunity on their businesses and operating environments. Many companies are assessing how to","page_number":225,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"b4f7a157-64cf-4dca-b497-1e4083a3460f","block_type":"box","text":"navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these","page_number":225,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"b22597bd-dc71-4640-9206-b9dbfe3ab7e5","block_type":"box","text":"climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model","page_number":225,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"073413e4-32e7-4a12-92df-a3a465db1a69","block_type":"box","text":"and sector, how they intend to deliver long-term financial per formance through the transition to a low-carbon","page_number":225,"box":{"x":69,"y":188,"width":769,"height":12}},{"id":"e8cc22db-a073-4bd2-aead-1d6c729fbcbd","block_type":"box","text":"economy, including where available, their transition plan.","page_number":225,"box":{"x":69,"y":204,"width":402,"height":11}},{"id":"046c83bd-4c88-42d0-86b1-5aa4d6b5fcbe","block_type":"box","text":"13","page_number":225,"box":{"x":473,"y":204,"width":9,"height":4}},{"id":"c54c1f28-46c7-4e13-a4c7-242bf17bf233","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors","page_number":225,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"ed922754-90fe-445a-ba6f-d35162f6e0b1","block_type":"box","text":"assess company-specific climate-related risks and oppor tunities, and inform investment decisions.","page_number":225,"box":{"x":69,"y":241,"width":704,"height":11}},{"id":"7a4055c9-63fc-4a59-b1a3-0b59ee9b30cc","block_type":"box","text":"14","page_number":225,"box":{"x":775,"y":242,"width":9,"height":4}},{"id":"1e460077-c2c3-4356-8fdf-640c9dd42eed","block_type":"box","text":"Such","page_number":225,"box":{"x":789,"y":241,"width":34,"height":9}},{"id":"99bdd5fc-ec9f-4f56-8cfa-33543a2cb2e6","block_type":"box","text":"disclosures also provide investors with insights into how companies are managing the risks associated with climate","page_number":225,"box":{"x":69,"y":257,"width":825,"height":11}},{"id":"04d590b9-95c6-4b42-8142-ee45f0303b73","block_type":"box","text":"change by managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":225,"box":{"x":69,"y":271,"width":779,"height":12}},{"id":"d629763d-fac1-4e39-992b-62633e40eb35","block_type":"box","text":"Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such","page_number":225,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"28cf690e-7269-4fe8-8950-240ac8ad9192","block_type":"box","text":"climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed","page_number":225,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"f37c0196-926f-40ad-80f2-e0c706dd84ee","block_type":"box","text":"as best practice in the market.","page_number":225,"box":{"x":69,"y":317,"width":217,"height":11}},{"id":"e9289383-1411-4058-ae3a-fe5b2ec182ce","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures","page_number":225,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"b3c7ceaf-804d-4806-88e2-51b65666f180","block_type":"box","text":"and engagement, the strategies companies have in place to manage material risks to, and oppor tunities for, their","page_number":225,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"a7a0af4c-70d1-4c58-9087-9fbac42a6f8f","block_type":"box","text":"long-term business model associated with a range of climate-related scenarios. This includes a scenario in which","page_number":225,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"5b6a9c43-0a3d-4d38-8c12-587f13219dc6","block_type":"box","text":"global warming is limited to well below 2°C, considering ambitions to achieve a limit of 1.5°C, the temperature goal","page_number":225,"box":{"x":68,"y":385,"width":821,"height":11}},{"id":"74189605-ddcb-4126-bbbc-fe8c77417a96","block_type":"box","text":"recently reaffirmed by G20 members as par t of the 2024 Leader’s Declaration.","page_number":225,"box":{"x":69,"y":400,"width":565,"height":11}},{"id":"43e11fac-0671-43ce-a7fd-7bb2543c1b56","block_type":"box","text":"15","page_number":225,"box":{"x":636,"y":400,"width":9,"height":5}},{"id":"77da7ee3-6636-4f20-a507-0d9326a096fe","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting shor t-, medium- and long-term","page_number":225,"box":{"x":101,"y":423,"width":783,"height":11}},{"id":"c73b807e-29a5-4a93-bf3e-ec1275ada9e0","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":225,"box":{"x":68,"y":438,"width":765,"height":11}},{"id":"230a8ba7-3b28-4ba2-9b0c-146fb24adb5e","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":225,"box":{"x":69,"y":453,"width":773,"height":11}},{"id":"3c5abcb2-d9da-4970-bd9c-0f69af689025","block_type":"box","text":"interests of their investors.","page_number":225,"box":{"x":70,"y":468,"width":190,"height":9}},{"id":"5ea86386-cd4a-48bf-848e-71e043ff9193","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":225,"box":{"x":101,"y":491,"width":784,"height":11}},{"id":"43fb2cae-1903-4364-8590-3998d0c45b5d","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":225,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"2506eb00-0829-4a80-b16e-e6b90383ecdd","block_type":"box","text":"11","page_number":225,"box":{"x":69,"y":535,"width":9,"height":5}},{"id":"e055a57d-23ab-4339-a28a-a4dceb7f4333","block_type":"box","text":"BlackRock Investment Institute, “Mega forces: An investment oppor tunity”, 2023.","page_number":225,"box":{"x":84,"y":535,"width":582,"height":11}},{"id":"0e257806-313e-4307-8fae-439f6f0957cb","block_type":"box","text":"12","page_number":225,"box":{"x":69,"y":553,"width":9,"height":4}},{"id":"5692d7c2-ac69-4223-bbf0-ee24cb282589","block_type":"box","text":"BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":225,"box":{"x":84,"y":553,"width":566,"height":11}},{"id":"03ce11ba-fa42-405c-a390-c6f615406768","block_type":"box","text":"13","page_number":225,"box":{"x":69,"y":571,"width":9,"height":4}},{"id":"6e711523-8cf6-42c5-8588-7ac60c1c96ca","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in a number of","page_number":225,"box":{"x":83,"y":570,"width":769,"height":12}},{"id":"36286adb-4c70-45b7-a1bb-123aff45032f","block_type":"box","text":"markets are signaling their intentions to require them or already have requirements in place, such as Australia,","page_number":225,"box":{"x":69,"y":586,"width":791,"height":11}},{"id":"bb27847a-475b-4341-9940-1a5f189a69fe","block_type":"box","text":"Brazil, and the European Union. We view transition plans as a method for a company to both internally assess and","page_number":225,"box":{"x":70,"y":600,"width":814,"height":12}},{"id":"40412dc4-bcaf-4660-bdd1-5f9005e117bf","block_type":"box","text":"externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the","page_number":225,"box":{"x":69,"y":616,"width":829,"height":11}},{"id":"f4829722-49ee-4c15-ab1c-75190f27855e","block_type":"box","text":"global transition towards a low-carbon economy. Transition plans are building momentum internationally, with","page_number":225,"box":{"x":68,"y":631,"width":775,"height":11}},{"id":"3ed9138f-e94c-4863-a1f1-887ab448b731","block_type":"box","text":"increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial","page_number":225,"box":{"x":70,"y":646,"width":779,"height":11}},{"id":"2605249b-5d02-4e86-ac80-117bdec9b4a2","block_type":"box","text":"industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on","page_number":225,"box":{"x":70,"y":661,"width":838,"height":11}},{"id":"b312501a-196f-44f3-9407-887f9ec9a396","block_type":"box","text":"the key elements these plans should contain. We view useful disclosure as one that communicates a company’s","page_number":225,"box":{"x":68,"y":676,"width":805,"height":11}},{"id":"3ae7b610-d849-4d1d-9e86-0cd190735e61","block_type":"box","text":"approach to managing financially material business relevant risks and oppor tunities – including climate-related risks","page_number":225,"box":{"x":69,"y":691,"width":827,"height":11}},{"id":"58c9154c-9aeb-4c8d-a02f-d08a211f5cc2","block_type":"box","text":"– to deliver long-term financial per formance, which allows investors to make more informed decisions. While","page_number":225,"box":{"x":68,"y":706,"width":773,"height":12}},{"id":"903316e3-be42-421b-8655-54188d59d473","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":225,"box":{"x":68,"y":721,"width":813,"height":11}},{"id":"1139f40f-21b5-4e6a-9b12-24492ba4adbc","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":225,"box":{"x":68,"y":737,"width":819,"height":11}},{"id":"8b1c5ef6-454b-4bca-938a-6d650980d7d3","block_type":"box","text":"actions and resource implications.","page_number":225,"box":{"x":69,"y":752,"width":244,"height":11}},{"id":"822ed830-0084-4c17-ab7f-8278c2afe3b0","block_type":"box","text":"14","page_number":225,"box":{"x":69,"y":770,"width":9,"height":4}},{"id":"6c05f3c3-40f0-43ed-b457-d8ca4d4597d3","block_type":"box","text":"BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that","page_number":225,"box":{"x":84,"y":769,"width":749,"height":12}},{"id":"993d6fd7-13ea-4816-a369-eaddbec30fa3","block_type":"box","text":"companies may phase in repor ting aligned with the ISSB standards over several years, depending on local","page_number":225,"box":{"x":69,"y":785,"width":757,"height":11}},{"id":"9db25916-f434-457c-b23c-f12d57828cb4","block_type":"box","text":"requirements. We also recognize and respect that some companies may repor t using different local standards, which","page_number":225,"box":{"x":69,"y":799,"width":837,"height":12}},{"id":"530a31bc-4b7c-4e59-9133-17264c007e7a","block_type":"box","text":"may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies","page_number":225,"box":{"x":69,"y":815,"width":805,"height":11}},{"id":"0bd4c87e-d61f-448f-a9a8-3ea4884da41a","block_type":"box","text":"disclose their rationale for repor ting in line with the specific disclosure framework chosen and highlight the metrics","page_number":225,"box":{"x":69,"y":830,"width":818,"height":11}},{"id":"9a945f88-de30-429e-8285-b5da555f95f3","block_type":"box","text":"that are industry- or company-specific.","page_number":225,"box":{"x":68,"y":845,"width":271,"height":11}},{"id":"e1050d91-092e-4dee-bb70-c3accc8c7533","block_type":"box","text":"15","page_number":225,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"3376382a-611b-4b07-85a8-0680e2014c0a","block_type":"box","text":"In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as par t of the Leader’s","page_number":225,"box":{"x":84,"y":862,"width":769,"height":12}},{"id":"ccf3e819-8ad3-491c-b521-05dc8e5637e6","block_type":"box","text":"Declaration. G20 members include the world’s major economies (19 countries and two regional bodies, the European","page_number":225,"box":{"x":70,"y":878,"width":836,"height":11}},{"id":"aa2f289e-533e-418b-abee-b3b934a24ae0","block_type":"box","text":"Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and","page_number":225,"box":{"x":70,"y":893,"width":819,"height":11}},{"id":"b5e55f2a-1d10-4cc8-963e-b4516ced44a5","block_type":"box","text":"about two-thirds of the world population.","page_number":225,"box":{"x":69,"y":908,"width":285,"height":11}},{"id":"0d0611df-06a4-42fe-87ce-5ebbe24d0f73","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d7989a06-0b24-41b7-bfdc-c3856aa0b9f5","block_type":"box","text":"Global Principles | 11","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"40c7d89e-1a08-4c54-ad10-8146720be6fe","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb1cc1cb-85db-4849-ba33-ae18a43d9bb4","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":226,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"3fb6870c-e152-4036-b1c5-9b2706ef666e","block_type":"box","text":"companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith","page_number":226,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"b56a1ba4-9214-4c61-9223-2ddae086df34","block_type":"box","text":"basis as methodology develops. Our publicly available commentary provides more information on our approach to","page_number":226,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"efd2272a-efc7-49a0-aa6e-3585e61bd463","block_type":"box","text":"climate-related risks and oppor tunities.","page_number":226,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"1144a88e-6120-400f-a846-ab0ab377a594","block_type":"box","text":"In addition to climate-related risks and oppor tunities, the management of nature-related factors is increasingly a","page_number":226,"box":{"x":102,"y":113,"width":799,"height":11}},{"id":"46c51d1c-d747-431a-bde2-da2c6c91dac9","block_type":"box","text":"component of some companies’ ability to generate durable, long-term financial returns for shareholders, par ticularly","page_number":226,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"33928893-9715-4665-9ea0-def5a9dc180f","block_type":"box","text":"where a company’s strategy is heavily reliant on the availability of natural capital, or whose supply chains are","page_number":226,"box":{"x":68,"y":143,"width":778,"height":11}},{"id":"0b86bae7-3fda-4039-a496-db9aa626f23d","block_type":"box","text":"exposed to locations with nature-related risks. We look for such companies to disclose how they manage any reliance","page_number":226,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"5cdc5888-e469-45cd-a0e3-e7ac46212f2c","block_type":"box","text":"and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and","page_number":226,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"67d0d4b2-85ed-4e59-88d6-0ee944cbbd10","block_type":"box","text":"targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform","page_number":226,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"8e1e1f02-10e3-46b6-bd74-5a5377edad12","block_type":"box","text":"our view of how a company is managing material nature-related risks and oppor tunities. We rely on company","page_number":226,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"fb8ac7d9-f997-4d2c-80f9-d2749932ff68","block_type":"box","text":"disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly","page_number":226,"box":{"x":69,"y":219,"width":821,"height":11}},{"id":"abcc524b-7b50-421d-bf6f-eb8822eb3459","block_type":"box","text":"available commentary provides more information on our approach to natural capital.","page_number":226,"box":{"x":69,"y":234,"width":598,"height":11}},{"id":"6e1b1b89-9f30-4c41-9420-6df19fac67ed","block_type":"box","text":"16","page_number":226,"box":{"x":669,"y":234,"width":9,"height":4}},{"id":"20b276df-bd9c-41ce-97dc-f96e1732fe40","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":226,"box":{"x":69,"y":264,"width":521,"height":11}},{"id":"ce2fd4b0-3363-405d-8c01-c785048b75ea","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various","page_number":226,"box":{"x":102,"y":286,"width":782,"height":12}},{"id":"6a283fa9-1732-42a8-ad9d-444c5e1de805","block_type":"box","text":"par ties on whom they depend for their success over time. It is for each company to determine their key stakeholders","page_number":226,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"9deb8e10-a82b-4d86-8eac-6fe9579ca685","block_type":"box","text":"based on what is material to their business and long-term financial per formance. For many companies, key","page_number":226,"box":{"x":69,"y":317,"width":763,"height":11}},{"id":"cbdafb88-84db-44ea-8728-6fe4be7b6f51","block_type":"box","text":"stakeholders include employees, business par tners (such as suppliers and distributors), clients and consumers,","page_number":226,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"0031268b-6150-4a26-b13c-c25c3987c5ef","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":226,"box":{"x":69,"y":347,"width":391,"height":11}},{"id":"a134c8bd-e95e-4ac5-9a5d-9fbdd4ed75a0","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":226,"box":{"x":101,"y":370,"width":783,"height":11}},{"id":"4239ea7e-02f2-4bc2-a6b3-9f0bf0041d82","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":226,"box":{"x":70,"y":385,"width":755,"height":11}},{"id":"bfc46b86-a8a3-4e9d-8de2-1cd694e6ff32","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":226,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"8eac404c-c5f0-4bde-a710-eed5cee9c5a8","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested to","page_number":226,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"1b6c735f-96b9-4a2f-9db8-5c8eda810fe7","block_type":"box","text":"understand how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":226,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"9b9df33b-55a0-4cd0-a788-842ea260a5de","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy.","page_number":226,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"2f50c8bc-79fd-4001-a40b-e0dec98e7167","block_type":"box","text":"Companies should ar ticulate how they address material adverse impacts that could arise from their business","page_number":226,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"462839ec-5dea-4220-a5df-341eba51114f","block_type":"box","text":"practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the","page_number":226,"box":{"x":70,"y":483,"width":800,"height":11}},{"id":"1dd135a1-18ae-4ab4-b7e6-6046414bd6a0","block_type":"box","text":"extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential","page_number":226,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"b41ed4d1-6597-4ebd-a003-4c039d165bf7","block_type":"box","text":"adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view,","page_number":226,"box":{"x":69,"y":514,"width":763,"height":11}},{"id":"29bc7008-94e4-4805-94a4-07f67375ad3d","block_type":"box","text":"maintaining trust within these relationships can contribute to a company’s long-term success.","page_number":226,"box":{"x":69,"y":529,"width":668,"height":11}},{"id":"4f3892ec-31a2-46a3-810a-41df2c47f739","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":226,"box":{"x":192,"y":559,"width":594,"height":9}},{"id":"3f20c0dc-5899-4218-ae42-f9350443d676","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial per formance and","page_number":226,"box":{"x":102,"y":581,"width":753,"height":12}},{"id":"c6c20c5e-42d2-4a6a-a4e0-8d110bc25274","block_type":"box","text":"viability of the companies in which they invest. In addition, companies should publish information on the governance","page_number":226,"box":{"x":68,"y":596,"width":829,"height":12}},{"id":"91c239c3-2e3f-47a1-bf62-2d8eeb59588f","block_type":"box","text":"structures in place and the rights of shareholders to influence these structures. The repor ting and disclosure","page_number":226,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"877adc38-1401-4094-8d97-e1f42413a195","block_type":"box","text":"provided by companies help shareholders assess the effectiveness of the board’s oversight of management and","page_number":226,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"57b81410-1e1e-4cd1-8e9e-8b03b87aa47f","block_type":"box","text":"whether investors’ economic interests have been protected. As a general principle, we believe shareholders should","page_number":226,"box":{"x":68,"y":642,"width":821,"height":11}},{"id":"7624f67a-531b-4d7d-bc61-1df03c63e8ab","block_type":"box","text":"have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit","page_number":226,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"7236a108-e904-4e04-adbb-a677d21beb86","block_type":"box","text":"proposals to the shareholders’ meeting, and to call special meetings of shareholders.","page_number":226,"box":{"x":70,"y":672,"width":610,"height":11}},{"id":"d6f3c855-81ac-402c-85c4-6d3b929a94d5","block_type":"box","text":"16","page_number":226,"box":{"x":69,"y":717,"width":9,"height":4}},{"id":"328336d5-0268-486f-a8cd-6c1a00adc579","block_type":"box","text":"Given the growing awareness of the materiality of these issues for cer tain businesses, enhanced repor ting on a","page_number":226,"box":{"x":84,"y":716,"width":797,"height":12}},{"id":"a3277fb8-bd4b-4fef-814f-a315e526d1bf","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final","page_number":226,"box":{"x":69,"y":731,"width":784,"height":12}},{"id":"a277b32e-fa4c-4e7e-8799-b8ab1e8c6ea4","block_type":"box","text":"recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some","page_number":226,"box":{"x":69,"y":747,"width":772,"height":11}},{"id":"1e816dd9-8cfa-4ac1-8fec-f21e9687a387","block_type":"box","text":"companies. We recognize that some companies may repor t using different standards, which may be required by","page_number":226,"box":{"x":69,"y":762,"width":799,"height":11}},{"id":"0c24a076-1420-4a8a-ae97-926fc69d5f15","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned repor ting is not a voting issue.","page_number":226,"box":{"x":69,"y":777,"width":779,"height":11}},{"id":"1666e1ae-a710-4611-a937-1243859193ae","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c533a220-d419-46bc-b298-31cadd5ed133","block_type":"box","text":"Global Principles | 12","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"f81f06c9-7a8f-4bdb-bf05-d0499efc953e","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31bd9f44-c90e-44aa-85a8-beaf8bc94c9e","block_type":"box","text":"Corporate form","page_number":227,"box":{"x":69,"y":45,"width":108,"height":11}},{"id":"be1f50b1-9d3b-4049-b13f-2214cb978f93","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":227,"box":{"x":102,"y":67,"width":781,"height":12}},{"id":"0e77c113-8666-433f-8682-563058eca60d","block_type":"box","text":"the company’s purpose and business model.","page_number":227,"box":{"x":68,"y":83,"width":320,"height":11}},{"id":"1740d79e-2045-4dcd-aef6-5a33e796c9f4","block_type":"box","text":"17","page_number":227,"box":{"x":390,"y":83,"width":9,"height":4}},{"id":"9af80bbd-e9b8-45cd-a9a3-b3e71c98c0aa","block_type":"box","text":"Companies proposing to change their corporate form to a public","page_number":227,"box":{"x":405,"y":82,"width":455,"height":12}},{"id":"57924cdc-8149-45e9-950a-db7ed2cde66b","block_type":"box","text":"benefit corporation or similar entity should put it to a shareholder vote if not already required to do so under","page_number":227,"box":{"x":69,"y":98,"width":770,"height":11}},{"id":"730bc488-5407-4b1a-916d-8ff26fd2e77e","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholder proponents proposing","page_number":227,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"7409cf2b-10e0-4021-a6ba-1d8d61a15331","block_type":"box","text":"to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be","page_number":227,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"82f85a8f-7cb2-4942-8ae8-3a4b4ddb2b11","block_type":"box","text":"impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally","page_number":227,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"62ab3d5e-8fe1-41bb-a8de-184f489bea2c","block_type":"box","text":"suppor t management proposals if our analysis indicates that shareholders’ economic interests are adequately","page_number":227,"box":{"x":69,"y":158,"width":789,"height":11}},{"id":"b23f70ea-72d7-4c74-bc55-b7e11ac98159","block_type":"box","text":"protected. Relevant shareholder proposals are evaluated on a case-by-case basis.","page_number":227,"box":{"x":70,"y":173,"width":583,"height":11}},{"id":"11c16161-2457-49f8-b4b6-e29196ebdf3f","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":227,"box":{"x":385,"y":203,"width":207,"height":9}},{"id":"8205a8b1-5bbf-4f63-83b7-0d11c940b4af","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals","page_number":227,"box":{"x":102,"y":226,"width":807,"height":11}},{"id":"68a70894-decb-4c9a-aa61-b1ef9f22b242","block_type":"box","text":"to be voted on at a company’s annual or extraordinary meeting, as long as eligibility and procedural requirements are","page_number":227,"box":{"x":68,"y":241,"width":837,"height":11}},{"id":"ff0bf232-f442-4bb7-b964-fc063087a72f","block_type":"box","text":"met. The matters that we see put forward by shareholders address a wide range of topics, including governance","page_number":227,"box":{"x":69,"y":256,"width":799,"height":12}},{"id":"31c90dfc-8041-4e3f-b12d-8a34ae6845d0","block_type":"box","text":"reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.","page_number":227,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"637b08a4-9aa9-4272-9aa9-17c997b55517","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":227,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"624620f3-0b12-4761-b1ef-58c0be5cb5c5","block_type":"box","text":"how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to","page_number":227,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"15cd23ce-b2c4-4162-a477-e495c0e986d7","block_type":"box","text":"submit shareholder proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put for th by","page_number":227,"box":{"x":69,"y":324,"width":836,"height":11}},{"id":"04990bcb-abf0-4f63-9fdd-95965ff5f840","block_type":"box","text":"others.","page_number":227,"box":{"x":69,"y":340,"width":48,"height":8}},{"id":"d8344423-216d-4c20-9741-ecef22906fc6","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s","page_number":227,"box":{"x":101,"y":362,"width":768,"height":11}},{"id":"e6a226c9-0952-4e92-9120-1aa2fae59f33","block_type":"box","text":"individual circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value","page_number":227,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"f6c4e612-0cce-428f-ada4-c9ddf3b033c6","block_type":"box","text":"creation. BIS’ evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged,","page_number":227,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"5f2978a4-99b0-4cd0-b3a1-47531b7eee48","block_type":"box","text":"may impact a company’s long-term per formance. We look for consistency between the specific request formally made","page_number":227,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"fec2f98c-e49f-43b3-b4dc-4de62edcef93","block_type":"box","text":"in the proposal, the suppor ting documentation, and the proponents’ other communications on the issues. We also","page_number":227,"box":{"x":70,"y":423,"width":816,"height":11}},{"id":"d275550b-3592-4b34-b2ae-7d23ddc52ca5","block_type":"box","text":"assess the company’s practices and disclosures and the costs and benefits to the company of meeting the request","page_number":227,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"935e9a24-d69d-47c9-be56-b6be44fdc593","block_type":"box","text":"made in the proposal. We take into consideration a company’s governance practices and disclosures against those","page_number":227,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"f4118ec1-f5a5-4bd8-a507-3dcd5e1d4944","block_type":"box","text":"of their peers.","page_number":227,"box":{"x":69,"y":468,"width":98,"height":11}},{"id":"b55d257c-aa7d-49ce-ae87-6e62a1442723","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":227,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"31885b17-669b-48b2-a877-7b55a40604cf","block_type":"box","text":"submitted or advised on the proposal.","page_number":227,"box":{"x":69,"y":506,"width":270,"height":11}},{"id":"0676667b-ac6b-4f23-bb74-33d2f1a68724","block_type":"box","text":"We would not suppor t proposals that we believe would result in over-reaching into the basic business decisions","page_number":227,"box":{"x":101,"y":529,"width":795,"height":11}},{"id":"932f326b-5e5f-4a6d-8904-17681b492ec2","block_type":"box","text":"of the company, are unduly prescriptive or constraining on management. We take into consideration the legal effect","page_number":227,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"01abc1e4-71d4-464b-b4c3-ad53c667fd5d","block_type":"box","text":"of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while","page_number":227,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"606e4e8c-052a-41ba-8a69-b8ad8ca42016","block_type":"box","text":"others may make requests that would be deemed illegal in a given jurisdiction.","page_number":227,"box":{"x":69,"y":574,"width":559,"height":11}},{"id":"379971ce-4b72-4e7c-a049-1576a55bd566","block_type":"box","text":"BIS is likely to suppor t shareholder proposals that request disclosures that help us, as long-term investors on","page_number":227,"box":{"x":102,"y":597,"width":784,"height":11}},{"id":"8838c1e1-3616-4993-9233-415de55d15a6","block_type":"box","text":"behalf of our clients, better understand the material risks and oppor tunities companies face and how they are","page_number":227,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"ddd7bdf9-af1e-4333-aaac-0b6658563f71","block_type":"box","text":"managing them, especially where this information is additive given the company’s existing disclosures. We may also","page_number":227,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"8e5346b9-0305-487a-b7f6-b182e724ab90","block_type":"box","text":"suppor t shareholder proposals that are focused on a material business risk that we agree needs to be addressed","page_number":227,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"d93b67f0-4768-48a3-ba31-5461772a67d2","block_type":"box","text":"and the intended outcome is consistent with long-term financial value creation.","page_number":227,"box":{"x":69,"y":657,"width":561,"height":11}},{"id":"528de69e-59c5-4d2a-a061-ea53afdb51e8","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Fur ther, the proponent’s","page_number":227,"box":{"x":101,"y":680,"width":800,"height":11}},{"id":"e41db7e5-b01b-44c5-a4fa-94a5b8feaf15","block_type":"box","text":"suppor ting statement may refer to topics that are not directly related to the request made in the proposal. In voting","page_number":227,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"e3475d03-76c1-42ba-9fe6-6d71c7355b3c","block_type":"box","text":"on behalf of clients, we do not submit or edit proposals or the suppor ting statements – we must vote yes or no on","page_number":227,"box":{"x":69,"y":710,"width":814,"height":11}},{"id":"45e67572-ec12-425b-a133-24cb8a2a4256","block_type":"box","text":"the proposal as phrased by the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily","page_number":227,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"a513a42a-df46-4ed0-a7eb-98a49bf93823","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We","page_number":227,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"f23fb737-1197-4b6c-a413-51048cb82100","block_type":"box","text":"may suppor t a proposal for different reasons from those put for th by the proponent, when we believe that, overall, it","page_number":227,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"4e199cf9-94b7-43c9-ad10-4bb15a770a58","block_type":"box","text":"can advance our clients’ long-term financial interests. We typically explain to the company our rationale for suppor ting","page_number":227,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"b434bc54-c69d-418f-a1c7-69617eb55814","block_type":"box","text":"such proposals.","page_number":227,"box":{"x":69,"y":786,"width":112,"height":10}},{"id":"678b36a4-52ec-4476-b71c-e6779a99a329","block_type":"box","text":"Alternatively, or in addition, we may vote against the election of one or more directors if, in our assessment, the","page_number":227,"box":{"x":101,"y":808,"width":798,"height":11}},{"id":"11efd0db-37c4-49ac-81c9-123d9d95e2a1","block_type":"box","text":"board has not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also suppor t","page_number":227,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"acc6db14-880e-4c97-99e0-e29cc709446a","block_type":"box","text":"a proposal if management is on track, but we believe that voting in favor might accelerate effor ts to address a","page_number":227,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"f383a7d8-c13c-4d1b-8f1e-7978aa5321e3","block_type":"box","text":"material risk.","page_number":227,"box":{"x":69,"y":854,"width":91,"height":8}},{"id":"4051822d-daed-40a1-802a-ee806c83f6ac","block_type":"box","text":"17","page_number":227,"box":{"x":69,"y":883,"width":8,"height":4}},{"id":"25c42308-2173-4198-a1b1-ffd340140228","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":227,"box":{"x":84,"y":883,"width":550,"height":11}},{"id":"7fa16bb6-190f-4e47-a761-1d6292925733","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"cc396bd0-fc2a-496b-b1af-07a8813ef65e","block_type":"box","text":"Global Principles | 13","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"bfb019cd-bd08-4e48-a3a5-1471c00a7f98","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"241003ee-483c-4831-83ae-2f4079ecfbde","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":228,"box":{"x":213,"y":45,"width":553,"height":9}},{"id":"cf67f071-399d-41f1-8fe9-5dc03e83bd59","block_type":"box","text":"Oversight","page_number":228,"box":{"x":69,"y":75,"width":68,"height":11}},{"id":"e8c481d7-c7f4-4f44-80cc-68744d2292d6","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior","page_number":228,"box":{"x":102,"y":98,"width":777,"height":11}},{"id":"fc35fc7c-5f9c-4dc9-b79f-d993abb6e79f","block_type":"box","text":"BlackRock index investment professionals and/or senior employees with practical boardroom experience. The","page_number":228,"box":{"x":70,"y":113,"width":781,"height":11}},{"id":"1f7ea901-0a5d-4451-b9ff-c1bb482f47b7","block_type":"box","text":"Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the","page_number":228,"box":{"x":69,"y":128,"width":803,"height":11}},{"id":"eff287ed-a048-4323-bd60-96c5a6697d8f","block_type":"box","text":"Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.","page_number":228,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"b051350d-ba19-4247-86ea-ea62343bed13","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee","page_number":228,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"c75153a0-a4bf-4c42-9d1a-6f520b71a7ce","block_type":"box","text":"(Global Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship","page_number":228,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"680486da-e8c8-4971-9e99-ec23566750c0","block_type":"box","text":"(Global Head), and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The","page_number":228,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"51bfae3c-5dce-4d29-b05b-fe9e2d3b598a","block_type":"box","text":"Global Committee does not determine voting decisions, which are the responsibility of BIS.","page_number":228,"box":{"x":69,"y":211,"width":647,"height":11}},{"id":"7d49bee4-f5e2-4c8f-ba51-2a20a3b424c5","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the","page_number":228,"box":{"x":101,"y":234,"width":724,"height":11}},{"id":"cf592b29-744d-4111-948b-9789b9562cd9","block_type":"box","text":"Guidelines, which require the application of professional judgment and consideration of each company’s unique","page_number":228,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"a7bca7eb-5d87-4eb2-86dd-8fc238f91915","block_type":"box","text":"circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee","page_number":228,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"4273ba71-7778-4c42-b915-c1f91f3a26c1","block_type":"box","text":"also reviews and approves amendments to the regional Guidelines.","page_number":228,"box":{"x":69,"y":279,"width":478,"height":11}},{"id":"b2f95117-0955-44d7-be7e-0de13154523e","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic repor ts regarding the votes cast by BIS, as well","page_number":228,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"0a4a700c-362a-4da0-9333-10195d256cdd","block_type":"box","text":"as updates on material process issues, procedural changes, and other risk oversight considerations. The Global","page_number":228,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"4026390c-eb99-4c56-b134-359ca5bc8b37","block_type":"box","text":"Committee reviews these repor ts in an oversight capacity as informed by the Guidelines.","page_number":228,"box":{"x":69,"y":332,"width":631,"height":11}},{"id":"764e585b-2a46-48e6-a644-31d7cd468277","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":228,"box":{"x":102,"y":355,"width":766,"height":11}},{"id":"9d31fa59-96ec-46a1-8306-934832ede5e5","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research","page_number":228,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"a091adb0-9db0-4de6-8516-ea791864248e","block_type":"box","text":"on corporate governance issues and par ticipates in industry discussions to contribute to and keep abreast of","page_number":228,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"f7d7110f-61fe-4946-8d48-71ceb3e82947","block_type":"box","text":"impor tant developments in the corporate governance field. BIS may utilize third par ties for cer tain of the foregoing","page_number":228,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"141f69c1-91b6-492a-921d-569b20047035","block_type":"box","text":"activities and per forms oversight of those third par ties. BIS may discuss complicated or par ticularly controversial","page_number":228,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"b072e503-e90b-4b8a-abfa-492111ab85d9","block_type":"box","text":"matters with senior specialists internally, on an advisory basis, prior to making a voting decision.","page_number":228,"box":{"x":69,"y":430,"width":690,"height":11}},{"id":"093426aa-9079-4d78-8fb3-4a2b3cc75e46","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":228,"box":{"x":328,"y":460,"width":321,"height":9}},{"id":"7d39c827-3958-4388-a887-d9e6233aae90","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted","page_number":228,"box":{"x":102,"y":483,"width":802,"height":11}},{"id":"706b425c-f9dd-4fb9-8893-21e46e6f2a91","block_type":"box","text":"to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or","page_number":228,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"2ceb0481-0ed6-425f-bd7a-3ff2c629c602","block_type":"box","text":"refrains from voting) proxies for each Fund for which we have voting authority based on our evaluation of the","page_number":228,"box":{"x":69,"y":513,"width":769,"height":12}},{"id":"db130726-afb6-40a2-a692-4ba5dc9b72a4","block_type":"box","text":"alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent","page_number":228,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"760b169f-fabd-485d-a824-a86b18ccca2d","block_type":"box","text":"business judgment, and without regard to the relationship of the issuer of the proxy (or any shareholder proponent or","page_number":228,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"4f0df1ea-3ddf-47b8-b089-f0e29050a08d","block_type":"box","text":"dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock","page_number":228,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"9dfd9a69-af9e-45b3-be6e-d9921969aacb","block_type":"box","text":"employees (see “Conflicts management policies and procedures,” below).","page_number":228,"box":{"x":69,"y":574,"width":526,"height":11}},{"id":"f5a3560d-c5f6-4c8b-83d2-c2b70edd7da8","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines","page_number":228,"box":{"x":101,"y":596,"width":790,"height":12}},{"id":"932d28eb-2faf-4791-9924-93d151f9c205","block_type":"box","text":"for the relevant market, as well as the Principles. The voting guidelines published for each region/country in which we","page_number":228,"box":{"x":68,"y":612,"width":840,"height":11}},{"id":"e0bc7b88-70b7-41a7-9891-a794bc2e7a94","block_type":"box","text":"vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in","page_number":228,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"1bd06a21-8e9c-44ad-8bbd-6d75663c9373","block_type":"box","text":"the proxy voting context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS","page_number":228,"box":{"x":68,"y":642,"width":793,"height":11}},{"id":"b3e8df79-aece-4931-9b2c-6f532cee70b8","block_type":"box","text":"applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and","page_number":228,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"a32be247-aade-45c4-9a6c-1ba952150f2b","block_type":"box","text":"the specific issue under review. As such, the Guidelines do not indicate how BIS will vote in every instance. Rather,","page_number":228,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"3186d23a-5f58-4d42-adce-e16c8391e09c","block_type":"box","text":"they reflect our view about corporate governance issues generally, and provide insight into how we typically approach","page_number":228,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"a9ad08c0-ba5e-48fb-85c0-976b2079a869","block_type":"box","text":"issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to","page_number":228,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"c9aab7ca-57a3-4a92-91b5-518fc91113cd","block_type":"box","text":"reflect changes in market practices, developments in corporate governance and feedback from companies and","page_number":228,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"375c63b8-adfc-42f8-b662-def56d14c22c","block_type":"box","text":"clients. In this way, BIS aims to maintain policies that explain our approach to governance practices most aligned","page_number":228,"box":{"x":69,"y":733,"width":807,"height":11}},{"id":"50c9d91f-2071-4ab3-b9fa-f05e6fedde73","block_type":"box","text":"with clients’ long-term financial interests. BIS analysts may exercise their professional judgment in determining how","page_number":228,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"90bb0b8a-07c2-481e-80ee-d691884f575d","block_type":"box","text":"to vote if they conclude that the Guidelines do not cover the specific matter raised by a ballot item or that an","page_number":228,"box":{"x":68,"y":763,"width":775,"height":11}},{"id":"52d3121d-0b32-4baa-b7b3-1241c457ba2a","block_type":"box","text":"exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":228,"box":{"x":69,"y":778,"width":686,"height":11}},{"id":"345138b8-6ac1-472f-be01-57ee53970206","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as","page_number":228,"box":{"x":102,"y":801,"width":783,"height":11}},{"id":"91adfc7e-d27f-4cba-8808-a217af98e877","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":228,"box":{"x":68,"y":816,"width":791,"height":11}},{"id":"0d555c07-12b8-4595-87c6-c5b903d21475","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":228,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"979e98fa-faec-4415-96f0-ad857248f689","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":228,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"7fbc571a-8625-4212-8ba2-6190b13df443","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":228,"box":{"x":69,"y":861,"width":836,"height":11}},{"id":"ae648e2c-4f3c-4d80-a9c2-f2a246ab6817","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":228,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"1a76c232-c224-4834-b372-4c147fa53a8c","block_type":"box","text":"of attorney to facilitate voting instructions. We are not suppor tive of impediments to the exercise of voting rights such","page_number":228,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"26e98578-761a-47da-9be3-e428712cc7ad","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":228,"box":{"x":69,"y":907,"width":490,"height":11}},{"id":"d464e31a-6536-4774-b283-90503af86e07","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"4fe56fbd-2a6f-41b6-be43-af7bf71db181","block_type":"box","text":"Global Principles | 14","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"1651fca0-ec49-4ee9-bada-186458f13924","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"10628400-756e-408d-918e-dce95ab201c8","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is","page_number":229,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"ba9acc40-c126-4c26-aecf-fdc51ba60266","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":229,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"71ec4467-5f1e-496c-8a5f-6ca552837194","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":229,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"9b9ab275-44bb-4688-a5fd-6c4a5d32a556","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":229,"box":{"x":69,"y":90,"width":661,"height":11}},{"id":"5d6783c1-783f-4ff5-ae46-e066fa363233","block_type":"box","text":"VOTING CHOICE","page_number":229,"box":{"x":430,"y":120,"width":117,"height":9}},{"id":"7b81ca9c-2aa0-491b-8f6a-81946c5e5642","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":229,"box":{"x":102,"y":143,"width":795,"height":11}},{"id":"85955cb2-5fcc-411f-b143-57336428cffe","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":229,"box":{"x":68,"y":158,"width":447,"height":11}},{"id":"bbe69bd3-9569-4483-9236-e8b41b1bd02a","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":229,"box":{"x":101,"y":181,"width":786,"height":11}},{"id":"a388355d-43c6-4ce5-b3d5-87af184f07f6","block_type":"box","text":"UK, Ireland, and Canada that utilize cer tain equity index investment strategies, as well as eligible clients in cer tain","page_number":229,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"c5007012-6f78-472f-982d-524c9686ac82","block_type":"box","text":"institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) strategies. In addition,","page_number":229,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"d522c750-2bf8-4dea-91b0-7509d394aacd","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice","page_number":229,"box":{"x":70,"y":226,"width":791,"height":11}},{"id":"8f5cc98a-9b1c-4c43-baae-5b5e92122e99","block_type":"box","text":"regardless of their investment strategies.","page_number":229,"box":{"x":69,"y":241,"width":293,"height":11}},{"id":"f3d00e25-9346-4056-865a-66c0ec7de939","block_type":"box","text":"18","page_number":229,"box":{"x":364,"y":242,"width":9,"height":4}},{"id":"e7c35a14-9cc6-4104-ab10-39fbb3eb91ed","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible","page_number":229,"box":{"x":379,"y":241,"width":509,"height":11}},{"id":"15cb551f-810b-4365-8ae6-ae71f1feb627","block_type":"box","text":"shareholder accounts in a U.S. Fund.","page_number":229,"box":{"x":69,"y":256,"width":262,"height":9}},{"id":"bb95591b-8b04-4f7e-ba39-ad6a67c9aec8","block_type":"box","text":"19","page_number":229,"box":{"x":334,"y":257,"width":8,"height":4}},{"id":"10fa7130-554e-45bf-be77-2b821f048310","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":229,"box":{"x":101,"y":279,"width":788,"height":11}},{"id":"83a0e1e2-afb2-4084-8810-84bd6e929883","block_type":"box","text":"on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a","page_number":229,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"d2690d2e-db4e-4bef-b3ee-04d4c1b0bf41","block_type":"box","text":"third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control","page_number":229,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"c95c8f92-40f6-4d18-8a24-c238a5007b15","block_type":"box","text":"over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client’s","page_number":229,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"9b2d68d1-8eb5-4d66-b3f3-ec6c84e37f85","block_type":"box","text":"selection of proxy policy, without client consent.","page_number":229,"box":{"x":69,"y":339,"width":338,"height":12}},{"id":"60e684f6-44bc-4269-ba43-e0c66accd5e6","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":229,"box":{"x":281,"y":370,"width":416,"height":9}},{"id":"e8518840-0fb9-49ab-89ed-228e3f868b3a","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity.","page_number":229,"box":{"x":102,"y":392,"width":801,"height":12}},{"id":"12d2680b-a955-41da-9a4a-9255a67d3ba1","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent 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BlackRock","page_number":229,"box":{"x":102,"y":513,"width":766,"height":12}},{"id":"f134e6c8-d24d-401c-8af8-207312869689","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":536,"width":6,"height":5}},{"id":"78f841ae-79cd-4aed-b428-1790c7ee75a2","block_type":"box","text":"Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":229,"box":{"x":102,"y":533,"width":767,"height":12}},{"id":"625bfb45-94b1-4352-ac99-8c73800272f2","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":557,"width":6,"height":4}},{"id":"048cdd9f-66b1-480d-96d6-e63b978d5ae2","block_type":"box","text":"Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":229,"box":{"x":102,"y":554,"width":698,"height":11}},{"id":"4eb7e982-8efb-47e9-bac9-036f1aca67b0","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":577,"width":6,"height":4}},{"id":"bc8d8a14-269e-45ad-83af-763a8bc328bc","block_type":"box","text":"BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":229,"box":{"x":102,"y":574,"width":789,"height":11}},{"id":"5464954b-b1d3-4771-b314-8d6b5e5a56f7","block_type":"box","text":"managed by BlackRock","page_number":229,"box":{"x":102,"y":589,"width":163,"height":11}},{"id":"f20eaf2b-0f5d-464f-ac9d-3d61d74d6596","block_type":"box","text":"BlackRock has taken cer tain steps to mitigate perceived or potential conflicts including, but not limited to, the","page_number":229,"box":{"x":102,"y":612,"width":785,"height":11}},{"id":"349aef17-333c-418d-af28-2d7f3e28b9c4","block_type":"box","text":"following:","page_number":229,"box":{"x":68,"y":627,"width":66,"height":11}},{"id":"c09f7ad2-7d45-41e6-affe-54eec2f0de9b","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":650,"width":6,"height":4}},{"id":"7ba1b286-156c-4723-939d-b3867fc236d6","block_type":"box","text":"Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the","page_number":229,"box":{"x":101,"y":647,"width":732,"height":11}},{"id":"9580724a-f709-46bb-bb66-db4f19399398","block_type":"box","text":"companies in which BlackRock invests on their behalf","page_number":229,"box":{"x":101,"y":662,"width":383,"height":11}},{"id":"bf6fe7b3-01a1-4321-aa43-cd897b8660a9","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":685,"width":6,"height":5}},{"id":"53c55247-723b-4577-a612-59f594f6d4d1","block_type":"box","text":"Established a repor ting structure that separates BIS from employees with sales, vendor management, or","page_number":229,"box":{"x":102,"y":682,"width":748,"height":11}},{"id":"731e62aa-ab02-40f7-9d0f-9a8aa3140a4f","block_type":"box","text":"business par tnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers,","page_number":229,"box":{"x":102,"y":697,"width":802,"height":12}},{"id":"2afd3d0b-cf2b-4cf1-90d1-8d68e2a42096","block_type":"box","text":"dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s","page_number":229,"box":{"x":101,"y":713,"width":794,"height":11}},{"id":"82f74528-bda5-44f5-9bc0-878a57dc0b41","block_type":"box","text":"relationship with such par ties. Clients or business par tners are not given special treatment or differentiated","page_number":229,"box":{"x":102,"y":727,"width":770,"height":12}},{"id":"d03aebe1-3398-4200-82e2-34e8fd22a451","block_type":"box","text":"access to BIS. BIS prioritizes engagements based on factors including, but not limited to, our need for additional","page_number":229,"box":{"x":102,"y":743,"width":802,"height":11}},{"id":"29515104-151b-4463-a799-b01829698432","block_type":"box","text":"information to make a voting decision or our view on the likelihood that an engagement could lead to positive","page_number":229,"box":{"x":102,"y":758,"width":777,"height":11}},{"id":"552c2056-901b-43d2-aa5b-899045b86daf","block_type":"box","text":"outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may","page_number":229,"box":{"x":102,"y":773,"width":775,"height":11}},{"id":"ca69d558-2d13-4f71-8e5e-e4626eb0d455","block_type":"box","text":"engage directly with BlackRock clients, business par tners and/or third par ties, and/or with employees with","page_number":229,"box":{"x":101,"y":788,"width":764,"height":11}},{"id":"edca68bd-be5d-4daa-94c5-ff8b27584ad0","block_type":"box","text":"sales, vendor management, or business par tnership roles, in discussions regarding our approach to","page_number":229,"box":{"x":102,"y":803,"width":714,"height":11}},{"id":"1bff1734-2b01-456e-9eb6-ce866599fb36","block_type":"box","text":"stewardship, general corporate governance matters, client repor ting needs, and/or to otherwise ensure that","page_number":229,"box":{"x":102,"y":818,"width":772,"height":11}},{"id":"121d64f8-bbf4-4962-acbd-a1985c346180","block_type":"box","text":"proxy-related client service levels are met","page_number":229,"box":{"x":102,"y":834,"width":295,"height":10}},{"id":"552f9474-9c01-4437-aac0-ba98b9218484","block_type":"box","text":"18","page_number":229,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"d613b0e8-8bf5-4332-9f7b-4aa2ba4f9da3","block_type":"box","text":"With Voting Choice, SMAs have the ability to select from a set of voting policies from third-par ty proxy advisers the","page_number":229,"box":{"x":83,"y":862,"width":814,"height":12}},{"id":"110e816d-4273-4f26-8a92-823882723ca3","block_type":"box","text":"policy that best aligns with their views and preferences. 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In such circumstances, the","page_number":230,"box":{"x":101,"y":75,"width":749,"height":11}},{"id":"e9e40c40-53d9-458c-b877-5b0fb8c2865f","block_type":"box","text":"independent third-par ty voting service provider provides BlackRock with recommendations, in accordance with","page_number":230,"box":{"x":102,"y":90,"width":782,"height":11}},{"id":"8d3f24e2-aeb6-42c7-b602-e0b08c25bf9d","block_type":"box","text":"the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-par ty voting service","page_number":230,"box":{"x":101,"y":105,"width":749,"height":11}},{"id":"7d53c859-1dd7-4ffc-9b5f-17c257a3bceb","block_type":"box","text":"provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with","page_number":230,"box":{"x":102,"y":120,"width":765,"height":12}},{"id":"be60c425-6c72-44c9-aff8-e2ab9675de5c","block_type":"box","text":"BlackRock, Inc. BlackRock may also use an independent third-par ty voting service provider to make proxy voting","page_number":230,"box":{"x":102,"y":136,"width":797,"height":11}},{"id":"f142ca10-a9cb-4fc1-a85b-2b1eb88b0def","block_type":"box","text":"recommendations for:","page_number":230,"box":{"x":102,"y":150,"width":154,"height":9}},{"id":"8b7258a1-371d-4e2c-9260-eb7332ba5f79","block_type":"box","text":"•","page_number":230,"box":{"x":102,"y":174,"width":6,"height":4}},{"id":"c350439e-d70f-4a31-9cf8-c3f7bee360f5","block_type":"box","text":"public companies that include BlackRock employees on their boards of directors","page_number":230,"box":{"x":135,"y":171,"width":570,"height":11}},{"id":"cefc5ff6-d084-4159-8b4c-8eb4ee79846e","block_type":"box","text":"•","page_number":230,"box":{"x":102,"y":194,"width":6,"height":4}},{"id":"a9a99cb9-cd6a-476c-b5dc-9bc03f9687ab","block_type":"box","text":"public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":230,"box":{"x":135,"y":191,"width":748,"height":11}},{"id":"061a1fcd-387c-4823-b711-c7c9ee3d04aa","block_type":"box","text":"the board of directors","page_number":230,"box":{"x":134,"y":206,"width":153,"height":9}},{"id":"8e8e7a04-e954-4a86-a68a-51a1ce252f99","block_type":"box","text":"•","page_number":230,"box":{"x":102,"y":229,"width":6,"height":5}},{"id":"802b51a4-13d8-434a-a044-6e53264319a3","block_type":"box","text":"public companies that are the subject of cer tain transactions involving BlackRock Funds","page_number":230,"box":{"x":135,"y":226,"width":626,"height":11}},{"id":"d21bcf6c-6c3f-4d72-9fc5-b8d9a42322db","block_type":"box","text":"•","page_number":230,"box":{"x":102,"y":249,"width":6,"height":5}},{"id":"dab25816-810a-49d1-a08e-b9008145da16","block_type":"box","text":"public companies that are joint venture par tners with BlackRock, and","page_number":230,"box":{"x":135,"y":246,"width":490,"height":11}},{"id":"d5689051-27ab-41d3-97d5-ec27a7afa71b","block_type":"box","text":"•","page_number":230,"box":{"x":102,"y":269,"width":6,"height":5}},{"id":"44ad3fc4-142a-40e3-ae09-db79dfdbae9c","block_type":"box","text":"public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":230,"box":{"x":135,"y":267,"width":740,"height":11}},{"id":"316fdcd3-b9fa-40ed-aa7c-e0cf449e5067","block_type":"box","text":"par ty voting service provider","page_number":230,"box":{"x":135,"y":282,"width":200,"height":11}},{"id":"1c05b955-05bf-404b-99b8-bcbb1ae17129","block_type":"box","text":"In selecting an independent third-par ty voting service provider, we assess several characteristics, including but","page_number":230,"box":{"x":102,"y":304,"width":790,"height":11}},{"id":"67ee0e0e-8563-498b-b495-8c46b5f0239c","block_type":"box","text":"not limited to: independence, an ability to analyze proxy issues and make recommendations in the economic interest","page_number":230,"box":{"x":69,"y":320,"width":834,"height":10}},{"id":"808a254c-8d8e-4dd8-9be0-ef65266fecc0","block_type":"box","text":"of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to","page_number":230,"box":{"x":69,"y":334,"width":806,"height":12}},{"id":"aa3698e0-021f-4666-9129-83f6ff2c66a4","block_type":"box","text":"accurately deliver the assigned recommendations in a timely manner. We may engage more than one independent","page_number":230,"box":{"x":69,"y":350,"width":813,"height":11}},{"id":"8fd002ef-cd10-4459-8193-b3948661528d","block_type":"box","text":"third-par ty voting service provider, in par t to mitigate potential or perceived conflicts of interest at a single voting","page_number":230,"box":{"x":68,"y":365,"width":804,"height":11}},{"id":"cb24941b-e77b-4008-bd43-a3c50e3c244d","block_type":"box","text":"service provider. The Global Committee appoints and reviews the per formance of the independent third-par ty voting","page_number":230,"box":{"x":69,"y":380,"width":824,"height":11}},{"id":"47216c46-6a76-4cb4-9fbe-07a11d2b2233","block_type":"box","text":"service providers, generally on an annual basis.","page_number":230,"box":{"x":69,"y":395,"width":339,"height":11}},{"id":"805cc3e5-52eb-49bd-915a-ce8c6851e852","block_type":"box","text":"SECURITIES LENDING","page_number":230,"box":{"x":409,"y":425,"width":159,"height":9}},{"id":"6bd759e2-4b91-4f63-b071-cd441069d2f0","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a","page_number":230,"box":{"x":101,"y":448,"width":775,"height":11}},{"id":"176e472b-8e58-49b9-8fca-2b6de22ea964","block_type":"box","text":"well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional","page_number":230,"box":{"x":68,"y":463,"width":794,"height":11}},{"id":"9c479043-bd60-45b7-810d-ee24ffd4674a","block_type":"box","text":"returns while allowing fund providers to keep fund expenses lower.","page_number":230,"box":{"x":69,"y":478,"width":473,"height":11}},{"id":"8b98666b-0b49-43bc-9b49-ad490f970d96","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":230,"box":{"x":101,"y":501,"width":779,"height":11}},{"id":"77addd5e-f68d-4efb-aa4b-6c8ff6c0a3a5","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":230,"box":{"x":70,"y":516,"width":827,"height":11}},{"id":"2c441a87-b3c7-4633-bf54-887cbed74ffd","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":230,"box":{"x":70,"y":531,"width":832,"height":11}},{"id":"63a13b2f-d66e-43d2-baaf-77b5b9297020","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":230,"box":{"x":69,"y":546,"width":832,"height":11}},{"id":"87f1bf65-195a-4250-a5d8-2d70da3320db","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":230,"box":{"x":69,"y":561,"width":814,"height":11}},{"id":"b02466ca-c2f0-4328-b162-f7af4db27979","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":230,"box":{"x":70,"y":576,"width":834,"height":12}},{"id":"5e3877af-1e50-40a7-9a2f-c417261fe7a6","block_type":"box","text":"of recall consideration).","page_number":230,"box":{"x":69,"y":591,"width":166,"height":11}},{"id":"8f281d8f-0802-46e2-94f3-dac59569ba11","block_type":"box","text":"20","page_number":230,"box":{"x":237,"y":592,"width":9,"height":4}},{"id":"a52fb7d9-59db-4e20-a784-12e93aa24dd2","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":230,"box":{"x":252,"y":592,"width":617,"height":11}},{"id":"9a5fdbcd-a2d1-432e-8240-5e70d5f9166c","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":230,"box":{"x":68,"y":606,"width":563,"height":12}},{"id":"09282703-7d88-4345-abe7-68d3b5a4c491","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting","page_number":230,"box":{"x":102,"y":629,"width":785,"height":11}},{"id":"cb9d3b73-ebf3-4419-acba-db462faf882a","block_type":"box","text":"shares would be less than the potential revenue the loan may provide the Fund. However, in cer tain instances,","page_number":230,"box":{"x":69,"y":645,"width":789,"height":10}},{"id":"60b7c563-c47c-45dc-9a45-fe165e47f2f5","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":230,"box":{"x":70,"y":659,"width":816,"height":12}},{"id":"31e2165e-eaea-4c81-bb53-54e54b5df039","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.","page_number":230,"box":{"x":68,"y":675,"width":790,"height":11}},{"id":"3efedd43-6c68-4a80-86c2-89c2482886b2","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":230,"box":{"x":102,"y":697,"width":790,"height":12}},{"id":"0b9db38d-318b-4a95-8dd8-956c84f75817","block_type":"box","text":"and may modify it as necessary.","page_number":230,"box":{"x":69,"y":712,"width":228,"height":12}},{"id":"9c3ca212-0485-404f-9e14-4acb41e98652","block_type":"box","text":"20","page_number":230,"box":{"x":69,"y":742,"width":9,"height":4}},{"id":"c114a973-bff2-4d90-bc38-e2479eac885e","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":230,"box":{"x":84,"y":742,"width":789,"height":11}},{"id":"2f917133-1ff0-4fbc-be2b-eb36911aadfa","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":230,"box":{"x":69,"y":757,"width":763,"height":11}},{"id":"e1df8bb8-4ba9-4308-a2fb-3e5068791d83","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":230,"box":{"x":70,"y":772,"width":794,"height":11}},{"id":"886866b6-a2f4-4e55-94fe-2a48fe4ce051","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":230,"box":{"x":69,"y":787,"width":833,"height":11}},{"id":"fccc6824-0201-4f2a-b991-0a007a2d3e3c","block_type":"box","text":"business judgement as a fiduciary, the benefit to a fund’s shareholders of recalling loaned shares in advance of an","page_number":230,"box":{"x":69,"y":802,"width":821,"height":11}},{"id":"db8ee7ff-092c-43c6-b209-4b1e27c70946","block_type":"box","text":"estimated record date without knowing whether there will be a vote on matters which have a material impact on the","page_number":230,"box":{"x":69,"y":817,"width":823,"height":11}},{"id":"07d9295f-b997-4fa7-8d83-73fb1b7a8f37","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":230,"box":{"x":68,"y":832,"width":822,"height":12}},{"id":"c004ef2e-f825-4a8b-bdd0-bf3b669e3d16","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":230,"box":{"x":70,"y":847,"width":558,"height":12}},{"id":"8b7e00d8-b4c4-4571-9808-dc436ccfb723","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9bfd0a7c-732c-4ca1-b166-220b92118ad7","block_type":"box","text":"Global Principles | 16","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"abeff7a7-545c-4a0e-adde-c41c57f5d7c8","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23a50b72-3015-46e7-9b8f-f82d98f7bbe1","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":231,"box":{"x":343,"y":45,"width":293,"height":9}},{"id":"0d6ea7c7-16f6-41db-9cac-3a1c83ce9604","block_type":"box","text":"We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about","page_number":231,"box":{"x":101,"y":67,"width":788,"height":11}},{"id":"6c39f3aa-14d7-456e-991f-b55686582041","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":231,"box":{"x":69,"y":83,"width":787,"height":11}},{"id":"f062f28a-c788-4db1-80e7-d53b15d868fc","block_type":"box","text":"website. Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies","page_number":231,"box":{"x":68,"y":98,"width":837,"height":11}},{"id":"63416742-851f-47fc-aeb0-f2f4048e487b","block_type":"box","text":"in which we invest on their behalf. We also publish commentaries to share our perspective on market developments","page_number":231,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"f3c4e202-8c97-4545-875e-6a7bf8a9d0a5","block_type":"box","text":"and emerging key themes.","page_number":231,"box":{"x":69,"y":128,"width":187,"height":11}},{"id":"cbb40034-abb3-41b2-a738-6ad9844d3a12","block_type":"box","text":"At a more granular level, on a quar terly basis, we publish our vote record for each company that held a","page_number":231,"box":{"x":101,"y":150,"width":732,"height":12}},{"id":"273f39e7-b5af-443e-ba37-806a25acacc6","block_type":"box","text":"shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any","page_number":231,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"da0514ad-b901-4403-b7e4-e31490a2c40c","block_type":"box","text":"votes against management proposals and on shareholder proposals. For shareholder meetings where a vote might","page_number":231,"box":{"x":68,"y":181,"width":819,"height":11}},{"id":"cd879584-6fbb-46fb-b290-153023e6f52a","block_type":"box","text":"be high profile or of significant interest to clients, we may publish a vote bulletin after the meeting, disclosing and","page_number":231,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"6cfb048f-ea8d-4fab-ab15-dcacff00085a","block_type":"box","text":"explaining our vote on key proposals. We also publish a quar terly list of all companies with which we engaged and the","page_number":231,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"2f40f8ff-7979-46b7-8f1d-4e4dee2dfe83","block_type":"box","text":"key topics addressed in the engagement meeting.","page_number":231,"box":{"x":69,"y":226,"width":354,"height":11}},{"id":"faa4df4a-d8f1-4d91-822a-e47a8a9a2527","block_type":"box","text":"In this way, we help inform our clients about the work we do on their behalf in promoting the governance and","page_number":231,"box":{"x":102,"y":249,"width":772,"height":11}},{"id":"cceeb0c5-90b7-4e1e-8d2d-5853fa8c0214","block_type":"box","text":"business practices that suppor t durable, long-term financial value creation by companies.","page_number":231,"box":{"x":69,"y":264,"width":637,"height":11}},{"id":"f059a972-be45-4cc3-82bb-1754b3d2d6b8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a4e77dcb-f78d-4677-a495-ab25c9467d2b","block_type":"box","text":"Global Principles | 17","page_number":231,"box":{"x":758,"y":942,"width":150,"height":13}},{"id":"3a82dd61-8487-478b-8b93-56cd87c770f7","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2b9cb3f-74a1-41f6-9b2b-2e8ca7be3fa7","block_type":"box","text":"Want to know more?","page_number":232,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"5b6aafb3-62fc-477f-92c1-cc7003c4ba01","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":232,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"e4606603-d46e-4d18-880b-850e45c4c931","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":232,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"26bf9026-0690-4a46-8585-3f347ae42ba1","block_type":"box","text":"principal.","page_number":232,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"42f7bddb-e6fb-4dba-8efb-57d3c2e0730c","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":232,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"97d95751-83c9-47a5-8513-2e1add2cda94","block_type":"box","text":"©","page_number":232,"box":{"x":68,"y":883,"width":6,"height":4}},{"id":"1023e3d1-f8cf-49df-8eb3-2327046fbb83","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved.","page_number":232,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"09aa2539-0f74-4d47-abb8-2901bec3d9ab","block_type":"box","text":"BLACKROCK","page_number":232,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"ab930767-7dfa-4c7e-addb-758f2498372f","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":232,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"bbaa1c69-7aa0-41c6-9eb6-575b08be2cc0","block_type":"box","text":"United States and elsewhere. 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BIS takes a long-term approach in our stewardship effor ts,","page_number":234,"box":{"x":69,"y":158,"width":814,"height":11}},{"id":"ab27a4e6-ed0e-404c-bfaa-b14af8a9afab","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. 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An increasing number of clients are seeking to minimize the financial risk, and maximize the","page_number":234,"box":{"x":70,"y":412,"width":820,"height":12}},{"id":"f17f583a-ee53-4dcb-8f6e-47c9fc4677b3","block_type":"box","text":"financial oppor tunities, associated with the transition to a low-carbon economy, and thus are interested in","page_number":234,"box":{"x":68,"y":428,"width":755,"height":11}},{"id":"08cfb301-7fd6-4b86-9ea5-5b1b2f094221","block_type":"box","text":"sustainable and transition investing, with some including decarbonization as an investment objective in their","page_number":234,"box":{"x":69,"y":443,"width":772,"height":11}},{"id":"3a0b5735-8c6d-478b-a68d-6af65016511f","block_type":"box","text":"mandates with BlackRock. In Europe for example, all of our largest, strategic relationship clients have net zero","page_number":234,"box":{"x":69,"y":458,"width":787,"height":11}},{"id":"f6e31723-94a2-4cfc-b0e7-308fa7b8cb1b","block_type":"box","text":"commitments for their organizations, and globally a growing number have made similar commitments, which those","page_number":234,"box":{"x":69,"y":473,"width":815,"height":11}},{"id":"dc878615-ff6d-4766-a204-448ee6634365","block_type":"box","text":"clients believe, will shape financial oppor tunities in the transition to a low-carbon economy. A survey of 200","page_number":234,"box":{"x":69,"y":488,"width":767,"height":11}},{"id":"28938fe8-63b4-47c5-97c2-66e49ea5e638","block_type":"box","text":"institutional investors globally, representing nearly $9tn in assets under management, indicated that 98% of them","page_number":234,"box":{"x":70,"y":503,"width":810,"height":12}},{"id":"0210b192-c283-46ce-942a-5dbd4dd961b0","block_type":"box","text":"have set some kind of transition investment objective for their por tfolios.","page_number":234,"box":{"x":69,"y":518,"width":518,"height":11}},{"id":"2b9e9c43-d894-4fff-80e4-a6c7ebd3cf38","block_type":"box","text":"3","page_number":234,"box":{"x":589,"y":519,"width":4,"height":4}},{"id":"ebb2044a-b229-45de-94b0-884884154522","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with","page_number":234,"box":{"x":101,"y":541,"width":780,"height":11}},{"id":"cbd40dce-aaed-4ea5-b1db-3ce5a8080d3b","block_type":"box","text":"explicit decarbonization or climate-related investment objectives,","page_number":234,"box":{"x":69,"y":556,"width":458,"height":11}},{"id":"44b93f0f-e513-4ea5-a424-81d653d59f54","block_type":"box","text":"4","page_number":234,"box":{"x":529,"y":557,"width":4,"height":4}},{"id":"d2c257a0-0511-425f-85b6-8c71fe17f96a","block_type":"box","text":"and, when appropriate, engagement with corporate","page_number":234,"box":{"x":539,"y":556,"width":362,"height":11}},{"id":"29f93545-41b5-407e-8736-dcb8c19339b8","block_type":"box","text":"leadership to suppor t our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct","page_number":234,"box":{"x":70,"y":571,"width":825,"height":12}},{"id":"d1908114-684b-407e-80f7-e7d03107f4ad","block_type":"box","text":"BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts,","page_number":234,"box":{"x":70,"y":586,"width":819,"height":12}},{"id":"cf289c58-cdc4-4df7-aa17-9c96e8918db5","block_type":"box","text":"these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.","page_number":234,"box":{"x":68,"y":601,"width":810,"height":12}},{"id":"d9537d2f-2cba-4a08-8e78-396472f704cd","block_type":"box","text":"1","page_number":234,"box":{"x":69,"y":654,"width":4,"height":4}},{"id":"832d93db-df70-4903-8e5f-11a45a10c18b","block_type":"box","text":"We have heard from a growing number of clients globally that they have made, or are planning to make,","page_number":234,"box":{"x":78,"y":653,"width":737,"height":12}},{"id":"71839641-0482-415c-b2e9-3d000880b512","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":234,"box":{"x":69,"y":669,"width":793,"height":11}},{"id":"816bab7a-2c33-4964-a594-0a1179b00ca2","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is par t of BlackRock’s","page_number":234,"box":{"x":69,"y":684,"width":820,"height":11}},{"id":"6fc6b7a3-fcd1-4c15-9bb3-a0670b78eb41","block_type":"box","text":"commitment to offer clients choice.","page_number":234,"box":{"x":69,"y":699,"width":252,"height":9}},{"id":"1188dc68-6096-45b1-ae09-aa021e9794d0","block_type":"box","text":"2","page_number":234,"box":{"x":69,"y":717,"width":4,"height":4}},{"id":"53102c6e-c8e6-4087-bf77-72503f3f6ae1","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these guidelines are explained in","page_number":234,"box":{"x":79,"y":717,"width":785,"height":11}},{"id":"4e49620f-eeff-44bd-8882-1d34ec3b8e90","block_type":"box","text":"appendix 1.","page_number":234,"box":{"x":69,"y":732,"width":81,"height":10}},{"id":"3c5a446a-e90b-4d00-8c71-097783e42631","block_type":"box","text":"3","page_number":234,"box":{"x":69,"y":750,"width":4,"height":4}},{"id":"637c5315-6b53-4e5b-ac4e-9528dc697021","block_type":"box","text":"To help inform the choices BlackRock offers our clients, in June 2023 we commissioned iResearch Services, an","page_number":234,"box":{"x":78,"y":749,"width":800,"height":11}},{"id":"33f9ff09-b6da-429a-9fb1-8009f9d59e6b","block_type":"box","text":"independent third-par ty research consultancy, to conduct a market survey on our behalf. The survey sought to better","page_number":234,"box":{"x":70,"y":764,"width":829,"height":12}},{"id":"1b061122-4342-43c2-9f55-72dc1b227cf0","block_type":"box","text":"understand institutions’ needs and preferences related to investing in the low-carbon transition.","page_number":234,"box":{"x":69,"y":779,"width":682,"height":12}},{"id":"faeb4fb3-f324-4b27-9291-cc4daaa2bdc2","block_type":"box","text":"4","page_number":234,"box":{"x":69,"y":797,"width":4,"height":5}},{"id":"7b1c2a9b-1821-406f-8e41-54f4ef822250","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":234,"box":{"x":78,"y":797,"width":401,"height":11}},{"id":"571ae0f7-61a2-4080-917f-2e6f5db3bc8c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2cc67092-aeae-4c94-9f3c-039f73b67f1e","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 2","page_number":234,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"e66fc689-b1fb-438f-9232-28211fe5972d","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dcc71ed2-7be9-492e-9e31-77e236f3068a","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies","page_number":235,"box":{"x":101,"y":45,"width":545,"height":11}},{"id":"98c4940c-e778-4eab-8d35-f6986cf16081","block_type":"box","text":"5","page_number":235,"box":{"x":648,"y":45,"width":4,"height":4}},{"id":"c0f7fbef-0415-4318-8712-8f7fecdbf22b","block_type":"box","text":"and are focused on matters","page_number":235,"box":{"x":658,"y":45,"width":196,"height":9}},{"id":"22d36d7c-4740-45d0-85de-fd1e266c4f85","block_type":"box","text":"related to climate risks and the transition to a low-carbon economy at companies that are held by funds and clients","page_number":235,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"2b614986-0a82-44fd-b993-0d6f96013b9c","block_type":"box","text":"who have selected these guidelines. These guidelines differ from the benchmark policies in that they consider, in","page_number":235,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"11bd9dc7-2760-42b2-b2a4-e5351498937b","block_type":"box","text":"addition to financial considerations and consistent with the investment objective of each fund or account that has","page_number":235,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"b9580143-b516-46bc-9e23-78a192a7b5a7","block_type":"box","text":"selected these guidelines, the alignment of companies’ business model and strategies with the financial","page_number":235,"box":{"x":69,"y":105,"width":745,"height":11}},{"id":"0279a854-3374-40d1-96c5-5f97eb3c9809","block_type":"box","text":"oppor tunities presented by the transition to a low-carbon economy and the more ambitious goal of the Paris","page_number":235,"box":{"x":69,"y":120,"width":768,"height":12}},{"id":"ae8019ac-a138-4f0f-aaa2-02394a80034d","block_type":"box","text":"Agreement,","page_number":235,"box":{"x":68,"y":136,"width":80,"height":11}},{"id":"46a1f831-8cfe-41ea-a1a2-357891eb61f1","block_type":"box","text":"6","page_number":235,"box":{"x":150,"y":136,"width":4,"height":4}},{"id":"6679c1f6-f145-4c9b-bb52-27ee426ac25d","block_type":"box","text":"namely to limit average temperature rise to 1.5°C above pre-industrial levels.","page_number":235,"box":{"x":161,"y":135,"width":546,"height":12}},{"id":"50721ac9-0c2a-49cb-9671-d4e596cd1557","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world","page_number":235,"box":{"x":101,"y":158,"width":744,"height":11}},{"id":"2d91794c-569e-4909-a863-b4a4e4eb1202","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":235,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"17bece19-ce74-418f-8912-674c5b110d28","block_type":"box","text":"based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions.","page_number":235,"box":{"x":69,"y":188,"width":581,"height":12}},{"id":"b9572978-9c05-4ca4-9f23-a77823083371","block_type":"box","text":"7","page_number":235,"box":{"x":652,"y":189,"width":4,"height":4}},{"id":"2299c66a-13a5-4223-acd7-02130c2d8fa2","block_type":"box","text":"We estimate these companies","page_number":235,"box":{"x":661,"y":188,"width":216,"height":11}},{"id":"b8851224-3de3-411a-8a5b-2c363378bd80","block_type":"box","text":"represent the vast majority of the value chain emissions of the companies held by funds and clients that have","page_number":235,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"87212b36-3cc9-4642-a4aa-bb9248f1266e","block_type":"box","text":"selected these guidelines. For all other companies held by these funds and clients, BIS’ benchmark voting guidelines","page_number":235,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"23ded487-5870-415e-a809-b76cc8a17f6b","block_type":"box","text":"apply.","page_number":235,"box":{"x":69,"y":234,"width":39,"height":11}},{"id":"24299f91-1947-4b7b-97fb-6ea03a617565","block_type":"box","text":"On other matters not related to climate risks and the transition to a low-carbon economy, BIS will apply our","page_number":235,"box":{"x":102,"y":256,"width":760,"height":11}},{"id":"44401d06-ebfe-493c-9aa1-45a3aee893e2","block_type":"box","text":"benchmark policies.","page_number":235,"box":{"x":69,"y":272,"width":141,"height":10}},{"id":"f3d7a3ba-3617-40f0-b939-729b90c5bb14","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment","page_number":235,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"92fce639-815c-4165-81ec-fbeea92dc22e","block_type":"box","text":"objective, BIS will continue to under take our stewardship responsibilities in line with our benchmark policies, with a","page_number":235,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"d2bbce17-779c-4bad-8b75-f2adb1ef5df1","block_type":"box","text":"sole focus on advancing those clients’ long-term economic interests. This will include consideration of climate-related","page_number":235,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"7476d477-92c4-49f9-aa87-3793d94f1ee1","block_type":"box","text":"risks and oppor tunities in a company’s business model, where material to the company’s ability to deliver long-term","page_number":235,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"1c3c6061-13d0-4fb2-8f84-bab097a49910","block_type":"box","text":"financial returns.","page_number":235,"box":{"x":68,"y":355,"width":119,"height":9}},{"id":"bf17c0f1-24b3-4c5b-a935-2fd8da612daf","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization","page_number":235,"box":{"x":102,"y":377,"width":769,"height":11}},{"id":"b10760ee-3aff-477d-af54-fc37825b1396","block_type":"box","text":"policies on items related to climate risk and the transition to a low-carbon economy.","page_number":235,"box":{"x":70,"y":393,"width":595,"height":11}},{"id":"67b297ee-7e25-4b79-9ca2-17b8336868d0","block_type":"box","text":"5","page_number":235,"box":{"x":69,"y":437,"width":4,"height":5}},{"id":"857a555a-9d45-4ec3-8b44-3e9d5039eaed","block_type":"box","text":"BIS’ benchmark policies set out the core elements of corporate governance that guide our investment stewardship","page_number":235,"box":{"x":79,"y":437,"width":817,"height":11}},{"id":"89ca5576-8edf-4ecc-ab55-e58363e1744f","block_type":"box","text":"effor ts globally and within each market, including when engaging with companies and voting at shareholder meetings.","page_number":235,"box":{"x":69,"y":452,"width":837,"height":11}},{"id":"b8e25a56-e725-4913-898e-6935e70092db","block_type":"box","text":"They are anchored in our Global Principles, which set out cer tain globally applicable fundamental elements of","page_number":235,"box":{"x":68,"y":467,"width":780,"height":11}},{"id":"3c1af06a-0b84-4883-b185-35f5ecbb1ed3","block_type":"box","text":"governance that contribute to a company’s ability to create long-term financial value, anchored in transparency and","page_number":235,"box":{"x":68,"y":482,"width":819,"height":11}},{"id":"b7fec88e-6b8f-42d7-b9bc-9f5480556140","block_type":"box","text":"accountability. They also include our regional and market-specific voting guidelines, which explain how the Principles","page_number":235,"box":{"x":69,"y":497,"width":825,"height":11}},{"id":"e3164961-0061-47a0-9da6-a4fb81f10c00","block_type":"box","text":"inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. We publish","page_number":235,"box":{"x":70,"y":512,"width":837,"height":12}},{"id":"1d0192f3-d29e-46ca-b30d-ec7a4c3e1458","block_type":"box","text":"our engagement priorities which reflect the five themes on which we most frequently engage companies, where they","page_number":235,"box":{"x":69,"y":527,"width":826,"height":12}},{"id":"a3cd66fe-2523-4497-87ff-34a100a38155","block_type":"box","text":"are relevant, as these can be a source of material business risk or oppor tunity. The BIS policies are applied on a","page_number":235,"box":{"x":69,"y":542,"width":805,"height":12}},{"id":"bb630d28-6b92-4600-9069-1dc7f91b3f0d","block_type":"box","text":"case-by-case basis, taking into consideration the context within which a company is operating. They are reviewed","page_number":235,"box":{"x":69,"y":558,"width":802,"height":11}},{"id":"8602d6c2-c6a8-4854-8c2d-fc55ea3ec1d5","block_type":"box","text":"annually and updated as necessary to reflect market developments and feedback from clients and companies.","page_number":235,"box":{"x":69,"y":573,"width":788,"height":11}},{"id":"99cabc14-6536-4f90-86be-297fcbce548e","block_type":"box","text":"6","page_number":235,"box":{"x":69,"y":591,"width":4,"height":4}},{"id":"d4fb9fe7-ca77-40af-b3a9-0a4607bdc1ae","block_type":"box","text":"The Paris Agreement to the United Nations Framework Convention on Climate Change, December 12, 2015.","page_number":235,"box":{"x":78,"y":591,"width":770,"height":11}},{"id":"caeb8ecb-d122-4471-ac21-ff64fcf403a6","block_type":"box","text":"7","page_number":235,"box":{"x":69,"y":609,"width":4,"height":4}},{"id":"f053e886-e12f-40b6-9af1-2c0bd2fa84ca","block_type":"box","text":"These companies may already be low-carbon operators, or be demonstrating momentum in reducing emissions in","page_number":235,"box":{"x":78,"y":608,"width":808,"height":11}},{"id":"09e33f85-ac0c-4f48-989b-103e0ae35923","block_type":"box","text":"their operations, providing key inputs or goods and services that suppor t real world decarbonization, or pivoting their","page_number":235,"box":{"x":68,"y":623,"width":832,"height":11}},{"id":"588bcf57-eff7-48f3-a224-86fe56a8579f","block_type":"box","text":"current business model to contribute to the transition to the low-carbon economy.","page_number":235,"box":{"x":69,"y":639,"width":579,"height":10}},{"id":"2effc8b6-aeec-449d-b012-3b9abdfe0a31","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f8d8d015-da9b-465b-af99-03681a136757","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 3","page_number":235,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"75d7263c-9343-478c-a621-e3fb7604c1b2","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff03d75c-8cd7-4bf6-9aad-78338d67ff71","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":236,"box":{"x":111,"y":45,"width":757,"height":9}},{"id":"09775ae5-409e-4418-bbee-708fbe224f60","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":236,"box":{"x":102,"y":67,"width":785,"height":12}},{"id":"313db3dc-6602-4a4b-8527-2ca40965fdc9","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are","page_number":236,"box":{"x":69,"y":82,"width":796,"height":12}},{"id":"6f370433-964b-4044-af23-0bb8d4ab8b68","block_type":"box","text":"moving at uneven speeds across sectors and regions. 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We have heard from cer tain clients that they see the low-carbon transition as a series of shifts","page_number":236,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"35881006-ec60-4f43-856b-5a6cc1452523","block_type":"box","text":"over decades that will reshape production and consumption, spur significant capital investment and create risks,","page_number":236,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"7d5ede0c-6bab-48f7-8da6-d2067570bff0","block_type":"box","text":"oppor tunities and a wider range of financial and competitive outcomes for companies.","page_number":236,"box":{"x":69,"y":158,"width":612,"height":11}},{"id":"935dbccc-24ca-41db-9004-ad01b0e8ab9f","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding","page_number":236,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"6cdfba18-faea-47a4-975f-21e289626bf9","block_type":"box","text":"risks and oppor tunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered","page_number":236,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"174d01d8-c063-4e39-85be-c55b96cbb32b","block_type":"box","text":"by Aladdin","page_number":236,"box":{"x":69,"y":211,"width":71,"height":11}},{"id":"eadfaacb-588f-48de-8eaf-3ad93bd4aa32","block_type":"box","text":"®","page_number":236,"box":{"x":141,"y":211,"width":6,"height":5}},{"id":"62a133f1-d748-49b1-b1cf-9839dc3c0caa","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to","page_number":236,"box":{"x":152,"y":211,"width":756,"height":11}},{"id":"3e711afd-9e83-4922-9b3c-2cac72c8b09d","block_type":"box","text":"play out based on what we know and expect today. It can help inform a top-down assessment of a company’s","page_number":236,"box":{"x":70,"y":226,"width":778,"height":11}},{"id":"97ee5e0b-4abb-4bfe-b36a-386d4cc9c41a","block_type":"box","text":"business risk arising from the transition. BII based its key assumptions on rigorous research, and the input of","page_number":236,"box":{"x":69,"y":241,"width":785,"height":11}},{"id":"6d98efd9-914d-4e22-baef-a41d97fc69b1","block_type":"box","text":"BlackRock’s por tfolio managers and other exper ts.","page_number":236,"box":{"x":70,"y":256,"width":361,"height":12}},{"id":"06317094-5735-4b52-a1d9-84db9ecba4e2","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will","page_number":236,"box":{"x":102,"y":279,"width":779,"height":11}},{"id":"159d1666-d3e3-486a-a048-e31bf49a6eb6","block_type":"box","text":"draw on the insights generated by BIITS and Aladdin","page_number":236,"box":{"x":69,"y":294,"width":370,"height":11}},{"id":"37a79514-eb8e-470e-a792-f76812de50ae","block_type":"box","text":"®","page_number":236,"box":{"x":440,"y":294,"width":6,"height":5}},{"id":"590c480e-6261-41da-ba6a-fbd6625d3803","block_type":"box","text":"Climate,","page_number":236,"box":{"x":451,"y":294,"width":57,"height":11}},{"id":"ff994235-ee6b-43d7-853d-5e4d4f098d47","block_type":"box","text":"8","page_number":236,"box":{"x":510,"y":294,"width":4,"height":5}},{"id":"447b7729-49ea-4eb3-b814-cfa685ad1782","block_type":"box","text":"as well as our own analysis and engagement, in","page_number":236,"box":{"x":520,"y":294,"width":340,"height":11}},{"id":"c1b4d324-a628-4914-b4e9-e042e49fadab","block_type":"box","text":"applying these guidelines. In doing so, we will take into consideration the fact that the necessary data to assess","page_number":236,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"18d2cd23-9d0e-4dae-bca2-3a51e15dd484","block_type":"box","text":"individual companies currently has limitations, but is improving as a result of disclosure requirements in an","page_number":236,"box":{"x":70,"y":324,"width":764,"height":12}},{"id":"4f2df74d-77d5-4f3f-bce5-a5b689074bc8","block_type":"box","text":"increasing number of jurisdictions.","page_number":236,"box":{"x":70,"y":339,"width":243,"height":12}},{"id":"2b80fe5e-ef1e-4026-955d-7329e8c55063","block_type":"box","text":"DECARBONIZATION STEWARDSHIP GUIDELINES DESIGN PRINCIPLES","page_number":236,"box":{"x":236,"y":370,"width":507,"height":9}},{"id":"ab1b061b-593f-4d9e-8177-6ffc98ac1504","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":236,"box":{"x":101,"y":392,"width":354,"height":12}},{"id":"f218e77a-afef-4033-8fab-09ce11eba87f","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"6f3e5c40-e61e-4d01-9508-28e33bdf9373","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":236,"box":{"x":102,"y":413,"width":671,"height":11}},{"id":"20d8b12b-b054-48d8-9e99-1f0a9f48728d","block_type":"box","text":"This includes","page_number":236,"box":{"x":779,"y":413,"width":93,"height":9}},{"id":"dbf036b4-0ca7-4510-ad30-9f6a45d2e8a8","block_type":"box","text":"companies which produce goods and services that contribute to real world decarbonization or have a carbon","page_number":236,"box":{"x":101,"y":428,"width":772,"height":11}},{"id":"e2ee7618-af91-4aa6-8131-64d6c19fdbb9","block_type":"box","text":"intensive business model and face outsized impacts from the low-carbon transition.","page_number":236,"box":{"x":102,"y":443,"width":594,"height":11}},{"id":"19f2b0cd-c934-4aaa-bc50-84b191cc77ea","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":466,"width":6,"height":4}},{"id":"c832bb19-cf04-409e-99d1-974068709120","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":236,"box":{"x":101,"y":463,"width":770,"height":11}},{"id":"628512fc-a8d2-477f-95aa-6189e41ab315","block_type":"box","text":"across sectors and markets:","page_number":236,"box":{"x":101,"y":478,"width":208,"height":9}},{"id":"9f54fa00-8b7c-4ada-b7bc-f45a7e28655c","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can","page_number":236,"box":{"x":315,"y":478,"width":575,"height":11}},{"id":"1c53390a-39c5-483a-b9c8-850295083dee","block_type":"box","text":"decarbonize based on technological feasibility, consumer demand, government policy, regulatory frameworks and","page_number":236,"box":{"x":101,"y":493,"width":804,"height":11}},{"id":"1ea84016-336b-4315-9480-02b53dfd6c3f","block_type":"box","text":"other factors. Fur ther, we recognize that these factors are uncer tain and dynamic, which will require that we","page_number":236,"box":{"x":102,"y":508,"width":768,"height":12}},{"id":"2799ec6f-1f87-4f34-8214-294183029674","block_type":"box","text":"evolve our approach as necessary.","page_number":236,"box":{"x":101,"y":524,"width":246,"height":11}},{"id":"fec19bfb-9bbf-4608-b231-1853e14d05f9","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":546,"width":6,"height":5}},{"id":"ff25d7ef-6ca8-4ece-bf10-3205934e148a","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and","page_number":236,"box":{"x":101,"y":544,"width":773,"height":11}},{"id":"1417dbde-e4fc-49b4-bf30-72a047cb3e6b","block_type":"box","text":"their key stakeholders:","page_number":236,"box":{"x":101,"y":559,"width":167,"height":11}},{"id":"4370a759-7a79-41d6-a8d2-d2198708429d","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their","page_number":236,"box":{"x":275,"y":559,"width":598,"height":11}},{"id":"922ed8b7-30b3-44eb-8819-535f1af04faa","block_type":"box","text":"business models. It is premised on the views of interested clients that a transition where companies adapt and","page_number":236,"box":{"x":102,"y":574,"width":794,"height":11}},{"id":"3b59a4e2-2c78-4c4c-9e0d-c6b055f32d75","block_type":"box","text":"continue to deliver financial returns throughout, is a better long-term investment outcome for them, and less","page_number":236,"box":{"x":101,"y":589,"width":773,"height":11}},{"id":"7c25c9b7-1099-48ba-aecd-227450deb2b1","block_type":"box","text":"disruptive to a company’s other key stakeholders, than a transition that is uneven. 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We make decisions on how to","page_number":236,"box":{"x":102,"y":735,"width":800,"height":11}},{"id":"32c567b3-0c98-449d-9be0-3720d45bf403","block_type":"box","text":"engage companies and vote proxies independently, based on our professional judgment of the priorities and","page_number":236,"box":{"x":101,"y":750,"width":770,"height":11}},{"id":"80a1f941-e96a-4b2c-8ad8-55851588ca62","block_type":"box","text":"outcomes most aligned with clients’ investment objectives.","page_number":236,"box":{"x":102,"y":766,"width":419,"height":11}},{"id":"7f71bb77-cad5-418e-bbdc-5a4ce42817b5","block_type":"box","text":"8","page_number":236,"box":{"x":69,"y":795,"width":4,"height":4}},{"id":"93066f3c-782c-450e-a9fe-b8fd9cd1dc25","block_type":"box","text":"Aladdin","page_number":236,"box":{"x":78,"y":795,"width":51,"height":8}},{"id":"e3731e53-57fd-4bc3-a5e6-10f77918b6b7","block_type":"box","text":"®","page_number":236,"box":{"x":130,"y":795,"width":6,"height":4}},{"id":"56799492-ae5f-4293-8cb9-f2e789500d06","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":236,"box":{"x":142,"y":794,"width":745,"height":12}},{"id":"99bbcdb3-615a-4503-99da-60a511e3e0cb","block_type":"box","text":"analytics. Aladdin","page_number":236,"box":{"x":69,"y":810,"width":123,"height":11}},{"id":"b715c69a-3d92-4cd0-b3bc-44ce6e80108d","block_type":"box","text":"®","page_number":236,"box":{"x":193,"y":810,"width":6,"height":4}},{"id":"6598d1d3-7f76-4b2a-bfb4-919c29f0e011","block_type":"box","text":"is a proprietary investment and risk management platform.","page_number":236,"box":{"x":205,"y":810,"width":418,"height":11}},{"id":"1f412a3e-521f-452d-9e64-6fa0ec4b8e79","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"18778494-b99b-48a1-a097-2bade2494a69","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 4","page_number":236,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"8d90b19b-68a2-4308-b98f-bde152b7b419","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0cb70f28-9773-4bfa-902f-3ee5c8915368","block_type":"box","text":"VOTING GUIDELINES","page_number":237,"box":{"x":411,"y":45,"width":150,"height":9}},{"id":"0b738be0-bfdf-43b7-9628-706c890d4a40","block_type":"box","text":"9","page_number":237,"box":{"x":562,"y":45,"width":4,"height":4}},{"id":"9d638772-17e1-4b4f-ba79-1aaac79e5641","block_type":"box","text":"Consistent with the investment objective of each fund or client that has selected these guidelines, BIS will look","page_number":237,"box":{"x":102,"y":67,"width":792,"height":12}},{"id":"f76a5c40-5482-458c-8736-ea2c36cfd47d","block_type":"box","text":"to companies to demonstrate the following:","page_number":237,"box":{"x":68,"y":82,"width":309,"height":12}},{"id":"d1ef9415-d84f-4e36-b70d-48d44b4d20a7","block_type":"box","text":"Corporate Disclosures","page_number":237,"box":{"x":69,"y":113,"width":160,"height":11}},{"id":"53b81fa5-1bd6-445c-8cec-ad113fb82b40","block_type":"box","text":"10","page_number":237,"box":{"x":230,"y":113,"width":9,"height":5}},{"id":"0aa93f41-04e6-4d6e-aab0-13dbaf078bc5","block_type":"box","text":"In the context of these guidelines, we look for companies to provide sufficient corporate disclosure to allow us to","page_number":237,"box":{"x":102,"y":135,"width":805,"height":12}},{"id":"6014aacc-58be-4b97-9be6-c6db074492b1","block_type":"box","text":"determine the extent to which decarbonization and the low-carbon transition are strategic priorities. As a general","page_number":237,"box":{"x":69,"y":151,"width":799,"height":11}},{"id":"3759da18-5abb-45de-8bc4-6d790e9bbe0e","block_type":"box","text":"point, we would expect companies that have disclosed their aim to par ticipate in the transition to a low-carbon","page_number":237,"box":{"x":70,"y":166,"width":785,"height":11}},{"id":"acbe3628-1ae5-4f00-830d-d727bc816924","block_type":"box","text":"economy to make disclosures that help explain the strategy and governance systems they have determined most","page_number":237,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"3b4049cc-41e3-4904-b17e-cc456a5e0d00","block_type":"box","text":"appropriate, which may include:","page_number":237,"box":{"x":69,"y":196,"width":224,"height":11}},{"id":"d944a29d-c46c-4f0e-bad2-25858f3cf625","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average","page_number":237,"box":{"x":69,"y":216,"width":769,"height":11}},{"id":"99353a7b-e98f-49f3-a640-0c11f7d45506","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would normally mean that they have a long-term","page_number":237,"box":{"x":101,"y":231,"width":759,"height":11}},{"id":"7ee1326b-b128-443c-91a7-8aa83b18e3e8","block_type":"box","text":"strategy to achieve net-zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term","page_number":237,"box":{"x":102,"y":246,"width":797,"height":11}},{"id":"30d8a319-e12e-4caa-a9d7-f7dd3a7608e3","block_type":"box","text":"milestones to assess their progress.","page_number":237,"box":{"x":102,"y":262,"width":260,"height":11}},{"id":"a3baf232-a4b9-420a-bd81-4f6912725fe9","block_type":"box","text":"(2) low-carbon transition-related repor ting consistent with the standards developed by the International Sustainability","page_number":237,"box":{"x":69,"y":282,"width":840,"height":11}},{"id":"0e3e01a6-5106-4b69-80a0-7f7bc97a07dd","block_type":"box","text":"Standards Board (ISSB).","page_number":237,"box":{"x":102,"y":297,"width":172,"height":11}},{"id":"c4002ef8-2791-4db0-9e61-6fcd32556909","block_type":"box","text":"11","page_number":237,"box":{"x":276,"y":297,"width":9,"height":4}},{"id":"52b1fa33-6af8-43cc-94a8-9f791ee927bf","block_type":"box","text":"IFRS S1 addresses the general requirements of sustainability repor ting and IFRS S2","page_number":237,"box":{"x":291,"y":297,"width":600,"height":11}},{"id":"641bb75e-d5f8-4ec7-9cd1-11e650ccb24e","block_type":"box","text":"sets out the disclosures that would provide investors with decision-useful information about a company’s most","page_number":237,"box":{"x":102,"y":312,"width":789,"height":11}},{"id":"658dd7ba-b67d-4747-9673-a104fb6bee14","block_type":"box","text":"significant climate- and low-carbon transition-related risks and oppor tunities. As audit and assurance standards","page_number":237,"box":{"x":102,"y":327,"width":793,"height":11}},{"id":"6be0bd40-7f11-4cb9-a84f-8b298b6ef988","block_type":"box","text":"are developed, it would be helpful to investors’ confidence in such disclosures for companies to seek","page_number":237,"box":{"x":102,"y":342,"width":723,"height":11}},{"id":"fea9f61d-c44f-4454-b6fd-e6072d8e2364","block_type":"box","text":"independent, third-par ty assurance.","page_number":237,"box":{"x":102,"y":357,"width":251,"height":11}},{"id":"e9244c38-65ca-4a53-9593-461bb6292fe6","block_type":"box","text":"9","page_number":237,"box":{"x":69,"y":402,"width":4,"height":4}},{"id":"35bdd1a4-ce07-460d-99ea-2d48dba78678","block_type":"box","text":"These guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":237,"box":{"x":78,"y":401,"width":822,"height":12}},{"id":"3852af24-dd6b-41d9-9cae-61c6a24b4c74","block_type":"box","text":"as to how BIS will engage and/or vote in every instance. The guidelines are applied by BIS analysts with discretion,","page_number":237,"box":{"x":69,"y":417,"width":821,"height":11}},{"id":"45981380-b7df-4f8c-8a2d-05cbb69e4e3d","block_type":"box","text":"on a case-by-case basis, taking into consideration the range of issues and facts specific to the company, as well as","page_number":237,"box":{"x":69,"y":432,"width":823,"height":11}},{"id":"a95c6ed0-9b99-4f85-a5e0-11258b54582f","block_type":"box","text":"individual ballot items at shareholder meetings.","page_number":237,"box":{"x":70,"y":447,"width":336,"height":11}},{"id":"14458649-6776-4ff5-b0ee-e95f9575c481","block_type":"box","text":"10","page_number":237,"box":{"x":69,"y":465,"width":9,"height":4}},{"id":"1498c554-7839-42af-a6bd-3422d50bc282","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":237,"box":{"x":84,"y":465,"width":764,"height":11}},{"id":"e422eedf-7ba6-4f11-9d18-3edccc6a057b","block_type":"box","text":"repor ting methodologies are nascent. In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":237,"box":{"x":69,"y":479,"width":834,"height":12}},{"id":"ca879dbf-e836-4d16-9342-537313c0e1c1","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":237,"box":{"x":69,"y":495,"width":651,"height":11}},{"id":"ea6ab225-9443-4111-b4cc-709ea0e754e2","block_type":"box","text":"11","page_number":237,"box":{"x":69,"y":513,"width":9,"height":4}},{"id":"8748553f-363b-4db3-8efd-c3d742a5e290","block_type":"box","text":"The International Sustainability Standards Board (ISSB) was formed by the International Financial Repor ting","page_number":237,"box":{"x":83,"y":512,"width":768,"height":12}},{"id":"a92b0102-a08d-4ee0-bcbf-344375e76e64","block_type":"box","text":"Standards (IFRS) Foundation in 2021. It aims to develop global standards for sustainability repor ting for corporates","page_number":237,"box":{"x":69,"y":527,"width":822,"height":12}},{"id":"f3079c6a-92f2-48da-8c82-37c8bef347dd","block_type":"box","text":"and investors to suppor t more efficient capital markets. The goal is standards that will provide a high-quality,","page_number":237,"box":{"x":69,"y":542,"width":776,"height":12}},{"id":"7b5c807c-fec6-4749-a193-a84fcd880299","block_type":"box","text":"comprehensive, and cost-effective global baseline of sustainability disclosures, while enabling interoperability with","page_number":237,"box":{"x":69,"y":558,"width":814,"height":11}},{"id":"84f37a83-7b02-4fc4-b980-a5e13f8de51e","block_type":"box","text":"jurisdiction-specific disclosure, and broader stakeholder, requirements. IFRS S1 and S2 were based on the","page_number":237,"box":{"x":67,"y":573,"width":763,"height":11}},{"id":"7725c843-77fa-443c-90eb-18d81e410108","block_type":"box","text":"recommendations of the Task Force on Climate-related Financial Disclosures, which many companies have used in","page_number":237,"box":{"x":69,"y":588,"width":815,"height":11}},{"id":"39546492-5e76-41f0-a44d-3cc49faaa69d","block_type":"box","text":"their repor ting to date. A number of jurisdictions are consulting on adopting the standards issued to date or have","page_number":237,"box":{"x":68,"y":603,"width":807,"height":11}},{"id":"c63860cc-ae1b-420c-8ab1-e6a2ae3f46b5","block_type":"box","text":"already committed to doing so.","page_number":237,"box":{"x":69,"y":618,"width":219,"height":11}},{"id":"52a482cf-d1c5-4fd8-bf0d-5dd4031b7cae","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"abf98bf3-15c5-4782-9f0e-44d86090ab5f","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 5","page_number":237,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"bbf9439d-96b4-4422-911a-e373ed5a65dd","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d1040745-d881-4aff-8c17-febbfa72f863","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions.","page_number":238,"box":{"x":69,"y":45,"width":461,"height":11}},{"id":"bc3c00b8-8122-4ebd-89a3-0aca3f9c19dc","block_type":"box","text":"12 13","page_number":238,"box":{"x":533,"y":45,"width":23,"height":4}},{"id":"f9638803-3eb5-4752-9bb9-81c06519e145","block_type":"box","text":"In addition, we look to companies to disclose","page_number":238,"box":{"x":562,"y":45,"width":321,"height":11}},{"id":"1da1881e-7243-4b27-aa23-45ebc8ec2609","block_type":"box","text":"their reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of","page_number":238,"box":{"x":101,"y":60,"width":788,"height":11}},{"id":"86b82ef5-20c3-4c12-b9f5-3a9fd39a189d","block_type":"box","text":"targets or indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that","page_number":238,"box":{"x":101,"y":75,"width":797,"height":11}},{"id":"45dd07e6-ffae-4a98-8d97-94befd08a306","block_type":"box","text":"these would be provided on a ‘best effor ts’ basis given the methodological challenges these currently present","page_number":238,"box":{"x":101,"y":90,"width":787,"height":11}},{"id":"c11cad3e-91db-4730-99f4-2d95b04d848f","block_type":"box","text":"for repor ters. Scope 3 information, including how a company is working with its value chain to accelerate","page_number":238,"box":{"x":101,"y":105,"width":747,"height":11}},{"id":"f4fc01cf-1f6c-4028-a238-73b35c98e7b8","block_type":"box","text":"reductions in GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition","page_number":238,"box":{"x":102,"y":120,"width":800,"height":12}},{"id":"515c7c04-ba15-48d0-bb3c-624086b9fb28","block_type":"box","text":"and understanding the impact of their investments on their decarbonization goals.","page_number":238,"box":{"x":102,"y":135,"width":582,"height":12}},{"id":"a1826ee5-e4a8-4480-85f7-b1ceda8fbe1d","block_type":"box","text":"14","page_number":238,"box":{"x":686,"y":136,"width":9,"height":4}},{"id":"9a613177-0b76-4e61-8a4a-5a7e40640c7d","block_type":"box","text":"However, we recognize that","page_number":238,"box":{"x":702,"y":136,"width":192,"height":11}},{"id":"69ef8891-48bd-4f00-8ad0-52169eee39da","block_type":"box","text":"companies have varying ability to influence the emissions across the different par ts of their value chain and it is","page_number":238,"box":{"x":101,"y":150,"width":803,"height":12}},{"id":"e40c8e9e-35a5-436f-8636-e14ca0fc3c33","block_type":"box","text":"helpful when disclosures explain the implications for the achievement of their decarbonization targets.","page_number":238,"box":{"x":102,"y":166,"width":727,"height":11}},{"id":"a7991117-8864-4898-a16e-e8750e95d943","block_type":"box","text":"Transition plans","page_number":238,"box":{"x":101,"y":188,"width":115,"height":11}},{"id":"f1629984-e388-4ff2-8535-16cfee8ea649","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low","page_number":238,"box":{"x":102,"y":211,"width":792,"height":11}},{"id":"8a105d77-a4c7-4e4a-9ff7-096915a796a1","block_type":"box","text":"carbon transition strategy by, as defined by the ISSB, “lay[ing] out the entity’s targets, actions or resources for its","page_number":238,"box":{"x":69,"y":226,"width":810,"height":11}},{"id":"f8b8d9ad-c797-43b9-aec8-6b8f1a70b364","block_type":"box","text":"transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see","page_number":238,"box":{"x":68,"y":241,"width":822,"height":11}},{"id":"1661cd89-d5c0-4b05-95a1-48195596bade","block_type":"box","text":"appendix 1).","page_number":238,"box":{"x":69,"y":257,"width":86,"height":10}},{"id":"47a14d39-7838-43ac-bbb9-5a889366296f","block_type":"box","text":"We note the work being under taken in a number of jurisdictions on establishing a common approach in a market","page_number":238,"box":{"x":101,"y":279,"width":802,"height":11}},{"id":"9ed044eb-8638-423c-ab39-eacc8f648338","block_type":"box","text":"to corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and","page_number":238,"box":{"x":68,"y":294,"width":775,"height":11}},{"id":"5913f520-bba8-438f-a4d0-07bb5414d7ae","block_type":"box","text":"production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition","page_number":238,"box":{"x":70,"y":309,"width":807,"height":11}},{"id":"4064dd10-c4bd-443f-b2ca-6dfdfcb2174b","block_type":"box","text":"plan to understand their planned actions and resource implications in accordance with anticipated requirements.","page_number":238,"box":{"x":70,"y":325,"width":802,"height":10}},{"id":"1f321f33-acf4-4ab7-9b2d-8682094a2ead","block_type":"box","text":"Boards and directors","page_number":238,"box":{"x":69,"y":355,"width":151,"height":9}},{"id":"e1b80e21-4ec0-4bee-a1c7-fbd9c5ea23e4","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":238,"box":{"x":101,"y":377,"width":775,"height":12}},{"id":"09628465-a98e-420f-aef8-aa4cf1ad7e0c","block_type":"box","text":"company’s management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon","page_number":238,"box":{"x":69,"y":393,"width":782,"height":11}},{"id":"30e0db29-dbef-45a6-825c-05e364924221","block_type":"box","text":"transition strategy.","page_number":238,"box":{"x":68,"y":408,"width":131,"height":11}},{"id":"bc5e0101-85f4-4f22-a1c0-cc490ebf8ad4","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":238,"box":{"x":102,"y":430,"width":710,"height":11}},{"id":"0038df6d-c70f-4c18-823a-efc0adfbe46a","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":453,"width":6,"height":5}},{"id":"025d4ee8-d00b-457a-97ce-86feddf67190","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":238,"box":{"x":101,"y":450,"width":711,"height":12}},{"id":"86a57e88-7974-4709-94c7-73eae8861c0b","block_type":"box","text":"oppor tunities in the company’s business model. We consider the whole board to have responsibility for oversight","page_number":238,"box":{"x":102,"y":465,"width":805,"height":12}},{"id":"c25387aa-ea6f-491d-ba84-38b68e432883","block_type":"box","text":"of the company’s long-term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":238,"box":{"x":102,"y":481,"width":789,"height":11}},{"id":"927220ea-3297-43f1-813c-6278cbaf1beb","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":504,"width":6,"height":4}},{"id":"ed7686ba-3bbe-4864-93cd-1ab2ea64380c","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":238,"box":{"x":102,"y":501,"width":747,"height":11}},{"id":"5666a4b5-24ae-4e3f-a297-0111a4f35cab","block_type":"box","text":"accountability for delivery by senior executives.","page_number":238,"box":{"x":102,"y":516,"width":333,"height":11}},{"id":"b34abb4d-60d5-49c6-812b-6b773a024dc1","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":539,"width":6,"height":4}},{"id":"b1f4a568-c0d0-4632-be11-175e8908f631","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":238,"box":{"x":101,"y":536,"width":758,"height":11}},{"id":"d979a297-41cc-4ada-858f-9e65819b774d","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the low-carbon","page_number":238,"box":{"x":101,"y":551,"width":770,"height":11}},{"id":"d5915c30-839d-40f1-933e-9ce9206f95fd","block_type":"box","text":"transition strategy.","page_number":238,"box":{"x":101,"y":566,"width":131,"height":11}},{"id":"b00e0c53-c4bf-4dbb-8ba2-04c43f4c843f","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":589,"width":6,"height":5}},{"id":"21b8b5f4-4cdb-41d7-a7b8-2c04b2a3e422","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":238,"box":{"x":101,"y":586,"width":807,"height":12}},{"id":"379c6443-b01a-4494-bb15-5d106da06522","block_type":"box","text":"company’s enterprise risk management processes and repor ting.","page_number":238,"box":{"x":101,"y":602,"width":465,"height":11}},{"id":"6a0fcc92-8776-4561-9147-ed28a30e9ad2","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":625,"width":6,"height":4}},{"id":"ef4f5c92-58ab-4d8b-9ffc-36796dc67f3f","block_type":"box","text":"The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified","page_number":238,"box":{"x":101,"y":622,"width":789,"height":11}},{"id":"997bdfa6-a542-4600-b38a-ddd56ba45025","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no","page_number":238,"box":{"x":101,"y":637,"width":800,"height":11}},{"id":"2cb7e111-f97a-4147-8ba1-bea3748c95c1","block_type":"box","text":"more than 1.5°C above pre-industrial levels.","page_number":238,"box":{"x":102,"y":652,"width":312,"height":11}},{"id":"7e024cd0-68c1-4bdf-8356-63d4f0a2c71b","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":675,"width":6,"height":5}},{"id":"49bcb324-5849-4aaf-9754-08ef1bf01bbc","block_type":"box","text":"There is a clear link between the company’s scope 1 & 2 GHG emissions reduction targets over time and its","page_number":238,"box":{"x":101,"y":672,"width":773,"height":11}},{"id":"ce8e3327-3923-407d-800d-bf1ca3e277bb","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":238,"box":{"x":102,"y":687,"width":282,"height":11}},{"id":"0a6c2dfa-eb9d-4885-be9f-1c5ac1474c55","block_type":"box","text":"12","page_number":238,"box":{"x":69,"y":732,"width":9,"height":4}},{"id":"ef5215a2-bea1-40f1-9591-41f2dba9eada","block_type":"box","text":"FTSE Russell address the materiality of different categories of Scope 3 GHG emissions by sector in a January","page_number":238,"box":{"x":84,"y":731,"width":783,"height":12}},{"id":"9bcf1225-0668-4990-a8e2-c7a297670963","block_type":"box","text":"2024 paper “Scope for improvement: Solving the Scope 3 conundrum”.","page_number":238,"box":{"x":69,"y":747,"width":510,"height":11}},{"id":"ad7c468a-f324-4817-bf09-5df3738606a3","block_type":"box","text":"13","page_number":238,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"d2bb578e-366f-44d4-970b-48ed71558f2f","block_type":"box","text":"Under this policy, we look for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (“GHG","page_number":238,"box":{"x":84,"y":764,"width":800,"height":12}},{"id":"e2e2c446-1b8e-4147-b71b-037495714c6c","block_type":"box","text":"Protocol”). The Protocol Standards and Guidance are currently being updated to ensure they continue to provide “a","page_number":238,"box":{"x":69,"y":779,"width":819,"height":12}},{"id":"a72d33bc-bfae-46d1-bb1f-5e8ef415a510","block_type":"box","text":"rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science","page_number":238,"box":{"x":69,"y":794,"width":803,"height":12}},{"id":"2b0b35b4-7405-45e3-8458-d83147497478","block_type":"box","text":"based and net-zero targets in line with the global 1.5°C goal.”","page_number":238,"box":{"x":69,"y":810,"width":439,"height":11}},{"id":"6cdd7697-b684-41ac-a82b-fb4138675995","block_type":"box","text":"14","page_number":238,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"9078b23c-d36c-4fd0-892f-cf084f8c0009","block_type":"box","text":"We do not believe the purpose of Scope 3 disclosure requirements should be to push publicly traded companies","page_number":238,"box":{"x":83,"y":827,"width":801,"height":11}},{"id":"e5c60a3d-dc50-43a5-99da-960e181f8849","block_type":"box","text":"into the role of enforcing emission reduction targets outside of their control. Given methodological complexity for","page_number":238,"box":{"x":70,"y":842,"width":802,"height":12}},{"id":"8a86d841-2e47-4a54-8e0e-2db4b441ca66","block_type":"box","text":"Scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most useful when","page_number":238,"box":{"x":69,"y":857,"width":820,"height":12}},{"id":"04df26a6-db08-4570-b92a-4ac61aa042ba","block_type":"box","text":"companies focus their disclosures on those of the fifteen Scope 3 GHG Protocol categories that are material to their","page_number":238,"box":{"x":69,"y":873,"width":830,"height":11}},{"id":"6364a00a-5c9b-4a6f-a492-55bc789b31c5","block_type":"box","text":"business models.","page_number":238,"box":{"x":69,"y":888,"width":124,"height":9}},{"id":"add7418a-a8ac-44ae-9863-4549934481f5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7c0963a4-451b-4ced-83a9-58fae13dd566","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 6","page_number":238,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"ff0b17b5-d76d-482e-96ba-aaab18d176fd","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3205241d-6d07-4ee1-acab-4c1b4a1730ed","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"d187d687-0824-4a06-ad06-1f82a5278fdb","block_type":"box","text":"The company is monitoring its material scope 3 emissions","page_number":239,"box":{"x":101,"y":45,"width":416,"height":11}},{"id":"c6d98aa7-8516-405d-ac3b-c676240845fe","block_type":"box","text":"15","page_number":239,"box":{"x":518,"y":45,"width":9,"height":4}},{"id":"0ed6ed42-4c38-4373-8e4f-794bba7579e0","block_type":"box","text":"and disclosing these where it is confident in the","page_number":239,"box":{"x":533,"y":45,"width":341,"height":11}},{"id":"3f2d4859-4e04-405c-a7b9-10a6d686e24c","block_type":"box","text":"data. Given for thcoming regulatory requirements in cer tain jurisdictions, some companies are voluntarily","page_number":239,"box":{"x":101,"y":60,"width":746,"height":11}},{"id":"2e576475-417e-4dfe-83ed-6cba8fe012da","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":239,"box":{"x":101,"y":75,"width":800,"height":11}},{"id":"8e533ac2-8d1d-49e6-be4f-dff1e629a770","block_type":"box","text":"with the different constituents in their value chain.","page_number":239,"box":{"x":101,"y":90,"width":358,"height":9}},{"id":"ecb52950-3eab-4518-9007-37d7e819a8d4","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"c45efedd-7c32-45ee-87dc-d0d91958044f","block_type":"box","text":"The board oversees, and management has a formalized approach to, the company’s lobbying activities, including","page_number":239,"box":{"x":101,"y":110,"width":806,"height":11}},{"id":"b8709b9f-6014-48f7-bfc6-02266554096c","block_type":"box","text":"trade association memberships. Policy engagement should be consistent with a company’s stated strategic","page_number":239,"box":{"x":101,"y":126,"width":767,"height":11}},{"id":"6a20c025-aa27-48f4-acb2-89aab42203db","block_type":"box","text":"policy objectives, including those related to the low-carbon transition.","page_number":239,"box":{"x":102,"y":141,"width":490,"height":11}},{"id":"32725a4c-138f-4012-af8f-bb8984cc17b8","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":239,"box":{"x":101,"y":163,"width":420,"height":11}},{"id":"b72a045d-15c5-4c98-a147-f5622c44d8ef","block_type":"box","text":"In implementing these guidelines, BIS will generally suppor t non-executive directors standing for election where,","page_number":239,"box":{"x":102,"y":186,"width":796,"height":11}},{"id":"a0e1b827-afc7-4391-a989-da7c4e3f51ce","block_type":"box","text":"in BIS’ assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":239,"box":{"x":70,"y":201,"width":821,"height":11}},{"id":"8014b85c-f523-4274-bc16-f08319ea130d","block_type":"box","text":"align with the transition to a low-carbon economy, as defined above. Where BIS determines this is not the case, we","page_number":239,"box":{"x":69,"y":216,"width":820,"height":11}},{"id":"2529e65d-995e-4b38-bb8a-af9b39f162a8","block_type":"box","text":"may vote against the election of one or more directors who have responsibility for the issue. The directors most likely","page_number":239,"box":{"x":69,"y":231,"width":836,"height":11}},{"id":"3d73161c-ff9f-4222-a2f5-5f8d2242590b","block_type":"box","text":"to be in focus are the chair of the board sub-committee with low-carbon transition, climate or sustainability risk","page_number":239,"box":{"x":68,"y":246,"width":791,"height":11}},{"id":"bc927bf9-b02e-48e4-87e5-67c91fab71f8","block_type":"box","text":"oversight responsibilities, other members of the relevant committee, the lead independent director or the non","page_number":239,"box":{"x":69,"y":261,"width":785,"height":12}},{"id":"24313df0-fa1a-476b-a17d-35be802f94fd","block_type":"box","text":"executive chair of the board. In cer tain markets, we may withhold suppor t for the discharge of the supervisory board","page_number":239,"box":{"x":69,"y":276,"width":830,"height":12}},{"id":"5397cc19-b8de-49c2-a904-4ebf20d7ebce","block_type":"box","text":"or equivalent.","page_number":239,"box":{"x":69,"y":292,"width":95,"height":11}},{"id":"6cae9819-f455-41aa-8db0-0a98de7fc6ac","block_type":"box","text":"Where we have not suppor ted director elections over climate concerns in a prior year, and the company has not","page_number":239,"box":{"x":101,"y":314,"width":796,"height":11}},{"id":"c6495b34-48b1-482b-bae0-d1b05a5fdb65","block_type":"box","text":"subsequently made progress towards aligning with the transition to a low-carbon economy, we may escalate","page_number":239,"box":{"x":69,"y":330,"width":768,"height":11}},{"id":"39e9ae77-1fb3-4002-9662-4409b2740030","block_type":"box","text":"16","page_number":239,"box":{"x":838,"y":330,"width":9,"height":4}},{"id":"9a272764-3394-4986-8f47-362ff9120a17","block_type":"box","text":"by","page_number":239,"box":{"x":853,"y":330,"width":15,"height":11}},{"id":"701ab495-84d5-44ec-af72-e6e776e02951","block_type":"box","text":"voting against the re-election of additional responsible directors to signal our heightened concerns.","page_number":239,"box":{"x":68,"y":344,"width":705,"height":12}},{"id":"5d4b5c72-a3d1-4d91-a044-c1fd986cd10b","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":239,"box":{"x":69,"y":375,"width":528,"height":11}},{"id":"01c7e627-6fed-4266-ac6f-8dedc09190cd","block_type":"box","text":"In cer tain markets, company management may submit proposals asking shareholders to approve their climate","page_number":239,"box":{"x":102,"y":398,"width":786,"height":11}},{"id":"60a09b8e-efa1-4936-aa34-0bb9c49ef104","block_type":"box","text":"action plans or progress repor ts, sometimes known as “Say on Climate.” BIS will generally suppor t management’s","page_number":239,"box":{"x":69,"y":413,"width":819,"height":11}},{"id":"8bc7830b-16fa-4c38-b3e3-bd8cb77926e0","block_type":"box","text":"climate strategy proposal if, in our assessment based on these guidelines, the strategy is aligned with the low-carbon","page_number":239,"box":{"x":69,"y":428,"width":837,"height":11}},{"id":"f89b3bd2-ce4c-44c1-8d57-14cf658f95b1","block_type":"box","text":"transition. Similarly, we will generally suppor t management’s proposal on a progress repor t if the company has","page_number":239,"box":{"x":68,"y":443,"width":791,"height":11}},{"id":"f0b72d9e-c6ab-4678-8a29-dd4bd41237bf","block_type":"box","text":"clearly explained its progress against, and any deviations from or changes to, its stated transition plan and targets.","page_number":239,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"af8e5914-5e2c-4af9-aa32-99a8e58e4263","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":239,"box":{"x":68,"y":488,"width":495,"height":11}},{"id":"d00fb415-4d3b-4b64-9f14-07d342f17bc6","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered","page_number":239,"box":{"x":102,"y":511,"width":786,"height":11}},{"id":"c29c2b07-beca-42b0-ad14-9ef423aca48e","block_type":"box","text":"on their merit. Our assessment will take into consideration the implications for, and the relevance to, the company’s","page_number":239,"box":{"x":69,"y":526,"width":829,"height":11}},{"id":"1b2bc338-3d34-4b81-9738-1aca2282d6f9","block_type":"box","text":"stated low-carbon transition strategy and targets. We may suppor t shareholder proposals that, for example, ask a","page_number":239,"box":{"x":69,"y":541,"width":810,"height":11}},{"id":"17735027-23c7-4b89-87bf-2b11ddd7ec96","block_type":"box","text":"company to:","page_number":239,"box":{"x":69,"y":557,"width":85,"height":10}},{"id":"1303b5ec-d118-43c1-a4da-abfab1ec97ab","block_type":"box","text":"•","page_number":239,"box":{"x":102,"y":579,"width":6,"height":5}},{"id":"6c62dd8c-4b81-4bc9-827c-22cfc1de689e","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":239,"box":{"x":135,"y":577,"width":764,"height":11}},{"id":"60e12da8-733b-4789-869a-bb0527a0f932","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":239,"box":{"x":135,"y":592,"width":380,"height":10}},{"id":"8f09e333-4258-4958-8743-5bed54092a43","block_type":"box","text":"•","page_number":239,"box":{"x":102,"y":614,"width":6,"height":5}},{"id":"9119a469-daa0-4d0f-9f45-1033b07a92e1","block_type":"box","text":"Align their scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a","page_number":239,"box":{"x":134,"y":612,"width":773,"height":11}},{"id":"95ce038b-a6ba-4202-a2a1-a8c1a34d8796","block_type":"box","text":"long-term goal of the company achieving net zero GHG emissions by 2050","page_number":239,"box":{"x":135,"y":627,"width":526,"height":11}},{"id":"61889b08-a236-49bd-b66e-d518b8a29be1","block_type":"box","text":"•","page_number":239,"box":{"x":102,"y":650,"width":6,"height":4}},{"id":"0609b9cc-3e78-4d42-bb6f-70d4ee744716","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":239,"box":{"x":135,"y":647,"width":697,"height":11}},{"id":"65e657e0-d930-4a21-a05d-fcae5e5165ba","block_type":"box","text":"•","page_number":239,"box":{"x":102,"y":670,"width":6,"height":4}},{"id":"02a9001b-dcc7-47c9-bbbe-612e6c523c58","block_type":"box","text":"Improve disclosures on how a company’s climate-related lobbying (including trade association memberships","page_number":239,"box":{"x":135,"y":667,"width":768,"height":11}},{"id":"ea4908d1-5cdf-4f6a-8655-6ac0472aa3f2","block_type":"box","text":"and other indirect lobbying) is aligned with its strategic policy positions.","page_number":239,"box":{"x":134,"y":682,"width":508,"height":11}},{"id":"3bc69dcc-08a3-45f1-9c61-1e28fea207a3","block_type":"box","text":"We would not suppor t shareholder proposals that seek to constrain board or management decision-making or","page_number":239,"box":{"x":101,"y":705,"width":783,"height":11}},{"id":"1b04c854-1f6b-4af2-a291-fcde1e1e8df2","block_type":"box","text":"direct specific business or strategic decisions. This includes proposals that seek to change a company’s ar ticles of","page_number":239,"box":{"x":69,"y":720,"width":825,"height":11}},{"id":"82e31c06-fc16-47a9-9d5a-32ed1e4112e7","block_type":"box","text":"association or char ter to require commitments or actions related to climate risk or the low-carbon transition.","page_number":239,"box":{"x":69,"y":735,"width":771,"height":11}},{"id":"fd38d73a-a923-4043-afb4-a5aafe372513","block_type":"box","text":"15","page_number":239,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"fccf8fce-c17f-40ca-9705-66510038fa86","block_type":"box","text":"As discussed in the FTSE Russell publication mentioned above, their research indicates that there are 2-3 material","page_number":239,"box":{"x":83,"y":764,"width":819,"height":11}},{"id":"14ce3bd3-1a53-4a06-8299-1af160faecf5","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":239,"box":{"x":69,"y":779,"width":813,"height":12}},{"id":"c2ef2678-35c5-43b9-a3e0-d6a3af95861c","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":239,"box":{"x":68,"y":794,"width":828,"height":12}},{"id":"465c3719-cf52-4a89-af79-0a6dcd062ab7","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":239,"box":{"x":69,"y":810,"width":801,"height":11}},{"id":"ed6bedc2-087d-441a-99fc-b4bb5ac64a93","block_type":"box","text":"16","page_number":239,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"ee9297e0-5161-4dc0-98e9-710ee7322ddd","block_type":"box","text":"While BIS may escalate voting by not suppor ting additional management proposals, principally director elections,","page_number":239,"box":{"x":83,"y":827,"width":804,"height":12}},{"id":"14309f85-9897-44fa-9a06-f3ad35aecf0b","block_type":"box","text":"we do not consider filing shareholder proposals, preannouncing our voting intentions or using the media to amplify","page_number":239,"box":{"x":68,"y":842,"width":816,"height":12}},{"id":"e3756bc4-f1f6-4deb-a921-f039201cf574","block_type":"box","text":"our concerns appropriate courses of action. We will continue to take a constructive, long-term focused approach, to","page_number":239,"box":{"x":69,"y":857,"width":823,"height":12}},{"id":"ef722365-ae4e-4e57-a9a2-59261edef7b7","block_type":"box","text":"our engagement and voting on behalf of clients under these guidelines.","page_number":239,"box":{"x":69,"y":873,"width":506,"height":11}},{"id":"7cec73e6-e336-4dd2-874c-a79d6eb631ee","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e58fd5b6-5d1b-42a6-9806-995b8fe0d615","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 7","page_number":239,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"958d35ca-a3c5-4765-a927-3d0fda45429d","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67188ff1-3dc5-481b-bf59-dcb13a2ffeb3","block_type":"box","text":"RELATED MATTERS","page_number":240,"box":{"x":419,"y":45,"width":140,"height":9}},{"id":"6cee3f86-8131-4da2-8758-bb85a223b5d2","block_type":"box","text":"There are other business items not covered above that may be put to a shareholder vote that could address","page_number":240,"box":{"x":101,"y":68,"width":771,"height":10}},{"id":"ebd7ba43-aaa3-42db-81f4-78480527abf8","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these guidelines, BIS is most likely to engage,","page_number":240,"box":{"x":69,"y":83,"width":800,"height":11}},{"id":"d259d55f-94a1-4f24-868a-c6cf1144385e","block_type":"box","text":"where appropriate, if we seek to enhance our understanding of a company’s approach. Generally, our voting on these","page_number":240,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"eec09576-52e9-4a3e-8207-1dd851a7a797","block_type":"box","text":"matters would be covered by BIS’ benchmark guidelines.","page_number":240,"box":{"x":69,"y":113,"width":402,"height":11}},{"id":"0cd0b689-0e5e-47b7-8555-e9da431d6945","block_type":"box","text":"Executive compensation","page_number":240,"box":{"x":69,"y":143,"width":177,"height":11}},{"id":"5b224034-f617-40a6-bf0f-84e46ca88412","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives","page_number":240,"box":{"x":101,"y":166,"width":785,"height":11}},{"id":"5fc98a4b-b907-4f81-9931-2b58f6f80393","block_type":"box","text":"appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":240,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"219651c6-1f32-4002-abf8-f13911bb12dc","block_type":"box","text":"reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to","page_number":240,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"7ab61a82-1d97-465c-a9e8-c76f26ff426f","block_type":"box","text":"understand the alignment between those metrics and the company’s stated climate strategy.","page_number":240,"box":{"x":69,"y":211,"width":661,"height":11}},{"id":"29da104e-75b3-4527-a27b-3fa4b847b152","block_type":"box","text":"Auditors and audit-related issues","page_number":240,"box":{"x":68,"y":241,"width":240,"height":9}},{"id":"76f33b89-749b-40cc-b1d5-e08e212d0aa9","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, BIS is","page_number":240,"box":{"x":102,"y":264,"width":737,"height":11}},{"id":"222c1978-0c0c-4988-992c-e562c51e35dc","block_type":"box","text":"interested to understand whether the company considers and, if relevant, quantifies, and accounts for material","page_number":240,"box":{"x":70,"y":279,"width":789,"height":11}},{"id":"d9cb262c-8644-424b-9148-72f5967f7fd4","block_type":"box","text":"climate-related risks in its financial statements, including if the company explains such risks within the context of its","page_number":240,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"470d5da3-218c-4d86-a52b-ddc94a6f169b","block_type":"box","text":"audit repor t. We note that work is being under taken to develop audit and assurance standards in relation to climate","page_number":240,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"22503181-36fe-47fe-af8c-182aaf3d47cc","block_type":"box","text":"and transition repor ting, which may impact the future repor ting requirements of companies. We note that assurance","page_number":240,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"c68edb70-57b2-4fb8-9b9c-4896faffcf51","block_type":"box","text":"of corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":240,"box":{"x":69,"y":339,"width":758,"height":12}},{"id":"26051cfe-027d-4901-b2ff-91cee24fbd38","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":240,"box":{"x":69,"y":370,"width":463,"height":11}},{"id":"29ba7e6f-eb4e-4b0a-84c3-4b74095424be","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors","page_number":240,"box":{"x":102,"y":392,"width":772,"height":12}},{"id":"515dd81a-d399-4f8e-8fd7-2cd07e33789c","block_type":"box","text":"under these guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder","page_number":240,"box":{"x":69,"y":407,"width":803,"height":12}},{"id":"ff705ff4-cf77-4c9b-a41a-3a7bf9f74af5","block_type":"box","text":"activist has proposed governance, strategic or operational changes that may impact its climate strategy. BIS does not","page_number":240,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"a4f17f3f-78c0-4eb0-b9c3-6cc1c6705516","block_type":"box","text":"promote changes in corporate control, nor does it invoke formal governance mechanisms that rise to the level of","page_number":240,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"c2e0649f-d0fd-41af-b4de-ba17f4994e5a","block_type":"box","text":"shareholder activism.","page_number":240,"box":{"x":69,"y":453,"width":151,"height":9}},{"id":"05f19303-1cf9-45e4-afb8-3f3c735ddca1","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":240,"box":{"x":69,"y":483,"width":503,"height":11}},{"id":"a8a9f9ea-334d-46e1-b329-ec12aae84990","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability","page_number":240,"box":{"x":102,"y":506,"width":803,"height":11}},{"id":"074b9400-dcab-41a7-8e43-c093784f96b1","block_type":"box","text":"related risks and oppor tunities that may be relevant to a company’s business model and long-term per formance.","page_number":240,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"615f12ae-ef41-4f34-a7fc-4a818d5809a9","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":240,"box":{"x":68,"y":536,"width":669,"height":11}},{"id":"86ec4054-1f3c-4511-ac10-7d060f73f602","block_type":"box","text":"17","page_number":240,"box":{"x":739,"y":536,"width":8,"height":5}},{"id":"8746afa7-3a77-44af-ae17-fc71e5d2fc16","block_type":"box","text":"In the context of","page_number":240,"box":{"x":754,"y":536,"width":115,"height":9}},{"id":"606cddff-f322-40bf-81f8-28ef9617f5d7","block_type":"box","text":"these guidelines, we may engage companies to better understand how they are managing the impact on people (","page_number":240,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"c01d8e5c-b12d-463c-91f6-2623e184c797","block_type":"box","text":"e.g.","page_number":240,"box":{"x":875,"y":553,"width":25,"height":9}},{"id":"9a862b3a-6a29-445f-a092-1eb8fde0dd8d","block_type":"box","text":",","page_number":240,"box":{"x":902,"y":559,"width":2,"height":3}},{"id":"75b90ff4-f5b9-4f87-ba81-32b1cddf1225","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are making in","page_number":240,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"b38004d8-338f-41d4-b2c0-db37d6531ee4","block_type":"box","text":"relation to their transition to a low-carbon economy. Similarly, we may engage companies that face risks and","page_number":240,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"766582b1-726b-4619-8661-636c9611f48f","block_type":"box","text":"oppor tunities related to land use and deforestation, access to fresh water, or the ability to secure scarce resources","page_number":240,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"5709ceb9-4a5a-4753-975e-dbc72d699ce3","block_type":"box","text":"critical to the transition to a low-carbon economy.","page_number":240,"box":{"x":69,"y":612,"width":348,"height":11}},{"id":"b6c5621e-b490-479f-b08a-ed5725cb999e","block_type":"box","text":"17","page_number":240,"box":{"x":69,"y":656,"width":8,"height":5}},{"id":"17fb2309-6b64-48b0-b106-d30c271d1eb3","block_type":"box","text":"BIS’ engagement with companies on these issues is informed by our commentaries on natural capital, human","page_number":240,"box":{"x":84,"y":656,"width":783,"height":11}},{"id":"745ee1bd-d8ec-448b-bd61-fbef052e0723","block_type":"box","text":"capital management and human rights.","page_number":240,"box":{"x":69,"y":671,"width":277,"height":11}},{"id":"f3688a6a-0362-407f-a8ca-a43c5e31ebc9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c144b756-c67b-4139-a2e8-e28753e302ca","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 8","page_number":240,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"bb7fbbb6-0713-49d1-b347-9d85149241c7","block_type":"box","text":"BNM1026U-6032956-19204440","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"829d90cd-304c-4e5b-83bb-93058e697c92","block_type":"box","text":"Appendix 1","page_number":241,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"a202b9b3-1ec9-4632-b074-b24fc52b8ba3","block_type":"box","text":"Terminology","page_number":241,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"12bcf3c1-bea5-4b7a-8983-6f388db9454e","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":241,"box":{"x":101,"y":98,"width":562,"height":11}},{"id":"e0ab81a7-ac4b-450c-b2a9-40a9d4bc20ec","block_type":"box","text":"Climate risk:","page_number":241,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"c5f07e36-3bc6-4f4c-8d7f-5278b2f84111","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":241,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"b8fce67f-8385-4a80-aca3-99626a89ab2e","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":241,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"ade5edfa-be44-4e6f-9979-66ffcbeac323","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":241,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"9f1821c7-f5e6-4a8f-8a30-81dd87c2c39c","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":241,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"b6d38366-31e0-475c-9697-d2c81029d3f5","block_type":"box","text":"The global economic shift toward lower","page_number":241,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"0402ff41-c838-487a-9847-221ab707c8b0","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":241,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"0ebae96f-1b19-4f70-a049-b0e5738b8f87","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":241,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"9b854871-0255-4e41-9805-d61890f85eca","block_type":"box","text":"change (","page_number":241,"box":{"x":69,"y":219,"width":59,"height":11}},{"id":"2ef70dff-6a38-4cf8-99af-5391d021b125","block_type":"box","text":"e.g.","page_number":241,"box":{"x":130,"y":220,"width":25,"height":10}},{"id":"a0aa6c40-8a2c-4f57-8a0a-4ff419272591","block_type":"box","text":", extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":241,"box":{"x":158,"y":218,"width":723,"height":12}},{"id":"84ed8f62-2ce5-4b79-9b9a-8e7669a65cbd","block_type":"box","text":"Decarbonization:","page_number":241,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"bdc7b036-47fc-4210-bd0f-a8d7434ea5e3","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":241,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"04be6dd5-cab6-4461-bb86-44620d87ab10","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":241,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"2b48690c-24b4-4946-a62f-59a365ec23d9","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":241,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"2d15480f-88f9-4ff6-a181-706bb66d424c","block_type":"box","text":"e.g.","page_number":241,"box":{"x":69,"y":288,"width":25,"height":10}},{"id":"de3d79bf-7803-49e4-9026-57b6c0232ebd","block_type":"box","text":", methane.","page_number":241,"box":{"x":97,"y":287,"width":74,"height":10}},{"id":"9eadfc3d-afd7-4720-afad-68662ba134c8","block_type":"box","text":"Climate-related risks and opportunities:","page_number":241,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"e8fa064c-6adf-4f65-98c4-f538617133c6","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":241,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"200f38e1-9448-470a-ad17-53beea912775","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":241,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"fb72bde8-b544-4ef6-acb6-f440abd43028","block_type":"box","text":"to physical climate change.","page_number":241,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"1ec7f0f5-17fd-4085-a0f2-9c0a19ffd611","block_type":"box","text":"Climate-related transition plan:","page_number":241,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"2e98fc5b-cb65-4a77-b54e-7b9f8ff3af61","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":241,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"0228a2ec-35d8-4751-881f-10006a2bd092","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":241,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"2a326482-d6e8-474d-9dbe-15847a34c1dd","block_type":"box","text":"greenhouse gas emissions.”","page_number":241,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"a7f8e31f-080c-485f-a3e2-3aa55296194b","block_type":"box","text":"18","page_number":241,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"1193d383-9225-41f1-b2e3-0a931d70ca68","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":241,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"f2542c20-f238-4e44-80b0-4c447b93aa86","block_type":"box","text":"Targets that “","page_number":241,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"8c8f41c0-bda4-497a-8079-5b3143eab05f","block_type":"box","text":"are in line with what the latest climate science","page_number":241,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"1f70fcaa-07a3-4398-bd7f-10ce92c6e732","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial","page_number":241,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"cf566e95-495b-4ef3-8f08-ba5cd0fef79f","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with","page_number":241,"box":{"x":70,"y":445,"width":831,"height":12}},{"id":"ffe33d53-5b81-4a47-91d9-e0c3236e60be","block_type":"box","text":"limiting global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be","page_number":241,"box":{"x":70,"y":460,"width":830,"height":12}},{"id":"c670dcbe-a69c-4099-aff8-dca610a9364c","block_type":"box","text":"in line with the Paris Agreement goals.”","page_number":241,"box":{"x":70,"y":476,"width":278,"height":11}},{"id":"f96a7e8b-d55d-49ac-8a6e-bd3c68ddfc08","block_type":"box","text":"19","page_number":241,"box":{"x":351,"y":476,"width":8,"height":4}},{"id":"6c9c6aa4-7fc2-47f6-9e34-3dc1c51892b7","block_type":"box","text":"18","page_number":241,"box":{"x":69,"y":520,"width":9,"height":5}},{"id":"9194c02c-745e-40d2-90cc-24f55f19c8cc","block_type":"box","text":"As defined by the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures. Several","page_number":241,"box":{"x":83,"y":520,"width":781,"height":11}},{"id":"0565a73a-4e5e-484b-a873-5ade0c49c988","block_type":"box","text":"jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":241,"box":{"x":67,"y":535,"width":799,"height":11}},{"id":"67145fd8-8c97-429a-8a1a-813ce98f8182","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":241,"box":{"x":68,"y":550,"width":762,"height":11}},{"id":"da6a88e6-dcee-4717-bb9c-0f9bc258f6aa","block_type":"box","text":"19","page_number":241,"box":{"x":69,"y":568,"width":9,"height":5}},{"id":"48a6fcfd-eba3-44ac-9bdd-eff67696110b","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":241,"box":{"x":83,"y":568,"width":785,"height":11}},{"id":"b0d5eed3-730a-4756-abdc-748baada1e44","block_type":"box","text":"enables companies and financial institutions worldwide to play their par t in combating the climate crisis. 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