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Pricing services may use","page_number":31,"box":{"x":117,"y":769,"width":721,"height":12}},{"id":"24291388-5e14-4e9d-b47a-c2e10960e1f3","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values. Pricing services generally value","page_number":31,"box":{"x":116,"y":785,"width":737,"height":11}},{"id":"704647c9-2d49-47cb-ab86-e9e78eb57439","block_type":"box","text":"fixed-income securities assuming orderly transactions of an institutional round lot size, but a Fund may hold or","page_number":31,"box":{"x":116,"y":800,"width":749,"height":12}},{"id":"7e354100-7ddc-4583-a286-fe40cfe724d5","block_type":"box","text":"transact in such securities in smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at","page_number":31,"box":{"x":116,"y":816,"width":728,"height":11}},{"id":"76c2b689-096a-4028-937e-df7b04bbf12b","block_type":"box","text":"lower prices than institutional round lots, and the value ultimately realized when the securities are sold could","page_number":31,"box":{"x":116,"y":831,"width":738,"height":12}},{"id":"eff65e4d-f87b-4653-a05b-2836ca9aece8","block_type":"box","text":"differ from the prices used by the Fund. The amortized cost method of valuation may be used with respect to debt","page_number":31,"box":{"x":116,"y":847,"width":771,"height":12}},{"id":"8a5efb8d-35da-4feb-931e-d471ba3cefa9","block_type":"box","text":"obligations with 60 days or less remaining to maturity unless BlackRock determines in good faith that such","page_number":31,"box":{"x":116,"y":862,"width":727,"height":12}},{"id":"bef6c2ca-b7fd-44e7-8780-eafdd0e7c9ad","block_type":"box","text":"method does not represent fair value.","page_number":31,"box":{"x":116,"y":878,"width":254,"height":12}},{"id":"1a09b229-c2a2-49c7-bb59-6589780a0662","block_type":"box","text":"3","page_number":31,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"16f58c33-6de7-449d-af8e-7e2550f7cb22","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":31,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"8af1046d-f814-4350-884f-47a3241da51e","block_type":"box","text":"Effective December 1, 2025, each Fund’s SAI is amended as follows:","page_number":32,"box":{"x":116,"y":87,"width":492,"height":12}},{"id":"585a4c1d-6fe8-4f20-8e2d-a332cef00ef2","block_type":"box","text":"The section entitled “Pricing of Shares—Determination of Net Asset Value—Options, Futures, Swaps and","page_number":32,"box":{"x":116,"y":118,"width":763,"height":12}},{"id":"837b6529-452c-48cb-b520-a1c632e44c7d","block_type":"box","text":"Other Derivatives” in each Fund’s SAI, as applicable for a Fund, is deleted in its entirety and replaced","page_number":32,"box":{"x":116,"y":134,"width":738,"height":12}},{"id":"e3d1b2f8-5483-493a-8bf3-360762871fde","block_type":"box","text":"with the following:","page_number":32,"box":{"x":116,"y":149,"width":139,"height":12}},{"id":"c554dc7c-196c-4659-a80d-1368434153ca","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":32,"box":{"x":116,"y":180,"width":348,"height":12}},{"id":"f824ff6c-b693-4330-8711-7c7b1e0c8166","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":32,"box":{"x":465,"y":181,"width":410,"height":11}},{"id":"8d8d57b5-88e1-42c3-9886-b0f40c494838","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the","page_number":32,"box":{"x":116,"y":196,"width":745,"height":12}},{"id":"faeb16c2-9189-40f1-9b92-bd9a914db380","block_type":"box","text":"mean of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are","page_number":32,"box":{"x":116,"y":212,"width":744,"height":11}},{"id":"8905123a-1d22-4c4e-a4ed-97145fa1d098","block_type":"box","text":"traded. 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Swap agreements and other derivatives are generally valued daily based upon","page_number":32,"box":{"x":116,"y":351,"width":741,"height":12}},{"id":"477dad10-165b-4506-a785-d78c31587e26","block_type":"box","text":"quotations from market makers or by a pricing service in accordance with the Valuation Procedures.","page_number":32,"box":{"x":116,"y":367,"width":681,"height":11}},{"id":"27afdb4d-f218-4b19-b93b-6a606daa0d51","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":32,"box":{"x":267,"y":398,"width":470,"height":11}},{"id":"bc7af97c-cd8e-4551-90bc-5a1a981726d9","block_type":"box","text":"PRSAI-MF-1125SUP","page_number":32,"box":{"x":116,"y":429,"width":152,"height":9}},{"id":"7bd146be-e3dd-4f3c-b2bd-0b340ff34c81","block_type":"box","text":"4","page_number":32,"box":{"x":495,"y":909,"width":8,"height":9}},{"id":"312bc612-0745-4e75-971e-47616e6ed4d6","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":32,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"470d2573-d297-4116-b737-f7adc40927d4","block_type":"box","text":"STATEMENT OF ADDITIONAL INFORMATION","page_number":33,"box":{"x":271,"y":83,"width":435,"height":11}},{"id":"01385a1d-e463-4b7b-b797-156ffe8cebdd","block_type":"box","text":"BlackRock International Select Equity Fund","page_number":33,"box":{"x":213,"y":120,"width":553,"height":19}},{"id":"518931e2-e180-4d65-8553-8fda39817ed9","block_type":"box","text":"100 Bellevue Parkway, Wilmington, Delaware 19809 • Phone No. (800) 441-7762","page_number":33,"box":{"x":118,"y":153,"width":742,"height":15}},{"id":"7a8234a0-6a95-42f4-84c8-55fa604d8371","block_type":"box","text":"This Statement of Additional Information of BlackRock International Select Equity Fund (the “Fund”,","page_number":33,"box":{"x":101,"y":211,"width":762,"height":12}},{"id":"0061737b-fe45-4337-91b9-d924aa79e455","block_type":"box","text":"formerly known as BlackRock EuroFund) is not a prospectus and should be read in conjunction with the","page_number":33,"box":{"x":69,"y":226,"width":790,"height":12}},{"id":"5e6e0c36-0819-4897-9c77-1aee99b81c12","block_type":"box","text":"Prospectuses of the Fund, dated October 28, 2025, as they may be amended or supplemented from time to","page_number":33,"box":{"x":70,"y":241,"width":814,"height":12}},{"id":"2e8e97b2-e20e-43cd-b4cf-5526d565130b","block_type":"box","text":"time (each, a “Prospectus”), which have been filed with the Securities and Exchange Commission (the","page_number":33,"box":{"x":69,"y":256,"width":772,"height":12}},{"id":"8968481f-69cf-4c4c-a834-02e4e834034e","block_type":"box","text":"“Commission” or the “SEC”) and can be obtained, without charge, by calling (800) 441-7762 or by writing to","page_number":33,"box":{"x":69,"y":271,"width":820,"height":12}},{"id":"b77fbbde-09c9-434f-9e02-a7053adfb23f","block_type":"box","text":"the Fund at the above address. The Fund’s Prospectuses are incorporated by reference into this Statement of","page_number":33,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"552966e9-d3e3-4354-ab5f-3ddd16600bc0","block_type":"box","text":"Additional Information, and Part I of this Statement of Additional Information and the portions of Part II of","page_number":33,"box":{"x":68,"y":301,"width":809,"height":12}},{"id":"0a0529f2-e23d-45ef-afc8-4c4e44fc79df","block_type":"box","text":"this Statement of Additional Information that relate to the Fund have been incorporated by reference into the","page_number":33,"box":{"x":69,"y":317,"width":830,"height":11}},{"id":"0fa4e7a0-6851-4dd4-a26f-2f3495a89987","block_type":"box","text":"Fund’s Prospectuses. The portions of Part II of this Statement of Additional Information that do not relate to","page_number":33,"box":{"x":70,"y":332,"width":819,"height":11}},{"id":"e4bae4ea-9ac6-43d2-acc3-f9e68545015c","block_type":"box","text":"the Fund do not form a part of the Fund’s Statement of Additional Information, have not been incorporated by","page_number":33,"box":{"x":69,"y":347,"width":836,"height":12}},{"id":"68888831-a31e-49fe-9367-9b11d22c5dde","block_type":"box","text":"reference into the Fund’s Prospectuses and should not be relied upon by investors in the Fund. The audited","page_number":33,"box":{"x":70,"y":362,"width":815,"height":12}},{"id":"6fb3fe43-c2bc-4dab-badb-a908f4137c9a","block_type":"box","text":"financial statements of the Fund are incorporated into this Statement of Additional Information by reference","page_number":33,"box":{"x":69,"y":377,"width":826,"height":12}},{"id":"01f182b9-077c-4d8a-8093-dc93826293b9","block_type":"box","text":"to the Fund’s Annual Financial Statements and Additional Information for the fiscal year ended","page_number":33,"box":{"x":69,"y":392,"width":723,"height":12}},{"id":"6a3d85c4-d05d-4eb7-b630-b88fb99026e4","block_type":"box","text":"June 30, 2025, as filed with the SEC on Form N-CSR (the “2025 Annual Financial Statements”). You may","page_number":33,"box":{"x":69,"y":407,"width":794,"height":12}},{"id":"a3695bb5-fcd6-41c3-b79d-b0e42977faad","block_type":"box","text":"request a copy of the 2025 Annual Financial Statements at no charge by calling (800) 441-7762 between","page_number":33,"box":{"x":70,"y":422,"width":802,"height":12}},{"id":"65bf041a-788a-4110-ac95-579afe979317","block_type":"box","text":"8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":33,"box":{"x":69,"y":438,"width":441,"height":11}},{"id":"5caee1d3-d45b-4f1f-8bbe-7969e6a5fb2a","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act” or the","page_number":33,"box":{"x":103,"y":460,"width":786,"height":12}},{"id":"1037215b-5e6e-4189-b1da-26f4c7d2e0c5","block_type":"box","text":"“1940 Act”), or other applicable law, will include any rules promulgated thereunder and any guidance,","page_number":33,"box":{"x":69,"y":475,"width":772,"height":12}},{"id":"b69e2cd0-9b38-422d-b2a4-acbd65f7e38f","block_type":"box","text":"interpretations or modifications by the Commission, Commission staff or other authority with appropriate","page_number":33,"box":{"x":70,"y":490,"width":804,"height":12}},{"id":"0d4ef8dc-e14f-4087-ba49-94974f3c4304","block_type":"box","text":"jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the","page_number":33,"box":{"x":67,"y":506,"width":819,"height":11}},{"id":"5a86f970-5e01-4a21-bd75-6973a5573876","block_type":"box","text":"Commission, Commission staff or other authority.","page_number":33,"box":{"x":70,"y":521,"width":378,"height":11}},{"id":"2767a799-542e-441e-81c4-72c974585ad3","block_type":"box","text":"Class","page_number":33,"box":{"x":69,"y":549,"width":31,"height":7}},{"id":"ea97fae4-e064-4e0c-8335-416b40a3a724","block_type":"box","text":"Ticker Symbol","page_number":33,"box":{"x":827,"y":549,"width":82,"height":9}},{"id":"9a96be4f-22c8-43c2-bfb2-91b8e6380573","block_type":"box","text":"Investor A Shares","page_number":33,"box":{"x":70,"y":567,"width":124,"height":9}},{"id":"955c8f5c-49f3-402c-8a73-83e99777ee31","block_type":"box","text":".......................................................................... M","page_number":33,"box":{"x":199,"y":567,"width":656,"height":9}},{"id":"3d9f8802-a721-4162-b36e-e6fa4befdc69","block_type":"box","text":"DEFX","page_number":33,"box":{"x":858,"y":567,"width":35,"height":9}},{"id":"b0c743ba-57d5-4288-9016-77fd44206548","block_type":"box","text":"Investor C Shares.","page_number":33,"box":{"x":70,"y":582,"width":131,"height":9}},{"id":"b55a7f50-08f1-4355-b43f-b53081e551e1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MCEFX","page_number":33,"box":{"x":208,"y":582,"width":685,"height":9}},{"id":"c5de3e27-f71e-493d-9233-b6d7901a4715","block_type":"box","text":"Institutional Shares","page_number":33,"box":{"x":70,"y":597,"width":137,"height":9}},{"id":"8bfec6f4-2a04-45e5-a305-70b962fbe70f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MAEFX","page_number":33,"box":{"x":216,"y":597,"width":676,"height":9}},{"id":"b32f7bce-2753-4a98-9530-4730f0122dab","block_type":"box","text":"Class R Shares","page_number":33,"box":{"x":69,"y":612,"width":109,"height":9}},{"id":"114c8875-5f28-423c-84e9-ab13cd594e9c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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MKEFX","page_number":33,"box":{"x":183,"y":628,"width":710,"height":8}},{"id":"ba606de0-a4ae-4e4f-9296-057bab0d5ceb","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":33,"box":{"x":260,"y":682,"width":460,"height":19}},{"id":"6dfd550e-a050-4909-8a79-6e2f9992bfd9","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":33,"box":{"x":222,"y":705,"width":536,"height":17}},{"id":"e69017cb-b097-47f7-9149-ad241312858f","block_type":"box","text":"The date of this Statement of Additional Information is October 28, 2025.","page_number":33,"box":{"x":210,"y":764,"width":557,"height":11}},{"id":"51c060e3-3c38-4f77-b4d0-c0ab5b747ebe","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8736ec8d-7331-4ae4-9fdb-1fa942f5ffde","block_type":"box","text":"TABLE OF CONTENTS","page_number":34,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"16c6124c-d93e-4051-8776-bf9d0149808a","block_type":"box","text":"Page","page_number":34,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"c7132aae-4b17-4649-a01c-69a33a493b4e","block_type":"box","text":"PART I","page_number":34,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"e83b7b2e-3a2f-4d04-b4cf-be869816f3f7","block_type":"box","text":"Investment Objective and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":34,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"e77bfcc8-dcaf-4f92-8569-b81309bbc4d7","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-5","page_number":34,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"a6862da3-1e42-4421-8690-e1a9d6103493","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-7","page_number":34,"box":{"x":70,"y":141,"width":838,"height":9}},{"id":"fbe5d485-895f-4681-949e-08af72b3465a","block_type":"box","text":"Management, Advisory and Other Service Arrangements. . . . . . . . .","page_number":34,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"97c44951-5c21-45e3-869e-da49fc994353","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-17","page_number":34,"box":{"x":545,"y":158,"width":363,"height":8}},{"id":"5a5ea59e-9832-4e3a-a033-ec3502dee8b1","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses .","page_number":34,"box":{"x":70,"y":174,"width":469,"height":11}},{"id":"f519c92c-b4b4-485d-a2a9-6317ebdc7263","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-21","page_number":34,"box":{"x":545,"y":174,"width":364,"height":9}},{"id":"7c9bd0fa-ba7c-40b8-b7c4-7e1476056c1c","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"91eb626c-564d-4520-b8df-4bf885010991","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-22","page_number":34,"box":{"x":521,"y":190,"width":388,"height":9}},{"id":"2719ef00-ef85-490f-8ec6-e9af1e6c982a","block_type":"box","text":"Portfolio Transactions and Brokerage . .","page_number":34,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"4b057e7a-1e17-47bf-a132-d8792218428a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-22","page_number":34,"box":{"x":358,"y":207,"width":551,"height":8}},{"id":"eeae37e8-bf84-49b3-932c-cd1f4d78dbc4","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"710d106a-ab52-42a9-9cc7-e43aabb88d36","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-24","page_number":34,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"75c81598-dd13-4029-b262-ec8ba847bfe5","block_type":"box","text":"Financial Statements","page_number":34,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"61d998e5-6d20-40e8-95f6-38887223429d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-26","page_number":34,"box":{"x":227,"y":239,"width":682,"height":9}},{"id":"b6f1d167-ee95-4b5c-97ce-d5450a92a892","block_type":"box","text":"PART II","page_number":34,"box":{"x":69,"y":271,"width":52,"height":9}},{"id":"f25dd40e-0ef0-4aae-bba3-afee037414e0","block_type":"box","text":"Investment Risks and Considerations . . . . . . . .","page_number":34,"box":{"x":70,"y":287,"width":330,"height":9}},{"id":"bd06b317-a956-487b-89af-fd8ebfc7dd46","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-1","page_number":34,"box":{"x":407,"y":287,"width":502,"height":9}},{"id":"4547bf63-05f7-4b2f-a359-164a94991194","block_type":"box","text":"Management and Other Service Arrangements . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":70,"y":304,"width":461,"height":11}},{"id":"499f9be6-8de4-4392-b6fc-38ff9fa5ef29","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-79","page_number":34,"box":{"x":537,"y":304,"width":372,"height":9}},{"id":"d4ce3828-13da-4d43-af69-ccfc0c5b2daa","block_type":"box","text":"Selective Disclosure of Portfolio Holdings. . . . . . . . . . . . . . . . . . .","page_number":34,"box":{"x":69,"y":320,"width":446,"height":11}},{"id":"1d4fd5da-1f75-4794-9779-9f8eddadb866","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-81","page_number":34,"box":{"x":521,"y":320,"width":388,"height":9}},{"id":"46d3c647-3a3a-47a0-bc2a-2c0cd2c9c73c","block_type":"box","text":"Purchase of Shares","page_number":34,"box":{"x":69,"y":336,"width":139,"height":9}},{"id":"b7e3e824-0795-4b3d-befa-0cd1478147aa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-95","page_number":34,"box":{"x":211,"y":336,"width":698,"height":9}},{"id":"0b9a2c8a-aa78-4cff-a962-844bf03d4a07","block_type":"box","text":"Redemption of Shares . .","page_number":34,"box":{"x":70,"y":353,"width":176,"height":11}},{"id":"e7d0bd46-570f-4189-aa47-73212615815b","block_type":"box","text":"........................................................................... I","page_number":34,"box":{"x":252,"y":353,"width":619,"height":9}},{"id":"d9bbc415-41d9-464f-afcd-9277cbc257d9","block_type":"box","text":"I-112","page_number":34,"box":{"x":874,"y":353,"width":35,"height":9}},{"id":"94271ea5-d9f0-4f30-8300-e2ff43e22eed","block_type":"box","text":"Shareholder Services . .","page_number":34,"box":{"x":69,"y":369,"width":168,"height":9}},{"id":"1a6d7991-1c58-4be0-9982-72b2344a07a8","block_type":"box","text":"............................................................................ 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I","page_number":34,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"d1843b1c-b130-458a-a368-a502a6b7551b","block_type":"box","text":"I-119","page_number":34,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"d16b6b0c-d7dd-4c5f-bc98-1964124e5447","block_type":"box","text":"Portfolio Transactions and Brokerage . .","page_number":34,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"82d84d38-9d4a-4001-bbbe-59d473693cb9","block_type":"box","text":".............................................................. 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Unless otherwise","page_number":39,"box":{"x":102,"y":890,"width":767,"height":9}},{"id":"d6637c35-cfe8-4663-b720-2b199d00ffea","block_type":"box","text":"provided, all references below to the assets of the Fund are in terms of current market value.","page_number":39,"box":{"x":70,"y":905,"width":664,"height":11}},{"id":"5d03d2c6-cb43-4165-b08a-879e1210e147","block_type":"box","text":"I-5","page_number":39,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"71d89c33-ca32-4a3e-a6e5-2aab2cbedb67","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"78d68d60-e6ef-4f4e-931f-599004e1db8c","block_type":"box","text":"Under its fundamental investment restrictions, the Fund may not:","page_number":40,"box":{"x":102,"y":45,"width":463,"height":11}},{"id":"d777970d-06a8-4e42-80c1-5550b0dde67d","block_type":"box","text":"(1) Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":40,"box":{"x":102,"y":67,"width":733,"height":11}},{"id":"cd5f0a44-65f7-4406-b26b-c3113e64e844","block_type":"box","text":"Investment Company Act.","page_number":40,"box":{"x":70,"y":83,"width":178,"height":11}},{"id":"a2416683-fbe1-49ab-b726-eccaf99e88d7","block_type":"box","text":"(2) Invest more than 25% of its assets, taken at market value, in the securities of issuers in any particular","page_number":40,"box":{"x":102,"y":105,"width":759,"height":11}},{"id":"df0951fb-9860-4aba-a4f9-fd703e8a244a","block_type":"box","text":"industry (excluding the U.S. Government and its agencies and instrumentalities).","page_number":40,"box":{"x":70,"y":120,"width":573,"height":12}},{"id":"9c2e95cb-00ae-4e53-91ef-0d02ad53f74f","block_type":"box","text":"(3) Make investments for the purpose of exercising control or management.","page_number":40,"box":{"x":102,"y":143,"width":537,"height":11}},{"id":"ac872db2-8267-4d0c-932e-89ca2c6221a2","block_type":"box","text":"(4) Purchase or sell real estate, except that, to the extent permitted by applicable law, the Fund may invest in","page_number":40,"box":{"x":102,"y":166,"width":778,"height":11}},{"id":"f1d244de-fbf7-45b3-9cef-85cdbb38e077","block_type":"box","text":"securities directly or indirectly secured by real estate or interests therein or issued by companies that invest in real","page_number":40,"box":{"x":69,"y":181,"width":820,"height":11}},{"id":"4f3bd495-e709-4dfc-b86a-63fcdd0133f5","block_type":"box","text":"estate or interests therein.","page_number":40,"box":{"x":69,"y":196,"width":190,"height":9}},{"id":"3924e935-9c33-450f-922f-b1a0649eeb1c","block_type":"box","text":"(5) Make loans to other persons, except that the acquisition of bonds, debentures or other corporate debt","page_number":40,"box":{"x":102,"y":218,"width":755,"height":12}},{"id":"4be510ee-033b-48b1-bba2-ba8af5d85f98","block_type":"box","text":"securities and investment in government obligations, commercial paper, pass-through instruments, certificates of","page_number":40,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"aa17fa11-e38b-422a-9eef-5bd41b475e17","block_type":"box","text":"deposit, bankers’ acceptances, repurchase agreements or any similar instruments shall not be deemed to be the","page_number":40,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"3a158336-ccfb-4213-afd4-0641f5b9125c","block_type":"box","text":"making of a loan, and except further that the Fund may lend its portfolio securities, provided that the lending of","page_number":40,"box":{"x":69,"y":264,"width":795,"height":11}},{"id":"0d2d6156-752f-4d30-9fc7-1f7ede85946b","block_type":"box","text":"portfolio securities may be made only in accordance with applicable law and the guidelines set forth in the","page_number":40,"box":{"x":70,"y":279,"width":758,"height":11}},{"id":"a7fe865b-a2a9-4190-b599-dac3562e8208","block_type":"box","text":"prospectus and this Statement of Additional Information, as they may be amended from time to time.","page_number":40,"box":{"x":70,"y":294,"width":721,"height":11}},{"id":"3419914a-f021-4a01-b972-2500e06aa9dc","block_type":"box","text":"(6) Issue senior securities to the extent such issuance would violate applicable law.","page_number":40,"box":{"x":102,"y":317,"width":594,"height":11}},{"id":"3b3e5a07-1695-472e-873a-65d1847fa324","block_type":"box","text":"(7) Borrow money, except that (i) the Fund may borrow from banks (as defined in the Investment Company Act) in","page_number":40,"box":{"x":102,"y":339,"width":804,"height":12}},{"id":"1618eae9-3269-4e03-9fa9-63f1db11992d","block_type":"box","text":"amounts up to 33","page_number":40,"box":{"x":69,"y":355,"width":127,"height":11}},{"id":"5e6c0c7a-67f6-47c3-9e8e-9d782dca6e29","block_type":"box","text":"1⁄","page_number":40,"box":{"x":197,"y":355,"width":6,"height":5}},{"id":"fdf8db32-9095-4dd2-9f9c-d2f78f717256","block_type":"box","text":"1⁄3","page_number":40,"box":{"x":201,"y":355,"width":8,"height":8}},{"id":"b3cfb348-ae71-4f66-aa63-cd60466c098d","block_type":"box","text":"⁄3","page_number":40,"box":{"x":206,"y":358,"width":6,"height":6}},{"id":"f03f9552-f16e-4c70-94fa-1b56739be3f5","block_type":"box","text":"% of its total assets (including the amount borrowed), (ii) the Fund may, to the extent permitted","page_number":40,"box":{"x":213,"y":355,"width":677,"height":11}},{"id":"d0b2c76a-ab7c-41cf-b7c8-9c6bee50c882","block_type":"box","text":"by applicable law, borrow up to an additional 5% of its total assets for temporary purposes, (iii) the Fund may obtain","page_number":40,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"1efc331a-83f1-4805-bbc7-0baddc95ef18","block_type":"box","text":"such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities and","page_number":40,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"bff9f4b5-5f05-492f-b96a-2a0b878851b2","block_type":"box","text":"(iv) the Fund may purchase securities on margin to the extent permitted by applicable law. The Fund may not pledge","page_number":40,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"f24de987-69e2-4b97-9acf-97acf893230f","block_type":"box","text":"its assets other than to secure such borrowings or, to the extent permitted by the Fund’s investment policies as set","page_number":40,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"b8f00b71-ef4e-45b3-b78f-bbc11a0934ea","block_type":"box","text":"forth in the prospectus and this Statement of Additional Information, as they may be amended from time to time, in","page_number":40,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"bf6d4439-9a02-4fef-a8ac-c7a2fae05a8d","block_type":"box","text":"connection with hedging transactions, short sales, when-issued and forward commitment transactions and similar","page_number":40,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"81e03b7b-6c21-43e2-9c8c-e29d7ab9da36","block_type":"box","text":"investment strategies.","page_number":40,"box":{"x":70,"y":461,"width":156,"height":11}},{"id":"6fb033f7-b673-4178-97f3-e1a7748492b7","block_type":"box","text":"(8) Underwrite securities of other issuers except insofar as the Fund technically may be deemed an underwriter","page_number":40,"box":{"x":102,"y":483,"width":794,"height":11}},{"id":"68804fb0-f2f4-4ea7-b854-44f8365f52c9","block_type":"box","text":"under the Securities Act of 1933 (the “Securities Act”) in selling portfolio securities.","page_number":40,"box":{"x":69,"y":498,"width":600,"height":11}},{"id":"270adda7-1619-416a-840f-7bc468108679","block_type":"box","text":"(9) Purchase or sell commodities or contracts on commodities, except to the extent that the Fund may do so in","page_number":40,"box":{"x":102,"y":521,"width":790,"height":11}},{"id":"c1b37d7a-3450-45dd-93d3-aadf8fce5d89","block_type":"box","text":"accordance with applicable law and the prospectus and this Statement of Additional Information, as they may be","page_number":40,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"f298f981-89b1-40fe-84a0-cb8a9edded53","block_type":"box","text":"amended from time to time, and without registering as a commodity pool operator under the Commodity Exchange","page_number":40,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"18396ca8-9a8b-449e-8b6a-ddf0764c40b8","block_type":"box","text":"Act.","page_number":40,"box":{"x":68,"y":566,"width":26,"height":9}},{"id":"802e53b5-e276-4822-a06d-a13804329917","block_type":"box","text":"Under its non-fundamental investment restrictions, the Fund may not:","page_number":40,"box":{"x":102,"y":589,"width":493,"height":11}},{"id":"2b723b1f-2264-49cb-8c04-ce9ea35c3a34","block_type":"box","text":"(a) Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":40,"box":{"x":102,"y":612,"width":747,"height":11}},{"id":"ded385ba-4457-41e8-a9cd-a6866be43682","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":40,"box":{"x":69,"y":627,"width":759,"height":11}},{"id":"61b0d3f8-1958-4e45-86fe-6e6c4508243d","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of funds”","page_number":40,"box":{"x":70,"y":642,"width":829,"height":11}},{"id":"b330e590-3176-4e0a-9d33-2ad6feadda1a","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":40,"box":{"x":70,"y":657,"width":808,"height":11}},{"id":"5c4ff989-c8b4-4203-b78b-9cc01131d852","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":40,"box":{"x":69,"y":672,"width":763,"height":11}},{"id":"578dfb64-a837-47df-a759-64531ee9ba89","block_type":"box","text":"(b) Make short sales of securities or maintain a short position, except to the extent permitted by the Fund’s","page_number":40,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"8cd09f2a-68c0-4105-8502-12bacfff9b12","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":40,"box":{"x":69,"y":710,"width":741,"height":11}},{"id":"89297eba-b839-4ff2-baef-af8891c7af04","block_type":"box","text":"For purposes of investment restriction (2) above, with respect to the Fund’s industry classifications, the Fund","page_number":40,"box":{"x":102,"y":732,"width":778,"height":12}},{"id":"393a1ca8-6459-4d96-8016-d1fb43df040b","block_type":"box","text":"currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized market","page_number":40,"box":{"x":69,"y":748,"width":817,"height":11}},{"id":"560764bc-29ba-4561-bff1-03c769620ebb","block_type":"box","text":"indexes or rating group indexes, and/or as defined by Fund management. The policy also will be interpreted to give","page_number":40,"box":{"x":70,"y":763,"width":817,"height":11}},{"id":"edeeeca2-ebe0-4007-81d2-61914467dae0","block_type":"box","text":"broad authority to the Fund as to how to classify issuers within or among industries.","page_number":40,"box":{"x":69,"y":778,"width":597,"height":11}},{"id":"5003fb85-a159-4171-935b-b0e5a289c47b","block_type":"box","text":"European corporations frequently issue additional capital stock by means of subscription rights offerings to","page_number":40,"box":{"x":102,"y":801,"width":764,"height":11}},{"id":"47f22873-dd62-4966-8dd7-4f796c53824b","block_type":"box","text":"existing shareholders at a price substantially below the market price of the shares. The failure to exercise such rights","page_number":40,"box":{"x":69,"y":816,"width":837,"height":11}},{"id":"bf8bd03d-7bc1-4388-a3d3-be339df5789a","block_type":"box","text":"would result in the Fund’s interest in the issuing company being diluted and may cause the Fund to forego a","page_number":40,"box":{"x":68,"y":831,"width":771,"height":11}},{"id":"6c5fa097-7399-4cd7-a7c7-af14d24a7f01","block_type":"box","text":"favorable investment opportunity. The market for such rights is not well developed, and accordingly, the Fund may not","page_number":40,"box":{"x":68,"y":846,"width":838,"height":11}},{"id":"2ec28e77-7b0a-4f64-919f-37b20fa7205f","block_type":"box","text":"always realize the full value on the sale of rights. The Fund may purchase securities pursuant to the exercise of","page_number":40,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"404b9792-6518-47a7-a7b2-da03564b3d3b","block_type":"box","text":"subscription rights as long as such purchase will not result in the Fund ceasing to be a diversified investment","page_number":40,"box":{"x":69,"y":876,"width":780,"height":11}},{"id":"0fb31f87-0b74-4dfc-ae6e-a4f1e9afccf9","block_type":"box","text":"company as defined under the Internal Revenue Code of 1986, as amended. Such purchases may be made when the","page_number":40,"box":{"x":69,"y":891,"width":838,"height":11}},{"id":"4dddd9a6-7f3f-4d8c-af4f-49c2fc4c3117","block_type":"box","text":"limits set forth in the investment restrictions would otherwise be exceeded by such exercise or have already been","page_number":40,"box":{"x":70,"y":906,"width":810,"height":12}},{"id":"b3ed9b3d-b85b-4891-9a44-8d5ae2cf7c0e","block_type":"box","text":"I-6","page_number":40,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"1f514355-c49c-4768-836b-313fe3d8752a","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6efb3b7b-7357-46f2-8c50-fbfbe972b6f0","block_type":"box","text":"exceeded as a result of fluctuations in the market value of the Fund’s portfolio securities with the result that the","page_number":41,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"7dade2b4-1a5d-43aa-81d4-7f2aef0fb681","block_type":"box","text":"Fund would otherwise be forced either to sell securities at a time when it might not otherwise have done so or to","page_number":41,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"b69b291e-b835-4046-b007-26d84cfa9d9f","block_type":"box","text":"forego exercising the rights.","page_number":41,"box":{"x":68,"y":75,"width":197,"height":11}},{"id":"f0db682b-2173-4e9c-a920-3cfb1385f6cd","block_type":"box","text":"III. Information on Trustees and Officers","page_number":41,"box":{"x":69,"y":105,"width":290,"height":9}},{"id":"1b8839c5-fbe0-401d-9d9a-936e07a67341","block_type":"box","text":"The Board consists of thirteen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":41,"box":{"x":101,"y":128,"width":789,"height":11}},{"id":"b08434ea-2826-4e68-98e6-4287cba9484a","block_type":"box","text":"the Fund as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":41,"box":{"x":68,"y":143,"width":777,"height":11}},{"id":"55aa0478-7b1b-4069-b0cd-5dbcc39f39a6","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":41,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"72bec7d1-97fd-4bab-8e55-e57cc0e26a78","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":41,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"cce95800-33cf-4a44-af0a-7ce8a2813c13","block_type":"box","text":"Complex”). The Fund is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":41,"box":{"x":69,"y":188,"width":820,"height":11}},{"id":"272c1f50-9387-44d8-bad7-026195f2f6e1","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":41,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"639aacdc-babf-47a4-a075-0cd5c4966cb7","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":41,"box":{"x":70,"y":219,"width":335,"height":10}},{"id":"49517e8b-50eb-4edf-8797-100926f4f8e9","block_type":"box","text":"The Board has overall responsibility for the oversight of the Fund. The Chair of the Board is an Independent","page_number":41,"box":{"x":101,"y":241,"width":764,"height":11}},{"id":"78bccd2d-bc98-4a03-8593-a75fadde1e79","block_type":"box","text":"Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The Board has","page_number":41,"box":{"x":68,"y":256,"width":813,"height":11}},{"id":"a3986fb4-5414-4792-b5d1-c67c1400c359","block_type":"box","text":"five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee,","page_number":41,"box":{"x":68,"y":271,"width":832,"height":12}},{"id":"d5d8891f-2fb0-487d-882c-4b16b04e1c36","block_type":"box","text":"a Performance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board is to","page_number":41,"box":{"x":69,"y":286,"width":784,"height":12}},{"id":"43a99fb3-b109-4db7-919f-1bcd042644d7","block_type":"box","text":"preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":41,"box":{"x":70,"y":302,"width":793,"height":11}},{"id":"5b12caec-0fe2-43e7-aef2-ea2992f116da","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee performs a similar role with respect to the","page_number":41,"box":{"x":68,"y":317,"width":789,"height":11}},{"id":"ca298ee0-5238-4109-be17-153be4c1d87b","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also perform such other functions as may be","page_number":41,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"4e79769c-ea23-4bd4-a916-b848a48822cc","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":41,"box":{"x":69,"y":347,"width":809,"height":11}},{"id":"b186a0c2-216b-4906-82ae-c35b19ba8137","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":41,"box":{"x":70,"y":362,"width":794,"height":11}},{"id":"3986aff5-66d9-48b2-b8a6-2e1bff29b2c6","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":41,"box":{"x":69,"y":377,"width":816,"height":12}},{"id":"8a6b1b01-5b04-4abd-9bbb-96e5a7dcfe29","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and reports","page_number":41,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"24e64f4e-e89d-4dad-84ad-12c82906a661","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":41,"box":{"x":70,"y":407,"width":811,"height":12}},{"id":"d8266ff6-3c35-4a19-b483-24fae5d0fb29","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":41,"box":{"x":68,"y":423,"width":809,"height":11}},{"id":"0636946b-078a-4c08-b5d9-10deae2b7857","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":41,"box":{"x":69,"y":438,"width":825,"height":11}},{"id":"987f606a-fa92-4fd6-9f2b-454269bb87d7","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":41,"box":{"x":69,"y":453,"width":441,"height":11}},{"id":"337fff5b-f6f4-462d-949c-129253d2f4bd","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":41,"box":{"x":101,"y":475,"width":777,"height":12}},{"id":"830d64be-90b4-41bc-9b5a-801a19f924f5","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":41,"box":{"x":69,"y":491,"width":832,"height":11}},{"id":"6a7092f1-f77f-49e9-8519-e489228f045d","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Fund’s charter, and the Fund’s","page_number":41,"box":{"x":68,"y":506,"width":819,"height":11}},{"id":"a95b72dc-db46-400c-b706-f38b99af60e1","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s performance, operations","page_number":41,"box":{"x":70,"y":521,"width":812,"height":11}},{"id":"9e29350c-faef-47fe-a75e-5e7f507d6aa7","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":41,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"3c4bdde4-ee10-4f4a-9ef6-2f2297d8abc4","block_type":"box","text":"the operations of the Fund.","page_number":41,"box":{"x":68,"y":551,"width":192,"height":11}},{"id":"5afb413d-6cbd-4122-a4c0-b5addf3c0a5f","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":41,"box":{"x":102,"y":574,"width":785,"height":11}},{"id":"48c3b357-2c56-41f8-9df0-275e9c8daefa","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":41,"box":{"x":69,"y":589,"width":828,"height":11}},{"id":"be251ceb-5f7b-4d92-9c40-dc5123167716","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":41,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"79f4f694-7125-4771-bda7-8ae46a5e1767","block_type":"box","text":"there are a number of risk management functions performed by the Manager and the sub-advisers or other service","page_number":41,"box":{"x":68,"y":619,"width":820,"height":11}},{"id":"84087d56-c5b2-4c66-b944-0fca10fa4391","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":41,"box":{"x":70,"y":634,"width":811,"height":12}},{"id":"a7060739-f552-441a-bd53-cf066303c646","block_type":"box","text":"part of the Board’s general oversight of the Fund and is addressed as part of various Board and Committee","page_number":41,"box":{"x":70,"y":649,"width":767,"height":12}},{"id":"36fe164d-c1a6-439b-8206-a92b7b876334","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews reports from, among others, management, the","page_number":41,"box":{"x":69,"y":664,"width":815,"height":12}},{"id":"d7960f62-d295-4eda-9422-c7ab282ce0cf","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":41,"box":{"x":70,"y":680,"width":803,"height":11}},{"id":"ddc322ed-2f7a-481f-8fbf-0e1878edba0d","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":41,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"1c56ce88-b660-4891-8102-a04e639290a1","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":41,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"61d313f4-7dba-402c-bd0d-3531dee5817f","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":41,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"614b2cc0-6a2f-465c-95d1-3e19fc7c65df","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":41,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"018fa717-2d12-4510-b270-d69e6fdf08d7","block_type":"box","text":"testing of the Fund’s compliance program and reports to the Board regarding compliance matters for the Fund and its","page_number":41,"box":{"x":68,"y":755,"width":840,"height":11}},{"id":"80d44e82-f8d6-43eb-8003-e68ec06bdc72","block_type":"box","text":"service providers. The Independent Trustees have engaged independent legal counsel to assist them in performing","page_number":41,"box":{"x":69,"y":770,"width":822,"height":12}},{"id":"f934aa75-e0f6-4791-b3a2-babed14bf3af","block_type":"box","text":"their oversight responsibilities.","page_number":41,"box":{"x":68,"y":786,"width":218,"height":11}},{"id":"73bb8e09-15d6-4a86-aac6-e9abd0c1daad","block_type":"box","text":"Audit Committee.","page_number":41,"box":{"x":101,"y":808,"width":122,"height":9}},{"id":"e0830c84-08bd-4c57-9ef6-6c91c3fbe854","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":41,"box":{"x":229,"y":808,"width":673,"height":11}},{"id":"5bf7ee7a-1c5c-4f61-985b-e0158ece451e","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":41,"box":{"x":68,"y":823,"width":814,"height":11}},{"id":"e4862914-091d-43c7-954c-3d9ecf45d1f5","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":41,"box":{"x":69,"y":838,"width":826,"height":11}},{"id":"9d309a2d-f99d-4450-bd4d-b39f9d3350c0","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":41,"box":{"x":69,"y":853,"width":753,"height":12}},{"id":"a72315d4-89c3-4ff6-9530-0139b68f1025","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":41,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"e2cff373-06e8-4b8e-8806-e4907a527658","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":41,"box":{"x":70,"y":884,"width":825,"height":11}},{"id":"a68f30e3-1ba5-4227-82c8-d6474d112e75","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":41,"box":{"x":70,"y":899,"width":807,"height":11}},{"id":"11a1ccd2-bc6e-4943-bb6f-90ee67f92493","block_type":"box","text":"I-7","page_number":41,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"c7cab501-f111-45e8-a30d-71df9383e8e6","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6749178d-ffdc-452e-b777-76eaa692cb63","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":42,"box":{"x":68,"y":45,"width":781,"height":11}},{"id":"3e88e9e2-fede-4e03-a832-1f3b9445a041","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":42,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"ada658ba-3532-44eb-b878-b2131b8a0893","block_type":"box","text":"regarding the accounting or financial reporting policies and practices of the Fund and the internal controls of the Fund","page_number":42,"box":{"x":69,"y":75,"width":838,"height":11}},{"id":"95dfc27d-1dc7-40b6-b897-e1532c4f3f10","block_type":"box","text":"and certain service providers; (5) oversee the performance of the Fund’s Independent Registered Public Accounting","page_number":42,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"f9fb2fea-c9a6-4deb-afa3-f2b48a9f1c0c","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":42,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"436a6128-85a1-4fd2-8530-f1fb3427bfb0","block_type":"box","text":"performance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":42,"box":{"x":70,"y":120,"width":815,"height":12}},{"id":"c8f4127b-c779-4d1d-8f44-2dcafa683d4c","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial reporting and controls;","page_number":42,"box":{"x":69,"y":135,"width":774,"height":12}},{"id":"0b963c7f-a1ed-4704-b034-27d1ef670b85","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":42,"box":{"x":69,"y":151,"width":815,"height":11}},{"id":"95377e47-3dab-4cb8-af6d-fe764e9ead49","block_type":"box","text":"regarding financial reporting; and (9) undertake such other duties and responsibilities as may from time to time be","page_number":42,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"449e9e5e-237e-422f-929d-1a4a9eb08181","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written charter for the Audit Committee.","page_number":42,"box":{"x":69,"y":181,"width":812,"height":11}},{"id":"4c92f6fa-ddb6-42dd-b598-dfc02bb6c2d4","block_type":"box","text":"During the fiscal year ended June 30, 2025, the Audit Committee met four times.","page_number":42,"box":{"x":70,"y":196,"width":578,"height":11}},{"id":"6684a7d8-21db-408f-8a28-4000b6f333fb","block_type":"box","text":"Governance and Nominating Committee.","page_number":42,"box":{"x":102,"y":219,"width":286,"height":11}},{"id":"aeac1587-cd98-4781-a106-ae6fc748e3b2","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":42,"box":{"x":394,"y":218,"width":464,"height":12}},{"id":"6f34c1cb-ea2c-46b8-b11e-5e27a427c4d9","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton","page_number":42,"box":{"x":70,"y":234,"width":833,"height":11}},{"id":"6b6f369e-eec5-44e3-9861-6fe0cf00e485","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":42,"box":{"x":69,"y":249,"width":769,"height":11}},{"id":"e920dc30-ad4c-4075-8b15-cf6aafa7e79c","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Fund and recommend","page_number":42,"box":{"x":69,"y":264,"width":801,"height":11}},{"id":"1af07004-338b-4e11-92fb-0c5c961681e9","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":42,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"7c27a0c3-5fe6-4dda-8722-fb58e1b36ce4","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":42,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"ff0c857a-ee9c-486d-a0bc-edcc9bcd532f","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":42,"box":{"x":69,"y":309,"width":824,"height":11}},{"id":"6b62b1fa-bbdc-448b-adfc-ca30f5e888aa","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":42,"box":{"x":69,"y":325,"width":793,"height":11}},{"id":"90d77163-01b5-4bb8-a128-321ee1c8f714","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":42,"box":{"x":69,"y":340,"width":815,"height":10}},{"id":"bb99afd4-b60a-40b4-885b-a45936f566d7","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":42,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"12e0f4c7-8f78-4539-9f73-949d1baab9e9","block_type":"box","text":"they relate to Independent Trustees; and (7) undertake such other duties and responsibilities as may from time to","page_number":42,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"c7639584-05cd-4d13-8398-491324c6caee","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":42,"box":{"x":68,"y":385,"width":841,"height":11}},{"id":"d6b475fb-575a-476f-99b4-ce8970604fe0","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Fund’s Amended and Restated","page_number":42,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"19252bb3-b049-4bf4-bcf7-9ba67382cf51","block_type":"box","text":"Bylaws (“Bylaws”), shareholders must follow certain procedures to nominate a person for election as a Trustee at a","page_number":42,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"cfb06351-3583-4ae1-8351-f96ac22644e0","block_type":"box","text":"shareholder meeting at which Trustees are to be elected. Under these advance notice procedures, notice of the","page_number":42,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"f8af0503-a90d-4f81-9087-07be9df39838","block_type":"box","text":"proposed nominee to the Secretary of the Fund must be delivered to or mailed and received at the principal executive","page_number":42,"box":{"x":70,"y":445,"width":838,"height":11}},{"id":"c14fc55e-41a1-40dd-82bf-49b6f5af98e5","block_type":"box","text":"offices of the Fund not later than the close of business on the fifth day following the day on which notice of the date","page_number":42,"box":{"x":69,"y":460,"width":827,"height":12}},{"id":"421810b2-d415-420d-8a52-74353ff34661","block_type":"box","text":"of the meeting was mailed or public disclosure of the date of the meeting was made, whichever first occurs. The","page_number":42,"box":{"x":69,"y":475,"width":800,"height":12}},{"id":"b2898ad6-9ba9-4e59-b2d1-d77e266a9f4e","block_type":"box","text":"Fund’s Bylaws provide that notice of a proposed nomination must include certain information about the shareholder","page_number":42,"box":{"x":70,"y":491,"width":826,"height":11}},{"id":"1cf5afc5-fb5b-487c-8503-4db4c9dbc381","block_type":"box","text":"and the nominee, as well as certain other information, including a written consent of the proposed nominee to serve","page_number":42,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"4503952b-d4d8-4e2e-8f4e-0322cfd16442","block_type":"box","text":"if elected. Reference is made to the Fund’s Bylaws for more details. The Board has adopted a written charter for the","page_number":42,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"39bd4e67-236b-4eee-9d81-b1300ccb4d85","block_type":"box","text":"Governance Committee. During the fiscal year ended June 30, 2025, the Governance Committee met six times.","page_number":42,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"61440e28-3f3b-4ad0-8ece-db705cbe1506","block_type":"box","text":"Compliance Committee.","page_number":42,"box":{"x":102,"y":559,"width":168,"height":11}},{"id":"14684b1b-0d9f-4382-ac0e-06a6e8fabcbf","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":42,"box":{"x":276,"y":559,"width":629,"height":11}},{"id":"5e595efc-b6fd-4ab3-b743-96fcddec2da9","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":42,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"d8af32af-d475-4adc-92b7-e0621cd3da2a","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":42,"box":{"x":70,"y":589,"width":812,"height":11}},{"id":"536b322f-e1ce-4a20-b0e9-b4400ecaf403","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Fund, the fund-related activities of BlackRock and","page_number":42,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"3fe63093-c708-4414-b3bb-d73e6d6c470c","block_type":"box","text":"any sub-adviser and the Fund’s third-party service providers. The Compliance Committee’s responsibilities include,","page_number":42,"box":{"x":69,"y":619,"width":817,"height":11}},{"id":"9494546c-4926-42db-a0f9-e3da3493bf42","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Fund and its service providers and","page_number":42,"box":{"x":68,"y":634,"width":817,"height":11}},{"id":"ba1750a9-bc0f-4292-bc21-b8916ae0953a","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":42,"box":{"x":69,"y":649,"width":832,"height":12}},{"id":"87a0b7cc-cb01-4846-856f-da87f0873773","block_type":"box","text":"recommend policies concerning the Fund’s compliance with applicable law; (3) review reports from, oversee the","page_number":42,"box":{"x":69,"y":664,"width":797,"height":12}},{"id":"046a2009-2909-4fb3-a4bb-5da350a3d6ef","block_type":"box","text":"annual performance review of, and make certain recommendations and determinations regarding the Fund’s Chief","page_number":42,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"93d98f93-09ee-4e0c-9406-d82d77e2267b","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":42,"box":{"x":69,"y":695,"width":803,"height":11}},{"id":"6aeed35b-a5b2-4a38-91f7-6befebab9c0d","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) undertake such","page_number":42,"box":{"x":69,"y":710,"width":799,"height":11}},{"id":"0c96ee6c-96df-425f-8973-73a436b9afc3","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":42,"box":{"x":69,"y":725,"width":828,"height":11}},{"id":"e8746940-61ea-4291-a9eb-d3f7192e3e07","block_type":"box","text":"The Board has adopted a written charter for the Compliance Committee. During the fiscal year ended June 30, 2025,","page_number":42,"box":{"x":68,"y":740,"width":836,"height":11}},{"id":"43f8239b-5786-49ea-9991-5d9f53614753","block_type":"box","text":"the Compliance Committee met four times.","page_number":42,"box":{"x":68,"y":755,"width":307,"height":11}},{"id":"e0fc7eaa-1add-470b-bc2e-648cb41abcd7","block_type":"box","text":"Per formance Oversight Committee.","page_number":42,"box":{"x":102,"y":778,"width":248,"height":11}},{"id":"d3ad94ea-5f5c-47e3-9614-f8202c793487","block_type":"box","text":"The members of the Performance Oversight Committee (the “Performance","page_number":42,"box":{"x":356,"y":778,"width":531,"height":11}},{"id":"edcccf33-9bc5-405f-a91a-24b9898a5bf9","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Carter, Collette Chilton and Neil","page_number":42,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"86cb42ef-769b-42b5-bcf7-ef7420a2d946","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Performance Oversight Committee’s purpose is to assist the","page_number":42,"box":{"x":68,"y":808,"width":808,"height":11}},{"id":"563d26d7-f806-4c76-9e05-bdf4eb9aa399","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment performance relative to its agreed-upon","page_number":42,"box":{"x":70,"y":823,"width":769,"height":12}},{"id":"a8171436-4c57-4227-b6bc-d8b45370e90a","block_type":"box","text":"performance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":42,"box":{"x":70,"y":838,"width":775,"height":11}},{"id":"e6351111-fada-4c69-b461-8e7f799f5fc5","block_type":"box","text":"agreements. The Performance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":42,"box":{"x":69,"y":853,"width":782,"height":12}},{"id":"d1f66a92-1076-457b-bbf9-3f5d363089ce","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":42,"box":{"x":70,"y":869,"width":829,"height":11}},{"id":"3733a472-60a6-49a4-b34a-1ad8a15e20d0","block_type":"box","text":"and practices; (2) review information on the Fund’s investment performance; (3) review information on appropriate","page_number":42,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"812cc0dd-80d0-4a52-8546-cf997114bfe9","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":42,"box":{"x":69,"y":899,"width":803,"height":11}},{"id":"acb5972c-c547-4750-9848-bc36c24e8e7b","block_type":"box","text":"I-8","page_number":42,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"a3811378-5771-496c-b3d6-86125c9836d2","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2bfc29a5-f099-46f4-befd-02440ca1a41b","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":43,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"d0bb9942-f0c3-496e-982a-767352987b7e","block_type":"box","text":"the Performance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":43,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"410faecd-42cd-4121-b6e7-9ecfb34988c6","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":43,"box":{"x":69,"y":75,"width":757,"height":11}},{"id":"81655ad5-10ad-40fd-9ba5-143929eaf92a","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":43,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"4db09fa6-856d-4e45-8fbc-ca5644a71477","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) undertake such other","page_number":43,"box":{"x":68,"y":105,"width":800,"height":11}},{"id":"d751d391-09d1-4ce3-b8a5-a555171fb4c8","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Performance Oversight","page_number":43,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"e545ab52-7ff8-481f-ac16-3cda6574f4ec","block_type":"box","text":"Committee. The Board has adopted a written charter for the Performance Oversight Committee. During the fiscal year","page_number":43,"box":{"x":69,"y":135,"width":838,"height":12}},{"id":"4a22e8c0-120a-436c-8ce6-66359d8e2302","block_type":"box","text":"ended June 30, 2025, the Performance Oversight Committee met five times.","page_number":43,"box":{"x":69,"y":150,"width":548,"height":12}},{"id":"b9ecf85a-9886-4525-bb32-6382b8d51d06","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":43,"box":{"x":101,"y":173,"width":186,"height":11}},{"id":"b5781d6c-4066-43d2-bf56-8b43cbd85d55","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":43,"box":{"x":293,"y":173,"width":598,"height":11}},{"id":"b6228c8a-6abb-42f5-9704-84959fe29b78","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":43,"box":{"x":70,"y":188,"width":817,"height":11}},{"id":"00ee1e93-863c-4fc3-adf7-9322f6470014","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":43,"box":{"x":69,"y":203,"width":795,"height":11}},{"id":"bed0abaa-9977-4e4d-99ac-c27220b2ef61","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":43,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"4ff4d2e4-3988-4db3-821a-18cc7f5e4fb3","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":43,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"3e25b5c6-d0c7-4e2c-84d9-6953f2ad33c1","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written charter for the Ad Hoc Topics Committee. During","page_number":43,"box":{"x":68,"y":249,"width":816,"height":11}},{"id":"899c36ce-529c-4acc-a287-fab62adae7a4","block_type":"box","text":"the fiscal year ended June 30, 2025, the Ad Hoc Topics Committee did not meet.","page_number":43,"box":{"x":68,"y":264,"width":579,"height":11}},{"id":"93a499a6-9448-4d2c-bba2-7d4c4c15f1c2","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":43,"box":{"x":101,"y":286,"width":771,"height":12}},{"id":"4a7b146c-a596-4b92-bed1-ba080fbbb819","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":43,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"82e2ae15-bf6c-4555-a17d-42caa4c505ee","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":43,"box":{"x":69,"y":317,"width":830,"height":11}},{"id":"e5ee678e-00c3-4c15-a17b-292b90637a95","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Furthermore,","page_number":43,"box":{"x":69,"y":332,"width":825,"height":11}},{"id":"ad2870f1-58c8-49f3-8508-4cff21f7bd42","block_type":"box","text":"in determining that a particular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":43,"box":{"x":70,"y":347,"width":807,"height":11}},{"id":"ec7208d7-255c-4536-91d7-79b154bf64c2","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":43,"box":{"x":70,"y":362,"width":787,"height":11}},{"id":"234f78c8-3299-4fe5-a450-e485e25995b6","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":43,"box":{"x":69,"y":377,"width":805,"height":11}},{"id":"7b0a8175-b563-4760-ba5c-9cb97973f3e9","block_type":"box","text":"which allow the Board to operate effectively in governing the Fund and protecting the interests of shareholders.","page_number":43,"box":{"x":68,"y":392,"width":792,"height":12}},{"id":"5256f676-a7bb-49c0-a504-3a6df15d7397","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":43,"box":{"x":68,"y":408,"width":829,"height":11}},{"id":"1053e542-f99c-465d-aefb-e749cc47b855","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":43,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"9d5d1f94-b311-4afb-b225-10b3a25dd148","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":43,"box":{"x":69,"y":438,"width":771,"height":11}},{"id":"9bf15c7c-1f24-4917-978d-e598f0edaa93","block_type":"box","text":"business judgment in the performance of their duties as Trustees.","page_number":43,"box":{"x":69,"y":453,"width":473,"height":11}},{"id":"d60708ca-1f4a-4d57-9cd9-ace55a646064","block_type":"box","text":"Each Trustee’s ability to perform his or her duties effectively is evidenced by his or her educational background","page_number":43,"box":{"x":102,"y":475,"width":792,"height":12}},{"id":"924e8b70-2df1-4476-86e1-5bbffa8ebc9b","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":43,"box":{"x":69,"y":491,"width":807,"height":11}},{"id":"82e72c6b-3af8-4561-a13a-e73f20798e94","block_type":"box","text":"board member of the Fund and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":43,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"01419d21-0ce1-4d54-89c5-aa9a77dba947","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":43,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"02502645-9065-4834-9721-3c184b26f3bd","block_type":"box","text":"participation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":43,"box":{"x":70,"y":536,"width":685,"height":11}},{"id":"06b8934e-ad82-4ca7-907f-66382cafe56b","block_type":"box","text":"ad hoc","page_number":43,"box":{"x":762,"y":536,"width":47,"height":9}},{"id":"1ed73b27-c03f-4c51-aefe-09f00340f227","block_type":"box","text":"committees","page_number":43,"box":{"x":814,"y":536,"width":82,"height":9}},{"id":"0ce4f391-d61d-4753-a754-e70b0cdd4252","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":43,"box":{"x":68,"y":551,"width":395,"height":11}},{"id":"a427a955-2e8a-4cb4-aeaf-1ec9817e6308","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":43,"box":{"x":101,"y":574,"width":751,"height":11}},{"id":"7955a7b8-eae6-4ff3-9c40-83efaff191ed","block_type":"box","text":"support the conclusion that each Trustee should serve on the Board.","page_number":43,"box":{"x":69,"y":589,"width":492,"height":11}},{"id":"63e05e67-fbdc-4eba-b44d-0c7a3bf32230","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":43,"box":{"x":68,"y":617,"width":409,"height":9}},{"id":"b3622819-612f-4b0f-99d1-838e7e04a2f4","block_type":"box","text":"Independent Trustees","page_number":43,"box":{"x":70,"y":634,"width":154,"height":11}},{"id":"fde1dd91-cd34-41c2-a347-6c08420362a8","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":43,"box":{"x":69,"y":649,"width":781,"height":11}},{"id":"f0b71ec4-9b4c-4885-80b3-9081cc483e8b","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":43,"box":{"x":265,"y":664,"width":604,"height":11}},{"id":"9fc352fc-0449-4b3a-9481-94bf01ea660e","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":43,"box":{"x":265,"y":679,"width":623,"height":11}},{"id":"842c331a-3e1b-4390-82ca-44fe6363455a","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":43,"box":{"x":265,"y":694,"width":637,"height":11}},{"id":"9f9ced3a-c4fb-4495-9d31-850f039a39d3","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":43,"box":{"x":265,"y":709,"width":631,"height":11}},{"id":"a9dbbab1-7b99-49e0-9be4-c6b684e85d28","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the North American","page_number":43,"box":{"x":264,"y":724,"width":626,"height":11}},{"id":"77755b55-7349-4024-92c1-84f3c9bacae8","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":43,"box":{"x":265,"y":739,"width":639,"height":11}},{"id":"5a5b30d0-0b9c-41ac-9118-d41a918d5fe7","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":43,"box":{"x":264,"y":755,"width":637,"height":11}},{"id":"54645fe0-515b-4056-89bb-dd2b67e73152","block_type":"box","text":"expertise across asset classes and strategies, and insight and perspective on the","page_number":43,"box":{"x":265,"y":770,"width":586,"height":11}},{"id":"5d751139-e020-417b-8bf5-db8655708b9e","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":43,"box":{"x":265,"y":785,"width":640,"height":11}},{"id":"5190787d-9eb1-4d67-9114-99f981a32109","block_type":"box","text":"Committee and the Performance Oversight Committee.","page_number":43,"box":{"x":265,"y":800,"width":389,"height":11}},{"id":"9defa263-e807-4464-b123-8db4f1a9b341","block_type":"box","text":"I-9","page_number":43,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"6657ed39-c2f6-41ed-8c43-400bd3e77bf1","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f351e2b9-07f2-4eb5-a705-d2c95041b8c2","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":44,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"1f2a8735-158d-4d5c-891d-89b95d3f3281","block_type":"box","text":"Susan J. Carter Susan J. Carter has over 35 years of experience in investment management. She has","page_number":44,"box":{"x":69,"y":65,"width":806,"height":12}},{"id":"55421ea0-0360-4a52-89d9-3630342c9132","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":44,"box":{"x":265,"y":81,"width":604,"height":11}},{"id":"d2d5c297-d1dd-4883-882c-2ce953a0cee7","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":44,"box":{"x":265,"y":96,"width":632,"height":11}},{"id":"be470001-a1c5-4291-8b85-86ae9379d6b6","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":44,"box":{"x":265,"y":111,"width":562,"height":9}},{"id":"d7f32ed6-4564-4dc7-a518-4704084c6d34","block_type":"box","text":"Ms. Carter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":44,"box":{"x":265,"y":126,"width":616,"height":10}},{"id":"55fc1fe8-a883-40c9-b228-6ed45b51039d","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":44,"box":{"x":264,"y":141,"width":591,"height":11}},{"id":"7b12c5b4-ecfd-4229-bed5-7f0d4fa3a3d5","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":44,"box":{"x":265,"y":156,"width":641,"height":11}},{"id":"ae0b4e7e-bc39-4f02-a1cb-217f9782f21e","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":44,"box":{"x":264,"y":171,"width":638,"height":12}},{"id":"9a1944db-7e08-4a7b-bd0e-e4eac33ecfd2","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":44,"box":{"x":265,"y":186,"width":584,"height":12}},{"id":"5e9f8f0a-59a3-4f13-86cb-57780ce7f00a","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":44,"box":{"x":265,"y":201,"width":630,"height":12}},{"id":"8267aae5-d5e0-4ee5-9e90-4a22c6ff19c8","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":44,"box":{"x":265,"y":217,"width":634,"height":11}},{"id":"a14b8c49-e56a-429d-84b0-b6d35bafce2d","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":44,"box":{"x":265,"y":232,"width":599,"height":11}},{"id":"b30836ca-d981-415d-8093-8685e96f7e30","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":44,"box":{"x":265,"y":247,"width":407,"height":11}},{"id":"1a4f6bbc-f811-4c64-8578-a04ab4d4c8de","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":44,"box":{"x":69,"y":269,"width":837,"height":12}},{"id":"0f1d977a-f236-4ba7-bb3f-3897f7bc7e67","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":44,"box":{"x":265,"y":285,"width":638,"height":11}},{"id":"86031a04-8f21-4602-b007-fc0135410cb2","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":44,"box":{"x":265,"y":300,"width":642,"height":11}},{"id":"53153a52-08c3-4a8c-bb47-9255b8bb8a36","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":44,"box":{"x":265,"y":314,"width":601,"height":12}},{"id":"26221c05-07e1-4f9d-9dc8-7cc67e9ff755","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":44,"box":{"x":265,"y":330,"width":595,"height":11}},{"id":"8b1323a3-f5a3-451a-8f05-70a7cbdd4247","block_type":"box","text":"perspective on the markets and the economy.","page_number":44,"box":{"x":265,"y":345,"width":323,"height":11}},{"id":"9cf12175-1d05-46d2-8838-3a54318f812f","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":44,"box":{"x":70,"y":368,"width":798,"height":11}},{"id":"740e1a1b-b040-45bc-9e62-7d5ac824f3d7","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":44,"box":{"x":265,"y":383,"width":631,"height":11}},{"id":"cc215ec8-f4e8-41c4-a82b-6cc2d677b8b3","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":44,"box":{"x":265,"y":398,"width":633,"height":11}},{"id":"38a8f4a5-794f-4cba-a8a6-8e0f9ae8da8e","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":44,"box":{"x":265,"y":413,"width":628,"height":11}},{"id":"8cc9162e-c409-4af9-922a-69c5b101511c","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":44,"box":{"x":265,"y":428,"width":596,"height":12}},{"id":"afce98a2-586d-481a-acbf-65d9e0efa120","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial expert, as such","page_number":44,"box":{"x":265,"y":443,"width":616,"height":12}},{"id":"236ddf78-f624-4436-86bc-2bbc276db26d","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":44,"box":{"x":264,"y":458,"width":368,"height":11}},{"id":"ddf520ef-a0b5-419c-9576-8e3f9d394c3f","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":44,"box":{"x":70,"y":481,"width":806,"height":11}},{"id":"34c630d0-8a76-40d7-8427-82c48b81c6f1","block_type":"box","text":"global expertise gained through his 35 year career at KPMG, a global professional","page_number":44,"box":{"x":264,"y":496,"width":584,"height":12}},{"id":"7e582f4a-071e-4846-821d-cce219c7d8fe","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":44,"box":{"x":265,"y":512,"width":622,"height":11}},{"id":"b60eaea6-ff96-4ac0-994f-2ebf366e89bf","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":44,"box":{"x":265,"y":526,"width":638,"height":12}},{"id":"1aef6917-036e-4bd9-ac48-1f14c64d2e17","block_type":"box","text":"and expertise in financial reporting, accounting, auditing, risk management, and","page_number":44,"box":{"x":265,"y":542,"width":570,"height":11}},{"id":"79479630-0a39-4251-926d-fdd12442391c","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":44,"box":{"x":265,"y":557,"width":642,"height":11}},{"id":"190f3f0c-513a-402a-9945-f5721c411962","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":44,"box":{"x":265,"y":572,"width":626,"height":11}},{"id":"4bff8f0e-77b5-40f6-b0a6-7c35bb75950e","block_type":"box","text":"industries including professional services, property and casualty reinsurance, insurance,","page_number":44,"box":{"x":265,"y":587,"width":630,"height":11}},{"id":"dbe5e7cc-5ab8-4f7a-8971-f91914c6d557","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":44,"box":{"x":265,"y":602,"width":602,"height":11}},{"id":"801219cc-3a74-4b8c-ba91-d0c003ca2d14","block_type":"box","text":"technology. Mr. Keizer is a certified public accountant and also served on the board of the","page_number":44,"box":{"x":264,"y":617,"width":643,"height":12}},{"id":"7d7eab53-6a4b-45e0-a928-3f9961c75553","block_type":"box","text":"American Institute of Certified Public Accountants. Mr. Keizer has been determined by the","page_number":44,"box":{"x":264,"y":632,"width":639,"height":12}},{"id":"f9e62aef-7016-48c8-9d54-20fb0c9620ec","block_type":"box","text":"Audit Committee to be an audit committee financial expert, as such term is defined in the","page_number":44,"box":{"x":264,"y":647,"width":641,"height":11}},{"id":"b16f444b-76e8-486a-80d2-93a0750102d5","block_type":"box","text":"applicable Commission rules.","page_number":44,"box":{"x":265,"y":663,"width":208,"height":11}},{"id":"927f43e8-2cbd-4183-8dcd-03c3369946e7","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":44,"box":{"x":69,"y":685,"width":769,"height":12}},{"id":"6e317f2a-81be-4ff2-9f5d-5c1703db675b","block_type":"box","text":"investment companies, most recently as a member of the boards of certain BlackRock","page_number":44,"box":{"x":265,"y":700,"width":621,"height":12}},{"id":"cde65b70-3216-457e-a131-ce9604204fd6","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":44,"box":{"x":265,"y":715,"width":599,"height":12}},{"id":"de086809-899a-474d-93ef-6d63fe4ba066","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":44,"box":{"x":265,"y":731,"width":641,"height":11}},{"id":"25878010-9f39-46e4-98d4-bcb0857f9952","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":44,"box":{"x":264,"y":746,"width":602,"height":11}},{"id":"6b9f2928-26ba-471b-8c7a-fb5bae30755c","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":44,"box":{"x":264,"y":761,"width":617,"height":11}},{"id":"43f48797-8d60-4b0d-96bb-9a07242b1cb6","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":44,"box":{"x":265,"y":776,"width":629,"height":11}},{"id":"cf0a9453-4834-4176-8087-b5fd35797b00","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":44,"box":{"x":264,"y":791,"width":628,"height":11}},{"id":"baf75ce7-bbb8-4909-9f18-7b976bc9f3dc","block_type":"box","text":"articles and books on these topics.","page_number":44,"box":{"x":265,"y":806,"width":251,"height":11}},{"id":"9bf6e936-a164-43ac-b173-a69ce7cc530a","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":44,"box":{"x":70,"y":829,"width":764,"height":11}},{"id":"95adb008-7296-42d7-b566-233f063b2025","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":44,"box":{"x":265,"y":844,"width":642,"height":11}},{"id":"1119a9dd-9fde-46ef-a68d-cf77b2c014a1","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a partner,","page_number":44,"box":{"x":264,"y":859,"width":593,"height":11}},{"id":"9f3f11a8-cba6-47d5-9cd1-a8e4d01a9f99","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":44,"box":{"x":265,"y":874,"width":603,"height":12}},{"id":"8287bf8f-4991-48a7-a2f3-b482287dd8ea","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":44,"box":{"x":265,"y":889,"width":629,"height":12}},{"id":"1e208f88-0264-4ebc-9dae-73b0dee4390f","block_type":"box","text":"I-10","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"b33e106c-40a2-4675-9e9c-395ea3faa8de","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a41a4cf9-fa9e-4f9a-b26f-000b356a6bb8","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":45,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"0db3aaa9-ce5a-4230-b6e9-22776ae9c75b","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":45,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"7585aa87-e510-44db-bdc1-fbc8c41fde2d","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":45,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"2b012a90-2492-4121-b438-ec3725002d1b","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":45,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"ffd07d8f-8105-4a10-bcd1-917f30bc2d27","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":45,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"f126933b-1330-48ac-b01b-42cde0021009","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":45,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"e0f7b6f8-d0d9-408b-bdf6-c029053cb728","block_type":"box","text":"exchanges, and other industry firms. 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More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":45,"box":{"x":265,"y":186,"width":626,"height":12}},{"id":"5990fcb2-d667-41b0-87bf-47857b77f589","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":45,"box":{"x":264,"y":201,"width":608,"height":12}},{"id":"9bb57690-65b8-454d-a733-ae11fc650348","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":45,"box":{"x":265,"y":217,"width":575,"height":11}},{"id":"6d6f47a7-982d-4fa6-a220-e04b934352f5","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":45,"box":{"x":264,"y":232,"width":591,"height":11}},{"id":"c5b78f1c-c243-4aa0-a39e-252362e43c48","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":45,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"1125381d-5b68-4063-a787-151c2929fa65","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":45,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"ea26a576-f5d3-4fa4-a4ea-f3afeef90380","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":45,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"f6b72c1c-4748-427f-95ba-db4efa0c56e6","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":45,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"50d75d78-77ce-4638-b222-f7452938bd7b","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":45,"box":{"x":265,"y":307,"width":638,"height":12}},{"id":"4fdd46cf-bdc0-4e02-adae-0e16284a44d8","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":45,"box":{"x":265,"y":322,"width":635,"height":12}},{"id":"e0a164b3-fb26-4860-9d49-b9def90e91ac","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":45,"box":{"x":265,"y":338,"width":642,"height":11}},{"id":"28395735-ddd0-4e4e-80cf-041b9de41334","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":45,"box":{"x":265,"y":353,"width":627,"height":11}},{"id":"e447d7c2-49dc-4e37-bf91-203203f31cc8","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":45,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"1b0cd3fd-22cc-45a8-96b9-de769c2343a3","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":45,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"9e80b1a5-82e8-49f6-a76a-da68e6c49175","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":45,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"e8d2982f-d1f7-408c-a499-21b5cd6ad741","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":45,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"dbfe537e-e76b-4928-9220-0f0c59d963aa","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":45,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"dca5b982-47b5-4a63-8faa-2cfdd61c6cfd","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":45,"box":{"x":265,"y":451,"width":608,"height":9}},{"id":"f067546b-9df4-4e47-808b-6bcb2cb847fa","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":45,"box":{"x":265,"y":466,"width":626,"height":11}},{"id":"d22ed219-889b-4a15-b6cb-1e4f103aeed9","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":45,"box":{"x":265,"y":481,"width":591,"height":11}},{"id":"002b198c-c54e-4bfd-8a3e-db4a6a022439","block_type":"box","text":"various private and non-profit boards.","page_number":45,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"5d63b539-08dc-427d-aff0-ee6b06214076","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":45,"box":{"x":70,"y":519,"width":807,"height":11}},{"id":"83b38aa7-27fc-4ef4-8ff4-19edb50645fb","block_type":"box","text":"companies, most recently as a member of the boards of certain BlackRock-advised Funds","page_number":45,"box":{"x":264,"y":534,"width":641,"height":11}},{"id":"10bae5e4-efdc-4dd8-92c7-c188d7ca564c","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":45,"box":{"x":265,"y":549,"width":618,"height":11}},{"id":"6cba926b-7254-48b7-9e07-6e207171bfb8","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":45,"box":{"x":265,"y":564,"width":594,"height":12}},{"id":"a3c6f178-5a06-4db6-b4bb-e1321986ab18","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":45,"box":{"x":265,"y":579,"width":639,"height":12}},{"id":"289c5981-57fb-46ad-83f0-aacacced0b2a","block_type":"box","text":"be an audit committee financial expert, as such term is defined in the applicable","page_number":45,"box":{"x":265,"y":595,"width":575,"height":11}},{"id":"02fd1785-e3ac-47e5-9646-d99ffd741cfd","block_type":"box","text":"Commission rules.","page_number":45,"box":{"x":265,"y":610,"width":131,"height":9}},{"id":"283a3c61-96de-4dd3-b34d-f183db6206e2","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":45,"box":{"x":69,"y":632,"width":808,"height":12}},{"id":"a27f3d0e-78b7-4fb3-8613-9f4d83157150","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liberty Square Asset","page_number":45,"box":{"x":265,"y":647,"width":630,"height":12}},{"id":"dd03c273-604e-43aa-9a57-fb0898141825","block_type":"box","text":"Management, LP from 1998 to 2015, an investment manager that specialized in long/","page_number":45,"box":{"x":265,"y":663,"width":618,"height":11}},{"id":"ee262ba3-0d53-477a-8d15-8b04fa5a519b","block_type":"box","text":"short non-U.S. equity investments, and was an owner and General Partner of Neon Liberty","page_number":45,"box":{"x":265,"y":678,"width":643,"height":11}},{"id":"3a8556f2-7e21-4988-8b55-7fd84e33e71e","block_type":"box","text":"Capital Management, LLC from 2003 to 2023, a firm focusing on long/short equities in","page_number":45,"box":{"x":265,"y":693,"width":624,"height":11}},{"id":"2b47bdb5-f2d9-4dd9-99ea-8c5c10c2d323","block_type":"box","text":"global emerging and frontier markets. These positions have provided her with insight and","page_number":45,"box":{"x":264,"y":708,"width":634,"height":11}},{"id":"c4077346-ddb5-4b34-942e-d4795697ac3f","block_type":"box","text":"perspective on the markets and the economy.","page_number":45,"box":{"x":265,"y":723,"width":323,"height":11}},{"id":"56ccbbd1-bbe5-4dfe-9221-9ecefe948ddc","block_type":"box","text":"I-11","page_number":45,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"77ff5e51-9681-41c0-afbe-31b22bcf373d","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de327e39-4305-40b3-95ac-413fffd770e5","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":46,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"4c08ab84-9e64-4b21-833b-be08b389f731","block_type":"box","text":"Interested Trustees","page_number":46,"box":{"x":70,"y":66,"width":138,"height":8}},{"id":"39edafb3-9592-4f34-9b34-76f9f4ef0588","block_type":"box","text":"Robert Fairbairn Robert Fairbairn has more than 25 years of experience with BlackRock, Inc. and over 30","page_number":46,"box":{"x":70,"y":81,"width":823,"height":11}},{"id":"ab4a3c5d-67e2-4e20-9607-fc04e8c3f781","block_type":"box","text":"years of experience in finance and asset management. In particular, Mr. Fairbairn’s","page_number":46,"box":{"x":264,"y":96,"width":593,"height":11}},{"id":"dd41a6fe-3968-4c79-a688-4c703f64ae73","block_type":"box","text":"positions as Vice Chairman of BlackRock, Inc., Member of BlackRock’s Global Operating","page_number":46,"box":{"x":265,"y":111,"width":629,"height":11}},{"id":"8c99d8fb-2b2a-4ba5-a1c4-78cae87f81f5","block_type":"box","text":"Committee and Co-Chair of BlackRock’s Human Capital Committee provide the Board with","page_number":46,"box":{"x":265,"y":126,"width":639,"height":11}},{"id":"60d942f7-e351-44b7-89ab-aa17cbe47a6f","block_type":"box","text":"a wealth of practical business knowledge and leadership. In addition, Mr. Fairbairn has","page_number":46,"box":{"x":265,"y":141,"width":617,"height":11}},{"id":"814cc34c-5473-419c-8f83-1662bac3e8c7","block_type":"box","text":"global investment management and oversight experience through his former positions as","page_number":46,"box":{"x":264,"y":156,"width":634,"height":11}},{"id":"29a63e82-2dec-4298-971b-f56e29a8eecb","block_type":"box","text":"Member of BlackRock’s Global Executive Committee, Global Head of BlackRock’s Retail","page_number":46,"box":{"x":265,"y":171,"width":624,"height":11}},{"id":"fca32861-1fb3-4617-b7c0-0d3fd4b29176","block_type":"box","text":"and iShares","page_number":46,"box":{"x":265,"y":186,"width":84,"height":9}},{"id":"b53128c7-0c38-402b-a006-3a05920b830d","block_type":"box","text":"®","page_number":46,"box":{"x":350,"y":187,"width":6,"height":4}},{"id":"cffc9bda-fa55-4199-9581-71df39e2191f","block_type":"box","text":"businesses, Head of BlackRock’s Global Client Group, Chairman of","page_number":46,"box":{"x":362,"y":186,"width":478,"height":11}},{"id":"8a7fe21d-7ee7-452d-ab9a-72d31a1aecf5","block_type":"box","text":"BlackRock’s international businesses and his previous oversight over BlackRock’s","page_number":46,"box":{"x":265,"y":202,"width":585,"height":11}},{"id":"69389cab-caa9-41eb-ba7b-12d1df676c6e","block_type":"box","text":"Strategic Partner Program and Strategic Product Management Group. Mr. Fairbairn also","page_number":46,"box":{"x":265,"y":217,"width":620,"height":11}},{"id":"7aa30fcc-d2a9-4fc1-a04d-49356f9d99d4","block_type":"box","text":"serves as a board member for the funds in the BlackRock Fixed-Income Complex.","page_number":46,"box":{"x":265,"y":232,"width":578,"height":11}},{"id":"975a716f-96ce-45e2-8687-c7d466644ed6","block_type":"box","text":"John M. Perlowski John M. Perlowski’s experience as Managing Director of BlackRock, Inc. since 2009, as","page_number":46,"box":{"x":69,"y":254,"width":821,"height":12}},{"id":"1cfe964d-3617-4ce3-bc1d-8efbd917e353","block_type":"box","text":"the Head of BlackRock Global Accounting and Product Services since 2009, and as","page_number":46,"box":{"x":264,"y":269,"width":595,"height":12}},{"id":"8b4860ea-cadb-4c73-8ac9-b34d851e46a8","block_type":"box","text":"President and Chief Executive Officer of the BlackRock-advised Funds provides him with a","page_number":46,"box":{"x":265,"y":285,"width":637,"height":11}},{"id":"a1f88ff8-2811-400b-bd0f-793622d06f10","block_type":"box","text":"strong understanding of the BlackRock-advised Funds, their operations, and the business","page_number":46,"box":{"x":265,"y":300,"width":636,"height":11}},{"id":"7e50f5eb-d4d6-4ced-9f3e-45482c3633d2","block_type":"box","text":"and regulatory issues facing the BlackRock-advised Funds. Mr. Perlowski’s prior position","page_number":46,"box":{"x":265,"y":315,"width":628,"height":11}},{"id":"fcdc0422-9418-4a7b-8107-fc617ff5f8a3","block_type":"box","text":"as Managing Director and Chief Operating Officer of the Global Product Group at Goldman","page_number":46,"box":{"x":265,"y":330,"width":638,"height":11}},{"id":"ad12d879-ca9f-4f2a-ad29-dde4302ff260","block_type":"box","text":"Sachs Asset Management, and his former service as Treasurer and Senior Vice President","page_number":46,"box":{"x":265,"y":345,"width":639,"height":11}},{"id":"2b883205-9b5c-47cd-bdf1-b06473188a43","block_type":"box","text":"of the Goldman Sachs Mutual Funds and as Director of the Goldman Sachs Offshore","page_number":46,"box":{"x":265,"y":360,"width":603,"height":9}},{"id":"feea07c3-6183-4ad5-9582-46af68b2ccf1","block_type":"box","text":"Funds provides the Board with the benefit of his experience with the management","page_number":46,"box":{"x":265,"y":375,"width":582,"height":12}},{"id":"aac8c2f6-756d-4493-93b9-e2c2a1e538c0","block_type":"box","text":"practices of other financial companies. Mr. Perlowski also serves as a board member for","page_number":46,"box":{"x":265,"y":390,"width":632,"height":11}},{"id":"8b3f8bdd-ad7d-4ae7-bf92-c398358d6112","block_type":"box","text":"the funds in the BlackRock Fixed-Income Complex. 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Management, Advisory and Other Service Arrangements","page_number":51,"box":{"x":69,"y":498,"width":432,"height":11}},{"id":"452963c3-0ac3-4183-9a39-05d44e9b51a7","block_type":"box","text":"Management Agreement","page_number":51,"box":{"x":102,"y":520,"width":179,"height":11}},{"id":"c3493a99-f684-4484-9a60-415479fe8e70","block_type":"box","text":"The Fund has entered into a management agreement with BlackRock Advisors, LLC, as the Manager (the","page_number":51,"box":{"x":101,"y":543,"width":746,"height":11}},{"id":"d72b2859-d8d6-429b-a921-7f82c0dbecb5","block_type":"box","text":"“Management Agreement”), pursuant to which the Manager receives as compensation for its management services","page_number":51,"box":{"x":70,"y":558,"width":824,"height":11}},{"id":"6e4c782e-8244-4696-8688-b73472bb4f53","block_type":"box","text":"and administrative services to the Fund a fee based on the Fund’s average daily net assets.","page_number":51,"box":{"x":69,"y":573,"width":656,"height":11}},{"id":"21e66149-5358-4ef6-afd0-bada420f3e38","block_type":"box","text":"Under the Management Agreement, the administrative services provided by the Manager to the Fund include, but","page_number":51,"box":{"x":102,"y":596,"width":805,"height":11}},{"id":"d23e759f-b8a7-4ea9-bf4c-cf6f0f31f331","block_type":"box","text":"are not limited to, the following: maintaining office facilities for the Fund; furnishing the Fund with clerical,","page_number":51,"box":{"x":69,"y":611,"width":753,"height":11}},{"id":"dd53b0f7-63d0-4a54-9e98-a06d2799370c","block_type":"box","text":"bookkeeping and administrative services; overseeing the determination and publication of the Fund’s net asset","page_number":51,"box":{"x":69,"y":626,"width":794,"height":11}},{"id":"d7f2af2d-f124-4c6d-9221-5959b5cd6386","block_type":"box","text":"value; overseeing the preparation and filing of Federal, state and local income tax returns; preparing certain reports","page_number":51,"box":{"x":68,"y":641,"width":826,"height":11}},{"id":"5812a07f-0fdb-4f3d-abb9-4c7e3539d67b","block_type":"box","text":"required by regulatory authorities; determining the amount of dividends and distributions available for payment by the","page_number":51,"box":{"x":69,"y":656,"width":837,"height":12}},{"id":"920f8ccc-e8cb-4ca6-825e-8cc761577760","block_type":"box","text":"Fund to its shareholders; preparing and arranging for the printing of dividend notices to shareholders; providing the","page_number":51,"box":{"x":70,"y":671,"width":817,"height":12}},{"id":"7b230cb1-da17-496c-882f-8ad7def6e604","block_type":"box","text":"Fund’s service providers with such information as is required to effect the payment of dividends and distributions;","page_number":51,"box":{"x":70,"y":686,"width":812,"height":12}},{"id":"8c880267-f32d-4c24-9daa-80d5cc2f1ade","block_type":"box","text":"and consulting with the Fund’s officers, independent accountants, legal counsel, custodian, accounting agent and","page_number":51,"box":{"x":69,"y":702,"width":811,"height":11}},{"id":"12245210-bb8c-49f4-9a66-2f9e767f353a","block_type":"box","text":"transfer and dividend disbursing agent in establishing the accounting policies of each entity and monitoring financial","page_number":51,"box":{"x":68,"y":717,"width":827,"height":11}},{"id":"53318fb3-6f39-45e5-a725-0bf048eb778a","block_type":"box","text":"and shareholder accounting services.","page_number":51,"box":{"x":69,"y":732,"width":266,"height":11}},{"id":"734daa80-f305-40de-8e98-fcc37cf6b08f","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s","page_number":51,"box":{"x":102,"y":755,"width":762,"height":11}},{"id":"2dc84760-72ba-4a89-bddd-266f78c6d7b1","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":51,"box":{"x":69,"y":770,"width":799,"height":11}},{"id":"ba617505-5e35-4e4f-8cb8-db06b331d5bc","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":51,"box":{"x":68,"y":785,"width":726,"height":11}},{"id":"db383064-01e7-4607-b27c-083841a27904","block_type":"box","text":"June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of","page_number":51,"box":{"x":69,"y":800,"width":799,"height":11}},{"id":"ef663f27-0026-405b-963c-cd21905bcbd2","block_type":"box","text":"investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds","page_number":51,"box":{"x":70,"y":815,"width":780,"height":11}},{"id":"fbc1dac4-146e-43cd-835e-231ce563f5ad","block_type":"box","text":"managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon","page_number":51,"box":{"x":69,"y":830,"width":835,"height":11}},{"id":"3affac7e-dcd8-4d73-b264-ff075b64dc11","block_type":"box","text":"90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting","page_number":51,"box":{"x":69,"y":845,"width":774,"height":12}},{"id":"3e31ccc0-1ac0-430f-8e3a-e998ce9e53e1","block_type":"box","text":"securities of the Fund.","page_number":51,"box":{"x":69,"y":860,"width":158,"height":9}},{"id":"8db76172-68ac-4685-9d4e-c68dc8a93478","block_type":"box","text":"Effective February 25, 2025, the Manager has contractually agreed to waive and/or reimburse fees or expenses","page_number":51,"box":{"x":102,"y":883,"width":801,"height":11}},{"id":"a5cc48b2-2f56-454f-84b8-b42f414ff66e","block_type":"box","text":"in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding","page_number":51,"box":{"x":70,"y":898,"width":834,"height":11}},{"id":"f721299d-1969-4f65-b3d8-7f4a032a997b","block_type":"box","text":"I-17","page_number":51,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"c02e3f2e-151e-4d2b-b67b-c983e130cec5","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"14f4b03d-57ec-4934-be3c-f312a2ed2a72","block_type":"box","text":"Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses (as defined","page_number":52,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"a5585375-897c-440a-bbd6-b55d70fd377e","block_type":"box","text":"in the Prospectuses)) as a percentage of average daily net assets to 1.10% for Investor A Shares, 1.85% for","page_number":52,"box":{"x":70,"y":60,"width":772,"height":11}},{"id":"71bbb3b8-07b1-49ed-969d-4467f7e37554","block_type":"box","text":"Investor C Shares, 0.85% for Institutional Shares, 1.35% for Class R Shares, and 0.80% for Class K Shares through","page_number":52,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"e1244332-ef96-4efa-9460-bd9649c0430e","block_type":"box","text":"June 30, 2027. This contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent","page_number":52,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"3c63a427-64e9-4a9c-a160-a91870ad3418","block_type":"box","text":"Trustees or by a vote of a majority of the outstanding voting securities of the Fund. Prior to February 25, 2025, the","page_number":52,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"ae8ffdcc-2ecb-4f5a-b079-67cd6972cf63","block_type":"box","text":"Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund","page_number":52,"box":{"x":70,"y":120,"width":774,"height":12}},{"id":"f2403f49-570d-4612-9749-1f278f0bf1f8","block_type":"box","text":"Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest","page_number":52,"box":{"x":69,"y":135,"width":785,"height":12}},{"id":"38c4fee9-592e-4ce7-8349-f3db2d627dd2","block_type":"box","text":"Expense, Acquired Fund Fees and Expenses and certain other Fund expenses (as defined in the Prospectuses)) as a","page_number":52,"box":{"x":70,"y":150,"width":829,"height":11}},{"id":"0c3802d6-1617-4bfc-bd06-50de013f4d7c","block_type":"box","text":"percentage of average daily net assets to 1.29% for Investor A Shares, 2.04% for Investor C Shares, 1.04% for","page_number":52,"box":{"x":70,"y":166,"width":790,"height":11}},{"id":"74cb507a-0229-45f5-a855-288dc5324e72","block_type":"box","text":"Institutional Shares, 1.54% for Class R Shares, and 0.99% for Class K Shares. Prior to February 25, 2025, the","page_number":52,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"38165747-5430-4acf-8ae8-8513e27c222c","block_type":"box","text":"Manager voluntarily agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating","page_number":52,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"2fb40d50-5912-4c94-a604-8c6a31d453b0","block_type":"box","text":"Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense,","page_number":52,"box":{"x":70,"y":211,"width":780,"height":11}},{"id":"11eb6fbb-399f-4f07-b39f-5338d5465835","block_type":"box","text":"Acquired Fund Fees and Expenses and certain other Fund expenses) as a percentage of average daily net assets to","page_number":52,"box":{"x":68,"y":226,"width":825,"height":11}},{"id":"f397893d-55df-4a28-8294-52f2a609d85a","block_type":"box","text":"1.24% for Investor A Shares, 1.99% for Investor C Shares, 0.99% for Institutional Shares, 1.49% for Class R Shares","page_number":52,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"5f9ecb28-0175-4cf0-9d70-c1c5eb6d21f0","block_type":"box","text":"and 0.94% for Class K Shares.","page_number":52,"box":{"x":69,"y":256,"width":218,"height":9}},{"id":"7111961a-7949-410d-a168-3a5d2fc10492","block_type":"box","text":"Pursuant to the Management Agreement, the Manager may from time to time, in its sole discretion to the extent","page_number":52,"box":{"x":102,"y":279,"width":800,"height":11}},{"id":"a00b9978-a960-4b78-a987-38f7e7e59cb2","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of the Manager,","page_number":52,"box":{"x":70,"y":294,"width":834,"height":11}},{"id":"3825853e-9263-444f-a4ac-fe3f1af47b37","block_type":"box","text":"to perform investment advisory services with respect to the Fund. In addition, the Manager may delegate certain of","page_number":52,"box":{"x":68,"y":309,"width":825,"height":11}},{"id":"02ad6307-acd7-4962-88be-efac9882157b","block_type":"box","text":"its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":52,"box":{"x":70,"y":324,"width":801,"height":12}},{"id":"2630b23b-57e6-44bd-b74d-c1efbe39a286","block_type":"box","text":"permitted by applicable law. The Manager may terminate any or all sub-advisers or such delegation arrangements in","page_number":52,"box":{"x":70,"y":340,"width":823,"height":11}},{"id":"6ddfc081-28cc-4712-984d-1ba9173a3336","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":52,"box":{"x":70,"y":355,"width":508,"height":11}},{"id":"86891d66-4553-4695-b3b5-d8a2d1f3aea1","block_type":"box","text":"The Manager has entered into a sub-advisory agreement (the “Sub-Advisory Agreement”) with the Sub-Adviser,","page_number":52,"box":{"x":101,"y":377,"width":785,"height":12}},{"id":"c1b994ca-104c-466d-bb28-10f9b806d961","block_type":"box","text":"pursuant to which the Sub-Adviser receives for the services for that portion of the Fund for which the Sub-Adviser acts","page_number":52,"box":{"x":70,"y":392,"width":838,"height":11}},{"id":"09aed5bb-1846-40e7-a046-a0177ced06f2","block_type":"box","text":"as sub-adviser a monthly fee at an annual rate equal to a percentage of the management fee paid to the Manager","page_number":52,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"c4a77119-036a-41c8-9914-955fefa32b1a","block_type":"box","text":"under the Management Agreement.","page_number":52,"box":{"x":69,"y":423,"width":250,"height":11}},{"id":"181f30be-4b41-4ca6-b63a-c3173574c72e","block_type":"box","text":"The table below sets forth information about the total management fees paid by the Fund to the Manager (which","page_number":52,"box":{"x":101,"y":445,"width":802,"height":12}},{"id":"f8b0be4c-caf9-4d23-8889-42bd9012a6ca","block_type":"box","text":"includes amounts paid by the Manager to the Sub-Adviser), and the amounts waived by the Manager, for the periods","page_number":52,"box":{"x":70,"y":460,"width":826,"height":12}},{"id":"c2b7a093-4d8f-4201-84f0-bfd8ca8f78a6","block_type":"box","text":"indicated:","page_number":52,"box":{"x":70,"y":476,"width":67,"height":8}},{"id":"156c8c91-5fa7-47d9-9e40-8493fbd1c11b","block_type":"box","text":"Fees Paid to","page_number":52,"box":{"x":557,"y":504,"width":72,"height":7}},{"id":"333d92b2-fdc6-456c-95b9-472e58b937a0","block_type":"box","text":"the Manager","page_number":52,"box":{"x":555,"y":514,"width":75,"height":9}},{"id":"669528d2-50bf-41a8-9750-3fe7883230d3","block_type":"box","text":"Fees Waived","page_number":52,"box":{"x":669,"y":504,"width":72,"height":7}},{"id":"3eefaf67-52c4-46ad-bc2f-6694c04f8a50","block_type":"box","text":"by the Manager","page_number":52,"box":{"x":660,"y":514,"width":91,"height":9}},{"id":"425f8dac-38fa-4117-8326-48e874061799","block_type":"box","text":"Fees Reimbursements","page_number":52,"box":{"x":781,"y":504,"width":128,"height":7}},{"id":"61b72fc0-17ce-4c52-a6d0-7a6642e37ab2","block_type":"box","text":"by the Manager","page_number":52,"box":{"x":800,"y":514,"width":90,"height":9}},{"id":"45d67d76-6284-4f1a-9a41-3b9ad8bbb723","block_type":"box","text":"Fiscal Year Ended June 30, 2025","page_number":52,"box":{"x":70,"y":532,"width":234,"height":10}},{"id":"b021c766-be56-49a3-a6f1-1c6e6b9d0c5f","block_type":"box","text":"...........................","page_number":52,"box":{"x":311,"y":539,"width":214,"height":1}},{"id":"457bc101-f20c-4882-8416-a75c20ed9a63","block_type":"box","text":"$791,880 $237,698 $128,532","page_number":52,"box":{"x":557,"y":531,"width":324,"height":11}},{"id":"6a3de01e-a247-4016-838f-6a3d3e9c47c0","block_type":"box","text":"Fiscal Year Ended June 30, 2024","page_number":52,"box":{"x":70,"y":547,"width":234,"height":10}},{"id":"492ae16e-2a42-4552-acd6-984ee810269d","block_type":"box","text":"...........................","page_number":52,"box":{"x":311,"y":554,"width":214,"height":2}},{"id":"91af72a8-b2d1-454a-a5d0-db40fd191f9d","block_type":"box","text":"$789,748 $100,071 $ 72,158","page_number":52,"box":{"x":557,"y":546,"width":324,"height":11}},{"id":"f6d2e235-562c-4584-94ec-6225dd357c7b","block_type":"box","text":"Fiscal Year Ended June 30, 2023","page_number":52,"box":{"x":70,"y":562,"width":234,"height":10}},{"id":"ce1c356f-38b1-4ad0-9e93-8855f4102d17","block_type":"box","text":"...........................","page_number":52,"box":{"x":311,"y":569,"width":214,"height":2}},{"id":"11e91b08-18e8-4223-b72d-f4b220a08d80","block_type":"box","text":"$716,056 $ 81,106 $ 58,365","page_number":52,"box":{"x":557,"y":561,"width":324,"height":11}},{"id":"ad4a6b66-eebc-4820-a4b2-e386f24e1113","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":52,"box":{"x":69,"y":608,"width":335,"height":12}},{"id":"806f8a86-5675-46a3-9e54-18c09129ac3e","block_type":"box","text":"Giles Rothbarth, CFA and Stefan Gries, CFA, are the portfolio managers and are jointly and primarily responsible","page_number":52,"box":{"x":102,"y":631,"width":798,"height":11}},{"id":"cfded371-5fdb-4756-9d64-a30f3d293f93","block_type":"box","text":"for the day-to-day management of the Fund’s portfolio.","page_number":52,"box":{"x":68,"y":646,"width":387,"height":11}},{"id":"cc18f61e-4c43-4d6e-822c-4290c2cc23e7","block_type":"box","text":"Other Funds and Accounts Managed","page_number":52,"box":{"x":70,"y":677,"width":265,"height":11}},{"id":"165af32c-ec5b-49ba-80b3-dd0bfaf076a7","block_type":"box","text":"The following table sets forth information about funds and accounts other than the Fund for which the portfolio","page_number":52,"box":{"x":101,"y":699,"width":790,"height":11}},{"id":"7a3c5f1b-2c80-499d-a0c8-d913ee51b330","block_type":"box","text":"managers are primarily responsible for the day-to-day portfolio management as of June 30, 2025.","page_number":52,"box":{"x":69,"y":714,"width":695,"height":12}},{"id":"d49e1bcd-79b6-47b6-baea-8930def6bd9e","block_type":"box","text":"Number of Other Accounts Managed","page_number":52,"box":{"x":370,"y":743,"width":211,"height":8}},{"id":"42608a85-4cd0-4d00-96ea-73e30bb574ba","block_type":"box","text":"and Assets by Account Type","page_number":52,"box":{"x":393,"y":753,"width":165,"height":8}},{"id":"c9bfb14c-a650-4cc4-a7a5-f364ba33daac","block_type":"box","text":"Number of Other Accounts and Assets","page_number":52,"box":{"x":656,"y":743,"width":222,"height":7}},{"id":"19fc600e-e75e-40d1-ab64-e8040e2bda76","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":52,"box":{"x":634,"y":753,"width":265,"height":8}},{"id":"9547cc97-32c1-449b-9c6d-1ba523a358e9","block_type":"box","text":"Name of Portfolio Manager","page_number":52,"box":{"x":74,"y":795,"width":157,"height":9}},{"id":"5bea7f37-3a11-48b5-b01e-c9ca6179b062","block_type":"box","text":"Other","page_number":52,"box":{"x":353,"y":765,"width":32,"height":7}},{"id":"6a448d37-821b-486f-b24a-c11512bf999d","block_type":"box","text":"Registered","page_number":52,"box":{"x":338,"y":775,"width":62,"height":9}},{"id":"a8dde041-f804-4c54-9685-97571d529976","block_type":"box","text":"Investment","page_number":52,"box":{"x":337,"y":785,"width":64,"height":8}},{"id":"7c10e341-efce-49ea-a85c-2017c7e43820","block_type":"box","text":"Companies","page_number":52,"box":{"x":337,"y":795,"width":64,"height":9}},{"id":"411d1f11-e16f-4157-a1c4-0fb1a78d717f","block_type":"box","text":"Other Pooled","page_number":52,"box":{"x":425,"y":775,"width":74,"height":7}},{"id":"340062dc-3074-4512-a4ac-8a4f59b17c7c","block_type":"box","text":"Investment","page_number":52,"box":{"x":430,"y":785,"width":64,"height":8}},{"id":"32c2e098-d6c7-49cc-a278-a9dff71c26b9","block_type":"box","text":"Vehicles","page_number":52,"box":{"x":438,"y":795,"width":48,"height":8}},{"id":"f6373ba5-255b-4c31-897e-b1d6cd1001e6","block_type":"box","text":"Other","page_number":52,"box":{"x":553,"y":785,"width":31,"height":8}},{"id":"13c760c8-ecd8-4a9e-94d6-e79aa2ac70ee","block_type":"box","text":"Accounts","page_number":52,"box":{"x":541,"y":796,"width":54,"height":7}},{"id":"69517a06-0054-49d8-a139-d8d95c1ced7c","block_type":"box","text":"Other","page_number":52,"box":{"x":653,"y":765,"width":32,"height":7}},{"id":"9fa9d966-77b4-424c-b7ba-71de82607802","block_type":"box","text":"Registered","page_number":52,"box":{"x":638,"y":775,"width":62,"height":9}},{"id":"a4a53f2c-9ae4-4c22-80fd-5e224f1dea6f","block_type":"box","text":"Investment","page_number":52,"box":{"x":637,"y":785,"width":64,"height":8}},{"id":"ff85d1f3-d5df-4818-b44a-f0ea6f9874b3","block_type":"box","text":"Companies","page_number":52,"box":{"x":637,"y":795,"width":64,"height":9}},{"id":"92fbe39f-cc5d-4039-bb1d-7857d86d1e9e","block_type":"box","text":"Other Pooled","page_number":52,"box":{"x":735,"y":775,"width":74,"height":7}},{"id":"028cce5b-f33c-45e6-bbde-020d4356ab7b","block_type":"box","text":"Investment","page_number":52,"box":{"x":740,"y":785,"width":64,"height":8}},{"id":"6b78704c-2ae6-4923-a729-4e2d1abb9ac7","block_type":"box","text":"Vehicles","page_number":52,"box":{"x":748,"y":795,"width":48,"height":8}},{"id":"db2feff9-077f-45c7-bb76-271161fee62d","block_type":"box","text":"Other","page_number":52,"box":{"x":854,"y":785,"width":32,"height":8}},{"id":"451e2bb5-a65e-4001-949a-640a714563d9","block_type":"box","text":"Accounts","page_number":52,"box":{"x":842,"y":796,"width":55,"height":7}},{"id":"8723268a-4e5e-4379-a698-7abc288c439f","block_type":"box","text":"Stefan Gries, CFA 0 7 6 0 1 0","page_number":52,"box":{"x":74,"y":809,"width":799,"height":9}},{"id":"a523c01e-ba4b-4b09-94fb-f5a524e9c30c","block_type":"box","text":"$0 $6.36 Billion $819.75 Million $0 $432.84 Million $0","page_number":52,"box":{"x":362,"y":821,"width":515,"height":9}},{"id":"c1132a33-0e97-484f-bedb-997d9add8662","block_type":"box","text":"Giles Rothbarth, CFA 0 4 6 0 0 0","page_number":52,"box":{"x":74,"y":835,"width":799,"height":8}},{"id":"d3fcecd9-e231-4965-8647-c275af373e31","block_type":"box","text":"$0 $15.09 Billion $819.75 Million $0 $0 $0","page_number":52,"box":{"x":362,"y":847,"width":515,"height":8}},{"id":"ad0f49e8-c0b5-43e4-a7a3-edf8c4d8248f","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":52,"box":{"x":69,"y":881,"width":304,"height":11}},{"id":"5461cb55-dd0b-4323-8201-c7fa28ce6a64","block_type":"box","text":"The discussion below describes the portfolio managers’ compensation as of June 30, 2025.","page_number":52,"box":{"x":101,"y":904,"width":660,"height":11}},{"id":"98712d49-c7db-44da-bf54-106746c69e8e","block_type":"box","text":"I-18","page_number":52,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"02e5011f-c894-4661-8d3c-864ec320c5da","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec3705f6-43af-446e-9146-b8018883d8ca","block_type":"box","text":"BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career","page_number":53,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"7c197e60-7214-4278-a9ac-954e94ac9947","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":53,"box":{"x":70,"y":60,"width":837,"height":11}},{"id":"db607933-7aa0-4bdd-b118-b919bbe6b38c","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":53,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"92966db8-dd5f-4964-b2d7-08abd0a9ab05","block_type":"box","text":"compensation include a base salary, a performance-based discretionary bonus, participation in various benefits","page_number":53,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"4012abf2-b183-4981-91b4-843fd7cf40ef","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":53,"box":{"x":70,"y":105,"width":670,"height":11}},{"id":"f4293f95-fb45-42e3-9fdc-99ccb49d0fc7","block_type":"box","text":"Base Compensation.","page_number":53,"box":{"x":102,"y":128,"width":148,"height":11}},{"id":"479b6c52-126e-48f7-824a-344d48918070","block_type":"box","text":"Generally, portfolio managers receive base compensation based on their position with the","page_number":53,"box":{"x":257,"y":128,"width":640,"height":11}},{"id":"934a64d8-442d-4a28-84ee-823a30178c11","block_type":"box","text":"firm.","page_number":53,"box":{"x":68,"y":143,"width":32,"height":9}},{"id":"df5671b8-5d2c-41c2-bfd4-b4732fa9edb3","block_type":"box","text":"Discretionary Incentive Compensation","page_number":53,"box":{"x":69,"y":173,"width":277,"height":11}},{"id":"c29c6e35-fb1d-4aa4-a562-a2d9a9b8241f","block_type":"box","text":"Generally, discretionary incentive compensation for Fundamental Equities portfolio managers is based on a","page_number":53,"box":{"x":102,"y":196,"width":763,"height":11}},{"id":"0247a261-1988-4c78-95e2-fa437aa2c5e5","block_type":"box","text":"formulaic compensation program. BlackRock’s formulaic portfolio manager compensation program is based on team","page_number":53,"box":{"x":68,"y":211,"width":832,"height":11}},{"id":"5feee8ad-c093-478e-b9f8-d7a6c445ca77","block_type":"box","text":"revenue and pre-tax investment performance relative to appropriate competitors or benchmarks over 3- and 5-year","page_number":53,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"35182c18-75ab-48bb-9483-8268ea673383","block_type":"box","text":"performance periods, as applicable. In most cases, these benchmarks are the same as the benchmark or","page_number":53,"box":{"x":70,"y":241,"width":757,"height":11}},{"id":"c63daa08-d5ea-4565-9b56-08e3ba3f18ce","block_type":"box","text":"benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are","page_number":53,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"da4bb192-7628-4e80-bf03-ec9fd19ee7a4","block_type":"box","text":"measured. BlackRock’s global compensation team determines the benchmarks or rankings against which the","page_number":53,"box":{"x":69,"y":272,"width":780,"height":11}},{"id":"c88ef9e0-32a5-4bdc-8756-04d56695eee6","block_type":"box","text":"performance of the Fund and other accounts managed by the portfolio management team is compared and the","page_number":53,"box":{"x":70,"y":286,"width":791,"height":12}},{"id":"81a18062-75db-4234-b2a6-20a68973d3ad","block_type":"box","text":"period of time over which performance is evaluated. With respect to these portfolio managers such benchmarks for","page_number":53,"box":{"x":70,"y":302,"width":823,"height":11}},{"id":"746161f4-ff09-4a29-9614-491c953ac523","block_type":"box","text":"the Fund and other accounts are: MSCI Europe Net TR in EUR; FTSE World Europe ex UK Net TR Index - EUR; FTSE","page_number":53,"box":{"x":68,"y":317,"width":814,"height":11}},{"id":"07ceaed9-872f-4464-b2f5-85fcb10db6f7","block_type":"box","text":"World Europe ex UK Net TR Index - in GBP; MSCI Europe Ex UK ESG Select Business Involvement Screens Net Index;","page_number":53,"box":{"x":68,"y":332,"width":831,"height":11}},{"id":"fe88639d-eb2d-4b0a-9977-5cc39feb9b6e","block_type":"box","text":"FTSE World Europe ex UK - GBP; MSCI Europe ex UK Net TR Index - in EUR; MSCI Europe Index (Net Total Return","page_number":53,"box":{"x":70,"y":347,"width":796,"height":11}},{"id":"c767140a-fd37-4e43-989c-673d52f0af96","block_type":"box","text":"USD); MSCI EAFE Index (Net Total Return).","page_number":53,"box":{"x":70,"y":362,"width":299,"height":11}},{"id":"d43eccb1-efcd-4877-98ef-01852de03a9a","block_type":"box","text":"A smaller element of portfolio manager discretionary compensation may include consideration of: financial","page_number":53,"box":{"x":101,"y":385,"width":759,"height":11}},{"id":"43dd758d-c726-4ae7-8873-2c567ad0a3f8","block_type":"box","text":"results, expense control, profit margins, strategic planning and implementation, quality of client service, market","page_number":53,"box":{"x":69,"y":400,"width":798,"height":11}},{"id":"0a911c80-7e72-4127-bc00-f1f832003d72","block_type":"box","text":"share, corporate reputation, capital allocation, compliance and risk control, leadership, technology and innovation.","page_number":53,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"d33c87a3-e529-4f49-ba5d-a4b4c751b575","block_type":"box","text":"These factors are considered collectively by BlackRock management and the relevant Chief Investment Officers.","page_number":53,"box":{"x":68,"y":430,"width":798,"height":11}},{"id":"ce40ee6b-becb-470c-9d8c-c345899f70ef","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":53,"box":{"x":102,"y":453,"width":389,"height":11}},{"id":"c9bee4f8-5352-4dce-a2ad-b917ad8a079b","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":53,"box":{"x":499,"y":453,"width":383,"height":11}},{"id":"1330708b-acc0-4b65-a145-a9273ff70f96","block_type":"box","text":"portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":53,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"d92836a7-9541-4542-8074-f6187b335749","block_type":"box","text":"that notionally track the return of certain BlackRock investment products.","page_number":53,"box":{"x":68,"y":483,"width":522,"height":11}},{"id":"882faa15-10e1-426f-b230-71955d2e3418","block_type":"box","text":"Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio","page_number":53,"box":{"x":102,"y":506,"width":760,"height":11}},{"id":"f6015a0f-5198-48a8-a4fb-14533dda354e","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":53,"box":{"x":69,"y":521,"width":795,"height":11}},{"id":"fb42f810-5bfd-4fad-8042-60b183e88f64","block_type":"box","text":"awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive","page_number":53,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"498f843b-7f2c-4c3d-9466-6402eb2e0973","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a","page_number":53,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"5af0f315-e223-47fc-bc36-87468f57fb18","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some","page_number":53,"box":{"x":68,"y":566,"width":839,"height":11}},{"id":"5dd15dfd-be59-406b-84ff-2b89f5954c5d","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term","page_number":53,"box":{"x":69,"y":581,"width":802,"height":12}},{"id":"984075c3-4ba5-4f4e-960a-291b86c03430","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred","page_number":53,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"4c025b5c-f388-4b12-ba17-fe9044893e68","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":53,"box":{"x":70,"y":612,"width":801,"height":11}},{"id":"fb498203-15e6-4273-9564-82339597e702","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio","page_number":53,"box":{"x":70,"y":627,"width":831,"height":11}},{"id":"b5f6ee05-ee8c-465a-b123-d3771fb63baa","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":53,"box":{"x":69,"y":642,"width":479,"height":11}},{"id":"482eef92-dbce-40da-8650-da779409703b","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the","page_number":53,"box":{"x":102,"y":664,"width":785,"height":12}},{"id":"846dbb13-1f6c-457b-8d44-972fcf1674f9","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":53,"box":{"x":68,"y":680,"width":836,"height":11}},{"id":"0fd724ac-211c-4de5-93b5-003805e1b690","block_type":"box","text":"which provides direct alignment of portfolio manager discretionary incentive compensation with investment product","page_number":53,"box":{"x":68,"y":695,"width":821,"height":11}},{"id":"229fac09-890f-4403-a088-436d13e6ab81","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":53,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"fcab18fc-51be-43b8-8fe4-e20d8ee48c27","block_type":"box","text":"portfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":53,"box":{"x":70,"y":725,"width":835,"height":11}},{"id":"51e09b4f-bb16-4af4-a6aa-c0f254c8f42a","block_type":"box","text":"eligible to participate in the deferred cash award program.","page_number":53,"box":{"x":69,"y":740,"width":414,"height":11}},{"id":"e6fcf851-6d67-4904-a801-54b6f42dbe4c","block_type":"box","text":"Other Compensation Benefits.","page_number":53,"box":{"x":101,"y":763,"width":218,"height":11}},{"id":"172857e8-3c15-4cac-a15b-c66f8602b8c2","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, portfolio","page_number":53,"box":{"x":327,"y":763,"width":552,"height":11}},{"id":"55949087-e5f0-4963-ae47-0fd3afd9d821","block_type":"box","text":"managers may be eligible to receive or participate in one or more of the following:","page_number":53,"box":{"x":69,"y":778,"width":582,"height":11}},{"id":"396cc60b-ebf7-4b9a-9c1e-456ce69f6fb9","block_type":"box","text":"Incentive Savings Plans —","page_number":53,"box":{"x":102,"y":801,"width":189,"height":11}},{"id":"40bc7136-13e6-4e94-8296-078e3c1ab343","block_type":"box","text":"United Kingdom-based portfolio managers are also eligible to participate in broad","page_number":53,"box":{"x":296,"y":801,"width":584,"height":11}},{"id":"c0b21ab1-b9e6-4990-a83f-48576f7f2a1f","block_type":"box","text":"based plans offered generally to BlackRock employees, including broad-based retirement, health and other employee","page_number":53,"box":{"x":69,"y":816,"width":834,"height":11}},{"id":"23ef6012-83ca-4b7e-ad99-586194a64cfc","block_type":"box","text":"benefit plans. For example, BlackRock has created a variety of incentive savings plans in which BlackRock employees","page_number":53,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"9774cbe1-1475-48e9-9380-cf7d63511f46","block_type":"box","text":"are eligible to participate, including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock","page_number":53,"box":{"x":69,"y":846,"width":836,"height":11}},{"id":"f470af5b-6168-4f77-9f6a-63d298cfefe8","block_type":"box","text":"Purchase Plan (ESPP). The employer contribution to the RSP is between 10% and 15% of eligible pay capped at","page_number":53,"box":{"x":69,"y":861,"width":792,"height":11}},{"id":"9646adbd-b069-422f-a766-77de2ec47c4e","block_type":"box","text":"£160,000 per annum. The RSP offers a range of investment options, including several collective investment funds","page_number":53,"box":{"x":68,"y":876,"width":817,"height":11}},{"id":"c234212b-3114-41ae-8b08-f52a0819ee4e","block_type":"box","text":"managed by the firm. BlackRock contributions follow the investment direction set by participants for their own","page_number":53,"box":{"x":69,"y":891,"width":781,"height":12}},{"id":"331a6e14-502d-45ad-ac28-d4ddeb770014","block_type":"box","text":"contributions or, in the absence of an investment election being made, are invested into a target date fund that","page_number":53,"box":{"x":69,"y":906,"width":794,"height":12}},{"id":"ca48ab24-f9a0-4943-9c91-c3b31a97f0d1","block_type":"box","text":"I-19","page_number":53,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"eafab213-f14c-46a9-a33a-1a07e3f62f70","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"afcdac54-e78c-42b3-ab2a-76c635cb6fdf","block_type":"box","text":"corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in","page_number":54,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"2ceb1fd5-eebf-46f1-8c0e-ba5716fe0b34","block_type":"box","text":"BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual","page_number":54,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"f0c4b7cb-6737-4821-8ad2-f1c86e2062b4","block_type":"box","text":"participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a US dollar value of","page_number":54,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"2ecbf108-8faa-48bc-a4e9-f1d91bde6dd6","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to","page_number":54,"box":{"x":69,"y":89,"width":808,"height":12}},{"id":"0536b6e5-6fc2-4b35-8ba5-35cbcd062c3d","block_type":"box","text":"participate in these plans.","page_number":54,"box":{"x":70,"y":105,"width":185,"height":11}},{"id":"2ec0a0a9-6236-49e6-8e53-2e73772aa9d1","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":54,"box":{"x":69,"y":135,"width":268,"height":12}},{"id":"8c3e366c-5fcb-4929-a29e-2cc9162ae0f8","block_type":"box","text":"As of June 30, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":54,"box":{"x":101,"y":158,"width":735,"height":11}},{"id":"de25bd38-f379-42b6-bdc6-c6807f2427d0","block_type":"box","text":"beneficially owned by the portfolio managers in the Fund is shown below:","page_number":54,"box":{"x":69,"y":173,"width":519,"height":11}},{"id":"c958407b-142c-4626-84a4-725f9d21f1ec","block_type":"box","text":"Portfolio Manager","page_number":54,"box":{"x":69,"y":211,"width":105,"height":9}},{"id":"e2f4e029-7006-4129-aedb-d49d18c4c40f","block_type":"box","text":"Dollar Range of Equity","page_number":54,"box":{"x":759,"y":201,"width":129,"height":9}},{"id":"4773f680-f479-4edc-9692-00252419e46d","block_type":"box","text":"Securities Beneficially Owned","page_number":54,"box":{"x":736,"y":211,"width":173,"height":9}},{"id":"d61d6411-8c61-41f8-a8d2-bdad76714e75","block_type":"box","text":"Giles Rothbarth, CFA . .","page_number":54,"box":{"x":69,"y":229,"width":164,"height":11}},{"id":"a707e140-b220-4c36-b85b-7fae19540b81","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":54,"box":{"x":239,"y":229,"width":602,"height":9}},{"id":"b1350f70-d221-4d5b-a1cc-b57944cf5b58","block_type":"box","text":"Stefan Gries, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":54,"box":{"x":69,"y":244,"width":772,"height":11}},{"id":"806a8bbe-c3b4-420c-ab64-066d0beb1ce3","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":54,"box":{"x":69,"y":276,"width":403,"height":11}},{"id":"e5fb9b97-7681-4e24-9e33-114143d27d2a","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":54,"box":{"x":102,"y":298,"width":727,"height":12}},{"id":"386a3b9c-e0bb-4fc4-b7ac-c7d16f564a3a","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":54,"box":{"x":70,"y":314,"width":814,"height":11}},{"id":"47a944d8-d2ee-4f39-9647-2114de5fa3b3","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of","page_number":54,"box":{"x":70,"y":329,"width":837,"height":11}},{"id":"0f5773c2-f58d-4a0c-91e4-0f0242b1ec45","block_type":"box","text":"portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":54,"box":{"x":70,"y":344,"width":810,"height":11}},{"id":"5aa5f5c6-2f7e-46d7-90aa-f243e04d5af4","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":54,"box":{"x":69,"y":359,"width":782,"height":11}},{"id":"09fc3cd8-b0eb-467c-8cc0-2eaddea28994","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":54,"box":{"x":69,"y":374,"width":830,"height":11}},{"id":"10e259eb-2df2-4b8d-9600-3a509f45e936","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":54,"box":{"x":69,"y":389,"width":828,"height":11}},{"id":"b97cfa7e-81df-436a-89de-b6fb218590b3","block_type":"box","text":"funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest","page_number":54,"box":{"x":68,"y":404,"width":834,"height":12}},{"id":"0541b5a8-0c75-42a5-a9e0-8b779f3da949","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":54,"box":{"x":70,"y":419,"width":777,"height":12}},{"id":"1f631e1b-4b23-497d-b4e6-d4888cf86842","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":54,"box":{"x":70,"y":435,"width":821,"height":11}},{"id":"7cc9e235-28fd-4cd1-bb07-a7ec2341bab6","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":54,"box":{"x":69,"y":450,"width":819,"height":11}},{"id":"d060a7e3-2c89-4f53-aaff-fed35a86b22e","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":54,"box":{"x":69,"y":465,"width":832,"height":11}},{"id":"9f23a6ef-e826-450d-a0b4-e1523b5173ca","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":54,"box":{"x":68,"y":480,"width":804,"height":11}},{"id":"9b6a7ca3-6d0a-4c78-92c7-bf9d714cec09","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":54,"box":{"x":69,"y":495,"width":760,"height":11}},{"id":"9e5f1911-905f-4c76-9485-128f4676a36e","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":54,"box":{"x":69,"y":510,"width":834,"height":11}},{"id":"f69e2487-7bc0-4368-960e-99a7408b9b3d","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":54,"box":{"x":69,"y":525,"width":836,"height":12}},{"id":"bf0b2232-cd32-4b75-b2ca-05b4b6c57b38","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":54,"box":{"x":69,"y":540,"width":822,"height":12}},{"id":"6de1633e-056c-4db8-a9a5-40d0341c15c6","block_type":"box","text":"public information. Certain portfolio managers also may manage accounts whose investment strategies may at times","page_number":54,"box":{"x":70,"y":555,"width":835,"height":12}},{"id":"ab482799-cc96-46e1-aa18-f37c661b4b24","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Messrs. Rothbarth and Gries may be","page_number":54,"box":{"x":69,"y":571,"width":812,"height":11}},{"id":"cb1fe8fa-c6ca-4761-a2e5-25a052058e6a","block_type":"box","text":"managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only","page_number":54,"box":{"x":69,"y":586,"width":811,"height":11}},{"id":"03f16438-31a7-41e3-927c-22564f6c9e7c","block_type":"box","text":"accounts, subject to incentive fees. Messrs. Rothbarth and Gries may therefore be entitled to receive a portion of","page_number":54,"box":{"x":69,"y":601,"width":813,"height":11}},{"id":"d9081107-9357-4c80-8e55-671a00e542a9","block_type":"box","text":"any incentive fees earned on such accounts.","page_number":54,"box":{"x":69,"y":616,"width":316,"height":11}},{"id":"b9f1c6e5-bf03-4ed5-b52f-63bc4b8f25a8","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":54,"box":{"x":101,"y":639,"width":788,"height":11}},{"id":"901e2c7f-dc2c-483b-b30e-7303dfad97fb","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":54,"box":{"x":70,"y":654,"width":839,"height":11}},{"id":"bc710ec5-39e7-489d-8e39-b9fa7b4e10ee","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":54,"box":{"x":68,"y":669,"width":823,"height":11}},{"id":"52d52a5d-0a10-405e-9c1f-e53d121f054b","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":54,"box":{"x":68,"y":684,"width":812,"height":11}},{"id":"019cd79a-1cad-4223-ad08-15ac01a4ef8d","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":54,"box":{"x":69,"y":699,"width":777,"height":11}},{"id":"26e7db68-d1fb-4af7-a5dd-cf097e6ba6c7","block_type":"box","text":"investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.","page_number":54,"box":{"x":70,"y":714,"width":826,"height":11}},{"id":"d907a0de-a286-4168-858c-68c564722ee2","block_type":"box","text":"Custodian Services","page_number":54,"box":{"x":69,"y":745,"width":139,"height":8}},{"id":"f32a399b-74b3-416c-b3fd-360ac09726ce","block_type":"box","text":"JPMorgan Chase Bank, N.A., which has its principal offices at 383 Madison Avenue, Floor 11, New York, New","page_number":54,"box":{"x":101,"y":767,"width":780,"height":11}},{"id":"6f3de0be-041f-4a81-bf01-ed2e31027de0","block_type":"box","text":"York 10179, serves as the custodian for the Fund (the “Custodian”). The Custodian, among other responsibilities,","page_number":54,"box":{"x":68,"y":782,"width":814,"height":12}},{"id":"9e74d467-4753-41c2-a2f2-20e2633ea000","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":54,"box":{"x":69,"y":797,"width":832,"height":12}},{"id":"501ee6a8-4dc2-4918-8aa5-42d427172739","block_type":"box","text":"purchase and upon sale or maturity, and collects and receives all income and other payments and distributions on","page_number":54,"box":{"x":70,"y":813,"width":813,"height":11}},{"id":"2453fb91-08a0-4b66-87ac-791737179744","block_type":"box","text":"account of the assets of the Fund.","page_number":54,"box":{"x":69,"y":828,"width":244,"height":9}},{"id":"3b652824-8018-4e4a-8890-bb787f49a8f8","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":54,"box":{"x":68,"y":858,"width":432,"height":11}},{"id":"1997cb3d-dd1f-4379-ab23-2726a68bf595","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc., which has its principal place of business at 301 Bellevue Parkway,","page_number":54,"box":{"x":102,"y":881,"width":784,"height":11}},{"id":"e76c5ae5-925d-450c-b4f7-b0d76af5fd58","block_type":"box","text":"Wilmington, Delaware 19809, serves as the transfer and dividend disbursement agent for the Fund.","page_number":54,"box":{"x":68,"y":896,"width":713,"height":11}},{"id":"054dbca2-0e19-4513-a83a-678c2eed8fa6","block_type":"box","text":"I-20","page_number":54,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c3bc6543-4e00-4211-92af-fd714a4c9e1b","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30fa1c75-9f37-4224-b444-b9f57acc5f88","block_type":"box","text":"Pursuant to a Shareholders’ Administrative Services Agreement, the Manager provides certain shareholder","page_number":55,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"1f12a7b9-212c-47fb-8996-aba9556c8a49","block_type":"box","text":"liaison services in connection with the Fund’s investor service center. The Fund reimburses the Manager for its costs","page_number":55,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"ebe1ea06-a310-4f48-a587-11873a55ae55","block_type":"box","text":"in maintaining the service center, which costs include, among other things, employee salaries, leasehold expenses,","page_number":55,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"8c2d46d2-7376-449a-b8b7-8c4e46388204","block_type":"box","text":"and other out-of-pocket expenses which are a component of the transfer agency fees in the Fund’s annual report.","page_number":55,"box":{"x":69,"y":90,"width":807,"height":11}},{"id":"05191ae7-08d0-4797-8f08-be59d0a56bd9","block_type":"box","text":"The following table sets forth the fees paid by the Fund to BlackRock, and the fees waived by BlackRock,","page_number":55,"box":{"x":101,"y":113,"width":747,"height":11}},{"id":"a7c4e3ed-1fde-46f1-9cda-d1c242afc966","block_type":"box","text":"pursuant to such agreement in the amounts set forth below:","page_number":55,"box":{"x":70,"y":128,"width":429,"height":11}},{"id":"209755b1-8c54-48cb-b494-9a7688a180c8","block_type":"box","text":"Fees Paid","page_number":55,"box":{"x":732,"y":156,"width":56,"height":7}},{"id":"c8ecc3e1-1246-4c66-ac7a-803b8c49d84d","block_type":"box","text":"to BlackRock","page_number":55,"box":{"x":720,"y":166,"width":80,"height":7}},{"id":"d2b63eb3-52af-4385-a172-0bd5be168d98","block_type":"box","text":"Fees Waived","page_number":55,"box":{"x":833,"y":156,"width":72,"height":7}},{"id":"af04378b-10f6-47b0-b345-4748ba258f21","block_type":"box","text":"by BlackRock","page_number":55,"box":{"x":830,"y":166,"width":80,"height":9}},{"id":"fa1bdc46-8a60-424b-9c5a-a758ed0f63c4","block_type":"box","text":"Fiscal Year Ended June 30, 2025 . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":55,"box":{"x":70,"y":184,"width":440,"height":10}},{"id":"5c8c3415-e9ec-4e82-bbda-d79b84881c57","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $5,804 $5,804","page_number":55,"box":{"x":517,"y":183,"width":379,"height":11}},{"id":"86a8e98f-7aab-4d93-b345-d688f1671b95","block_type":"box","text":"Fiscal Year Ended June 30, 2024 . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":55,"box":{"x":70,"y":199,"width":440,"height":10}},{"id":"036734d6-a77b-4ad3-87e7-83b37f068309","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $4,899 $4,869","page_number":55,"box":{"x":517,"y":198,"width":378,"height":11}},{"id":"f2437d82-2554-454a-ac3a-6cd3de992315","block_type":"box","text":"Fiscal Year Ended June 30, 2023 . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":55,"box":{"x":70,"y":214,"width":440,"height":11}},{"id":"affe62f9-62a0-44c2-923e-9a95717910e4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . $7,503 $6,410","page_number":55,"box":{"x":517,"y":213,"width":379,"height":12}},{"id":"0ab27146-a9f7-4117-bc3d-9970e6275987","block_type":"box","text":"Accounting Services","page_number":55,"box":{"x":68,"y":261,"width":150,"height":11}},{"id":"c1d3f162-c60d-4dd6-9c99-44ba644cc832","block_type":"box","text":"Effective June 16, 2025, JPMorgan Chase Bank, N.A. (“JPM”), serves as the accounting services provider for","page_number":55,"box":{"x":102,"y":283,"width":781,"height":12}},{"id":"16ec5d6e-9440-4589-aa6f-98b4524a1019","block_type":"box","text":"the Fund. Among other services, JPM maintains records of purchases and sales of securities, receipts and","page_number":55,"box":{"x":68,"y":298,"width":762,"height":12}},{"id":"9be63b22-d988-43bb-ae7b-9adbe4a5a34f","block_type":"box","text":"disbursements of cash and other debits and credits; keeps accounting journals and ledgers; records capital share","page_number":55,"box":{"x":69,"y":314,"width":814,"height":11}},{"id":"deb76450-b4fc-48a4-8c50-b335dacd9322","block_type":"box","text":"transactions; calculates expense caps, waivers and recoupments (if any); computes the Fund’s net income and","page_number":55,"box":{"x":68,"y":329,"width":794,"height":11}},{"id":"84c185eb-ac1e-4c43-948b-d882204d9d49","block_type":"box","text":"capital gains and dividends payable; calculates and reports net asset value; works with independent pricing sources;","page_number":55,"box":{"x":69,"y":344,"width":833,"height":11}},{"id":"f697166a-4058-4b35-ba7c-eee13838b1d5","block_type":"box","text":"reconciles securities and cash positions with the Fund’s custodian; prepares certain financial statements, notices","page_number":55,"box":{"x":69,"y":359,"width":814,"height":11}},{"id":"8e44a6b8-ce09-4e86-88c2-965f6a91085e","block_type":"box","text":"and reports; and prepares certain tax reports. In connection with its accounting services, JPM also provides certain","page_number":55,"box":{"x":69,"y":374,"width":826,"height":11}},{"id":"98283a6a-04a9-4760-aa36-13abfa841f5d","block_type":"box","text":"administrative services. Prior to June 16, 2025, State Street Bank and Trust Company served as the accounting","page_number":55,"box":{"x":69,"y":389,"width":802,"height":11}},{"id":"caf256d3-89ef-4f56-b74a-af1a0a7d73de","block_type":"box","text":"services provider for the Fund.","page_number":55,"box":{"x":69,"y":404,"width":215,"height":11}},{"id":"cba9b2fa-c162-4ef3-ae15-9def53f43600","block_type":"box","text":"The table below shows the amounts paid by the Fund to the accounting services provider and the Manager for","page_number":55,"box":{"x":101,"y":427,"width":785,"height":11}},{"id":"cdbb514d-f276-48e9-b149-5cdad34558c0","block_type":"box","text":"accounting services for the periods shown:","page_number":55,"box":{"x":69,"y":442,"width":304,"height":11}},{"id":"3afde93d-c3be-4ea9-af80-68abaefefbca","block_type":"box","text":"Fees Paid","page_number":55,"box":{"x":668,"y":470,"width":56,"height":8}},{"id":"c417c1b9-03d8-4fc2-b28e-f5db2401e7f1","block_type":"box","text":"to Accounting Services Provider","page_number":55,"box":{"x":602,"y":481,"width":188,"height":8}},{"id":"ad62762f-09b2-4d7f-b3a9-233b76b9d26e","block_type":"box","text":"Fees Paid","page_number":55,"box":{"x":837,"y":470,"width":55,"height":8}},{"id":"b77b20ed-0055-4de3-b0d0-7c39355ecc6d","block_type":"box","text":"to the Manager","page_number":55,"box":{"x":819,"y":481,"width":90,"height":8}},{"id":"e8f00232-3c1d-45ec-9127-f4de8cac978f","block_type":"box","text":"Fiscal Year Ended June 30, 2025 . . . . . . . .","page_number":55,"box":{"x":70,"y":498,"width":298,"height":11}},{"id":"908910c0-dd6c-4f91-9b23-660672b98561","block_type":"box","text":".........................","page_number":55,"box":{"x":374,"y":506,"width":197,"height":1}},{"id":"1b6b5eb9-20b0-4860-b594-a601987dda43","block_type":"box","text":"$36,692 $0","page_number":55,"box":{"x":665,"y":498,"width":209,"height":11}},{"id":"7cdd616d-f89c-4fcb-a68b-e77cabd0cf1b","block_type":"box","text":"Fiscal Year Ended June 30, 2024 . . . . . . . .","page_number":55,"box":{"x":70,"y":513,"width":298,"height":11}},{"id":"d0f40930-6415-494b-8ff8-01681f2712e7","block_type":"box","text":".........................","page_number":55,"box":{"x":374,"y":521,"width":197,"height":1}},{"id":"285d47ff-378d-4096-8067-c5f6983676d6","block_type":"box","text":"$33,776 $0","page_number":55,"box":{"x":665,"y":513,"width":209,"height":11}},{"id":"40507233-6f32-4de1-b6df-97942925e9fc","block_type":"box","text":"Fiscal Year Ended June 30, 2023 . . . . . . . .","page_number":55,"box":{"x":70,"y":529,"width":298,"height":10}},{"id":"288bc170-da17-4997-a6cb-0456ce8eab10","block_type":"box","text":".........................","page_number":55,"box":{"x":374,"y":536,"width":197,"height":1}},{"id":"61377888-2481-471e-8fa8-f68feb647646","block_type":"box","text":"$26,354 $0","page_number":55,"box":{"x":665,"y":528,"width":209,"height":11}},{"id":"d378046b-c2a8-4f17-951c-b0aa7c13e6f0","block_type":"box","text":"Credit Agreement","page_number":55,"box":{"x":69,"y":575,"width":129,"height":11}},{"id":"506f557d-d3f8-4f4f-838c-69a9eea5c5b5","block_type":"box","text":"The Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”),","page_number":55,"box":{"x":101,"y":598,"width":765,"height":11}},{"id":"f4a08b87-2af4-417e-814c-fc8b00e72d0c","block_type":"box","text":"is a party to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility terminates on","page_number":55,"box":{"x":70,"y":612,"width":748,"height":12}},{"id":"01eaa3f2-dfd6-4aea-9bda-66aff1b413d6","block_type":"box","text":"April 9, 2026 unless otherwise extended or renewed (the “Credit Agreement”). Excluding commitments designated","page_number":55,"box":{"x":68,"y":628,"width":818,"height":11}},{"id":"5e49d0d0-6bf5-47de-9541-47224281fccb","block_type":"box","text":"for certain Participating Funds, the Participating Funds, including the Fund, can borrow up to an aggregate","page_number":55,"box":{"x":68,"y":643,"width":757,"height":11}},{"id":"43d13ccc-afe5-4871-bf46-0285fef6db55","block_type":"box","text":"commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as","page_number":55,"box":{"x":69,"y":658,"width":801,"height":11}},{"id":"84b7004f-a29b-4958-a9f6-a39416cf5b06","block_type":"box","text":"specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet shareholder","page_number":55,"box":{"x":69,"y":673,"width":751,"height":12}},{"id":"0a170e72-ed69-411c-99c4-acaa996e52a3","block_type":"box","text":"redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit Agreement for","page_number":55,"box":{"x":69,"y":688,"width":784,"height":12}},{"id":"523a6bff-b47f-451a-adc6-10ea6e58a270","block_type":"box","text":"leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses and SAI, subject","page_number":55,"box":{"x":70,"y":704,"width":839,"height":11}},{"id":"c254216c-8903-4c5f-bda9-97594a45f3ea","block_type":"box","text":"to various other legal, regulatory or contractual limits. Borrowing results in interest expense and other fees and","page_number":55,"box":{"x":68,"y":719,"width":794,"height":11}},{"id":"f9eded6a-0ea0-4c12-ada3-615f66c7b1e2","block_type":"box","text":"expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce the Fund’s","page_number":55,"box":{"x":69,"y":734,"width":809,"height":11}},{"id":"e62fc7ba-c84a-48a0-883d-a091b16d7411","block_type":"box","text":"return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate commitment","page_number":55,"box":{"x":69,"y":749,"width":814,"height":11}},{"id":"65a63193-2e17-43a7-9f09-4589b4e087bd","block_type":"box","text":"amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be charged","page_number":55,"box":{"x":69,"y":764,"width":800,"height":11}},{"id":"8a3e5003-3e37-479e-a2e1-2b3bd8bf67ae","block_type":"box","text":"interest at a variable rate.","page_number":55,"box":{"x":70,"y":779,"width":182,"height":9}},{"id":"6c50f569-467d-4d58-b701-27472d82cdb4","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":55,"box":{"x":68,"y":809,"width":491,"height":11}},{"id":"1076b484-7c58-4921-a362-e460e84821bd","block_type":"box","text":"Set forth below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":55,"box":{"x":102,"y":832,"width":773,"height":11}},{"id":"73b0e882-33ba-4c12-988e-5e26e35e8a57","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of the Manager (“Affiliates”) for each of the Fund’s last","page_number":55,"box":{"x":69,"y":847,"width":834,"height":11}},{"id":"d097475e-d50c-4cd3-96da-fcaadc5c2db3","block_type":"box","text":"three fiscal years. BlackRock Investments, LLC (“BRIL” or the “Distributor”), an affiliate of the Manager, acts as the","page_number":55,"box":{"x":68,"y":862,"width":826,"height":12}},{"id":"116a1101-3939-426f-936f-8e1631886988","block_type":"box","text":"Fund’s sole distributor.","page_number":55,"box":{"x":70,"y":878,"width":161,"height":8}},{"id":"5d727388-fe6d-4204-b13f-4dc9e5692de4","block_type":"box","text":"I-21","page_number":55,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"68d6f644-5339-41bf-afc6-476f59232a53","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a4255fc4-e08f-47bf-a452-fb3383b97a51","block_type":"box","text":"Investor A 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BRIL","page_number":56,"box":{"x":634,"y":95,"width":44,"height":9}},{"id":"bdfc10f6-9597-4137-9847-a665786f0ba6","block_type":"box","text":"Sales","page_number":56,"box":{"x":721,"y":65,"width":32,"height":7}},{"id":"3d795763-b67b-4092-be07-c894c7ebfec3","block_type":"box","text":"Charges","page_number":56,"box":{"x":713,"y":75,"width":48,"height":9}},{"id":"928b3887-96d1-4114-bf02-d4193e392a15","block_type":"box","text":"Paid to","page_number":56,"box":{"x":717,"y":85,"width":40,"height":7}},{"id":"3f591211-dbee-4f58-8217-2260b563f770","block_type":"box","text":"Affiliates","page_number":56,"box":{"x":711,"y":95,"width":52,"height":7}},{"id":"e008a382-e64a-45bf-9f87-6776559b7020","block_type":"box","text":"CDSCs Received on","page_number":56,"box":{"x":794,"y":75,"width":114,"height":7}},{"id":"a4670e72-432c-43b4-a660-e9bfffad9348","block_type":"box","text":"Redemption of","page_number":56,"box":{"x":810,"y":85,"width":84,"height":9}},{"id":"a013184a-2dc8-462e-883d-39285d47a779","block_type":"box","text":"Load-Waived Shares","page_number":56,"box":{"x":793,"y":95,"width":116,"height":7}},{"id":"b011b928-9958-43c9-a683-30fa131ad0b7","block_type":"box","text":"Fiscal Year Ended June 30, 2025.","page_number":56,"box":{"x":70,"y":113,"width":240,"height":10}},{"id":"906f77b2-b357-4de8-bbd8-10e74bb60b02","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . $9,245","page_number":56,"box":{"x":316,"y":112,"width":282,"height":11}},{"id":"2db72568-db62-4149-ba86-d1f8ca11a01b","block_type":"box","text":"$648 $648 $21","page_number":56,"box":{"x":637,"y":112,"width":228,"height":10}},{"id":"c024f7f8-9544-4507-932f-acb1b670633f","block_type":"box","text":"Fiscal Year Ended June 30, 2024.","page_number":56,"box":{"x":70,"y":128,"width":240,"height":10}},{"id":"b6941e30-9cf4-4484-aa2b-5da60e9823e0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . $2,902","page_number":56,"box":{"x":316,"y":127,"width":282,"height":11}},{"id":"86c80ddc-e2cf-4d6c-b0f4-e515450982e1","block_type":"box","text":"$211 $211 $ 0","page_number":56,"box":{"x":637,"y":127,"width":228,"height":11}},{"id":"b53e352c-1434-47da-ab0a-3c5d4d90a344","block_type":"box","text":"Fiscal Year Ended June 30, 2023.","page_number":56,"box":{"x":70,"y":143,"width":240,"height":10}},{"id":"9503cca2-7287-4a10-8db2-da061136f76c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . $6,049","page_number":56,"box":{"x":316,"y":142,"width":282,"height":11}},{"id":"fcc7816e-467c-4f13-977e-d4dddc8e6f04","block_type":"box","text":"$530 $530 $ 7","page_number":56,"box":{"x":637,"y":142,"width":228,"height":11}},{"id":"442bade4-69aa-4b3f-92a7-1f5f0166e57a","block_type":"box","text":"Investor C Shares","page_number":56,"box":{"x":752,"y":188,"width":103,"height":7}},{"id":"9bdea4c8-68b1-41b3-9b13-f59048dac267","block_type":"box","text":"CDSCs Received","page_number":56,"box":{"x":698,"y":203,"width":96,"height":7}},{"id":"dd0a9a89-3292-47f5-a716-439344d95d54","block_type":"box","text":"by BRIL","page_number":56,"box":{"x":724,"y":214,"width":44,"height":8}},{"id":"4bcb0e44-f87a-4c97-894b-496d8b4238af","block_type":"box","text":"CDSCs Paid to","page_number":56,"box":{"x":824,"y":203,"width":85,"height":7}},{"id":"7202dfb9-ba47-47f0-924b-074786b14361","block_type":"box","text":"Affiliates","page_number":56,"box":{"x":841,"y":213,"width":52,"height":8}},{"id":"a87859e9-4a55-4847-9d26-086be7d43bc2","block_type":"box","text":"Fiscal Year Ended June 30, 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2023","page_number":56,"box":{"x":70,"y":261,"width":234,"height":11}},{"id":"3ddf723d-7ee3-460f-8d91-f193430e97a9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50 $ 50","page_number":56,"box":{"x":314,"y":261,"width":572,"height":10}},{"id":"59cfc0dd-e2e6-4867-9196-038c37164595","block_type":"box","text":"The table below provides information for the fiscal year ended June 30, 2025 about the 12b-1 fees the Fund","page_number":56,"box":{"x":101,"y":300,"width":773,"height":12}},{"id":"395f4f4c-d3f7-4046-a3d0-22672771a8f6","block_type":"box","text":"paid to BRIL under the Fund’s 12b-1 plans. A portion of the fees collected by BRIL were paid to affiliates for providing","page_number":56,"box":{"x":70,"y":315,"width":838,"height":12}},{"id":"d48bbcd6-00a8-4e03-94a9-dbd13720da0c","block_type":"box","text":"shareholder servicing activities for Investor A Shares and for providing shareholder servicing and distribution-related","page_number":56,"box":{"x":69,"y":331,"width":826,"height":11}},{"id":"546a6e2e-8a59-4109-a503-0dd47912b7d2","block_type":"box","text":"activities and services for Investor C and Class R Shares.","page_number":56,"box":{"x":69,"y":346,"width":409,"height":9}},{"id":"0372fd64-c333-4150-b73a-c5ba80bd94db","block_type":"box","text":"Class Name","page_number":56,"box":{"x":69,"y":374,"width":68,"height":7}},{"id":"2eaa3c79-7eb9-41a1-99b8-bc897a5fe0d7","block_type":"box","text":"Fees Paid to BRIL","page_number":56,"box":{"x":806,"y":374,"width":103,"height":7}},{"id":"0c988c2a-7df7-4f17-be5d-8aa16ee4caf1","block_type":"box","text":"Investor A Shares .","page_number":56,"box":{"x":70,"y":392,"width":134,"height":9}},{"id":"8244fb62-1e4a-4012-babf-5bd33cd957c6","block_type":"box","text":"......................................................................","page_number":56,"box":{"x":210,"y":399,"width":564,"height":2}},{"id":"6ee57dab-0d5d-4f0d-8335-f1127a9bd967","block_type":"box","text":"$174,880","page_number":56,"box":{"x":822,"y":391,"width":71,"height":11}},{"id":"4cb96ab7-0132-4756-8429-5dfc79fae572","block_type":"box","text":"Investor C Shares","page_number":56,"box":{"x":70,"y":407,"width":125,"height":9}},{"id":"6c2366bf-2526-4a25-9781-1d871b09095a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,597","page_number":56,"box":{"x":210,"y":406,"width":683,"height":11}},{"id":"c5dbf8c7-71c3-49ad-8022-0e723db66d74","block_type":"box","text":"Class R Shares","page_number":56,"box":{"x":69,"y":422,"width":109,"height":9}},{"id":"b233081f-05ac-4765-925a-7999904ac703","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,570","page_number":56,"box":{"x":185,"y":421,"width":708,"height":11}},{"id":"9e06ec08-073d-4e53-8da6-347b05e32986","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":56,"box":{"x":68,"y":454,"width":318,"height":11}},{"id":"bfe8e680-462d-4f32-855b-b82158b1daef","block_type":"box","text":"An illustration of the computation of the public offering price of the Investor A Shares of the Fund based on the","page_number":56,"box":{"x":101,"y":476,"width":790,"height":11}},{"id":"7f9795d6-90b7-460d-a3a2-85de4d55f373","block_type":"box","text":"value of the Fund’s Investor A Shares’ net assets and the number of Investor A Shares outstanding as of","page_number":56,"box":{"x":68,"y":491,"width":750,"height":12}},{"id":"fb9a8497-4a67-48ae-a10c-2912878e3053","block_type":"box","text":"June 30, 2025, is set forth below.","page_number":56,"box":{"x":69,"y":506,"width":243,"height":11}},{"id":"5cad3cd0-f631-4493-a987-be0f085dcaba","block_type":"box","text":"Investor A Shares","page_number":56,"box":{"x":807,"y":535,"width":102,"height":7}},{"id":"aa69aabb-70df-4064-9a81-9e22e0a39e7d","block_type":"box","text":"Net Assets","page_number":56,"box":{"x":70,"y":553,"width":76,"height":8}},{"id":"9c4e7e95-cfa4-4f77-9f48-5839b99fdd40","block_type":"box","text":".............................................................................","page_number":56,"box":{"x":154,"y":560,"width":621,"height":1}},{"id":"bbcddb44-98eb-4acf-8465-008b399fafba","block_type":"box","text":"$76,534,564","page_number":56,"box":{"x":810,"y":552,"width":96,"height":11}},{"id":"7c4d8c94-1855-4c4e-8e1c-f5082941cb56","block_type":"box","text":"Number of Shares Outstanding. . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":56,"box":{"x":70,"y":567,"width":444,"height":12}},{"id":"e3d8264e-8657-4700-9d9b-734ff1980bc7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,","page_number":56,"box":{"x":521,"y":568,"width":321,"height":10}},{"id":"90f23fce-4ba3-4db1-ba17-f7969fc44449","block_type":"box","text":"165,897","page_number":56,"box":{"x":844,"y":568,"width":62,"height":10}},{"id":"c66563a4-7f1e-4959-986b-ced7e32d91a1","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding) .","page_number":56,"box":{"x":70,"y":583,"width":583,"height":11}},{"id":"78c9f35d-3ead-4ccf-b7d7-4c7d50e556ac","block_type":"box","text":"...............","page_number":56,"box":{"x":659,"y":590,"width":116,"height":1}},{"id":"2e321086-ce98-4ab8-a29b-53144a5176e5","block_type":"box","text":"$24.17","page_number":56,"box":{"x":854,"y":582,"width":52,"height":10}},{"id":"22bf89fb-a633-4f7d-89ae-d22410954c09","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":56,"box":{"x":69,"y":598,"width":534,"height":11}},{"id":"5f03dd2a-bd9a-44fe-b537-3e241b4dcc84","block_type":"box","text":"1","page_number":56,"box":{"x":604,"y":598,"width":4,"height":4}},{"id":"69a8eae6-1877-4b9b-878e-472236acbaf6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $1.34","page_number":56,"box":{"x":611,"y":597,"width":295,"height":11}},{"id":"8bd01963-eed4-494d-bd36-1a3ca199da67","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":56,"box":{"x":69,"y":617,"width":706,"height":12}},{"id":"e8f4f7a5-6809-4cb2-b2d7-253861a7f776","block_type":"box","text":"$25.51","page_number":56,"box":{"x":854,"y":617,"width":52,"height":10}},{"id":"f7119581-f894-4d57-a0af-d1c3bd900b9f","block_type":"box","text":"1","page_number":56,"box":{"x":69,"y":649,"width":3,"height":4}},{"id":"87499cd8-1e87-4593-84d7-b3b9c9e4b31f","block_type":"box","text":"Rounded to the nearest one hundredth percent; assumes maximum sales charge is applicable.","page_number":56,"box":{"x":94,"y":649,"width":542,"height":9}},{"id":"ff019f8c-3ff8-4693-826f-3fd7b34a70a0","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’ net asset value computed as","page_number":56,"box":{"x":101,"y":670,"width":787,"height":11}},{"id":"579a328a-d117-446a-983a-f27b09d93979","block_type":"box","text":"set forth above for Investor A Shares. Though not subject to a sales charge, certain share classes may be subject to","page_number":56,"box":{"x":69,"y":685,"width":833,"height":12}},{"id":"df50d515-fb7f-4954-9551-17228f987ffd","block_type":"box","text":"a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":56,"box":{"x":69,"y":700,"width":813,"height":12}},{"id":"ad61043a-75bd-499e-81b5-c8796dc641af","block_type":"box","text":"Shares” and “Pricing of Shares” in Part II of this SAI.","page_number":56,"box":{"x":69,"y":715,"width":377,"height":12}},{"id":"d003bab8-0500-49b6-910e-91afd9fa3ffa","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":56,"box":{"x":68,"y":746,"width":302,"height":11}},{"id":"b848e553-9713-42e1-a1fa-f38465f5e55e","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in Part II of this SAI for more information.","page_number":56,"box":{"x":102,"y":768,"width":609,"height":12}},{"id":"fa8ea1c3-6a19-45c1-8634-6898d1e68894","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, is set","page_number":56,"box":{"x":102,"y":791,"width":794,"height":11}},{"id":"1c7cc678-9f45-44ee-b3c5-9301de0992ec","block_type":"box","text":"forth in the following table:","page_number":56,"box":{"x":68,"y":806,"width":191,"height":11}},{"id":"d5b8d1a6-947d-43c4-a188-1db45026b436","block_type":"box","text":"Aggregate Brokerage","page_number":56,"box":{"x":613,"y":835,"width":125,"height":8}},{"id":"bcf22272-5b05-41b1-8f26-bc383fa6fd0e","block_type":"box","text":"Commissions Paid","page_number":56,"box":{"x":623,"y":845,"width":106,"height":7}},{"id":"3fa2b603-4e5b-4254-a43b-5e912585012d","block_type":"box","text":"Brokerage Commissions","page_number":56,"box":{"x":769,"y":835,"width":140,"height":8}},{"id":"9800a33f-7625-427c-8a5b-3602d7540e52","block_type":"box","text":"Paid to Affiliates","page_number":56,"box":{"x":791,"y":845,"width":96,"height":7}},{"id":"dee8bf44-24f6-4822-9e15-b32d86643d00","block_type":"box","text":"Fiscal Year Ended June 30, 2025","page_number":56,"box":{"x":70,"y":862,"width":234,"height":11}},{"id":"81c95ae2-98b5-4367-b6a3-e6c24cdaa606","block_type":"box","text":"..................................","page_number":56,"box":{"x":311,"y":870,"width":271,"height":1}},{"id":"4ed8a271-ab67-4aee-9869-b41fa8c5f007","block_type":"box","text":"$49,129 $0","page_number":56,"box":{"x":645,"y":862,"width":203,"height":11}},{"id":"769812c8-4a7b-411d-9ea5-fa15aeb6b112","block_type":"box","text":"Fiscal Year Ended June 30, 2024","page_number":56,"box":{"x":70,"y":878,"width":234,"height":10}},{"id":"4266b1b3-9297-4ae4-9f26-284479fceccc","block_type":"box","text":"..................................","page_number":56,"box":{"x":311,"y":885,"width":271,"height":1}},{"id":"77b94999-8462-4fe8-b4d2-c2c80a585493","block_type":"box","text":"$24,629 $0","page_number":56,"box":{"x":645,"y":877,"width":203,"height":11}},{"id":"a8275c7f-9c1a-4f15-bcc3-af48d281b528","block_type":"box","text":"Fiscal Year Ended June 30, 2023","page_number":56,"box":{"x":70,"y":893,"width":234,"height":10}},{"id":"ae100a58-502c-429a-922c-9c346099f9d1","block_type":"box","text":"..................................","page_number":56,"box":{"x":311,"y":900,"width":271,"height":1}},{"id":"3db38e08-8ba5-4926-b00e-45222097b24b","block_type":"box","text":"$22,407 $0","page_number":56,"box":{"x":645,"y":892,"width":203,"height":11}},{"id":"e9191504-235b-480f-b986-e02f647d0272","block_type":"box","text":"I-22","page_number":56,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"f7428463-225d-4029-a056-16739cabe26a","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b198d9e-8835-48b5-9a1e-d4d67ccc30d2","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":57,"box":{"x":101,"y":57,"width":770,"height":12}},{"id":"341b9d8c-101d-432b-ba39-d19d582a861b","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":57,"box":{"x":69,"y":72,"width":814,"height":12}},{"id":"9f0907d5-b8f7-4be2-ac42-32ed2cc93c26","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended June 30, 2025. The provision of","page_number":57,"box":{"x":68,"y":87,"width":833,"height":12}},{"id":"9fd04ec9-2682-4db2-adc0-d5d14403ce80","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":57,"box":{"x":69,"y":103,"width":822,"height":11}},{"id":"705587b1-d9ee-4ed7-87ca-9c73ce2e797d","block_type":"box","text":"with such brokers.","page_number":57,"box":{"x":68,"y":118,"width":130,"height":9}},{"id":"3c23f2f6-1733-4210-838c-576ee088d4c3","block_type":"box","text":"Amount of Commissions","page_number":57,"box":{"x":357,"y":146,"width":141,"height":7}},{"id":"0b638967-342e-40ed-a395-a440f274c948","block_type":"box","text":"Paid to Brokers for","page_number":57,"box":{"x":374,"y":156,"width":109,"height":7}},{"id":"10a66de9-138f-4ba0-bc82-2c2e8901313e","block_type":"box","text":"Providing 28(e) Eligible Research Services","page_number":57,"box":{"x":304,"y":166,"width":249,"height":9}},{"id":"2a4ce1c4-ea26-4903-a3d4-6c2409e8d993","block_type":"box","text":"Amount of Brokerage","page_number":57,"box":{"x":593,"y":156,"width":124,"height":9}},{"id":"82f462ac-5ef0-43e6-87ff-e5f67a6d1766","block_type":"box","text":"Transactions Involved","page_number":57,"box":{"x":592,"y":166,"width":126,"height":7}},{"id":"7fcd349a-242c-42ba-b407-d4be20195c43","block_type":"box","text":"$0 $0","page_number":57,"box":{"x":419,"y":183,"width":245,"height":11}},{"id":"32c14057-185d-41d7-8304-6fb3f10c4bee","block_type":"box","text":"The Fund held no securities of its regular brokers or dealers (as defined in Rule 10b-1 under the Investment","page_number":57,"box":{"x":101,"y":208,"width":769,"height":11}},{"id":"6aadbebb-4386-4f16-bdd3-e3c30410ea61","block_type":"box","text":"Company Act) or their parents as of June 30, 2025, whose shares were purchased during the fiscal year ended","page_number":57,"box":{"x":69,"y":223,"width":792,"height":11}},{"id":"c7a28144-78c1-47c0-a8c0-2c6a8f5e9bdc","block_type":"box","text":"June 30, 2025.","page_number":57,"box":{"x":69,"y":238,"width":109,"height":11}},{"id":"105d2e40-c2f8-4f0b-bbec-954328316b79","block_type":"box","text":"Securities Lending","page_number":57,"box":{"x":68,"y":268,"width":135,"height":11}},{"id":"b725b9d0-4ca5-4ba5-9547-2a34554d8e89","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":57,"box":{"x":101,"y":291,"width":807,"height":11}},{"id":"40a2501e-37e0-4e45-9b6a-04dcd7f187e0","block_type":"box","text":"exemptive order from the Commission permitting it to lend portfolio securities to borrowers affiliated with the Fund","page_number":57,"box":{"x":69,"y":306,"width":817,"height":11}},{"id":"831cb0f7-f8c9-42e3-b764-28f7688a9e77","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":57,"box":{"x":69,"y":321,"width":813,"height":11}},{"id":"91b80a4c-1421-4ce7-9b4a-1ea88d74f8de","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":57,"box":{"x":70,"y":336,"width":838,"height":12}},{"id":"5789c587-3884-4b12-a3f1-755353a2998e","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":57,"box":{"x":69,"y":351,"width":813,"height":12}},{"id":"45e4259c-0ac2-40b9-b3fd-2558f1aa8c2e","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":57,"box":{"x":70,"y":367,"width":646,"height":11}},{"id":"baf29bd9-b473-41a6-b95c-8c043198aff7","block_type":"box","text":"The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as","page_number":57,"box":{"x":101,"y":389,"width":735,"height":11}},{"id":"353d3817-4dd7-42ef-afb0-c68220f9943f","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":57,"box":{"x":69,"y":404,"width":834,"height":12}},{"id":"c2cd9fc0-7b52-426c-9dcc-b2f9ce3a6c57","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":57,"box":{"x":70,"y":419,"width":822,"height":11}},{"id":"88800cd9-5bc1-4eb1-b045-954969baa9f4","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all","page_number":57,"box":{"x":69,"y":435,"width":787,"height":11}},{"id":"f92600d6-a5d9-44bf-820a-c0f28e7fc837","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":57,"box":{"x":69,"y":450,"width":783,"height":11}},{"id":"1d36888c-33cc-4f61-a584-9c0f6c247906","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":57,"box":{"x":70,"y":465,"width":800,"height":11}},{"id":"b9c43fbc-f369-4f31-9e31-ae40710d4c88","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":57,"box":{"x":70,"y":480,"width":813,"height":11}},{"id":"21d71347-e900-4fd5-a376-147201ff5500","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate","page_number":57,"box":{"x":70,"y":495,"width":830,"height":11}},{"id":"f53e542e-5e0c-4e07-861c-d521e213dfc1","block_type":"box","text":"of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":57,"box":{"x":69,"y":510,"width":773,"height":11}},{"id":"7aca853c-cb8b-4288-8541-693861ba665c","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":57,"box":{"x":101,"y":534,"width":776,"height":11}},{"id":"f8a927bf-87db-41cf-ac10-3fa2a4d799c9","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":57,"box":{"x":69,"y":549,"width":831,"height":11}},{"id":"91700701-1ed8-45df-a625-fb82c20c1eb9","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":57,"box":{"x":68,"y":564,"width":812,"height":12}},{"id":"d5c1c378-028c-43f6-b980-4077a2e9200e","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":57,"box":{"x":69,"y":579,"width":799,"height":12}},{"id":"18f0da96-a454-40c1-98be-4ef7c55b527d","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":57,"box":{"x":68,"y":595,"width":835,"height":11}},{"id":"a2849c26-1e4b-49ec-8e3a-d6f8b60d832e","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":57,"box":{"x":69,"y":610,"width":818,"height":11}},{"id":"6190751b-af00-4199-a9fe-fef3e1695d31","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":57,"box":{"x":68,"y":625,"width":789,"height":11}},{"id":"b1815502-4378-4c17-a007-729497c1e1b7","block_type":"box","text":"making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount","page_number":57,"box":{"x":69,"y":640,"width":829,"height":11}},{"id":"3a118423-847a-4340-840a-c69bd9a0a0c3","block_type":"box","text":"of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":57,"box":{"x":69,"y":655,"width":839,"height":11}},{"id":"f922bd52-22a8-4176-bf12-7085ac1847c2","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":57,"box":{"x":69,"y":670,"width":802,"height":11}},{"id":"aff37bbf-81a0-4c87-8641-793693319f22","block_type":"box","text":"portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value","page_number":57,"box":{"x":70,"y":685,"width":830,"height":12}},{"id":"1a532824-c78f-4e68-aaf5-2b3c29ec8109","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":57,"box":{"x":69,"y":700,"width":838,"height":12}},{"id":"e4b6da36-1eda-4784-a8e1-e1e4dd1bed8e","block_type":"box","text":"Fund’s returns on securities lending.","page_number":57,"box":{"x":70,"y":716,"width":258,"height":11}},{"id":"0263be3e-342a-42f0-a12f-390a17f8f62d","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":57,"box":{"x":102,"y":738,"width":774,"height":11}},{"id":"d067bd7b-3731-427c-9038-cd4b38fd09c6","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity, or fund of","page_number":57,"box":{"x":69,"y":753,"width":794,"height":12}},{"id":"04ea089b-43a3-4508-97a1-bf77105c2eb5","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":57,"box":{"x":68,"y":768,"width":809,"height":12}},{"id":"17521fa5-cd3a-464a-9361-753c485ddda7","block_type":"box","text":"Fund and BIM.","page_number":57,"box":{"x":70,"y":784,"width":100,"height":9}},{"id":"5b41ea72-90d2-4581-85a5-b96a6a136f18","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Fund retains 82% of securities lending income","page_number":57,"box":{"x":102,"y":806,"width":761,"height":12}},{"id":"3ca893c9-0c25-488f-8e18-6b34208fcccc","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":57,"box":{"x":69,"y":821,"width":832,"height":11}},{"id":"4dc9a7c8-fdaf-4672-949d-0e45ae962ace","block_type":"box","text":"lending income plus collateral investment fees.","page_number":57,"box":{"x":70,"y":836,"width":334,"height":12}},{"id":"62899cd1-60ba-4595-9384-80afb99e36fb","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":57,"box":{"x":102,"y":859,"width":753,"height":11}},{"id":"1cafdf31-7c68-4ee5-9fca-9a0e41fdebf9","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":57,"box":{"x":69,"y":874,"width":778,"height":11}},{"id":"5d890639-d442-42c2-a236-1c0725414edf","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":57,"box":{"x":70,"y":889,"width":817,"height":12}},{"id":"068a084b-1428-4cb9-ad82-0e50544bf55a","block_type":"box","text":"I-23","page_number":57,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"87cdb191-0c70-46f3-9ce1-5dd2b923a9a7","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"77fa87e9-6d04-4955-8186-a4770e1cb3c5","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment fees); and","page_number":58,"box":{"x":70,"y":45,"width":794,"height":11}},{"id":"5f84f635-6284-4487-8607-30454e18bb0d","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":58,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"89de53eb-91ec-42fe-80e6-70c1e4c2ab95","block_type":"box","text":"The services provided to the Fund by BIM, in the most recent fiscal year ended June 30, 2025, primarily included","page_number":58,"box":{"x":101,"y":82,"width":806,"height":12}},{"id":"1c6533b0-f7ca-4b06-840f-79e56eba5da2","block_type":"box","text":"the following:","page_number":58,"box":{"x":68,"y":98,"width":93,"height":11}},{"id":"95202f48-dc91-4c15-9f1c-a23a57e7bbba","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":58,"box":{"x":69,"y":118,"width":818,"height":11}},{"id":"28a634f3-031b-4838-992b-4acc18ecf18b","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":58,"box":{"x":102,"y":133,"width":333,"height":10}},{"id":"33d509f7-d158-4287-b2a5-821a714b9d7a","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":58,"box":{"x":69,"y":153,"width":538,"height":11}},{"id":"6377bd9f-1793-4767-a9cc-c534c0bd6bcb","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":58,"box":{"x":69,"y":173,"width":330,"height":11}},{"id":"7d68cd47-9f9b-4ae0-b729-cae47e07eb3b","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":58,"box":{"x":69,"y":193,"width":834,"height":12}},{"id":"89f7f686-d5b1-4366-889a-b0fce36dd7a6","block_type":"box","text":"of excess collateral, as necessary;","page_number":58,"box":{"x":102,"y":208,"width":246,"height":12}},{"id":"db97e371-7615-466f-8b2e-6619f7c14dfa","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":58,"box":{"x":69,"y":229,"width":562,"height":11}},{"id":"c9fc8732-d3a5-41dc-8d2c-c2ca60f5e89c","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":58,"box":{"x":69,"y":249,"width":665,"height":11}},{"id":"1f81e41e-77e4-4594-9f41-c2c64e3878f4","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":58,"box":{"x":69,"y":269,"width":822,"height":11}},{"id":"3ff43bbe-fa5d-482f-8c60-ad37e19c0f55","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":58,"box":{"x":101,"y":284,"width":803,"height":11}},{"id":"9fff44cf-7f72-4879-9a1e-57c708869d11","block_type":"box","text":"of the loaned securities; and","page_number":58,"box":{"x":102,"y":299,"width":203,"height":11}},{"id":"28e1b958-001d-41e1-afa6-dbf024b47df9","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Fund at loan termination.","page_number":58,"box":{"x":69,"y":319,"width":808,"height":12}},{"id":"bc747a62-8663-4d42-9e03-ba00e5c12306","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":58,"box":{"x":101,"y":342,"width":805,"height":11}},{"id":"1a927670-5fdc-40fb-b7b1-c1a74851f6ed","block_type":"box","text":"activities of the Fund during its most recent fiscal year ended June 30, 2025.","page_number":58,"box":{"x":69,"y":357,"width":550,"height":11}},{"id":"7b813bff-9fc7-4b7d-a3c6-2893c2787f14","block_type":"box","text":"Gross income from securities lending 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. .","page_number":58,"box":{"x":79,"y":465,"width":567,"height":11}},{"id":"0aed4f4a-6291-480f-808a-c54185079a62","block_type":"box","text":"......................... $ 0","page_number":58,"box":{"x":652,"y":464,"width":257,"height":11}},{"id":"d862eec8-445c-4cf2-bccd-a6fdea91ace6","block_type":"box","text":"Rebates (paid to borrowers) . . . . . . . . . . .","page_number":58,"box":{"x":79,"y":480,"width":289,"height":11}},{"id":"7164b21c-9a91-49c4-9572-c000126d42df","block_type":"box","text":"........................................................... $ 0","page_number":58,"box":{"x":375,"y":479,"width":534,"height":11}},{"id":"e9559004-dd02-498d-8183-50a396b96c1c","block_type":"box","text":"Other fees not included in securities lending income paid to BIM. . . . . . . . . . .","page_number":58,"box":{"x":79,"y":495,"width":542,"height":11}},{"id":"6830a1f0-9df1-4e6c-a589-0913421305a7","block_type":"box","text":"............................ $ 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The variation in the portfolio turnover rate for the Fund in the fiscal year ended June 30, 2025,","page_number":58,"box":{"x":69,"y":603,"width":807,"height":12}},{"id":"0229f50d-b45d-4ae5-9e48-928fb13d5ac4","block_type":"box","text":"when compared to the prior fiscal year, was primarily due to portfolio adjustments made to align to a change in the","page_number":58,"box":{"x":68,"y":618,"width":819,"height":12}},{"id":"0144e2e9-7f7b-4b6b-839e-e91cdd4728d8","block_type":"box","text":"Fund’s strategy.","page_number":58,"box":{"x":70,"y":634,"width":110,"height":11}},{"id":"84e853dd-03e3-4953-aad9-77058f0dc33c","block_type":"box","text":"VIII. 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The Trustees are authorized to issue an unlimited number","page_number":58,"box":{"x":70,"y":777,"width":822,"height":11}},{"id":"bca42b3c-d1fb-499d-bd89-a552bdee03ac","block_type":"box","text":"of full and fractional shares of beneficial interest, $0.10 par value per share, of different classes and to divide or","page_number":58,"box":{"x":69,"y":792,"width":808,"height":11}},{"id":"984a7f02-0fc2-41f6-9921-9053c660c72f","block_type":"box","text":"combine the shares into a greater or lesser number of shares without thereby changing the proportionate beneficial","page_number":58,"box":{"x":69,"y":807,"width":824,"height":12}},{"id":"2253177d-f388-4215-a5aa-20d84070f05b","block_type":"box","text":"interests in the Fund. At the date of this SAI, the shares of the Fund are divided into Investor A, Investor C,","page_number":58,"box":{"x":70,"y":823,"width":760,"height":10}},{"id":"4e0e91c5-2f37-43b9-bfe8-595238db8f4b","block_type":"box","text":"Institutional, Class R and Class K Shares. Investor A, Investor C, Institutional, Class R and Class K Shares represent","page_number":58,"box":{"x":70,"y":838,"width":833,"height":11}},{"id":"23d94c4e-5e68-4254-88c1-1da62b031df2","block_type":"box","text":"interests in the same assets of the Fund and are identical in all respects except that Investor A, Investor C and Class","page_number":58,"box":{"x":70,"y":853,"width":836,"height":11}},{"id":"f4061bac-9586-4f35-a010-713f180f085b","block_type":"box","text":"R Shares bear certain expenses relating to the account maintenance associated with such shares and Investor C and","page_number":58,"box":{"x":70,"y":868,"width":838,"height":11}},{"id":"f832fdbc-85bd-4fdf-9ee0-063bb1bf8db0","block_type":"box","text":"Class R Shares bear certain expenses relating to the distribution of such shares. All shares of the Fund have equal","page_number":58,"box":{"x":69,"y":883,"width":821,"height":11}},{"id":"78ed020f-df11-47e4-a4aa-1a1164b92b27","block_type":"box","text":"voting rights. Each class has exclusive voting rights with respect to matters relating to distribution and/or account","page_number":58,"box":{"x":68,"y":898,"width":813,"height":11}},{"id":"bd3e2ae1-cda4-49ee-83a0-e5e2bcfff2ce","block_type":"box","text":"I-24","page_number":58,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"2337b4ea-fb09-4af6-9d09-cb23a417e6be","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d511dc1a-1542-4445-bf4d-ff3131ad53cc","block_type":"box","text":"maintenance expenditures, as applicable. 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Additional copies of the Fund’s annual and semi-annual reports to","page_number":60,"box":{"x":69,"y":446,"width":815,"height":11}},{"id":"b59b72d2-24a7-49fc-8c71-dc22aafb86f0","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":60,"box":{"x":69,"y":461,"width":785,"height":11}},{"id":"3d83574a-acb7-4a07-9177-8073f73a3cdf","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":60,"box":{"x":69,"y":476,"width":836,"height":11}},{"id":"0b50dfea-f618-4729-af93-3051a013ef37","block_type":"box","text":"I-26","page_number":60,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"232abe2f-9d33-4306-a074-759b69767b3a","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b82b3cb-277c-4ac4-a931-cdd34d1263fe","block_type":"box","text":"PART II","page_number":61,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"43c74f03-ac01-4b8c-ac3a-d01322012915","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":61,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"23f65968-d19f-4061-96ac-19677eead548","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Certain Funds may also be referred to as “Municipal Funds” if","page_number":61,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"a21e1ab8-b042-4629-8c63-f0b6eda366f8","block_type":"box","text":"they invest certain of their assets in municipal investments described below.","page_number":61,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"9c236660-f5fe-4af3-aa6c-239532ae0b8d","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":61,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"35dfb16c-b189-42ea-bc5b-b350fb89092b","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":61,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"09ed6713-3983-4e8b-b746-4447ffbec84e","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":61,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"cdd21d31-efbe-4724-a52a-f36ad93dbacb","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":61,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"cee6ecb9-7e0c-4ea7-ba60-615559f9bed6","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":61,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"7a84c1d9-7eb6-4a76-91e0-3acac63d3d30","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":61,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"19ace111-ea9d-40dc-b3e3-c1284ee7449a","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":61,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"0a75ddfd-6b08-4680-9ae1-e77585744efd","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":61,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"8a390861-5255-49a5-96dd-63b7094d3ce0","block_type":"box","text":"Articles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “charter.”","page_number":61,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"52f04017-288b-48df-a089-1b4e2eefc912","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":61,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"e63dfa1d-a316-4b26-b1c8-f56126b44b8f","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":61,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"4332dcf6-8e1c-407b-bc2e-dca5ab164893","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":61,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"330de18e-47fd-4a07-a671-7aa0e2cdf482","block_type":"box","text":"Certain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a portion of their assets in a","page_number":61,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"9afbeb68-268d-4f38-b4c2-abbc79528f23","block_type":"box","text":"corresponding “master” portfolio (each, a “Master Portfolio”) of a master limited liability company (each, a “Master","page_number":61,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"9ad993f9-bb80-4639-82a8-c84c1d4e784f","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":61,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"3dbe37b8-c965-479b-875a-a0c7303feed1","block_type":"box","text":"made at the level of the Master Portfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":61,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"c8566939-5651-46f8-9f6c-4adca14d4922","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Portfolio in","page_number":61,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"0fcc8638-df42-4801-b169-954948329b0f","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Portfolio.","page_number":61,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"5c146d82-9aa8-48b0-974c-6eee24aeeacd","block_type":"box","text":"In addition to containing information about the Funds, Part II of this SAI contains general information about all","page_number":61,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"26558735-f4a9-4480-9dea-0efeb521c966","block_type":"box","text":"funds in the BlackRock-advised fund complex. Certain information contained herein may not be relevant to a","page_number":61,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"23e6b0f6-1d80-4d0f-84a1-791c98567068","block_type":"box","text":"particular Fund.","page_number":61,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"dea27f13-432d-4697-91cc-1c37c3176595","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":61,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"196620d9-df9b-44ac-bca3-a008c2f33dc1","block_type":"box","text":"Set forth below are descriptions of some of the types of investments and investment strategies that one or more","page_number":61,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"16964e63-4c79-47ed-9596-90653b0b84d1","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":61,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"291fb744-a947-46d2-9f46-b7178ed67ec2","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":61,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"3b10a634-630f-4d52-99fc-607728b78594","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Part","page_number":61,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"f848e85e-1ba4-47db-aa38-30ad682a3d82","block_type":"box","text":"I of this SAI for further information on each Fund’s investment policies and risks. Information contained in this","page_number":61,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"cbdc6754-836b-4acc-8d37-be9e454303ba","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":61,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"a2725c40-8345-44b6-a8c3-3c4c81172151","block_type":"box","text":"applies only to those Funds specifically identified in Part I of this SAI as making each type of investment or using","page_number":61,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"668d435f-9622-4042-a255-f3b5804e4d4e","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":61,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"6f17e65c-a6b1-41a2-af4d-167fd4a1a676","block_type":"box","text":"a part of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":61,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"7e736b7e-9215-4785-8c7e-3ffa4c272d5e","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a part of that Covered Fund’s SAI.","page_number":61,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"99352e59-324f-47f7-abbb-becd533b20a5","block_type":"box","text":"Asset-Backed Securities.","page_number":61,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"0a20b063-77aa-4fff-ae04-00981b94d5ca","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":61,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"6da0f4b5-a9c9-4f26-85cb-a7a2f54fb641","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":61,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"f1f21d75-e69d-4e11-bc8d-cbba737b3b17","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":61,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"6ab42684-8f7f-4126-8425-3fd74899a573","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":61,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"d53ff476-60c1-4674-ae37-efc94182cc90","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":61,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"00b1ff2b-fde1-476c-8d18-ac0bc8d75126","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":61,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"ea181a45-ce08-46f4-969e-8e55d7278ac8","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":61,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"cc3b7bcb-a057-4e48-a406-eaf1596e5329","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":61,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"647284a7-0bf1-4651-a406-4c119fa57dfc","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":61,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"b8b93707-7b8a-4dde-bdd9-7e4a3e433e90","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":61,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"2c3d404c-1448-4599-ab76-d1d253ff58d2","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":61,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"9d11e1c1-8039-4b33-b1b5-be76435bb67b","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":61,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"1899c23d-8eee-42a9-a9da-1c7bc4ddd69c","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":61,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"08280790-716b-48a7-af71-316977f6ac20","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":61,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"490d732e-5b31-45ad-af06-23a0e3374bd7","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":61,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"b6ef8ee7-c6a5-4bc6-8946-e28a8c9ab9b0","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":61,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"39aa6bb8-6157-4fc7-90dc-08ab50287455","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This particular risk may effectively","page_number":61,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"b7f05312-109a-4f16-8771-f51a645bb5a3","block_type":"box","text":"change a security that was considered short- or intermediate-term at the time of purchase into a longer term security.","page_number":61,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"d246d69e-438f-40d4-bab8-5d4fbdd0e6fa","block_type":"box","text":"II-1","page_number":61,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"e8ec23e5-a295-4cd7-9454-8cdc8e0785ce","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12e0a0cf-8d56-41d7-a7c5-dcba7af70d2c","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":62,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"06139fc2-8b12-4bea-ac5e-361a3180569b","block_type":"box","text":"than does the value of shorter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":62,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"efa89aa5-d9c4-4c78-ba5a-0170293cef3b","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":62,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"580458e3-8f8a-4cd1-a57c-a8de61b662b2","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":62,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"3e8776ab-f65e-4aee-8a5b-3682de47ee2d","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":62,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"08dbd144-0b60-4761-a8e3-7291a636da57","block_type":"box","text":"Asset-Based Securities.","page_number":62,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"6e25c734-1a70-4ffe-8cd9-8e2b0a103684","block_type":"box","text":"Certain Funds may invest in debt, preferred or convertible securities, the principal","page_number":62,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"ef696729-5c5a-4885-b37d-e8b7f12cfcd1","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":62,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"845751d8-b190-4eba-baf3-3392e789a2eb","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":62,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"bf16c241-1f81-4083-b737-df1c213e6e41","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":62,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"debd22a1-2e15-4fcc-9fc6-73f93c1a11be","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":62,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"b7a16ac6-66bd-4460-80ff-8d1e4066d698","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":62,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"0298dec9-cb5e-4f02-ae47-782c6e23ed9f","block_type":"box","text":"issuers that the Manager has determined to be of similar creditworthiness. Obligations ranked in the fourth highest","page_number":62,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"b5491fa8-f977-4851-a001-da9075ad813f","block_type":"box","text":"rating category, while considered “investment grade,” may have certain speculative characteristics and may be more","page_number":62,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"cdab40b6-33cf-43ff-9414-fa05fed738f1","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":62,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"b8e7cb42-b130-4ae8-9920-6db70adf4326","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":62,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"ced1f6b1-174a-4a84-9121-12163f014b26","block_type":"box","text":"determining the creditworthiness of the issuer. While the market prices for an asset-based security and the related","page_number":62,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"c5f0f507-1845-42a9-86d4-ca9705647c37","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be perfect correlation in","page_number":62,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"51d4b43b-4e82-41f4-a092-d8c98940179a","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":62,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"3bca3706-ffb5-467f-9c67-8a5e44bd9aea","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":62,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"f5e764b3-c95e-48bc-b4ba-5d3971c10345","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Certain asset-based securities may be payable","page_number":62,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"f5390445-c0ed-4199-b492-7c032d0357a2","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":62,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"f91726bc-a43c-424d-8847-63d83634b5dd","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":62,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"ad06a511-9c43-423b-b834-41a5b11002e9","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":62,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"c6ce9443-6e13-4b1b-8087-ad4477c228f0","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":62,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"44d8ed8d-4e9d-4ccf-9129-ec1c58a0899e","block_type":"box","text":"appreciation in the underlying asset.","page_number":62,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"d8450f83-8687-4905-89c4-de667d3c4220","block_type":"box","text":"Precious Metal-Related Securities.","page_number":62,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"db078e59-a384-4fb1-9abf-613404f7f07e","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":62,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"d1058027-ad1c-41c0-a692-8993d46547cb","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":62,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"65827359-821d-4d46-bfee-4c3dd87f45f8","block_type":"box","text":"e.g.","page_number":62,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"555b6198-a58b-4f84-9eec-731fe0f4d71b","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":62,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"a08a3983-356e-4442-a70a-e690844edf78","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":62,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"ad43c458-dcb9-4e1e-9032-1b6b10a6e0f1","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":62,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"5920d0a8-082b-426c-9de4-e0abb7d58ad5","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncertainty or instability.","page_number":62,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"5850b91a-2d22-4d7b-868f-b4ecf927801a","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":62,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"9e4f6adb-0146-4ed7-a5b8-960e5adbb13c","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":62,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"214abfc5-88a9-40d6-bfe3-1b4279d37e41","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":62,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"33c36d8e-dfa1-4bef-9496-d697ff1ca78d","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":62,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"cf82efb5-1c4c-4937-bd29-20370fb4721e","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":62,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"6b833dd1-1d81-411f-adda-22f5b193269b","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":62,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"a89799f0-401c-4871-b293-69812c134928","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":62,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"12eb981a-d0cd-42e3-be1c-363f258244ea","block_type":"box","text":"South African gold production.","page_number":62,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"809a5a90-797e-4b9b-9600-14d7c4acd9c3","block_type":"box","text":"Borrowing and Leverage.","page_number":62,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"7ce8aa29-07cc-4f26-ae85-d6582ce6d25e","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":62,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"c0be045a-d8f1-4051-9b1b-f82b9b136448","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Certain Funds will not purchase","page_number":62,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"766ea5cf-5238-4a03-9750-e2a122791afb","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":62,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"4708f7da-a137-4146-b3fa-5014c0f7f922","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":62,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"7efb3c2b-9e9c-4570-ba82-e7a6368cf916","block_type":"box","text":"other securities transactions.","page_number":62,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"4deacfe5-ceb3-4a31-81af-71b3da267a6b","block_type":"box","text":"Certain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":62,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"5731bf61-bd62-48ac-8ec2-61d6bddbb521","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":62,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"b826b194-9228-4c78-9a1b-962fe489e4f8","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":62,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"0da5fa4f-314f-4cb9-857e-f7aa876b304b","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an opportunity for greater total return, but, at the same","page_number":62,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"9e16a8b0-d4e2-49f6-9ce0-28e717efaf8c","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":62,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"7a9d4638-b68a-40cd-9110-03797c00c996","block_type":"box","text":"shares and in the yield on the Fund’s portfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":62,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"35906141-da29-452b-8215-5dae2fafc33a","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":62,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"63e608f7-ae22-4462-84d9-9e393d4084b5","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":62,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"c9b6e285-a665-4e6e-9a1c-850ba47312ea","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":62,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"5eb9c867-923d-4b0d-8728-8b2c08b7945e","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":62,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"28f73e25-3e16-41cd-adbe-e124387899be","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":62,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"af06a36f-4fc4-40b9-a1bd-cd23f3dde9dc","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":62,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"4576732f-af88-4193-aac5-3abe27db17a7","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":62,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"2fc13633-2b5e-4f2b-9113-7642558eaaef","block_type":"box","text":"II-2","page_number":62,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"7558ba61-76a1-49a3-a53c-76ef039027e4","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff59b917-e810-4c62-92da-762f9ee5a153","block_type":"box","text":"nevertheless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":63,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"490a95c9-0f58-4157-895e-a835c2b92a05","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":63,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"95435d65-fab7-4b10-ad7d-51ed645b16c9","block_type":"box","text":"Certain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":63,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"2a62473e-1745-4c07-b23d-c6638f5270cd","block_type":"box","text":"relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":63,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"6b401d89-2ac1-4975-9c03-faa65ef0b99f","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s portfolio in accordance with the","page_number":63,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"638ade8a-1cbd-4a06-9718-60ec3216ff58","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":63,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"76453bd7-1ad8-42dc-85dd-c18fc6e2bda1","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of portfolio","page_number":63,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"a5909961-7a91-4fbf-9206-d2888464dda6","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":63,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"d08c74b9-a793-4fc7-937e-028ae689ee2b","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":63,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"7233c491-eac7-4d5f-9dc9-e7846164d92b","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":63,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"e6091cc3-e242-47ef-857e-235ae63f567b","block_type":"box","text":"Cash Management.","page_number":63,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"378b9009-04f1-4810-81cf-ac52bacd775b","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":63,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"256b23c6-e91c-4072-afe8-3692e8910e38","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":63,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"195c8d9f-eb6f-463c-9b64-3c3b2215c784","block_type":"box","text":"in the opinion of the Manager, a portion of a Fund’s assets may be invested in certain types of instruments with","page_number":63,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"b774b2c1-f742-46c5-8400-44c07c939a24","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":63,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"e7de2ba9-781c-45d7-b46b-e4aa365d2c57","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":63,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"121f44a7-b1f7-4830-aceb-903b4c27b6ab","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":63,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"795a11ff-1a4e-477a-8265-eb2b7ece507d","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":63,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"fa7fb644-9273-4efd-9018-663d2c0979c8","block_type":"box","text":"certificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":63,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"5e410291-a3e0-4d7c-8235-082bc37ef8ee","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":63,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"18699afd-c45e-4c43-8246-856bb583590b","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":63,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"d16251e1-52f8-4b58-a7dc-3f8db75d78c4","block_type":"box","text":"obligations or other short-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":63,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"4c333900-db3a-4c63-ae42-f8545b1ae0cd","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":63,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"d1e9ccde-50a9-4098-8fd7-f116bab25c2f","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":63,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"827e7fc3-3c7e-4599-a4c1-864cf43ff209","block_type":"box","text":"Collateralized Debt Obligations.","page_number":63,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"b956fa33-7c71-4da9-8a0a-572902781142","block_type":"box","text":"Certain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":63,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"0fddcb82-9c5e-4856-a51a-d31da1ad2767","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":63,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"9569036c-ba54-408b-a906-422abe16358e","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":63,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"0f4b13ea-afd4-46c5-8c34-d2bf536b50ce","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":63,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"531190a8-8a03-4173-aca3-ed58003b5248","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":63,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"84a0d0ea-cef2-4d15-bbd1-ca9230299327","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":63,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"df110211-33a0-404c-8ef6-039bcace6720","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":63,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"2eba1156-9b43-45b3-bc6e-3c362c6b7bd8","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":63,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"f02663da-ae81-49be-855a-76247457a77f","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":63,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"9400f33d-6768-4e85-bd6f-73ae17bbdad4","block_type":"box","text":"substantial portion of which are U.S. loans. Although certain CDOs may benefit from credit enhancement in the form","page_number":63,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"6557a1ad-9004-4671-b86e-ce055bdc1070","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":63,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"b673da68-7477-4c02-b791-3358f3dfcbc5","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Certain CDO issuers may","page_number":63,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"0b538b65-0cb8-4fde-a68b-f7b712043df8","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":63,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"bcdacfb2-7c20-405a-80f9-c2aae35562c0","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":63,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"981c2628-43a7-4be4-9eb0-79e43551e20b","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":63,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"a0d7d18a-3eab-440c-91cf-e1f0641d7b81","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more portions, called tranches,","page_number":63,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"7ad1a629-7928-4f13-9998-5b393fdb6311","block_type":"box","text":"varying in risk and yield. The riskiest portion is the “equity” tranche, which bears the first loss from defaults from the","page_number":63,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"a99696cd-a5f9-4b8e-9f41-05b1e67a0a3e","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":63,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"31585b6c-7a7c-4353-841d-d05adcdde0d6","block_type":"box","text":"is not complete). Since it is partially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":63,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"31cdf0ff-d39e-4110-b879-527eab9ca0aa","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":63,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"d87384c9-b22a-41a1-9de5-1f5a9429997c","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":63,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"0aed1ccd-570c-4c7b-9aa7-714266bcd354","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":63,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"e95dd1e0-2b48-41e4-a41b-b013ad3b847b","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":63,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"7b1a0e66-d73a-4a33-a2ed-4755b49d6ee7","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches","page_number":63,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"8df22a37-c037-4a8e-8b0f-2af1e21b4c92","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":63,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"8a7a2e4f-2f4e-45d4-97e5-05ff95ba2228","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":63,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"345915d9-9f66-4f76-83f9-2865076124f2","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":63,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"d69747c6-d7bb-4bc0-a02e-9c263bcca0f5","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":63,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"f6e09a6d-a8d7-406f-8c87-6f4023cd4073","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":63,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"0eb70d5b-2dbb-4ec9-8702-2e74c714ab57","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":63,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"da6685cf-730e-4c61-8039-8ea975ccfa5e","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":63,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"74844aa5-bfc0-4abc-9a78-0fedcb2ff4f2","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":63,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"da14c6f9-2a6d-4e42-9f7f-e6b7975ff80e","block_type":"box","text":"II-3","page_number":63,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"df55891e-7794-4ec3-95c4-f3cbc77aab62","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf862895-9e9a-4a59-89b3-818956376638","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":64,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"5f73f176-edd9-43ea-8b7f-dfe7ed2ee0cb","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":64,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"cfa2e043-e99d-4044-b589-a7835e9509ea","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":64,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"2439324a-6e3c-449d-be28-1bb34311cea4","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":64,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"d16badfb-77cc-4969-8681-750cb26a8554","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":64,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"d89a137f-e8bc-4bc1-8053-dc88c1c15489","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":64,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"c654574e-2f5a-4fcb-ba57-8eb043312aac","block_type":"box","text":"CDO’s manager may perform poorly.","page_number":64,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"c4cfa95f-1ada-4891-aa03-7edb74931313","block_type":"box","text":"Commercial Paper.","page_number":64,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"d600f33a-cd07-408e-9b38-a6a71dcfe4d5","block_type":"box","text":"Certain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":64,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"969ad3c3-37aa-4b1f-a904-cd20c37da584","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":64,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"27802358-573a-4788-bbf3-7390d3152b56","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":64,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"30f7fb44-77d4-4510-8105-a382d3c9732a","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":64,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"c358f35c-4c45-4753-815d-c10ae8ec83d2","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":64,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"b7c404f0-2b4d-49c1-967c-98492d284f65","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Certain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":64,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"db268d56-be73-40c7-ba20-ac4435691cf0","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":64,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"37a9214d-2985-4f61-ad52-ce4590758d41","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":64,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"91974478-1b15-4826-a6d0-30fd7434c997","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":64,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"028ac470-ed4c-4aeb-8424-2db11b956775","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":64,"box":{"x":102,"y":302,"width":483,"height":11}},{"id":"0bbb3d4c-a29e-46ff-8c60-555cd271cb23","block_type":"box","text":"Certain Funds seek to gain exposure to the","page_number":64,"box":{"x":591,"y":302,"width":308,"height":11}},{"id":"0cf9021c-2d69-47aa-b48b-c6a91a1a12bd","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":64,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"7bf6f1e5-8388-434f-ad85-8ae51a26001b","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":64,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"c755a12c-d7bb-40c9-8bfe-08fef94bb9ee","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":64,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"c5776b25-72e8-4ca8-8fd3-ec5dabfe60c1","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":64,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"f2ad06be-16ac-4fe6-9616-3176370d2927","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is","page_number":64,"box":{"x":69,"y":377,"width":801,"height":11}},{"id":"7e1755d2-f79d-435d-9a13-4623b84c74a6","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":64,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"c028d70c-125a-4a9f-895d-6724b8361131","block_type":"box","text":"variable.","page_number":64,"box":{"x":68,"y":408,"width":59,"height":8}},{"id":"deb7971c-e55d-48d9-8207-ab159db35e21","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":64,"box":{"x":101,"y":430,"width":763,"height":11}},{"id":"d42adb28-7f48-4e45-93f8-90daf61885b4","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":64,"box":{"x":68,"y":445,"width":783,"height":12}},{"id":"0774222d-1c53-4474-8418-1a1b7710eed5","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":64,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"943ccae1-a254-4217-b943-478759e1e209","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":64,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"f093decd-035b-403f-b7ca-342e3f6015cc","block_type":"box","text":"rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of","page_number":64,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"1c297355-c7d9-41db-b43c-ee67d1869ea6","block_type":"box","text":"course, there cannot be any guarantee that these investments will perform in that manner in the future, and at","page_number":64,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"dc1040b5-8cdc-4208-ba18-225c016f1e8d","block_type":"box","text":"certain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":64,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"b01a6e02-e54d-4e5d-89dc-84995f9bcf27","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different parts of the","page_number":64,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"2a0f8f57-ecb9-404f-a2e0-5cbf83857aee","block_type":"box","text":"business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with","page_number":64,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"3d8b18d6-c923-4846-b8d3-8e162145ebf1","block_type":"box","text":"the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable","page_number":64,"box":{"x":68,"y":566,"width":797,"height":11}},{"id":"d3b54f16-0f14-42cc-bd91-2c8d02a4729f","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-perform an investment in traditional","page_number":64,"box":{"x":69,"y":581,"width":772,"height":11}},{"id":"c24806a5-829f-4410-8ce3-1a6f374c0711","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":64,"box":{"x":69,"y":597,"width":773,"height":11}},{"id":"b58ab290-e2f8-4f00-b2c8-9edb743baaae","block_type":"box","text":"correlation with stocks and bonds.","page_number":64,"box":{"x":69,"y":612,"width":244,"height":9}},{"id":"db2e5f81-804a-42e8-b1a2-145ae980a05e","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":64,"box":{"x":102,"y":634,"width":212,"height":12}},{"id":"6f462216-5646-41e9-ad1e-4cc9902811bc","block_type":"box","text":"Certain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":64,"box":{"x":320,"y":634,"width":552,"height":11}},{"id":"fcb350a5-d20f-4946-afa8-f5ae512a1186","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":64,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"733fcbb2-2074-4fed-88c1-32c6060e12c3","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":64,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"4b92bcc4-2d4f-402d-a365-79dbe31b0abf","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":64,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"5877023b-42cc-4b2a-920c-bbe88bee6ecd","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":64,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"c31644ab-18c6-4219-8040-e28c9224871f","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":64,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"3bc06482-0ccb-4a21-ab1d-450a3ba8c384","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":64,"box":{"x":70,"y":725,"width":793,"height":11}},{"id":"be2c3d3a-5694-47d3-ae49-51a58879afdf","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":64,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"9a63da86-6246-45a5-9d49-361136f3b076","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":64,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"0f45a186-d120-493e-a8c5-444be3156349","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":64,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"c1e8b678-cf21-4296-b67b-5196ca508aed","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, partially protected, or offer no principal protection. A","page_number":64,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"1392f45d-fd38-4a66-bbc8-966ff5369a1d","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":64,"box":{"x":70,"y":801,"width":791,"height":11}},{"id":"31c640e2-db30-4864-9030-71ff5f696638","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":64,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"75a8153a-4130-460b-9c8e-8954811ddd03","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":64,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"520d6833-e385-442e-b04f-f559a95506bf","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":64,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"9fb13b60-9b8b-4afa-bfc7-5fbe79b7d673","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":64,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"58aa7f01-0c82-44c8-97a3-207ff8f7b0f5","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in part on the","page_number":64,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"b6ff07f4-de1f-4e89-a776-9a21cc0d1190","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":64,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"ebbb0b7b-9095-45a5-9d20-19e3082c4dbe","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditworthiness of the issuer. With full principal protection,","page_number":64,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"30a643f5-5482-48af-8f8a-c6bdbd00ace8","block_type":"box","text":"II-4","page_number":64,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"aeb8ad0f-9195-480c-b628-1b30b33ef8b0","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1bcc6f40-949f-4a98-84db-1b428a7ab803","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":65,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"e10e499c-96d2-40db-847b-dc7fd163a3e7","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":65,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"69d54274-e8ba-4605-ba90-5724fe887d8d","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Partially protected hybrid","page_number":65,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"de100c84-c575-43b0-a1b4-f37965dd1286","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":65,"box":{"x":70,"y":90,"width":788,"height":11}},{"id":"8a636abb-5a40-42dd-9ed3-188ed8ab6681","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":65,"box":{"x":68,"y":105,"width":828,"height":11}},{"id":"a20cc080-b9f1-46eb-8279-bac4b4928d7d","block_type":"box","text":"partially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":65,"box":{"x":70,"y":120,"width":773,"height":11}},{"id":"041ac9c6-a574-48c3-a219-dff96798eb61","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":65,"box":{"x":102,"y":143,"width":339,"height":11}},{"id":"460c5a09-6611-43ee-919e-4fd9b086613b","block_type":"box","text":"Certain Funds may invest in hybrid instruments that offer no","page_number":65,"box":{"x":448,"y":143,"width":429,"height":11}},{"id":"bd5c2fea-caa6-44df-8517-e360377abf1d","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":65,"box":{"x":70,"y":158,"width":818,"height":11}},{"id":"6af3f2f8-9439-4467-9250-0e2885ed499d","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":65,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"4900e19f-91ac-4c4b-8995-5c18df593602","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a partially protected principal","page_number":65,"box":{"x":70,"y":188,"width":773,"height":12}},{"id":"70450bb2-90ed-4e69-abf3-6bcf10dff7c1","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":65,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"b983afd1-1dea-4d28-85c1-f20e2e02cda9","block_type":"box","text":"Manager may consider, among other things, the expected performance of the underlying commodity futures contract,","page_number":65,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"835e9879-67fc-4aca-a319-32020e0a5679","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":65,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"1ff27a07-4319-415f-a61f-c1ab5df8a00a","block_type":"box","text":"the Manager believes are relevant.","page_number":65,"box":{"x":68,"y":249,"width":247,"height":11}},{"id":"e553afb3-e815-469c-a806-44d105f35fed","block_type":"box","text":"Limitations on Leverage.","page_number":65,"box":{"x":102,"y":272,"width":173,"height":11}},{"id":"7003740d-8463-4f68-b6eb-1347298b00a1","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":65,"box":{"x":281,"y":271,"width":598,"height":12}},{"id":"e92e7ab6-a381-447c-8701-0b17fb65cbd6","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":65,"box":{"x":69,"y":286,"width":840,"height":12}},{"id":"c271ad4f-5447-4cfd-9337-55396179107d","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall portfolio. A Fund will not invest in a hybrid","page_number":65,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"c8d1eb68-338f-402c-bf15-bef6586946c6","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":65,"box":{"x":70,"y":317,"width":812,"height":11}},{"id":"669bf72f-aeaa-42ba-9537-16722b4e8e12","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “portfolio leverage","page_number":65,"box":{"x":68,"y":332,"width":803,"height":11}},{"id":"d6372f44-f3fb-45d5-a4cb-a6b71adbd06d","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":65,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"e77062c5-93b5-4251-a3a1-cb143e4551be","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":65,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"4825d08a-f327-45aa-b158-9c2f8281c76a","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":65,"box":{"x":69,"y":377,"width":783,"height":12}},{"id":"aa1983a5-f246-467a-a9d6-3330b73f3dc6","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":65,"box":{"x":69,"y":392,"width":758,"height":12}},{"id":"6914b4ed-c07a-4147-a445-8a48ee53b298","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":65,"box":{"x":69,"y":407,"width":818,"height":12}},{"id":"46c98cef-be5e-4daa-bf1b-4377217f6f47","block_type":"box","text":"variable lost 1% of its value. “Portfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":65,"box":{"x":68,"y":423,"width":763,"height":11}},{"id":"7fea9c52-d786-40fa-b5a8-885ee9b7c24d","block_type":"box","text":"instruments in a Fund’s portfolio, weighted by the market values of such instruments or, in the case of futures","page_number":65,"box":{"x":70,"y":438,"width":787,"height":11}},{"id":"7e154d39-3886-4c2d-bd02-4484a7798067","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":65,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"5abb1b01-bb43-4d6e-8992-44054df0a436","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":65,"box":{"x":70,"y":468,"width":477,"height":11}},{"id":"d738e90f-0e77-47b5-8e89-581aa854544b","block_type":"box","text":"Counterpar ty Risk.","page_number":65,"box":{"x":102,"y":491,"width":130,"height":11}},{"id":"0bb18c1f-827e-4fe4-ad65-5368625d261f","block_type":"box","text":"A significant risk of hybrid instruments is counterparty risk. Unlike exchange-traded futures","page_number":65,"box":{"x":238,"y":491,"width":646,"height":11}},{"id":"04cfd3b2-5ac1-4333-9728-62052aed8789","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":65,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"dfec28ab-8ecf-42ea-b6b7-785faf8c483a","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterparty is the exchange clearinghouse. Exchange","page_number":65,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"dc6aa7a2-91eb-4d20-8c70-dd2d10195b4e","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":65,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"0f1772af-5bc3-4bc6-8889-cd828ca8038a","block_type":"box","text":"e.g.","page_number":65,"box":{"x":834,"y":537,"width":25,"height":10}},{"id":"9b1ef538-99ab-46f7-ae0f-8a6eeefa3656","block_type":"box","text":",","page_number":65,"box":{"x":861,"y":543,"width":2,"height":3}},{"id":"927bfba5-2c5d-4868-94ef-ba7b9257e988","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":65,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"074077cf-98e9-4339-8775-3f0e988f4e64","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterparty credit risk of the","page_number":65,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"d79f4235-b42a-4741-92e3-638c8f428a1e","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to perform its","page_number":65,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"ddeb4a40-fd35-475e-8492-cc4adf4baf3f","block_type":"box","text":"obligations under the structured note.","page_number":65,"box":{"x":69,"y":597,"width":268,"height":11}},{"id":"664fa76b-14f1-45fe-bb03-b5ab13619a83","block_type":"box","text":"Convertible Securities.","page_number":65,"box":{"x":102,"y":619,"width":165,"height":9}},{"id":"085e8293-5e47-4286-be93-1621337c68d7","block_type":"box","text":"A convertible security is a bond, debenture, note, preferred stock or other security that","page_number":65,"box":{"x":273,"y":619,"width":619,"height":11}},{"id":"3a45cbff-18ab-484c-b9f4-117be78daa85","block_type":"box","text":"may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":65,"box":{"x":69,"y":634,"width":839,"height":12}},{"id":"72c6a310-64a7-4a93-a3a0-8ae1c8aa6e4f","block_type":"box","text":"a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the","page_number":65,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"cdb9bc84-5c09-4273-863b-c6fd4b60b5dd","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible","page_number":65,"box":{"x":69,"y":664,"width":781,"height":11}},{"id":"2d629514-d28b-4c84-879b-c916ac649c7c","block_type":"box","text":"security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have","page_number":65,"box":{"x":69,"y":680,"width":750,"height":11}},{"id":"061b3c21-3a89-454c-9d42-5c9c372409cd","block_type":"box","text":"characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income","page_number":65,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"aea9ec34-f3fb-40aa-9c3d-9123e0950e1e","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":65,"box":{"x":68,"y":710,"width":784,"height":11}},{"id":"9e47af7e-0f2a-4394-bd19-79a5880bf402","block_type":"box","text":"comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates,","page_number":65,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"f7cf4aa2-d342-4733-ac54-64e2f44c78e4","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":65,"box":{"x":68,"y":740,"width":780,"height":11}},{"id":"0cc26854-4047-470a-a14b-7b4be57e9297","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the convertible security’s investment value.","page_number":65,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"18d0999b-da61-4062-afc1-1195630fbd05","block_type":"box","text":"Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":65,"box":{"x":69,"y":770,"width":826,"height":11}},{"id":"256589c1-bea1-443c-af38-b4bbfdabb360","block_type":"box","text":"to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the","page_number":65,"box":{"x":68,"y":785,"width":811,"height":12}},{"id":"a51a5e3a-d08c-457c-805c-a23c0849032d","block_type":"box","text":"issuer at a price established in the convertible security’s governing instrument.","page_number":65,"box":{"x":70,"y":801,"width":563,"height":11}},{"id":"2c225678-8648-4167-b04a-9f1e9d926f7d","block_type":"box","text":"The characteristics of convertible securities make them potentially attractive investments for an investment","page_number":65,"box":{"x":101,"y":823,"width":767,"height":11}},{"id":"7f6a1b46-9514-4fb6-81d5-7c8d4b4a5d82","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":65,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"2a53bf4d-108c-4b3d-82ca-18f62edb23ef","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":65,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"abab2c9c-371b-4953-bd36-01ca95807b70","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":65,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"3bb55ccf-0501-44bb-a093-f7917f56efbf","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":65,"box":{"x":70,"y":884,"width":788,"height":11}},{"id":"77811781-85f3-4b0e-a216-d1fb19a4432c","block_type":"box","text":"II-5","page_number":65,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"9fba6ce3-27af-4143-af80-07fd295f7e38","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85ae93f5-84ec-4730-b03d-4a74a65c3d11","block_type":"box","text":"feature, however, the interest rate or dividend preference on a convertible security is generally less than would be the","page_number":66,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"54f89db1-d2b4-44a1-9203-087043e8c8fd","block_type":"box","text":"case if the securities were issued in nonconvertible form.","page_number":66,"box":{"x":69,"y":60,"width":409,"height":9}},{"id":"604ddf0d-ac86-41b3-8ce2-0cb838217af2","block_type":"box","text":"In analyzing convertible securities, the Manager will consider both the yield on the convertible security relative to","page_number":66,"box":{"x":102,"y":83,"width":802,"height":11}},{"id":"470f273e-a9c0-4f66-b83a-ab9c53d4e041","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":66,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"5f4c6f6c-0e58-4a9e-b1e5-82b4055aedae","block_type":"box","text":"things.","page_number":66,"box":{"x":68,"y":113,"width":47,"height":11}},{"id":"4b753704-43d5-401e-b035-b49dae2faf10","block_type":"box","text":"Convertible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":66,"box":{"x":102,"y":135,"width":731,"height":9}},{"id":"57e3483b-8659-48ee-87b1-71478f0d34e5","block_type":"box","text":"substantial portion of the convertible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":66,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"5898fa5c-2048-49c4-a631-0811ad64963f","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":66,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"73d369da-608c-44ec-a818-91fb813e4a2e","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":66,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"be1ab1e6-8b11-4d29-a4a2-77da6a5eb8ff","block_type":"box","text":"price is quoted will affect the value of the convertible security. With respect to convertible securities denominated in","page_number":66,"box":{"x":70,"y":196,"width":828,"height":11}},{"id":"90eabdd2-4d10-4a0a-83e9-1e71da17c783","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":66,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"544c9eeb-d2ab-45d9-b2d7-03c4a92d07dd","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":66,"box":{"x":69,"y":226,"width":800,"height":11}},{"id":"2cf0e54c-3830-488d-88cb-e652b8cba7d2","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":66,"box":{"x":69,"y":241,"width":800,"height":11}},{"id":"8b2da3f0-f9e3-4c20-bb4f-a0aaf36ae23a","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":66,"box":{"x":69,"y":256,"width":337,"height":12}},{"id":"32c3bd3f-3bd2-4435-8b03-6747ab03e1c4","block_type":"box","text":"Apart from currency considerations, the value of convertible securities is influenced by both the yield on","page_number":66,"box":{"x":101,"y":279,"width":741,"height":11}},{"id":"d992125a-248d-4124-93ab-c53cd65d214e","block_type":"box","text":"nonconvertible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":66,"box":{"x":69,"y":294,"width":806,"height":11}},{"id":"3b039b08-95d7-4afb-9ca8-6c3225bfafe8","block_type":"box","text":"convertible security viewed without regard to its conversion feature (","page_number":66,"box":{"x":69,"y":309,"width":485,"height":11}},{"id":"28801fa9-0b1a-4003-a504-82e0c1b98b6d","block_type":"box","text":"i.e.","page_number":66,"box":{"x":557,"y":309,"width":20,"height":9}},{"id":"e0997aae-4865-4c2c-b9ec-6899ed982c76","block_type":"box","text":", strictly on the basis of its yield) is","page_number":66,"box":{"x":579,"y":309,"width":248,"height":11}},{"id":"e83e3fee-e6d6-41e0-9571-b3cb4b77f051","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":66,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"cb640758-70f0-4a75-bcdd-c1c9fbc66cee","block_type":"box","text":"convertible security typically will fluctuate. At the same time, however, the value of the convertible security will be","page_number":66,"box":{"x":69,"y":339,"width":807,"height":12}},{"id":"3e986048-98f5-4c90-a0fe-cfe07d5af59f","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":66,"box":{"x":70,"y":355,"width":778,"height":11}},{"id":"0086581f-aa44-4135-aa64-cf8b55394471","block_type":"box","text":"obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the","page_number":66,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"59c1ebec-d003-40ed-a2e8-79104b7b7bb6","block_type":"box","text":"underlying common stock. If the conversion value of a convertible security is substantially below its investment value,","page_number":66,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"edf2dd34-38c4-465c-939a-6403ca7e0910","block_type":"box","text":"the price of the convertible security is governed principally by its investment value. To the extent the conversion value","page_number":66,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"c23642df-c1a1-4637-a214-996a56967154","block_type":"box","text":"of a convertible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":66,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"521afe92-01b1-4099-a94e-5e61fa9d52f9","block_type":"box","text":"convertible security will be influenced principally by its conversion value. A convertible security will sell at a premium","page_number":66,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"756cd410-a1b9-479f-83c5-c5aa475a946e","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":66,"box":{"x":69,"y":446,"width":808,"height":11}},{"id":"474b8f29-c627-4e2b-a85e-01ce06b8e4ee","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of convertible securities issued in Japan and","page_number":66,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"275c6f7e-dd46-4c1d-8ff4-8435d79541ff","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":66,"box":{"x":68,"y":475,"width":836,"height":12}},{"id":"d8c3e360-5776-43f6-8dd1-79311be0e202","block_type":"box","text":"than the securities’ investment value.","page_number":66,"box":{"x":68,"y":491,"width":268,"height":9}},{"id":"f8b2b466-55b3-471f-901c-ba897c6a3624","block_type":"box","text":"Holders of convertible securities generally have a claim on the assets of the issuer prior to the common","page_number":66,"box":{"x":102,"y":513,"width":740,"height":12}},{"id":"ce0b27fc-67af-4997-afda-8e7f4c126c92","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A convertible security may be","page_number":66,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"f46d9b5d-89b6-4d92-bc7e-7b57faf5ecaf","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a charter provision, indenture or other","page_number":66,"box":{"x":69,"y":543,"width":800,"height":12}},{"id":"d5d66caf-674c-4a64-a5ba-52a01fdcf8f5","block_type":"box","text":"governing instrument pursuant to which the convertible security was issued. If a convertible security held by a Fund is","page_number":66,"box":{"x":68,"y":559,"width":840,"height":11}},{"id":"badf52e2-175f-4db5-891c-bb389cc7c8c2","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, convert it into the underlying common stock","page_number":66,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"a0a72b64-0134-4451-9594-f5c015e9174f","block_type":"box","text":"or sell it to a third party. Certain convertible debt securities may provide a put option to the holder, which entitles the","page_number":66,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"9c9f5455-4de4-4e59-8557-972e724e3e37","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":66,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"66a4fad5-68fb-4280-9eea-5869e0121e9a","block_type":"box","text":"security under certain circumstances.","page_number":66,"box":{"x":69,"y":619,"width":267,"height":11}},{"id":"6f4befc7-fe02-4d18-8fea-f9629ea8981e","block_type":"box","text":"A Fund may also invest in synthetic convertible securities. Synthetic convertible securities may include either","page_number":66,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"3b34432f-9043-4928-92aa-991ee48138c8","block_type":"box","text":"Cash-Settled Convertibles or Manufactured Convertibles. “Cash-Settled Convertibles” are instruments that are","page_number":66,"box":{"x":69,"y":657,"width":789,"height":9}},{"id":"e1a7246b-0162-49df-b447-6697089cd306","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional convertible securities but may not actually","page_number":66,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"7351110f-b007-47c7-b431-39e9e8dba61d","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":66,"box":{"x":70,"y":687,"width":819,"height":11}},{"id":"2d6fbe9e-13e6-4cb1-81a8-adf0092f7773","block_type":"box","text":"issue a Cash-Settled Convertible that is convertible into common stock only if the company successfully completes a","page_number":66,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"b93ef676-972b-42c9-844b-7a402fd868fa","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":66,"box":{"x":70,"y":717,"width":769,"height":12}},{"id":"19a5aaab-ae70-4662-bc62-7e261de3b71f","block_type":"box","text":"appreciation. “Manufactured Convertibles” are created by the Manager or another party by combining separate","page_number":66,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"7a162ba6-3da6-4a58-b1a6-ee65ee3c6b56","block_type":"box","text":"securities that possess one of the two principal characteristics of a convertible security,","page_number":66,"box":{"x":69,"y":748,"width":627,"height":11}},{"id":"bfd1a61b-ce9f-4bb1-84f4-2ae42c6c86f7","block_type":"box","text":"i.e.","page_number":66,"box":{"x":703,"y":748,"width":20,"height":9}},{"id":"3c08b4be-b010-4c72-bda2-4892e6ee1183","block_type":"box","text":", fixed-income (“fixed","page_number":66,"box":{"x":726,"y":748,"width":151,"height":11}},{"id":"73b2a3d3-9157-4082-9cf7-386fb1a22907","block_type":"box","text":"income component”) or a right to acquire equity securities (“convertibility component”). The fixed-income component","page_number":66,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"6d6191f8-1186-4201-98e9-cccc1d57b9f1","block_type":"box","text":"is achieved by investing in nonconvertible fixed-income securities, such as nonconvertible bonds, preferred stocks","page_number":66,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"ddad5f27-1853-4cd3-805a-cf4d0ce6e954","block_type":"box","text":"and money market instruments. The convertibility component is achieved by investing in call options, warrants, or","page_number":66,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"14e709d3-7ce5-4949-ae49-b40b2aa505c6","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":66,"box":{"x":69,"y":808,"width":779,"height":11}},{"id":"64f8933f-b8c8-4b26-bf4f-bcfe4474c66d","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":66,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"258a7ec6-493d-4903-837f-a64f142ce08a","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":66,"box":{"x":69,"y":838,"width":744,"height":12}},{"id":"427014d6-7cb0-493a-b3d3-939579f98439","block_type":"box","text":"A Manufactured Convertible differs from traditional convertible securities in several respects. Unlike a traditional","page_number":66,"box":{"x":101,"y":861,"width":804,"height":11}},{"id":"8788b77a-b1ef-44c8-aaf5-1b5d3ba9699e","block_type":"box","text":"convertible security, which is a single security that has a unitary market value, a Manufactured Convertible is","page_number":66,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"79e18b59-452a-4bb6-87e0-e3804376873f","block_type":"box","text":"II-6","page_number":66,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"36a60f16-eefc-4ecf-adda-2ac1db9e0abb","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de484937-b16b-4ef2-ba64-662839e5d965","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":67,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"45a50adc-8f6b-4e0e-83c9-6b47a159e4e7","block_type":"box","text":"such a Manufactured Convertible is the sum of the values of its fixed-income component and its convertibility","page_number":67,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"2dc38ec6-c2eb-458d-84a4-cc2a7fc9a73f","block_type":"box","text":"component.","page_number":67,"box":{"x":69,"y":76,"width":82,"height":10}},{"id":"7e6001ea-5b95-4c8f-8633-6e506f932562","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Convertible than in the purchase of a traditional","page_number":67,"box":{"x":102,"y":98,"width":773,"height":11}},{"id":"6a34e91f-ad1d-44aa-9545-755d9bb0861c","block_type":"box","text":"convertible security. Because many corporations have not issued convertible securities, the Manager may combine a","page_number":67,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"70ef41a7-a673-4d28-9662-2d48d7a7e348","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":67,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"a64edb5a-9354-4721-8484-523630d009ed","block_type":"box","text":"to create a synthetic convertible security otherwise unavailable in the market. The Manager may also combine a","page_number":67,"box":{"x":68,"y":143,"width":800,"height":11}},{"id":"4f08bb27-cafa-446f-8ecc-3b66fb7108ce","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":67,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"c713b503-b358-45f6-a509-8031729beecb","block_type":"box","text":"Manager believes such a Manufactured Convertible would better promote a Fund’s objective than alternative","page_number":67,"box":{"x":70,"y":173,"width":772,"height":11}},{"id":"11ddbc29-3479-4050-948a-9e72d1ac070f","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":67,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"9e699739-3b5d-4284-bea1-baaa6771ff3e","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":67,"box":{"x":70,"y":203,"width":790,"height":12}},{"id":"7f29d751-ed0a-4379-a663-4f9479824713","block_type":"box","text":"Treasury instrument to create a Manufactured Convertible with a higher credit profile than a traditional convertible","page_number":67,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"28ef181f-c5bc-4b93-ad2e-fb533d61a6f0","block_type":"box","text":"security issued by that issuer. A Manufactured Convertible also is a more flexible investment in that its two","page_number":67,"box":{"x":69,"y":234,"width":764,"height":11}},{"id":"fe2acc41-33d6-47a1-8c96-ac99f6dd75c4","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":67,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"8c056e67-cd24-44a9-8ad3-3fd6812ddf53","block_type":"box","text":"Manufactured Convertible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":67,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"aac02095-02ad-4a17-98dd-ee7c7b9b7f08","block_type":"box","text":"Convertible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":67,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"4b344a77-d626-4d7e-b2b1-c12e23bbc76e","block_type":"box","text":"favorable market conditions.","page_number":67,"box":{"x":68,"y":294,"width":202,"height":9}},{"id":"3a175006-5f0a-4150-b170-0f5a48ae4e0a","block_type":"box","text":"The value of a Manufactured Convertible may respond to certain market fluctuations differently from a traditional","page_number":67,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"1a3a5755-d912-49ce-911c-a1519bdb999d","block_type":"box","text":"convertible security with similar characteristics. For example, in the event a Fund created a Manufactured Convertible","page_number":67,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"aaf2d84b-22e9-4494-a6dd-b8eeb8c2d8f8","block_type":"box","text":"by combining a short-term U.S. Treasury instrument and a call option on a stock, the Manufactured Convertible would","page_number":67,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"09304e76-884e-4225-9cae-6e13c7c480e6","block_type":"box","text":"be expected to outperform a traditional convertible of similar maturity that is convertible into that stock during","page_number":67,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"7bba46bf-56e6-4f38-aeed-038ade244342","block_type":"box","text":"periods when Treasury instruments outperform corporate fixed-income securities and underperform during periods","page_number":67,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"a4e0ce2c-fee3-44b4-9081-550ee6a8e6c6","block_type":"box","text":"when corporate fixed-income securities outperform Treasury instruments.","page_number":67,"box":{"x":68,"y":392,"width":523,"height":12}},{"id":"21bd0f9c-277b-4ed6-9665-dbae9052ed6d","block_type":"box","text":"Corporate Loans.","page_number":67,"box":{"x":102,"y":415,"width":123,"height":11}},{"id":"b2d8bfdf-1745-472e-996e-7ee2b4f9c49a","block_type":"box","text":"Certain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":67,"box":{"x":231,"y":415,"width":647,"height":11}},{"id":"26926c13-2954-46c6-969c-f806bd7bca50","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Certain Funds may invest in","page_number":67,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"8e700626-a27b-4321-b749-e0405625bf0a","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":67,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"c90c5ad4-813f-4d0e-be05-fb47050a6e44","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":67,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"82158988-3a49-42fd-89d6-df5eac4eed4b","block_type":"box","text":"in such Loans in the form of participations in Loans (“Participations”) and assignments of all or a portion of Loans","page_number":67,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"6c6abc10-4132-4001-8b59-9eea3ed55f8f","block_type":"box","text":"from third parties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":67,"box":{"x":68,"y":491,"width":801,"height":11}},{"id":"3b1653c7-0610-43d9-98e2-58a6e4850e18","block_type":"box","text":"purposes of its investment policies. Participations typically will result in the Fund having a contractual relationship","page_number":67,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"aa173196-8b0a-4739-a76e-8c33cf93ed92","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":67,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"4f6a8e4c-df22-41cc-8054-cd9b1f124279","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Participation and only upon receipt by the Lender of","page_number":67,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"41692d8f-375d-4c61-93e4-562dc0b01073","block_type":"box","text":"the payments from the borrower. In connection with purchasing Participations, the Fund generally will have no right to","page_number":67,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"81de5aaa-d7dc-4c18-a6a8-bc85b879017e","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":67,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"a0f61b3f-5d34-4521-a5ae-2cf39cab40a1","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral supporting the Loan in which it has","page_number":67,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"a8a1a481-2caa-425c-88b1-904f26cbb1b3","block_type":"box","text":"purchased the Participation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":67,"box":{"x":70,"y":596,"width":809,"height":11}},{"id":"5042540c-6ce3-4ace-b82a-6e6cc9da8c1b","block_type":"box","text":"that is selling the Participation. In the event of the insolvency of the Lender selling the Participation, the Fund may be","page_number":67,"box":{"x":68,"y":612,"width":838,"height":11}},{"id":"429180a2-8e47-4146-a44a-580a6fb00e89","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":67,"box":{"x":68,"y":627,"width":772,"height":11}},{"id":"f8a474f4-96d7-4440-a7e3-010614de63d9","block_type":"box","text":"borrower. The Fund will acquire Participations only if the Lender interpositioned between the Fund and the borrower is","page_number":67,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"424dfb7c-a049-480c-8bad-550a72a0fe09","block_type":"box","text":"determined by the Fund’s manager to be creditworthy. When the Fund purchases Assignments from Lenders, the","page_number":67,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"df4dfaac-3509-42d5-b622-57c06cd68943","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterparty’s credit","page_number":67,"box":{"x":70,"y":672,"width":834,"height":11}},{"id":"aaa65e9c-c74d-4e35-90c1-ebe4b442d2d1","block_type":"box","text":"risk. The Funds may enter into Participations and Assignments on a forward commitment or “when-issued” basis,","page_number":67,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"2632fcfa-7be8-4c3c-9777-dd080ae29a47","block_type":"box","text":"whereby a Fund would agree to purchase a Participation or Assignment at set terms in the future. For more","page_number":67,"box":{"x":68,"y":702,"width":764,"height":12}},{"id":"63de8a5d-1a79-48cc-845b-34261fae3910","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":67,"box":{"x":70,"y":717,"width":805,"height":12}},{"id":"d62994f2-167d-43de-913a-f28217983c2c","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":67,"box":{"x":69,"y":733,"width":324,"height":9}},{"id":"d1947df1-14f6-40e5-9451-0cbf7b9a8dfb","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Participations. In certain cases, the market for such","page_number":67,"box":{"x":101,"y":755,"width":782,"height":11}},{"id":"f197c93c-40c3-4d72-909f-56ba6ffef9eb","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":67,"box":{"x":70,"y":770,"width":803,"height":11}},{"id":"b3d669dd-1d23-4cb6-a456-ccbab3aefe21","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":67,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"89e58c5a-7528-4357-b2f3-95bf403156af","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of particular","page_number":67,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"728cf271-e1a1-4945-afd7-afd1e2cab4bb","block_type":"box","text":"Assignments or Participations in response to a specific economic event, such as deterioration in the creditworthiness","page_number":67,"box":{"x":68,"y":816,"width":841,"height":11}},{"id":"e8a250fb-aa56-4af4-aafc-68f74172b029","block_type":"box","text":"of the borrower.","page_number":67,"box":{"x":69,"y":831,"width":111,"height":9}},{"id":"f46e4723-3470-479f-be97-9ef4292159fd","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":67,"box":{"x":102,"y":853,"width":750,"height":12}},{"id":"1a11bab8-ae69-4bb4-a227-7280d3ab20d3","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":67,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"bbca20d0-af6a-45c7-a4e0-a598128c8571","block_type":"box","text":"If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.","page_number":67,"box":{"x":70,"y":884,"width":770,"height":11}},{"id":"4bcaf3cc-7c52-4aab-a596-7016fd3fd721","block_type":"box","text":"II-7","page_number":67,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e02f2bd2-1fd0-40f5-9b17-6f5439412913","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"edac8b10-81bf-48fa-983c-c1ab0877f092","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":68,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"27856bd3-d0e4-4fc3-a537-370f9736e6d0","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":68,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"44b8af95-ec89-4fe4-972f-c0f0f32aa7bb","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":68,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"849dea65-01cd-4b49-b4a8-165662d2743f","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":68,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"5f590461-8f22-44d0-8f32-1ee54d1d8318","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":68,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"9748f915-8941-494f-a3b0-5276c1265eee","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":68,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"6c419ec8-29b6-401a-93c6-2fa0f6cb4846","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":68,"box":{"x":70,"y":136,"width":406,"height":11}},{"id":"b8f47761-a3ce-447c-af28-ec88f5f91b8a","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":68,"box":{"x":101,"y":158,"width":752,"height":11}},{"id":"9001ab44-80e4-41e6-b5c7-4859fc2c56f5","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":68,"box":{"x":69,"y":173,"width":773,"height":11}},{"id":"0730c9fb-3ccf-40f0-a9d8-46489929911b","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, a Fund may hold","page_number":68,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"ff598fda-2105-4955-85d4-fc6093236f79","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":68,"box":{"x":69,"y":203,"width":610,"height":12}},{"id":"9860f4a5-9a46-4597-b53a-7f50ca082efe","block_type":"box","text":"In certain circumstances, Loans may not be deemed to be securities under certain federal securities laws.","page_number":68,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"02af4485-942a-40ce-a553-53bf5bac72cb","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":68,"box":{"x":68,"y":241,"width":784,"height":11}},{"id":"0ed146dc-0c9c-4593-98fc-89b77a7dbfb0","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":68,"box":{"x":70,"y":256,"width":772,"height":11}},{"id":"b83c2a22-73be-41b9-9635-84fdc7d87136","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would","page_number":68,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"0e097e77-9a67-4c50-b0b9-67c0d8177532","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":68,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"46229bc0-ba28-44d9-9065-8e97a315327f","block_type":"box","text":"state law.","page_number":68,"box":{"x":69,"y":302,"width":67,"height":9}},{"id":"fe453b27-4417-4f42-bee2-f4330ffbd178","block_type":"box","text":"Direct Lending.","page_number":68,"box":{"x":102,"y":325,"width":105,"height":11}},{"id":"9110256d-c719-4f42-bf75-ce047ed69b61","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":68,"box":{"x":213,"y":324,"width":660,"height":12}},{"id":"c53a58f0-5829-4cf7-95b7-452c1b580de4","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":68,"box":{"x":69,"y":340,"width":817,"height":11}},{"id":"3d38ae3b-b337-4776-95c1-f70637adac65","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":68,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"9c9bca82-6ec4-4299-bdb6-d755375dc62e","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":68,"box":{"x":69,"y":370,"width":764,"height":11}},{"id":"f3fc9ba0-0a38-4d9e-b97b-06e6ed9c928e","block_type":"box","text":"Furthermore, a direct loan may be secured or unsecured.","page_number":68,"box":{"x":70,"y":385,"width":405,"height":11}},{"id":"bd72436a-80a3-43f3-948f-0872f9bd16fa","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditworthiness of the","page_number":68,"box":{"x":102,"y":407,"width":750,"height":12}},{"id":"255ab0fa-e1a6-4d61-bec4-37109ff8c33f","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":68,"box":{"x":69,"y":423,"width":813,"height":11}},{"id":"8412a199-60e1-4b75-8c06-9e84beecf267","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":68,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"ee130579-3b01-4bf1-ba02-d62be0ade997","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":68,"box":{"x":70,"y":453,"width":818,"height":11}},{"id":"c15a94fb-4d4c-4711-b9fa-3d6f71f4b094","block_type":"box","text":"money on the loan. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain","page_number":68,"box":{"x":69,"y":468,"width":798,"height":11}},{"id":"b9800374-8749-4c14-95e7-9caaf31230d4","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":68,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"273faf3d-bd97-4105-89f5-96665756cc4f","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":68,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"433d1027-372a-4efb-a275-8769295e9d71","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":68,"box":{"x":69,"y":514,"width":301,"height":10}},{"id":"82f5fd0b-8458-4b43-9311-10fa3a0ae2f1","block_type":"box","text":"When engaging in direct lending, the Fund’s performance may depend, in part, on the ability of the Fund to","page_number":68,"box":{"x":101,"y":536,"width":762,"height":11}},{"id":"fd2d0918-ae6b-48a3-afb2-2362fa384dd9","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":68,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"5c3ebacb-e0e4-449d-af9b-08cb0cfdd786","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":68,"box":{"x":70,"y":566,"width":836,"height":11}},{"id":"7a397388-afd0-4330-8e23-e2e008b4d60b","block_type":"box","text":"such loans, which could reduce Fund performance.","page_number":68,"box":{"x":69,"y":581,"width":362,"height":11}},{"id":"a05d2b1f-011c-4a01-9efa-4ff0db27eeb3","block_type":"box","text":"As part of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":68,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"d5871c44-3c20-42a5-a98d-1a724ca69fca","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":68,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"ed8f8987-7067-4f1e-805e-94bfd564e87b","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":68,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"c014c8a7-ca75-437e-8444-7a0588fa0fb5","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":68,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"1fde621b-5b08-4600-ad19-f3b2c1ae1e73","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":68,"box":{"x":68,"y":664,"width":709,"height":12}},{"id":"46b9f795-b13a-467f-8da5-026effb18065","block_type":"box","text":"Credit Linked Securities.","page_number":68,"box":{"x":102,"y":687,"width":179,"height":9}},{"id":"d5dd6a7d-b3d9-462a-b5f7-42e391fbf1e0","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":68,"box":{"x":287,"y":687,"width":596,"height":11}},{"id":"8acc9fb2-d006-4e77-8e11-0d446fed37fa","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":68,"box":{"x":69,"y":703,"width":837,"height":10}},{"id":"5f9e056e-19b3-4864-bac4-36f92b3c234f","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":68,"box":{"x":69,"y":717,"width":823,"height":11}},{"id":"4e1e1343-51e1-4b7a-9e29-de7be7141a2e","block_type":"box","text":"to provide exposure to certain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":68,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"d9c94903-a992-4684-a310-6b9ddb9a6549","block_type":"box","text":"cash management tool in order to gain exposure to a certain market and/or to remain fully invested when more","page_number":68,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"6dcb0bc5-5270-4ce8-ab84-c6688893dea0","block_type":"box","text":"traditional income producing securities are not available.","page_number":68,"box":{"x":68,"y":763,"width":404,"height":11}},{"id":"d06c9a1f-7910-4979-b714-8cc0c7ad910b","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":68,"box":{"x":102,"y":786,"width":804,"height":11}},{"id":"aa59c2fc-f869-4b97-bf88-b8a76f9a48e2","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":68,"box":{"x":70,"y":801,"width":780,"height":11}},{"id":"f417f84a-b377-499d-812f-4b6678d15c21","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":68,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"3f985908-7070-4354-a3fa-2beb9d8023f2","block_type":"box","text":"obligations to, the counterparties to the derivative instruments and other securities in which the issuer invests. For","page_number":68,"box":{"x":69,"y":839,"width":821,"height":11}},{"id":"f18aead4-5f85-4982-a5dd-595f437fa237","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":68,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"670c3cbe-95b1-432b-81ba-1a7787223820","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":68,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"a2d05939-99b5-40ea-b980-0fa0a7a92d58","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":68,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"2c9dc547-ab50-496a-8063-1bbedeb31551","block_type":"box","text":"the issuer would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt","page_number":68,"box":{"x":68,"y":899,"width":807,"height":11}},{"id":"75f53b3a-adcb-447b-b9f0-5bfd9467ce21","block_type":"box","text":"II-8","page_number":68,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"6972a83a-bb78-43e9-9023-0885ccbfc350","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"47a051ce-ff4a-4173-a5b3-d3acbb197191","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":69,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"f55d7835-ffcd-4463-af7f-5ed3dc197e5a","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":69,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"381c6910-65d8-4f0f-92e9-32fa1722d197","block_type":"box","text":"among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and","page_number":69,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"c21fca47-5f59-4088-ba35-79130b19e345","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":69,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"cbfadce7-0b17-43cb-9780-f8bd6cbd8bde","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":69,"box":{"x":68,"y":105,"width":752,"height":11}},{"id":"660c4b8a-c86c-4097-8442-aad20f070a87","block_type":"box","text":"investments.","page_number":69,"box":{"x":70,"y":120,"width":89,"height":9}},{"id":"0f93688b-e672-4f1e-bb14-5dbad2f29a53","block_type":"box","text":"Cyber Security Issues.","page_number":69,"box":{"x":102,"y":143,"width":162,"height":11}},{"id":"3ed2ddfc-913d-48d4-b631-32ab85c26e78","block_type":"box","text":"With the increased use of technologies such as the Internet to conduct business, each","page_number":69,"box":{"x":269,"y":143,"width":620,"height":11}},{"id":"60f0dd1f-cc6b-4e49-a1b8-73ac0b38fc3a","block_type":"box","text":"Fund, Authorized Participants, service providers and the relevant listing exchange are susceptible to operational,","page_number":69,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"d2e4c978-cb73-416b-a7bd-cdd0392c9e4f","block_type":"box","text":"information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional","page_number":69,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"8dbb7834-3a4b-4c83-9667-4609624cf3c6","block_type":"box","text":"events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (","page_number":69,"box":{"x":69,"y":188,"width":721,"height":12}},{"id":"d0810bf0-9d8f-47a6-bb03-f1d96ce2e8ae","block_type":"box","text":"e.g.","page_number":69,"box":{"x":792,"y":190,"width":25,"height":10}},{"id":"5011d866-34bc-4773-a586-ad47abddadf5","block_type":"box","text":", through","page_number":69,"box":{"x":819,"y":188,"width":62,"height":12}},{"id":"c9c3ca46-eda0-4d89-8727-532539270820","block_type":"box","text":"“hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting","page_number":69,"box":{"x":70,"y":203,"width":827,"height":12}},{"id":"90b0e319-1ddf-4fe5-9522-6c76c5b92d3f","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":69,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"e80273a5-3250-4ef3-81c1-ac907c0d6e99","block_type":"box","text":"gaining unauthorized access, such as causing denial-of-service attacks on websites (","page_number":69,"box":{"x":68,"y":234,"width":605,"height":11}},{"id":"538f66e0-4e44-49ab-b69a-4c0ccebaee65","block_type":"box","text":"i.e.","page_number":69,"box":{"x":676,"y":234,"width":20,"height":9}},{"id":"ed63bd89-802e-451b-80e6-4c506da8279b","block_type":"box","text":", efforts to make network","page_number":69,"box":{"x":698,"y":234,"width":181,"height":10}},{"id":"246f460f-cad6-4e42-bafb-087037fa92df","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":69,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"ccfdaf82-2fa5-43fb-b4f0-63b75cc9b07c","block_type":"box","text":"other service providers (including, but not limited to, index providers, Fund accountants, custodians, transfer agents","page_number":69,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"b8b89164-69e6-4d98-a93c-9e25ea8bfd73","block_type":"box","text":"and administrators), market makers, Authorized Participants or the issuers of securities in which the Funds invest,","page_number":69,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"882e7ad6-8457-464f-83ea-76d952e1cab1","block_type":"box","text":"have the ability to cause disruptions and impact business operations, potentially resulting in financial losses,","page_number":69,"box":{"x":69,"y":294,"width":779,"height":11}},{"id":"f47b35d5-eb21-422d-80ef-b3d33c6ee542","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV, disclosure of confidential trading information, impediments to","page_number":69,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"8fa889dc-6970-43ca-a99c-ea5e22b3abb6","block_type":"box","text":"trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of Fund","page_number":69,"box":{"x":68,"y":324,"width":749,"height":12}},{"id":"d7f1fd79-f871-41df-a37e-a2df2abfe64e","block_type":"box","text":"shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,","page_number":69,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"9cfa3832-242b-44c2-a1cf-b6e4442d0a2f","block_type":"box","text":"reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,","page_number":69,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"722abe8a-e3b6-4807-9352-083ee9a022a9","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":69,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"f4482b9c-ae14-492e-aa09-c114c0cd7e61","block_type":"box","text":"established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks,","page_number":69,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"15bda9ae-4df9-4186-8a42-5224c85c686d","block_type":"box","text":"there are inherent limitations in such plans and systems including the possibility that certain risks have not been","page_number":69,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"6a93fb52-62a3-4d88-97a0-64abcfc7d757","block_type":"box","text":"identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by service","page_number":69,"box":{"x":70,"y":415,"width":784,"height":11}},{"id":"0745abf9-3783-4149-afe3-ba8c9c8c7251","block_type":"box","text":"providers to the Funds and issuers in which the Funds invest, market makers or Authorized Participants. The Funds","page_number":69,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"ef559f79-59f0-42cd-b7ee-0411254b3cd7","block_type":"box","text":"and their shareholders could be negatively impacted as a result.","page_number":69,"box":{"x":69,"y":446,"width":457,"height":11}},{"id":"e0db0368-86df-476a-a734-ee63792b1070","block_type":"box","text":"Debt Securities.","page_number":69,"box":{"x":102,"y":468,"width":116,"height":9}},{"id":"51f534ab-29ac-426c-89f6-daf36bec0844","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":69,"box":{"x":225,"y":468,"width":677,"height":10}},{"id":"d58a1ef4-1fd9-4049-9b7c-5e439bd0b138","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":69,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"ee9091e1-32b6-4b1e-964c-e1608de05e54","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":69,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"33565c14-c46b-460c-b287-17a39350276f","block_type":"box","text":"creditworthiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":69,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"3b50a1dc-36af-432e-aa28-802116e187e8","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":69,"box":{"x":69,"y":529,"width":466,"height":8}},{"id":"558bd450-ef1c-4160-ab01-6a34d6f5d6cf","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":69,"box":{"x":101,"y":551,"width":784,"height":11}},{"id":"e2552542-6f75-4d89-8452-91990e584a40","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":69,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"9838080b-6447-44a5-9ac3-a56e12f37739","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":69,"box":{"x":70,"y":581,"width":806,"height":12}},{"id":"649471e2-4dce-4759-afe5-732f2bfe4305","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":69,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"c21e2c70-7bf7-47bb-9085-3746684f01bd","block_type":"box","text":"rates than will the market price of shorter-term debt securities.","page_number":69,"box":{"x":69,"y":612,"width":448,"height":11}},{"id":"a29da9bb-93de-4fcc-9687-c661ebd22dca","block_type":"box","text":"During periods of rising interest rates, the average life of certain fixed-income securities is extended because of","page_number":69,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"5b21649c-1a8b-4cf1-ad48-3ce687dda957","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":69,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"cbd8bc60-b2d3-499b-b457-3269d5b82459","block_type":"box","text":"these fixed-income securities, especially mortgage-related securities, making them more sensitive to changes in","page_number":69,"box":{"x":68,"y":664,"width":801,"height":12}},{"id":"dbbeb0c5-8f5c-4958-97b6-5fff17e14d9d","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":69,"box":{"x":70,"y":680,"width":806,"height":11}},{"id":"3117230b-de9a-4dda-8e9f-b412010d24c1","block_type":"box","text":"lose value. This is known as extension risk.","page_number":69,"box":{"x":70,"y":695,"width":307,"height":9}},{"id":"212372f4-b9e3-41cc-948c-1107419bcab3","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":69,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"181b9ac9-3716-467b-b319-3a4dd5e6d29b","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":69,"box":{"x":70,"y":733,"width":798,"height":11}},{"id":"e9e99afb-da55-4f79-a8bb-55c5b38b0055","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shorter maturities. The Funds are not","page_number":69,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"72eb2731-ac60-469b-81c5-d9a40e9a9bda","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual portfolio securities, and the average","page_number":69,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"ae696f7e-065a-465d-b6ed-02c199548924","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":69,"box":{"x":69,"y":778,"width":259,"height":11}},{"id":"aff202de-6e66-474f-800a-39a4c69ba29e","block_type":"box","text":"Floating and Variable Rate Securities","page_number":69,"box":{"x":102,"y":801,"width":260,"height":11}},{"id":"2c8ad6b6-4020-4d1c-ae50-8315d9434151","block_type":"box","text":". Certain Funds may invest in debt instruments that pay a variable coupon","page_number":69,"box":{"x":364,"y":801,"width":526,"height":11}},{"id":"15929b71-b939-4b7e-b4bf-c5e95b29581c","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":69,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"f5f6aa19-1ece-4222-ad55-2c52d7edc6cc","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":69,"box":{"x":68,"y":831,"width":834,"height":11}},{"id":"45a8b0ee-c5a4-470b-954e-7b1ba441c321","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":69,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"67be6711-7f23-43f8-b35e-af9e9dcba127","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":69,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"b46ec3eb-657d-451c-86b0-75e8d1079f18","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":69,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"39363186-b1e1-4ec6-9ab3-9cbef8a72fbb","block_type":"box","text":"market interest rates.","page_number":69,"box":{"x":69,"y":891,"width":153,"height":9}},{"id":"821a4743-02cc-4ab6-bc93-f13349eb4810","block_type":"box","text":"II-9","page_number":69,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"bed2a248-ad18-4be9-a4fc-3f10311dd867","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6e8507b4-ec47-4a38-89b5-6bc57e486c1d","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":70,"box":{"x":102,"y":45,"width":169,"height":9}},{"id":"0b2d05ff-cbae-4605-96d7-d399ad3f4eb3","block_type":"box","text":"Certain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":70,"box":{"x":278,"y":45,"width":632,"height":11}},{"id":"debe9b3a-8742-4f30-8f6e-383e6c57f3db","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":70,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"8c9515f4-6c3f-4f4f-862d-624c7b10a0db","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":70,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"07236814-0bbb-4366-be7f-aa505449962d","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as part of a semi-annual coupon.","page_number":70,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"8fa58905-4d46-4158-b3c5-9414bf6cd063","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thirty years, although it is","page_number":70,"box":{"x":102,"y":113,"width":792,"height":11}},{"id":"50894d1e-e4ec-40e4-afae-2ca148d0a9b0","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":70,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"24716e5c-a8f4-48f7-a435-3c87fe09a6af","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":70,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"c6e191cf-56b1-454b-838a-98bd09ad6cdf","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":70,"box":{"x":70,"y":157,"width":814,"height":12}},{"id":"5c7df274-6a38-4cac-9a86-1cd068169c65","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":70,"box":{"x":69,"y":172,"width":816,"height":12}},{"id":"1e9025ac-c9e2-423f-89e0-f616baa4bf54","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":70,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"2c096db4-2596-4abd-ab85-a9d39d2539e4","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":70,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"2f83bd7d-8632-420d-aa0e-9322c6615844","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":70,"box":{"x":69,"y":218,"width":610,"height":12}},{"id":"14067141-2a50-4689-b5eb-22e9de76f549","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":70,"box":{"x":102,"y":241,"width":767,"height":11}},{"id":"4e317c9f-0ff9-4db9-b3cb-1902d9666e66","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":70,"box":{"x":69,"y":257,"width":833,"height":10}},{"id":"84a3b553-1905-4c5e-8593-7311bf7c8518","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":70,"box":{"x":70,"y":271,"width":834,"height":12}},{"id":"cbfdd14b-3e71-46fb-ad04-57f4d72fc8f2","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":70,"box":{"x":68,"y":286,"width":795,"height":12}},{"id":"4d48074f-f81b-44af-a5dc-4d7290438404","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Certain Funds may also invest in other","page_number":70,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"75811c4b-92b6-4cb2-8917-4786ae20c073","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":70,"box":{"x":70,"y":317,"width":823,"height":11}},{"id":"b81b95ad-1a15-436f-87dc-0c65b9cf4360","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":70,"box":{"x":68,"y":332,"width":821,"height":11}},{"id":"17ccea6a-a12e-43e8-89b9-00f0e9da993c","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":70,"box":{"x":70,"y":347,"width":792,"height":11}},{"id":"5256fceb-7062-4342-95f6-c61db79dc76f","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":70,"box":{"x":70,"y":362,"width":570,"height":11}},{"id":"1350f8de-77a2-498b-9857-23269a1a05d3","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":70,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"119a35cf-677c-49ea-9a6b-4fce22b98acd","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":70,"box":{"x":70,"y":400,"width":831,"height":11}},{"id":"6e116ffe-eebc-479b-9539-8b3e26bc1eab","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":70,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"c67cc091-8d52-4384-aebd-490357892707","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":70,"box":{"x":70,"y":430,"width":796,"height":11}},{"id":"a1a574b6-cecb-4f86-8640-714594f3fe07","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":70,"box":{"x":70,"y":445,"width":805,"height":12}},{"id":"78165221-36fb-46dd-a164-d1d49eb977ad","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":70,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"ce7f903f-a255-4787-a046-f9d820a375cc","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, short-term increases in","page_number":70,"box":{"x":101,"y":483,"width":788,"height":11}},{"id":"e5e48fe5-6cac-40d8-a268-ce27d463e495","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":70,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"40e18cb4-7ee9-4d9a-a119-9b2a416980fb","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":70,"box":{"x":69,"y":514,"width":784,"height":11}},{"id":"0bc39db1-cf51-4e60-87ad-afe22f7bab2c","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":70,"box":{"x":70,"y":528,"width":403,"height":9}},{"id":"56fd3e36-712c-4833-84f1-fc0e42199d75","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":70,"box":{"x":102,"y":551,"width":746,"height":11}},{"id":"1e70f3d2-51fb-4f09-bb6b-ac543d3a18d0","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":70,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"69cff51d-59db-4fb4-a60e-5cfc91587e07","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":70,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"ae06ef23-09fa-434d-812d-c5231729122c","block_type":"box","text":"food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":70,"box":{"x":68,"y":596,"width":809,"height":12}},{"id":"6c80e3ca-800d-40d2-9655-6aaa49ec04fc","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":70,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"a81fe6fb-1103-4208-aac7-f3b4ba9911a2","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":70,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"6192f1f6-d30e-45f7-a00e-756b1f932ba5","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":70,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"d413a16a-1a5b-44f5-8f45-550e7387bfc0","block_type":"box","text":"United States.","page_number":70,"box":{"x":70,"y":657,"width":99,"height":9}},{"id":"39298fc8-e87e-4bb8-8cfd-423079585022","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":70,"box":{"x":101,"y":680,"width":774,"height":11}},{"id":"2dd6d0ac-2c66-49b0-9c2c-ccbc1b50a394","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":70,"box":{"x":69,"y":695,"width":464,"height":11}},{"id":"287d81d3-19c9-49cf-a3df-319a4080a8f4","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":70,"box":{"x":102,"y":718,"width":252,"height":11}},{"id":"7d9f1531-3542-476c-90a0-cc34342a353a","block_type":"box","text":"Certain Funds may invest in “investment grade securities,” which are","page_number":70,"box":{"x":360,"y":718,"width":493,"height":11}},{"id":"43a85d38-5064-47cd-a8d9-cb2cc4a46928","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":70,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"b4f0648d-088f-4450-a53c-c71fde6723dd","block_type":"box","text":"Manager. Certain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":70,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"7aedd418-95e7-4cb1-b00b-48bad95cb9e1","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":70,"box":{"x":69,"y":763,"width":420,"height":11}},{"id":"28f070a4-3f71-455c-ad89-dcfb9c7388db","block_type":"box","text":"i.e.","page_number":70,"box":{"x":492,"y":763,"width":20,"height":9}},{"id":"3c1162c8-6576-42a2-ad4e-c260764f8ae2","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":70,"box":{"x":514,"y":763,"width":377,"height":11}},{"id":"970ab8f0-21d1-4b90-91d4-4efa0e2cbbcd","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":70,"box":{"x":68,"y":778,"width":829,"height":11}},{"id":"463fd04f-e345-44e4-b9c5-018350fca543","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":70,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"c0bf5ed3-2a3d-4091-a17d-ebc590624c83","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":70,"box":{"x":69,"y":808,"width":763,"height":11}},{"id":"2e61268e-88ee-4d71-868a-da9bc3fe0372","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":70,"box":{"x":70,"y":823,"width":731,"height":12}},{"id":"c891a220-9485-4efc-a3fe-04ae150f16d3","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":70,"box":{"x":102,"y":846,"width":536,"height":11}},{"id":"4b6b5504-1b2a-46f8-b415-1daf793f438b","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":70,"box":{"x":102,"y":869,"width":278,"height":11}},{"id":"7af96f5a-82a0-48e8-a911-4d349c53d7db","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or convertible securities commonly known to investors as","page_number":70,"box":{"x":102,"y":891,"width":767,"height":12}},{"id":"ea53145d-f6e6-4e02-97df-840eb0addbe3","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":70,"box":{"x":70,"y":907,"width":834,"height":11}},{"id":"cb26906f-7ada-471d-bbf0-3f2ccd097166","block_type":"box","text":"II-10","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"970dc9ff-f71b-4b34-93e8-f61d68b524cf","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68b5204c-7543-484c-a354-bb9a14c3f8f7","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and opportunity","page_number":71,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"0e4ebef6-ce4a-445b-bec1-28fd6148b76a","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":71,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"bb776f6b-f1c4-4050-b07f-384c8d012079","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":71,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"d1e58f20-4af5-4ec5-a932-7f7ea2e3cdbc","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":71,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"8ca216f4-5444-4300-86ac-85cabbbd789e","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":71,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"bc1ef4ad-670b-4ec0-bbb4-184dbfe72847","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":71,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"6a68e5e0-e517-43bd-8d56-8c2f9e6c617f","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":71,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"e5cb36b8-02fc-4c56-ae8f-532b2150938b","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":71,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"a47a1cf1-65ab-444c-b3b3-3df7fa167748","block_type":"box","text":"risk than higher rated securities.","page_number":71,"box":{"x":69,"y":166,"width":230,"height":11}},{"id":"721039c2-39b0-4922-a57a-851f02c5687c","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":71,"box":{"x":101,"y":188,"width":447,"height":12}},{"id":"8744f3dd-ed3a-4471-9e01-01d826ee5a12","block_type":"box","text":"•","page_number":71,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"76af45d2-0ac1-4aa0-b5d5-b80f39135699","block_type":"box","text":"Junk bonds may be issued by less creditworthy companies. These securities are vulnerable to adverse changes","page_number":71,"box":{"x":101,"y":209,"width":796,"height":11}},{"id":"731dfec8-09a2-46a4-a9b6-19a57a79916a","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":71,"box":{"x":102,"y":223,"width":792,"height":12}},{"id":"badfcd14-4eb0-4651-ae0c-d2b863a6ea9e","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":71,"box":{"x":102,"y":239,"width":799,"height":11}},{"id":"1fd591eb-344e-42fc-b4c7-1ebd3d30de7b","block_type":"box","text":"unavailability of additional financing.","page_number":71,"box":{"x":102,"y":254,"width":256,"height":11}},{"id":"b669fcbd-96b7-437c-8a3d-0603d2d2ed4a","block_type":"box","text":"•","page_number":71,"box":{"x":69,"y":277,"width":6,"height":4}},{"id":"e7e98679-7765-4baf-b207-de38578be4f3","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":71,"box":{"x":101,"y":274,"width":797,"height":11}},{"id":"da62e882-cde2-434a-b2cf-faf3fcb782ef","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":71,"box":{"x":102,"y":289,"width":804,"height":11}},{"id":"4ca171e8-e343-4afd-ad14-03f341613a46","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":71,"box":{"x":101,"y":304,"width":769,"height":11}},{"id":"7c11913b-836c-43bd-a8dc-e515c4b9bd4f","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":71,"box":{"x":102,"y":319,"width":746,"height":12}},{"id":"0d44a90b-d819-4e6b-a685-92c7a7e0b0e1","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":71,"box":{"x":101,"y":335,"width":432,"height":11}},{"id":"0ebc8cd3-ee33-4ec5-a3fb-150ad23e9e24","block_type":"box","text":"•","page_number":71,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"f9e2e60e-1484-4dc4-995a-b886210436e7","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":71,"box":{"x":101,"y":355,"width":808,"height":11}},{"id":"aa0d8322-6590-4bbd-99ec-bd4ab9c25b15","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":71,"box":{"x":102,"y":370,"width":789,"height":11}},{"id":"159ff252-3d74-4f8e-8841-f14b82defdf5","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":71,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"9478f211-fd88-4108-b111-218c4ab7ea7f","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":71,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"dc4c7031-1323-4625-aac0-faee340b2791","block_type":"box","text":"investors in higher rated securities.","page_number":71,"box":{"x":102,"y":415,"width":249,"height":11}},{"id":"87106a80-3d03-4883-bb0d-25cb393d25dc","block_type":"box","text":"•","page_number":71,"box":{"x":69,"y":438,"width":6,"height":5}},{"id":"5bbac9ee-e4e2-49f1-baf1-e3ddc7d2020c","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":71,"box":{"x":101,"y":435,"width":780,"height":11}},{"id":"74e958c8-1565-4c47-a926-0ade917b09c5","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":71,"box":{"x":102,"y":450,"width":784,"height":11}},{"id":"4e4fa041-bbe5-4918-9525-361dda601aee","block_type":"box","text":"lower yields and may lose income.","page_number":71,"box":{"x":102,"y":466,"width":242,"height":11}},{"id":"06363e3b-218d-4f6e-9d1b-bd63c90b8325","block_type":"box","text":"•","page_number":71,"box":{"x":69,"y":489,"width":6,"height":4}},{"id":"04149573-0679-4407-ad0a-d1992a4059c9","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":71,"box":{"x":102,"y":486,"width":772,"height":11}},{"id":"ecb444cb-934d-433f-a72c-dd6f2f195621","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":71,"box":{"x":101,"y":501,"width":729,"height":11}},{"id":"828198b9-4876-408f-aa48-235afe50cb00","block_type":"box","text":"•","page_number":71,"box":{"x":69,"y":524,"width":6,"height":4}},{"id":"9c9fb3e0-3f7b-4014-9419-4c60d6e0230d","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":71,"box":{"x":101,"y":521,"width":802,"height":11}},{"id":"fc732dbe-151d-4797-bd49-2201fa6b7aa8","block_type":"box","text":"Under certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield","page_number":71,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"658000f2-0e48-46ba-932e-c1bfaaad8e27","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":71,"box":{"x":102,"y":551,"width":805,"height":11}},{"id":"32396f2d-c6ab-4b0a-9ada-759ba7d3ed9a","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":71,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"d53b6026-a721-4f5d-bfbb-c6effc2f0ca1","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":71,"box":{"x":102,"y":581,"width":767,"height":11}},{"id":"f4969628-ec80-4548-9a99-107ae39f8942","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing certain of a Fund’s portfolio securities","page_number":71,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"f7639ab5-1ef3-48da-bb1f-1a545154186a","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":71,"box":{"x":101,"y":612,"width":436,"height":11}},{"id":"1fce85e8-da07-47b6-9154-4a507eb4b989","block_type":"box","text":"•","page_number":71,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"97d7c014-0dfb-404d-a360-8ebbfe44f0ac","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":71,"box":{"x":101,"y":632,"width":763,"height":11}},{"id":"1efd86fe-fc43-4677-976e-d90fdea47879","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":71,"box":{"x":102,"y":647,"width":798,"height":11}},{"id":"a707628b-66b7-4621-8334-0db0070e1264","block_type":"box","text":"participants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":71,"box":{"x":102,"y":662,"width":759,"height":11}},{"id":"17256a1b-bf3a-489c-a13f-b28164cbee7b","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":71,"box":{"x":101,"y":677,"width":798,"height":11}},{"id":"b0643974-c0b1-4134-8757-96926036c8ec","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":71,"box":{"x":101,"y":692,"width":739,"height":11}},{"id":"218812a9-021a-48f7-900f-646d03aa3e2c","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a particular issuer. Under","page_number":71,"box":{"x":101,"y":707,"width":792,"height":12}},{"id":"aa026666-e39f-4313-b2fd-fac34b58ceda","block_type":"box","text":"certain economic and/or market conditions, a Fund may have difficulty disposing of certain high yield securities","page_number":71,"box":{"x":101,"y":722,"width":797,"height":12}},{"id":"4688685d-e9a7-457a-8da1-7ba2f710f7e1","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":71,"box":{"x":101,"y":738,"width":791,"height":11}},{"id":"0ce90a63-8262-459e-ab90-2be7fff02632","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the particular","page_number":71,"box":{"x":102,"y":753,"width":777,"height":11}},{"id":"5721ac48-1806-4768-bbfc-7083bf7b2b7b","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":71,"box":{"x":102,"y":768,"width":788,"height":11}},{"id":"d3d016ed-7ebf-4eb8-bca0-e6425a00f613","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":71,"box":{"x":102,"y":783,"width":797,"height":11}},{"id":"66eb7926-29bf-4b7e-90a3-82499e25c18d","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":71,"box":{"x":102,"y":798,"width":769,"height":11}},{"id":"d82011c2-9299-4f80-add4-27589a12ebed","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":71,"box":{"x":102,"y":813,"width":772,"height":11}},{"id":"d99edcd4-2c59-4375-aef7-5e642ffb595f","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more important","page_number":71,"box":{"x":102,"y":828,"width":801,"height":12}},{"id":"8b877b48-3140-4c85-b96a-2904b1961a95","block_type":"box","text":"role in determining such valuations.","page_number":71,"box":{"x":102,"y":844,"width":252,"height":11}},{"id":"5ddd0344-7354-4930-b42f-81bb1af07a66","block_type":"box","text":"•","page_number":71,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"ccef3535-d35b-4238-b6a2-2d87057a92b7","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":71,"box":{"x":101,"y":863,"width":808,"height":12}},{"id":"05087304-8d4a-471d-9e7f-3d02b4ab4656","block_type":"box","text":"a defaulting issuer.","page_number":71,"box":{"x":102,"y":879,"width":134,"height":11}},{"id":"244aa7b0-a289-4ea0-bc1e-df55fb7afc09","block_type":"box","text":"II-11","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ef9da86b-a84f-4d16-9783-d82cae0bad53","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df5cdc87-36b9-4a1a-99e3-7245c5e4babf","block_type":"box","text":"•","page_number":72,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"9e27d576-af2e-4b19-ba92-88086bcd1456","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":72,"box":{"x":101,"y":45,"width":800,"height":11}},{"id":"2d80e558-b637-4cc5-9f64-4f3f2a3d8d0f","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":72,"box":{"x":102,"y":60,"width":793,"height":11}},{"id":"173c7e64-75f0-4049-93ec-41b083f9993d","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":72,"box":{"x":101,"y":75,"width":808,"height":11}},{"id":"406e6c88-f0a5-44d1-ada7-9a61c931fbf4","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":72,"box":{"x":102,"y":90,"width":756,"height":11}},{"id":"40fad7db-9432-4673-b867-290bfbe55cb8","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":72,"box":{"x":101,"y":105,"width":803,"height":11}},{"id":"7beeba8c-aac5-413f-b2e2-42d1d5eb359c","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":72,"box":{"x":102,"y":120,"width":781,"height":12}},{"id":"c86bd48c-f7d9-444f-a457-a5df4bac4980","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain","page_number":72,"box":{"x":102,"y":135,"width":798,"height":12}},{"id":"fa4065e0-73a7-4b8d-a855-8bfcf0bdb8de","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":72,"box":{"x":101,"y":150,"width":566,"height":12}},{"id":"38b944a0-115c-49cf-a864-bd9498c67f38","block_type":"box","text":"•","page_number":72,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"9f47f131-e5a0-4e06-b899-131f91913508","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":72,"box":{"x":101,"y":171,"width":751,"height":11}},{"id":"fde9b979-0c1b-4a67-ab74-923572bf4fca","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":72,"box":{"x":102,"y":186,"width":786,"height":11}},{"id":"4fa96584-ffcc-4738-a526-0ab5565954a5","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":72,"box":{"x":102,"y":201,"width":782,"height":11}},{"id":"468788a2-6b9a-4d96-8d40-5fa6cc4b7bd8","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser performs its own analysis of the","page_number":72,"box":{"x":102,"y":216,"width":762,"height":11}},{"id":"97e77df4-d8c2-4595-bd08-013d57b6e8a5","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s performance may","page_number":72,"box":{"x":102,"y":231,"width":767,"height":11}},{"id":"905344ba-afb5-471e-a30c-ef3f32294d1e","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":72,"box":{"x":101,"y":246,"width":806,"height":11}},{"id":"1235b93e-05cf-489a-bb82-0e9fae67056d","block_type":"box","text":"higher-rated securities.","page_number":72,"box":{"x":102,"y":262,"width":161,"height":11}},{"id":"f9e87d55-aac5-491f-a647-eed26e477e5e","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":72,"box":{"x":102,"y":284,"width":751,"height":11}},{"id":"25fadb62-106a-4ba9-ab74-9538dc1b1b92","block_type":"box","text":"relating to the creditworthiness of issuers, the ratings and performance of the securities, the protections afforded","page_number":72,"box":{"x":69,"y":299,"width":814,"height":11}},{"id":"44d4ce90-32ed-4ab2-8b2c-02ada1dd2f92","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":72,"box":{"x":68,"y":314,"width":812,"height":12}},{"id":"55c68296-cf06-4ae8-b0d0-49c65f88b643","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":72,"box":{"x":70,"y":329,"width":808,"height":12}},{"id":"cd3710ce-3457-4e14-b096-ed5eeeed5370","block_type":"box","text":"well as in an effort to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":72,"box":{"x":68,"y":344,"width":825,"height":12}},{"id":"2d9da9fb-1ffa-493d-ab4b-17f2b49d2900","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":72,"box":{"x":70,"y":360,"width":779,"height":11}},{"id":"82efdd7f-b40e-4560-98b4-331c87a222a8","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":72,"box":{"x":69,"y":375,"width":451,"height":11}},{"id":"636b098d-3c32-46ad-a8ff-ebcae36ab3ab","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":72,"box":{"x":102,"y":397,"width":782,"height":12}},{"id":"643ee800-3504-494c-aeef-9fcbcf471697","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":72,"box":{"x":68,"y":412,"width":825,"height":12}},{"id":"dd75aab6-e197-409e-b54a-0f724dceef94","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":72,"box":{"x":69,"y":428,"width":328,"height":11}},{"id":"ad344ede-fed1-4244-8215-01f3c650cf88","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":72,"box":{"x":101,"y":450,"width":764,"height":12}},{"id":"2e347981-d320-4ab8-9ca7-59b4c97f2512","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":72,"box":{"x":69,"y":466,"width":455,"height":11}},{"id":"05f02861-b85b-4fa7-b0d9-77e246a38ec0","block_type":"box","text":"Mezzanine Investments.","page_number":72,"box":{"x":102,"y":488,"width":170,"height":9}},{"id":"62951e05-c634-41ae-ac45-b12fbfd9af3f","block_type":"box","text":"Certain Funds, consistent with their restrictions on investing in securities of a specific","page_number":72,"box":{"x":279,"y":488,"width":612,"height":11}},{"id":"a79e22ae-cf19-4234-8ff0-b582112b8df5","block_type":"box","text":"credit quality, may invest in certain high yield securities known as mezzanine investments, which are subordinated","page_number":72,"box":{"x":69,"y":503,"width":813,"height":12}},{"id":"6e8d2fc3-17c7-4cfb-8833-e057ffdfbb76","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":72,"box":{"x":69,"y":519,"width":729,"height":11}},{"id":"0abcfae9-5382-4047-be48-41ef0c62d88a","block_type":"box","text":"e.g.","page_number":72,"box":{"x":800,"y":520,"width":24,"height":10}},{"id":"be4af351-7f4f-474b-aadc-27644ebf67b7","block_type":"box","text":", with","page_number":72,"box":{"x":827,"y":519,"width":36,"height":10}},{"id":"983f29bd-935b-444f-821f-574ddcf9130c","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":72,"box":{"x":69,"y":534,"width":818,"height":11}},{"id":"5ee1c223-ea6f-4166-beaf-c692bcf9ddff","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":72,"box":{"x":69,"y":549,"width":827,"height":11}},{"id":"211431ba-44cf-4d45-bc23-38086f8d699f","block_type":"box","text":"life is significantly shorter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":72,"box":{"x":70,"y":564,"width":813,"height":11}},{"id":"57a85d74-8bdb-467e-921f-d55561cc1c95","block_type":"box","text":"other obligations of the issuer.","page_number":72,"box":{"x":69,"y":579,"width":216,"height":11}},{"id":"5d6e123f-8447-424f-b039-64c6dc5f9e74","block_type":"box","text":"Pay-in-kind Bonds.","page_number":72,"box":{"x":102,"y":602,"width":127,"height":11}},{"id":"f8892c31-e1d8-40a5-973b-fa4ea0bc918e","block_type":"box","text":"Certain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":72,"box":{"x":236,"y":602,"width":615,"height":11}},{"id":"98cd021a-bb85-4945-8303-cb157ac15a57","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":72,"box":{"x":70,"y":617,"width":813,"height":11}},{"id":"700083a0-ba0e-47b1-a501-449d379387ce","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":72,"box":{"x":69,"y":632,"width":820,"height":11}},{"id":"989608c7-02dc-48f7-9392-24c84f7b21bb","block_type":"box","text":"unless a portion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":72,"box":{"x":69,"y":647,"width":784,"height":11}},{"id":"86dd2516-ea44-4eca-9876-2b268d8415bb","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":72,"box":{"x":70,"y":662,"width":783,"height":11}},{"id":"37ed1e36-f1ef-4ab9-af40-9a9128e0a198","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":72,"box":{"x":68,"y":677,"width":790,"height":11}},{"id":"17badaf5-8649-4014-be18-bc5bd40b7e02","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":72,"box":{"x":68,"y":692,"width":831,"height":11}},{"id":"e4617567-3715-4cbe-8ab7-f4d88e8c1374","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":72,"box":{"x":69,"y":707,"width":830,"height":12}},{"id":"33c90844-fe9b-4542-a1fc-6053b066654f","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":72,"box":{"x":68,"y":722,"width":798,"height":12}},{"id":"bdc4408c-3828-4d26-8be1-edf44563fdf7","block_type":"box","text":"securities and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate","page_number":72,"box":{"x":69,"y":738,"width":835,"height":11}},{"id":"cc1d0b77-44a7-4d4e-bebc-a08fc8ba60bc","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":72,"box":{"x":69,"y":753,"width":336,"height":11}},{"id":"d7b94b02-0f05-47c0-b535-5ee7327ff16e","block_type":"box","text":"Supranational Entities.","page_number":72,"box":{"x":102,"y":775,"width":160,"height":11}},{"id":"b9672955-884f-4d9b-86d1-f7a0574ce9ef","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":72,"box":{"x":268,"y":775,"width":629,"height":11}},{"id":"062bca49-398c-40bd-baa5-127921812267","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":72,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"fb30b624-ffd9-452d-90cb-e387f498f845","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":72,"box":{"x":69,"y":806,"width":817,"height":11}},{"id":"6a024444-26d0-43b5-a5f0-0e4aa4653df0","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":72,"box":{"x":70,"y":821,"width":759,"height":11}},{"id":"74b3096c-d6b9-49d5-b8e4-fba404edd54d","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":72,"box":{"x":69,"y":836,"width":836,"height":11}},{"id":"7a2ab97f-b878-48f2-9c9e-3c88d455d90f","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":72,"box":{"x":70,"y":851,"width":772,"height":11}},{"id":"cf441fda-ef57-4b1c-a54c-ce546ccab0f2","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":72,"box":{"x":69,"y":866,"width":830,"height":11}},{"id":"149b2089-b8c3-439a-abea-bbb5021356fb","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":72,"box":{"x":70,"y":881,"width":580,"height":11}},{"id":"4055fcbb-69c7-4d7e-aa40-e67731a543d8","block_type":"box","text":"II-12","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"648a7b77-19a6-464c-a9d2-a6a2663d7e0c","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b9b5e5d-daa8-4db6-a636-3c45d8cf7f8e","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":73,"box":{"x":102,"y":45,"width":334,"height":11}},{"id":"8e6a3ba9-05a1-4f86-9fcb-a53cd06efb11","block_type":"box","text":"Certain Funds may invest in the securities of foreign issuers in","page_number":73,"box":{"x":442,"y":45,"width":446,"height":11}},{"id":"cb9d9446-ab61-4762-a0db-63e18d5d8166","block_type":"box","text":"the form of Depositary Receipts or other securities convertible into securities of foreign issuers. Depositary Receipts","page_number":73,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"ebb8a44c-43aa-48de-a3c9-7d0eaa451df9","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":73,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"0b20c7f9-3699-4bb6-a54a-68534ec392e6","block_type":"box","text":"converted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":73,"box":{"x":69,"y":90,"width":781,"height":11}},{"id":"bdda115f-9173-48ab-8f03-dac094e50f4a","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":73,"box":{"x":70,"y":105,"width":823,"height":11}},{"id":"45b8c069-4f7c-4aed-b567-a84b2a9bf8bd","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":73,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"77fc2c7b-e5a0-4794-a3f2-a4df06bb6eb9","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":73,"box":{"x":70,"y":135,"width":799,"height":12}},{"id":"e2fb1fed-adfa-4096-aa56-5b39d0756299","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":73,"box":{"x":69,"y":150,"width":821,"height":12}},{"id":"95973022-ed2a-4bba-8403-a3527aab684d","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":73,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"52d2b231-2f48-4dfb-b65f-7cd68c14d4de","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":73,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"d72539ab-526b-4cf8-a541-b3b106c2fc4e","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":73,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"31852178-da66-4901-bbf9-302347fca0ff","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank","page_number":73,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"ef685ddc-14f1-4719-8d3e-f76fab81cf43","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":73,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"92e12dd0-2292-4af5-9f83-af825109f1fd","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":73,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"040107f3-aa7f-4ab5-917e-72ec880f5c6d","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":73,"box":{"x":69,"y":257,"width":822,"height":11}},{"id":"72bb5b19-cb0a-4db0-a00e-0e8959ae02b2","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":73,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"08effc9a-53b7-4ad4-a131-31b2b3da1662","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":73,"box":{"x":68,"y":286,"width":827,"height":12}},{"id":"90516ae4-6104-43a6-83e0-ce9486b8a79d","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":73,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"5a4401fb-592d-4edc-9d8e-002455ec4e90","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":73,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"aa4494fb-019a-44c4-8cc7-b1b059fe316f","block_type":"box","text":"into which they may be converted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":73,"box":{"x":70,"y":332,"width":737,"height":11}},{"id":"3acc511d-a1df-4b84-8f66-060f58bea82a","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":73,"box":{"x":69,"y":347,"width":449,"height":11}},{"id":"544c036c-dc46-4618-a200-5be41e3acfd2","block_type":"box","text":"Derivatives.","page_number":73,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"f1840bf2-602e-483d-bdeb-e6a141d652c8","block_type":"box","text":"General.","page_number":73,"box":{"x":102,"y":392,"width":58,"height":9}},{"id":"ed959a54-f58c-4909-bda9-c10c0c9065a5","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":73,"box":{"x":167,"y":392,"width":725,"height":12}},{"id":"647978fd-5f4d-4d55-b134-79cd8cd3f9e4","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":73,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"9d7ffe2d-1b14-415e-946b-ac3f281c330a","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":73,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"341f812b-4903-45f0-b242-229e76b9778e","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":73,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"c42fcb36-f2d3-452f-8198-c09b179fbd9b","block_type":"box","text":"other transactions. Certain Funds may use derivatives to maintain a portion of their long and short positions. Unless","page_number":73,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"d4c24d66-7f24-4eb5-bf63-5ebf4ab079e7","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":73,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"2c59030c-cb5c-4ba1-8361-a1ec000a09da","block_type":"box","text":"investment restrictions from purchasing directly. As described below, derivatives can be used for hedging or","page_number":73,"box":{"x":70,"y":483,"width":765,"height":11}},{"id":"feabc4c7-f752-4759-bf71-d16676b96b74","block_type":"box","text":"speculative purposes. Funds will engage in transaction-level payment netting,","page_number":73,"box":{"x":69,"y":498,"width":549,"height":11}},{"id":"d623c86f-a701-46f3-b5bd-6235d58f0273","block_type":"box","text":"i.e.","page_number":73,"box":{"x":625,"y":498,"width":20,"height":9}},{"id":"b0ff1ba5-c6b2-420d-bf4b-18e10c7a3a86","block_type":"box","text":", the payment obligations of","page_number":73,"box":{"x":648,"y":498,"width":198,"height":11}},{"id":"c42afc7e-83c8-410e-a0a1-367a45ea1959","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":73,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"9c655873-8578-4024-a0e8-7bf4dc7eac0c","block_type":"box","text":"net amount of the two payment streams.","page_number":73,"box":{"x":69,"y":528,"width":289,"height":12}},{"id":"76c2e15e-2a30-4c0a-9d63-b9e7c8cf1f06","block_type":"box","text":"Hedging.","page_number":73,"box":{"x":102,"y":551,"width":60,"height":11}},{"id":"5673e36b-435d-465b-9a42-150c89e14d83","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":73,"box":{"x":169,"y":551,"width":717,"height":11}},{"id":"9c069346-97b8-406f-a455-e429701f7c92","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":73,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"f8833ed2-d604-44c1-a208-52c0ce23354f","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":73,"box":{"x":69,"y":582,"width":834,"height":11}},{"id":"51f630b8-73b8-4736-9bb6-2e6117e40675","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":73,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"bf259a45-6444-4e98-8fd7-f85c4ff625d1","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":73,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"2c04f32b-4ee5-4d9b-bfa4-2e5beefb758e","block_type":"box","text":"correlation risk,","page_number":73,"box":{"x":69,"y":627,"width":109,"height":10}},{"id":"443c6c64-a683-446c-b0c7-609dea4fb396","block_type":"box","text":"i.e.","page_number":73,"box":{"x":186,"y":627,"width":20,"height":9}},{"id":"b9ec95c7-2804-406a-81ec-c9d8024a6c46","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":73,"box":{"x":209,"y":627,"width":669,"height":11}},{"id":"a534a58b-1b4e-4721-9ea4-176693cad419","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":73,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"ad8c3897-d95c-4934-aeac-4744c516a131","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":73,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"bbb68f12-4925-4f8a-969f-6edfac28648d","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":73,"box":{"x":69,"y":672,"width":434,"height":11}},{"id":"f7386bde-2a9f-46c3-8497-9ceb4c45555c","block_type":"box","text":"Speculation.","page_number":73,"box":{"x":102,"y":695,"width":86,"height":11}},{"id":"229007c7-c68c-4f08-9b00-3bb845af3fc9","block_type":"box","text":"Certain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":73,"box":{"x":195,"y":695,"width":694,"height":11}},{"id":"f7d8b2f1-bfae-4750-867c-fea3624ff7ed","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":73,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"595eb18c-dff0-4b8e-a981-2e75a4ee1894","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":73,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"5e3ebdae-523f-445e-97c2-71ff8999ae38","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":73,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"ee4c4b5c-6e3a-4181-ba61-6615c064ab51","block_type":"box","text":"in certain cases may be unlimited.","page_number":73,"box":{"x":70,"y":755,"width":243,"height":11}},{"id":"5d5d38a7-c50f-4294-a437-0b4ed7dbea2b","block_type":"box","text":"Regulation of Derivatives.","page_number":73,"box":{"x":102,"y":778,"width":180,"height":11}},{"id":"a9c7f5bb-7faf-4e10-8bb0-60546d08e340","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":73,"box":{"x":102,"y":801,"width":333,"height":11}},{"id":"cd3b8ab6-6614-4b3f-8733-afce67eacf80","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":73,"box":{"x":442,"y":801,"width":458,"height":11}},{"id":"2998a556-916c-41f2-8f23-44d8bdf5c135","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions","page_number":73,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"b8f5d00b-a1b2-4ded-8457-68e7d146d62c","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":73,"box":{"x":69,"y":831,"width":759,"height":11}},{"id":"e1170ce0-3b29-45fc-871c-a9059d6b60e3","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":73,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"ba2ddd56-1b57-4763-9fad-31bfb18d6f0f","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":73,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"311bf78a-73a4-4bef-81a9-025c4f8f2d10","block_type":"box","text":"coverage”).","page_number":73,"box":{"x":69,"y":876,"width":79,"height":11}},{"id":"9d5b1687-35a8-4d96-a876-0d315aea2198","block_type":"box","text":"II-13","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"271bdb4a-86b0-44e4-9604-657cce123dbc","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7db7ac3b-7b0f-454d-ae0b-6b8bf5c7b5ca","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":74,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"f8bb18d5-b9fa-4895-b954-d1e9f2f12146","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":74,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"af956262-10ed-472d-8a7a-d3d36d54b375","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":74,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"244afb56-bd02-461a-bbae-6844b992a424","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":74,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"b51b0f77-cefd-4ab4-96bb-49aadb3261e2","block_type":"box","text":"settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar","page_number":74,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"aa555aab-33a3-4737-902c-ad01b07dfcad","block_type":"box","text":"financing transactions (","page_number":74,"box":{"x":68,"y":120,"width":166,"height":12}},{"id":"3ce5b162-a5d8-4adb-b905-5462817513ef","block_type":"box","text":"e.g.","page_number":74,"box":{"x":236,"y":122,"width":25,"height":10}},{"id":"ca75c0bf-ae56-426e-a936-1ecdda7e46eb","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":74,"box":{"x":263,"y":120,"width":646,"height":11}},{"id":"21e8b4cc-1670-4341-b20d-1cdd6dc3923e","block_type":"box","text":"treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":74,"box":{"x":68,"y":135,"width":785,"height":12}},{"id":"29dd39af-7ba6-4967-89a9-3c5a9631246d","block_type":"box","text":"securities (","page_number":74,"box":{"x":69,"y":151,"width":78,"height":10}},{"id":"a7eae8ea-c293-4de3-a36c-a0c9c27d2647","block_type":"box","text":"e.g.","page_number":74,"box":{"x":148,"y":152,"width":25,"height":10}},{"id":"112398b7-8fdc-4e2a-95dd-7fe7a611098d","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":74,"box":{"x":176,"y":150,"width":704,"height":12}},{"id":"861fbc60-3737-42a4-8b14-9f9291048760","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":74,"box":{"x":69,"y":166,"width":796,"height":11}},{"id":"2c2d87cc-65d3-46c2-a73d-fcb7d5b81109","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":74,"box":{"x":69,"y":181,"width":732,"height":11}},{"id":"76d79b27-91c7-4cbf-8d6d-42e961f68247","block_type":"box","text":"Commitments”).","page_number":74,"box":{"x":69,"y":196,"width":115,"height":11}},{"id":"141340f2-b66d-40e6-9577-ce69a9e13f38","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":74,"box":{"x":102,"y":218,"width":805,"height":12}},{"id":"98f228c8-13db-4336-b380-ea54f2d00c39","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":74,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"268e9736-54e0-4b3b-989a-e446aaba307d","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":74,"box":{"x":70,"y":249,"width":808,"height":11}},{"id":"edc104f9-23c8-4fe2-bf4b-b0b7b379678d","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":74,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"175f1af3-bc4b-4f48-8797-e9396c9b90ce","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":74,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"724be805-c45a-4ef8-9fbf-f0a555f5d1a1","block_type":"box","text":"and periodically reviews the DRMP and reports to the Fund’s Board.","page_number":74,"box":{"x":69,"y":294,"width":482,"height":11}},{"id":"46020644-e24c-48bd-905a-35b6e4ccddcb","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s","page_number":74,"box":{"x":102,"y":317,"width":724,"height":11}},{"id":"634c04eb-4cd2-41bf-8078-bd4c4e5ccfa3","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":74,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"411d8cf5-4963-4555-aef1-a26b9608105e","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":74,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"6f10a109-ddba-4898-a1e0-06af3159aab4","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":74,"box":{"x":70,"y":362,"width":268,"height":11}},{"id":"17bb7372-b0d9-4ce4-9ec2-2d2bbb7bd676","block_type":"box","text":"Dodd-Frank Regulations.","page_number":74,"box":{"x":102,"y":385,"width":171,"height":11}},{"id":"fc8270e8-7cd0-4497-adb3-df1965d7b15b","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":74,"box":{"x":279,"y":385,"width":575,"height":11}},{"id":"27f239df-69c1-4381-93fe-442eaf98e130","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":74,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"2a5bf1a8-601c-4c10-acc2-d913b13e5230","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":74,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"9c0000af-8053-4295-a474-bb091314aefa","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, certain regulations have only recently become effective and","page_number":74,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"af265ebc-0139-4fae-b81c-987a486436a8","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncertain.","page_number":74,"box":{"x":69,"y":445,"width":733,"height":12}},{"id":"fd3b47ee-b03c-4f80-bac4-7507b3080cca","block_type":"box","text":"OTC derivatives dealers are now required to register with the CFTC as “swap dealers” and will ultimately be","page_number":74,"box":{"x":102,"y":468,"width":763,"height":11}},{"id":"1ab8bf9c-41fe-45de-843a-169f7dc267c2","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers are subject to various","page_number":74,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"5a37b052-5662-4220-b0a1-e75407e76083","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, reporting, transparency, position limits,","page_number":74,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"7392d3a4-7b3c-4f88-81e3-5fd8d9da2495","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":74,"box":{"x":70,"y":513,"width":826,"height":12}},{"id":"a81ef882-7f02-4fa8-96c8-2172949aeb8d","block_type":"box","text":"requirements.","page_number":74,"box":{"x":69,"y":529,"width":97,"height":10}},{"id":"e27d1f0b-1371-4b61-8ddd-1e7f9a69a777","block_type":"box","text":"The CFTC requires that certain interest rate swaps and certain credit default swaps must be executed in","page_number":74,"box":{"x":101,"y":551,"width":745,"height":11}},{"id":"ce002487-5cd0-41c5-9345-f10c836080cc","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":74,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"297565d9-7b08-4f1d-9240-a5eaa326aa39","block_type":"box","text":"similar requirements on certain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":74,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"f0c69765-3126-43ba-ad6c-db4286f47540","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":74,"box":{"x":69,"y":597,"width":837,"height":11}},{"id":"f407e193-1506-40cb-98f8-33878192abee","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":74,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"689cddae-9538-4595-b66b-4273fc80b874","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":74,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"8093316a-4934-4b33-a3ff-5873838936be","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":74,"box":{"x":69,"y":642,"width":770,"height":11}},{"id":"d43a6ce9-a41b-410c-b262-007db0d71b18","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":74,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"81c10873-90d2-4dfd-aa55-941390e90181","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":74,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"98c3462d-b870-42dd-99f7-4e6b782aa009","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering certain investment strategies impossible or","page_number":74,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"fce9b460-c23b-4854-b564-fc47757c96b0","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":74,"box":{"x":69,"y":702,"width":814,"height":11}},{"id":"5074bf1a-b453-4016-91c4-b72b5d6637e4","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":74,"box":{"x":68,"y":717,"width":796,"height":12}},{"id":"bb8e87a8-a5d9-4f90-95b5-76aeda6286b8","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":74,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"5379e6a7-c4af-4df3-aaff-8a6c4d9219c5","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":74,"box":{"x":69,"y":748,"width":370,"height":11}},{"id":"bd2d4330-de2a-4280-9a10-7adceb2e56ff","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":74,"box":{"x":101,"y":770,"width":766,"height":11}},{"id":"e84389a8-0bba-44b0-8df9-fb8e17bd8f70","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":74,"box":{"x":69,"y":786,"width":826,"height":11}},{"id":"5e61dac6-79e6-4343-8a20-7a7a6cacf84a","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":74,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"03d2c42f-3f90-4ce5-a7a6-ae03efddfe6b","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":74,"box":{"x":70,"y":816,"width":791,"height":11}},{"id":"42b64e1c-8d70-4d70-b358-5804b5534a24","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":74,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"1be1cc86-d2cb-44ae-a19a-8b09992ab5cc","block_type":"box","text":"member.","page_number":74,"box":{"x":69,"y":846,"width":60,"height":9}},{"id":"970d24f5-b4f8-4970-9a89-87e0f1c1bd33","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":74,"box":{"x":102,"y":869,"width":782,"height":11}},{"id":"4414e003-c730-4f6c-862e-c72722a888dd","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":74,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"42da16b7-5115-42b2-9a1c-225a5625a1ba","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":74,"box":{"x":68,"y":899,"width":818,"height":11}},{"id":"e6f2454e-bf1f-4e12-abb5-583ba33c89d2","block_type":"box","text":"II-14","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a83c2dd8-da8e-442e-81ab-5bae4f510a32","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6580ce25-f3c6-44bf-8361-71f18f84eaac","block_type":"box","text":"clearinghouse requirements, and certain clearinghouses may share a portion of their earnings on initial margin with","page_number":75,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"f1bbcc5b-1ba7-4982-83f3-507cafe863aa","block_type":"box","text":"their clearing members, some portion of the initial margin that is passed through to the clearinghouse does not","page_number":75,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"de995bf5-8e39-47d6-9873-a6981ba4b678","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":75,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"4143896a-e877-4f1b-890c-e4ca20d2bbc4","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":75,"box":{"x":69,"y":90,"width":806,"height":11}},{"id":"8bea5491-cd82-419e-8df5-06fea2c1e728","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":75,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"971e99e6-10dc-4acb-8d15-6a28f8927c56","block_type":"box","text":"derivatives. Furthermore, customers, including the Funds, are subject to additional fees payable to FCMs with respect","page_number":75,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"59e283d8-0022-4da1-b095-3d7124e91537","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":75,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"8e8ed02f-dfca-4b4f-8afe-4fb0bf30c68b","block_type":"box","text":"derivatives bilaterally.","page_number":75,"box":{"x":69,"y":151,"width":151,"height":11}},{"id":"e1f22f36-f02b-445c-ab3d-f6442af2ed50","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":75,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"f5b30b07-dde9-41b7-98ef-46b360159e4c","block_type":"box","text":"required by applicable regulations to collect initial margin from a Fund. Both initial and variation margin may be","page_number":75,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"992188c2-ba54-45b6-996c-3b641efcb6a5","block_type":"box","text":"comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies","page_number":75,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"b6eb702f-0c69-41ce-8e7f-d21967b25899","block_type":"box","text":"(other than certain money market funds) may not be posted as collateral under applicable regulations.","page_number":75,"box":{"x":69,"y":218,"width":728,"height":12}},{"id":"2ef74033-ce34-4173-a70e-fce68f0cd8f9","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits on the maximum net long or net short speculative","page_number":75,"box":{"x":101,"y":241,"width":799,"height":11}},{"id":"90e1adf4-b6b0-4417-af9f-3bc7ac0ec1cb","block_type":"box","text":"positions that any person may hold or control in any particular futures or options contracts traded on U.S.","page_number":75,"box":{"x":70,"y":256,"width":751,"height":11}},{"id":"0dfb3fff-a1dc-432e-985d-eff9548ff2d2","block_type":"box","text":"commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of","page_number":75,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"2baf874b-d6f9-4c2d-8661-59265d36c523","block_type":"box","text":"agricultural commodities (","page_number":75,"box":{"x":69,"y":287,"width":183,"height":11}},{"id":"358f0078-780d-4346-8429-ee625b009b2d","block_type":"box","text":"e.g.","page_number":75,"box":{"x":254,"y":288,"width":24,"height":10}},{"id":"12942981-5673-46e7-a7a1-503085f3e5ff","block_type":"box","text":", corn, oats, wheat, soybeans and cotton) and United States commodities exchanges","page_number":75,"box":{"x":281,"y":287,"width":606,"height":11}},{"id":"8aa0d194-a6ac-4dce-9af8-ae41965b61bb","block_type":"box","text":"currently impose speculative position limits on many other commodities. A Fund could be required to liquidate","page_number":75,"box":{"x":69,"y":302,"width":783,"height":11}},{"id":"60617eb8-d617-4636-bd29-9918ff879695","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":75,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"862442ff-fb37-44c0-a30e-26f29664d912","block_type":"box","text":"generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation","page_number":75,"box":{"x":68,"y":332,"width":840,"height":11}},{"id":"b2d6c28a-f048-46f8-9b9e-f3296a30d207","block_type":"box","text":"could result in substantial costs to a Fund.","page_number":75,"box":{"x":69,"y":347,"width":304,"height":9}},{"id":"fa2363b2-026a-490b-9bc7-23be2d81263c","block_type":"box","text":"Dodd-Frank significantly expanded the CFTC’s authority to impose position limits with respect to agricultural","page_number":75,"box":{"x":102,"y":370,"width":763,"height":11}},{"id":"55a1de81-4213-4213-b701-019a54e480d3","block_type":"box","text":"commodities and other physical commodity futures contracts, options on these futures contracts and economically","page_number":75,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"d12a6895-4f26-4aa7-8d59-182b74934aa9","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":75,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"69ea32a3-2676-48d4-b704-ae72de106cfb","block_type":"box","text":"agricultural commodities and other physical commodity futures contracts, options on these futures contracts (“core","page_number":75,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"95f8b968-895e-4394-8fe8-360134cc2a71","block_type":"box","text":"referenced futures contracts”) and economically equivalent swaps. An economically equivalent swap is a swap with","page_number":75,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"95d2aace-944b-435b-a0de-61a5aebf4f4e","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract, disregarding","page_number":75,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"36bf67e5-67e1-4181-a1f0-84214889ee52","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":75,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"9a8f02e9-0060-49da-a827-087369906e58","block_type":"box","text":"management arrangements and (3) delivery dates for physically-settled swaps as long as these delivery dates","page_number":75,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"36eee78e-601a-46bb-b96b-d7b1298326d8","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":75,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"e68934d8-be19-4149-b3b8-798b184e2926","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":75,"box":{"x":69,"y":506,"width":838,"height":11}},{"id":"2b7d1917-c3ec-4fcb-8672-19a0680a0e81","block_type":"box","text":"and a physically-settled swap could only be deemed to be economically equivalent to a physically-settled referenced","page_number":75,"box":{"x":69,"y":521,"width":823,"height":11}},{"id":"06a20bf4-78bd-447d-8924-3a5f573323f5","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":75,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"e2897635-2f98-4b6e-9cc4-d63e066896d1","block_type":"box","text":"there was no corresponding cash-settled core referenced futures contract could subsequently become an","page_number":75,"box":{"x":68,"y":551,"width":751,"height":11}},{"id":"a35ec991-87c9-4b58-a888-74697ec8713e","block_type":"box","text":"economically equivalent swap if a cash-settled futures contract market were to subsequently be developed. The","page_number":75,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"1e062b69-4101-467e-b929-12bdf57e0ad6","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":75,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"9eeab132-5e0b-4f8b-bbc8-6b1d44a84478","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":75,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"d37ff8d3-7687-4792-b829-06f27e247956","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":75,"box":{"x":70,"y":612,"width":810,"height":11}},{"id":"0166a692-1ff8-438f-a139-9c02bb1107b8","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":75,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"d6040d5c-d413-49f8-9d61-cd48a1add4ef","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":75,"box":{"x":69,"y":642,"width":783,"height":11}},{"id":"fd3ab571-03f6-4677-85a9-eb5bb1b19c3b","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or","page_number":75,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"3fefbac3-5134-41b8-9ed3-251697a88925","block_type":"box","text":"merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or","page_number":75,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"587df042-ee8f-4cf7-b375-3de8bb669fc7","block_type":"box","text":"purchases, or anticipates providing or purchasing. The CFTC’s new position rules set forth a list of enumerated bona","page_number":75,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"a4949e51-2e78-40cf-95bb-0f6173546ad9","block_type":"box","text":"fide hedges for which a market participant is not required to request prior approval from the CFTC in order to hold a","page_number":75,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"f81dd4a3-8462-4e13-a87a-635ea8e5abb3","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market participant holding an enumerated bona","page_number":75,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"c4ec3a00-2744-4f85-a548-52e614c44fe5","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":75,"box":{"x":68,"y":732,"width":829,"height":12}},{"id":"48a1ab66-5fdf-4e6b-8d6a-d54008674f38","block_type":"box","text":"non-enumerated bona fide hedge positions, a market participant may request CFTC approval which must be granted","page_number":75,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"0197b77d-474d-400c-823d-9972b4ff7ad0","block_type":"box","text":"prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen","page_number":75,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"3fcdee40-d874-4774-8c69-09ec0fade343","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":75,"box":{"x":70,"y":778,"width":834,"height":11}},{"id":"81754c1b-6df7-4e53-ab05-67219c9afba2","block_type":"box","text":"the market participant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative","page_number":75,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"173472b8-26e3-451e-9a35-f9bec14f8f53","block_type":"box","text":"position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically","page_number":75,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"06b429fd-60b1-43ea-89de-bfccbb17815a","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":75,"box":{"x":69,"y":823,"width":820,"height":11}},{"id":"2c3f82d7-a4ea-4ea0-9f73-af0d7461a77c","block_type":"box","text":"restrict the ability of many market participants to trade in the commodities markets to the same extent as they have","page_number":75,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"4cd7e061-3fdf-4719-992d-87135f6001af","block_type":"box","text":"in the past. These rules may, among other things, reduce liquidity, increase market volatility, limit the size and","page_number":75,"box":{"x":70,"y":854,"width":783,"height":11}},{"id":"c5a521bb-2517-423a-a3d7-e585d06a747b","block_type":"box","text":"duration of positions available to market participants, and increase costs in these markets, which could adversely","page_number":75,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"680e20d4-a18b-4c88-9dca-5997d0fca2e2","block_type":"box","text":"affect a Fund.","page_number":75,"box":{"x":69,"y":884,"width":97,"height":9}},{"id":"f6fcde82-152e-4aae-a3b4-52abd83c21d2","block_type":"box","text":"II-15","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"39dea46a-6465-47d4-9e63-f6f5312eb0e9","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4ced5238-72dc-4220-a146-4bc5b8d9c451","block_type":"box","text":"These new regulations and the resulting increased costs and regulatory oversight requirements may result in","page_number":76,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"9d94bfdc-8ac8-49a8-aa61-415a0b897fa3","block_type":"box","text":"market participants being required or deciding to limit their trading activities, which could lead to decreased market","page_number":76,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"81725580-4bf0-4f2f-8104-90fd8254e1e3","block_type":"box","text":"liquidity and increased market volatility. In addition, transaction costs incurred by market participants are likely to be","page_number":76,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"762a98d1-a235-4b17-a4e3-0f426873e533","block_type":"box","text":"higher due to the increased costs of compliance with the new regulations. These consequences could adversely","page_number":76,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"7aee09f0-b78d-4977-9221-ce97ddb75def","block_type":"box","text":"affect a Fund’s returns.","page_number":76,"box":{"x":69,"y":105,"width":167,"height":9}},{"id":"70dced57-a152-4153-bae8-d8d86dba415c","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":76,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"a05a929d-a397-4955-af41-e116a439ca9d","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":76,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"080fee86-a8c1-4f2a-ad02-b7d1db545712","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":76,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"5f9910e5-22aa-4347-94e0-0dff436eb931","block_type":"box","text":"participating in, or otherwise adversely impact the liquidity of, participating in the commodities markets. For example,","page_number":76,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"0a182fb1-9a67-4b16-9bac-b2f950430dec","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced certain","page_number":76,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"545b0747-3856-49eb-bbd4-26f0564884b5","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":76,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"350b0a5a-af99-4f71-abae-02073c7a7579","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":76,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"2811e625-3b7c-464e-b1ab-dcd6f067e8db","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) reporting and recordkeeping","page_number":76,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"83ab4f98-6622-45e2-b504-e9858addabea","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of further example, the European Union Markets in","page_number":76,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"06640fc3-7d7d-4c4b-8c26-b66e7a349198","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":76,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"1568887d-b62d-4963-aa59-dcad8cbf2724","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":76,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"4e360ba1-59d4-484c-85ca-490ea1a14037","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":76,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"18b1b77b-6239-4a13-baa2-fc8eea27394e","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In particular, MiFID II requires European Union","page_number":76,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"d70c1d1f-cdd9-47fb-8796-ada5c9d171db","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":76,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"9e7f1a84-08cf-4ebf-a859-b38add9c0471","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":76,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"78449079-177f-4149-91a2-54f8b048752c","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":76,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"04f8df6c-9771-444d-b32c-f122614ca72e","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require certain prudentially","page_number":76,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"6d4588b3-0603-48fb-b826-5ecef847716f","block_type":"box","text":"regulated entities and certain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":76,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"3527086f-19eb-4921-894f-0f8c9755944d","block_type":"box","text":"derivatives contracts and certain other financial contracts, terms that delay or restrict the rights of counterparties","page_number":76,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"f0abd7ba-23db-46cf-818b-b7f3f11d4001","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":76,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"54b59073-f486-4dcc-ab47-d3211b3572ea","block_type":"box","text":"transfers of credit support in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":76,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"8fd9f28d-facb-4449-b752-18611040dd12","block_type":"box","text":"certain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":76,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"5d9fddb9-4123-4a67-9fc8-20fbd928dd6e","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterparties located in those jurisdictions. It is possible that these new","page_number":76,"box":{"x":67,"y":453,"width":813,"height":11}},{"id":"4b8f8011-b582-451e-aa4b-38560ef19e30","block_type":"box","text":"requirements, as well as potential additional related government regulation, could adversely affect a Fund’s ability to","page_number":76,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"50e532dd-77e2-42cb-91e2-d30f18e4532f","block_type":"box","text":"terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral","page_number":76,"box":{"x":68,"y":483,"width":779,"height":11}},{"id":"cc0de5cd-4a5a-4707-a92c-c98c0ede13b2","block_type":"box","text":"received under such contracts.","page_number":76,"box":{"x":69,"y":498,"width":217,"height":9}},{"id":"004e03f7-5ccf-4fdc-bb26-d196bb6b0c79","block_type":"box","text":"Risk Factors in Derivatives.","page_number":76,"box":{"x":102,"y":521,"width":191,"height":9}},{"id":"d1c14e27-deb4-471f-8ac0-e00b521e8c3c","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":76,"box":{"x":101,"y":543,"width":597,"height":12}},{"id":"89f90f5a-bd7a-4ac8-9dda-b270bf2be0b7","block_type":"box","text":"Correlation Risk","page_number":76,"box":{"x":102,"y":566,"width":114,"height":9}},{"id":"858b37f7-f8b9-41fd-a8b1-eba4d96f8ca9","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":76,"box":{"x":220,"y":566,"width":668,"height":11}},{"id":"6ace1c47-8737-469d-8fb8-ed0b40772d3d","block_type":"box","text":"the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure.","page_number":76,"box":{"x":68,"y":581,"width":837,"height":12}},{"id":"eef5568f-b76b-4f30-a2d4-239837784175","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":76,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"90f7b6c7-103e-4142-acfa-20855340f350","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":76,"box":{"x":70,"y":612,"width":806,"height":11}},{"id":"0b8fe0bd-a923-4eb6-97d0-e994e411fb8c","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":76,"box":{"x":69,"y":627,"width":725,"height":11}},{"id":"a19be2e1-0ead-463b-8b27-d7ca5ba09319","block_type":"box","text":"Counterpar ty Risk","page_number":76,"box":{"x":102,"y":649,"width":128,"height":12}},{"id":"9f0ee735-4757-403b-b0a1-8e0b8a826c06","block_type":"box","text":"— the risk that a derivatives transaction counterparty will be unable or unwilling to make","page_number":76,"box":{"x":233,"y":650,"width":632,"height":11}},{"id":"ae493ee9-5d05-479f-97bc-ef759566e1c3","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":76,"box":{"x":70,"y":664,"width":830,"height":12}},{"id":"8a716ff0-e2e5-4a04-8367-9732f206728a","block_type":"box","text":"a counterparty. In particular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":76,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"802c7343-172a-4786-8cb0-f9b44b5c76e1","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":76,"box":{"x":69,"y":695,"width":834,"height":11}},{"id":"972366c3-4c35-4d71-9cb0-293133f22cd6","block_type":"box","text":"instruments or has deposited collateral with its counterparties the Fund is at risk that its counterparties will become","page_number":76,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"aa6c0016-6fa9-4855-82ee-4913136b6588","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterparty risk by","page_number":76,"box":{"x":69,"y":725,"width":806,"height":11}},{"id":"8158bd31-096c-4a14-a291-ffb6811abfef","block_type":"box","text":"engaging in OTC derivatives transactions only with creditworthy entities that have substantial capital or that have","page_number":76,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"c7ec7420-00f7-4210-91ff-962de4be9c05","block_type":"box","text":"provided the Fund with a third-party guaranty or other credit support.","page_number":76,"box":{"x":70,"y":755,"width":485,"height":11}},{"id":"a013be8a-5972-4ba3-8588-f8eee5bd32df","block_type":"box","text":"Credit Risk","page_number":76,"box":{"x":102,"y":778,"width":78,"height":9}},{"id":"9525d705-d813-4a5f-a07a-146d77d1991f","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":76,"box":{"x":184,"y":778,"width":698,"height":11}},{"id":"ac411432-f4a8-4254-83b9-bf68c954e8d8","block_type":"box","text":"honor its financial obligations.","page_number":76,"box":{"x":69,"y":793,"width":213,"height":11}},{"id":"b8687cca-6e36-4944-b62f-b7234501a17e","block_type":"box","text":"Currency Risk","page_number":76,"box":{"x":102,"y":816,"width":98,"height":11}},{"id":"16c19743-bce0-48a0-ba08-918d423523e7","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":76,"box":{"x":204,"y":816,"width":669,"height":11}},{"id":"40213c0f-6ccd-4d97-8ecd-9a7432ec0214","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":76,"box":{"x":68,"y":831,"width":300,"height":11}},{"id":"938ca830-d5fb-488b-9019-18b1cb636da9","block_type":"box","text":"Illiquidity Risk","page_number":76,"box":{"x":102,"y":854,"width":98,"height":11}},{"id":"eb68b487-add5-4c1b-a7f5-2c35bc31b5af","block_type":"box","text":"— the risk that certain securities or instruments may be difficult or impossible to sell at the time","page_number":76,"box":{"x":204,"y":853,"width":693,"height":12}},{"id":"68b791ce-919e-4ce0-b161-ee8b8926825e","block_type":"box","text":"or at the price desired by the counterparty in connection with payments of margin, collateral, or settlement payments.","page_number":76,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"776cdceb-2ad1-4971-8a72-5ea8424c35e0","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":76,"box":{"x":68,"y":884,"width":766,"height":11}},{"id":"f99f7fb6-b2ae-4b46-9d16-7d3bf7718ecd","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":76,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"183f93cf-9c9e-47c9-8d1c-928c5839ed40","block_type":"box","text":"II-16","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9df8464a-a9cb-4281-9406-7bcf6acb083c","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c7083741-2f7c-44d5-b274-13938b48a484","block_type":"box","text":"without incurring substantial losses (if at all). Certain OTC derivatives, including swaps and OTC options, involve","page_number":77,"box":{"x":68,"y":45,"width":798,"height":11}},{"id":"13f4c59b-beb9-4b06-a9fa-178544eca27a","block_type":"box","text":"substantial illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascertain a market value for such","page_number":77,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"ed128d98-e73c-4c45-b3a5-31fa277752af","block_type":"box","text":"derivatives. A Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the","page_number":77,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"3b73e1c2-cc49-420b-b556-c358ada92195","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":77,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"c607abc0-435a-4d39-8864-3f518468cf82","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":77,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"bcf69591-def2-4d20-9591-1723a186ebee","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":77,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"9a307f6c-f74b-4a61-a70c-13a6d3d56a70","block_type":"box","text":"derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable","page_number":77,"box":{"x":69,"y":135,"width":840,"height":12}},{"id":"bda65b05-4ecf-47bb-8181-252dee2112ac","block_type":"box","text":"supplies, the participation of speculators, government regulation and intervention, and technical and operational or","page_number":77,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"5d2a3aa4-1786-4b20-8fa4-d5ec4fa17338","block_type":"box","text":"system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be","page_number":77,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"5d520bb6-119d-4c83-b974-09b23fc9f2d9","block_type":"box","text":"adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of","page_number":77,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"584d9d46-a076-49d0-af54-7123069b560d","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":77,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"0462c08c-65b5-48cf-a44e-bf8519b942f6","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":77,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"4a03270d-9eec-4dcb-9d44-b411e54b1d01","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":77,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"e6bbb6ef-124f-4fd5-9088-2296d8300714","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":77,"box":{"x":70,"y":241,"width":802,"height":11}},{"id":"2c6cd73e-882f-4a99-aba1-9f86a48a8f64","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":77,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"7c0d962c-adc7-420c-8d4d-79713becfd82","block_type":"box","text":"Fund has insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a","page_number":77,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"5384a303-d67b-4c32-9d37-8db076e5042f","block_type":"box","text":"time when it may be disadvantageous to do so.","page_number":77,"box":{"x":68,"y":287,"width":337,"height":11}},{"id":"5f7b7605-6daa-49d1-bdd7-40a179f44daf","block_type":"box","text":"Index Risk","page_number":77,"box":{"x":102,"y":309,"width":73,"height":9}},{"id":"3dee19eb-a62d-428c-b88a-13f0d918ab4f","block_type":"box","text":"— if the derivative is linked to the performance of an index, it will be subject to the risks associated","page_number":77,"box":{"x":179,"y":309,"width":714,"height":11}},{"id":"5a518eb6-6788-4a57-9096-2ded2a3abf69","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":77,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"342db398-24ee-4951-affb-8ee3223d140c","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":77,"box":{"x":69,"y":339,"width":678,"height":11}},{"id":"5d012345-464d-43a6-902d-a50f4c000caa","block_type":"box","text":"Legal Risk","page_number":77,"box":{"x":102,"y":362,"width":73,"height":11}},{"id":"37da7466-6805-4268-90e1-b80e37f50496","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality","page_number":77,"box":{"x":179,"y":362,"width":717,"height":11}},{"id":"7f0a4f61-ce04-4399-a366-aba6a9f36c8b","block_type":"box","text":"or enforceability of a contract.","page_number":77,"box":{"x":69,"y":377,"width":211,"height":11}},{"id":"d2c0f7f7-f62a-4e09-b033-47d89b2b665d","block_type":"box","text":"Leverage Risk","page_number":77,"box":{"x":102,"y":400,"width":99,"height":11}},{"id":"fa81a2e2-4139-482f-8c5f-5654a3ebe9eb","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":77,"box":{"x":205,"y":400,"width":648,"height":11}},{"id":"c96c91ed-8d80-4d28-839c-7893d8eac3ab","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":77,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"a3396cd5-b1c7-4506-bd2f-c35a36ceb01f","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":77,"box":{"x":70,"y":430,"width":425,"height":11}},{"id":"93b011eb-b649-463d-8aaa-ef4602346aef","block_type":"box","text":"Market Risk","page_number":77,"box":{"x":102,"y":453,"width":85,"height":9}},{"id":"fef0b3f7-ce31-4f31-b910-e2ecde549190","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":77,"box":{"x":191,"y":453,"width":716,"height":11}},{"id":"a8c08cbd-961e-46ab-a238-223bc523c3fd","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":77,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"61f5d8d0-6cc4-4c26-a8d3-1837646b3fbb","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":77,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"e49e3720-3b92-450d-bde5-f7506051a215","block_type":"box","text":"affected.","page_number":77,"box":{"x":69,"y":498,"width":62,"height":9}},{"id":"1c05e002-effc-4645-9dca-40765cde71b1","block_type":"box","text":"Operational Risk","page_number":77,"box":{"x":102,"y":521,"width":117,"height":11}},{"id":"1bcd645d-bab3-47cc-b465-343789d6a3eb","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":77,"box":{"x":223,"y":521,"width":674,"height":11}},{"id":"093c0121-a0dd-4a86-a181-3242fb7994ea","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":77,"box":{"x":70,"y":536,"width":451,"height":11}},{"id":"17d6fde9-872c-4b9a-a466-65c1e9e57012","block_type":"box","text":"Valuation Risk","page_number":77,"box":{"x":103,"y":559,"width":99,"height":9}},{"id":"7b73200a-b79e-44d5-8863-1612e57ade97","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":77,"box":{"x":206,"y":559,"width":701,"height":11}},{"id":"d071c469-e40a-46aa-a2e5-ac69a007d436","block_type":"box","text":"possible especially in times of market distress, since many market participants may be reluctant to purchase","page_number":77,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"7222535d-f017-4e47-8f47-f9986910dbd9","block_type":"box","text":"complex instruments or quote prices for them.","page_number":77,"box":{"x":69,"y":589,"width":329,"height":11}},{"id":"ab28660a-69e4-45ab-bfb0-e2f2daf2479f","block_type":"box","text":"Volatility Risk","page_number":77,"box":{"x":103,"y":612,"width":93,"height":11}},{"id":"ef600ff4-29c7-4947-8378-191cb670f880","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a short time period.","page_number":77,"box":{"x":200,"y":612,"width":652,"height":11}},{"id":"60c4fdb0-cf5d-4f25-bb2b-f1e929b458a7","block_type":"box","text":"Types of Derivatives Transactions.","page_number":77,"box":{"x":103,"y":634,"width":240,"height":11}},{"id":"05931651-0450-4d4f-a348-6a2ed47193b2","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":77,"box":{"x":101,"y":657,"width":771,"height":11}},{"id":"ca002b38-6dfa-4323-9ded-b7fe9cc0e23b","block_type":"box","text":"including the following:","page_number":77,"box":{"x":70,"y":672,"width":159,"height":11}},{"id":"8a894554-3833-4554-988b-f7e1d9db5d2b","block_type":"box","text":"Futures.","page_number":77,"box":{"x":102,"y":695,"width":56,"height":9}},{"id":"8991dae2-7c99-4fa2-ad7e-a6c8a1759aaa","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":77,"box":{"x":101,"y":717,"width":791,"height":12}},{"id":"7920c14e-54b8-464f-8e1e-338297d005d5","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":77,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"e756da9e-53bc-4646-bd9e-cf1fd3ec0880","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":77,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"48eff142-cf47-4ddc-bd73-817b98ba7960","block_type":"box","text":"required to deposit initial margin equal to a percentage (generally less than 10%) of the contract value. Futures","page_number":77,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"9adfa675-d61d-4e81-8761-5b4bdfa3cffc","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":77,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"a6a0a344-2f7f-473f-880a-675d3550689b","block_type":"box","text":"or be entitled to a payment, as applicable, based on the mark-to-market movement of the contract.","page_number":77,"box":{"x":69,"y":793,"width":703,"height":11}},{"id":"60f14d39-755a-43b3-b38d-74d265d0e52b","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":77,"box":{"x":101,"y":816,"width":801,"height":11}},{"id":"46360052-4ba3-4262-9d69-aeb18ccf294d","block_type":"box","text":"market value of portfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":77,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"625454c2-e417-4747-8d9a-d9b2a12e279c","block_type":"box","text":"portfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":77,"box":{"x":70,"y":846,"width":822,"height":11}},{"id":"f4301372-1b99-4880-bcb1-290785d302f8","block_type":"box","text":"the futures position and a lower return on the portfolio holdings than would have been realized without the purchase","page_number":77,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"614f4af9-3bec-4fd4-b96a-8ef66c64743f","block_type":"box","text":"of the futures contract.","page_number":77,"box":{"x":69,"y":876,"width":162,"height":9}},{"id":"0f618da2-daf4-4a78-b296-fc10ce6c4c51","block_type":"box","text":"II-17","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a248005c-a65d-441a-b6f6-a7ca3d182da3","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ea003bf-80d0-4013-b1a4-6b8a2ab7807f","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":78,"box":{"x":101,"y":45,"width":756,"height":11}},{"id":"2dada13b-dd96-4fba-abe1-06d85baf17a8","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":78,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"50ccf773-cc2b-40e8-b732-d7dcfc380070","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":78,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"3ef6d8d2-a7ab-4636-997e-fcb777b4887f","block_type":"box","text":"relating to the futures position.","page_number":78,"box":{"x":69,"y":90,"width":219,"height":11}},{"id":"743f4eca-b32e-475e-b369-4e2029369cb1","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":78,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"ad099430-a40c-47d0-8eb3-190bc6dd66cf","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":78,"box":{"x":69,"y":128,"width":797,"height":11}},{"id":"4fd0e11d-ea65-4228-a5df-d12c2deb9bd2","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":78,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"ec529496-84bf-4f29-b06e-a38edcc7cc83","block_type":"box","text":"Regulations” above.","page_number":78,"box":{"x":70,"y":158,"width":140,"height":11}},{"id":"bbdef6fb-49b3-41dc-945d-608725cd6ffd","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":78,"box":{"x":101,"y":181,"width":799,"height":11}},{"id":"59f0e6c4-a79a-4df5-9b1f-e90f307a0c07","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":78,"box":{"x":69,"y":196,"width":818,"height":11}},{"id":"8d3045c3-ddbb-42f8-9e9c-5f0d41484412","block_type":"box","text":"(","page_number":78,"box":{"x":69,"y":211,"width":3,"height":11}},{"id":"4a286e7a-66d6-40b6-833a-a59ac15c4e09","block_type":"box","text":"i.e.","page_number":78,"box":{"x":74,"y":211,"width":21,"height":9}},{"id":"93c8a558-e27c-4e73-863b-fa2596a187f1","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":78,"box":{"x":97,"y":211,"width":803,"height":11}},{"id":"6e0efa8c-f9b5-4fbc-bc6c-f1e0bdad5038","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":78,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"169b2165-f724-48b0-9547-cf8a31dc5c0d","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":78,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"a6223c41-6e84-4307-97af-dec3bf5ffa9f","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":78,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"2a89b83e-ecef-48a7-9318-073a6a22510f","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":78,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"30c91e67-ef4c-4668-af26-f5d681f3a659","block_type":"box","text":"Fund intends to purchase.","page_number":78,"box":{"x":70,"y":287,"width":183,"height":10}},{"id":"a57693c0-a077-4492-ae17-c57a03b808b7","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":78,"box":{"x":101,"y":309,"width":768,"height":11}},{"id":"5800571b-58e2-4a75-9b79-fe10ab9b34c0","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":78,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"b9de9bf7-b0bf-4281-861d-ab947f4935ab","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":78,"box":{"x":69,"y":339,"width":839,"height":12}},{"id":"ddf61070-a0ae-452b-a738-9e93da78dd44","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":78,"box":{"x":69,"y":355,"width":773,"height":11}},{"id":"05bc924e-a92f-4adb-8841-b523011c13fa","block_type":"box","text":"illiquidity.","page_number":78,"box":{"x":70,"y":370,"width":63,"height":11}},{"id":"e3738104-3f4c-4dc1-b036-27d8f47854aa","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":78,"box":{"x":102,"y":392,"width":757,"height":12}},{"id":"093f80e4-ff6d-44f2-97fa-67163fc853ac","block_type":"box","text":"illiquidity risk, market risk and counterparty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":78,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"7ef5bdae-d5d5-44a3-9717-1abb09eae0f0","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":78,"box":{"x":70,"y":423,"width":269,"height":9}},{"id":"9ffe1b4f-b24f-4005-8a29-0f36928fc736","block_type":"box","text":"Certain Funds may invest in futures based on carbon “allowances.” Under certain regulatory regimes, a limit is","page_number":78,"box":{"x":102,"y":445,"width":791,"height":12}},{"id":"531412ef-c1ad-42b1-93db-2e969749ee9c","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":78,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"82784471-3579-409c-9b30-402c2fa92eef","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":78,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"5a4c44f3-7325-4c50-8f44-c67bba8e76f1","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":78,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"a285528e-98e6-42ef-b539-3e47851e18f5","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":78,"box":{"x":68,"y":506,"width":657,"height":9}},{"id":"f8e22895-7909-4b7f-a442-6131ff79460a","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":78,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"49f80b0d-618b-493f-ac14-070afdd7ad64","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":78,"box":{"x":68,"y":543,"width":826,"height":11}},{"id":"37d3020b-60ae-4219-b20b-890d84b5a000","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":78,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"09b57306-9b4c-417f-9762-6738865f829e","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":78,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"e887a955-5b19-4c32-87a8-7767b6baea76","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":78,"box":{"x":70,"y":589,"width":817,"height":11}},{"id":"d0ef6bd7-05e0-4171-a483-64eea643ae5d","block_type":"box","text":"find a counterparty willing to transact at a reasonable price and sufficient size.","page_number":78,"box":{"x":68,"y":604,"width":561,"height":11}},{"id":"f5b59dd0-6864-4f77-bedd-e5880bb52aa8","block_type":"box","text":"Swap Agreements.","page_number":78,"box":{"x":102,"y":627,"width":131,"height":11}},{"id":"4e0f81f6-bc01-4715-81d2-2a0deba22c98","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":78,"box":{"x":101,"y":649,"width":782,"height":12}},{"id":"0b0fec0d-0eed-43fa-bd4a-669b2f02ab9e","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":78,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"573a8574-6811-4178-97c6-75cca9f63a98","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two parties agree to exchange the returns","page_number":78,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"365ed1d0-6b10-4785-b7bb-98f353a173b6","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":78,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"ff34af5b-43b0-4dfc-896a-216a7aedafd4","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to","page_number":78,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"624e9505-f6fe-47d9-a1bd-a8dcc372d0df","block_type":"box","text":"a “notional amount,”","page_number":78,"box":{"x":69,"y":725,"width":147,"height":10}},{"id":"f8214285-0edf-4f58-9bc8-756520d64e93","block_type":"box","text":"e.g.","page_number":78,"box":{"x":223,"y":726,"width":25,"height":10}},{"id":"d65f5245-c0f7-4900-a9d2-b744b4b081ed","block_type":"box","text":", the return or increase in value of a particular dollar amount invested at a particular","page_number":78,"box":{"x":251,"y":725,"width":602,"height":11}},{"id":"f98d444f-63c6-4875-a0ad-d8482e7dcd0f","block_type":"box","text":"interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index. The","page_number":78,"box":{"x":70,"y":740,"width":787,"height":11}},{"id":"ae48b17a-4c7b-48e5-ac6f-b20ebcaed2b5","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the parties to a swap","page_number":78,"box":{"x":69,"y":755,"width":762,"height":11}},{"id":"a869223c-ce63-4e00-a00b-2b81001f13b0","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":78,"box":{"x":69,"y":771,"width":828,"height":11}},{"id":"6b0d794d-6aaa-4a3f-97fe-65925b67ca93","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":78,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"887483e4-f452-4767-a0a5-bcd33f723cac","block_type":"box","text":"by each party to the agreement. Swaps that are not cleared involve substantial counterparty risk. A Fund will typically","page_number":78,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"b6c0149d-b23b-4753-a694-2fa4bb5ed642","block_type":"box","text":"attempt to mitigate this counterparty risk by entering into swap agreements only with creditworthy entities that have","page_number":78,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"2d5c0b9e-f6c0-48d9-b071-ba9403ae068a","block_type":"box","text":"substantial capital or that have provided the Fund with a third-party guaranty or other credit support. A Fund’s ability","page_number":78,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"a211b281-9074-4316-8819-5c8d4d7ae087","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":78,"box":{"x":68,"y":846,"width":763,"height":11}},{"id":"4b600667-f11c-4b1b-80a0-60c82fcc9df8","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":78,"box":{"x":102,"y":869,"width":329,"height":11}},{"id":"058a50f9-d25a-4541-9c21-971b68fd4499","block_type":"box","text":"Certain Funds may enter into credit default swaps and similar","page_number":78,"box":{"x":438,"y":869,"width":439,"height":11}},{"id":"15114768-1119-4666-8eee-4f43fa251acb","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":78,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"7592b79e-e5ad-42fe-8071-409e86515dfc","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":78,"box":{"x":70,"y":899,"width":831,"height":11}},{"id":"590c5c18-baae-4004-b004-03aa131a592c","block_type":"box","text":"II-18","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e2e25f7-1628-43ad-a34a-95f663d14224","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"552d9a5f-2372-4bca-be53-b0bdc1b23ae1","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":79,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"28d9e111-903a-48b1-85d8-0f11223b9467","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a portfolio of securities issued by","page_number":79,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"8edc9c2b-d2ad-4950-b9d5-f8d075c3ed90","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":79,"box":{"x":68,"y":75,"width":798,"height":11}},{"id":"00234f3f-ddb6-4a11-a7d7-9253d93359ab","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":79,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"7c7a327d-dfb3-42d6-b9fb-9a6ed88a6751","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":79,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"1397806a-cb65-4be7-a544-aaaa36451c2b","block_type":"box","text":"index CDS.","page_number":79,"box":{"x":70,"y":120,"width":75,"height":9}},{"id":"294eb25a-dbf6-47ed-828b-cfc316c5ffb4","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":79,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"64ecfbf1-4b2b-4799-bd0b-33d42f2ea419","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":79,"box":{"x":69,"y":158,"width":806,"height":9}},{"id":"6cc8d2bf-34be-4049-8248-d41f29db5953","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":79,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"c7d3c35c-c78a-403d-b92e-7ca1b19b535f","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “short squeeze.” In certain instances of","page_number":79,"box":{"x":69,"y":188,"width":804,"height":11}},{"id":"59b8b421-caf4-4b2a-a755-f95a342b3f82","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":79,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"b80131d7-bc9d-41e7-b8cd-337b74e80a37","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Certain initiatives","page_number":79,"box":{"x":69,"y":219,"width":798,"height":11}},{"id":"68250ec5-2ef1-4903-b979-c729061ec3d4","block_type":"box","text":"adopted by derivatives market participants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":79,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"4f126885-aaa7-4747-8cf4-aa938daf877b","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":79,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"3aa9fe7a-dfc0-41ff-8ed7-08ed31262b6d","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":79,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"fbcc6654-dd30-4615-bc87-962a71182d72","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":79,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"995b4cf6-d6dc-413e-b86d-a049666aa4d8","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":79,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"318c1ee3-5783-406c-96bd-8ae0cb26bdfb","block_type":"box","text":"uncertainty as to the occurrence of credit events and the risk of a “short squeeze” by providing that the ISDA Credit","page_number":79,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"17f1e688-7a21-4b4d-b388-33799ed91bf1","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":79,"box":{"x":70,"y":324,"width":834,"height":11}},{"id":"0ba18dd5-cbaf-412b-91f4-4ae35ad1bd45","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":79,"box":{"x":69,"y":339,"width":778,"height":12}},{"id":"aa84c4ad-0d05-4cc5-978b-3c128f37311f","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in certain limited circumstances refrain from","page_number":79,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"42bc81b7-5ac1-488c-9d8f-f74d9a7bb3fb","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":79,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"41307454-358a-4414-853c-0e9f837fff5b","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":79,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"7d6409ee-7598-432e-b00e-0ff6dadc144a","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Furthermore, a Fund may enter","page_number":79,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"a8e97c97-f71f-466b-9d9f-f8c2de697510","block_type":"box","text":"into certain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":79,"box":{"x":70,"y":415,"width":711,"height":11}},{"id":"568607be-16af-4de9-843b-fe9bcf341e0a","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":79,"box":{"x":102,"y":438,"width":757,"height":11}},{"id":"6bfa7244-cde9-49a7-ab11-fb4f2059d3ed","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":79,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"a4436c66-fa7f-49a2-a139-8851490bb4e4","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":79,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"94ad3776-a90f-4b39-8a35-29e4d9b48d53","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":79,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"52cc1842-6add-4bb5-ba7e-7814c97ee7db","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":79,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"af78327c-c58d-4324-92c9-a1465facd2c9","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":79,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"9920aa2a-c9e5-4527-9ee7-e50bd6ba4b0b","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":79,"box":{"x":68,"y":528,"width":833,"height":12}},{"id":"c0664a74-1696-42fb-ae6e-ae2c239f26ed","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":79,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"7f91817a-c185-4004-a837-2a1594ef3d88","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":79,"box":{"x":68,"y":559,"width":820,"height":9}},{"id":"8b9fbaa3-46c1-44ed-8a32-de1720c49be4","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":79,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"3165abb5-10d8-41d6-afc6-1282832e01c7","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":79,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"25b0f6ab-0a24-4001-903a-0b81ea60d9bf","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":79,"box":{"x":68,"y":604,"width":814,"height":11}},{"id":"6d2fe32e-b1f2-4a6e-b977-723bfe78ce32","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":79,"box":{"x":69,"y":619,"width":766,"height":11}},{"id":"783daf55-b5d4-448f-b51e-90b406db4ccf","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":79,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"b25bb756-67fd-4cf3-bb14-d3c52facd577","block_type":"box","text":"conditions.","page_number":79,"box":{"x":69,"y":650,"width":76,"height":8}},{"id":"4c561a02-bf04-4dcf-9d38-2cccd39ec361","block_type":"box","text":"Dodd-Frank requires that certain index CDS be executed in regulated markets and submitted for clearing to","page_number":79,"box":{"x":102,"y":672,"width":762,"height":11}},{"id":"29257b0a-b1cc-4ab0-8bc5-485d96c03e47","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":79,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"bebb7146-7421-41a9-9229-925542b81d5b","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":79,"box":{"x":69,"y":702,"width":727,"height":12}},{"id":"4b263246-c791-4220-8631-13f3962c4c2d","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":79,"box":{"x":69,"y":717,"width":819,"height":12}},{"id":"9c12b5c6-bff6-471d-a0d0-825b7ddc3b9b","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":79,"box":{"x":69,"y":732,"width":764,"height":12}},{"id":"bd259ec6-4db0-445f-88e7-920f71daf8a8","block_type":"box","text":"counterparty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":79,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"cab1a9f6-da6f-47ba-bd28-6084a866e071","block_type":"box","text":"CDS. The Funds face significant counterparty risk with respect to their counterparties to non-cleared credit default","page_number":79,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"5abaca94-8d1b-48f2-96a3-288c1c35cf1e","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":79,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"dcc672a6-6e75-4d3e-8b77-5094614306a0","block_type":"box","text":"instruments with swap dealers and creditworthy entities that have substantial capital or that have provided the Fund","page_number":79,"box":{"x":70,"y":793,"width":828,"height":11}},{"id":"1e881be3-f145-438b-8f4d-d2926ec33fc2","block_type":"box","text":"with a third-party guaranty or other credit support.","page_number":79,"box":{"x":68,"y":808,"width":355,"height":11}},{"id":"4658412f-d5a9-40e4-8509-87fb6b366527","block_type":"box","text":"In certain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":79,"box":{"x":102,"y":831,"width":750,"height":11}},{"id":"9e6f86d2-2d1c-440d-a2f7-15c1a3a6442b","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":79,"box":{"x":70,"y":846,"width":836,"height":11}},{"id":"030e8660-af72-4ef6-9e93-ff27dd4fb0a1","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":79,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"52f19e44-2e82-4934-b205-7f2e4deb19d6","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":79,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"dd6cdbdb-bb1c-45a7-b2ac-f32376617c3c","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":79,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"d5703716-446d-4918-914f-6b77f7e97f6d","block_type":"box","text":"II-19","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a9cbc7ca-9a83-4929-8610-bd586804faab","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98700fc1-19db-41d7-8bb5-c1539226ac81","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":80,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"b0d47918-c2d6-42b5-beb4-b7629ee3e4b4","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":80,"box":{"x":69,"y":60,"width":495,"height":11}},{"id":"5067002d-0371-42aa-9abc-3494f2896bd9","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":80,"box":{"x":102,"y":82,"width":752,"height":12}},{"id":"2d54bc64-dce0-41b6-8acb-a5e93e8fcc25","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":80,"box":{"x":70,"y":98,"width":814,"height":11}},{"id":"3792e5e9-bac8-48ae-b7a9-ab212863c980","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":80,"box":{"x":70,"y":113,"width":520,"height":11}},{"id":"85b3425f-d981-473b-a906-fb63cda52722","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":80,"box":{"x":102,"y":135,"width":273,"height":11}},{"id":"c407d43e-f716-4dff-8bc2-38d0efa4dbd2","block_type":"box","text":"Certain Funds may enter into OTC derivatives in the form of interest rate","page_number":80,"box":{"x":381,"y":135,"width":515,"height":11}},{"id":"297c8f6b-beb7-4312-b2e5-2f0809755c17","block_type":"box","text":"swaps and interest rate caps and floors. As described in further detail below, a Fund may enter into these","page_number":80,"box":{"x":69,"y":150,"width":755,"height":12}},{"id":"4ad52ece-be58-4ed6-86e8-3d3acd79c0f6","block_type":"box","text":"transactions primarily to preserve a return or spread on a particular investment or portion of its holdings, as a","page_number":80,"box":{"x":68,"y":166,"width":788,"height":11}},{"id":"ed0e779e-b784-4908-aab0-daafc7832c88","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":80,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"35ab025e-70c3-4225-b052-312b5c5b2173","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":80,"box":{"x":70,"y":196,"width":461,"height":11}},{"id":"9b555b6e-b347-4a6e-9b4f-e49d0b8a4cb9","block_type":"box","text":"Dodd-Frank requires that certain interest rate swaps be executed in regulated markets and submitted for","page_number":80,"box":{"x":102,"y":218,"width":748,"height":12}},{"id":"a1d6d725-b4e2-46a5-80b0-cb9408d6bde4","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":80,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"c262138d-1ef0-47ab-b754-87e4d1e8b195","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":80,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"f756ab78-743a-409e-ab72-92b071393850","block_type":"box","text":"by the Funds are cleared. The Funds face counterparty risk with respect to the clearinghouse when entering into","page_number":80,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"7e2c37b5-c533-4b36-add0-f3e0cdd689a8","block_type":"box","text":"cleared interest rate swaps.","page_number":80,"box":{"x":69,"y":279,"width":198,"height":11}},{"id":"9e1b1d5e-5c1b-4870-9845-0b252bde24d8","block_type":"box","text":"The Funds face significant counterparty risk with respect to their counterparties to non-cleared interest rate","page_number":80,"box":{"x":101,"y":302,"width":766,"height":11}},{"id":"e2e734c2-862f-4231-a878-caa4726aef88","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterparties for a Fund’s non-cleared interest rate derivatives","page_number":80,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"926e1d4d-14f2-4f3d-bae1-638d546ffb59","block_type":"box","text":"transactions are swap dealers and other creditworthy entities that have substantial capital or that have provided the","page_number":80,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"8c646b6d-12b9-4eff-86c5-8809c695f96f","block_type":"box","text":"Fund with a third-party guaranty or other credit support. If the Fund’s counterparty defaults on such a transaction, a","page_number":80,"box":{"x":70,"y":347,"width":822,"height":11}},{"id":"982c89e5-14ff-4469-848d-6cae45ba12b1","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction. The market for interest rate swaps is relatively","page_number":80,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"fa62f3cb-686a-4086-b7bc-4b24764996b3","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":80,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"d6be3baa-d9fc-41f7-b579-ffe685c31dfc","block_type":"box","text":"to enter into certain interest rate derivatives due to applicable income tax requirements.","page_number":80,"box":{"x":68,"y":393,"width":629,"height":10}},{"id":"fdfef1a9-f0a9-44ac-ac96-d27d6bd244ed","block_type":"box","text":"Interest rate swaps are transactions in which each party makes periodic interest payments based on a fixed or","page_number":80,"box":{"x":102,"y":415,"width":790,"height":11}},{"id":"709f91d1-5f42-4831-bb92-915f1da371cc","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterparty based on a different fixed","page_number":80,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"97ed6530-6dc1-42d7-b5dd-beed160afc3a","block_type":"box","text":"or variable interest rate, index or asset.","page_number":80,"box":{"x":69,"y":446,"width":280,"height":10}},{"id":"50aa30c1-ee74-4c24-904d-d2f13121c27e","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":80,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"cd91d684-ffb0-4246-b026-9b06615ee574","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":80,"box":{"x":70,"y":483,"width":805,"height":11}},{"id":"23e1fcf6-b5cd-417c-9130-5fd956a66db6","block_type":"box","text":"such interest rate floor.","page_number":80,"box":{"x":69,"y":498,"width":165,"height":9}},{"id":"4dd0ee03-0ec7-4ed6-bd03-31cdf8411d7d","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":80,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"4b11bb8d-f451-41a6-a655-092b6c7314f8","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling","page_number":80,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"3d98b893-4e8b-4084-ae0b-ff1e791ec7c0","block_type":"box","text":"such interest rate cap.","page_number":80,"box":{"x":69,"y":551,"width":159,"height":11}},{"id":"5abd88be-c061-4814-8cdd-ce4d3f70a99e","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another party their respective","page_number":80,"box":{"x":101,"y":574,"width":729,"height":11}},{"id":"81ee2c8a-3018-4aa6-8007-af57e077c5d0","block_type":"box","text":"commitments to pay or receive interest,","page_number":80,"box":{"x":69,"y":589,"width":282,"height":11}},{"id":"db72a0ca-92ce-4c55-8df4-87f299b037bd","block_type":"box","text":"e.g.","page_number":80,"box":{"x":359,"y":590,"width":24,"height":10}},{"id":"3968682e-21d0-43a9-a214-a617f45fe05c","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":80,"box":{"x":386,"y":589,"width":482,"height":11}},{"id":"a7d1a8e2-25a6-42c1-914f-4eb4de36f816","block_type":"box","text":"example, if a Fund holds a mortgage-backed security with an interest rate that is reset only once each year, it may","page_number":80,"box":{"x":69,"y":604,"width":814,"height":11}},{"id":"a10a600b-f9d4-44d1-b929-897206e63ce9","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":80,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"180d7158-2d51-4b6b-b502-38dc4053dba7","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mortgage-backed security due to rising interest rates","page_number":80,"box":{"x":68,"y":634,"width":832,"height":12}},{"id":"f4af9f41-8c4b-4cc6-be80-ca5f6becadda","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mortgage-backed","page_number":80,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"d3b9e3d1-8d01-47a9-8632-83be8be0663f","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":80,"box":{"x":69,"y":665,"width":836,"height":11}},{"id":"fff97242-364d-428f-becc-7b9ca314527e","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":80,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"3a7adf79-7977-4e8e-a789-fb57193071e6","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":80,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"535b0d58-fb0a-42fe-98a9-5a1534e8c1d4","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":80,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"b6940545-3a21-4732-9cba-dc6df8aed577","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":80,"box":{"x":68,"y":725,"width":646,"height":11}},{"id":"54e96d65-040d-4351-9caa-8136c443296b","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":80,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"35f04eb4-912d-4ded-848e-2cc17ca9515a","block_type":"box","text":"in certain circumstances, as long term capital gains to shareholders.","page_number":80,"box":{"x":70,"y":763,"width":490,"height":11}},{"id":"83064950-0519-42e6-bd52-a01745011912","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":80,"box":{"x":102,"y":785,"width":791,"height":12}},{"id":"185b4b40-2ccb-4e40-a93a-918a7b4f92da","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":80,"box":{"x":69,"y":801,"width":454,"height":9}},{"id":"b2d408d4-ea1f-4a20-b1cf-6f29884791b8","block_type":"box","text":"Total Return Swaps.","page_number":80,"box":{"x":103,"y":823,"width":139,"height":11}},{"id":"e23d238c-6aa0-46c0-9042-620496d94c79","block_type":"box","text":"Total return swaps are contracts in which one party agrees to make periodic payments to","page_number":80,"box":{"x":249,"y":823,"width":634,"height":12}},{"id":"510f5155-9f71-42d2-bd85-40d67c161fc3","block_type":"box","text":"the other party based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":80,"box":{"x":68,"y":838,"width":838,"height":12}},{"id":"e01744d4-c23e-4f17-8138-e6eb3c95ecae","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":80,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"b05f6695-b35c-4913-a9c8-91edc2ad9842","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":80,"box":{"x":69,"y":869,"width":791,"height":11}},{"id":"24b46dcf-114e-4876-b6a8-b17d1272f48c","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":80,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"7e27c38a-3eb8-42b3-9dbd-b6238858dfcb","block_type":"box","text":"II-20","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8999d454-63fe-4833-87a6-21812864e104","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c322062e-4486-4a90-859e-d823883b69f1","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":81,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"a6ffc3e4-77ba-47fc-9685-7af633ad7062","block_type":"box","text":"“contracts for difference.”","page_number":81,"box":{"x":70,"y":60,"width":184,"height":9}},{"id":"9409a97d-c992-4af4-9b5e-06ef290bc6b2","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":81,"box":{"x":101,"y":83,"width":770,"height":11}},{"id":"9448bd35-77a1-4664-bba0-2af0dac05ca7","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":81,"box":{"x":69,"y":98,"width":780,"height":11}},{"id":"0ac86788-4267-4885-b7c9-14cc065a6fb4","block_type":"box","text":"required to deposit initial margin but the parties do not exchange the notional amount. As a result, total return swaps","page_number":81,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"b5cb09c0-affd-4921-b818-5ef2a1677269","block_type":"box","text":"may effectively add leverage to the Fund’s portfolio because the Fund would be subject to investment exposure on","page_number":81,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"7d001139-02a6-47fc-90e0-0b65421f0b49","block_type":"box","text":"the notional amount of the swap.","page_number":81,"box":{"x":68,"y":143,"width":235,"height":11}},{"id":"82f9d015-f414-4f9c-9ab8-0cc0d73b084f","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":81,"box":{"x":101,"y":166,"width":746,"height":11}},{"id":"689256f9-8566-49b0-9a6f-e0afe1960cf4","block_type":"box","text":"counterparty risk. See “—Risk Factors in Derivatives” above.","page_number":81,"box":{"x":69,"y":181,"width":433,"height":11}},{"id":"ae4f4bf8-8256-4189-86c9-b51b1301ea1e","block_type":"box","text":"Options.","page_number":81,"box":{"x":102,"y":203,"width":57,"height":11}},{"id":"d2f1b507-335f-447e-9142-0f4cf2c7ea0b","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":81,"box":{"x":102,"y":226,"width":319,"height":11}},{"id":"86de2b16-ffdd-496f-a795-7528f5987d8a","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":81,"box":{"x":427,"y":226,"width":418,"height":11}},{"id":"74030190-651a-4f2f-9a4b-bf9144d8c2e2","block_type":"box","text":"securities, baskets of securities or securities indices, or particular measurements of value or rates, such as an index","page_number":81,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"7782770c-55a0-40d1-878c-3f7d257bdccd","block_type":"box","text":"of the price of treasury securities or an index representative of short-term interest rates. Such investments may be","page_number":81,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"79dfd35f-2891-46de-b7fa-5848516c6ef1","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":81,"box":{"x":69,"y":272,"width":826,"height":11}},{"id":"67f521eb-c1ce-4308-b6de-903254761412","block_type":"box","text":"and expiration dates and require the parties to post margin against their obligations, and the performance of the","page_number":81,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"20b63615-2b85-4ae8-a1db-eedd543959a0","block_type":"box","text":"parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":81,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"e0ff5221-feb6-4a03-8f72-1dd4923a2887","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":81,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"d3d86526-5e28-4828-84f1-a77bb81f4b97","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":81,"box":{"x":69,"y":332,"width":366,"height":11}},{"id":"405ee2df-ceb3-4e64-abe1-d068d2154b78","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":81,"box":{"x":101,"y":355,"width":743,"height":11}},{"id":"c3c74f5e-4830-4f62-a0cd-f39822679fb1","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":81,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"319d87ec-4197-4553-ac3d-1ca0e0f70912","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":81,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"2b4f42a6-762b-4509-a438-41cbef1c20be","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":81,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"e7f65062-e1ce-4023-9bdd-19d467808988","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":81,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"1ab7a476-bb22-4264-9b56-6544bde9c08c","block_type":"box","text":"OTC markets.","page_number":81,"box":{"x":69,"y":430,"width":95,"height":9}},{"id":"b04a2964-6a04-45c2-a915-d7fc493b28ee","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":81,"box":{"x":101,"y":453,"width":806,"height":11}},{"id":"9d1e4272-bc6d-4f7c-ab79-67ace4e719c0","block_type":"box","text":"significant differences between the securities and options markets that could result in an imperfect correlation","page_number":81,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"ee39b846-7817-438e-9481-a2739d8f1344","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary","page_number":81,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"621213db-755b-4d3b-98af-ffe991f0d583","block_type":"box","text":"market for particular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent","page_number":81,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"404a9c9f-cde5-4707-978a-7d08dbff41e3","block_type":"box","text":"for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may","page_number":81,"box":{"x":68,"y":513,"width":832,"height":12}},{"id":"f628e193-8a9d-4572-b16c-75cc9ee8a49d","block_type":"box","text":"be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or","page_number":81,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"b20ff956-3a5d-4fe3-a825-97a285c98c9f","block_type":"box","text":"other restrictions may be imposed with respect to particular classes or series of options or underlying securities;","page_number":81,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"b19f4e62-445a-447d-b806-a46c3ceaf59b","block_type":"box","text":"unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange","page_number":81,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"a832aa56-ad3b-4259-a8bf-99b6eb49102b","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":81,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"619fade8-7d66-45f2-80ee-88e35988912e","block_type":"box","text":"more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue","page_number":81,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"a5dc7fa9-a7d5-4ae4-9334-539917c95a4f","block_type":"box","text":"the trading of options (or a particular class or series of options), in which event the secondary market on that","page_number":81,"box":{"x":68,"y":604,"width":782,"height":11}},{"id":"7acc0af5-ed86-4410-8879-02bfdfbbb186","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":81,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"cad40e07-c533-4ead-90a1-f46f808c3cd6","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":81,"box":{"x":70,"y":634,"width":837,"height":12}},{"id":"ebb5a32e-2e36-4273-9775-b37245a27daa","block_type":"box","text":"accordance with their terms.","page_number":81,"box":{"x":69,"y":650,"width":201,"height":8}},{"id":"ac045f4b-7578-4f6b-87fd-b43404089124","block_type":"box","text":"Call Options.","page_number":81,"box":{"x":102,"y":672,"width":89,"height":11}},{"id":"36a6e266-80b9-48d8-9ca5-3ad4bc3fd724","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":81,"box":{"x":197,"y":672,"width":694,"height":11}},{"id":"423ea601-3a53-4fda-9e83-58789948b0f7","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":81,"box":{"x":70,"y":687,"width":838,"height":11}},{"id":"fa867309-d77c-430c-9200-7e2295be9b37","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":81,"box":{"x":68,"y":703,"width":813,"height":11}},{"id":"70b6369b-bdce-4b91-92b5-87f8e0b49777","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":81,"box":{"x":70,"y":717,"width":795,"height":12}},{"id":"5ef055cd-93dc-4433-be4a-094731f6ae51","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":81,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"84c1845d-a582-4438-9cf7-3ed73023395b","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":81,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"26ee33eb-5a27-4818-8224-1351c91ccfc2","block_type":"box","text":"of the option.","page_number":81,"box":{"x":69,"y":763,"width":93,"height":11}},{"id":"8f10b197-6430-4fd7-b256-ce39db297422","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":81,"box":{"x":101,"y":785,"width":794,"height":12}},{"id":"cce34fcb-6695-4b11-8ef8-c6cbbcdc764c","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":81,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"e2cad40a-3c9c-49dd-81ac-721cfde0b93f","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":81,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"786a39f2-a90a-4dd2-b075-92af5bbe0499","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":81,"box":{"x":70,"y":831,"width":778,"height":11}},{"id":"26023fa0-4cce-44a8-b443-99e42bc3a207","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":81,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"7d0a5336-3295-4156-835c-7e74524bf8e7","block_type":"box","text":"A Fund may write (","page_number":81,"box":{"x":101,"y":869,"width":130,"height":11}},{"id":"c4477fcb-5fd0-4ac3-a27c-d5d8ef5a9c99","block_type":"box","text":"i.e.","page_number":81,"box":{"x":233,"y":869,"width":20,"height":9}},{"id":"6219d79a-b38f-4679-b1ac-124a260d1fda","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":81,"box":{"x":256,"y":869,"width":627,"height":11}},{"id":"3f3cad90-94ad-4f2a-a91a-9fd16a60ef4d","block_type":"box","text":"enter into closing purchase transactions with respect to certain of such options. A covered call option is an option in","page_number":81,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"170fe7af-2949-48b6-88c2-1b708a0a6c70","block_type":"box","text":"which a Fund, in return for a premium, gives another party a right to buy specified securities owned by the Fund at a","page_number":81,"box":{"x":68,"y":899,"width":827,"height":11}},{"id":"0bb95519-e9ab-49d6-9ca1-e4deb5966aa0","block_type":"box","text":"II-21","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6927a333-7b00-4266-ba2d-e203a38b1184","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e6f1802-1357-48da-ace4-171bde16634e","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":82,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"832789af-43cf-4f1b-8254-5307c7a58f9f","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":82,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"47eacde6-08a6-4888-a7fa-e2820f6a85e5","block_type":"box","text":"By writing covered call options, a Fund gives up the opportunity, while the option is in effect, to profit from any price","page_number":82,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"62176380-3e1c-444e-9002-7ba0f3d04d0c","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":82,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"39412bbf-7635-46e7-b4f0-cb95da0b23ec","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":82,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"ebb7ed7a-e8dd-4f08-8c02-bd7cf0e3011c","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":82,"box":{"x":69,"y":120,"width":792,"height":12}},{"id":"111e2b7a-c371-468e-83bb-5acdd4a57349","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":82,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"e869c3e8-0019-45fe-afb2-008a07db8e22","block_type":"box","text":"a partial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":82,"box":{"x":69,"y":150,"width":760,"height":12}},{"id":"11c14f1c-ca51-4ac3-8964-5b65013f62b9","block_type":"box","text":"A Fund may write","page_number":82,"box":{"x":101,"y":173,"width":120,"height":11}},{"id":"5c1ca4ae-b712-455a-8c42-5dafc1da0f67","block_type":"box","text":"(i.e.","page_number":82,"box":{"x":228,"y":173,"width":25,"height":11}},{"id":"a4f8354c-dcd3-465f-ae72-aeb571b34e09","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":82,"box":{"x":256,"y":173,"width":628,"height":11}},{"id":"6e256520-b8a3-484d-bd0f-eac253110a9c","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":82,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"5a629a37-e1cb-4114-9225-4888918ac573","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":82,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"cc3c2524-37dd-4f1c-8349-246eee4c444e","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":82,"box":{"x":69,"y":218,"width":825,"height":12}},{"id":"43c0af63-de27-47f3-a29f-4c0725ba884b","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":82,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"776b3978-30d3-4db8-b5d3-1c472ac43a2e","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":82,"box":{"x":70,"y":249,"width":806,"height":11}},{"id":"d308591c-fd00-4fba-911f-03be15fe596f","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":82,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"db0d968f-551f-4a4e-97bf-2969be677fde","block_type":"box","text":"there is no underlying security held by a Fund that can act as a partial hedge. Uncovered calls have speculative","page_number":82,"box":{"x":68,"y":279,"width":793,"height":11}},{"id":"c65be15f-70c6-4f14-ab9c-f13b1b6efd6f","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":82,"box":{"x":69,"y":294,"width":814,"height":11}},{"id":"a7bfff5f-d2d7-495c-b881-6132c00eaf3b","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":82,"box":{"x":68,"y":309,"width":818,"height":11}},{"id":"5d94f3a2-6abf-40eb-b395-896aac9f4653","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":82,"box":{"x":68,"y":324,"width":825,"height":11}},{"id":"1c3892fe-5aee-44a8-873c-f58d75be8688","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":82,"box":{"x":69,"y":339,"width":326,"height":11}},{"id":"1ff7318e-c61c-4068-9d38-8828d7b4d4d3","block_type":"box","text":"Put Options.","page_number":82,"box":{"x":102,"y":362,"width":85,"height":11}},{"id":"24adcefb-718f-46f3-a09c-c55b1e631fc6","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":82,"box":{"x":194,"y":362,"width":712,"height":11}},{"id":"35da9742-0281-4ad5-ab79-3df690e11139","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":82,"box":{"x":68,"y":377,"width":828,"height":12}},{"id":"a37f7746-827c-4c8c-a08e-d5aa2e8d05f5","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":82,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"d973d095-ee53-409c-8fdb-c9555821220c","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":82,"box":{"x":70,"y":407,"width":820,"height":12}},{"id":"ce9c05d5-7e9a-4f81-af52-a800a353e455","block_type":"box","text":"instruments will be partially offset by the amount of the premium paid for the put option and any related transaction","page_number":82,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"0f70d071-8320-40f2-bbcc-4e6d876c07b7","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":82,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"58e071d1-58e6-47c2-b09a-af185a7c7900","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":82,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"f8699812-23d6-48aa-90c6-4d0c19975948","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":82,"box":{"x":68,"y":468,"width":841,"height":11}},{"id":"af30afba-5ff1-44f0-9383-34f209f7ab55","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":82,"box":{"x":69,"y":483,"width":785,"height":11}},{"id":"f492c98d-93f7-4aec-9e63-2bc0d2f83955","block_type":"box","text":"purchase uncovered put options.","page_number":82,"box":{"x":70,"y":498,"width":231,"height":11}},{"id":"9b050e49-b2e3-4191-9539-ac4f9aaee746","block_type":"box","text":"A Fund also may write (","page_number":82,"box":{"x":101,"y":521,"width":165,"height":11}},{"id":"bb85249e-5ae3-4312-a474-48549db3489f","block_type":"box","text":"i.e.","page_number":82,"box":{"x":268,"y":521,"width":20,"height":9}},{"id":"3961c4d2-0640-4907-a253-0e58b78e5a2a","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":82,"box":{"x":291,"y":521,"width":591,"height":11}},{"id":"e87c705c-9fd8-4746-8fd8-ee7f9eb1fcda","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":82,"box":{"x":70,"y":536,"width":675,"height":11}},{"id":"e05ee483-333b-448f-81f7-765a6ec17f8a","block_type":"box","text":"A Fund also may write (","page_number":82,"box":{"x":101,"y":559,"width":165,"height":11}},{"id":"ba62f041-17bf-4d81-8afe-31859361f464","block_type":"box","text":"i.e.","page_number":82,"box":{"x":268,"y":559,"width":20,"height":9}},{"id":"c3af2e38-2090-4931-bd80-98e7f77feb86","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":82,"box":{"x":291,"y":559,"width":593,"height":11}},{"id":"4b346160-4fda-4b46-8651-adb8d2e3dd12","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding short position or has not deposited as","page_number":82,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"60b19fc7-2d40-4a96-aaf0-e8fa6f9154bd","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":82,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"64e88213-70a8-4974-9616-77fc60115c51","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":82,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"d2e60723-44f6-4f2a-9b27-b126ee6c9f7d","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":82,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"707edb58-8409-440b-b5cb-ad3cefafb3be","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":82,"box":{"x":68,"y":634,"width":818,"height":12}},{"id":"02bdc03d-cc56-412f-b233-2211fe5696e6","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":82,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"b4d892eb-e57b-4a5c-8672-0825133cd802","block_type":"box","text":"expire worthless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":82,"box":{"x":69,"y":665,"width":814,"height":10}},{"id":"2bf46d38-3b5a-4cff-b893-da5cf2508195","block_type":"box","text":"the exercise price.","page_number":82,"box":{"x":68,"y":680,"width":130,"height":11}},{"id":"ed551e5a-21f6-44f0-aa63-70034ed38402","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":82,"box":{"x":102,"y":702,"width":556,"height":12}},{"id":"2ce06cbd-6bcc-4ebd-b2b9-6a0dff7c1600","block_type":"box","text":"The following information relates","page_number":82,"box":{"x":664,"y":702,"width":232,"height":12}},{"id":"dc90b7ed-e9d8-44e5-a201-b94c139ebdd8","block_type":"box","text":"to the unique characteristics of options on GNMA Certificates. Since the remaining principal balance of GNMA","page_number":82,"box":{"x":68,"y":717,"width":784,"height":12}},{"id":"1d490832-75ad-41ad-8fb6-464d61cd37f6","block_type":"box","text":"Certificates declines each month as a result of mortgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":82,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"e9aca3d7-953b-4193-948a-46beab96aca3","block_type":"box","text":"Certificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Certificates","page_number":82,"box":{"x":69,"y":748,"width":827,"height":11}},{"id":"f269a44e-d9f6-4a2c-8279-ea7e004e358a","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":82,"box":{"x":70,"y":763,"width":781,"height":11}},{"id":"e0c255f2-987e-4289-86a1-638c019fd320","block_type":"box","text":"purchase additional GNMA Certificates from the same pool (if obtainable) or other GNMA Certificates in the cash","page_number":82,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"e1256286-e176-4e9c-b379-e28c12b9f71e","block_type":"box","text":"market in order to maintain its “cover.”","page_number":82,"box":{"x":69,"y":793,"width":277,"height":9}},{"id":"6d28d770-674d-4de1-8360-7b689f2746b2","block_type":"box","text":"A GNMA Certificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":82,"box":{"x":101,"y":816,"width":807,"height":11}},{"id":"eb1ff911-1450-4e40-a772-5614999eaa33","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":82,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"b262dc08-7dea-4456-9843-a996b99e494c","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":82,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"797f1057-77ae-45e4-a9a6-0f6846ebaf6e","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Certificate with a certificate that","page_number":82,"box":{"x":68,"y":861,"width":784,"height":11}},{"id":"1d26a34a-3647-4de6-905e-2615bb804695","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Certificate, it may realize an unanticipated loss","page_number":82,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"f4e17075-6906-497c-8d7c-09c82e68dbaa","block_type":"box","text":"and incur transaction costs.","page_number":82,"box":{"x":69,"y":891,"width":197,"height":9}},{"id":"38da373b-0d66-4034-b294-2d92f1da6069","block_type":"box","text":"II-22","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e9bdd701-2a77-472d-a384-bb3b43b6fd84","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7dedf7bd-69fc-4152-86f7-de1280e388a1","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":83,"box":{"x":102,"y":45,"width":235,"height":11}},{"id":"d607fb75-1f50-4c66-8536-4dd3e9fee353","block_type":"box","text":"A swaption gives a counterparty the option (but not the obligation) to enter into","page_number":83,"box":{"x":343,"y":45,"width":563,"height":11}},{"id":"654cedd7-b029-4b01-872d-fe9dc4ae0cc2","block_type":"box","text":"a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":83,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"8ea0a8a1-acfa-40d0-86e9-05761e73b1df","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":83,"box":{"x":69,"y":75,"width":439,"height":11}},{"id":"c1968beb-7d8d-48d8-ae71-24e559274317","block_type":"box","text":"i.e.","page_number":83,"box":{"x":510,"y":75,"width":20,"height":9}},{"id":"12da62af-a3a6-421f-b6a1-179e7917741e","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":83,"box":{"x":533,"y":75,"width":309,"height":11}},{"id":"46091a1f-ee63-435b-8fe9-5c610ddeec91","block_type":"box","text":"Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when","page_number":83,"box":{"x":70,"y":90,"width":826,"height":11}},{"id":"fa519a23-14dd-4eea-8d3d-13de56f4eb24","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":83,"box":{"x":70,"y":105,"width":793,"height":11}},{"id":"6d060207-9035-4c3e-9f22-c80734d20b80","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":83,"box":{"x":70,"y":120,"width":802,"height":12}},{"id":"b9d3a9b3-1933-45ba-b056-68c2195b9714","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":83,"box":{"x":68,"y":135,"width":836,"height":12}},{"id":"7da411d2-8350-4286-85dc-fe2007cfe151","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Certain swaptions are permitted, although not","page_number":83,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"fdb7e5ba-4e24-469a-a781-bb92a89ac93f","block_type":"box","text":"required, to be cleared.","page_number":83,"box":{"x":69,"y":166,"width":165,"height":11}},{"id":"888c762e-812b-4167-83c6-1f116710b693","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a particular investment or","page_number":83,"box":{"x":101,"y":188,"width":760,"height":11}},{"id":"2e333c05-1733-487e-a76d-2f2efba12e8a","block_type":"box","text":"portion of its portfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":83,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"bba84e64-f7f9-4994-a784-83b219290f5c","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":83,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"21823d9d-a088-4a91-a803-1498a07326df","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":83,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"2a4955d0-af90-400e-9a8b-1f1e93443c23","block_type":"box","text":"Derivatives” above.","page_number":83,"box":{"x":70,"y":257,"width":135,"height":8}},{"id":"bee458bb-d786-4da8-a507-915d77527d30","block_type":"box","text":"FLEX Options.","page_number":83,"box":{"x":102,"y":279,"width":96,"height":11}},{"id":"7f3d7b98-8fdd-4e60-b6e7-090d915df154","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":83,"box":{"x":206,"y":279,"width":702,"height":11}},{"id":"618ff384-b500-48c7-8a82-fcef88017ac9","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":83,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"149de459-ff3a-4f4f-a956-9f30aed21fae","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":83,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"f0ce535a-d84c-4715-86a1-3191915cfebd","block_type":"box","text":"exercise prices, exercise styles (","page_number":83,"box":{"x":69,"y":325,"width":231,"height":10}},{"id":"f5c600d2-a5f7-4beb-89b2-6eac01bf6597","block_type":"box","text":"i.e.","page_number":83,"box":{"x":302,"y":325,"width":20,"height":8}},{"id":"04d44ebe-80ab-47ae-beea-1e50b1e8695d","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":83,"box":{"x":325,"y":325,"width":561,"height":10}},{"id":"f40f8602-90f7-4d8f-8ea2-e8051c3a675c","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":83,"box":{"x":69,"y":340,"width":768,"height":11}},{"id":"4fb1cf6b-ff44-4113-bc5f-26e59ca63992","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Each","page_number":83,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"030cdc76-5e4f-4d6f-97cb-e005e8c2eb61","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":83,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"57e6ce59-4253-48c4-b96b-1649e427b6af","block_type":"box","text":"reference asset at the strike price. A Fund’s portfolio may include several types of FLEX Options, including both","page_number":83,"box":{"x":69,"y":385,"width":792,"height":11}},{"id":"066dc248-8e74-44be-a325-37712d368090","block_type":"box","text":"purchased and written put and call options (as further described below). The FLEX Options are all European style","page_number":83,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"b613cfcc-277e-4c8e-8829-d51d7622e43f","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":83,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"a894e67d-03db-4e1b-8540-43dcd05a90e9","block_type":"box","text":"FLEX Option’s expiration date.","page_number":83,"box":{"x":70,"y":430,"width":211,"height":11}},{"id":"00ec4f31-6d63-4353-82dc-fcae91020f3f","block_type":"box","text":"The OCC guarantees performance by each of the counterparties to the FLEX Options, becoming the “buyer for","page_number":83,"box":{"x":101,"y":453,"width":783,"height":11}},{"id":"ce16d6e1-f9fe-4ae6-bb78-047707890e7f","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterparty risk for clearing members and options traders.","page_number":83,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"ec1eb0e1-0181-41d8-b7f4-69081309cb25","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterparty risk with the OCC and","page_number":83,"box":{"x":68,"y":483,"width":826,"height":11}},{"id":"a4bd08a3-4747-4af8-bed6-f14282b2699a","block_type":"box","text":"subject to the risk that the OCC may fail to perform the settlement of the FLEX Options due to bankruptcy or other","page_number":83,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"4d1e32d7-5124-4d44-b316-5da69aba30e1","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the","page_number":83,"box":{"x":69,"y":513,"width":822,"height":12}},{"id":"b8e995f7-a76c-4a71-ad90-c93be5824e3e","block_type":"box","text":"FLEX Options contracts.","page_number":83,"box":{"x":70,"y":529,"width":166,"height":10}},{"id":"51289060-5841-4406-a03c-b8806e90c85b","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":83,"box":{"x":102,"y":551,"width":748,"height":11}},{"id":"33d63e02-94fb-42e7-ab1b-076807c17a26","block_type":"box","text":"Options for certain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: certain stock","page_number":83,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"dda2e710-a990-446f-ab5f-926506934fb0","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":83,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"842ab7ab-60d3-4586-a948-1930495a9442","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":83,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"141653c2-f919-413b-a930-8331e67c1f49","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":83,"box":{"x":70,"y":612,"width":829,"height":11}},{"id":"3e41b787-5d81-4b4b-af42-9a823fa8c644","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":83,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"00fa04c5-8fe3-41a9-88f6-bfcf0bd651d4","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":83,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"1c7c3203-a03a-40ad-a1a6-294cef4ba1fe","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":83,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"f18ce988-ac33-4cda-aef7-29babe38e576","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":83,"box":{"x":68,"y":672,"width":753,"height":11}},{"id":"63b14f97-2131-4b4d-981f-da0fc03a4bdd","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":83,"box":{"x":70,"y":687,"width":806,"height":11}},{"id":"5f43783b-5364-4942-8252-bcf2f4cc13bb","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":83,"box":{"x":69,"y":702,"width":593,"height":12}},{"id":"0fe41e11-2d7b-4146-9be9-ccc909e15645","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":83,"box":{"x":135,"y":725,"width":298,"height":11}},{"id":"976711b7-f857-4659-86d4-1e432b5a6690","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":83,"box":{"x":435,"y":725,"width":461,"height":11}},{"id":"339b452b-71bf-48c9-8bc6-1f395c4e7328","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":83,"box":{"x":102,"y":740,"width":768,"height":11}},{"id":"d122d84a-e3bc-413f-ad01-a1aaead9cbdc","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":83,"box":{"x":102,"y":755,"width":775,"height":11}},{"id":"8107fa9b-9cdd-4a79-9349-4035bfcad1c3","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":83,"box":{"x":102,"y":770,"width":777,"height":12}},{"id":"11e6c99f-d39b-4c82-8c20-423da0028c2d","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":83,"box":{"x":102,"y":785,"width":799,"height":12}},{"id":"1e951606-c85a-4d0d-b92f-ad2664a59e18","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":83,"box":{"x":102,"y":801,"width":777,"height":11}},{"id":"fd5c9360-6bd6-4d94-8e4a-cd651be5f556","block_type":"box","text":"expire unexercised have no value.","page_number":83,"box":{"x":101,"y":816,"width":240,"height":11}},{"id":"792d0e6c-1798-4a07-b542-a8e95b96cfcb","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put","page_number":83,"box":{"x":135,"y":838,"width":743,"height":12}},{"id":"95f5b7ff-d1ba-4c3b-8d12-4d2350715a0f","block_type":"box","text":"options on the same asset that may be bought or written by a single investor, whether acting alone or in concert","page_number":83,"box":{"x":102,"y":854,"width":800,"height":11}},{"id":"45600a62-b789-424a-b733-8141abc0ff66","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":83,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"ef18414e-ada6-4899-ba08-a539c2a73198","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":83,"box":{"x":101,"y":884,"width":803,"height":11}},{"id":"972cac1f-bf26-4495-8e25-2238f4aa8fad","block_type":"box","text":"investment companies advised by the Manager are combined for purposes of these limits. Pursuant to these","page_number":83,"box":{"x":102,"y":899,"width":775,"height":11}},{"id":"6442906c-b6d3-492e-9a4b-685a2f49ea8f","block_type":"box","text":"II-23","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c3d1fda9-d166-4028-8255-eb7dcab03dd0","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"44f086a9-02f8-4816-b897-9580fa72c117","block_type":"box","text":"limitations, an exchange may order the liquidation of positions and may impose other sanctions or restrictions.","page_number":84,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"800c6493-3443-42d3-8cb7-d408090a139e","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":84,"box":{"x":101,"y":60,"width":809,"height":11}},{"id":"86658399-4200-47db-b7eb-365ea8b7ef4d","block_type":"box","text":"national securities exchanges have no position limits for the instruments in which the Funds expect to invest.","page_number":84,"box":{"x":102,"y":75,"width":778,"height":11}},{"id":"c2f750aa-6ba9-46f4-a498-39cd16780f46","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":84,"box":{"x":134,"y":98,"width":747,"height":11}},{"id":"45e0d81c-e2d4-481e-81fe-361b2128f982","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":84,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"62744275-9f79-4230-84be-231d5ec535ab","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":84,"box":{"x":101,"y":128,"width":786,"height":11}},{"id":"2be063d1-50a8-4373-befb-87bbbfda3606","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":84,"box":{"x":101,"y":143,"width":798,"height":11}},{"id":"727f43a6-8213-468e-887c-33b360d51d0a","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":84,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"9d51f516-4410-4ffa-bbc8-e1cdd3d482c0","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":84,"box":{"x":102,"y":173,"width":800,"height":11}},{"id":"78068c48-a9de-489c-8c6e-251451a1f02e","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":84,"box":{"x":102,"y":188,"width":774,"height":12}},{"id":"8d7c8e74-5646-46d9-bf68-d0ba5644dd39","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":84,"box":{"x":102,"y":203,"width":793,"height":12}},{"id":"e1c8cd7c-198b-48e6-b746-5f6eb59b8085","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":84,"box":{"x":102,"y":218,"width":764,"height":12}},{"id":"865c948a-0d59-49e4-bad0-fedf9e6da2f4","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":84,"box":{"x":102,"y":234,"width":430,"height":11}},{"id":"babfe87c-a93d-48c4-a556-32da3c44f744","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":84,"box":{"x":134,"y":256,"width":740,"height":12}},{"id":"7762e402-fc73-4108-9e3c-72f273bfe28b","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":84,"box":{"x":102,"y":272,"width":787,"height":11}},{"id":"74151bc7-0d8b-4575-a9ed-39168eb3e105","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":84,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"2b8c1a5a-509a-473a-b462-ccd773a17210","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":84,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"e1c012f1-c463-42e8-ba61-fbb4a90a398f","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":84,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"86d29749-9f58-4c26-964b-84a450250b71","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":84,"box":{"x":102,"y":332,"width":635,"height":11}},{"id":"a9f2618a-eb51-499d-a897-60d94bc5a128","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":84,"box":{"x":135,"y":355,"width":297,"height":11}},{"id":"aa8e17f2-7c6c-42db-8a06-1c83e8f73e27","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":84,"box":{"x":433,"y":355,"width":448,"height":11}},{"id":"a16ecdf7-bf60-420a-8f3d-76c527cc9bc9","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":84,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"60afd932-feed-4d34-87a3-fc06b767c157","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":84,"box":{"x":101,"y":385,"width":753,"height":11}},{"id":"549469f4-81b9-46cb-84dc-dfa5d36c2a37","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":84,"box":{"x":102,"y":400,"width":780,"height":11}},{"id":"6a18c132-4139-4f99-b964-495a3cdaddff","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":84,"box":{"x":102,"y":415,"width":387,"height":11}},{"id":"576f2793-dc4e-4418-8b3a-cb0229da6955","block_type":"box","text":"Foreign Exchange Transactions.","page_number":84,"box":{"x":102,"y":438,"width":222,"height":11}},{"id":"63635403-0e42-436a-bd97-190e2217e8f6","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":84,"box":{"x":101,"y":460,"width":807,"height":12}},{"id":"c331b532-ddf5-4716-8085-3bdcb5b699a1","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":84,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"8cd4c730-ca5a-4a87-a5c3-f777dcc65ce0","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio","page_number":84,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"e0c71c02-b00a-465a-b72f-4afdb1632263","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to certain Funds, to seek to enhance returns.","page_number":84,"box":{"x":69,"y":506,"width":792,"height":11}},{"id":"10aa6965-68bf-488c-ae7d-811e6f6d54e1","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":84,"box":{"x":102,"y":528,"width":790,"height":12}},{"id":"87d0f096-1cd8-43fe-8b61-dff943ab9611","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":84,"box":{"x":70,"y":544,"width":830,"height":11}},{"id":"78f1a42c-6be7-4886-ad0f-1b942c0fd7bc","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":84,"box":{"x":69,"y":559,"width":808,"height":11}},{"id":"529aceae-36b8-4083-a6f2-b4978bdef868","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":84,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"785a436b-9382-49bd-b2d6-699e56d6f913","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":84,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"23dc2e1b-7e00-4e4e-9474-6c2453927d17","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":84,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"b6e137eb-822d-4991-b587-377f717215a8","block_type":"box","text":"part, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":84,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"bc8632c9-0dc8-4640-9b3d-09a8d7f4f37a","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":84,"box":{"x":69,"y":634,"width":813,"height":11}},{"id":"828d688f-3e4a-4df8-9d2d-71a9bc502a58","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the opportunity to profit without limit from increases in","page_number":84,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"299557a4-c4ee-4ece-af43-38bbb74e9608","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":84,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"bd6920f8-b440-4707-b28c-231a4a86af3f","block_type":"box","text":"transactions. Certain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":84,"box":{"x":68,"y":680,"width":794,"height":11}},{"id":"5b38e02e-bb68-4c1a-bdb2-c481c473a4d4","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":84,"box":{"x":102,"y":702,"width":805,"height":12}},{"id":"5f5ab1c2-ae98-4d9e-a0b3-234a7d920e5d","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":84,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"9fa900ce-d378-489f-a96d-8a5b165d2ad3","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":84,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"9d912e67-e5f2-453b-a21a-e503375ab0b5","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":84,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"0a5cd814-5f47-4836-bc07-1ea6a8bbcc25","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":84,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"62344763-09ec-4f01-9d2f-4b556968738d","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":84,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"702324e0-7761-4c24-b794-42b8bf291b97","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":84,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"a6c6cee5-ba58-40e3-865c-2499dadc6589","block_type":"box","text":"Furthermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":84,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"67fc3ac7-dbdf-4b00-9524-367a78b0a3ec","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":84,"box":{"x":69,"y":823,"width":493,"height":12}},{"id":"96b3902e-1bd7-4fce-9627-14a1d38d42dd","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":84,"box":{"x":102,"y":846,"width":738,"height":11}},{"id":"b30538c6-34ab-49ca-a019-14fc899893cd","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":84,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"94707633-07e5-432d-8d1a-a7c7852c8781","block_type":"box","text":"particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":84,"box":{"x":70,"y":876,"width":819,"height":11}},{"id":"eaa9c4f5-01ce-43a7-873e-ce5cf7b5722f","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which certain banks","page_number":84,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"707b3032-ae46-418e-9b9b-6453b8b78a30","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":84,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"01240b82-00a6-4ad6-b933-9f3b409549e3","block_type":"box","text":"II-24","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"90c86c3c-6009-4392-afb0-7442e2e586a7","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16de6495-572e-463a-8d65-0c04f27796ac","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":85,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"763f03f9-2c41-434f-813d-25bbc629d992","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":85,"box":{"x":69,"y":60,"width":841,"height":11}},{"id":"8087ba27-8b62-465b-a182-d9ff2036a8c2","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterparty risk. Any such failure to perform by a counterparty","page_number":85,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"5e71df5e-7555-43c4-baa4-39cefad63d6b","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":85,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"4fe4bb0d-d1de-49ab-854b-f55c0af99f2d","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":85,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"680160a8-67e3-40b4-ac70-00246fe3dbeb","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":85,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"2e1a33ac-73da-4594-94ec-5137c79e52e5","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":85,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"f82be864-1095-4e99-a9c5-bf02234ab130","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":85,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"98b7341d-0c4a-4a2a-afd0-5b5f34c285f2","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":85,"box":{"x":69,"y":173,"width":800,"height":11}},{"id":"f0695f66-e234-47f3-aa74-1f3416bffcf7","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":85,"box":{"x":68,"y":188,"width":829,"height":12}},{"id":"5e1961b7-4fd4-4b99-8a32-030ea4ccb49e","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":85,"box":{"x":68,"y":203,"width":753,"height":12}},{"id":"9f569098-6575-4cfd-8710-3710104cea47","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":85,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"63b7a7a6-eba6-49a7-a6e8-7ec6ddee1583","block_type":"box","text":"involved.","page_number":85,"box":{"x":70,"y":234,"width":59,"height":9}},{"id":"4b405f58-e5d7-44ee-96c8-35f8f7540f66","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":85,"box":{"x":101,"y":256,"width":803,"height":12}},{"id":"fcbc908a-f5ea-44fb-98ce-b5a52125e5a1","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":85,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"2899138e-866d-4420-89d6-2243e31435a6","block_type":"box","text":"denominated in such currency.","page_number":85,"box":{"x":69,"y":287,"width":216,"height":11}},{"id":"a72555bd-07fb-4aab-8831-0114aa34a2c9","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":85,"box":{"x":102,"y":309,"width":254,"height":11}},{"id":"83379026-1c1f-4596-921a-b3f62800ce2f","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":85,"box":{"x":364,"y":309,"width":527,"height":11}},{"id":"5a34f564-d6da-4691-bb6f-b26c57cec450","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":85,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"d3907ff7-6011-43f8-9f64-11685bb4cc3e","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":85,"box":{"x":68,"y":339,"width":798,"height":12}},{"id":"6f917771-68f6-483b-a208-0b1482151106","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain","page_number":85,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"3b0150f5-981b-4410-98ce-b4e2c5cab002","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":85,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"481b1745-651f-4ec9-9e50-1dcc060f476b","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":85,"box":{"x":69,"y":385,"width":774,"height":11}},{"id":"bc8b6b9f-939d-4d1c-bd1d-d18413d2b3f1","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":85,"box":{"x":70,"y":400,"width":828,"height":11}},{"id":"deb73c0a-57bd-41da-a36d-0247f3c98828","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":85,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"002a54c1-3d03-4d2f-b249-1bb703c70f16","block_type":"box","text":"hedging a portfolio position by selling forward a currency in which a portfolio position of the Fund is denominated or","page_number":85,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"79e78227-b5f1-4697-9d01-22f83c3e34a5","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a portfolio position in the near future. A Fund may","page_number":85,"box":{"x":69,"y":445,"width":819,"height":12}},{"id":"fc3fa381-dcf1-4214-9d09-dce96cfabfd0","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":85,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"4236b49b-de40-49e9-8cbe-2e464cecf807","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":85,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"4e78224f-2492-49a5-8475-ed610383167b","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":85,"box":{"x":69,"y":491,"width":814,"height":11}},{"id":"b13066c3-1cf4-4bf7-89f7-0500e105b6c6","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":85,"box":{"x":69,"y":506,"width":745,"height":11}},{"id":"e5e4f81a-6642-4fb1-a95e-2cd9e1f2fa16","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":85,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"2ac19203-ae9c-4850-bc9a-48bb63266bd0","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":85,"box":{"x":69,"y":536,"width":428,"height":11}},{"id":"16c7a053-51c5-4036-a4d8-b1114ee37776","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":85,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"33c56339-96d0-4569-89eb-3217287164d2","block_type":"box","text":"of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the","page_number":85,"box":{"x":69,"y":574,"width":829,"height":11}},{"id":"fad1a418-0b46-44e0-94f6-fb9bfe234667","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":85,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"83927a47-d8a8-4c78-9a27-b3f72d9ee12a","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":85,"box":{"x":69,"y":604,"width":823,"height":11}},{"id":"042f48eb-99d6-4703-888a-b5a8b4b14090","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":85,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"9cb5f3fa-1f86-455e-a476-f1384a50fd24","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":85,"box":{"x":69,"y":634,"width":838,"height":12}},{"id":"8dad8e7e-59a2-4785-a271-66b76d11aed3","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":85,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"bf9aa563-171f-4c8d-920f-8408ff5ab609","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":85,"box":{"x":69,"y":665,"width":819,"height":11}},{"id":"08c75e9a-c906-48e1-9ea1-11c5894706a2","block_type":"box","text":"may not be present, including during the particular time that a Fund is engaging in proxy hedging.","page_number":85,"box":{"x":69,"y":680,"width":691,"height":11}},{"id":"258ae084-33b3-4f51-a061-4cb4b915f820","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":85,"box":{"x":101,"y":702,"width":785,"height":12}},{"id":"74eabca0-5ae9-42bd-9f46-80e221e0c457","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":85,"box":{"x":69,"y":718,"width":811,"height":10}},{"id":"7233d251-df05-4d5a-85e7-91bbb9a1c743","block_type":"box","text":"have portfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":85,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"b1d2d04a-0b04-442a-a202-3437065b3c32","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":85,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"3fc2693b-13c4-4d1b-83ab-0c29be33e7c0","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":85,"box":{"x":70,"y":763,"width":823,"height":11}},{"id":"a2701199-95fd-459f-926f-e20ae550d1f3","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":85,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"dedbb208-48f0-4cbe-b151-fc19ff73294f","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":85,"box":{"x":68,"y":793,"width":372,"height":11}},{"id":"06d3e1f1-23e2-4e21-8d08-991e38654010","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":85,"box":{"x":102,"y":816,"width":768,"height":11}},{"id":"2c540a23-766c-4e2c-9393-2276fa1d53ad","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated","page_number":85,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"29eedd6f-9305-404f-875c-310d3aa7ef8e","block_type":"box","text":"in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":85,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"debeabec-a0cc-42a3-b47a-b61d419fa841","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":85,"box":{"x":68,"y":861,"width":806,"height":11}},{"id":"9368fd1e-fbc8-4aa1-bbd8-3c0e7d86bb81","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":85,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"ffaa7cfd-a770-42e2-a825-4c9fe99827c5","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":85,"box":{"x":68,"y":891,"width":812,"height":12}},{"id":"ee36a338-2325-4e97-b9e4-ab4ec0769bea","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are","page_number":85,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"006223ee-510a-4d98-bf68-2f23aed7c017","block_type":"box","text":"II-25","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e1608fe-c7f3-4c71-a172-c8ce38a3ba8d","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76214717-69f0-468f-95b6-931f60ec6029","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":86,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"12c99c99-38b8-474e-907b-264c11782a04","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":86,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"8d6c2e3e-ef08-4ede-8d04-246ff023c11d","block_type":"box","text":"traded.","page_number":86,"box":{"x":68,"y":75,"width":49,"height":9}},{"id":"1ee49b2a-608b-4107-aee5-e9096dc1170b","block_type":"box","text":"Currency Futures.","page_number":86,"box":{"x":102,"y":98,"width":123,"height":11}},{"id":"517f00f5-b1e9-4f57-8364-477c5c11a2b2","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":86,"box":{"x":232,"y":98,"width":654,"height":11}},{"id":"efefa085-606d-4abf-8d82-70c4e3be8f2f","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":86,"box":{"x":68,"y":113,"width":782,"height":11}},{"id":"f6e63111-2c10-4119-af37-b8abd1af25a0","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":86,"box":{"x":69,"y":128,"width":774,"height":11}},{"id":"5c8b71cf-777c-4c2d-b993-e6f063d73f1e","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":86,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"bb7353f2-22de-4bcc-a566-ece7fa262339","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":86,"box":{"x":69,"y":158,"width":269,"height":9}},{"id":"f9db7fc2-90d6-4722-896a-65641b22fbfc","block_type":"box","text":"Currency Options.","page_number":86,"box":{"x":102,"y":181,"width":125,"height":11}},{"id":"cb7f430f-4bc4-4c85-b053-8c0c7b26f0b5","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":86,"box":{"x":233,"y":181,"width":654,"height":11}},{"id":"7bc80baa-efbb-4213-a91e-902d028d9f1a","block_type":"box","text":"through the use of currency options. Certain Funds have fundamental investment restrictions that permit the","page_number":86,"box":{"x":68,"y":196,"width":776,"height":11}},{"id":"5b01dab9-d2d4-460a-a121-7f1b47e9c68c","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":86,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"43dee3fa-320d-46b8-b1f3-53daaa8fb589","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":86,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"ced71068-1fef-4220-b3bb-f355aefcc4f8","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":86,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"886e9355-c8f8-49e3-a6c0-83843521af3d","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":86,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"3acae641-68fe-48ab-b6cc-1bf819cf8d1f","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":86,"box":{"x":69,"y":272,"width":790,"height":11}},{"id":"e8f09015-6d8c-4bce-8ed1-b2805f6e9fe9","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":86,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"20178347-fbdd-4ca3-910f-f4d3835e522e","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":86,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"e689a54d-5024-4d17-921d-e985cc16e704","block_type":"box","text":"on up to 100% of the currencies in its portfolio. See “—Options” above. Currency options involve substantial","page_number":86,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"126e9b7e-ff49-4d0b-9615-f0fdcec2a203","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":86,"box":{"x":69,"y":332,"width":483,"height":11}},{"id":"8d8f3a15-f98c-47af-8089-ddd7feecf49c","block_type":"box","text":"Currency Swaps.","page_number":86,"box":{"x":102,"y":355,"width":117,"height":11}},{"id":"525d1efe-b34c-466d-8e6a-9df248ffa474","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":86,"box":{"x":225,"y":355,"width":652,"height":11}},{"id":"6203befd-809f-4349-87ad-6932285c88ec","block_type":"box","text":"hedge portfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":86,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"774e6e1a-2313-4f43-aa56-b6f1837fdb18","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":86,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"65d3ef4f-4a90-4261-895d-228673aa2bf4","block_type":"box","text":"exchange of the rights of a Fund and another party to make or receive payments in specified currencies, and typically","page_number":86,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"a1da92ff-41bc-41dd-824e-af8c5fd35c30","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":86,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"94760686-985d-46a0-98cb-7699d6627452","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other party to the","page_number":86,"box":{"x":69,"y":430,"width":810,"height":11}},{"id":"7a8eb95b-cbaa-418b-bfd8-e7359798f1ff","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":86,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"93a06c27-01bd-4904-be1f-e47e5833d5e9","block_type":"box","text":"Distressed Securities.","page_number":86,"box":{"x":102,"y":468,"width":159,"height":9}},{"id":"ed1ef9f5-a9be-4795-bf4c-3be77c802f56","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":86,"box":{"x":267,"y":468,"width":633,"height":11}},{"id":"1e42cd7f-a7ff-4016-bdff-5b050c2a2a1f","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":86,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"6b331a79-4ad7-41e2-96d8-e14324293a36","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":86,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"848b5888-717c-4f8f-8a62-05910f1b34bd","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":86,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"1fbdfd64-2638-46ba-b32b-046f8415d0e1","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":86,"box":{"x":69,"y":528,"width":784,"height":12}},{"id":"a9c682c1-4b0e-4e7f-9ff0-f04416fbe3de","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":86,"box":{"x":70,"y":543,"width":569,"height":12}},{"id":"039fc307-8b41-4ed1-b2f7-14490a4eaafe","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":86,"box":{"x":101,"y":566,"width":766,"height":11}},{"id":"786fe792-e5db-464d-85ec-4ec37f846787","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":86,"box":{"x":70,"y":581,"width":795,"height":12}},{"id":"d58fe714-23e0-4dbd-aeec-f265d16a716c","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":86,"box":{"x":70,"y":596,"width":826,"height":11}},{"id":"64799373-f222-4c17-9261-ba299484b742","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":86,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"d4d9a1fd-5596-46d5-9af4-f0abf2701d53","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":86,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"09377172-7926-4e5c-b7ab-07afc8229028","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":86,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"d3e00e83-f861-4c5a-9cab-14c63e31f817","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":86,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"d65d6d25-cf29-45ae-98e9-60f7fca84acd","block_type":"box","text":"significant uncertainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":86,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"3ede91ca-ecf3-4879-a541-32ca8bf7d3c3","block_type":"box","text":"Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":86,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"92c80e57-cd64-4ae6-a2b2-7dc08dd9341f","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":86,"box":{"x":69,"y":703,"width":826,"height":11}},{"id":"85d0a6c7-4237-4deb-ae19-2fcd4b8ff8f1","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to","page_number":86,"box":{"x":69,"y":717,"width":827,"height":12}},{"id":"136eeb33-f27a-4659-b20b-971cca566331","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":86,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"67288733-77aa-46dd-aa3a-78a1089667b4","block_type":"box","text":"satisfied (","page_number":86,"box":{"x":69,"y":748,"width":70,"height":11}},{"id":"2738c9dd-f75d-4d44-abbd-9e0a1124973e","block_type":"box","text":"e.g.","page_number":86,"box":{"x":140,"y":749,"width":25,"height":10}},{"id":"875fcdac-56fa-46cd-b391-74f491288ab4","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":86,"box":{"x":168,"y":748,"width":729,"height":11}},{"id":"265fa30d-536e-4e5a-a75e-406ca6266c99","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":86,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"10bef7e3-7be3-4110-9f7f-e0b41815c5be","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":86,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"1a903a8d-4e09-4daf-a845-29b312899553","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":86,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"fb185ac4-ae97-4855-bd8f-ba034b101384","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":86,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"366e8dc9-7178-448c-8141-10942f0f52d3","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":86,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"191b4560-bf39-4b1a-b62d-e4606c6ba419","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund participates in negotiations with respect to any","page_number":86,"box":{"x":69,"y":838,"width":800,"height":12}},{"id":"523b39cc-1642-4e9b-8825-fd73bb2920ab","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":86,"box":{"x":69,"y":853,"width":770,"height":12}},{"id":"2cd4f0d4-184a-4135-871a-38fb5925f43f","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":86,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"e3ea78ec-5bbd-4be1-9070-d12ff9f2e884","block_type":"box","text":"II-26","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac9c70d1-9e2e-48a9-95fe-6c3cbcc2968d","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e24f2851-1b4a-4381-963d-ade884ddd5cd","block_type":"box","text":"Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor. The","page_number":87,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"c99006c4-fe79-4670-8d69-db584c0d2e39","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":87,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"bdb38c2d-a8d2-4950-9dc6-bedd2efde85e","block_type":"box","text":"affairs.","page_number":87,"box":{"x":69,"y":75,"width":49,"height":9}},{"id":"2a997c5f-cdb0-49b3-a458-54422b484094","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":87,"box":{"x":102,"y":98,"width":428,"height":11}},{"id":"5d53d235-dc62-4d89-ab0e-804fd8352087","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":87,"box":{"x":531,"y":98,"width":341,"height":11}},{"id":"6e4ebbc9-cbc2-4e49-b00a-06f862d1261e","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":87,"box":{"x":69,"y":113,"width":785,"height":11}},{"id":"14eaab22-afba-4965-9ca9-962ce921420a","block_type":"box","text":"consider ESG factors as part of the investment process for the Fund. Fund management views ESG integration as the","page_number":87,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"6226bcd0-0f45-4b0a-9b65-2933caa8f705","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":87,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"8a7c381d-0185-4ac8-a1d4-d5a6bc7a3ec5","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s particular investment","page_number":87,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"a53cb4e3-03b2-4cfa-a926-7e18f1897405","block_type":"box","text":"strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock","page_number":87,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"648244ed-8057-4973-a9dc-3dec2176f16a","block_type":"box","text":"research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":87,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"f5effe71-8985-4366-9d66-3b3defa501ac","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":87,"box":{"x":70,"y":204,"width":800,"height":11}},{"id":"2b3e8e18-dcfa-4499-878f-e58bf8a0e0b4","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":87,"box":{"x":69,"y":218,"width":377,"height":12}},{"id":"550126aa-2faf-455f-aa5d-00bda55bcbd5","block_type":"box","text":"Certain of these considerations may affect a Fund’s exposure to certain companies or industries. While Fund","page_number":87,"box":{"x":102,"y":241,"width":778,"height":11}},{"id":"d06ada7a-bde6-4a34-b8e4-efddaf22c1fb","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term performance,","page_number":87,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"73f6fd95-9c4c-46a3-9aa9-bfbf7c1a0bff","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":87,"box":{"x":68,"y":272,"width":400,"height":11}},{"id":"c9b7176a-f465-458e-85d7-29bb5e57d7e8","block_type":"box","text":"Equity Securities.","page_number":87,"box":{"x":102,"y":294,"width":127,"height":11}},{"id":"5e8067e6-2cf5-424e-ba65-54b5666e449b","block_type":"box","text":"Certain Funds may invest in equity securities, which include common stock and, for certain","page_number":87,"box":{"x":235,"y":294,"width":648,"height":11}},{"id":"7c172b9f-0781-4e29-949a-088656347940","block_type":"box","text":"Funds, preferred stock (including convertible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":87,"box":{"x":70,"y":309,"width":802,"height":11}},{"id":"7ce209a1-709e-4d45-b6b3-39b9bef54a91","block_type":"box","text":"interests in trusts; general and limited partnerships and limited liability companies; and depositary receipts. Stock","page_number":87,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"9aa89100-dd37-4cf3-b5ad-e9f3bc645af9","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio","page_number":87,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"0df1c980-8106-48d4-b802-66b58aac1a28","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":87,"box":{"x":70,"y":355,"width":813,"height":11}},{"id":"2cd48202-8758-431b-9759-dfa1bc7e12dd","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":87,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"c6518035-c235-4190-a44c-d86f904e1b15","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":87,"box":{"x":68,"y":385,"width":775,"height":11}},{"id":"3c00b15b-18c0-4ccf-8fc3-6c2517c5dc8b","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor","page_number":87,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"9b6d2d30-9411-45b6-827d-9a077b1f4233","block_type":"box","text":"shortages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":87,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"38a54483-c4a5-46ef-bf69-4d31e25a5f77","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":87,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"391304e1-42de-44e6-a04a-7dd6ebb28afb","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":87,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"9f7c97ff-88e1-46f5-bbf4-8688bc4b88f2","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":87,"box":{"x":69,"y":461,"width":325,"height":11}},{"id":"e003756a-da8e-498f-bd5e-713b12786f48","block_type":"box","text":"From time to time certain of the Funds may invest in shares of companies through initial public offerings","page_number":87,"box":{"x":102,"y":483,"width":745,"height":11}},{"id":"2a7be360-286d-460a-bd92-0666b41c597f","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for certain Funds. There is","page_number":87,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"adca9fd8-0aed-4983-8acb-c5d564367b84","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":87,"box":{"x":69,"y":513,"width":824,"height":11}},{"id":"193cab08-a57d-4e0a-b53b-af06d738dd97","block_type":"box","text":"these past gains as an indication of future performance. The investment performance of a Fund during periods when","page_number":87,"box":{"x":68,"y":528,"width":834,"height":12}},{"id":"f5942e9d-5fd9-4217-a676-81a1a6533408","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":87,"box":{"x":70,"y":543,"width":782,"height":12}},{"id":"4a99dfbe-da1e-4e44-b01b-088983c31a37","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":87,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"f70088e1-6403-490b-917c-612dcd45925d","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":87,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"3a09ff57-f162-4bfa-8c74-356c8a3d5325","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":87,"box":{"x":69,"y":589,"width":805,"height":11}},{"id":"048d042b-b107-4e6b-af2f-8f4130b98c4b","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the","page_number":87,"box":{"x":70,"y":604,"width":836,"height":11}},{"id":"07ae2186-1582-4e33-9f4a-01768a4ce9e7","block_type":"box","text":"initial public offering.","page_number":87,"box":{"x":70,"y":619,"width":147,"height":11}},{"id":"1e619d89-e5c5-46aa-9839-f1535f9a6a9d","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":87,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"750a1d8c-415b-4b26-ae35-e442998c808d","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":87,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"e7896eaa-b7ef-4445-9b63-8c0de3262279","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":87,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"849cafb7-041b-47f0-a9e9-cc891b5cce67","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":87,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"9c1a80eb-a396-432a-86af-f9c54628ba84","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":87,"box":{"x":70,"y":702,"width":831,"height":12}},{"id":"005ecc41-63a5-4be2-a1fa-f9a3f9848020","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":87,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"bf641c4e-dd1a-4da7-898b-05ff3657049f","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":87,"box":{"x":68,"y":732,"width":810,"height":12}},{"id":"6f600f77-14de-4e00-b136-e6c1bb76bfb9","block_type":"box","text":"more established companies.","page_number":87,"box":{"x":69,"y":748,"width":209,"height":11}},{"id":"0c48aad4-cc00-4c92-a90e-517025a23eea","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":87,"box":{"x":102,"y":770,"width":776,"height":11}},{"id":"060d59cd-5f36-4933-a8e9-f4e48cf3a502","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Certain of the Funds may also invest in shares of","page_number":87,"box":{"x":70,"y":785,"width":810,"height":12}},{"id":"fbf893f7-8e46-4b04-b0ae-ae071d5bc4c8","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":87,"box":{"x":70,"y":801,"width":799,"height":11}},{"id":"7e199e40-fb67-4e17-80e5-1eb13aa8ca26","block_type":"box","text":"below.","page_number":87,"box":{"x":69,"y":816,"width":43,"height":9}},{"id":"1cf50e38-f114-48e2-b0c8-780e910f74dc","block_type":"box","text":"Real Estate-Related Securities.","page_number":87,"box":{"x":102,"y":838,"width":219,"height":9}},{"id":"2a0f4ea2-c5e8-4371-a10f-6ba8cec4d7c6","block_type":"box","text":"Although no Fund may invest directly in real estate, certain Funds may invest in","page_number":87,"box":{"x":327,"y":839,"width":565,"height":11}},{"id":"23e89b0a-abd0-472a-adc8-39c07f19c73c","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":87,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"e121adac-43c4-404a-a731-a228a3f49b73","block_type":"box","text":"certain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":87,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"793d125d-7ea2-4d64-ad60-8f71944916d8","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":87,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"b4ceb5d3-78f7-4382-b5d1-5673ac213109","block_type":"box","text":"conditions; possible lack of availability of mortgage funds or other limitations on access to capital; overbuilding; risks","page_number":87,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"8de2bf02-e920-4bbd-884d-7180b3ffd9bc","block_type":"box","text":"II-27","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5ebb3895-75b1-4d12-8a9d-aebaf110bee5","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b208323b-c197-4f05-8fba-00785a1f9db6","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of properties; increase in competition, property","page_number":88,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"7559be63-2efc-4ffc-9ae0-eba88b4da881","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":88,"box":{"x":68,"y":60,"width":828,"height":11}},{"id":"55209ea8-17b6-463a-a437-f3ebaa8edff1","block_type":"box","text":"resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems;","page_number":88,"box":{"x":69,"y":75,"width":794,"height":11}},{"id":"349a3aa2-37fd-4e04-93e9-4eb73abf2309","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":88,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"3a3a100d-1717-40a8-8dd2-e9406d9dac39","block_type":"box","text":"earthquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":88,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"9f93ff9f-5888-47dc-9eb6-500f359a63a1","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":88,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"79525c6e-c3f4-4eba-bb48-612ccf2c7013","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by property","page_number":88,"box":{"x":70,"y":136,"width":838,"height":11}},{"id":"3e875f56-21df-44c5-96c4-de592b13cc7a","block_type":"box","text":"type or in certain other respects, the Fund may be subject to certain of the foregoing risks to a greater extent.","page_number":88,"box":{"x":68,"y":150,"width":785,"height":12}},{"id":"642dc88c-dbbd-4c51-bde0-9f32cfbdeb69","block_type":"box","text":"Investments by a Fund in securities of companies providing mortgage servicing will be subject to the risks associated","page_number":88,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"2a569bd0-71d6-407b-b0dd-ea1a49fbcca5","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":88,"box":{"x":68,"y":181,"width":381,"height":11}},{"id":"fb25e286-4e6e-4d21-afa7-d6da5fc0ad25","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real property acquired as a result","page_number":88,"box":{"x":102,"y":203,"width":797,"height":12}},{"id":"3ac00c64-872f-416b-9f69-22e69b57f039","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":88,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"ed6511ad-f582-447d-bf44-eeff54a1fa68","block_type":"box","text":"its tax status as a regulated investment company because of certain income source requirements applicable to","page_number":88,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"8f75b2fe-bf45-42e3-928a-7b0833bc10ee","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":88,"box":{"x":69,"y":249,"width":730,"height":11}},{"id":"d75fb0c8-0beb-4e86-bc4a-02bea8e8f56f","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":88,"box":{"x":102,"y":271,"width":381,"height":12}},{"id":"79a74c32-e038-4fa1-a7fc-bb81ff63af3c","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":88,"box":{"x":490,"y":272,"width":376,"height":11}},{"id":"49fa96d6-27f5-4670-a5f8-b9cfe8f5642d","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":88,"box":{"x":70,"y":287,"width":828,"height":11}},{"id":"966caca3-679c-43f3-9f56-b3b8141a0d2d","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":88,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"4461e048-225a-4da8-aa1d-54d6324993d1","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":88,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"fd952114-cb93-410d-bfaf-51e6a17907e4","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":88,"box":{"x":69,"y":332,"width":647,"height":11}},{"id":"93d8faa4-66a3-4e18-a654-8202ef119913","block_type":"box","text":"While smaller or emerging growth company issuers may offer greater opportunities for capital appreciation than","page_number":88,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"1a234b36-a599-44f8-a504-8b4d9784fe38","block_type":"box","text":"large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":88,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"33407672-3620-4a12-808a-98ac5b8bd6f8","block_type":"box","text":"considered speculative. Fund management believes that properly selected companies of this type have the potential","page_number":88,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"e4d0f626-0073-4e3c-8ed9-b51cc1156c1a","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":88,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"c486d5f0-d478-47a9-9ba1-70db23a40b6f","block_type":"box","text":"Full development of these companies and trends frequently takes time.","page_number":88,"box":{"x":70,"y":415,"width":506,"height":11}},{"id":"a1527bcc-76a1-4731-9db1-2ced28ddc69f","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":88,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"9d759405-d5bb-404e-bd60-3b8988ddc1c9","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":88,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"43f4caf8-2792-4eab-ab73-7ebe5b6ccb52","block_type":"box","text":"result, the disposition by a Fund of portfolio securities to meet redemptions or otherwise may require the Fund to","page_number":88,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"a654a078-2efd-4ca7-9612-7f6b4a89b6c1","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":88,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"ca2645d2-0d26-4b8e-b978-056ad7021ae3","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":88,"box":{"x":69,"y":498,"width":631,"height":11}},{"id":"b10c1d63-16a2-44d7-9e97-0ad5ea4742b2","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not, of course, guarantee","page_number":88,"box":{"x":101,"y":521,"width":759,"height":11}},{"id":"65d6c71f-a690-4ba2-8733-a76af898c28c","block_type":"box","text":"successful investment results; however, it does provide access to an asset class not available to the average","page_number":88,"box":{"x":69,"y":536,"width":781,"height":11}},{"id":"82c6f1c0-fbeb-4004-a17a-81c045c24a29","block_type":"box","text":"individual due to the time and cost involved. Careful initial selection is particularly important in this area as many","page_number":88,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"173e0f64-d701-4444-bfae-8a5e1d142940","block_type":"box","text":"new enterprises have promise but lack certain of the fundamental factors necessary to prosper. Investing in small","page_number":88,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"bf91b98f-f2ca-4a6f-903e-93ad04eb18a5","block_type":"box","text":"cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot","page_number":88,"box":{"x":69,"y":582,"width":825,"height":11}},{"id":"0e263442-034f-4391-808d-737d71125cfc","block_type":"box","text":"invest sufficient assets in such companies to provide wide diversification.","page_number":88,"box":{"x":70,"y":596,"width":524,"height":11}},{"id":"7a4c07d7-3af3-461b-9852-6f7601ad6a7f","block_type":"box","text":"Small companies are generally little known to most individual investors although some may be dominant in their","page_number":88,"box":{"x":102,"y":619,"width":798,"height":11}},{"id":"70e784e8-f046-4ba9-9a73-e18168154526","block_type":"box","text":"respective industries. Fund management believes that relatively small companies will continue to have the","page_number":88,"box":{"x":69,"y":634,"width":757,"height":12}},{"id":"d72065bc-dfe0-4a95-9862-70b1604ee6e7","block_type":"box","text":"opportunity to develop into significant business enterprises. A Fund may invest in securities of small issuers in the","page_number":88,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"91f2b405-d507-4446-b880-49a6e69d088d","block_type":"box","text":"relatively early stages of business development that have a new technology, a unique or proprietary product or","page_number":88,"box":{"x":69,"y":664,"width":786,"height":12}},{"id":"84e63d88-8628-46d0-9732-cf355858eecf","block_type":"box","text":"service, or a favorable market position. Such companies may not be counted upon to develop into major industrial","page_number":88,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"72a93b52-bbd9-4b16-9cde-f1ddeef2316e","block_type":"box","text":"companies, but Fund management believes that eventual recognition of their special value characteristics by the","page_number":88,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"461e181f-4034-4bc3-9297-050facf3dca0","block_type":"box","text":"investment community can provide above-average long-term growth to the portfolio.","page_number":88,"box":{"x":70,"y":710,"width":590,"height":11}},{"id":"eb6cba3f-3e1c-4270-a1cc-77df5c141b16","block_type":"box","text":"Equity securities of specific small cap issuers may present different opportunities for long-term capital","page_number":88,"box":{"x":102,"y":732,"width":729,"height":12}},{"id":"a5638704-7576-4146-98e8-d9fcbed29895","block_type":"box","text":"appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their","page_number":88,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"6a81a80d-ec81-4bfe-b6cf-b6cb378b48fd","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":88,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"baf8b129-7ccc-471f-a3b2-ead2004dba14","block_type":"box","text":"cycles, presenting attractive investment opportunities at various points during these cycles.","page_number":88,"box":{"x":69,"y":778,"width":652,"height":11}},{"id":"ae70972a-a1bc-453a-9fd9-8e2ff863fa75","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":88,"box":{"x":102,"y":801,"width":778,"height":11}},{"id":"fde4c576-0bc0-434e-a931-731e3344bb3c","block_type":"box","text":"companies to intervention from the Federal government by means of price controls, regulations or litigation.","page_number":88,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"142c71d5-72d4-4560-9868-28912c6b27d0","block_type":"box","text":"Tracking Stocks","page_number":88,"box":{"x":103,"y":838,"width":110,"height":12}},{"id":"4af85e52-e9e0-4bbf-8b46-4ca6e15cc587","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":88,"box":{"x":214,"y":838,"width":640,"height":12}},{"id":"76d705c3-b28c-4457-9da0-0e672377b54a","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the performance of such","page_number":88,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"a69a565c-7a84-4937-ac79-b7f35e0a7fb8","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":88,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"8f9a65f1-449d-4591-a956-65549c8625bd","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":88,"box":{"x":68,"y":884,"width":801,"height":11}},{"id":"6261939c-ee39-482d-85cb-737344709ba0","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":88,"box":{"x":69,"y":899,"width":740,"height":11}},{"id":"8dd71f78-d68f-4b36-9156-9b412bb94da6","block_type":"box","text":"II-28","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8f1258c4-924d-4a1e-9f06-3320ddfe9a08","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6f00ceb8-b007-4401-8deb-abb57bd916c4","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":89,"box":{"x":102,"y":45,"width":245,"height":11}},{"id":"449a1fbe-3e6f-42a3-9378-790b3247ae07","block_type":"box","text":"Certain Funds may invest in ETNs. ETNs are generally notes representing","page_number":89,"box":{"x":354,"y":45,"width":521,"height":11}},{"id":"b2146500-c5e0-4c6d-ab6f-9f5d83feec18","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":89,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"3351fba3-8879-48eb-a316-b4003df510ad","block_type":"box","text":"are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":89,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"36db89a5-2889-42c4-9754-945f750910ee","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":89,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"71de9bae-dfbf-4051-b01e-6de15aa50e02","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the performance","page_number":89,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"4103f716-cf84-4d96-b3f1-9eb67875f8c4","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus certain fees. Unlike","page_number":89,"box":{"x":69,"y":120,"width":805,"height":11}},{"id":"a959a1e6-b9a9-4f6b-87dd-2dac9e43e593","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":89,"box":{"x":69,"y":136,"width":654,"height":11}},{"id":"aa1a1e42-bd45-45ee-840f-6f521f8bf14b","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":89,"box":{"x":101,"y":158,"width":794,"height":11}},{"id":"93f222c8-7b6f-4d82-b972-078057eff7ff","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":89,"box":{"x":68,"y":173,"width":748,"height":11}},{"id":"c1703e85-4fa5-4567-8f61-44a7bf70b95c","block_type":"box","text":"performance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":89,"box":{"x":70,"y":188,"width":789,"height":12}},{"id":"b1c1e8f0-c4ed-4cc6-bcba-272260689a99","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":89,"box":{"x":68,"y":203,"width":783,"height":12}},{"id":"28bd8f37-9a2b-453b-9543-73d92d2b0ebf","block_type":"box","text":"replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their","page_number":89,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"1e6c8128-7abf-4608-aada-5dcb07ade557","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":89,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"5e1d81a1-9ba2-4288-a997-9efed454a4e8","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":89,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"dedbf5ba-9691-4de4-b6ca-18b24530689b","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":89,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"bdad9632-751b-438c-99c4-f74cbc267c0c","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":89,"box":{"x":70,"y":279,"width":820,"height":11}},{"id":"af1647c9-26e3-4415-a74b-402be8fe9beb","block_type":"box","text":"loan still needs to be repaid.","page_number":89,"box":{"x":70,"y":294,"width":202,"height":11}},{"id":"c627519c-b071-4b6f-b583-0be15eb97b50","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":89,"box":{"x":102,"y":317,"width":774,"height":11}},{"id":"e2fdb088-2e6c-4b05-8684-b994a4eec584","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":89,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"0b275a0e-9d99-490b-b742-a9fc0521e742","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":89,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"f92a6dc5-b062-4cca-9f4e-c0715b20a207","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":89,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"17526566-5e5e-4fcd-8981-87083ab032b6","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":89,"box":{"x":68,"y":377,"width":766,"height":12}},{"id":"0f6574d7-bba9-4812-91b2-97ca82b87994","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":89,"box":{"x":70,"y":393,"width":279,"height":8}},{"id":"391334e2-ec07-42a8-a773-00d93c9d4af7","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":89,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"42a643ab-8878-4eff-ba30-a3701414a422","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":89,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"86927747-6acc-4044-9247-129d4c0c1457","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":89,"box":{"x":69,"y":445,"width":547,"height":9}},{"id":"bc12473c-b2c5-4750-8b97-3b61098aa2fd","block_type":"box","text":"Foreign Investments.","page_number":89,"box":{"x":102,"y":468,"width":152,"height":11}},{"id":"a3731bab-56a3-4a0b-b524-eb4fa9b6db50","block_type":"box","text":"Foreign Investment Risks.","page_number":89,"box":{"x":102,"y":491,"width":182,"height":11}},{"id":"bd9fcbf6-e174-4746-bee1-f3dec3e2304c","block_type":"box","text":"Certain Funds may invest in foreign securities, including securities from issuers","page_number":89,"box":{"x":291,"y":491,"width":567,"height":11}},{"id":"d506a171-09f2-4a2c-8698-59256555c874","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":89,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"4ea55ba7-50be-4377-8be6-7f71ec8d4e29","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":89,"box":{"x":70,"y":521,"width":774,"height":11}},{"id":"1aa0d3cc-f13b-41dd-a7ac-ea14b4bb0786","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":89,"box":{"x":69,"y":536,"width":738,"height":11}},{"id":"740d3b21-605f-4618-be70-69ab4fda68be","block_type":"box","text":"Securities issued by certain companies organized outside the United States may not be deemed to be foreign","page_number":89,"box":{"x":102,"y":559,"width":782,"height":11}},{"id":"bc50c355-e3bb-418a-a3cf-586c63d72554","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":89,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"174e0010-bcf2-45c3-bd33-be8bb7b940f2","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":89,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"10a8249e-f5af-480a-b615-2b7f939b6ed7","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":89,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"825294b3-e07c-40b1-a30b-2a6ed2fae80b","block_type":"box","text":"benchmark index.","page_number":89,"box":{"x":69,"y":619,"width":124,"height":9}},{"id":"5f1fd583-75dc-4ccc-978a-120e7c5a5c7a","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":89,"box":{"x":102,"y":642,"width":767,"height":11}},{"id":"47b6646d-5dfa-4c36-bf28-c4afaa223d0f","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":89,"box":{"x":68,"y":657,"width":742,"height":11}},{"id":"3d19a8f1-da3b-4d6f-ba68-b13bf9dbe454","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":89,"box":{"x":69,"y":672,"width":818,"height":11}},{"id":"755f7417-5a0d-485e-bb46-f73c9b7fe836","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":89,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"661c66d8-6f27-4273-9dd2-f541a242b420","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":89,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"265ca413-54ef-4a60-b0b7-c68ca9cb6fb1","block_type":"box","text":"securities and commercial paper. Such securities may include loan participations and assignments, convertible","page_number":89,"box":{"x":69,"y":718,"width":794,"height":11}},{"id":"de1ffdee-b39c-443e-ac30-632f23e8a046","block_type":"box","text":"securities and zero-coupon securities.","page_number":89,"box":{"x":69,"y":733,"width":268,"height":10}},{"id":"c23cbaec-6fed-4d60-a46f-5e1aa672949f","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":89,"box":{"x":102,"y":755,"width":785,"height":11}},{"id":"6efd4abc-3297-46b2-9095-21289cae8dc7","block_type":"box","text":"taxes.","page_number":89,"box":{"x":68,"y":771,"width":42,"height":8}},{"id":"1528e293-f03b-4c72-a262-b33bbbaca64c","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":89,"box":{"x":101,"y":793,"width":798,"height":11}},{"id":"8d6a136a-cd5c-43ce-841f-e5b54df6fa28","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":89,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"53a50e08-554c-4066-a11a-83a751d20428","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":89,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"c2c2d90f-d7b8-49a4-a2b7-4149e750e929","block_type":"box","text":"underlying security (","page_number":89,"box":{"x":69,"y":839,"width":140,"height":11}},{"id":"72b72c71-26a3-4037-95aa-e1be8e1b0b49","block_type":"box","text":"i.e.","page_number":89,"box":{"x":211,"y":839,"width":20,"height":8}},{"id":"0eaf712c-7fef-46b8-acad-10a2dedfa101","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":89,"box":{"x":234,"y":838,"width":675,"height":12}},{"id":"8ced6eb1-b53e-44d1-859d-b816349f85c4","block_type":"box","text":"Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on","page_number":89,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"6cc90ae0-a075-4812-a1a4-1b7a971535e8","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":89,"box":{"x":68,"y":869,"width":800,"height":11}},{"id":"e44a1460-2474-4fde-9e51-20743f31a501","block_type":"box","text":"result in premiums or discounts to certain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":89,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"cfe72871-fd59-4c7c-8671-3841aed4631e","block_type":"box","text":"II-29","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4cfd179a-8891-4d2f-b709-9ca7798544a3","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a4bd3a2-9c0b-4fad-8a27-9900fb256a4b","block_type":"box","text":"Foreign Market Risk.","page_number":90,"box":{"x":102,"y":45,"width":144,"height":11}},{"id":"db0229fe-bdee-4756-b617-371d69023c9a","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":90,"box":{"x":254,"y":45,"width":652,"height":11}},{"id":"c38d1367-64ca-44f1-be68-aad9b195aec5","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":90,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"9148ac1a-4456-41b9-b315-54ad53f2e9f6","block_type":"box","text":"always) performed differently from securities traded in the United States. However, such investments often involve","page_number":90,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"5e6f26b0-0299-434b-9141-1385a569ea31","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In particular, a Fund","page_number":90,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"3bef2d3d-9466-4780-a085-60c2658d397f","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":90,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"5903066a-7cfd-4a3e-9f94-6486892c0d79","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":90,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"85c8e4c4-29ad-4ac0-9169-dcc03bbb29b9","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":90,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"5cb6cd1a-7c8e-4e01-9b47-b0df92ed8015","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In","page_number":90,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"a636cf9c-d86a-4264-8703-c812827250cf","block_type":"box","text":"addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military","page_number":90,"box":{"x":69,"y":166,"width":824,"height":11}},{"id":"496427a0-6307-42f8-8b44-79bbfd17cb29","block_type":"box","text":"action and other conditions may, without prior warning, lead to the governments of certain countries, or the U.S.","page_number":90,"box":{"x":69,"y":181,"width":798,"height":11}},{"id":"2e5e2bbe-28ab-49e1-b0f2-b6671229d53a","block_type":"box","text":"Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital controls","page_number":90,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"27aa32e6-b553-44d1-b224-1cd8a4a22b47","block_type":"box","text":"and/or sanctions on foreign investing in the capital markets or certain industries in those countries. Capital controls","page_number":90,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"119b9749-2454-4ba2-89f6-3c58f8751d48","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":90,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"1cb86266-729c-4e3f-b996-1140e8ffc366","block_type":"box","text":"derivatives or other assets and may also include retaliatory actions of one government against another government,","page_number":90,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"af752024-1676-4086-b21f-0d3916b33e37","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":90,"box":{"x":69,"y":256,"width":798,"height":11}},{"id":"abc36776-c6f1-496d-b91b-6dd480c850e9","block_type":"box","text":"receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the","page_number":90,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"3794ec0a-8343-485a-8606-8ce8cd75a4bd","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":90,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"9f3fd57b-9f8c-4f69-afa9-af849d9b50cc","block_type":"box","text":"assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other potential","page_number":90,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"d4f2aa5d-1377-4b9c-809d-d6bd6ff7036a","block_type":"box","text":"foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government","page_number":90,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"8eedb518-1909-4190-a6a5-4b7bf7b84dd2","block_type":"box","text":"securities, difficulties in enforcing favorable legal judgments in foreign courts, and political and social conditions,","page_number":90,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"395890d1-73b8-4656-8b79-0f2d6b4bef4a","block_type":"box","text":"such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets, or","page_number":90,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"50f85746-e03b-42d8-bcfd-20f19f713636","block_type":"box","text":"imposition of (or change in) exchange control regulations. Legal remedies available to investors in certain foreign","page_number":90,"box":{"x":70,"y":362,"width":804,"height":11}},{"id":"3f979f4f-b922-4fb6-9ebf-c7acbad52bdc","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":90,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"aa09a917-568e-4320-8feb-38c391c21c7b","block_type":"box","text":"addition, changes in government administrations or economic or monetary policies in the United States or abroad","page_number":90,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"174a49b5-f874-4870-a055-e4f16afb4d98","block_type":"box","text":"could result in appreciation or depreciation of portfolio securities and could favorably or adversely affect a Fund’s","page_number":90,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"9dd36549-ca37-4631-87cd-a12cf721b58c","block_type":"box","text":"operations.","page_number":90,"box":{"x":69,"y":423,"width":78,"height":11}},{"id":"1375536b-7101-4828-90ee-974de7320b8d","block_type":"box","text":"Foreign Economy Risk.","page_number":90,"box":{"x":102,"y":446,"width":158,"height":11}},{"id":"722db015-ab54-47c0-b6da-a11e3a78b611","block_type":"box","text":"The economies of certain foreign markets often do not compare favorably with that of the","page_number":90,"box":{"x":267,"y":445,"width":636,"height":12}},{"id":"2ecbb14f-cd5f-45b0-b90e-1057618bf3e7","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":90,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"24dd2710-96de-475c-9431-450b33b86006","block_type":"box","text":"and balance of payments position. Certain such economies may rely heavily on particular industries or foreign capital","page_number":90,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"b468d135-55c8-4118-b4a5-1b90faf4c076","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular","page_number":90,"box":{"x":69,"y":491,"width":795,"height":11}},{"id":"386180d7-4821-49b7-b5ef-a0bf18cbd8a9","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":90,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"b243d392-5035-448c-91e1-e3bf73b04ed6","block_type":"box","text":"measures.","page_number":90,"box":{"x":69,"y":523,"width":74,"height":7}},{"id":"0fb91f5e-4a37-46bd-a528-4f7e0018e8b5","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":90,"box":{"x":102,"y":544,"width":240,"height":11}},{"id":"d304df83-2aef-4c50-9997-68a81c472153","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":90,"box":{"x":349,"y":543,"width":534,"height":12}},{"id":"1c12b0cb-204a-4569-807b-73d07cca1ffc","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":90,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"26a3a98a-161b-4c68-b28d-e1544b8d657c","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":90,"box":{"x":69,"y":574,"width":833,"height":11}},{"id":"4eefc6b6-7f77-48a1-8dc5-dad4d4e957ec","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S.","page_number":90,"box":{"x":69,"y":589,"width":801,"height":11}},{"id":"ecb6bb80-6bb8-4fd7-ad7f-75bb352da5fa","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":90,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"ee3c20ea-94bb-4950-8090-fbf5e6b26c43","block_type":"box","text":"that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as “currency","page_number":90,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"bd5f525f-adb3-4f44-9c4c-eb04708ea47f","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":90,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"6dfc4747-85a1-4ce8-8268-f789989f6a14","block_type":"box","text":"those returns.","page_number":90,"box":{"x":68,"y":650,"width":100,"height":8}},{"id":"9281af9c-05e2-454a-b8be-6eaaf7951bac","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":90,"box":{"x":102,"y":672,"width":466,"height":11}},{"id":"405c2bc9-313b-4cb5-b5fe-4aec6ad494a6","block_type":"box","text":"Many foreign governments supervise and","page_number":90,"box":{"x":575,"y":672,"width":293,"height":11}},{"id":"c16c76a5-f799-4de7-b4d5-d22570f9e33c","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":90,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"0e89e12c-927e-4832-b181-d7e9687376f7","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":90,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"eb55e81d-d3d9-420e-a56d-c00ff4cffa48","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":90,"box":{"x":69,"y":718,"width":778,"height":11}},{"id":"44251796-55c4-45c0-bab8-2f7cb79559e2","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":90,"box":{"x":69,"y":732,"width":794,"height":12}},{"id":"2cc2925c-0b57-40b5-91a6-e5f2f452274e","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":90,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"9cda66b1-7999-4c9f-a83e-3d1211a0b668","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":90,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"26b0ed02-65f6-4821-a0d6-3cec97ad1e6b","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":90,"box":{"x":69,"y":778,"width":760,"height":11}},{"id":"b9e95096-161a-419e-a712-d2a3fc7f1a20","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":90,"box":{"x":69,"y":793,"width":803,"height":11}},{"id":"c4eadd29-b4d9-48aa-8246-d504d5e3f66d","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":90,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"47ce1584-4737-40c3-beec-3e3c570365b6","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":90,"box":{"x":69,"y":823,"width":793,"height":12}},{"id":"badd9fb4-7278-46a0-aae7-0aa8175ca3ff","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":90,"box":{"x":69,"y":838,"width":797,"height":12}},{"id":"a7fbbfa5-9188-4234-8d00-85a0bc4dedb5","block_type":"box","text":"investments.","page_number":90,"box":{"x":70,"y":854,"width":89,"height":8}},{"id":"c931935f-edc5-4361-96c9-c4a05c624d59","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":90,"box":{"x":102,"y":876,"width":458,"height":11}},{"id":"61b6bfbf-d90d-4c45-97cc-90ac726c946d","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":90,"box":{"x":566,"y":876,"width":341,"height":11}},{"id":"b9bc8d2f-161d-41a9-b9dd-98ef9121fb4e","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":90,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"88caa306-be97-41a5-ad7d-0fb7ae5c857b","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":90,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"c7983e1b-1e7d-4d52-8a4f-38ae82a7c30c","block_type":"box","text":"II-30","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3a28e8eb-d515-451e-8d47-7905ca784cdc","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a49a4d42-cc17-4238-b84c-5004cb8f2b55","block_type":"box","text":"their operations. Also, the laws of certain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":91,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"8cc0e34a-62c6-4455-ad31-02622c32d61b","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":91,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"d37036c0-9f7c-42c3-ba2c-7a7d1bd0b4db","block_type":"box","text":"for a Fund to buy, sell and hold securities in certain foreign markets than in the United States. The increased","page_number":91,"box":{"x":68,"y":75,"width":777,"height":11}},{"id":"a32871bd-2960-492f-81ab-7b2229218cee","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":91,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"30b51e43-ef3c-4d66-a219-8306bdb9c7ca","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":91,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"80bb4d1d-a1bd-4b17-af10-36c1b369c64b","block_type":"box","text":"States.","page_number":91,"box":{"x":69,"y":120,"width":49,"height":9}},{"id":"d55bfdc7-2dbd-4c81-b192-c9f3919d6c7c","block_type":"box","text":"Publicly Available Information.","page_number":91,"box":{"x":102,"y":143,"width":210,"height":11}},{"id":"edbc0af7-3f18-4cb4-b649-500defde8035","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":91,"box":{"x":319,"y":143,"width":558,"height":11}},{"id":"99cd0a8f-c626-4c1d-883a-ccfbb8c63db0","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":91,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"e7ef990f-029e-407b-be6d-8c190c704bc5","block_type":"box","text":"accounting and financial reporting requirements applicable to issuers in the United States. While the volume of","page_number":91,"box":{"x":69,"y":173,"width":793,"height":11}},{"id":"e4781e92-a063-4ebc-a5c5-3b4004301c5d","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":91,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"d1ca9125-8fa1-47fc-8ea1-62c07e36f27d","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":91,"box":{"x":68,"y":203,"width":841,"height":12}},{"id":"8eb0be44-1d95-495a-8594-a416dc0772b0","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":91,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"f23b34b4-07e5-4607-b25a-17debcf7071c","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":91,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"36adc110-5c94-478b-932e-60e78cc27597","block_type":"box","text":"United States.","page_number":91,"box":{"x":70,"y":249,"width":99,"height":9}},{"id":"27d06303-59ec-40e1-80b1-5cae4586cb5a","block_type":"box","text":"Settlement Risk.","page_number":91,"box":{"x":102,"y":272,"width":116,"height":8}},{"id":"363833e2-dfd8-486f-b139-d2e20600aa99","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets differ significantly from those","page_number":91,"box":{"x":225,"y":271,"width":669,"height":12}},{"id":"1327f23e-5304-4ba6-9dc3-90226948cb2a","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as","page_number":91,"box":{"x":70,"y":287,"width":808,"height":11}},{"id":"ec52539d-9423-4f0d-bd08-5dfbdf95488f","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":91,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"904dde8a-b57e-47aa-9759-2526af470dff","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":91,"box":{"x":102,"y":324,"width":781,"height":12}},{"id":"18542d25-5166-474b-a668-2aa8f8db31d1","block_type":"box","text":"risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement.","page_number":91,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"b1eca308-139f-455b-942d-696fbcbd0ac1","block_type":"box","text":"Settlements in certain foreign countries at times have not kept pace with the number of securities transactions;","page_number":91,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"6ab9ec07-20a3-499e-aac9-0267498b0f94","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":91,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"2d537a89-4168-4bea-ad97-df4918c199b4","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":91,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"26795235-0b6e-4748-af4c-4affd17f51c1","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":91,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"d2fa71d2-937c-43a0-bb97-a048ea0ea439","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":91,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"57ea0fd2-af72-49f6-9ca6-4b506c9e2bd2","block_type":"box","text":"another party, the Fund could be liable to that party for any losses incurred.","page_number":91,"box":{"x":69,"y":430,"width":539,"height":11}},{"id":"479d0053-47b2-488b-b71f-1b0809dd6829","block_type":"box","text":"Sovereign Debt.","page_number":91,"box":{"x":102,"y":453,"width":111,"height":11}},{"id":"79e55686-3641-4c56-b3c1-e4a0d694d328","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":91,"box":{"x":221,"y":453,"width":653,"height":11}},{"id":"e3d1d496-70fe-4f62-8365-bd3cebc5b542","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":91,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"5f55e20a-56a2-4fdd-a0da-d616ac9c3086","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":91,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"59141539-dd5e-43c9-a0c9-92fdd85857e0","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":91,"box":{"x":69,"y":498,"width":798,"height":11}},{"id":"e04a2f08-e14a-4672-a259-b429e3663d0d","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":91,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"b20b236f-6d87-45a4-bce3-66904e03a045","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":91,"box":{"x":69,"y":529,"width":832,"height":11}},{"id":"3af2f618-f832-4ca6-8fb0-38e52b24d856","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":91,"box":{"x":69,"y":544,"width":790,"height":11}},{"id":"eb9f5a62-7c8e-4176-a297-518713160f25","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":91,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"9b685587-88c2-4694-965d-751baa3a91d6","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and","page_number":91,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"138401c1-153f-42b2-a627-75e184937328","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":91,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"ea60ae59-fd80-4d0c-b015-6268128ab00a","block_type":"box","text":"economic performance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":91,"box":{"x":69,"y":604,"width":789,"height":11}},{"id":"41fd0900-66fc-4598-a477-97622cc4a4d3","block_type":"box","text":"achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of","page_number":91,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"7e096a74-bf69-4ccb-b8ce-0cafb3b4cf6e","block_type":"box","text":"such third parties’ commitments to lend funds to the governmental entity, which may further impair such debtor’s","page_number":91,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"ca6e65df-9fd4-4106-9e30-79c334717852","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":91,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"d05d0ebc-5039-4cdc-90a7-724eaad8fba4","block_type":"box","text":"debt.","page_number":91,"box":{"x":69,"y":665,"width":34,"height":8}},{"id":"f77363db-a09d-49a1-a576-c3c608d30795","block_type":"box","text":"Holders of sovereign debt may be requested to participate in the rescheduling of such debt and to extend further","page_number":91,"box":{"x":102,"y":687,"width":807,"height":11}},{"id":"edac4774-c258-4f79-9b12-e4a1c3f0ab01","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":91,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"9799ed6b-ad56-460e-8338-e6a41d359ebb","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":91,"box":{"x":70,"y":717,"width":300,"height":12}},{"id":"a27d47f2-8b13-4b84-aed0-086631647ac7","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":91,"box":{"x":103,"y":740,"width":215,"height":11}},{"id":"78486950-c681-403a-9e55-18e0ef876759","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":91,"box":{"x":318,"y":740,"width":542,"height":11}},{"id":"a6d91201-e613-40f8-920e-4d0b3b62268c","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":91,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"05d478a0-7456-4b8a-a3bb-d9e9abc2cdbb","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":91,"box":{"x":69,"y":771,"width":795,"height":11}},{"id":"27ef472d-3433-49e8-af00-c4210a587e7f","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":91,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"47573ecf-a870-4f1c-ae19-13fd11743928","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":91,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"4e62570c-aac5-4330-918e-c30239af857f","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":91,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"184166c0-4c78-44b7-a84e-1c60fbfcaba6","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":91,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"816052b0-e13f-4e0f-a703-e79e7b8fce7d","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":91,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"ef3ba119-3e58-44d1-9345-379f7b18d6e0","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":91,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"400b4a9e-240a-48a0-ab28-c8ff46b50dc0","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":91,"box":{"x":68,"y":876,"width":833,"height":11}},{"id":"6dcfe595-670b-4e5a-9d77-90b0ed445c99","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":91,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"7b74121e-ce86-4c95-a1b0-35d2b937a384","block_type":"box","text":"II-31","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"45ac1c59-d1e7-41e9-a3e2-a9b83964a62e","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bbf6a8e9-90f2-4b0c-b3f5-92ae1e5de728","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":92,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"ec6a417b-7407-4b7a-912b-ed32c250ac02","block_type":"box","text":"in the Fund’s net asset value.","page_number":92,"box":{"x":70,"y":60,"width":209,"height":9}},{"id":"7c7311f8-694a-4656-b9a1-afd95505611e","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":92,"box":{"x":103,"y":83,"width":263,"height":11}},{"id":"d063ca9c-0182-456b-aefa-45c97eadb4bb","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":92,"box":{"x":372,"y":82,"width":532,"height":12}},{"id":"ff30ec7b-a63b-4170-9570-79f0dcc364dd","block_type":"box","text":"trading partner of, or foreign investor in, certain countries in which a Fund may invest. As a result, economic","page_number":92,"box":{"x":68,"y":98,"width":773,"height":11}},{"id":"c48eff0e-76a6-4db5-be3a-41d0654566cc","block_type":"box","text":"conditions of such countries may be particularly affected by changes in the U.S. economy. A decrease in U.S. imports","page_number":92,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"7e172f52-86b4-478c-be56-b5f6ded8bedb","block_type":"box","text":"or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":92,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"89e929ba-8b41-4af3-ad3d-46ee74f118a4","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":92,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"0c1c07ae-59d2-42e5-9f5e-31e77de456d7","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":92,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"5c967975-0f55-4397-9619-fc36f8059385","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":92,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"308eb231-3825-4058-962f-2c3ff0f31ccb","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":92,"box":{"x":68,"y":188,"width":746,"height":12}},{"id":"e4bcbb45-d1cc-42fb-9d22-a4ba58dd5d01","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":92,"box":{"x":101,"y":211,"width":787,"height":11}},{"id":"ea674a50-fd9b-4b06-a1bf-ea172eb06b2c","block_type":"box","text":"allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia.","page_number":92,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"7456973d-2d40-4626-a50c-7d3cdd952993","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":92,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"bb9cad3f-a434-42cb-86af-10acf44d37c5","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":92,"box":{"x":70,"y":256,"width":791,"height":11}},{"id":"91acdaf9-d938-49a0-8b55-29faaab65754","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":92,"box":{"x":68,"y":271,"width":803,"height":12}},{"id":"a32b2f1a-039c-4bb9-b063-08a8f399e31f","block_type":"box","text":"Fund may invest.","page_number":92,"box":{"x":70,"y":287,"width":117,"height":11}},{"id":"7a28b42a-47d6-4869-93ad-181e87daff19","block_type":"box","text":"Funding Agreements.","page_number":92,"box":{"x":102,"y":309,"width":154,"height":11}},{"id":"cf0a7bf7-3be2-4a96-8cb5-a2d9f1d38163","block_type":"box","text":"Certain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":92,"box":{"x":262,"y":309,"width":584,"height":11}},{"id":"b3e65c6a-afa2-482c-9558-1143db6e8491","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":92,"box":{"x":69,"y":324,"width":773,"height":12}},{"id":"d2d57460-9fa1-4a9e-be54-362c0b583811","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":92,"box":{"x":70,"y":340,"width":761,"height":11}},{"id":"0c56f276-4ece-40b2-9e06-dc66d7f893e1","block_type":"box","text":"guaranteed interest, which is based on an index (such as the London Interbank Offered Rate (“LIBOR”)). The funding","page_number":92,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"a62c169b-4f96-406a-aa0d-8ea0f37aa5ff","block_type":"box","text":"agreements provide that this guaranteed interest will not be less than a certain minimum rate. The purchase price","page_number":92,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"1e79c251-ebab-480d-b628-9e02161a9ff4","block_type":"box","text":"paid for a funding agreement becomes part of the general assets of the insurance company, and the contract is paid","page_number":92,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"030797fc-100b-429e-a1a6-04b37f62b8a0","block_type":"box","text":"from the general assets of the insurance company. Generally, funding agreements are not assignable or transferable","page_number":92,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"0308a402-af2b-4fdd-9248-0730c3313c6f","block_type":"box","text":"without the permission of the issuing insurance companies, and an active secondary market in some funding","page_number":92,"box":{"x":68,"y":415,"width":780,"height":11}},{"id":"551f919f-1290-4548-9aea-4b9098ce9d6b","block_type":"box","text":"agreements does not currently exist.","page_number":92,"box":{"x":69,"y":430,"width":260,"height":11}},{"id":"0542a44a-453e-49bf-8619-60fe60129cce","block_type":"box","text":"Guarantees.","page_number":92,"box":{"x":102,"y":453,"width":87,"height":9}},{"id":"d67b7298-ba47-4200-abdd-1dedf838a07f","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":92,"box":{"x":194,"y":453,"width":685,"height":11}},{"id":"80c3ccc4-a2c1-4bdd-86d4-89a9ed31d5bc","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":92,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"c8a0babc-ba68-4916-83b3-436e1fc0666a","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":92,"box":{"x":70,"y":483,"width":488,"height":11}},{"id":"ee787966-19f4-4399-aff4-5f3ad980744f","block_type":"box","text":"Illiquid Investments.","page_number":92,"box":{"x":102,"y":506,"width":146,"height":11}},{"id":"d4dd4d85-66e3-455c-88a2-54474b474c95","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":92,"box":{"x":255,"y":506,"width":630,"height":11}},{"id":"f8cadfb2-81a3-444c-af1b-6cd7d2c00deb","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":92,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"399e78b9-801c-4fb1-a702-df768c7d3e26","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":92,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"fdb631b0-a473-4416-b064-11ad2660c44c","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":92,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"3a5f92d4-f3b6-47f8-a4e4-716d4b886953","block_type":"box","text":"investments may become illiquid after purchase by a Fund, particularly during periods of market turmoil. 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The Manager will make investment changes to a Fund’s portfolio to accommodate cash flow","page_number":92,"box":{"x":70,"y":853,"width":810,"height":12}},{"id":"e0d59bf4-91ef-4ed5-9eeb-84f446d45b44","block_type":"box","text":"while continuing to seek to replicate the total return of the Fund’s target index. 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A Fund may be subject to tracking error, which is the divergence of the Fund’s performance","page_number":93,"box":{"x":236,"y":98,"width":658,"height":11}},{"id":"5f29262e-687e-4d3e-82e1-9b12f74b308e","block_type":"box","text":"from that of the Underlying Index. 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The Manager believes that indexed and inverse floating obligations represent flexible","page_number":95,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"dbd85f16-7e09-4611-a943-7f2ee2f3178e","block_type":"box","text":"portfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":95,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"c841ea75-2ce7-4662-a32c-43b36e8988c9","block_type":"box","text":"portfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":95,"box":{"x":70,"y":423,"width":834,"height":11}},{"id":"a89cf322-0b1c-4dd6-838b-4417289f8589","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. When used for","page_number":95,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"dd5206fa-75f9-4bf8-b26e-c10370b48de7","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Furthermore, where such a security","page_number":95,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"7830c88b-6932-4a21-a009-96f41552bd5b","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":95,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"74745120-ca10-4b8a-9cde-4ca61316412a","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":95,"box":{"x":69,"y":483,"width":553,"height":11}},{"id":"ea37f5d2-32ce-47c6-ad24-8e3ea33dbe8d","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":95,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"2a1dd2e4-d530-4be0-bc3f-631ca5b1df0f","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":95,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"f97ea318-a844-489b-943d-1808d6ab1c0f","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when short-term interest rates increase and increase","page_number":95,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"d1fa0945-ca93-441b-bbb2-6f8045a0aaec","block_type":"box","text":"when short-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":95,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"693ac9cc-629f-4581-b9da-c6b214324bf8","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":95,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"8ef847b8-df2e-44f3-9ea2-5ee992eaf43b","block_type":"box","text":"Inflation Risk.","page_number":95,"box":{"x":102,"y":589,"width":100,"height":9}},{"id":"72ea193d-6f31-493d-b9d8-d878656f740f","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":95,"box":{"x":209,"y":589,"width":663,"height":11}},{"id":"378ccf67-998a-4f14-b568-2a9819b9994e","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":95,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"aae55807-b982-454f-9b9b-6ccdc37b8daf","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":95,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"de407f7a-22fe-405a-9300-570a2bcd2f7f","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":95,"box":{"x":102,"y":642,"width":253,"height":11}},{"id":"0306de07-8323-4cf8-b47f-40832d2c1e68","block_type":"box","text":"The volume of initial public offerings and the levels at which the newly","page_number":95,"box":{"x":361,"y":642,"width":499,"height":11}},{"id":"bf6f96be-cef4-472c-aa02-0687ddc88fac","block_type":"box","text":"issued stocks trade in the secondary market are affected by the performance of the stock market overall. If initial","page_number":95,"box":{"x":70,"y":657,"width":811,"height":11}},{"id":"a69a391a-b1ab-4ed4-98fb-272e3e39bd34","block_type":"box","text":"public offerings are brought to the market, availability may be limited and a Fund may not be able to buy any shares","page_number":95,"box":{"x":70,"y":672,"width":823,"height":11}},{"id":"4b4279eb-e414-456a-b04c-57fb6036fe38","block_type":"box","text":"at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it","page_number":95,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"ecbc60b6-8bcd-498d-9c27-de40029b95b4","block_type":"box","text":"would like. In addition, the prices of securities involved in initial public offerings are often subject to greater and more","page_number":95,"box":{"x":68,"y":702,"width":839,"height":12}},{"id":"3acc64e8-d6cd-48d4-9051-25587a156c67","block_type":"box","text":"unpredictable price changes than more established stocks. IPOs have the potential to produce substantial gains.","page_number":95,"box":{"x":69,"y":718,"width":805,"height":11}},{"id":"94833d6d-a263-47e2-a178-e1766b9fe4e1","block_type":"box","text":"There is no assurance that any Fund will have access to profitable IPOs and therefore investors should not rely on","page_number":95,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"5ee13973-c25e-4522-b7c5-c9e573a4ffb1","block_type":"box","text":"any past gains from IPOs as an indication of future performance. The investment performance of a Fund during","page_number":95,"box":{"x":69,"y":748,"width":793,"height":11}},{"id":"6f3a22ed-3c4b-42b8-8c69-6d4db092b276","block_type":"box","text":"periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do","page_number":95,"box":{"x":70,"y":763,"width":837,"height":11}},{"id":"9101e89e-352e-43de-96b5-e505a0218f3f","block_type":"box","text":"so. In addition, as a Fund increases in size, the impact of IPOs on its performance will generally decrease. Securities","page_number":95,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"db472c51-2e1f-4cde-8963-64569e564f53","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":95,"box":{"x":70,"y":793,"width":823,"height":11}},{"id":"6280b383-9a67-44c5-9205-5a9222f6fc42","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":95,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"0f7c7182-02cb-4823-bd8c-1f015480c675","block_type":"box","text":"limited periods.","page_number":95,"box":{"x":70,"y":823,"width":107,"height":11}},{"id":"f14d6633-fbb3-456a-9afb-03e5f899d1c5","block_type":"box","text":"Investment in Emerging Markets.","page_number":95,"box":{"x":102,"y":846,"width":242,"height":11}},{"id":"e16c01e3-998f-4d1b-8dea-7eec675fd6f2","block_type":"box","text":"General.","page_number":95,"box":{"x":102,"y":869,"width":58,"height":9}},{"id":"a119603d-6cef-4493-80a2-a27a660de418","block_type":"box","text":"Certain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":95,"box":{"x":102,"y":891,"width":748,"height":12}},{"id":"9ddf5f96-e1b5-4019-9291-aa9715de4bb3","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":95,"box":{"x":69,"y":907,"width":840,"height":11}},{"id":"c94d4c03-1d15-44d2-bdcb-99a53e2643c1","block_type":"box","text":"II-35","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f79abbde-1033-4b0d-823f-7c498442c9ee","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7702cc34-2578-47c0-9df9-536879d287b5","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":96,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"6844a8fd-4418-495a-9f8c-2b9c3e81c4b6","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":96,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"989500f3-2c75-44f1-89cc-fe7511935bd6","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":96,"box":{"x":69,"y":75,"width":839,"height":11}},{"id":"be2724d3-3527-4130-9f67-3ee9db78f2ec","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":96,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"b3c10c85-30e6-4fc0-b549-24309cf3e3d7","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":96,"box":{"x":69,"y":105,"width":396,"height":11}},{"id":"8964dfba-3935-48fb-95b9-4919937f0ef1","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain","page_number":96,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"b1e896aa-0bd1-4a3b-94e1-e8cfcd78e091","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":96,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"28964fd6-d1c0-4462-bd5c-866e7f3f72d2","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":96,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"4daa64bb-c558-4451-b98c-d549306f7b08","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain","page_number":96,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"eb862838-0c68-43b5-9c4e-c0d35b6e6e4d","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":96,"box":{"x":69,"y":188,"width":809,"height":12}},{"id":"e18fbd44-1952-4c98-80c4-e7ff1da11a75","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":96,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"c0f6307d-0187-4329-b76d-d7c69df836cf","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":96,"box":{"x":69,"y":218,"width":800,"height":12}},{"id":"f0bd9e63-315b-44c9-a6e3-338f770e48bd","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":96,"box":{"x":69,"y":234,"width":811,"height":11}},{"id":"b2d123af-c160-45a2-a808-cfa1bafaaf33","block_type":"box","text":"policies that may limit a Fund’s investment opportunities such as restrictions on investment in issuers or industries","page_number":96,"box":{"x":70,"y":249,"width":824,"height":11}},{"id":"1b4749fd-59fe-42f0-a812-8feca66be26f","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":96,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"1b25ae1b-714c-4d8a-820a-86920c07bedd","block_type":"box","text":"private and foreign investments and private property. In addition to withholding taxes on investment income, some","page_number":96,"box":{"x":70,"y":279,"width":813,"height":11}},{"id":"3d414dee-7606-443b-b35e-90b4c856b874","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":96,"box":{"x":69,"y":294,"width":694,"height":11}},{"id":"4edf12d2-bc32-4596-93d2-0fe86bc8fea9","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":96,"box":{"x":102,"y":317,"width":767,"height":11}},{"id":"93a7da6b-6929-49de-801b-b7fee69ccce4","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":96,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"b60d5dcf-abb5-4789-8920-fe288516933d","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":96,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"141ce132-5b8d-4084-8938-8bb16d8d3bd9","block_type":"box","text":"markets will continue to present viable investment opportunities for a Fund. In the past, governments of such nations","page_number":96,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"92ad63c4-89ac-4d34-b2eb-f7d418ab2a6c","block_type":"box","text":"have expropriated substantial amounts of private property, and most claims of the property owners have never been","page_number":96,"box":{"x":69,"y":377,"width":828,"height":11}},{"id":"2638a98a-5e2c-4ea2-ae48-ab58155f1f2b","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":96,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"a9b2556e-fbab-44c5-8aa9-0bb32c7fc1bf","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":96,"box":{"x":70,"y":407,"width":802,"height":11}},{"id":"06b9a3f1-d03f-4cd2-8df4-0d0f3e3167f7","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":96,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"c49346eb-8416-4c23-b739-5f465699649b","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":96,"box":{"x":69,"y":438,"width":788,"height":11}},{"id":"5888e887-8141-48d0-9eb4-9e007aa35de3","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in certain of these countries and","page_number":96,"box":{"x":69,"y":453,"width":819,"height":11}},{"id":"e73d076a-0f43-4b2d-aec4-bd74b2b9ae96","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":96,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"9a42a746-3028-49ba-baf3-b5074287babc","block_type":"box","text":"volatile than investments in Japan or most Western European countries.","page_number":96,"box":{"x":68,"y":483,"width":513,"height":11}},{"id":"aacaf211-b055-4fdb-a77a-bd112c1f88e2","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":96,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"da0a78dc-114f-4479-b11a-3418d0f66ede","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":96,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"1ca7d704-a133-458a-9deb-e68b84888322","block_type":"box","text":"financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain","page_number":96,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"d3cef1d8-d794-4dfb-93bb-f3d24ef7efaf","block_type":"box","text":"countries with emerging capital markets, reporting standards vary widely. As a result, traditional investment","page_number":96,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"5c02e2a2-61b0-4130-932b-75d0d6e8fcac","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":96,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"4346070f-99e3-47ca-96dd-9bed8a6fcb94","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":96,"box":{"x":69,"y":581,"width":795,"height":11}},{"id":"38d81c0e-0734-4361-bcee-0e02dfd0d46f","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":96,"box":{"x":69,"y":596,"width":814,"height":12}},{"id":"30ecc174-51d7-4f3e-96bf-e679cbeec3ff","block_type":"box","text":"acquisition or disposal of securities.","page_number":96,"box":{"x":69,"y":612,"width":257,"height":11}},{"id":"8416f66e-4e26-42d7-8536-827f0923c9c0","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":96,"box":{"x":102,"y":634,"width":800,"height":12}},{"id":"f3058bec-00f3-4c7e-96da-d3d8c442b323","block_type":"box","text":"in developed markets, in part because a Fund will need to use brokers and counterparties that are less well","page_number":96,"box":{"x":70,"y":650,"width":769,"height":10}},{"id":"3506795d-8b16-4e48-8f32-cd607a732272","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":96,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"106288bf-30d1-4834-a566-67b442b64a01","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":96,"box":{"x":69,"y":680,"width":819,"height":11}},{"id":"260d4740-02f7-4d26-8943-f6c6be3a7d65","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":96,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"18392323-64a9-428c-9201-548d96c5a6f0","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":96,"box":{"x":69,"y":710,"width":794,"height":11}},{"id":"a4304267-af26-42a8-9ce5-aa4116ac96dc","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in particular those","page_number":96,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"cdd316a8-aeed-44dd-ae85-04460805d34a","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":96,"box":{"x":69,"y":748,"width":801,"height":11}},{"id":"c16c9654-dab6-4e76-96d8-cbfa96a490f0","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":96,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"7e3114df-91ec-4774-8f48-db81655959d5","block_type":"box","text":"tax management). Additionally, disclosures or third-party data coverage associated with sustainability risks is","page_number":96,"box":{"x":68,"y":778,"width":777,"height":11}},{"id":"c5009d69-e279-4d58-a266-43424ff9c82b","block_type":"box","text":"generally less available or transparent in these markets.","page_number":96,"box":{"x":68,"y":793,"width":401,"height":11}},{"id":"600d1af7-add4-450c-8ecc-3418959a95ec","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":96,"box":{"x":102,"y":816,"width":778,"height":11}},{"id":"c7546d61-08d9-4047-ab0e-af8addf109e1","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":96,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"f5e74729-c50b-49b8-bb52-64229fb0f039","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":96,"box":{"x":68,"y":846,"width":797,"height":11}},{"id":"a79c946c-1edd-415c-8163-47da2cc1dfe1","block_type":"box","text":"characteristics of futures contracts. In addition, certain Funds may engage in foreign currency exchange transactions","page_number":96,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"e20538cc-3d3a-4f4f-858a-e61544e4e0b8","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":96,"box":{"x":68,"y":876,"width":799,"height":11}},{"id":"397ea44e-926d-4ab7-a343-21db06adfc33","block_type":"box","text":"performance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":96,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"edc3ff1a-2e22-4ff1-84fe-bdbc0bed9a9d","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":96,"box":{"x":68,"y":906,"width":740,"height":12}},{"id":"bda025a8-55f1-471b-8f8f-58f4726ebae0","block_type":"box","text":"II-36","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e60301b-2da9-48be-8156-a162705c0c88","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7e24eb5-e968-4c45-a2b5-bb71e6dd114e","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":97,"box":{"x":102,"y":45,"width":305,"height":11}},{"id":"4bff23ba-b2b2-456f-b819-b57f0a5296b6","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":97,"box":{"x":414,"y":45,"width":485,"height":11}},{"id":"88ea13e5-cd1c-497b-bf1a-8f63c12061e1","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain","page_number":97,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"54ff733c-063e-4ab5-a0d4-98e374af10df","block_type":"box","text":"additional or specific risks. Certain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":97,"box":{"x":69,"y":75,"width":808,"height":11}},{"id":"62ec7948-4dd7-47ed-865e-6e7ef019b950","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":97,"box":{"x":68,"y":90,"width":838,"height":11}},{"id":"c59cc154-1d1e-4783-962f-a0ba69b8ba42","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":97,"box":{"x":69,"y":105,"width":834,"height":11}},{"id":"0ff09396-c96b-4eab-ae77-d8c4df9750ab","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":97,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"f6d3cfc4-6bac-4e19-bc28-82b98a1129b3","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":97,"box":{"x":69,"y":135,"width":804,"height":12}},{"id":"1d540f98-a486-4fe5-8e0c-6c4e431aa5a2","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":97,"box":{"x":69,"y":150,"width":833,"height":12}},{"id":"d8c7c8cb-2220-474d-b553-305432535c3a","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":97,"box":{"x":69,"y":166,"width":830,"height":11}},{"id":"9c99866c-118e-41f3-b96a-19ef1557c0ab","block_type":"box","text":"in potentially fewer investment opportunities for a Fund and may have an adverse impact on the investment","page_number":97,"box":{"x":70,"y":181,"width":766,"height":11}},{"id":"b4eed2a5-064d-4b95-9108-4a2d1fdb5b15","block_type":"box","text":"performance of the Fund.","page_number":97,"box":{"x":70,"y":196,"width":179,"height":11}},{"id":"18e5aa56-abb2-4564-bbe5-1828a9cc5bf4","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":97,"box":{"x":102,"y":218,"width":784,"height":12}},{"id":"17c53ca1-cd85-47b6-a0ef-5d2d333a1e41","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":97,"box":{"x":69,"y":234,"width":803,"height":11}},{"id":"7ef5a6ce-b863-4f04-8d15-75ae57f96729","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":97,"box":{"x":69,"y":249,"width":788,"height":11}},{"id":"b29a5b59-e397-4044-a2d8-47e086701c99","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":97,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"c005d285-f698-4d48-9e53-92ed6a7a96d8","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":97,"box":{"x":68,"y":279,"width":823,"height":11}},{"id":"b13c2e70-7192-47a5-9883-77a3e5b035c6","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":97,"box":{"x":68,"y":294,"width":822,"height":11}},{"id":"dc8bcb51-6c20-475f-970f-1edb51e25f7a","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":97,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"a3e7fd55-6628-41c7-9591-9b8425b67130","block_type":"box","text":"common to most such countries is that the economy is heavily export oriented and, accordingly, is dependent upon","page_number":97,"box":{"x":69,"y":325,"width":821,"height":11}},{"id":"5683e713-cd02-4127-9471-bb30573a0127","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":97,"box":{"x":70,"y":339,"width":827,"height":12}},{"id":"070fb732-5104-4289-81a7-707ddc5c8b7f","block_type":"box","text":"in certain countries, as do environmental problems. Certain economies also depend to a significant degree upon","page_number":97,"box":{"x":70,"y":355,"width":803,"height":11}},{"id":"4a01cb7b-76d7-4f82-8b84-b3fad6b53437","block_type":"box","text":"exports of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":97,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"8f409f48-de58-40b7-9b2d-b5cc9c049b24","block_type":"box","text":"affected by a variety of factors.","page_number":97,"box":{"x":69,"y":385,"width":220,"height":11}},{"id":"496d4def-e2c6-45fb-b507-487a723145ab","block_type":"box","text":"The legal systems in certain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":97,"box":{"x":101,"y":407,"width":785,"height":12}},{"id":"7e4db7e7-b91d-4c74-b274-c29982cfa63e","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":97,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"e8744063-4f89-46dd-bccb-7203b9285fc9","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":97,"box":{"x":69,"y":438,"width":814,"height":11}},{"id":"478a16df-6f6e-4cab-9d6a-4d2012a80496","block_type":"box","text":"clear in certain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":97,"box":{"x":69,"y":453,"width":813,"height":11}},{"id":"0919970a-1f08-4abe-98b8-75a2d8cd78d0","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":97,"box":{"x":69,"y":468,"width":777,"height":11}},{"id":"a8cec7dd-6c8b-4c91-b8da-4a86b7d3dd61","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":97,"box":{"x":70,"y":483,"width":652,"height":11}},{"id":"225c95fb-bb09-4fa4-bc1a-247b9acb261d","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":97,"box":{"x":102,"y":506,"width":737,"height":11}},{"id":"5207406b-c9d7-4114-86bb-6c3d8e556685","block_type":"box","text":"substantial influence over many aspects of the private sector. In certain cases, the government owns or controls","page_number":97,"box":{"x":69,"y":521,"width":803,"height":11}},{"id":"9f6f9b7a-5a4d-46a7-b901-3c97af65a994","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":97,"box":{"x":69,"y":536,"width":801,"height":11}},{"id":"6a070913-200d-4c36-b1e4-86d5c9f7f715","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":97,"box":{"x":69,"y":551,"width":793,"height":11}},{"id":"a8989177-67ac-4d39-87fb-8b71916b24af","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s portfolio. In addition, economic","page_number":97,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"2351bcff-f95c-4a53-8d81-e639f5e9da03","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":97,"box":{"x":69,"y":581,"width":839,"height":12}},{"id":"1770d3b1-f97f-4c57-9102-2b998f6a0d8a","block_type":"box","text":"nations.","page_number":97,"box":{"x":69,"y":597,"width":56,"height":8}},{"id":"71a21d48-75a1-43c7-b4b0-4c0b482da8c6","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":97,"box":{"x":102,"y":619,"width":794,"height":11}},{"id":"afa8c660-5e24-4e30-ae58-f9b3df860c80","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial reporting","page_number":97,"box":{"x":68,"y":634,"width":773,"height":12}},{"id":"6e3b08ca-21f5-4d64-99c7-f0c2e2f4dab6","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":97,"box":{"x":69,"y":649,"width":808,"height":12}},{"id":"fdcd43d7-5e97-421e-aa3f-700863ef2688","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":97,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"c19138a0-57f1-4cb0-b08e-25fdbf91b5f2","block_type":"box","text":"certain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":97,"box":{"x":69,"y":680,"width":790,"height":11}},{"id":"1b8b81fa-0d45-4758-9faa-655130399132","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for certain developing","page_number":97,"box":{"x":69,"y":695,"width":790,"height":11}},{"id":"b7bc6e73-08c3-4573-a555-c3960c896d16","block_type":"box","text":"market Asia-Pacific companies.","page_number":97,"box":{"x":69,"y":710,"width":220,"height":11}},{"id":"cfe0f4bf-eb6e-4258-a574-1eac2b039ccf","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":97,"box":{"x":102,"y":732,"width":780,"height":12}},{"id":"d7bea747-3966-4ca2-8165-3da41ff4f8d2","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transportation and custody","page_number":97,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"030ea245-8224-48ee-8596-e5cdc9068f4a","block_type":"box","text":"services for such securities outside such countries.","page_number":97,"box":{"x":69,"y":763,"width":367,"height":9}},{"id":"60800db4-b8bc-45c2-9c78-7164571b5854","block_type":"box","text":"Certain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":97,"box":{"x":102,"y":785,"width":795,"height":12}},{"id":"0566ecc9-a2fa-47ce-929e-6c7c89cd893b","block_type":"box","text":"to commercial banks and foreign governments.","page_number":97,"box":{"x":68,"y":801,"width":335,"height":11}},{"id":"65c0e904-3088-43fc-8c46-33c9930ff250","block_type":"box","text":"On March 11, 2011, a powerful earthquake and resulting tsunami struck northeastern Japan causing major","page_number":97,"box":{"x":102,"y":823,"width":770,"height":12}},{"id":"ea509a3a-4b7e-4d75-9a72-c53af8c124d3","block_type":"box","text":"damage along the coast, including damage to nuclear power plants in the region. Future similar disasters, and the","page_number":97,"box":{"x":69,"y":839,"width":813,"height":11}},{"id":"d344edef-6e9a-4da5-b92b-3cbb69a32f1c","block_type":"box","text":"resulting damage, could have a severe and negative impact on a Fund’s investment portfolio and, in the longer term,","page_number":97,"box":{"x":69,"y":853,"width":832,"height":12}},{"id":"9dd4c626-c9b3-48ac-8315-99ce080ff087","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":97,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"38ffa223-f739-43e8-b807-ed6bb2979725","block_type":"box","text":"conducted.","page_number":97,"box":{"x":69,"y":884,"width":76,"height":9}},{"id":"75e56d87-a302-46e1-9805-1da1fbaa6ea5","block_type":"box","text":"II-37","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0f8bcb0c-5a6a-4196-a115-f6445c1e6636","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"687216e8-94bd-4ea5-a145-87f14ae6b3e3","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":98,"box":{"x":102,"y":45,"width":782,"height":11}},{"id":"6af72f90-ba3c-40bf-a6fc-cfdbb5e6a62c","block_type":"box","text":"practicable or appropriate to invest in a particular developing Asia-Pacific country. A Fund may invest in countries in","page_number":98,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"a8868d1e-fb15-4925-ae01-0439f7226a2b","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":98,"box":{"x":68,"y":75,"width":711,"height":11}},{"id":"1e905b56-96d5-4f73-aa0c-c020fb2643fe","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":98,"box":{"x":102,"y":98,"width":435,"height":11}},{"id":"08bc1766-69c2-49cd-abff-4f2132705f90","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":98,"box":{"x":543,"y":98,"width":355,"height":11}},{"id":"a5773247-54ac-4fd8-b5be-6598bbda9c07","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign","page_number":98,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"29c4cc34-473f-4bae-9c80-6f8bf8b72497","block_type":"box","text":"entities such as a Fund. As illustrations, certain countries may require governmental approval prior to investments by","page_number":98,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"e2e0d671-b7cb-44db-be37-a80a0645115f","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a particular company or limit the investment","page_number":98,"box":{"x":68,"y":143,"width":828,"height":11}},{"id":"3751fc51-cbf3-4c81-a26f-84c466746ab3","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":98,"box":{"x":69,"y":158,"width":794,"height":11}},{"id":"2e867ed0-726f-412c-8211-ccf9166d1cb9","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":98,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"f5424101-7666-45d9-8911-14656de19df4","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":98,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"1333da3e-b229-41df-95e3-1a4de44e2755","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":98,"box":{"x":69,"y":203,"width":820,"height":12}},{"id":"e76521a5-ad04-42a1-8d63-75bc72aa7873","block_type":"box","text":"have an adverse effect on the value of such shares. Certain countries may restrict investment opportunities in","page_number":98,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"f53f7683-e137-4aab-b38c-d242f35b54e8","block_type":"box","text":"issuers or industries deemed important to national interests.","page_number":98,"box":{"x":70,"y":234,"width":434,"height":11}},{"id":"3d0e17f5-e733-4e6e-b217-e3d68be4a1c0","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain developing Asia-Pacific countries, as","page_number":98,"box":{"x":101,"y":256,"width":787,"height":12}},{"id":"35544cd8-e13a-459e-a824-fa903e3053cc","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":98,"box":{"x":68,"y":271,"width":833,"height":12}},{"id":"f0376119-75d1-4e6b-8119-b3da2617d60b","block_type":"box","text":"a Fund may be required in certain of such countries to invest initially through a local broker or other entity and then","page_number":98,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"d3c34ff9-d35b-48bd-8565-f8090d27c1f6","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":98,"box":{"x":69,"y":302,"width":831,"height":11}},{"id":"21963fe9-f71e-4fe1-b83d-edbd8ca19513","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied certain of its rights as an investor,","page_number":98,"box":{"x":68,"y":317,"width":834,"height":11}},{"id":"2208e435-5dbd-4b13-9276-d23297c060f4","block_type":"box","text":"including rights as to dividends or to be made aware of certain corporate actions. There also may be instances where","page_number":98,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"860a1a88-26e1-4c95-a1e3-dff16ec276e3","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":98,"box":{"x":69,"y":347,"width":800,"height":11}},{"id":"772d2ecc-31c0-4e45-b689-359f46c37993","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":98,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"8378049d-2ccd-42ef-8820-96af33779666","block_type":"box","text":"investment at that time.","page_number":98,"box":{"x":70,"y":377,"width":168,"height":9}},{"id":"e0ca1465-0c98-4846-b73a-6b67792e7a4f","block_type":"box","text":"Substantial limitations may exist in certain countries with respect to a Fund’s ability to repatriate investment","page_number":98,"box":{"x":102,"y":400,"width":774,"height":11}},{"id":"40c58d63-7a26-4213-8ec5-51441f4d5a33","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":98,"box":{"x":70,"y":415,"width":803,"height":11}},{"id":"6afcf9fe-f3bc-44c0-a21e-837ef12692b4","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":98,"box":{"x":69,"y":430,"width":789,"height":11}},{"id":"50623bfd-08ea-40e3-b0be-2e7401dae534","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that certain countries may impose currency","page_number":98,"box":{"x":69,"y":445,"width":826,"height":11}},{"id":"4dec3bb1-7797-47e7-88f7-c136c28b0e8f","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":98,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"73374fbc-57f5-466e-af50-51b657d79885","block_type":"box","text":"that such restrictions have the effect of making certain investments illiquid, securities may not be available for sale","page_number":98,"box":{"x":68,"y":475,"width":826,"height":12}},{"id":"7a251274-67cb-4d69-aba9-53a4ec46dbea","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s portfolio subject to","page_number":98,"box":{"x":68,"y":491,"width":800,"height":11}},{"id":"f80f4eac-f590-432a-9d16-11a0c7e1446b","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the portion of the Fund’s assets","page_number":98,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"05566ff1-09db-4d81-878d-f6d1cc29b4d5","block_type":"box","text":"that may be used to meet redemptions may be further decreased. Even where there is no outright restriction on","page_number":98,"box":{"x":68,"y":521,"width":798,"height":11}},{"id":"6df7618a-0e2e-4170-b9d9-00d150983788","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect certain aspects of the operations of a Fund (for","page_number":98,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"681eba90-dec1-4e94-a2c8-38b1e44b1e1b","block_type":"box","text":"example, if funds may be withdrawn only in certain currencies and/or only at an exchange rate established by the","page_number":98,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"e63b7cfb-1db3-4266-8cca-e5ab79817d20","block_type":"box","text":"government).","page_number":98,"box":{"x":68,"y":566,"width":92,"height":11}},{"id":"14bd6f08-8f83-4dbd-aa60-8e183569ff79","block_type":"box","text":"In certain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":98,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"0fb86df8-f49b-4590-884d-b718f67b7e09","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":98,"box":{"x":68,"y":604,"width":828,"height":11}},{"id":"d6d71004-313c-4063-b7d2-2da7824ee93e","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":98,"box":{"x":69,"y":619,"width":808,"height":11}},{"id":"223b02ef-3b41-4f00-aa6e-d1066ce58714","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in certain","page_number":98,"box":{"x":69,"y":634,"width":829,"height":11}},{"id":"1eab2352-7cf3-4895-a695-994a61e346ef","block_type":"box","text":"foreign banks and other financial institutions.","page_number":98,"box":{"x":68,"y":649,"width":322,"height":12}},{"id":"fc95744c-017b-4176-b5d2-ce38d9d8a943","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":98,"box":{"x":102,"y":672,"width":767,"height":11}},{"id":"9802eaa8-31af-4e1a-a76a-9c4c50fb9700","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":98,"box":{"x":69,"y":687,"width":814,"height":11}},{"id":"12f11a59-50c6-400e-887a-8099833711cd","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private property rights and","page_number":98,"box":{"x":69,"y":702,"width":809,"height":12}},{"id":"23ea7bb8-1e92-4863-9146-c9da41cb02c4","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":98,"box":{"x":69,"y":717,"width":812,"height":11}},{"id":"3a7f0390-dfa6-438c-a506-c9af4ab8ba41","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":98,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"ac0317a1-c520-4654-9ed8-d1e2619b1e59","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":98,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"4ac37c99-51de-4e7b-aecc-9eed6398753b","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":98,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"eb02004d-9bdc-408c-9715-5bea014ce19c","block_type":"box","text":"certain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":98,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"f116d509-6d44-4fcf-b82a-36ce979bba20","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":98,"box":{"x":68,"y":793,"width":837,"height":11}},{"id":"f7ab3a0b-afcf-4d66-92d0-60db507645ed","block_type":"box","text":"little financial or accounting information available with respect to issuers located in certain emerging market","page_number":98,"box":{"x":70,"y":808,"width":771,"height":11}},{"id":"9634408d-b087-44e0-a8a0-411d27592c26","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":98,"box":{"x":69,"y":823,"width":711,"height":11}},{"id":"f1917a13-16cf-4742-a979-5efbb5c4b15f","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":98,"box":{"x":101,"y":846,"width":779,"height":11}},{"id":"e67f172e-7ffe-4621-8501-ff74c68eecd0","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":98,"box":{"x":68,"y":861,"width":840,"height":11}},{"id":"198e3a08-2354-4a52-9794-d0d6ff3317fe","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":98,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"b69b11b7-8c02-41d4-8ae8-8ebba79f9c1f","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":98,"box":{"x":68,"y":891,"width":802,"height":12}},{"id":"5db4b787-a6c3-4187-960a-309dd669744e","block_type":"box","text":"foreign securities.","page_number":98,"box":{"x":68,"y":906,"width":127,"height":12}},{"id":"3619792d-f409-42b1-9a5d-7c09b55ef063","block_type":"box","text":"II-38","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2795276e-6fba-4c76-a314-0a35f1668423","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86844849-3ab5-4359-a4a4-8d88cddb8497","block_type":"box","text":"Risks of Investments in Russia.","page_number":99,"box":{"x":102,"y":45,"width":224,"height":9}},{"id":"cd130d86-f37b-4507-9e38-f5b81a466603","block_type":"box","text":"A Fund may invest a portion of its assets in securities issued by companies","page_number":99,"box":{"x":332,"y":45,"width":539,"height":11}},{"id":"2fab63f8-d559-43a1-bb64-7e4c2a6d9f95","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":99,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"081e8219-b14f-474a-96eb-2fab611bc214","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":99,"box":{"x":70,"y":75,"width":821,"height":11}},{"id":"7cd240da-bd32-494b-816b-c2df15d5accc","block_type":"box","text":"and a substantial portion of securities transactions are privately negotiated outside of stock exchanges. The","page_number":99,"box":{"x":69,"y":90,"width":772,"height":11}},{"id":"b6b95761-554d-449d-af35-f95bad1aca9b","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":99,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"c4a1034e-ccf4-4fe0-bd62-8bf90b326ea9","block_type":"box","text":"obtaining accurate prices on portfolio securities from independent sources more difficult than in more developed","page_number":99,"box":{"x":69,"y":120,"width":804,"height":12}},{"id":"e16271dc-bda5-4693-809e-bbc6242bb61d","block_type":"box","text":"markets.","page_number":99,"box":{"x":69,"y":136,"width":61,"height":8}},{"id":"cbf23241-eec0-4640-a5f2-5e0f7b55af44","block_type":"box","text":"Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia’s","page_number":99,"box":{"x":102,"y":158,"width":753,"height":11}},{"id":"17c8f0f7-3c0b-4bb2-bf9d-ee1cb0e4c278","block_type":"box","text":"banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and","page_number":99,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"f9b01959-28c5-46a9-a287-e085ea5bdd8a","block_type":"box","text":"registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration","page_number":99,"box":{"x":69,"y":188,"width":829,"height":12}},{"id":"b5cbe364-f188-468e-a72d-35f0168f80c1","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":99,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"bd65e7e9-9095-446b-8db3-b2098b2abe9d","block_type":"box","text":"registrars located throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":99,"box":{"x":69,"y":218,"width":815,"height":12}},{"id":"b0ba17c8-fb62-4982-bbe0-d5c885de91c2","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository (“NSD”) as a","page_number":99,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"11cb998c-b7f1-4ea3-b3e7-804d1a3b0808","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":99,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"00560883-70ac-486f-b2b0-7552f4feb325","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":99,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"6a178281-a0d1-4dfe-a2e8-e9998dd2603d","block_type":"box","text":"of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally,","page_number":99,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"6dfb2f32-7554-42f5-b237-52c6112f4c94","block_type":"box","text":"issuers and registrars remain prominent in the validation and approval of documentation requirements for corporate","page_number":99,"box":{"x":70,"y":294,"width":825,"height":11}},{"id":"ab5bfb0e-8a72-4dd3-a126-f635d66c664a","block_type":"box","text":"action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to","page_number":99,"box":{"x":69,"y":309,"width":823,"height":11}},{"id":"7b6ddf78-8f93-4103-bcd0-0ed915b839aa","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":99,"box":{"x":68,"y":324,"width":833,"height":12}},{"id":"fbdba5f1-b793-435d-a484-d7a4cf29bb88","block_type":"box","text":"or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or","page_number":99,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"d34f1797-772a-46f9-9863-dbfab2e74199","block_type":"box","text":"otherwise remedy the loss.","page_number":99,"box":{"x":69,"y":355,"width":192,"height":11}},{"id":"88a5d91c-8ba5-476e-ae10-bf334df2a876","block_type":"box","text":"In addition, Russia also may attempt to assert its influence in the region through economic or even military","page_number":99,"box":{"x":102,"y":377,"width":765,"height":12}},{"id":"a74f575d-3910-4c22-8328-3603f621f93a","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":99,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"f796e7f2-e862-4545-b54a-fdadff2ac1ce","block_type":"box","text":"large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting","page_number":99,"box":{"x":70,"y":407,"width":782,"height":12}},{"id":"6ef4e897-4735-4697-94ad-a92c0ee960b0","block_type":"box","text":"sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":99,"box":{"x":69,"y":423,"width":824,"height":11}},{"id":"76ebeb67-faa4-49c5-b267-b6dbad6ec1c7","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":99,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"4bef7486-4139-47e6-9f9d-669ca893d598","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses","page_number":99,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"e91d3c62-da23-4674-9212-8bc570a306df","block_type":"box","text":"to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser","page_number":99,"box":{"x":68,"y":468,"width":787,"height":11}},{"id":"d9f91538-0959-48e3-8880-fac3a29d7a64","block_type":"box","text":"preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":99,"box":{"x":70,"y":483,"width":759,"height":11}},{"id":"aa31a4ac-6a29-4529-9ddf-506e3cfe0f26","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund","page_number":99,"box":{"x":70,"y":498,"width":822,"height":11}},{"id":"928e378b-e6a7-4892-96f3-dca274ff7dd8","block_type":"box","text":"invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":99,"box":{"x":70,"y":513,"width":797,"height":12}},{"id":"cc8b1007-cf6a-4733-97b6-3e73025f413c","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers","page_number":99,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"0855bc07-eb4c-488c-aeb5-cbde9d120b5a","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":99,"box":{"x":69,"y":543,"width":832,"height":12}},{"id":"a8ea261c-50e6-479e-8744-423e044ce8d2","block_type":"box","text":"markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian","page_number":99,"box":{"x":69,"y":559,"width":786,"height":11}},{"id":"e247046e-156d-4ff8-8e23-3caea0990383","block_type":"box","text":"economy, and may likely have collateral impacts on such sectors globally.","page_number":99,"box":{"x":69,"y":574,"width":521,"height":11}},{"id":"a6a6b902-8f3b-484f-bc80-7b55b2b88f82","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":99,"box":{"x":102,"y":597,"width":745,"height":11}},{"id":"aed794d2-291f-4a43-9d5e-f6377c49f354","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting certain securities trades, certain private transactions","page_number":99,"box":{"x":70,"y":612,"width":826,"height":11}},{"id":"b5740006-6db0-4e57-8a2f-0e8ff93165ee","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against certain Russian individuals, including","page_number":99,"box":{"x":70,"y":627,"width":799,"height":11}},{"id":"ced9351b-5fc2-4537-b2ed-8e3e257c1946","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":99,"box":{"x":70,"y":642,"width":788,"height":11}},{"id":"c4f04612-7f71-4971-b50b-6a9612af05a3","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":99,"box":{"x":69,"y":657,"width":807,"height":11}},{"id":"255f1352-1084-4d06-b514-1a57fa205b2b","block_type":"box","text":"payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and","page_number":99,"box":{"x":70,"y":672,"width":782,"height":11}},{"id":"e202ce67-2c0a-445c-a527-b08758ef018e","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":99,"box":{"x":70,"y":687,"width":802,"height":11}},{"id":"f3fea674-35f1-4831-a9ad-8e6a8a7a4aae","block_type":"box","text":"These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited","page_number":99,"box":{"x":68,"y":702,"width":826,"height":11}},{"id":"ab1ce5f9-293f-4e13-b7cb-dc7885dda22f","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":99,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"9809db01-1c79-4cc8-a2a4-5ab5236bd18b","block_type":"box","text":"also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity","page_number":99,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"dfea342e-b3d3-423f-a461-d237774c3246","block_type":"box","text":"of Russian securities.","page_number":99,"box":{"x":69,"y":748,"width":153,"height":9}},{"id":"495cb97d-46e0-481f-8e1f-75944da3e3f8","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":99,"box":{"x":102,"y":770,"width":241,"height":12}},{"id":"7197feaa-149c-440b-a316-9dd38b0fd500","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":99,"box":{"x":350,"y":770,"width":523,"height":12}},{"id":"183689f9-e7d7-4b76-83d0-3deb784bc778","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":99,"box":{"x":70,"y":786,"width":838,"height":11}},{"id":"bc64215b-7bf3-4fd6-9e25-cfdb82665ba0","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":99,"box":{"x":69,"y":801,"width":814,"height":11}},{"id":"15155902-62a3-4fc0-b03a-107e704fd1d4","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":99,"box":{"x":68,"y":816,"width":793,"height":11}},{"id":"19c15717-3e17-4328-9349-159a5b2625a7","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":99,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"7b7e8ac2-7570-43a1-b801-760877d48a49","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":99,"box":{"x":69,"y":846,"width":777,"height":11}},{"id":"59bd4ab3-8fef-4cd2-b898-3b9b5ed6036a","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":99,"box":{"x":70,"y":861,"width":803,"height":11}},{"id":"48dc252f-dd60-40bd-9d38-7ce5a4babeaf","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":99,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"5dcd8970-151a-4b49-8daf-dea9f3c07a58","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":99,"box":{"x":69,"y":891,"width":765,"height":11}},{"id":"c4340a25-f961-483d-9184-29c917e5d8e9","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":99,"box":{"x":69,"y":906,"width":838,"height":12}},{"id":"d328349b-0c47-42ca-8847-a0e2235522d1","block_type":"box","text":"II-39","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dc463f93-a19f-498a-9a20-e6a69f3f2d47","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"38cd6e18-cadd-4aeb-aaee-0015a2618769","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":100,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"31d5d1db-f4d3-4244-80c4-fc71a960870b","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":100,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"b0d2ac3f-da75-40cc-bbbf-ede7b1437f80","block_type":"box","text":"of assets and property or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":100,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"af755748-333e-4e6e-8eef-d23d4ed61b63","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":100,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"8a2734dd-9446-4a50-a61d-c55bee4ded0d","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":100,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"4f8fc0e1-6203-4101-a282-25e81d6b5a6c","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":100,"box":{"x":69,"y":120,"width":797,"height":12}},{"id":"776d7117-96cf-4d6c-8244-022d700e8798","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized","page_number":100,"box":{"x":68,"y":135,"width":781,"height":12}},{"id":"2240d433-8eef-438e-93af-1b29514ec4e4","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":100,"box":{"x":69,"y":150,"width":811,"height":12}},{"id":"d0157543-e800-4a3a-97cf-f7d753bde34a","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":100,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"e3555202-411f-4881-8028-6d68dfbd023d","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":100,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"12f2e41e-231a-47c8-8e8d-b5766cceed36","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Further,","page_number":100,"box":{"x":69,"y":196,"width":823,"height":11}},{"id":"12f3e701-b7e5-4017-9ec5-eacf8fea0844","block_type":"box","text":"under income tax laws imposed by the Department of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":100,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"a34d8eb1-cd57-4878-bf99-245b5b779629","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":100,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"c2447b77-3ad9-41b2-998f-701078d9c49d","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":100,"box":{"x":68,"y":241,"width":799,"height":11}},{"id":"90a3a442-91ea-4382-b74d-af51be2e9ffb","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":100,"box":{"x":69,"y":256,"width":815,"height":12}},{"id":"e343aee1-caa5-4f80-9951-677dff7556ad","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":100,"box":{"x":68,"y":271,"width":818,"height":12}},{"id":"d3ae3c44-1e99-4907-92df-ac5576ebe940","block_type":"box","text":"impacted.","page_number":100,"box":{"x":70,"y":287,"width":67,"height":10}},{"id":"f8c062e3-e33f-4cb3-a90d-8f4ec178157e","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":100,"box":{"x":102,"y":309,"width":773,"height":11}},{"id":"21499548-7c51-495f-9432-bf29054ff8c1","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":100,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"8289f35b-1e4f-48b3-8da3-5efec860ad24","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":100,"box":{"x":70,"y":339,"width":818,"height":12}},{"id":"625ddd35-61d6-41b4-9cb9-25cbc9c8339b","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":100,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"ee7829cf-2962-4376-b3d9-725af0b48aaa","block_type":"box","text":"Arabia has historically experienced strained relations with economic partners worldwide, including other countries in","page_number":100,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"6dd47b9d-f48d-4daf-9342-69b5010d2000","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":100,"box":{"x":68,"y":385,"width":809,"height":11}},{"id":"0be1e12d-1039-4818-9296-50976c9a08c9","block_type":"box","text":"including terrorism, may cause uncertainty in their markets and may adversely affect its economy and a Fund’s","page_number":100,"box":{"x":70,"y":400,"width":790,"height":11}},{"id":"b9b19312-7d50-41b0-8635-72ddd18d4eff","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":100,"box":{"x":70,"y":415,"width":798,"height":11}},{"id":"645fa2a0-035d-41de-beb7-d9984f534951","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":100,"box":{"x":68,"y":430,"width":781,"height":11}},{"id":"06b18820-1792-46cc-8a83-56d6d2720196","block_type":"box","text":"portfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":100,"box":{"x":70,"y":445,"width":836,"height":11}},{"id":"4d4176b5-c7e2-4477-8f73-8ce665a4369c","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":100,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"3695a8fa-3fe2-4b98-9001-2f226ec9a442","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":100,"box":{"x":69,"y":476,"width":838,"height":11}},{"id":"e1ac5c88-8683-44f0-afef-6ea8a22a3425","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":100,"box":{"x":69,"y":491,"width":790,"height":11}},{"id":"ddef83e8-7cfb-403e-a195-3e9e5e5dfa74","block_type":"box","text":"economy.","page_number":100,"box":{"x":69,"y":508,"width":65,"height":9}},{"id":"f47a1580-69d6-4145-baab-97515ef29ef2","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":100,"box":{"x":101,"y":529,"width":747,"height":11}},{"id":"5307a670-ea0d-4e4c-8957-9bb387ebefd8","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":100,"box":{"x":69,"y":544,"width":776,"height":11}},{"id":"3002cb1f-d406-403a-98ea-20f299f9443e","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence","page_number":100,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"c9802bb3-6a1f-42f5-a7bb-de0ccc598e65","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of certain Saudi Arabian","page_number":100,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"876224bc-f326-4c0c-80a7-026e401aea9a","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":100,"box":{"x":69,"y":589,"width":813,"height":11}},{"id":"89568ca9-2039-4fff-bfa9-2074434c33a6","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":100,"box":{"x":70,"y":604,"width":822,"height":11}},{"id":"1bb067d1-6a8e-4ff7-a998-5231ae67ac6e","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":100,"box":{"x":68,"y":619,"width":837,"height":11}},{"id":"179590c3-4a65-43c3-b1ed-f28acb8b1a13","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":100,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"1ffb0c5f-9912-434b-8cc2-9f9c798d7110","block_type":"box","text":"typically the case for investment managers.","page_number":100,"box":{"x":68,"y":649,"width":309,"height":12}},{"id":"302b5614-1944-44b7-9820-dfbd2e3905b5","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":100,"box":{"x":101,"y":672,"width":806,"height":11}},{"id":"23aca877-49aa-4395-af43-64d5a36137c5","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":100,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"20af5941-a430-4b3a-ae4f-c29bcf72368e","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":100,"box":{"x":70,"y":702,"width":777,"height":12}},{"id":"3b0b95cc-2c78-49da-a66b-5b8439372f92","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":100,"box":{"x":69,"y":718,"width":796,"height":11}},{"id":"432abf5a-1fab-4f1f-8cd1-6284cc369955","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by certain groups in the","page_number":100,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"fc83f978-7f01-4d4d-b73d-2a5e2bc275c9","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Further developments in U.S. relations","page_number":100,"box":{"x":70,"y":748,"width":827,"height":11}},{"id":"de90fa7b-9659-4919-90a2-20388b7e90ce","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":100,"box":{"x":68,"y":763,"width":764,"height":11}},{"id":"0d824853-36d7-4d8e-879d-c62edcf3e2d8","block_type":"box","text":"significant, and in some cases the most significant, trading partner of, or foreign investor in, Saudi Arabia. As a","page_number":100,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"aa064bf8-a4ff-4912-abb4-cd156547e890","block_type":"box","text":"result, economic conditions of Saudi Arabia may be particularly affected by changes in the U.S. economy. A decrease","page_number":100,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"03c0690b-de99-453f-bf0c-e0531984a9de","block_type":"box","text":"in U.S. imports or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":100,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"4766ed46-99e7-449a-aea2-f36cc4603b80","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":100,"box":{"x":69,"y":823,"width":815,"height":11}},{"id":"394b6685-0c60-460d-80eb-22aab7581762","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in North Africa and the larger Middle","page_number":100,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"8132a1ef-9340-4e24-bc3d-abbcc3462933","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":100,"box":{"x":70,"y":853,"width":797,"height":12}},{"id":"fd0b3d8f-6767-4a64-9428-08e48cc9f981","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s portfolio.","page_number":100,"box":{"x":69,"y":869,"width":510,"height":11}},{"id":"783e53a2-5b6c-46e4-99e9-5c8c26382f15","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":100,"box":{"x":102,"y":891,"width":773,"height":12}},{"id":"95cbf2e8-5f70-486f-ba42-61b204cb431c","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":100,"box":{"x":69,"y":906,"width":820,"height":12}},{"id":"8375403c-d998-44e0-b83f-1412b0210b15","block_type":"box","text":"II-40","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"67a8293c-e32d-4eea-a122-84e4d6c07bf5","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8dcc3f2-b154-47af-841d-112512cfa55f","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":101,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"3fa16894-442d-4a08-ae14-accf97e68aec","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":101,"box":{"x":70,"y":60,"width":837,"height":11}},{"id":"e5e9e663-6bed-4c18-bcf9-dbed320383d5","block_type":"box","text":"will be indirectly subject to those risks.","page_number":101,"box":{"x":68,"y":75,"width":277,"height":11}},{"id":"cbad88e4-b6ec-45ff-b3cb-06578ae64d5a","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":101,"box":{"x":102,"y":98,"width":223,"height":11}},{"id":"c0e53505-f7a2-45bd-a97d-4cdedd27dac1","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":101,"box":{"x":332,"y":98,"width":521,"height":11}},{"id":"38580cf2-9911-42c3-aff3-3ea60c907bd8","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":101,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"47c8222e-ce60-4024-8cec-2465b79511d0","block_type":"box","text":"is extremely well endowed with natural resources and its economy is heavily dependent on export of natural","page_number":101,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"186456e8-4290-4725-a181-3c070f5f9e31","block_type":"box","text":"resources to key trading partners. According to the Organization of Petroleum Exporting Countries (“OPEC”),","page_number":101,"box":{"x":69,"y":143,"width":769,"height":11}},{"id":"aab817c9-bf74-4177-b567-0f3b063553db","block_type":"box","text":"Venezuela boasts the world’s largest oil reserves. According to an industry report, Venezuela also has the","page_number":101,"box":{"x":68,"y":158,"width":757,"height":11}},{"id":"9c260450-6fea-4115-af96-8be590fb570f","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":101,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"3a6de8ca-3b0c-4ff6-a206-28df3f4fcc9b","block_type":"box","text":"conflict or a breakdown of a key trading relationship that disrupts the production or export of natural resources will","page_number":101,"box":{"x":69,"y":188,"width":817,"height":12}},{"id":"ea2d3a68-c28d-4ac1-9c04-f8a9809c3d95","block_type":"box","text":"likely negatively affect the Venezuelan economy. The government continues to control key sectors of the economy,","page_number":101,"box":{"x":70,"y":203,"width":810,"height":12}},{"id":"07ca9eef-ec93-403f-a993-a6e7dc59d203","block_type":"box","text":"including upstream oil and gas production, and has sought to increase its role in key sectors, such as","page_number":101,"box":{"x":70,"y":219,"width":726,"height":11}},{"id":"878a33b4-52b2-4fac-90c5-1d1ee9ca3185","block_type":"box","text":"telecommunications and steel. Meanwhile, ambiguities in the investment environment remain, such as continued","page_number":101,"box":{"x":68,"y":234,"width":808,"height":11}},{"id":"4dab1059-b4ef-4dc0-919a-b9b0928a50f0","block_type":"box","text":"high levels of bureaucracy and corruption, large macroeconomic imbalances, and political and policy uncertainty.","page_number":101,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"3d0bcc9d-a4f7-4e8a-bfbc-e402f8103621","block_type":"box","text":"Friction continues between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":101,"box":{"x":70,"y":264,"width":821,"height":11}},{"id":"a8437f18-3472-402e-800c-a70aec876c66","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate","page_number":101,"box":{"x":68,"y":279,"width":820,"height":11}},{"id":"2cebe9ef-9c77-478c-a807-fa5bf5944a33","block_type":"box","text":"entities, and on the Venezuelan government. The U.S. could also institute broader sanctions on Venezuela. These","page_number":101,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"85f2d5c9-4c84-4675-9f1f-91115fef09c5","block_type":"box","text":"sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Venezuelan","page_number":101,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"ece3ce13-f08d-4d5c-ac98-3a4d83a11e75","block_type":"box","text":"securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions","page_number":101,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"d3fabc96-5af3-4666-b9c8-65ebea1d8500","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":101,"box":{"x":70,"y":339,"width":838,"height":12}},{"id":"bfef22ca-4329-4edc-bb06-248f6fa0b212","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":101,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"182d576f-7f59-4536-90eb-aa789b9e48e4","block_type":"box","text":"negative impact on a Fund’s investments.","page_number":101,"box":{"x":69,"y":370,"width":296,"height":11}},{"id":"f004f1dd-bb68-401e-861b-559e8c0884ed","block_type":"box","text":"Brady Bonds.","page_number":101,"box":{"x":102,"y":393,"width":92,"height":11}},{"id":"b3fcf1c0-59ae-4e41-9267-c02b7c86989c","block_type":"box","text":"Certain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":101,"box":{"x":201,"y":392,"width":689,"height":12}},{"id":"25584b82-8302-4e8e-bb27-afea5cebffe4","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":101,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"eccb24f5-da83-40fb-a08a-5c0b0ff5e609","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":101,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"99c50a85-1e88-4a42-b13f-26a664241bda","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":101,"box":{"x":69,"y":438,"width":784,"height":11}},{"id":"15aa4cc6-647f-4c74-8371-693783aa039f","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":101,"box":{"x":68,"y":453,"width":837,"height":11}},{"id":"66beba29-ff6b-421a-9bad-30120975a5a8","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":101,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"fffadffc-29a8-4be6-a698-79c6f55c939b","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay and Venezuela.","page_number":101,"box":{"x":70,"y":483,"width":555,"height":11}},{"id":"11f75ee1-3f28-439a-a14f-17f76eb9834b","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":101,"box":{"x":102,"y":506,"width":798,"height":11}},{"id":"07e858d3-072b-46f0-b3d5-c2ef5c4ab4d2","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":101,"box":{"x":69,"y":521,"width":780,"height":11}},{"id":"3707f14d-439a-47e8-96c6-6d755ad5f36d","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":101,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"d5b645d4-8cb7-4a96-918f-c0f692d72893","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":101,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"05677561-aca2-45d0-a34f-968ee6cda9a0","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":101,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"8c0c262e-6336-4c42-bc7f-9ec82f733661","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":101,"box":{"x":68,"y":581,"width":823,"height":12}},{"id":"677baca9-9b36-4413-8bcd-c96246fe8ffe","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":101,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"4a2fd4ed-b57b-4c75-babe-6f1a4da75fa0","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":101,"box":{"x":70,"y":612,"width":816,"height":11}},{"id":"2af35aee-3629-4f9f-81d9-03374e9b5b2f","block_type":"box","text":"Certain Brady Bonds are entitled to “value recovery payments” in certain circumstances, which in effect constitute","page_number":101,"box":{"x":69,"y":627,"width":818,"height":11}},{"id":"8908d702-ab1e-47b3-9d06-ff2a50d09790","block_type":"box","text":"supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan","page_number":101,"box":{"x":69,"y":642,"width":804,"height":11}},{"id":"3e132a5c-706f-49e3-bb24-b41fad755413","block_type":"box","text":"Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady","page_number":101,"box":{"x":70,"y":657,"width":812,"height":11}},{"id":"9d50ea4e-b73e-4b9e-80fe-7d4277e13dbc","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at","page_number":101,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"9adcf8aa-8184-46ef-92c4-30b4e6872727","block_type":"box","text":"final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any","page_number":101,"box":{"x":68,"y":687,"width":780,"height":11}},{"id":"dd432f67-78d9-4471-b0f5-ba41a82ad532","block_type":"box","text":"uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the “residual risk”).","page_number":101,"box":{"x":69,"y":702,"width":790,"height":11}},{"id":"8d372e4e-cf65-48b4-b972-341ff4efb7d0","block_type":"box","text":"Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by U.S.","page_number":101,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"a2feaf88-a3ac-4e47-b232-e3541e6c3818","block_type":"box","text":"Treasury zero-coupon bonds (or comparable collateral denominated in other currencies) and interest coupon","page_number":101,"box":{"x":68,"y":740,"width":770,"height":11}},{"id":"eb84710e-2c11-4d8f-8d19-cacdf3e3f3dc","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":101,"box":{"x":70,"y":755,"width":745,"height":11}},{"id":"0bf64e56-a603-4170-8f28-f90cd15c620f","block_type":"box","text":"bondholders. A significant portion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have","page_number":101,"box":{"x":69,"y":770,"width":837,"height":12}},{"id":"c236a409-18ba-4157-9091-fca24b350179","block_type":"box","text":"repayments at final maturity collateralized by U.S. Treasury zero-coupon bonds (or comparable collateral denominated","page_number":101,"box":{"x":69,"y":785,"width":837,"height":12}},{"id":"3a05c8d3-04c1-41a8-9f45-2f8126520fa2","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":101,"box":{"x":70,"y":801,"width":820,"height":11}},{"id":"77109125-e7a5-4a3d-bd09-441c280c9a8e","block_type":"box","text":"Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.","page_number":101,"box":{"x":68,"y":816,"width":790,"height":11}},{"id":"f31bed69-c891-4fd3-935e-5bf983a231e2","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":101,"box":{"x":102,"y":838,"width":807,"height":12}},{"id":"5e87e4bb-f8e8-48ef-9429-be1e50e900ac","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":101,"box":{"x":68,"y":853,"width":838,"height":12}},{"id":"95a77735-cad8-403f-b847-8711aeef796e","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":101,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"87a47e0d-1053-4bdb-8457-f096d3a27610","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":101,"box":{"x":70,"y":884,"width":835,"height":11}},{"id":"4bee634e-e1e2-4c1d-82f1-ff0e1ed97553","block_type":"box","text":"II-41","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a18dc8d4-fa0b-4f32-9075-a71f747d6c63","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0388a887-cf3d-40ee-9229-16705c3d923c","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":102,"box":{"x":68,"y":45,"width":841,"height":11}},{"id":"aad857fa-8a2a-4923-a2e7-2d0bc922d932","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":102,"box":{"x":70,"y":60,"width":351,"height":11}},{"id":"bfd818bd-a95c-42b0-863c-828f9d8d4edc","block_type":"box","text":"China Investments Risk.","page_number":102,"box":{"x":102,"y":83,"width":171,"height":8}},{"id":"830745e0-bbd6-4329-8523-4b34db6d1447","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":102,"box":{"x":102,"y":105,"width":763,"height":11}},{"id":"6b0f05d7-fe62-4ea4-93b5-1d35175598ac","block_type":"box","text":"including certain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":102,"box":{"x":70,"y":120,"width":830,"height":12}},{"id":"c5b85546-c20e-43f7-8072-48f8329ded41","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":102,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"12f94b97-4d0c-4363-bcfc-ea9e6f3dd75b","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":102,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"2f7c42de-ca71-4fa0-849b-d1762b4af73e","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":102,"box":{"x":69,"y":166,"width":713,"height":11}},{"id":"5498b8cb-ca6a-42a6-9315-f59901975608","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":102,"box":{"x":102,"y":188,"width":762,"height":11}},{"id":"9825f0b1-77a3-448c-a55f-6aac5545928c","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":102,"box":{"x":69,"y":203,"width":800,"height":12}},{"id":"a1955bdd-0deb-45fd-9f7f-07fdcbe872f3","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":102,"box":{"x":69,"y":219,"width":820,"height":11}},{"id":"07f3c58e-2b4e-454b-b625-aa75d17cd062","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":102,"box":{"x":68,"y":234,"width":777,"height":11}},{"id":"e4e3e6f7-ad04-4456-8252-223a4e80cedd","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":102,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"2ab0e24d-9409-4414-8b77-e46f79914e88","block_type":"box","text":"even further. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":102,"box":{"x":69,"y":264,"width":805,"height":11}},{"id":"f3e799e7-d1e2-4b40-bf1e-5abfb71230c4","block_type":"box","text":"Kong may cause uncertainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":102,"box":{"x":70,"y":279,"width":770,"height":11}},{"id":"725e9410-6817-43e8-934c-ab2edc9e3d39","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":102,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"7162e45a-c8b3-4ed7-aa90-87b6cf217775","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":102,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"11a85ed5-08b5-4b8d-ae5c-37534363592b","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in certain","page_number":102,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"35f25f1a-1ef9-4d6d-bbe5-81778990cf08","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":102,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"af138aea-2d3e-4cc3-9334-01ba9175b45f","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":102,"box":{"x":69,"y":355,"width":769,"height":11}},{"id":"024c7999-b037-4710-8acc-a38bb9442d8d","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":102,"box":{"x":70,"y":370,"width":836,"height":11}},{"id":"4fa23844-9649-4d8d-8fed-b7536267656f","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":102,"box":{"x":68,"y":385,"width":810,"height":11}},{"id":"6c30de60-3dd3-4ff9-af53-2500420a01d1","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":102,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"edae7157-cd8c-44aa-895f-726b519d47ec","block_type":"box","text":"military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":102,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"475d2929-6337-468f-b03f-794953a88d04","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":102,"box":{"x":69,"y":430,"width":804,"height":11}},{"id":"2c066d36-005f-4065-804a-a676711e34ae","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":102,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"93524800-6311-476e-abe3-ce6539fbc64d","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":102,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"67d70976-31a5-4e51-8c99-a75ea6a9d689","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within North Korea. These situations may","page_number":102,"box":{"x":69,"y":475,"width":819,"height":12}},{"id":"2bdbee7d-af2f-4206-80dc-9654d920c76b","block_type":"box","text":"cause uncertainty in the Chinese market and may adversely affect the performance of the Chinese economy.","page_number":102,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"b3ea975a-fc59-4b5a-82a8-55bcc5ec0e86","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":102,"box":{"x":101,"y":513,"width":792,"height":12}},{"id":"35f9e121-0150-42ec-a224-78bc3ce86be9","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":102,"box":{"x":70,"y":528,"width":818,"height":12}},{"id":"4b0f9e35-0f86-4ef7-b54b-ec73c5e18c21","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":102,"box":{"x":68,"y":543,"width":835,"height":12}},{"id":"f645dd70-9621-4975-ada9-811f5def12e8","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":102,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"7c4b16ad-5ec8-4f93-bdae-057b786fbf1f","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":102,"box":{"x":70,"y":574,"width":763,"height":11}},{"id":"d7355251-7020-45f9-9138-5d1c0bac11ed","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":102,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"1c2ca1b9-27af-4708-8f69-26d36cc1f03b","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and property or","page_number":102,"box":{"x":70,"y":604,"width":813,"height":11}},{"id":"89ba7bee-a218-4bf7-ac62-157a073c94e4","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":102,"box":{"x":68,"y":619,"width":653,"height":11}},{"id":"2f7521b6-c08f-4f2c-a485-bba302aac060","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":102,"box":{"x":101,"y":642,"width":783,"height":11}},{"id":"05a8999d-34a4-450b-8b54-eb318788af78","block_type":"box","text":"restrictions, a ban on “naked” short selling or the suspension of short selling for certain stocks. This may affect","page_number":102,"box":{"x":69,"y":657,"width":805,"height":11}},{"id":"d8b4373d-2242-49de-9a0f-f8ce572e2212","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":102,"box":{"x":69,"y":672,"width":827,"height":11}},{"id":"c4586cd5-13e3-47c3-8516-df11ac5ad826","block_type":"box","text":"Funds. Furthermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":102,"box":{"x":70,"y":687,"width":821,"height":11}},{"id":"6b488543-6e54-4fc1-9946-3d81eedc23e1","block_type":"box","text":"affect the performance of the securities markets and as a result the performance of the Funds.","page_number":102,"box":{"x":69,"y":702,"width":683,"height":11}},{"id":"d42cebc8-ba79-492f-b59f-fabfc4eac665","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":102,"box":{"x":102,"y":725,"width":797,"height":11}},{"id":"a287aecf-34dd-402b-9473-05bbbe12cd39","block_type":"box","text":"brokers and other participants than in the United States. Accordingly, issuers of securities in China, including","page_number":102,"box":{"x":69,"y":740,"width":779,"height":11}},{"id":"7961df8e-d86e-4f1d-9d53-c278c8480142","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":102,"box":{"x":69,"y":755,"width":822,"height":11}},{"id":"8be39d19-3870-4612-bd66-92c76c131afe","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":102,"box":{"x":70,"y":770,"width":836,"height":12}},{"id":"b89fe317-4a3d-4511-8099-5c9d9fd66f60","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":102,"box":{"x":69,"y":785,"width":778,"height":12}},{"id":"ef9f426f-8050-4460-b96f-3246d77cbb4f","block_type":"box","text":"information. Securities markets in China are in the process of change and further development. This may lead to","page_number":102,"box":{"x":70,"y":801,"width":803,"height":11}},{"id":"6a7e628c-7aca-4a73-b815-891a5c9aded7","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":102,"box":{"x":68,"y":816,"width":816,"height":11}},{"id":"1dac619a-e49f-446b-8562-5b18706b8edd","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":102,"box":{"x":68,"y":831,"width":816,"height":11}},{"id":"7182cc6e-6d6d-492e-a531-56565b3d35ee","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In particular,","page_number":102,"box":{"x":69,"y":846,"width":798,"height":11}},{"id":"fbd9648a-ca98-4aa6-8c03-f7e66b311c5d","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":102,"box":{"x":68,"y":861,"width":826,"height":11}},{"id":"62d293c1-23fb-4030-92f7-9409895bc323","block_type":"box","text":"sub-custodian.","page_number":102,"box":{"x":69,"y":876,"width":102,"height":9}},{"id":"0eb20a4f-6a64-4f4b-b4db-b21a222a1d73","block_type":"box","text":"II-42","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"48029103-7a70-4d57-9995-b1c5cebabd07","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21453911-5612-4a92-aa4f-3ddd8c19e785","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":103,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"9ba76fc1-ac97-4959-a171-113161358d16","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":103,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"3472902f-2dbd-42a0-bd88-f5e3241567a4","block_type":"box","text":"on investor protection considerations.","page_number":103,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"39a23f22-ada7-4d2d-b139-85e96a5aa49d","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":103,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"77f1206a-a8c2-4007-a7b1-4edb834474ad","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":103,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"6fe569c9-81ce-4c9d-9e82-058f173e8984","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":103,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"7b89805f-fc43-4ee0-9937-68648cbb82e4","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":103,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"aa161396-3b78-4af9-a42d-ca6cf09805cd","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":103,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"605a217a-8738-4ab5-b453-827667f1fb41","block_type":"box","text":"headquartered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":103,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"1662c437-7c43-4bb1-9863-8a2b871daeca","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":103,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"6c5b9003-82a6-4a5f-b4f3-0a9abacd1d85","block_type":"box","text":"performed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":103,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"6f13f091-6876-4b96-a257-8babcd2814a4","block_type":"box","text":"performed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":103,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"c7fb3cd5-0426-414d-9dc7-cadb28f80713","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":103,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"d75e8eb7-dcd9-486e-b3eb-6caebb5376cb","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":103,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"3fb17c88-0558-4e83-96cd-9a34d5042ed3","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":103,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"1ed2cb9d-bdd1-4f1c-bd85-622e4f2b2a8c","block_type":"box","text":"accounting firm.","page_number":103,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"3bf52b34-2a38-4cb3-8942-6622197436bf","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely convertible currency and is subject to foreign exchange control","page_number":103,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"7e324c8e-f11e-4c73-abeb-88aaf06a432e","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":103,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"3e9f74a3-2515-45ce-9e16-7158776dc351","block_type":"box","text":"negatively impact performance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":103,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"a9f1fd3e-35b2-47e9-8394-d7f68d04ee59","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":103,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"29108f49-28aa-4e01-88ec-4f325215d4d7","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":103,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"5c2da8d6-b8fd-404e-8bc6-ba81db1b329e","block_type":"box","text":"which have a substantial portion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":103,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"05712a82-5d4d-418d-be9e-0a679c1df930","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":103,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"878144d0-592e-48da-9ff1-26815633a0d8","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":103,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"eea6c31c-e5ed-445d-91b8-2498706c3306","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":103,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"d69e5933-8d44-4edc-af14-bced435ee24e","block_type":"box","text":"RMB (“CNH”).","page_number":103,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"2499505c-7e00-476a-b47d-a98273a24db4","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":103,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"0c5bb70e-96fe-4ece-a0e9-f6d6ed0aa565","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":103,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"6f3c785c-5eda-43d3-ab5b-b781ceab8a9c","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":103,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"720c9afa-ef90-48ee-9be5-c52318161544","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":103,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"d02b8278-7eae-41cc-9920-ffee39ce7fd9","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":103,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"f231a1e7-2a76-4aee-bb0e-71836ad549ef","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":103,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"c576bfd0-7095-4dca-bcf6-764b7657f323","block_type":"box","text":"represent equity ownership in the operating company.","page_number":103,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"0d6581bb-9af9-4be4-bbfe-c1758e6973f9","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":103,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"13a23518-140f-45ea-96fa-b9e44decbe2e","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":103,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"e7ae5161-5abe-4f26-b4ec-fa4047d9ba72","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":103,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"afe019a1-787a-4137-aac7-cc40fd3999f2","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":103,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"ea7d5daa-e8ae-4709-9dbd-a079da4c904a","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":103,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"dbfce112-9857-4757-b10c-5e2cb8995081","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":103,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"d22f89cd-9080-48b5-b947-dab820b79d6c","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":103,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"d673bffd-832d-447e-b40a-0b22dd7eed0a","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":103,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"ec28d352-a270-46b5-a2a9-91a7ae676a15","block_type":"box","text":"company and the value of the U.S.-listed stock. Further, the VIE contractual arrangement would likely be subject to","page_number":103,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"24521985-da07-4e2f-ad59-64baa9d30cf0","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncertain and could be","page_number":103,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"bde6df2c-e26e-44c1-bbcd-b86ccc557d12","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":103,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"f38bbea8-eab6-4e4c-97e2-02501aaf6f89","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":103,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"02288505-faf8-4ec1-b4ed-f58680e76fab","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":103,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"cb1370e0-5a6c-4ff3-bc6c-00d55f3491c5","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":103,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"8c0b35fd-ae6a-4547-9181-111e4fc39e56","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":103,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"61f67f39-c2ec-4869-9e56-c08ace0a89b8","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":103,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"f8730e15-5911-4880-8ea9-caec8a7c8bad","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":103,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"8dc8007c-9818-460e-b094-5ebea7500f42","block_type":"box","text":"losses to a Fund.","page_number":103,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"b6c64440-805a-478f-aff5-cf11c197ca94","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":103,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"ff0e7c10-8713-4602-9e7c-2749f96310e9","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, and an","page_number":103,"box":{"x":68,"y":869,"width":827,"height":11}},{"id":"4294cd46-1c16-4d9e-b3ac-2e90bb183bc9","block_type":"box","text":"aging population. China continues to face pressure from its trading partners over its exporting of its excess industrial","page_number":103,"box":{"x":69,"y":884,"width":836,"height":11}},{"id":"f5d4462a-e176-477b-980b-25b464defd8e","block_type":"box","text":"capacity and overall approach to economic management. China’s economy is heavily dependent on export growth.","page_number":103,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"cfb12001-59c0-4994-a6f0-bc4dc0380caa","block_type":"box","text":"II-43","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3d0bdde4-e1bb-4a4f-9eae-62bff944e042","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"002fbe00-0d49-43c2-aad1-74fbaaa06fc4","block_type":"box","text":"Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs,","page_number":104,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"b2f5f8bb-ac80-4f9c-b425-e0f0605413cc","block_type":"box","text":"sanctions or other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":104,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"a26ad3ae-5ab5-4526-ab4c-d10264ca5092","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":104,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"0232df0c-84ef-42d0-be88-8717c68a0ab2","block_type":"box","text":"key trading partners may have an adverse impact on the Chinese economy and the companies in which a Fund","page_number":104,"box":{"x":69,"y":90,"width":788,"height":11}},{"id":"247aa3bd-0379-4211-8aef-d0d56dd0c88f","block_type":"box","text":"invests. Certain Chinese companies (which may change from time to time) are directly or indirectly subject to","page_number":104,"box":{"x":70,"y":105,"width":775,"height":11}},{"id":"e6929ed6-dd23-48b0-82be-8e1def16bdda","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":104,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"59f74196-4152-4634-bd41-dad6a9270a11","block_type":"box","text":"other concerns of such government. For example, certain foreign technology companies are subject to U.S. export","page_number":104,"box":{"x":69,"y":135,"width":813,"height":12}},{"id":"b38d6fca-ac2f-424e-9a27-6206179cb525","block_type":"box","text":"controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans imports of goods","page_number":104,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"62de6a27-efc3-4dff-8982-7b9ad1612116","block_type":"box","text":"produced in certain regions of China or by certain Chinese companies due to concerns about forced labor. Such","page_number":104,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"5c67cc08-c9b6-4cbd-b11b-df1a2c62459a","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that","page_number":104,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"5686c791-c15a-4c65-947d-b4fd1298208b","block_type":"box","text":"targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":104,"box":{"x":68,"y":196,"width":812,"height":11}},{"id":"e69e9bbd-bdc4-46bd-ac69-c106f7d55069","block_type":"box","text":"cause market disruptions. Certain companies may be subject to economic or trade restrictions (but not investment","page_number":104,"box":{"x":69,"y":211,"width":820,"height":11}},{"id":"ed10371c-716e-42ab-aa25-c33b7b52b4ee","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":104,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"a9958a24-42bc-468b-9b5f-c66b9bedd73b","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":104,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"ae55cfe3-5f08-4706-8ab9-3f3e246b1675","block_type":"box","text":"such companies.","page_number":104,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"84662ac0-c71d-46c5-a9d5-b31ee530e616","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":104,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"c321c1fe-7d07-4e99-8a87-f2285d8262ef","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":104,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"79cb3952-c1b6-4f4b-808e-b265640d0375","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":104,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"5e90a93d-c27a-4c33-90ee-7c177ba88553","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":104,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"fef13ffc-9ff1-4b90-9e81-57a78600be18","block_type":"box","text":"on a Fund and its investors, particularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":104,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"129c603c-5450-450e-ac65-f2fd628435a1","block_type":"box","text":"addition, the accounting, auditing and financial reporting standards and practices applicable to Chinese companies","page_number":104,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"e1c69f00-63c1-42a7-93b2-916b0e86e6e8","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":104,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"2caaa142-360a-49c7-8089-c7bcc4041b62","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":104,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"b9673b3e-0b3e-435c-ba87-c55c6b9a7f6b","block_type":"box","text":"standards.","page_number":104,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"c5696ffa-9852-4212-9a24-335b5cbe26bf","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":104,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"f74ae91c-cff7-4fe0-b80e-812d1f166194","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":104,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"d3613d91-0a46-482d-94f8-9d2e63cd9b10","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":104,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"b83b88a0-6a21-46cc-8968-27fa7b17c04b","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":104,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"c742e997-4c3a-4e4d-9bba-22b1df2dd645","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":104,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"8edfbe04-3392-40d8-a6ba-118a1f5df1f9","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":104,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"e490d060-3598-4c8c-a494-0e44d7f9828d","block_type":"box","text":"General","page_number":104,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"a8410643-1df5-401f-b5da-f8e74bc59a15","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":104,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"a4a4ad66-d288-4c3e-99ff-2062f81ca82d","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":104,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"2236add8-6206-4472-8d35-0d6f86af98c6","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":104,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"ca6d104c-0ab6-4a47-8885-965e70863280","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":104,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"5247bc0c-3d01-45c4-95a0-6a3a4c2ac2a6","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":104,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"aed1a91b-3bf1-46e2-b086-c19b6cfaaef8","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":104,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"a70b8969-e2d2-45e3-aebd-1bcde5be33f9","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":104,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"29b2579e-c817-498b-af9a-9339d0332d52","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":104,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"96b11e81-1e76-435d-9d1e-b577ee9146f2","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":104,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"6c12d37c-50b7-4b70-8687-6bfc8e2fcfde","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":104,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"9b7f9d2e-d71d-4caf-8bb3-edbcc13ab55d","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":104,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"0d695ec1-dc1f-4bcd-9fa7-16cb8511f3c3","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":104,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"ea90971f-85cc-4372-a6d8-0d668540d3de","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":104,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"b7352d73-7951-4813-960a-a5400c326c3c","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":104,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"b192b365-2094-4b4c-89af-b4ed49347fe3","block_type":"box","text":"company established by SEHK.","page_number":104,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"032a7ad4-c8e1-47bc-b034-0d1b2d509dc4","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":104,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"8410715e-e6bb-4b5b-8958-117a4cd3cfce","block_type":"box","text":"through a Stock Connect’s Northbound Trading Link is subject to daily investment quota limitations which require that","page_number":104,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"d0d113e5-6e7a-4104-aa39-a7007375cb98","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":104,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"fae91064-9d65-4c37-a3dd-53da8cafcd68","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":104,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"3575da9e-03e9-49d4-836f-52fcbd95975f","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":104,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"51d00d91-537a-4c28-b275-396f7ee001ea","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":104,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"d894df0b-d989-474f-a2d5-3fa1269070c0","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":104,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"9c39cbeb-ce23-407f-b6c8-533844f16b03","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":104,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"7a3b47cd-0ac3-4cd6-ab26-0727f93c7e37","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":104,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"37e09416-8801-44fe-9fdb-089bbdf7bab3","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a certain trading day, there must be sufficient Stock Connect","page_number":104,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"9eca1d47-cf1f-4b39-9f26-f965bf7b38c9","block_type":"box","text":"II-44","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e0c6486c-1062-4d60-a053-fa23f8a78361","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba6f3b33-58e3-4fd4-aa84-281a22b381a6","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":105,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"056a535b-ca86-4aea-926e-32ee60eb1ec4","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":105,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"cd74f91e-1485-4e45-8e9b-eca6dff44ee2","block_type":"box","text":"out pre-trade checking on sell orders of certain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":105,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"9d94d5b8-489e-4611-b7f1-305613d0ac54","block_type":"box","text":"(“SZSE Securities”) of its participants (","page_number":105,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"c6efdd78-e765-4d74-952c-e00988605f76","block_type":"box","text":"i.e.","page_number":105,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"1323b002-4364-40a7-beb2-3fe6d054890e","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":105,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"880d7574-497d-43c0-bbf3-de848afcda16","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":105,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"a5b26a61-8d7f-4b98-876c-5c20868f4c53","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":105,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"20f42e79-5add-49d9-84d9-b168a20c303f","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":105,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"c9044dc4-895e-4a83-8c23-256ad126fa80","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":105,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"04eeaf57-7b34-4bd7-be8a-f7eb3a5037ef","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":105,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"04565198-658b-4a06-ab1e-2dbe2e069512","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":105,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"2104e85d-fc22-4f6a-a75f-a441a9371dc1","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":105,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"d70e3310-5eb5-4f27-a49c-17eea01bce1a","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Further, since all trades of Stock Connect Securities","page_number":105,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"99106836-1663-44a7-995e-a7174421a781","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":105,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"afa8ef02-0f68-4629-bd7e-86311e16a5c1","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":105,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"fc3214ee-34e3-45f5-9ae7-cf417238dd3e","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":105,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"855ba373-3d85-4ef7-8053-d9a8a7554797","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund converts the local currency into RMB for","page_number":105,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"9dd91760-ef6a-44a6-b5df-5497dcaab2fc","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":105,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"26fdea95-734c-4fe7-bbc3-b55d4b019897","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":105,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"efada6a4-a7ed-42f0-abda-bc9291e53465","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":105,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"de967cfe-b1c4-434f-a87e-dda6a32891dd","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":105,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"9d8da345-cfe0-4e59-bbdb-2fa62f8b00aa","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":105,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"7fa7b653-d1f1-456d-9d4c-e65fd6aadc0a","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC courts. The exact nature and methods of","page_number":105,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"eeffea38-3d1d-4985-9084-e7f84aed0019","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncertain. In the unlikely event that","page_number":105,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"2bfcd98e-2a3d-4d7f-8a7c-328881898bec","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":105,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"b7701103-547b-442b-b3aa-0070ed0f40a6","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general assets of","page_number":105,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"6a2cdcb7-019a-46ed-9b95-3f3f80cebafb","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":105,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"3efa8dbc-b9e0-451e-9bd5-93e7e59e7508","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":105,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"c020bb15-943b-4766-b08c-dbf97baaaa2f","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":105,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"94fa5e7a-4267-445c-9b9a-c6dfbdac877f","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":105,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"aebcb572-d4c7-4f1d-a309-6e3982767950","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps participants of Central Clearing and","page_number":105,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"90b17196-7d37-45df-b1d1-a57f712b82c6","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS participants to take steps in","page_number":105,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"a9ca3478-3feb-435e-b7cd-14b97fbc3429","block_type":"box","text":"order to participate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":105,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"2f09f739-cae6-4a9c-973f-6cf7b80be486","block_type":"box","text":"HKSCC through participants of CCASS. All voting instructions from CCASS participants will be consolidated by","page_number":105,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"e1e6a4fd-8c72-4c1e-bea8-62acb990cd2a","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":105,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"ff15b2a1-343c-4191-9c68-ed167c0a5906","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":105,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"2a10fba8-d671-4cff-b223-852fbd59c592","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":105,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"25d1d29d-58ef-46ba-b736-6df8d74e8ae1","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":105,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"2e6f264d-9f3e-404a-9909-14a6e3869db1","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":105,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"3d616260-d766-4b95-beb2-2737a5cdbdd9","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":105,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"a89c985c-5c24-46fa-a8cc-af7407f5ab84","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Northbound","page_number":105,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"2e4725f9-d947-494f-85fa-60305385e188","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Northbound trading through securities","page_number":105,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"b876fba6-621e-46ac-9cb0-fc243ca243e5","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":105,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"03238a6e-58b6-4e29-8e01-7ba88057d3ff","block_type":"box","text":"PRC.","page_number":105,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"ec55b2e8-1f4c-44cc-bcd9-b8110f216b2f","block_type":"box","text":"Market participants are able to participate in Stock Connects subject to meeting certain information technology","page_number":105,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"d9b4316e-10a7-4e1b-ac41-ad861b223304","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":105,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"44ace198-2dca-4664-b9af-d26f42212e8e","block_type":"box","text":"house. Further, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":105,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"c7772334-1fb1-49ea-ac5f-ffe58aed85cc","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the part of SEHK and exchange","page_number":105,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"8ea2a89b-b77b-43de-8036-fce710b1599b","block_type":"box","text":"participants. There is no assurance that the systems of SEHK and market participants will function properly or will","page_number":105,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"41b36311-1662-4f9f-8457-893e677c7de8","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":105,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"0304f9bb-4d74-4aee-a046-93d920a12e45","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":105,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"0ff500fd-2398-4f59-92ce-67edae5918cf","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":105,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"fc910e54-8b77-44e8-9c5c-eb84d1730088","block_type":"box","text":"Stock Connect program launched in December 2016 are both in their initial stages. New or revised regulations may","page_number":105,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"678274f0-90cd-4d5f-bef6-35271865f71b","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":105,"box":{"x":69,"y":861,"width":787,"height":11}},{"id":"bccbad8d-169b-461d-a027-6893945209ae","block_type":"box","text":"operations, legal enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":105,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"d625cecb-f629-4ded-91ad-51906ba176cc","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":105,"box":{"x":68,"y":891,"width":767,"height":12}},{"id":"7303a86f-5686-4ab7-8018-162c0741d48a","block_type":"box","text":"Furthermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may","page_number":105,"box":{"x":70,"y":906,"width":815,"height":12}},{"id":"f959da82-51be-47a1-bde9-c92da3268ead","block_type":"box","text":"II-45","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a895d765-9bf9-4bb9-8588-9f311929da79","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe84cc55-6aac-4816-a3cf-4cad5897d8d6","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":106,"box":{"x":69,"y":45,"width":790,"height":11}},{"id":"79f1f116-1103-4707-92f8-d7020534c46c","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":106,"box":{"x":68,"y":60,"width":807,"height":11}},{"id":"04cf5b30-dfed-4f4c-8746-a959fd74acba","block_type":"box","text":"objective may be adversely affected. In addition, a Fund’s investments in Stock Connect Securities through Stock","page_number":106,"box":{"x":69,"y":75,"width":808,"height":11}},{"id":"08e4dfd4-5b7c-4172-b637-14da62e7010d","block_type":"box","text":"Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Further,","page_number":106,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"9920f4a4-7db4-44e4-8696-13fedce15420","block_type":"box","text":"different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through Stock","page_number":106,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"81a557e3-fc26-47cf-a97b-e4b2c1dd038d","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":106,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"2f4f6814-40e7-424e-be8d-4c42db3f1f63","block_type":"box","text":"of other securities providing similar investment exposure.","page_number":106,"box":{"x":69,"y":135,"width":407,"height":12}},{"id":"4dc53b18-7173-4c70-98b7-4387363d0c3e","block_type":"box","text":"Suspension Risk.","page_number":106,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"ffd81772-bf4f-42b5-b36f-ab13e8fc7880","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":106,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"0841f644-c388-4dbc-a087-d07b1172c506","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":106,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"b3bfb649-1ae3-4550-ba56-9d80318f54c4","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":106,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"6e45329c-1029-4627-965c-94b11bc9f6d0","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":106,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"9f0322b5-3dd9-4a82-a158-6947ea3d1f4f","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":106,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"125d453d-f885-4f93-872f-c7170ccfb278","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":106,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"8af1ee42-6aa7-4b4a-a4f6-534799a5ad28","block_type":"box","text":"Northbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":106,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"64ad708b-1c19-4472-8cfd-a6d3103d1734","block_type":"box","text":"measures to halt or suspend Northbound trading. Where a suspension in the Northbound trading through Stock","page_number":106,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"237285b9-428b-486c-9df3-45609c827d57","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":106,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"8702fd52-520b-4056-9fb8-3bcd02ce0a64","block_type":"box","text":"certain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":106,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"3d363b2d-2611-4379-984f-1aa5db5bc8d0","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":106,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"be560ed5-21d1-44fb-909f-1dc03ec40ae6","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":106,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"c710806d-1115-47df-99fe-ac266f45bd5a","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":106,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"e76482f2-6c8f-4971-a1e9-896effcd3b07","block_type":"box","text":"exist for any particular SSE Security or SZSE Security or for any particular time.","page_number":106,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"d4365e36-14f4-4623-97a9-df7bd4745030","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":106,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"e3bebf65-7c66-4a26-aa50-3aba482f74df","block_type":"box","text":"A Fund may invest directly in the","page_number":106,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"8a4fa2d9-1149-494e-a086-455c6dc79509","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the northbound trading of Bond","page_number":106,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"1034a62f-2ba7-4679-8a33-aa9728643abb","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":106,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"0e136450-c0a7-4f7b-bb39-bce9f7664488","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":106,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"fff6314d-293c-4e32-8e03-5205f5af60b8","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":106,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"1e0d614c-8e2d-4413-83b8-4b4ec482ad87","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":106,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"1d7dedaf-16e6-4b8c-a456-a5ddd6a9caf3","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":106,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"3d0e0fe8-4873-49f9-9600-aeda3617db08","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":106,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"7f710f87-13af-4e8f-af96-cb4a60ae1606","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":106,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"f684d714-dc0e-4220-b198-f3232be54107","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":106,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"5bf2aa81-b2ab-46f6-8374-9d2ee367840c","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":106,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"40ca8d63-b3d2-4810-ae24-00f52e92a812","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":106,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"30ae20fd-3196-4632-bc8c-0176155ffe64","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":106,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"56f970a3-a59f-4c7f-b179-a15dc26bfca1","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":106,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"d074bc10-acbe-4899-884d-39558b77e69e","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":106,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"e89bee82-a2db-4b39-8810-870b121aa681","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":106,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"cc5dbc05-ae34-4738-abad-e4b1b57a40fc","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":106,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"29065dd4-c342-42e2-a33e-090cbc85fc76","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":106,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"23e2326e-afb4-4c40-b72c-0f5c39879731","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":106,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"fee1da5a-5c56-442e-a96f-b6f7a65f79f4","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":106,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"fa4ce0a7-962a-4924-afba-93ed45f024f6","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":106,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"4d62cfab-ace4-4ed9-b36d-1f6cbb6d26e4","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":106,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"41fbc9ea-266d-43ff-a4c6-e31e565b3484","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":106,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"2eb4ee8b-60b5-4c3b-8a03-a75b355283be","block_type":"box","text":"i.e.","page_number":106,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"45ecafe5-cac2-494a-bf97-11611b76dd0a","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":106,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"bf6b38e1-5c75-4631-961b-a42e1ffd0287","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":106,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"6337cd0c-1401-4952-9ad6-fa05d8bb3ae7","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":106,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"62b41d17-2609-43b0-8c52-0d3b9d9892d5","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing participants","page_number":106,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"0b3058d9-843b-4944-83f7-1023c7f149e0","block_type":"box","text":"will be limited to assisting clearing participants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":106,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"d0014ec0-e254-4d6d-ab89-edca13a44e00","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":106,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"2391d56c-9ebe-43ad-955c-9b43e0b6f002","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third parties,","page_number":106,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"32fc82f2-1b04-4173-892f-4ed5b4aa64cb","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the part of such third","page_number":106,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"238dab17-6d15-4572-9a35-57692d9578ee","block_type":"box","text":"parties.","page_number":106,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"fb5ca158-d0bd-48c9-b70c-3679bc229ae3","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":106,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"98d3bfaf-0361-4381-b606-f431e79b7903","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":106,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"24753bfe-0ca9-44ce-88c6-44dec2dd43d2","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":106,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"07c7d8ef-f053-40e9-9c07-b8a5142b656b","block_type":"box","text":"II-46","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0862aa12-a0b8-4ad3-9ff3-b56add53535b","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"983f3782-6661-42a5-94f0-71ce00d03156","block_type":"box","text":"involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights","page_number":107,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"bcfc6ad6-f527-420a-af02-2718dd48a9c8","block_type":"box","text":"and interests of a Fund under PRC law are also uncertain.","page_number":107,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"1fb89e4b-2d55-4500-b982-8b2c46cf47b3","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of certain bonds in the China Interbank","page_number":107,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"83c4b0f0-36ea-440b-8729-3c8b13e4af99","block_type":"box","text":"Bond Market may result in prices of certain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":107,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"c4ceed08-691b-4ab7-8bfc-28d9e10b6d0c","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":107,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"c7311bd9-67be-4eeb-a394-b41347e1fdbf","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":107,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"0c1df86b-ade9-4c72-a397-da7a9d66d431","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":107,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"1cc8288d-7730-4d43-ac56-4e21c6ada0cc","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":107,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"4c24da8c-7bdd-4fe4-a49d-353edfc4669c","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":107,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"3a5dc8f1-774d-4a8a-837f-843c8b5b0df1","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":107,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"9d05c406-8f9d-4d12-9424-8420278b2b52","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Furthermore, the securities regimes and legal","page_number":107,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"921a1283-7083-452d-a92e-bd32dc4da50f","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":107,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"7921f647-a709-44cf-a58f-5b6fa9264056","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":107,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"0450da09-2b6e-4437-ba08-36c6985c286b","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":107,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"fe9480cb-c393-47fc-87c3-46eeab37bb0c","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":107,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"f474b1c1-fc4d-4b2b-b8e2-7d3a6e398ac5","block_type":"box","text":"Fund may suffer substantial losses as a result. Further, if Bond Connect is not operating, a Fund may not be able to","page_number":107,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"ea5d326d-25f6-499f-aa27-95374f2110b0","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":107,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"262b7946-a8c9-492f-9157-9889ef806447","block_type":"box","text":"performance.","page_number":107,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"7df37141-db89-4cae-9680-e080f32a5348","block_type":"box","text":"Trading through Bond Connect is performed through newly developed trading platforms and operational systems.","page_number":107,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"3d83dbc3-b126-49f0-a821-8afc9bee950e","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":107,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"bc4aa5d5-4e23-43db-98c8-91a30c7f9491","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":107,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"2b0642c4-463a-4f5b-97e7-9599452a87b6","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":107,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"3a5720f7-76d5-429b-8de7-b00bfc63a1b3","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":107,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"5c6dc593-e1d0-40ad-9f4a-192e27f269f2","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":107,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"4e33090d-d621-4b56-8cdf-7c74ff89188d","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":107,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"518ffeee-60dd-4031-bbf4-b1d3cf80bfd7","block_type":"box","text":"convertible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":107,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"3db866fd-7514-41c8-9803-fe90c935add7","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":107,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"6a0911cc-7bb4-4657-9292-ec2d574fa492","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":107,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"84ffbf1c-d5b3-4bf6-98d5-50d332bea630","block_type":"box","text":".","page_number":107,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"25677f8d-cfe9-4b4f-a64b-373c9794618d","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":107,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"fbe6c296-ebb8-4bed-ab7d-1f6f7d96bfb2","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":107,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"64612e48-64b9-4208-907d-7b42f060f7e7","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":107,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"d604edcc-b27b-4f8a-a9fc-483a6c6ac687","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":107,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"61c7732d-cc0e-4875-8021-def2dadc9e20","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":107,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"063c06e2-8bc8-4f3d-8a5c-3ed8abb43824","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":107,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"61003560-0490-4c8d-bab6-891f6863d92a","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":107,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"adb89c77-cd70-447c-b499-336043c1cc19","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":107,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"bb6d97d2-b452-4f72-afc7-83d67fefc924","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":107,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"68910775-3743-4112-809a-5a27649d0f5e","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":107,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"0bce874c-f860-4d2f-bc0a-a02f99de7404","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":107,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"3baec648-e9ae-4be1-83eb-0ee40788194d","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":107,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"c2d7212c-a42c-4983-b33b-cb611a073a66","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":107,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"3327b7fc-bea8-4dfa-851e-5fadc6d0307e","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":107,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"0d9578bc-6196-4520-aa15-5243b4a44088","block_type":"box","text":"without notice.","page_number":107,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"3e418c22-e9c7-43bf-83db-a89cd97f578a","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":107,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"1ad8006f-7b13-45fb-9ed7-06fd5d5e0fe1","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":107,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"fdae502a-46d9-4ac2-b151-4b8da0f11d1b","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":107,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"77b5e6c0-963b-49ec-8bd4-f09e79021ee7","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":107,"box":{"x":70,"y":808,"width":806,"height":11}},{"id":"bb955545-76c9-4b27-aba9-793a3c37e690","block_type":"box","text":"unclear whether the temporary exemption will be further extended.","page_number":107,"box":{"x":69,"y":823,"width":473,"height":11}},{"id":"e5ece92b-e66e-467d-92e3-ca4fb7e3515d","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":107,"box":{"x":103,"y":846,"width":225,"height":11}},{"id":"a90caee2-55be-4a5b-8163-7e29ad60f21d","block_type":"box","text":"From May 1, 2016, VAT applies to certain income derived by the Fund, including","page_number":107,"box":{"x":333,"y":846,"width":569,"height":11}},{"id":"81d2771c-24ee-4f0b-9b67-987709117130","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":107,"box":{"x":69,"y":861,"width":528,"height":11}},{"id":"38b566e3-ba31-4a4c-86be-387f5b3ab704","block_type":"box","text":"There are however certain tax exemptions available, some temporary in nature, highlighted below.","page_number":107,"box":{"x":101,"y":884,"width":697,"height":11}},{"id":"d43243c9-087e-4866-b05f-0c8055df0db2","block_type":"box","text":"II-47","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3911a451-835e-4b7e-b232-59b137167bfb","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a5281a96-6f21-4c74-8061-fab3aea79a74","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":108,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"19a205bc-3c4c-46f0-9d10-25ce93345e1a","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":108,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"9386b62e-9548-4ecd-9579-1d73b88f5ca6","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":108,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"789a1d65-98f9-435d-a7ec-19204cc6c12d","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":108,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"d26a4c15-75ea-4920-a7d2-3b0bda620611","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":108,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"99b5e6ff-2fbb-48c2-a342-cc61cdd0cf9a","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":108,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"b31f8e2c-39d4-45b8-a73c-8ff0bcfcbb67","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":108,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"2fcc3e34-6acc-42f6-8930-a9aa1f894fc8","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":108,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"97676bce-7186-485c-90c7-a33b0a251f02","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":108,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"b2e07c47-ea20-49a8-8855-04029a69afe3","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":108,"box":{"x":68,"y":188,"width":828,"height":12}},{"id":"de200fe1-8f4b-428e-ad57-f479983fd584","block_type":"box","text":"Notice 34 will be further extended with respect to interest income on bonds derived from the PRC bond market and","page_number":108,"box":{"x":70,"y":203,"width":820,"height":11}},{"id":"f75e2b2e-d7f7-4831-ba41-cd94f841961c","block_type":"box","text":"issued before August 8, 2025.","page_number":108,"box":{"x":70,"y":218,"width":216,"height":12}},{"id":"b73529e8-2a51-4435-8a2c-bfd065ba07bf","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":108,"box":{"x":101,"y":241,"width":801,"height":11}},{"id":"91fcd478-09c1-4a16-b8f9-119e8a57a6cf","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":108,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"a5338fbe-8d5b-42da-b72d-0296aef13373","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":108,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"5aaf333b-cfde-432b-837a-1be3d5a5cd19","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":108,"box":{"x":69,"y":286,"width":810,"height":12}},{"id":"5e80a695-121d-42ce-a51a-17f80699b7b8","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":108,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"5835a4a2-256c-49e1-bddb-30e8b28eaabe","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":108,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"ea5fb5a4-a262-4dcc-a070-ac34720d4767","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":108,"box":{"x":69,"y":332,"width":833,"height":11}},{"id":"f79270f9-a872-4a6a-9529-ebfeea53723b","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":108,"box":{"x":68,"y":347,"width":474,"height":11}},{"id":"6626d09b-545b-4f21-bd18-6e628105aa4a","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":108,"box":{"x":102,"y":370,"width":777,"height":11}},{"id":"5ff4c490-e212-4764-bc82-e0f565fccb28","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by","page_number":108,"box":{"x":68,"y":385,"width":836,"height":11}},{"id":"a181d316-ed8c-45d0-9a2e-8da587493f8c","block_type":"box","text":"the PRC in notifications.","page_number":108,"box":{"x":68,"y":400,"width":171,"height":9}},{"id":"cb161231-bf29-4fd6-aab3-d4fea3aa36db","block_type":"box","text":"Investment in Other Investment Companies.","page_number":108,"box":{"x":102,"y":423,"width":320,"height":11}},{"id":"73f9ce58-abbc-45bc-a848-97c7597edb6e","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":108,"box":{"x":429,"y":423,"width":402,"height":11}},{"id":"138d8063-e81b-4037-a595-cc623f38c545","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":108,"box":{"x":70,"y":438,"width":818,"height":11}},{"id":"95c63ced-fc8a-44f9-bdcc-00cdb4a3a363","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":108,"box":{"x":69,"y":453,"width":797,"height":11}},{"id":"3efe0c52-9fca-45f1-b13f-d60743cd11ad","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":108,"box":{"x":70,"y":468,"width":822,"height":11}},{"id":"42102f7f-01aa-478a-ab18-daf35b906b06","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":108,"box":{"x":70,"y":483,"width":814,"height":11}},{"id":"1e7ec487-0cb4-4287-b7a1-1b07102b9f03","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":108,"box":{"x":70,"y":498,"width":793,"height":11}},{"id":"9cd4f1d0-8c0d-4d71-a339-6569ac1262a6","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":108,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"b3e5e17e-cbb2-4c48-9f3b-6d46a78a40b2","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":108,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"68a4bd1e-5e9b-4849-b9e6-32484671d854","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":108,"box":{"x":68,"y":543,"width":812,"height":12}},{"id":"0fe003d9-4a23-447c-a2d2-3b1855951546","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Portfolio.) In addition to the restrictions","page_number":108,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"b0f484ef-cfd0-44b6-a9b0-6e1cf3513861","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":108,"box":{"x":69,"y":574,"width":827,"height":11}},{"id":"0ad02a49-f72d-4e1b-a2d5-7af3dc7d2fa8","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":108,"box":{"x":68,"y":589,"width":821,"height":11}},{"id":"3ffbddff-f585-4b45-86e4-8b99ce588667","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":108,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"092784e2-7c38-46b4-82c0-456e6bca42da","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":108,"box":{"x":69,"y":619,"width":776,"height":11}},{"id":"0a7ea647-fea3-43d6-89e7-4e321d11c355","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":108,"box":{"x":70,"y":634,"width":802,"height":12}},{"id":"29caa879-c3cc-431d-9e3e-af7f4ad6b3f8","block_type":"box","text":"certain conditions. In addition, a Fund may be able to rely on certain rules under the Investment Company Act to","page_number":108,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"8605dfa3-1829-4642-b3e7-eacbd7e7c8e3","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":108,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"addb385f-9ed6-45e7-8cad-88970751c350","block_type":"box","text":"subject to certain conditions.","page_number":108,"box":{"x":69,"y":680,"width":206,"height":11}},{"id":"3bc8ef99-b57c-47bd-856b-f8eea86d90f1","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":108,"box":{"x":101,"y":703,"width":799,"height":10}},{"id":"68c62b1c-8b9d-47fe-aa09-195fa38e67ef","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":108,"box":{"x":102,"y":725,"width":779,"height":11}},{"id":"429d4c64-de8d-40fa-b91b-191f2a193930","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":108,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"b4bb56d6-4ea8-4ed7-b19c-599da923733c","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":108,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"e395883c-8b9a-40e2-a9cd-5b8e1825534e","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":108,"box":{"x":68,"y":770,"width":839,"height":12}},{"id":"55f16a68-7db3-40c0-86a4-3af9707b31c5","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":108,"box":{"x":68,"y":785,"width":806,"height":12}},{"id":"d29c3cf3-28e9-4b27-a0df-22dad78b20e4","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":108,"box":{"x":68,"y":801,"width":810,"height":11}},{"id":"c914bc4e-b9ee-4abe-81ec-195df8f1fb6f","block_type":"box","text":"loss.","page_number":108,"box":{"x":70,"y":816,"width":31,"height":9}},{"id":"f648b4ab-63b0-4c0d-b8e2-51063e3fb259","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":108,"box":{"x":102,"y":838,"width":758,"height":12}},{"id":"75561db7-4ff9-4763-8a4b-e151ebbed652","block_type":"box","text":"shareholders would bear both their proportionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":108,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"15a8a2a0-1969-4ef5-a41d-308dd225a739","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":108,"box":{"x":70,"y":869,"width":835,"height":11}},{"id":"697c1d32-7adc-4adb-9732-70df68c73fba","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":108,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"a65330f1-1477-414c-9a10-8d019b42a23d","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":108,"box":{"x":69,"y":899,"width":768,"height":11}},{"id":"9d725a12-8f80-4ce4-bef4-e63bbed40b8e","block_type":"box","text":"II-48","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b8c98a05-8daf-409f-ace7-38958d9b8012","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d507a5f-fe84-4796-a44b-3ccbd84d9458","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of certain countries will not be","page_number":109,"box":{"x":70,"y":45,"width":807,"height":11}},{"id":"aca9184e-e01f-4f02-8b85-80599e46a500","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":109,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"8de6736e-4620-4a44-9518-59190bf1269e","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":109,"box":{"x":68,"y":75,"width":804,"height":11}},{"id":"eeb157c6-ec2e-4b60-897c-5ff515a70ebc","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":109,"box":{"x":70,"y":90,"width":778,"height":11}},{"id":"4c0de0d0-4ff9-4e6c-8fc3-df200d500c67","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a portion of its","page_number":109,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"e14304a3-9239-4112-b229-4e16cdc28750","block_type":"box","text":"assets.","page_number":109,"box":{"x":69,"y":121,"width":51,"height":8}},{"id":"b7784ec6-0236-439c-bc27-28e27acf9e90","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":109,"box":{"x":101,"y":143,"width":776,"height":11}},{"id":"91707d50-2c11-40f8-ae9a-0a06785f8542","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":109,"box":{"x":69,"y":158,"width":313,"height":11}},{"id":"70415e8a-b32a-4bb1-ae30-12a83de1b5a1","block_type":"box","text":"e.g.","page_number":109,"box":{"x":384,"y":160,"width":24,"height":9}},{"id":"120dafe1-1c06-489b-9d40-ae5049052da0","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":109,"box":{"x":411,"y":158,"width":491,"height":11}},{"id":"3bc7eeb1-6237-4992-a42a-d822d7c75cfa","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":109,"box":{"x":69,"y":173,"width":823,"height":11}},{"id":"11849b0f-be1a-482e-93f4-fb33b97c3a17","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":109,"box":{"x":69,"y":188,"width":472,"height":12}},{"id":"494018af-ebf4-4233-9184-63bbcf3a133b","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":109,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"f027e993-e33e-4936-a647-5a5aad391eaf","block_type":"box","text":"investment in developing countries, and certain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":109,"box":{"x":70,"y":226,"width":818,"height":11}},{"id":"77d46aa6-6b66-4122-a9ad-233baafd9027","block_type":"box","text":"have specifically authorized such funds. There also are investment opportunities in certain of such countries in","page_number":109,"box":{"x":69,"y":241,"width":791,"height":11}},{"id":"db50da36-7160-46f9-a1f6-bf420f671e62","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":109,"box":{"x":70,"y":256,"width":795,"height":11}},{"id":"0baa83b0-d8fe-44f0-ade7-ff1dae0b4307","block_type":"box","text":"investment companies set forth above may limit opportunities for a Fund to invest indirectly in certain developing","page_number":109,"box":{"x":70,"y":271,"width":807,"height":12}},{"id":"f7cd6f29-aac5-43e4-8655-ec9fce285500","block_type":"box","text":"countries.","page_number":109,"box":{"x":69,"y":287,"width":69,"height":9}},{"id":"896f2bbb-8949-4064-8f86-4296e27ed287","block_type":"box","text":"Issuer Insolvency Risk.","page_number":109,"box":{"x":102,"y":309,"width":166,"height":11}},{"id":"5a710345-3e2e-4046-9be1-82b9519151ee","block_type":"box","text":"Certain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":109,"box":{"x":275,"y":309,"width":631,"height":11}},{"id":"ba6c5566-ba2b-44f1-8d1c-20bd2111f14f","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":109,"box":{"x":69,"y":324,"width":832,"height":12}},{"id":"7780fed6-c57b-4f7a-8e76-ace8dd57b195","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":109,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"6c580555-beaf-4bca-aa81-63feed3bb252","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":109,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"a1a7e44b-3f37-4a0f-a15c-5f55ce89553f","block_type":"box","text":"issuer uncertain.","page_number":109,"box":{"x":70,"y":370,"width":118,"height":9}},{"id":"3e563dfd-a710-4381-bd3f-3edb3ef2a809","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":109,"box":{"x":102,"y":392,"width":788,"height":12}},{"id":"b0b8ae61-3834-45a3-8401-f76040c020c1","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncertainty as","page_number":109,"box":{"x":68,"y":407,"width":827,"height":12}},{"id":"77b5264f-0d15-4e31-8549-40b91cde9d85","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear certain extraordinary","page_number":109,"box":{"x":68,"y":423,"width":779,"height":11}},{"id":"174ea325-34e4-47ef-9b91-ea839cce869a","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncertainty as to when and","page_number":109,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"898bf1b0-fd18-48a9-beab-0049272a907a","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":109,"box":{"x":70,"y":453,"width":797,"height":11}},{"id":"a5d4d0b6-8ac3-4672-9a7d-ddfa72b6a165","block_type":"box","text":"eventually be satisfied.","page_number":109,"box":{"x":69,"y":468,"width":162,"height":11}},{"id":"e7b5c9af-a917-4fee-bb95-b48167e1f98d","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":109,"box":{"x":102,"y":491,"width":805,"height":11}},{"id":"8a61839e-33f8-4f9f-888f-26bb1099c789","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":109,"box":{"x":70,"y":506,"width":827,"height":11}},{"id":"f914d507-4f06-4256-a828-8235c8c86c38","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":109,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"64a9a93c-7bd9-4fda-b94a-dbbb2a1c7ff7","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":109,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"379292a5-f12a-4bf1-8e3f-d91ffdf2505a","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":109,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"59f327b0-f317-4ae1-93c4-682986c10f29","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":109,"box":{"x":70,"y":566,"width":805,"height":11}},{"id":"89083104-02e6-41ce-a1f3-762e5a2787b4","block_type":"box","text":"introduce greater uncertainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":109,"box":{"x":70,"y":581,"width":820,"height":12}},{"id":"f491eb96-1740-4f37-8763-cd8798bdd0cc","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":109,"box":{"x":70,"y":596,"width":828,"height":12}},{"id":"14d0b39f-ef84-4586-9644-2b774785cd04","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":109,"box":{"x":69,"y":612,"width":820,"height":11}},{"id":"1ed69f6c-a052-4a52-9fd6-aa502dc1487e","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including convertible preferred stock); bonds, notes","page_number":109,"box":{"x":70,"y":627,"width":820,"height":11}},{"id":"ddac5184-0505-4e3f-b1ab-cb58985fec10","block_type":"box","text":"and debentures convertible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":109,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"7fd0ba67-5444-4a67-9421-dff222fa3728","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":109,"box":{"x":68,"y":657,"width":788,"height":11}},{"id":"e7138a4f-d16e-44f5-b46f-3dde1c70ea2f","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":109,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"4c984c4f-05a8-40ff-8b18-f9aa5d9ab98f","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":109,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"c29c92e1-9277-4a47-bba3-a45ca07292e3","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":109,"box":{"x":68,"y":702,"width":809,"height":11}},{"id":"d0308ec5-970c-4820-8fad-ec771aeb3b17","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":109,"box":{"x":69,"y":718,"width":741,"height":11}},{"id":"20d1e773-ce32-482d-8826-0fa671a913bb","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":109,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"7405c00f-2cc5-4947-b302-409e7daeba3e","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":109,"box":{"x":68,"y":755,"width":807,"height":11}},{"id":"812f2d18-c1e9-4916-b89d-a5d6a28bedcd","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as part of a","page_number":109,"box":{"x":69,"y":770,"width":795,"height":11}},{"id":"1f8c7754-291d-43b9-87ae-dff86b503ad7","block_type":"box","text":"workout agreed to by a consortium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":109,"box":{"x":68,"y":785,"width":814,"height":12}},{"id":"d20d929e-e11e-4934-afb8-b0a5d11ff1dd","block_type":"box","text":"loans to the extent permitted by the 1940 Act.","page_number":109,"box":{"x":70,"y":801,"width":329,"height":11}},{"id":"22e14ee1-af5a-47ed-9a15-d9c0b29f3dac","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":109,"box":{"x":102,"y":823,"width":806,"height":12}},{"id":"35e79e8d-d79d-42db-952c-1bc833d9ec80","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":109,"box":{"x":70,"y":838,"width":829,"height":12}},{"id":"0392f40f-4831-44e2-81aa-d6d387c7e5d9","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":109,"box":{"x":69,"y":853,"width":767,"height":12}},{"id":"821a2997-d916-4e27-8a76-834b7a60d6ae","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":109,"box":{"x":69,"y":869,"width":771,"height":11}},{"id":"53381883-2a3e-47f4-9437-95b03180ec8c","block_type":"box","text":"participates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":109,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"af387db7-60bd-4287-833c-2638b5783a6d","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":109,"box":{"x":70,"y":899,"width":822,"height":11}},{"id":"122076f5-3f02-4fa3-96bd-3a17f1493c71","block_type":"box","text":"II-49","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b01c1fb3-4781-4813-9f02-cc157989fa74","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fabc00e8-2d62-4ec9-8c86-70ca18903b63","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active participation in the affairs of the issuer than","page_number":110,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"b39265b6-f01f-490e-bdd2-01816b4d166e","block_type":"box","text":"that assumed generally by an investor.","page_number":110,"box":{"x":68,"y":60,"width":274,"height":11}},{"id":"21ff66a8-c382-49ed-af2f-c8cc8ab8184c","block_type":"box","text":"Lease Obligations.","page_number":110,"box":{"x":102,"y":83,"width":133,"height":11}},{"id":"db4f2a4d-cd11-4482-859c-4a930e5196d2","block_type":"box","text":"A Fund may hold participation certificates in a lease, an installment purchase contract, or a","page_number":110,"box":{"x":241,"y":82,"width":653,"height":12}},{"id":"db8655fe-c9d2-4ec5-a6b9-e60684a8d3ae","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":110,"box":{"x":69,"y":98,"width":816,"height":11}},{"id":"2f5057bf-b550-4778-be5c-834e6cf21236","block_type":"box","text":"each entity providing credit support and/or a put option relating to lease obligations.","page_number":110,"box":{"x":69,"y":113,"width":602,"height":11}},{"id":"5319b5fa-6153-428d-bda1-91a1a84c28fe","block_type":"box","text":"Life Settlement Investments.","page_number":110,"box":{"x":102,"y":135,"width":210,"height":9}},{"id":"126897b1-e74f-4842-acc2-941fe3ddd921","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third parties, such as the","page_number":110,"box":{"x":318,"y":135,"width":589,"height":11}},{"id":"65a28712-c24b-43f9-96da-0bf3907a81f1","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":110,"box":{"x":70,"y":150,"width":838,"height":12}},{"id":"447f4cde-fa2c-4bc8-a2ec-49c1cab23132","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":110,"box":{"x":70,"y":166,"width":834,"height":11}},{"id":"6cc02f70-3c64-4259-ba41-ace835def7fe","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve certain risks,","page_number":110,"box":{"x":69,"y":181,"width":808,"height":11}},{"id":"8e07b8b0-09c6-47da-bed1-6989834a51ef","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":110,"box":{"x":70,"y":196,"width":797,"height":11}},{"id":"e3d93072-c99f-4289-a6a6-e38a12ecf639","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":110,"box":{"x":70,"y":211,"width":775,"height":11}},{"id":"9ee66cb9-aaf0-4feb-848e-fbb73c18d570","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":110,"box":{"x":69,"y":226,"width":805,"height":11}},{"id":"e58d7a95-1204-490f-a96a-35a447361d7f","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":110,"box":{"x":70,"y":241,"width":789,"height":11}},{"id":"26040288-3499-4bd0-bb74-503ca8e9e667","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Furthermore, a Fund may encounter","page_number":110,"box":{"x":70,"y":256,"width":829,"height":12}},{"id":"530978e9-b169-4665-b89d-f0c183532469","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":110,"box":{"x":70,"y":271,"width":813,"height":11}},{"id":"0cc116a5-6a2e-449d-9e0b-61e501912ae1","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":110,"box":{"x":69,"y":286,"width":758,"height":12}},{"id":"2aece803-42c2-4e27-9170-2f485c4a9575","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":110,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"74bc02fc-0400-47d9-827e-627435076660","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the Internal","page_number":110,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"f31c4003-13bc-4bcf-80f9-2f23622435ed","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":110,"box":{"x":70,"y":332,"width":764,"height":11}},{"id":"ec55fc21-7e3c-4849-8651-95ef4340725f","block_type":"box","text":"investment company. A Fund intends to monitor its investments to ensure that the Fund remains qualified as a","page_number":110,"box":{"x":70,"y":347,"width":788,"height":11}},{"id":"db9e6b45-561c-4709-b9fa-6f0dfcd2d04c","block_type":"box","text":"regulated investment company.","page_number":110,"box":{"x":69,"y":362,"width":220,"height":11}},{"id":"0a08002e-aa3a-41e4-a536-3e134a46cfb3","block_type":"box","text":"Liquidity Risk Management.","page_number":110,"box":{"x":102,"y":385,"width":202,"height":11}},{"id":"ae110773-eae9-4cf8-93ec-b6b723ddffd8","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":110,"box":{"x":311,"y":385,"width":591,"height":11}},{"id":"6ea15939-c6c6-46e9-a6c8-cf276929d208","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":110,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"f4d3b2d5-6d26-4086-9a7f-e9a019384785","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":110,"box":{"x":70,"y":415,"width":803,"height":11}},{"id":"7e11c93a-f544-4213-8963-d3c5d10bd8ff","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":110,"box":{"x":70,"y":430,"width":801,"height":11}},{"id":"78df4dcf-a21e-4650-a210-20410f118c84","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":110,"box":{"x":69,"y":445,"width":822,"height":12}},{"id":"5b8d96b6-3efe-447b-9064-377ae91062f5","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":110,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"20ee9939-ab86-4402-b2eb-03f6e37ed6f5","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":110,"box":{"x":70,"y":476,"width":838,"height":11}},{"id":"9464507d-a318-4057-bb60-fc57107687c4","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":110,"box":{"x":70,"y":491,"width":804,"height":11}},{"id":"34e7659e-f5b9-47de-8f9a-3a32967eca50","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":110,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"748b8ff7-ff92-42a5-820c-a3e61cd649cd","block_type":"box","text":"liquidity of a Fund’s portfolio investments is determined based on relevant market, trading and investment-specific","page_number":110,"box":{"x":70,"y":521,"width":815,"height":11}},{"id":"ae59a924-8c90-46f8-8ec2-200757b174c0","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":110,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"9ad837e1-f781-4477-8998-e13e63c40804","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":110,"box":{"x":69,"y":551,"width":601,"height":11}},{"id":"74783a51-7312-44f3-bd90-372a8dad8f1d","block_type":"box","text":"Master Limited Partnerships.","page_number":110,"box":{"x":102,"y":574,"width":211,"height":11}},{"id":"d9824f59-9207-4d3b-a9fa-431c8b04473a","block_type":"box","text":"Certain Funds may invest in publicly traded master limited partnerships (“MLPs”)","page_number":110,"box":{"x":320,"y":574,"width":577,"height":11}},{"id":"6779115e-7ac7-46dc-b90c-6fb5e6f157ea","block_type":"box","text":"which are limited partnerships or limited liability companies taxable as partnerships. MLPs may derive income and","page_number":110,"box":{"x":68,"y":589,"width":816,"height":11}},{"id":"c5a38cba-0718-44dd-a2fb-e30ba842e7ba","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transportation (including","page_number":110,"box":{"x":68,"y":604,"width":777,"height":11}},{"id":"69636f16-7286-4536-a9f6-a20b2c58df59","block_type":"box","text":"pipelines transporting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":110,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"516bb5b3-c4ea-4acb-b878-2f0ab0a451c2","block_type":"box","text":"generally have two classes of owners, the general partner and limited partners. When investing in an MLP, a Fund","page_number":110,"box":{"x":68,"y":634,"width":811,"height":12}},{"id":"5e4bf85e-be66-4914-9595-8b9ad3884797","block_type":"box","text":"intends to purchase publicly traded common units issued to limited partners of the MLP. The general partner is","page_number":110,"box":{"x":70,"y":649,"width":791,"height":12}},{"id":"02547326-480b-4355-9d54-ff1053e48ffc","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":110,"box":{"x":68,"y":664,"width":812,"height":12}},{"id":"7753146a-3b66-4b73-888b-d3b35297cb7a","block_type":"box","text":"owned by one or more of such parties. The general partner may be structured as a private or publicly traded","page_number":110,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"dc828a9f-c6f0-445d-8132-29341412f318","block_type":"box","text":"corporation or other entity. The general partner typically controls the operations and management of the MLP through","page_number":110,"box":{"x":69,"y":695,"width":833,"height":11}},{"id":"7f358bbc-d320-40b1-a634-4ebe29564722","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":110,"box":{"x":69,"y":710,"width":799,"height":11}},{"id":"7349531f-bdc3-47cf-bbf2-32e256e0a7c6","block_type":"box","text":"Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role","page_number":110,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"5e1c74ab-3e6a-4e02-871a-b46fce3bbc4c","block_type":"box","text":"in the partnership’s operations and management.","page_number":110,"box":{"x":70,"y":740,"width":352,"height":11}},{"id":"6c284b9f-96ee-4d45-88ef-a30b183b5303","block_type":"box","text":"MLPs are typically structured such that common units and general partner interests have first priority to receive","page_number":110,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"81d0d5c3-97e5-46bd-b6e5-05f183678df2","block_type":"box","text":"quarterly cash distributions up to an established minimum amount (“minimum quarterly distributions” or “MQD”).","page_number":110,"box":{"x":69,"y":778,"width":809,"height":11}},{"id":"d8c700a8-d250-48a2-bda5-bd4e5049de8c","block_type":"box","text":"Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":110,"box":{"x":69,"y":793,"width":804,"height":11}},{"id":"e5b13071-1de2-440f-9776-f0290cca7287","block_type":"box","text":"Once common and general partner interests have been paid, subordinated units receive distributions of up to the","page_number":110,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"02f21966-26eb-4e71-aac0-878a232ecc21","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":110,"box":{"x":70,"y":823,"width":816,"height":12}},{"id":"bfcd3a4b-66f3-443b-a0bf-a612cbbecef6","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":110,"box":{"x":69,"y":839,"width":831,"height":11}},{"id":"91e6a497-83fa-4e02-be1c-ed0d3c6a94c8","block_type":"box","text":"The general partner is also eligible to receive incentive distributions if the general partner operates the business in a","page_number":110,"box":{"x":68,"y":853,"width":835,"height":12}},{"id":"fa560cbf-d6da-4b30-90c3-f0853c39db06","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general partner","page_number":110,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"8acd3923-fde6-45b8-87df-0ce361f56b23","block_type":"box","text":"increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of","page_number":110,"box":{"x":70,"y":884,"width":839,"height":11}},{"id":"59dba083-2870-4c94-9daa-2afa662fc565","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general partner can reach a tier where","page_number":110,"box":{"x":68,"y":899,"width":828,"height":11}},{"id":"02be4aad-1c26-49de-b842-e56b290cfaa2","block_type":"box","text":"II-50","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0d8caa9a-ba1e-45c2-a1d0-9e8c00bc5d29","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d51b6c91-21e7-405b-aa4c-2932ecde1408","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":111,"box":{"x":70,"y":45,"width":761,"height":11}},{"id":"3c4c0bfc-ced4-4694-a293-c77e929d641e","block_type":"box","text":"distributions encourage the general partner to streamline costs, increase capital expenditures and acquire assets in","page_number":111,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"c410792f-0794-4779-8aa9-86e893cb1cf2","block_type":"box","text":"order to increase the partnership’s cash flow and raise the quarterly cash distribution in order to reach higher tiers.","page_number":111,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"05104cb3-255e-4db1-a357-6e045813bc40","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":111,"box":{"x":69,"y":90,"width":366,"height":11}},{"id":"5f6d249c-a5d8-456a-8ad3-ab9369c85ec8","block_type":"box","text":"MLP common units represent a limited partnership interest in the MLP. Common units are listed and traded on","page_number":111,"box":{"x":102,"y":113,"width":790,"height":11}},{"id":"efccacfd-a545-4849-9344-2943061d8ea6","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":111,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"e6ea8da4-12a0-4133-a171-d7a16a44c843","block_type":"box","text":"success of the MLP. Certain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":111,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"8fd381d2-ef6a-4cbf-aa5a-bfa62a64da8c","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":111,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"2dfc89c2-8afb-4ea0-a598-4d72baa0e812","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":111,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"6ab9103f-a761-4323-99bd-8a4c98de0669","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":111,"box":{"x":69,"y":188,"width":387,"height":12}},{"id":"0c974d75-98bf-42ec-90d7-5adfd5755bc0","block_type":"box","text":"Merger Transaction Risk.","page_number":111,"box":{"x":102,"y":211,"width":183,"height":11}},{"id":"a7b3fcc4-d651-4392-8f1a-c8929f77fc54","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":111,"box":{"x":291,"y":211,"width":616,"height":11}},{"id":"c5fd8c16-8f54-4ef6-9e93-5aba29d1bc30","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":111,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"53077400-1632-4762-9ca6-6b0e0827a2dc","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":111,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"ba8667fc-d3b3-44bf-8702-522f1c5e14af","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":111,"box":{"x":68,"y":256,"width":825,"height":12}},{"id":"07b4ada5-6635-4cee-9819-d900520364b4","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":111,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"ffb865bc-97f4-4962-b3b9-5432cd0d5867","block_type":"box","text":"the Fund and may lose significant value.","page_number":111,"box":{"x":68,"y":286,"width":286,"height":12}},{"id":"9d94e125-eadc-4cfe-9a2e-e1ac1318afba","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":111,"box":{"x":102,"y":309,"width":723,"height":11}},{"id":"27a830c5-9e30-4f2e-9ff5-41f33f9d815f","block_type":"box","text":"Certain","page_number":111,"box":{"x":831,"y":309,"width":50,"height":9}},{"id":"7cd188bb-6916-45c4-a758-46dc57fd4999","block_type":"box","text":"Funds may purchase bank obligations, such as certificates of deposit, notes, bankers’ acceptances and time","page_number":111,"box":{"x":70,"y":324,"width":778,"height":12}},{"id":"f71c9b04-606f-4627-af30-30699a875468","block_type":"box","text":"deposits, including instruments issued or supported by the credit of U.S. or foreign banks or savings institutions","page_number":111,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"13f62af4-bcde-443c-9f07-e664628e00a9","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":111,"box":{"x":69,"y":354,"width":820,"height":12}},{"id":"a930fa47-fd62-4e4e-a725-dd53ccd27d41","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":111,"box":{"x":68,"y":370,"width":794,"height":11}},{"id":"9c8052cd-f753-4007-8616-e06a636665a4","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":111,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"aa047b10-436a-40e0-9d3d-27bce657b2c9","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in short-term bank","page_number":111,"box":{"x":69,"y":400,"width":776,"height":11}},{"id":"b1088eb8-5374-4d9c-bc20-c7a567d1183d","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":111,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"4bf52a03-2363-43f6-8d28-308227c98460","block_type":"box","text":"branches of domestic banks.","page_number":111,"box":{"x":69,"y":430,"width":205,"height":9}},{"id":"e050eebc-5c64-45d6-86e4-aabd04db1b22","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":111,"box":{"x":101,"y":453,"width":785,"height":11}},{"id":"7c0cd8f2-80fe-4569-a4c4-2d1cd68e6771","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":111,"box":{"x":68,"y":468,"width":787,"height":11}},{"id":"983c7607-343a-4c6a-8e00-85d95e0a418e","block_type":"box","text":"Canadian counterparts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":111,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"26aa22ab-0b7f-4516-8087-733f6740c2f9","block_type":"box","text":"paper of a foreign issuer.","page_number":111,"box":{"x":70,"y":498,"width":176,"height":11}},{"id":"4c6a7a39-36be-4691-8e63-d921a5bc2a04","block_type":"box","text":"Money Market Securities.","page_number":111,"box":{"x":102,"y":521,"width":188,"height":11}},{"id":"80355a95-462c-4fa5-9c5f-1577c07d1338","block_type":"box","text":"Certain Funds may invest in a broad range of short-term, high quality, U.S. dollar","page_number":111,"box":{"x":296,"y":521,"width":578,"height":11}},{"id":"85d6d67e-9f38-44e9-9db3-c9756b40951f","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":111,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"3eb3a19f-b2d0-4ec2-8754-5e169ec536db","block_type":"box","text":"money markets. In particular, the Funds may invest in:","page_number":111,"box":{"x":69,"y":551,"width":386,"height":11}},{"id":"b4cd5dc9-0a93-41a7-98ea-fd32bcb3efd5","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or supported by the credit of U.S. or foreign banks or savings","page_number":111,"box":{"x":69,"y":571,"width":779,"height":12}},{"id":"48932ea7-40c6-4c7f-ac7a-2f50812aed2c","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":111,"box":{"x":102,"y":586,"width":776,"height":12}},{"id":"901e47c0-1397-406a-8e84-797d5afa95fa","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":111,"box":{"x":69,"y":606,"width":821,"height":12}},{"id":"df24813c-7c58-407b-8e22-b934701a7ce4","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":111,"box":{"x":102,"y":622,"width":795,"height":11}},{"id":"cd28801a-bdd6-4b30-8432-94adf39c64df","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":111,"box":{"x":102,"y":637,"width":757,"height":11}},{"id":"3eada499-cd52-4188-a2a0-b4824d509e73","block_type":"box","text":"agencies;","page_number":111,"box":{"x":102,"y":652,"width":66,"height":11}},{"id":"33a08757-ea78-49fc-8795-d5a30fff6214","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":111,"box":{"x":69,"y":672,"width":792,"height":11}},{"id":"0372b06c-5da8-4e9a-a4ac-989f58e0d3d4","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":111,"box":{"x":102,"y":687,"width":344,"height":11}},{"id":"8d19a188-7c51-42a8-9e08-1420a81a9a57","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mortgages, installment purchase","page_number":111,"box":{"x":69,"y":707,"width":776,"height":12}},{"id":"7ac90ed6-e7dc-4e7b-9d89-dcc5654e25e2","block_type":"box","text":"obligations and credit card receivables);","page_number":111,"box":{"x":102,"y":723,"width":283,"height":11}},{"id":"ee39a1d2-1481-42d1-966d-d9bacc650906","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":111,"box":{"x":69,"y":743,"width":778,"height":11}},{"id":"ed4c88ba-e368-4c8d-a3e9-91a5c1907375","block_type":"box","text":"authorities and related custodial receipts;","page_number":111,"box":{"x":102,"y":758,"width":296,"height":11}},{"id":"eb043445-373a-4ec4-aa46-154fde721703","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":111,"box":{"x":69,"y":778,"width":782,"height":11}},{"id":"66e9f286-fe23-4d48-b4ec-9bce878a9960","block_type":"box","text":"agencies or authorities;","page_number":111,"box":{"x":102,"y":793,"width":166,"height":11}},{"id":"234ca115-dfc1-4dde-93db-f5bea0524253","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":111,"box":{"x":69,"y":813,"width":528,"height":11}},{"id":"1b1ac9e3-808c-4770-b796-9ddd73710568","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":111,"box":{"x":69,"y":834,"width":534,"height":11}},{"id":"db9b2d06-481f-4a6f-aa4f-52ef3c89e488","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":111,"box":{"x":69,"y":854,"width":447,"height":11}},{"id":"69b8b47d-a5cc-421f-bb04-92da4853c2bb","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":111,"box":{"x":69,"y":874,"width":812,"height":11}},{"id":"ae07020e-2dbe-497e-81f4-4f1d86844a39","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":111,"box":{"x":102,"y":889,"width":766,"height":11}},{"id":"8d7a9dd2-f4e0-44e1-9660-9fd615492a60","block_type":"box","text":"States;","page_number":111,"box":{"x":102,"y":904,"width":49,"height":10}},{"id":"66e3bf77-1572-4867-b84e-eaf5c2101361","block_type":"box","text":"II-51","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f1655934-db85-41db-8a13-184bbaddab46","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35b1d760-4fd1-438c-bc99-ef5a3bd1b0d1","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":112,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"cc37d61f-cf48-4132-be91-9e1635bda8b2","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":112,"box":{"x":102,"y":60,"width":379,"height":11}},{"id":"30b7b7d3-be1b-4ac8-a0e5-2041a801a330","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":112,"box":{"x":69,"y":80,"width":826,"height":11}},{"id":"eb2c36f9-5b03-473b-95e8-fd2c5ccc38c2","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":112,"box":{"x":102,"y":95,"width":207,"height":11}},{"id":"adf50b43-4476-4e91-8e72-2fd1b256488a","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":112,"box":{"x":69,"y":115,"width":458,"height":11}},{"id":"99338237-e0f8-4303-a4d2-10f4ed827a34","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":112,"box":{"x":69,"y":135,"width":837,"height":11}},{"id":"1193028f-b807-4d18-aaff-493545be94ec","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":112,"box":{"x":101,"y":151,"width":589,"height":11}},{"id":"f2e08c93-641f-42cf-96da-be3422cbd2e7","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":112,"box":{"x":69,"y":171,"width":795,"height":11}},{"id":"585f8b17-3200-43c2-a63c-85df46f4112e","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":112,"box":{"x":102,"y":186,"width":764,"height":11}},{"id":"d31ea008-e841-4396-aa2f-a10dabd4ded2","block_type":"box","text":"States.","page_number":112,"box":{"x":102,"y":201,"width":49,"height":9}},{"id":"fa43e3a7-3290-4767-8dbe-2f86890a8723","block_type":"box","text":"Mortgage-Related Securities.","page_number":112,"box":{"x":102,"y":224,"width":213,"height":11}},{"id":"de8ae7e5-35d7-45d0-9d95-79e46ba8cb75","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":112,"box":{"x":102,"y":246,"width":203,"height":11}},{"id":"b2693348-1a83-42d3-b35c-1e3e185b3b4d","block_type":"box","text":"Mortgage-backed securities represent interests in pools of mortgages in which","page_number":112,"box":{"x":312,"y":246,"width":560,"height":11}},{"id":"acae5860-d710-4bd8-ab04-c0de8da0d789","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":112,"box":{"x":70,"y":261,"width":805,"height":12}},{"id":"2c52f493-b8c5-4708-ae60-4de1fbd427fd","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mortgage loans that underlie the securities","page_number":112,"box":{"x":69,"y":277,"width":819,"height":11}},{"id":"12c0fdf0-c0c1-49bf-a39e-821d346bd423","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mortgage-backed securities differ from other forms","page_number":112,"box":{"x":69,"y":292,"width":832,"height":11}},{"id":"14548666-3569-4e0d-a380-c99441e99f66","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":112,"box":{"x":69,"y":307,"width":838,"height":11}},{"id":"2e746eb6-623f-4532-abc0-f291c132df9f","block_type":"box","text":"maturity or specified call dates.","page_number":112,"box":{"x":69,"y":322,"width":222,"height":11}},{"id":"c91783d0-84bf-465d-be55-8c8abcdde3ce","block_type":"box","text":"Mortgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":112,"box":{"x":102,"y":345,"width":785,"height":11}},{"id":"1d627b61-ef86-4fc1-a17c-d5c3ae80152b","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. In","page_number":112,"box":{"x":68,"y":360,"width":838,"height":11}},{"id":"5acd1f74-fa38-4c39-862f-19667b430f4e","block_type":"box","text":"addition, investments in mortgage-backed securities involve certain specific risks. These risks include the failure of a","page_number":112,"box":{"x":69,"y":375,"width":836,"height":11}},{"id":"2c0c32ef-6342-4ad4-95f3-dc8bd25ca5ab","block_type":"box","text":"party to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":112,"box":{"x":70,"y":390,"width":837,"height":11}},{"id":"06abf588-a781-441a-a6be-7b09aa7b7ef3","block_type":"box","text":"of prepayments on mortgage cash flows. Mortgage-backed securities are “pass-through” securities, meaning that","page_number":112,"box":{"x":69,"y":405,"width":810,"height":11}},{"id":"db05e12b-393f-409b-8e6d-358fff0e35e5","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mortgages are passed through to a Fund.","page_number":112,"box":{"x":70,"y":420,"width":811,"height":11}},{"id":"e31e4fad-d73d-4ecc-bc88-5195e6775b29","block_type":"box","text":"The value of mortgage-backed securities, like that of traditional fixed-income securities, typically increases when","page_number":112,"box":{"x":68,"y":435,"width":800,"height":11}},{"id":"488ce3ef-d6eb-459c-9d59-26e473850de0","block_type":"box","text":"interest rates fall and decreases when interest rates rise. However, mortgage-backed securities differ from traditional","page_number":112,"box":{"x":70,"y":450,"width":837,"height":12}},{"id":"260a1614-8a46-4236-a2af-55f380a2e2bc","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":112,"box":{"x":68,"y":465,"width":804,"height":12}},{"id":"14f0c30a-62ea-478b-aa2f-fbb52831448c","block_type":"box","text":"mortgage-backed securities, the yield the Fund expects to receive from such securities and the weighted average life","page_number":112,"box":{"x":69,"y":481,"width":832,"height":11}},{"id":"1de4093c-a99e-40ae-b093-74688e61bebf","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":112,"box":{"x":69,"y":496,"width":807,"height":11}},{"id":"173fdde5-4c11-4a39-8f4c-e1ba4d196e0d","block_type":"box","text":"mortgages. In a period of declining interest rates, borrowers may prepay the underlying mortgages more quickly than","page_number":112,"box":{"x":69,"y":511,"width":832,"height":11}},{"id":"69b974c5-9328-4559-a7d0-d2fef7652a64","block_type":"box","text":"anticipated, thereby reducing the yield to maturity and the average life of the mortgage-backed securities. Moreover,","page_number":112,"box":{"x":69,"y":526,"width":825,"height":11}},{"id":"bc3d0c3a-1f9d-4484-9766-fdf8718c3230","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":112,"box":{"x":68,"y":541,"width":818,"height":11}},{"id":"b9c43283-e017-405f-a7ec-ac68d52caa49","block_type":"box","text":"that is lower than the rate on the security that was prepaid.","page_number":112,"box":{"x":68,"y":556,"width":423,"height":11}},{"id":"a16f202d-0a1d-4256-a8ad-8fd21a689a9e","block_type":"box","text":"To the extent that a Fund purchases mortgage-backed securities at a premium, mortgage foreclosures and","page_number":112,"box":{"x":101,"y":579,"width":761,"height":11}},{"id":"52c2411f-b380-433a-a12c-6071986a8c3b","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":112,"box":{"x":70,"y":594,"width":800,"height":11}},{"id":"192289e9-9e2e-4dee-8369-edb9f6a13dbd","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":112,"box":{"x":69,"y":609,"width":833,"height":11}},{"id":"109ca5e2-c1a0-44ad-9697-614053083460","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":112,"box":{"x":69,"y":624,"width":809,"height":11}},{"id":"c8cad7c1-29ae-4ece-a18c-bc0403345f88","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mortgages may occur at a slower than","page_number":112,"box":{"x":70,"y":639,"width":801,"height":12}},{"id":"5114dbca-a2bc-4e42-9e05-fa6985e93ac7","block_type":"box","text":"expected rate, creating maturity extension risk. This particular risk may effectively change a security that was","page_number":112,"box":{"x":69,"y":654,"width":778,"height":12}},{"id":"fc0932a2-c947-4bbb-9bb5-49b3f9208ce2","block_type":"box","text":"considered short- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":112,"box":{"x":69,"y":669,"width":831,"height":12}},{"id":"f5da94a1-a87c-4bae-bd0a-a36cc50e2a32","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shorter-term","page_number":112,"box":{"x":69,"y":685,"width":773,"height":11}},{"id":"6a4d4947-90a1-4170-a32b-c5fd26231cbd","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under certain interest rate and","page_number":112,"box":{"x":69,"y":700,"width":818,"height":11}},{"id":"e0db6559-5988-4002-8276-ed0f03540150","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding","page_number":112,"box":{"x":70,"y":715,"width":822,"height":11}},{"id":"2650e4ed-ef62-4b54-a80a-eff243d18f02","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":112,"box":{"x":69,"y":730,"width":399,"height":11}},{"id":"3aaa3da4-9dd5-4272-89f2-294e71ffda78","block_type":"box","text":"There are currently three types of mortgage pass-through securities: (1) those issued by the U.S. Government or","page_number":112,"box":{"x":101,"y":753,"width":802,"height":11}},{"id":"0c9e2939-38b2-47df-a809-13720f1a7388","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mortgage Association (“Ginnie Mae”), the","page_number":112,"box":{"x":69,"y":768,"width":830,"height":11}},{"id":"9659eef6-839e-4c59-b7ea-23faed4e8184","block_type":"box","text":"Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie","page_number":112,"box":{"x":70,"y":783,"width":818,"height":11}},{"id":"6ad274eb-58fa-4fae-8244-e9355d4c6740","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":112,"box":{"x":70,"y":798,"width":766,"height":11}},{"id":"01840075-8689-44f2-92bd-2007931128c6","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":112,"box":{"x":69,"y":813,"width":808,"height":11}},{"id":"d2d7d5a9-c24f-4f65-a394-3952d1c00fa5","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or pass-through","page_number":112,"box":{"x":70,"y":828,"width":825,"height":12}},{"id":"d17373ac-f799-4df3-8b7f-a13a787dd70d","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement. All of","page_number":112,"box":{"x":69,"y":843,"width":803,"height":12}},{"id":"50e7e5c1-a875-48c8-99ab-34dd9445049e","block_type":"box","text":"these three types of securities are considered “mortgage-related securities” for purposes of BATS: Series A","page_number":112,"box":{"x":68,"y":858,"width":769,"height":12}},{"id":"8868835a-32bc-4a73-a774-d3c126759f4d","block_type":"box","text":"Portfolio’s fundamental investment restriction relating to concentration.","page_number":112,"box":{"x":69,"y":874,"width":509,"height":11}},{"id":"b5f3b236-4521-49df-9b0c-65e58d5f41d5","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Department of Housing and Urban","page_number":112,"box":{"x":102,"y":896,"width":743,"height":12}},{"id":"1caf77a6-a9d2-4658-ab2b-eb0ed4cd674d","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":112,"box":{"x":70,"y":911,"width":831,"height":12}},{"id":"243a987f-710c-4295-a630-76216a633160","block_type":"box","text":"II-52","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"df78ff94-e2de-4c8e-b16b-5fe99554849e","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ea292a3-9e6a-477c-85d2-27da13ed98b9","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":113,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"99b7235f-ab35-4f9e-9829-d7845895120d","block_type":"box","text":"and loan institutions, commercial banks and mortgage banks), and backed by pools of Federal Housing","page_number":113,"box":{"x":69,"y":60,"width":737,"height":11}},{"id":"998cc85a-c124-4823-9c79-ad7cdec6d804","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mortgages. Pass-through certificates","page_number":113,"box":{"x":68,"y":75,"width":814,"height":11}},{"id":"0c3448fe-0506-4613-89b0-85194ca8cf0e","block_type":"box","text":"guaranteed by Ginnie Mae (such certificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":113,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"39467b43-01a0-4848-893f-ca89b3eec704","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":113,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"f1a39785-0227-4deb-80f7-e89015d3fef4","block_type":"box","text":"States. Ginnie Mae certificates also are supported by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":113,"box":{"x":69,"y":120,"width":798,"height":11}},{"id":"982adf6c-d773-4479-98c2-e2e102b21e30","block_type":"box","text":"Treasury Department to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae","page_number":113,"box":{"x":68,"y":136,"width":798,"height":11}},{"id":"a3bb351e-df6c-4d41-9f30-bb72e67cd65c","block_type":"box","text":"include Fannie Mae guaranteed Mortgage Pass-Through Certificates (also known as “Fannie Maes”), which are","page_number":113,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"1a3aa389-bf87-4c48-8a46-b3de1b15b76a","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":113,"box":{"x":68,"y":166,"width":840,"height":11}},{"id":"62f9fa1e-d32a-4e03-934c-6a89381cb97a","block_type":"box","text":"faith and credit of the United States, but are supported by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":113,"box":{"x":68,"y":181,"width":825,"height":11}},{"id":"cff086b1-bea0-4d61-938a-89a264db3ff4","block_type":"box","text":"Department. Fannie Mae was established as a federal agency in 1938 and in 1968 was chartered by Congress as a","page_number":113,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"0ca46a09-b2fe-4f03-b369-d9e16f4bc42b","block_type":"box","text":"private shareholder-owned company. Mortgage-related securities issued by Freddie Mac include Freddie Mac","page_number":113,"box":{"x":70,"y":211,"width":770,"height":11}},{"id":"1d6bca72-d404-443f-bc2c-8a4f3a9f0210","block_type":"box","text":"Mortgage Participation Certificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":113,"box":{"x":70,"y":226,"width":812,"height":11}},{"id":"3bc01288-52c9-469d-9fd0-90bd1c732edf","block_type":"box","text":"corporation chartered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":113,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"a1b7bc79-7969-4f5e-8e1a-9baa39959e04","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":113,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"001a84d3-601b-466f-b8f5-41759a4ced2d","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":113,"box":{"x":70,"y":271,"width":792,"height":12}},{"id":"d4fb05a2-88f2-4905-b607-81dde4a5ced0","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mortgage loans.","page_number":113,"box":{"x":68,"y":286,"width":819,"height":12}},{"id":"21ae74b9-6ae9-42da-a57d-3b0e2359040b","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":113,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"8149c817-08b2-4499-b92e-a356118d7076","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but","page_number":113,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"8caa0f0b-a996-407c-952b-6c35a0bf749e","block_type":"box","text":"in no event later than one year after it becomes payable. On September 6, 2008, Director James Lockhart of the","page_number":113,"box":{"x":70,"y":332,"width":803,"height":11}},{"id":"9d55802f-41b6-4251-b574-85c0b65018f6","block_type":"box","text":"Federal Housing Finance Agency (“FHFA”) appointed FHFA as conservator of both Fannie Mae and Freddie Mac. In","page_number":113,"box":{"x":70,"y":347,"width":808,"height":11}},{"id":"aa9729af-3e04-486f-bdd6-7d38e149c6f2","block_type":"box","text":"addition the U.S. Treasury Department agreed to provide Fannie Mae and Freddie Mac up to $100 billion of capital","page_number":113,"box":{"x":69,"y":361,"width":818,"height":12}},{"id":"070bf290-12cb-4455-9895-4a87fc017e11","block_type":"box","text":"each on an as needed basis to insure that they continue to provide liquidity to the housing and mortgage markets.","page_number":113,"box":{"x":69,"y":377,"width":816,"height":12}},{"id":"57d5bc32-9532-4ce6-9e6e-a09e73e98fc8","block_type":"box","text":"Private mortgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":113,"box":{"x":102,"y":400,"width":786,"height":11}},{"id":"9d69faac-8937-49f1-990d-f8449810620c","block_type":"box","text":"mortgage pass-through securities and are issued by originators of and investors in mortgage loans, including","page_number":113,"box":{"x":69,"y":415,"width":777,"height":11}},{"id":"893c3428-3261-4031-8f10-04ea8568d4c2","block_type":"box","text":"depository institutions, mortgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":113,"box":{"x":69,"y":430,"width":782,"height":11}},{"id":"94e0b6cd-7523-46dc-bfbd-f9a19993b3f8","block_type":"box","text":"Pools created by private mortgage pass-through issuers generally offer a higher rate of interest than government","page_number":113,"box":{"x":102,"y":453,"width":802,"height":11}},{"id":"4af724f3-47ef-4896-89d7-2229df39cfbc","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":113,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"60e55f78-7075-4444-834a-4fab91f79308","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be supported by various","page_number":113,"box":{"x":70,"y":483,"width":814,"height":11}},{"id":"c2ebcd76-d07c-46a4-81e9-0dba10c165ac","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":113,"box":{"x":68,"y":498,"width":833,"height":11}},{"id":"9bbce55f-4699-4bd4-87f6-375c1a63e84d","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers. The","page_number":113,"box":{"x":70,"y":514,"width":789,"height":11}},{"id":"7f83eefd-c390-488f-850e-34fa7c4e2f0b","block_type":"box","text":"insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether","page_number":113,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"50e30c07-e780-4623-a597-2a025a274c33","block_type":"box","text":"a mortgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":113,"box":{"x":69,"y":544,"width":838,"height":11}},{"id":"19bd2a7f-de9e-4e25-beca-1f2173b7e5d3","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":113,"box":{"x":70,"y":559,"width":810,"height":11}},{"id":"9362db8f-62b3-466c-a5f3-5156d6accc49","block_type":"box","text":"mortgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":113,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"918ad6f7-3974-47cc-99a8-809a493e8013","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":113,"box":{"x":70,"y":589,"width":812,"height":11}},{"id":"f239a080-a3f3-44bb-9922-41520577105f","block_type":"box","text":"meet a Fund’s quality standards. Any mortgage-related securities that are issued by private issuers have some","page_number":113,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"d873578e-e0f0-4f0c-b688-d1fe557935d4","block_type":"box","text":"exposure to subprime loans as well as to the mortgage and credit markets generally.","page_number":113,"box":{"x":69,"y":619,"width":604,"height":11}},{"id":"859cac6f-f25f-4ba4-92b4-ae4e0d777c05","block_type":"box","text":"In addition, mortgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":113,"box":{"x":102,"y":642,"width":774,"height":11}},{"id":"ce77ac83-622e-4cb0-a5f6-eab71dc2fcee","block_type":"box","text":"requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a","page_number":113,"box":{"x":69,"y":657,"width":791,"height":11}},{"id":"5c7e0209-f1df-4588-a4f7-e779aea044c4","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage","page_number":113,"box":{"x":68,"y":672,"width":832,"height":11}},{"id":"5f133cd3-34a4-444c-9a86-c397098b4167","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":113,"box":{"x":69,"y":687,"width":742,"height":11}},{"id":"c93d4cd9-0b9f-4253-a0f7-99c1ec78073b","block_type":"box","text":"characteristics than government or government-sponsored mortgage-related securities and have wider variances in a","page_number":113,"box":{"x":69,"y":703,"width":831,"height":11}},{"id":"cf46d8e4-c61f-4253-9b8d-a5f88a56ea9a","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":113,"box":{"x":69,"y":717,"width":840,"height":12}},{"id":"90763334-da35-4d2e-a72c-c94da9b4da00","block_type":"box","text":"frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon","page_number":113,"box":{"x":68,"y":732,"width":809,"height":12}},{"id":"593d9e04-16f5-438c-a69f-3f36783bdcdc","block_type":"box","text":"rates and maturities of the underlying mortgage loans in a private-label mortgage-related securities pool may vary to","page_number":113,"box":{"x":69,"y":748,"width":828,"height":11}},{"id":"498216b6-9c26-4d5c-aa56-9d9fcf2ea33a","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage","page_number":113,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"d9d0a517-9c13-41c0-b133-fb17a67c057f","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":113,"box":{"x":70,"y":778,"width":810,"height":11}},{"id":"50877d3f-594c-441e-9c5c-6d6d085bdd1f","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":113,"box":{"x":69,"y":793,"width":804,"height":11}},{"id":"3ee2d620-d2e0-4161-86f3-282ad6a2430e","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":113,"box":{"x":69,"y":808,"width":669,"height":11}},{"id":"74f3cf9b-7dbe-47f5-97d8-d2594a40c3fc","block_type":"box","text":"The risk of non-payment is greater for mortgage-related securities that are backed by mortgage pools that","page_number":113,"box":{"x":101,"y":831,"width":754,"height":11}},{"id":"f7e20087-a34c-4b80-bb3e-231bfbb9360d","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan","page_number":113,"box":{"x":69,"y":846,"width":795,"height":11}},{"id":"7ba74142-589e-45cd-9ad0-2c86196b2577","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":113,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"556a2b36-ab26-43c0-92f8-1ecd4fed2943","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage","page_number":113,"box":{"x":69,"y":876,"width":788,"height":11}},{"id":"169ae4fe-44bb-4d2a-b851-6cc00d83435f","block_type":"box","text":"payments by holders of adjustable rate mortgages.","page_number":113,"box":{"x":70,"y":891,"width":361,"height":12}},{"id":"7befd42f-1b61-45bf-a111-bff194b26b08","block_type":"box","text":"II-53","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fce7b9ed-09a1-42c0-9999-02874f39fab1","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"28d322d5-5428-44de-a4cd-e552f78853fb","block_type":"box","text":"Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market","page_number":114,"box":{"x":102,"y":45,"width":784,"height":11}},{"id":"2936d7a7-ad69-43d4-ae41-dbada7e7781b","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors.","page_number":114,"box":{"x":68,"y":60,"width":813,"height":11}},{"id":"2609c072-82d7-450e-a521-d399b1a69666","block_type":"box","text":"Without an active trading market, mortgage-related securities held in a fund’s portfolio may be particularly difficult to","page_number":114,"box":{"x":68,"y":75,"width":835,"height":11}},{"id":"ef3ae710-bef1-463a-acaa-4e5f3f5b5ece","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mortgage loans.","page_number":114,"box":{"x":68,"y":90,"width":714,"height":11}},{"id":"bc5de582-7007-4bcc-b7c9-fa11f7353fa4","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":114,"box":{"x":102,"y":113,"width":328,"height":11}},{"id":"776952a1-daae-4238-9ec2-8d96f3b240a0","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":114,"box":{"x":437,"y":113,"width":407,"height":11}},{"id":"8caf7507-fa4a-4cb5-86a3-ce8d3f683372","block_type":"box","text":"commercial mortgage loans or residential or commercial mortgage pass-through securities. Interest and prepaid","page_number":114,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"a6394bdc-49da-4095-9e6d-71ed9f8592fa","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mortgage loans or private mortgage pass","page_number":114,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"5eafd3bd-79e4-417a-81a6-9544a4c232b0","block_type":"box","text":"through securities but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed","page_number":114,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"7510c128-12e2-4eca-921b-67dd2cff8c6e","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":114,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"9b5584c8-79e3-4b55-b9d1-0094a0139d8e","block_type":"box","text":"Mortgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":114,"box":{"x":70,"y":188,"width":661,"height":12}},{"id":"361c3011-5063-4aba-8cdc-a95324937514","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":114,"box":{"x":102,"y":211,"width":803,"height":11}},{"id":"b971ca0b-9f04-4e2a-8c99-e50e2398f392","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":114,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"9e7d9145-035f-4db2-8448-aa843e5e9152","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":114,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"d221e330-eb60-4360-9617-6da0f6716ccf","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":114,"box":{"x":70,"y":256,"width":836,"height":12}},{"id":"d39934c6-7589-4489-9f9a-d5b36dc060ec","block_type":"box","text":"de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly","page_number":114,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"9463e7af-b6c2-48b6-9c19-0a57fd78173b","block_type":"box","text":"payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to","page_number":114,"box":{"x":70,"y":286,"width":792,"height":12}},{"id":"df39cf36-4e6a-433d-a303-32d067d6ba05","block_type":"box","text":"investors holding the shortest maturity class. Investors holding the longer maturity classes usually receive principal","page_number":114,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"44f80a15-069c-4a35-a78d-9c910c7c729b","block_type":"box","text":"only after the first class has been retired. An investor may be partially protected against a sooner than desired return","page_number":114,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"300d1139-4923-42e6-b3ed-978dc9bde9fd","block_type":"box","text":"of principal because of the sequential payments.","page_number":114,"box":{"x":69,"y":332,"width":346,"height":11}},{"id":"4891860c-7658-43c9-8eed-e22a01df6867","block_type":"box","text":"Certain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":114,"box":{"x":102,"y":355,"width":723,"height":11}},{"id":"0f61c456-6a01-4b63-b821-c70036ea5522","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":114,"box":{"x":69,"y":370,"width":768,"height":11}},{"id":"69047569-cc7c-4f0a-a49f-cefd9513b15b","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":114,"box":{"x":70,"y":385,"width":800,"height":11}},{"id":"a109168c-a4b6-47b0-9488-7e7770a27b6c","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in certain other qualifying CMOs, which cannot or do not rely","page_number":114,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"834cb2e3-c24f-4a29-8812-e3e18fe9384c","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":114,"box":{"x":69,"y":415,"width":793,"height":11}},{"id":"5f0f0e1c-79e2-4fb7-b633-9d7ae1b0de1d","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":114,"box":{"x":70,"y":430,"width":767,"height":11}},{"id":"60c60f2d-7a42-4c69-b052-db253c4f4349","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mortgage-backed securities; (2) do not issue redeemable","page_number":114,"box":{"x":69,"y":445,"width":838,"height":12}},{"id":"2e4ce526-f814-4366-97d7-4679fc05279b","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":114,"box":{"x":69,"y":460,"width":773,"height":12}},{"id":"b132770f-c00f-4568-ab1b-277d32d29508","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":114,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"b2b2cc17-ccac-4cdc-b07f-5be3149d3994","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":114,"box":{"x":68,"y":491,"width":836,"height":11}},{"id":"19b10f1d-5ba9-4313-ae72-ba2ef3025c6e","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":114,"box":{"x":69,"y":506,"width":795,"height":11}},{"id":"1209531d-d74b-4cff-8f04-ac5189e50379","block_type":"box","text":"securities of any single such entity.","page_number":114,"box":{"x":69,"y":521,"width":248,"height":11}},{"id":"c1015ca9-a48f-40a7-bc01-ca25dcea590c","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":114,"box":{"x":101,"y":543,"width":807,"height":12}},{"id":"065aca4a-2b08-40f6-b096-e0037115123b","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":114,"box":{"x":69,"y":559,"width":805,"height":11}},{"id":"f8dbcecc-83de-43f3-836f-75e826c92742","block_type":"box","text":"concurrently on a proportionate or disproportionate basis. These simultaneous payments are taken into account in","page_number":114,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"ffab1778-c103-47b9-88f9-3c7ec00d30c6","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":114,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"d41654be-2962-4f48-b7bf-66a65c20a6c9","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Certificates may be issued in the parallel pay","page_number":114,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"f083e4e0-f075-46c1-baa5-32211169edb9","block_type":"box","text":"or sequential pay structures. These securities include accrual certificates (also known as “Z-Bonds”), which only","page_number":114,"box":{"x":69,"y":619,"width":802,"height":11}},{"id":"aef2dcd3-0e63-48d5-b0cb-c71b376d4ec1","block_type":"box","text":"accrue interest at a specified rate until all other certificates having an earlier final distribution date have been retired","page_number":114,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"241c4154-d7e4-4cd7-888f-49d38e3e49b8","block_type":"box","text":"and are converted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":114,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"01567a7c-2c80-493b-b04b-f4b7daa68af5","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":114,"box":{"x":68,"y":664,"width":813,"height":12}},{"id":"d0336130-c935-439b-96bc-58f0c255e0f0","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), LIBOR, one-year Treasury yields, and ten-year Treasury yields.","page_number":114,"box":{"x":69,"y":680,"width":761,"height":11}},{"id":"26af8c02-194b-4520-8394-4a0dc005edb6","block_type":"box","text":"Classes of CMOs also include planned amortization classes (“PACs”) and targeted amortization classes","page_number":114,"box":{"x":102,"y":702,"width":742,"height":12}},{"id":"6050bae5-8b4d-480a-ba89-0c739f1f6c21","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":114,"box":{"x":69,"y":717,"width":784,"height":12}},{"id":"3388ca65-7e24-40ad-b981-8b234c1e4c5e","block_type":"box","text":"scheduled principal payments for PAC Certificates generally have the highest priority on each payment date after","page_number":114,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"904e0740-8889-4931-b60c-fdb22e58a82c","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shortfalls, if any, are added to the","page_number":114,"box":{"x":70,"y":748,"width":802,"height":11}},{"id":"80301d9e-0565-43a2-9132-ea9990871876","block_type":"box","text":"amount payable on the next payment date. The PAC Certificate payment schedule is taken into account in calculating","page_number":114,"box":{"x":69,"y":763,"width":834,"height":11}},{"id":"b93e0740-9082-4326-901e-f88045fe8282","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":114,"box":{"x":68,"y":778,"width":835,"height":11}},{"id":"de594742-b1e9-40e0-8ea3-dcd6d2ccee8b","block_type":"box","text":"be created that absorb most of the volatility in the underlying mortgage assets. These tranches (often called","page_number":114,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"3d2a7dfe-54b3-4391-8299-637efd77d1bf","block_type":"box","text":"“supports” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":114,"box":{"x":70,"y":808,"width":792,"height":11}},{"id":"523f0fbc-4fe8-41d6-868a-de94eaab845a","block_type":"box","text":"classes.","page_number":114,"box":{"x":69,"y":823,"width":57,"height":9}},{"id":"3374beb6-5c77-4c07-bba0-6420a6a9b8e1","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":114,"box":{"x":101,"y":846,"width":774,"height":11}},{"id":"548e5731-54e3-4cc7-a041-2ab8c3393f55","block_type":"box","text":"date to one or more classes of REMIC Certificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":114,"box":{"x":69,"y":861,"width":835,"height":11}},{"id":"93a2088e-62fc-43fa-bc6e-4a91e0003493","block_type":"box","text":"prepayment rates on the underlying mortgages do not exceed certain ranges. In contrast, a TAC provides investors","page_number":114,"box":{"x":70,"y":876,"width":815,"height":11}},{"id":"85303dfd-a87a-413f-8691-0d5a9f7cc3ca","block_type":"box","text":"with protection, to a certain level, against either faster than expected or slower than expected prepayment rates, but","page_number":114,"box":{"x":68,"y":891,"width":833,"height":12}},{"id":"38b1892d-998b-4a35-a050-7a08030abcb3","block_type":"box","text":"II-54","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6e04da13-2916-4c72-b4f4-e6e17f738a68","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"278a77ac-1f6f-4a68-a34b-3539c6dc1793","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":115,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"d3ba8b19-2031-45d6-a384-ddfb88ad9a87","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":115,"box":{"x":69,"y":60,"width":541,"height":11}},{"id":"ffc19423-0a2a-40b2-aff5-6dfaff93f76a","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":115,"box":{"x":101,"y":83,"width":265,"height":11}},{"id":"be70c5a9-6cd4-4550-bd68-24f5feee35d4","block_type":"box","text":"Adjustable rate mortgage securities (“ARMs”) are pass-through securities","page_number":115,"box":{"x":372,"y":83,"width":523,"height":11}},{"id":"dcb93a02-4fee-4720-958b-9a3e21bf0f82","block_type":"box","text":"collateralized by mortgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mortgage pool","page_number":115,"box":{"x":69,"y":98,"width":807,"height":11}},{"id":"80d4b73f-9bd8-4c36-836a-cdb363bf5587","block_type":"box","text":"generally provide for a fixed initial mortgage interest rate for a set number of scheduled monthly payments. After that","page_number":115,"box":{"x":68,"y":113,"width":835,"height":11}},{"id":"06ce1f43-3be2-4abe-8767-0e184e3facf6","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":115,"box":{"x":69,"y":128,"width":824,"height":11}},{"id":"9b73acf4-554a-44d1-ac70-f160df2cdf19","block_type":"box","text":"to a designated benchmark index.","page_number":115,"box":{"x":68,"y":143,"width":241,"height":11}},{"id":"88aed747-5686-41ab-a379-837751c7e16c","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the","page_number":115,"box":{"x":101,"y":166,"width":767,"height":11}},{"id":"d93b0a91-2e34-49fe-aac0-83bee615033f","block_type":"box","text":"lifetime of the security. In addition, certain ARMs provide for additional limitations on the maximum amount by which","page_number":115,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"b08f3b3c-d178-46f0-8f1e-90724b42f91e","block_type":"box","text":"the mortgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":115,"box":{"x":68,"y":196,"width":837,"height":11}},{"id":"bd5ce961-09c6-4caa-b314-33bd06d0c7b3","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":115,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"bd506cf0-b902-4507-b780-b63db31244bf","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":115,"box":{"x":69,"y":226,"width":676,"height":11}},{"id":"f64edc85-3e68-4822-894b-d3313b81c6b5","block_type":"box","text":"Certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":115,"box":{"x":102,"y":249,"width":757,"height":11}},{"id":"503fc2d3-3405-4dd0-932d-fdfcf2f8c861","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":115,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"ca23a104-bcb6-4605-a190-7dd8d7b29601","block_type":"box","text":"balance of the mortgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":115,"box":{"x":69,"y":279,"width":823,"height":11}},{"id":"a4e66f70-1b7b-413d-8faf-d3aef0d787e9","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mortgage interest rate and the principal","page_number":115,"box":{"x":70,"y":294,"width":782,"height":11}},{"id":"a64b9e9e-96b4-4937-b944-28cb83aecf7b","block_type":"box","text":"payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the","page_number":115,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"83a6c98f-21b5-45f0-9db3-75b393927de0","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":115,"box":{"x":69,"y":324,"width":544,"height":12}},{"id":"f3720d17-aa21-4bcd-9f79-f9602c505305","block_type":"box","text":"CMO Residuals.","page_number":115,"box":{"x":102,"y":347,"width":112,"height":9}},{"id":"a7fe5240-ef50-4f83-b9c8-26e0d80d0245","block_type":"box","text":"CMO residuals are derivative mortgage securities issued by agencies or instrumentalities of the","page_number":115,"box":{"x":221,"y":347,"width":682,"height":11}},{"id":"6c8b2899-588a-4147-93e5-31e300583bf6","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan","page_number":115,"box":{"x":70,"y":362,"width":740,"height":11}},{"id":"ef9c956f-e5cb-40c1-b449-faeba9305c4f","block_type":"box","text":"associations, homebuilders, mortgage banks, commercial banks, investment banks, and special purpose entities of","page_number":115,"box":{"x":69,"y":377,"width":829,"height":12}},{"id":"0c22ac4d-8a8c-4a31-9374-dfb475cd442f","block_type":"box","text":"the foregoing. The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make","page_number":115,"box":{"x":68,"y":392,"width":826,"height":12}},{"id":"6aa8ce3e-985c-41b5-8fcd-3fd11a19c208","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":115,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"1c36d30e-2397-4fb0-bcf4-4ba5d6e1d24d","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":115,"box":{"x":68,"y":423,"width":832,"height":11}},{"id":"34b489b1-4472-4c11-a178-4617b26b58fd","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":115,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"d011862a-62fa-4f23-abf4-4736589aaf75","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":115,"box":{"x":69,"y":453,"width":833,"height":11}},{"id":"7b45b8e2-ce09-4e28-b7e4-07a2003a75b4","block_type":"box","text":"among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing","page_number":115,"box":{"x":69,"y":468,"width":809,"height":11}},{"id":"915a1c0b-00f4-44d4-a2bd-abdbf2e2256d","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mortgage assets. In","page_number":115,"box":{"x":70,"y":483,"width":810,"height":11}},{"id":"9a1b6abe-38f2-4aaf-852b-09968931889a","block_type":"box","text":"part, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":115,"box":{"x":70,"y":498,"width":795,"height":11}},{"id":"325a4a35-a9d1-4287-a62a-92699a42ce2e","block_type":"box","text":"mortgage assets, in the same manner as an interest-only (“IO”) class of stripped mortgage-related securities. In","page_number":115,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"f311a86b-3f07-4d79-85a8-234c1a811721","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":115,"box":{"x":69,"y":528,"width":820,"height":12}},{"id":"f37325ae-6134-4e03-957e-ec1b3967fa50","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":115,"box":{"x":69,"y":543,"width":808,"height":12}},{"id":"81873551-614a-4aa8-8e15-ff0a6fddc371","block_type":"box","text":"adjustments are based. In certain circumstances, a Fund may fail to recoup fully its initial investment in a CMO","page_number":115,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"2ec92c3d-4481-4691-ac45-14de09adf38e","block_type":"box","text":"residual.","page_number":115,"box":{"x":69,"y":574,"width":60,"height":9}},{"id":"3f7be14c-15ad-4473-b51b-8c9abfa30669","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":115,"box":{"x":102,"y":597,"width":758,"height":11}},{"id":"465c85fd-12dd-45fc-a69d-6247a551562f","block_type":"box","text":"banking firms acting as brokers or dealers. The CMO residual market has developed relatively recently and CMO","page_number":115,"box":{"x":69,"y":612,"width":798,"height":11}},{"id":"77e62e32-4e50-4e92-9ace-24c6847248dc","block_type":"box","text":"residuals may not have the liquidity of more established securities trading in other markets. Transactions in CMO","page_number":115,"box":{"x":69,"y":627,"width":806,"height":11}},{"id":"dc91c1de-66c4-414b-8fba-b6ef598f8961","block_type":"box","text":"residuals are generally completed only after careful review of the characteristics of the securities in question. In","page_number":115,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"f605416f-aac9-4dd0-82aa-c2b74f7387e1","block_type":"box","text":"addition, CMO residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":115,"box":{"x":69,"y":657,"width":784,"height":11}},{"id":"4c9e434d-2ff9-4bb1-9d55-d7dae0979b31","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than, “regular” CMO","page_number":115,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"0a52e6b5-2df5-43fa-bccc-52d326b30ef3","block_type":"box","text":"and REMIC interests.","page_number":115,"box":{"x":69,"y":687,"width":149,"height":9}},{"id":"e2170471-c98e-4f02-8238-4da077dcccd7","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":115,"box":{"x":102,"y":710,"width":267,"height":11}},{"id":"bea71f8b-5769-4b57-ae5e-95979f4d392e","block_type":"box","text":"A Fund may invest in stripped mortgage-backed securities (“SMBSs”)","page_number":115,"box":{"x":375,"y":710,"width":493,"height":11}},{"id":"3099c6ca-2f36-47af-8426-a68f14688230","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mortgage-backed","page_number":115,"box":{"x":70,"y":725,"width":798,"height":11}},{"id":"da473c44-b90b-4a97-b1d8-d2b908c01726","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different proportions of the","page_number":115,"box":{"x":69,"y":740,"width":826,"height":11}},{"id":"c119464d-fdad-426d-9ccf-ece36d67a73d","block_type":"box","text":"interest and principal distributions on a pool of mortgage assets. A common variety of SMBS is where one class (the","page_number":115,"box":{"x":70,"y":755,"width":832,"height":11}},{"id":"1c621c8d-5737-4637-94cc-b0d6c00b3df8","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":115,"box":{"x":70,"y":770,"width":821,"height":12}},{"id":"7ada6e80-4644-4ed0-8b5c-630cebd2d680","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":115,"box":{"x":68,"y":785,"width":826,"height":12}},{"id":"31a080be-64fb-4c2c-912d-f9f885ac3abb","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":115,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"90aa321d-9403-44b2-8909-0ea88071d1a1","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":115,"box":{"x":70,"y":816,"width":834,"height":11}},{"id":"a466efb6-19fa-4231-b726-b1ae972913b8","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":115,"box":{"x":68,"y":831,"width":800,"height":11}},{"id":"6008285e-02e5-43f8-9b07-601261e89ade","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":115,"box":{"x":69,"y":846,"width":837,"height":11}},{"id":"d0e2101b-bf10-4b33-9be0-75dfcd860b73","block_type":"box","text":"will have a material adverse effect on an IO security’s yield to maturity. If the underlying mortgage assets experience","page_number":115,"box":{"x":68,"y":861,"width":832,"height":11}},{"id":"991c82f7-96c7-4e36-83b0-8db9bb87fa44","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":115,"box":{"x":68,"y":876,"width":836,"height":11}},{"id":"8709b2b2-1002-4def-9d0c-d39dda9e946c","block_type":"box","text":"there are certain types of IOs that represent the interest portion of a particular class as opposed to the interest","page_number":115,"box":{"x":68,"y":891,"width":802,"height":11}},{"id":"6d32dcee-f4fe-4c8e-8dff-62eaeb688afc","block_type":"box","text":"portion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased because of","page_number":115,"box":{"x":70,"y":906,"width":826,"height":12}},{"id":"9fa7ab15-d24d-4cd8-b601-7745f8f6a407","block_type":"box","text":"II-55","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4d7746bf-a6d9-4db1-bc68-7d9d88d248ee","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"abaf0aab-c14c-4f64-a026-5a5bdb6f965c","block_type":"box","text":"the characteristics of the principal portion to which they relate. As a result of the above factors, a Fund generally will","page_number":116,"box":{"x":68,"y":45,"width":830,"height":11}},{"id":"5d312ae9-6873-486a-90b2-cc85693529bf","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":116,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"a60d2e6e-a003-460b-acd2-d291d6a58c5e","block_type":"box","text":"matched with certain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate securities;","page_number":116,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"9a7f25ac-17f4-47a6-8382-fe71324264b4","block_type":"box","text":"as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative effect on a","page_number":116,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"b4524b05-e8b8-47a9-ab04-9562b3d968cb","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":116,"box":{"x":70,"y":105,"width":815,"height":11}},{"id":"f0d8f2fc-8f53-4b20-a9ca-dc6a40100fec","block_type":"box","text":"floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":116,"box":{"x":68,"y":120,"width":599,"height":12}},{"id":"a444e968-db8a-4c6e-b60f-cb1aa3fbb72b","block_type":"box","text":"Tiered Index Bonds.","page_number":116,"box":{"x":103,"y":143,"width":138,"height":9}},{"id":"2efb9231-59b7-4f94-aa35-182da7d42648","block_type":"box","text":"Tiered index bonds are relatively new forms of mortgage-related securities. The interest rate","page_number":116,"box":{"x":247,"y":143,"width":657,"height":11}},{"id":"989b8d29-65aa-4324-9dfc-919a2033b6cf","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":116,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"f41648ea-a5cc-4c15-a406-47b4365a1da9","block_type":"box","text":"predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index","page_number":116,"box":{"x":70,"y":173,"width":830,"height":11}},{"id":"87792f32-9ef3-4683-802a-91e4c858ee37","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":116,"box":{"x":69,"y":188,"width":800,"height":11}},{"id":"c1f386f6-218a-4abe-9911-0967cab1607d","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":116,"box":{"x":68,"y":203,"width":788,"height":11}},{"id":"35d1ace7-1672-4d80-871d-a778d23bebbb","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":116,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"3b7074be-7336-4278-b3ff-6ad738327e4d","block_type":"box","text":"volatile than that of a fixed-rate bond.","page_number":116,"box":{"x":68,"y":234,"width":266,"height":9}},{"id":"6b648c37-b387-4415-9afc-1d9459358721","block_type":"box","text":"TBA Commitments.","page_number":116,"box":{"x":103,"y":256,"width":133,"height":9}},{"id":"be187bd3-c8c6-4921-a1b2-c139916619f2","block_type":"box","text":"Certain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":116,"box":{"x":243,"y":256,"width":653,"height":11}},{"id":"9f33c69a-18ad-42e5-9ccc-28d6a43fbdf4","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price,","page_number":116,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"543a2866-11f2-400a-9ed8-1a4684851d83","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":116,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"4d4510bc-1969-4023-89fc-2d7feae2292d","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":116,"box":{"x":70,"y":302,"width":793,"height":11}},{"id":"224ca9f2-1e38-482e-9804-bfbcbca0dd58","block_type":"box","text":"mortgage terms. When the Fund enters into a TBA commitment for the sale of mortgage-backed securities for a fixed","page_number":116,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"7ec823eb-3ccf-4a6c-ae1a-5fc8f757242e","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":116,"box":{"x":70,"y":332,"width":804,"height":11}},{"id":"62237ac0-7476-449e-8331-da01b56c507d","block_type":"box","text":"short position in such TBA securities), the Fund may or may not hold the types of mortgage-backed securities","page_number":116,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"49627492-5004-4579-bfa5-33e827351dd9","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":116,"box":{"x":69,"y":362,"width":810,"height":11}},{"id":"8f5e4d25-b151-4768-9394-68c701ca61b4","block_type":"box","text":"below.","page_number":116,"box":{"x":69,"y":377,"width":43,"height":9}},{"id":"ba103c21-0094-4b56-a5f4-8ee199709234","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":116,"box":{"x":102,"y":400,"width":157,"height":11}},{"id":"5aac7013-06f1-44c3-9b66-98cb7745650e","block_type":"box","text":"Certain Funds may invest in mortgage dollar rolls. In a mortgage dollar roll transaction, a","page_number":116,"box":{"x":266,"y":400,"width":634,"height":11}},{"id":"c6aad72a-0e4e-4f47-872c-ac115e4c1063","block_type":"box","text":"Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":116,"box":{"x":70,"y":415,"width":825,"height":11}},{"id":"d2652766-8339-4891-97c6-3c3b337e415b","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":116,"box":{"x":69,"y":430,"width":805,"height":11}},{"id":"0fcf6b65-d918-45ee-9bd5-f5336b57b4b0","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mortgages collateralizing those securities may have","page_number":116,"box":{"x":70,"y":445,"width":817,"height":12}},{"id":"afb7d110-bf1f-4105-82d5-10ec0801d987","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":116,"box":{"x":69,"y":460,"width":820,"height":12}},{"id":"34945ee1-d292-49d8-8215-97ab65d14f5c","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":116,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"4687b240-b852-45cc-990b-cae4396ed6cf","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":116,"box":{"x":69,"y":491,"width":806,"height":11}},{"id":"8c437098-3ac3-4efb-a465-0717124eb8b1","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":116,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"71b265c0-bbb8-4bec-95a1-b2a0a6b74524","block_type":"box","text":"securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of a Fund","page_number":116,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"ae66fff0-8b93-4e35-b4da-45caa7f841a3","block_type":"box","text":"compared with what the performance would have been without the use of dollar rolls.","page_number":116,"box":{"x":69,"y":536,"width":607,"height":11}},{"id":"84fa8f2f-b2a3-402c-a2ba-d5a5b2b5b1ef","block_type":"box","text":"Each mortgage dollar roll transaction is accounted for as a sale or purchase of a portfolio security and a","page_number":116,"box":{"x":102,"y":559,"width":744,"height":11}},{"id":"bc601337-8752-4b57-981a-1b89aaaa45ec","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mortgage","page_number":116,"box":{"x":69,"y":574,"width":796,"height":11}},{"id":"5e3769c0-ab27-4357-b3c9-d85f4fda7687","block_type":"box","text":"dollar rolls may increase trading costs and portfolio turnover.","page_number":116,"box":{"x":69,"y":589,"width":433,"height":11}},{"id":"73a7c457-e6b0-44bd-926c-8271dfa4d3c3","block_type":"box","text":"In the event the buyer of the securities under a mortgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":116,"box":{"x":102,"y":612,"width":795,"height":11}},{"id":"e8887d9f-dc83-45d2-8c0b-bddb0e4c6f30","block_type":"box","text":"Fund’s use of the proceeds of the current sale portion of the transaction may be restricted pending a determination","page_number":116,"box":{"x":70,"y":627,"width":824,"height":11}},{"id":"f7d2d3ac-44e3-423d-b63b-81325bce1b6b","block_type":"box","text":"by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":116,"box":{"x":69,"y":642,"width":774,"height":11}},{"id":"e06267b9-2bae-4c0b-be21-8e143476abe5","block_type":"box","text":"securities in the forward transaction.","page_number":116,"box":{"x":69,"y":657,"width":261,"height":9}},{"id":"ab6a6429-5337-454b-a9f9-4f18a7ad1957","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance return. Successful use of mortgage dollar rolls may","page_number":116,"box":{"x":101,"y":680,"width":777,"height":11}},{"id":"318a0996-f477-40a0-be5c-84661062e925","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":116,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"ea70a385-9a43-451a-8ea3-35e842fa070a","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":116,"box":{"x":68,"y":710,"width":824,"height":11}},{"id":"895eff05-1c9d-4591-85e5-9829574b09ae","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":116,"box":{"x":69,"y":725,"width":824,"height":11}},{"id":"ed471eea-b791-4d8d-aa6d-21ef61126273","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":116,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"1060d44d-1617-4a4b-bb02-af82ac5c2204","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":116,"box":{"x":69,"y":755,"width":430,"height":11}},{"id":"08df7c30-40a0-49b4-9f13-37a11f6840ac","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":116,"box":{"x":102,"y":778,"width":759,"height":11}},{"id":"74741069-3b17-490b-b7af-5e82055d16ef","block_type":"box","text":"securities (","page_number":116,"box":{"x":69,"y":793,"width":78,"height":11}},{"id":"5c22bd78-0e82-41d0-a24e-e5601e2f9699","block_type":"box","text":"e.g.","page_number":116,"box":{"x":148,"y":794,"width":25,"height":10}},{"id":"45f95c64-f0f3-4d6a-a152-5037ddb7b8c6","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":116,"box":{"x":176,"y":793,"width":681,"height":11}},{"id":"c7f954a9-170e-4f50-8604-645ef6da331b","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":116,"box":{"x":69,"y":808,"width":813,"height":11}},{"id":"d25b9952-ea31-472b-b0f7-7f0667681537","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":116,"box":{"x":70,"y":823,"width":783,"height":11}},{"id":"c7523af4-ac5c-43b2-8155-8282fe1075ed","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":116,"box":{"x":69,"y":838,"width":832,"height":11}},{"id":"031792c2-5caf-46de-b573-db207d89a5da","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":116,"box":{"x":70,"y":853,"width":830,"height":12}},{"id":"30e5dd4e-c7d7-40ce-ba3c-b0bf6ba51e54","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":116,"box":{"x":69,"y":869,"width":788,"height":11}},{"id":"02f30b26-ce90-4631-9990-bc1c8f001282","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":116,"box":{"x":70,"y":884,"width":489,"height":11}},{"id":"a0c33118-b7b8-4d27-b9b1-520880c21f3a","block_type":"box","text":"II-56","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9f11ab65-96e3-49ee-9a57-b8905e15db5b","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b9609b3e-08c0-40c4-87f8-37d54212bc37","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":117,"box":{"x":102,"y":45,"width":260,"height":11}},{"id":"1f6e6808-e380-4f2f-8fa2-e3371e3dfc42","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":117,"box":{"x":368,"y":45,"width":473,"height":11}},{"id":"c4dcb647-b7ec-4f0f-a212-92e541db9818","block_type":"box","text":"securities are derivative interest-only mortgage securities structured off home equity loan transactions. NIM","page_number":117,"box":{"x":69,"y":60,"width":768,"height":11}},{"id":"8ccb895c-1c8d-4c1f-af9a-2dc8e54fdaa4","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":117,"box":{"x":69,"y":75,"width":836,"height":11}},{"id":"fcfc39ea-40b6-4635-b358-da3bdcf98450","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed","page_number":117,"box":{"x":70,"y":90,"width":760,"height":11}},{"id":"3ecee70a-25a1-4ad0-8563-ff01a2fce025","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":117,"box":{"x":69,"y":105,"width":832,"height":11}},{"id":"91d5d3f3-e61f-4a84-8f62-3a669ca87dc5","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":117,"box":{"x":68,"y":120,"width":810,"height":12}},{"id":"0d802904-f175-4357-8429-3828efd22221","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":117,"box":{"x":69,"y":136,"width":764,"height":11}},{"id":"3f9e619d-c67c-4cde-8e80-f89e787155a3","block_type":"box","text":"Municipal Investments.","page_number":117,"box":{"x":102,"y":158,"width":169,"height":11}},{"id":"31cc1b59-4702-4e0d-b45b-13980893a86d","block_type":"box","text":"Certain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":117,"box":{"x":102,"y":181,"width":763,"height":11}},{"id":"72e7bdfe-ee54-4238-a176-e306581ccf60","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":117,"box":{"x":70,"y":196,"width":783,"height":11}},{"id":"dd4469d2-31cf-4ca6-9dd1-1b0aac04ec63","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":117,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"d2c79eac-4f60-442d-8523-8e009af7ae55","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Certain of the Municipal Funds may also invest in Municipal Bonds that","page_number":117,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"8bf31e7c-6cb9-48ec-8063-8eb2bfaef7f9","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":117,"box":{"x":70,"y":241,"width":836,"height":11}},{"id":"c50e7122-74a2-4e1c-91bf-3b08ebb7c241","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":117,"box":{"x":69,"y":256,"width":779,"height":12}},{"id":"ea502927-1cfc-4f3f-bb2c-360a6bc1c043","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":117,"box":{"x":70,"y":271,"width":838,"height":12}},{"id":"79c033c6-5960-474b-b2e4-790abddf5bd8","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":117,"box":{"x":69,"y":286,"width":810,"height":12}},{"id":"14c00dc1-c946-4987-a59a-4fa132ecdba3","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":117,"box":{"x":68,"y":302,"width":834,"height":11}},{"id":"6a5290ef-39fc-42f0-a91c-7c3fe7bb51a4","block_type":"box","text":"or state and local personal property taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":117,"box":{"x":69,"y":317,"width":801,"height":11}},{"id":"7947c0d7-5a60-45c7-9f5b-e9356f1359dc","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust certificates or other instruments evidencing interest in one or","page_number":117,"box":{"x":70,"y":332,"width":807,"height":11}},{"id":"9b9336a5-8e3d-439b-a953-8c0d1aed5443","block_type":"box","text":"more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":117,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"3b96aaed-5233-4b4a-8bf1-7df4a4f014ed","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":117,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"361a9e69-5a38-49bd-ab3e-67a63ec14cc9","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":117,"box":{"x":70,"y":377,"width":826,"height":12}},{"id":"587012bf-f215-400f-a4f7-6b5a440ba6ec","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":117,"box":{"x":70,"y":392,"width":834,"height":11}},{"id":"8a1c9c3d-d536-47f5-b748-d4bfaf98a169","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":117,"box":{"x":70,"y":407,"width":800,"height":12}},{"id":"a6926e2b-9f62-4490-b2e8-7f22fc1c2f2b","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":117,"box":{"x":70,"y":423,"width":819,"height":11}},{"id":"3cd1f13c-b677-4329-865b-7b79e7d29ec3","block_type":"box","text":"exempt from state and local personal property taxes of that state will be considered “State Municipal Bonds” for","page_number":117,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"2d10add9-9cbc-43b0-a582-5c5c32de6d18","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Opportunities Fund, New Jersey","page_number":117,"box":{"x":70,"y":453,"width":805,"height":11}},{"id":"8903bd36-1a4d-4ea9-aa53-d23721065e65","block_type":"box","text":"Municipal Bond Fund, New York Municipal Opportunities Fund and Pennsylvania Municipal Bond Fund.","page_number":117,"box":{"x":70,"y":468,"width":721,"height":11}},{"id":"d73c71ee-24a8-40ea-87fb-d8bba4ca0dc1","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":117,"box":{"x":102,"y":491,"width":495,"height":11}},{"id":"77ba3faf-0165-4c3b-9275-b5806f48eda7","block_type":"box","text":"The risks and special considerations","page_number":117,"box":{"x":603,"y":491,"width":260,"height":11}},{"id":"db1e16aa-49dd-40e5-b12d-d5c28a0924b2","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":117,"box":{"x":70,"y":506,"width":806,"height":11}},{"id":"7772594d-497c-4b1c-944e-14d2f0c7bd55","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the particular product. Certain instruments","page_number":117,"box":{"x":70,"y":521,"width":828,"height":11}},{"id":"68e677ae-839a-45de-aaa8-20d5eea046d7","block_type":"box","text":"in which a Fund may invest may be characterized as derivatives.","page_number":117,"box":{"x":70,"y":536,"width":453,"height":11}},{"id":"c0b19b55-0055-4450-9819-7005d5556d3c","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncertainties in the municipal markets as a result of","page_number":117,"box":{"x":101,"y":559,"width":799,"height":11}},{"id":"40d21561-0ae2-4832-95e9-8a7e47525251","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":117,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"def6e6d9-880e-4d32-911d-2d60ad23ee7f","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and certain provisions of the","page_number":117,"box":{"x":70,"y":589,"width":814,"height":11}},{"id":"867ee3bc-214d-4530-8cff-4de8a9aba600","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to Municipal","page_number":117,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"fc7736f4-d6dd-46cb-a4de-f60138f2d6cd","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":117,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"bd7cd97c-e718-49cd-9c21-205bba62d70a","block_type":"box","text":"uncertainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":117,"box":{"x":69,"y":634,"width":761,"height":12}},{"id":"4e9ab6d9-381d-4dae-8cc8-d791842892d6","block_type":"box","text":"II-57","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e547e8c2-9fa5-4d27-92c7-16a561de79d0","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27f0e7e5-b6ce-438e-96a4-a8aa14c8018e","block_type":"box","text":"Description of Municipal Bonds.","page_number":118,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"aff8ead6-b80e-4765-890a-fe473539f58b","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":118,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"c3f2460b-1ab7-4eae-8d45-ed2aa8f01fcb","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":118,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"3a814a8c-25fd-4155-8160-7b99b6161622","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, certain types of bonds are issued","page_number":118,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"6e943474-5321-47ae-bc8e-ef95c04d85f2","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including certain","page_number":118,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"c4fac8cb-d5c4-46f5-b4f6-77384cf94fed","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":118,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"561a2a6f-6113-4d6d-a5f6-10ae636e9a1c","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":118,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"95a8c44b-a5b9-4492-90d9-56ac42e6c2cd","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":118,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"4ecbbce6-edaf-4e91-9912-d4840dfe8540","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":118,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"e09d1e0b-ca92-4ba0-8892-2aa692dd7601","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":118,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"44765e81-37da-48b8-bf52-fc157426ebe8","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":118,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"85c79bfe-9dba-4ff3-b8b4-cea82d94235f","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":118,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"4dc9d65c-42d2-4e48-bfe5-0754f1cc1e99","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":118,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"87dba9c8-73b1-4e45-bf36-30fdd9a949d0","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":118,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"8e8cbb0e-9d32-4b57-a0d8-0dbe9cd34a82","block_type":"box","text":"General Obligation Bonds.","page_number":118,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"2b0eb1f1-0a83-4341-9862-bf045a3ed865","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":118,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"70df84bc-f558-446d-9573-efc2a384c05f","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":118,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"2701f283-a7e0-44fd-a91d-337412e2c366","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditworthiness will depend on many factors,","page_number":118,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"953c2ab3-4913-4b9d-a79e-7e55109f225c","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":118,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"9ff00af6-1f86-47ac-9511-59b17447d587","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":118,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"68f3286b-3518-4883-b5d4-bdbba2b3cc78","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity","page_number":118,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"dd97f0f1-9460-4275-9e75-4143dfb406ba","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":118,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"9c66db15-3fab-4944-9f95-f28fff445f01","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":118,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"75b4e23e-de0f-4948-a84d-943b1559f538","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":118,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"128cb1ac-7817-4637-bcd3-beda88e93f97","block_type":"box","text":"Revenue Bonds.","page_number":118,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"7e6d428d-e8b4-4627-81d8-077ff678ab6d","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a particular facility or class of","page_number":118,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"692e074d-4664-4925-a9c6-55ba451eeae0","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":118,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"446dca87-510f-4c75-aaca-73b5053f2b7e","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":118,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"f10df111-32ea-4a9e-bf94-e15612bbe528","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":118,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"f4177afd-69e4-445f-b9de-9ef207a02ac5","block_type":"box","text":"viability of such facility or such revenue source.","page_number":118,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"7003857b-8905-4a7c-8b57-d9b088d1778b","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":118,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"b24d6577-930d-40aa-8c18-326047041672","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":118,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"99833004-a54e-4eba-9257-1ac746d3ef71","block_type":"box","text":"properties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":118,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"ccdb512a-eff1-4976-8c39-f42a65222bf3","block_type":"box","text":"recourse against the property owner, may be junior to the rights of others with an interest in the properties, may pay","page_number":118,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"c4e5bf60-e570-41d4-a6fa-453ac8334a40","block_type":"box","text":"interest that changes based in part on the financial performance of the property, may be prepayable without penalty","page_number":118,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"0d985c0e-46ff-4390-abd4-b47547224c99","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":118,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"356d1771-6247-49fc-9597-327cb0b02639","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":118,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"e681312e-e4fc-4c36-84b5-73a96d958889","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":118,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"c030ff7e-cf35-4794-b778-965bb5f13b0c","block_type":"box","text":"PABs.","page_number":118,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"5867034d-9a7b-4948-8736-7e1802c570ff","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":118,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"8c1b6225-8824-4888-90fa-b17162c7f0f6","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":118,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"e3a026c0-4004-43e0-a5a3-b871a9ed06c0","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":118,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"298ec9f4-406a-451f-b9e9-1597d4c28d63","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":118,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"a84668c1-54bf-496c-8aa4-64ab9f02cc22","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":118,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"44853710-ef22-49c5-8bde-9d7796ff1495","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":118,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"7a7c4191-6d9f-4b76-8443-971d78b0398d","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":118,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"f329b3a9-8509-4c61-8c1b-077000de3697","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":118,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"092a5361-75ac-48f8-ab50-0cd36c3504dd","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":118,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"f5abc420-384a-4cf8-a24a-e149c26c0e65","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":118,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"17ef6007-36a0-4cf2-a5e1-aa350b95fa53","block_type":"box","text":"the particular facility being financed.","page_number":118,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"38ad1c10-6cc0-4df0-ad65-8be614923eed","block_type":"box","text":"Moral Obligation Bonds.","page_number":118,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"8651bedc-e834-4dac-9e7a-dfcf0a9f5325","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":118,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"cd811a9d-912c-48a0-9b70-eed74bd9e51b","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":118,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"647a774f-1fda-4c70-877d-1776c66c7caa","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":118,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"d72bb27c-11e4-4022-8e42-680f4e4abb50","block_type":"box","text":"that issued the bonds.","page_number":118,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"8d8deb7d-07c3-4c1f-8835-8a4971f9dfe3","block_type":"box","text":"Municipal Notes.","page_number":118,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"357d10c2-4d68-4fcf-b9c3-0c625539262c","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. They may provide interim financing","page_number":118,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"06b59bcc-c097-4efc-8dc7-54967e429641","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds,","page_number":118,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"32aca9b0-d348-444b-a725-2c2cf449087b","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":118,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"15711a68-6885-4e0f-b73a-a843d2419f2d","block_type":"box","text":"II-58","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a84de79e-5780-4c30-8399-5b9e86ae65d4","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"129514c2-4bbd-4368-b368-99d2efcf313c","block_type":"box","text":"Municipal Commercial Paper.","page_number":119,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"6fc9f50a-b3de-4b36-9c97-b8cf6cf5d74e","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet short-term","page_number":119,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"7b444f12-79ef-4cec-a18b-63aee457dae3","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":119,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"ea8be81b-3e51-4145-9fff-c5f80f42562c","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":119,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"5621af17-c288-45df-88c2-5ec0236bf1d3","block_type":"box","text":"Municipal Lease Obligations.","page_number":119,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"89a1fff3-f9be-44d2-9071-d8dbf33f71b0","block_type":"box","text":"Also included within the general category of Municipal Bonds are certificates of","page_number":119,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"a2e68b9c-97d9-41aa-b100-6b9ecb75f5ac","block_type":"box","text":"participation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":119,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"e903633e-8214-4a7d-ac91-c74c556769e8","block_type":"box","text":"equipment, land and/or facilities. The COPs represent participations in a lease, an installment purchase contract or a","page_number":119,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"3d15dba6-cab2-469b-b0c4-0b362b869c22","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":119,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"7cdf9124-0af4-412f-970e-b5d96af019f1","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":119,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"90b50015-78c2-4852-ab14-4af1023ae9f5","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":119,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"51d23691-3937-4acf-9381-de7a86260620","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":119,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"719515ae-bbb8-4c58-a317-cd0f5ed3b83a","block_type":"box","text":"payments due under the lease obligation. However, certain lease obligations contain “non-appropriation” clauses,","page_number":119,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"fed3b3d4-a26d-420d-85a6-84db601772fe","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":119,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"8a2d2ac2-f29a-4ad9-9eba-ec19d10af83c","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":119,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"4d459f6e-059e-41c0-803b-64c7d4c2df8d","block_type":"box","text":"secured by the leased property, disposition of the property in the event of foreclosure might prove difficult. These","page_number":119,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"73f56039-3c7f-4202-a269-d2622b97eced","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":119,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"7a5ec7e6-93c2-43f9-b4d9-3bd18f98d563","block_type":"box","text":"conventional securities. Certain investments in lease obligations may be illiquid.","page_number":119,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"3d29c1d7-95c3-4dcb-98ae-57ffa77b7c15","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":119,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"087444ae-6296-46f4-846f-a6bd4a2f4939","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":119,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"eed5686e-b16a-48fa-966a-61f4561fe577","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":119,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"6c4ddd15-5f3b-49fc-aec0-540b7b985224","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":119,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"194c66ae-9f7b-4c7d-bf72-03293103076c","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":119,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"985b285a-67ad-4583-bac6-c294c3e7959a","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":119,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"7d4af6ac-b5f6-4805-a20e-e361afba40a4","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":119,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"a0910354-afee-40ce-a3b9-9e43eedd4cea","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":119,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"c05722b1-c196-4734-ba06-4c1d5e6d2e29","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":119,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"87a050da-646b-489e-8ade-ed07e6183eba","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":119,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"0c1236c1-7a72-468f-bfe9-3f3726a44ebc","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":119,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"ad77aa00-3776-4794-9f61-ab65c25227b5","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":119,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"8066051b-6138-45bd-8ae1-502cfbd82051","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":119,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"5f312544-1a30-4182-940b-1b8972231a4a","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":119,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"9c768aa1-9b61-4f7d-a94d-95ab32417d43","block_type":"box","text":"subject to certain limitations on its investments and on the nature of its income.","page_number":119,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"6865bd45-c209-4085-9043-31768de81559","block_type":"box","text":"Tender Option Bonds.","page_number":119,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"cdd692ff-a05c-4d3c-b7f0-a5ff4cc5f4c1","block_type":"box","text":"Certain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":119,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"fccc5e99-435c-4f08-a5cf-9f5f8b374219","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":119,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"3c897968-bec5-4cec-97eb-7c5cc3ddae2a","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":119,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"ffa70e56-1ee1-4446-91c5-b907b9ff4e0b","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":119,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"ee18fc01-8602-4cf9-9a5f-4edb1546121f","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":119,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"34e7faef-2db1-428c-a44a-ccff556b8637","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":119,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"5a542266-e3a0-4f3d-b609-26479971292e","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":119,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"87d26418-ed43-4908-90f1-2b7f5f69b677","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":119,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"1c4a6cef-d03b-4fbb-a7ef-d2c31284ecf4","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":119,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"6aaf2af0-5236-41ee-8673-b201d6d6db08","block_type":"box","text":"beneficial interests: short-term floating rate interests (“TOB Floaters”), which are sold to third party investors, and","page_number":119,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"88c20deb-701a-4b78-844f-a4e1d5609fd3","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":119,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"f580520b-7947-4392-83ac-dfda22fcc03f","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":119,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"f68e74f7-2154-4c01-8347-012f53fdb30c","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity support arrangement from a third party","page_number":119,"box":{"x":68,"y":725,"width":829,"height":11}},{"id":"60235a13-2a4d-4075-8d1a-2ccb44a89367","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":119,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"4d81d0e9-5275-4b62-8043-67653ccdfda8","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":119,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"7c730e8f-f65e-4dcd-b649-b95f61d96fd4","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":119,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"513cd131-52e9-4f02-a389-7d1490dec4f1","block_type":"box","text":"certain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":119,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"03fc2bd6-1c3e-4e18-bea2-88e8ca2dffc4","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a portion of the TOB Floaters sold by","page_number":119,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"d1598cc6-3ea6-4b98-b1ec-6b83308b46bb","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a proportionate amount of TOB Residuals to the","page_number":119,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"999855f9-a330-4143-a68c-89a8e4f78476","block_type":"box","text":"TOB Trust in exchange for a proportionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":119,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"5c363e79-771a-40c1-bd02-2a85f32ea458","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":119,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"10034280-5f54-48bf-9321-4e0deba70bcb","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds participate in the same TOB Trust, the economic rights and","page_number":119,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"d45e67b1-2fc6-4468-bec3-b747d5c9142d","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in proportion to their","page_number":119,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"ab042ee3-f4c3-4de6-b03e-7f1ea0d380f1","block_type":"box","text":"participation in the TOB Trust.","page_number":119,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"d7d41cbc-e623-4bf6-ba0c-e5e326c04a10","block_type":"box","text":"II-59","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"35bc95c8-0ed4-4f1a-a5f6-2af22c25cf15","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f90fe543-cfa2-4dbd-8f6b-cd76a8e5d332","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In certain cases, when","page_number":120,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"0ce182f2-65be-46ce-90d7-98a98aca30cd","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":120,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"76572bf6-af07-4e6e-8a23-5366521e0bda","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":120,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"a8fedc70-7f14-40d0-88c7-c3a2d8dd0a33","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":120,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"5856c270-08d1-45e9-a0ba-4e1c5fde0b56","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":120,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"06e2513c-d3ca-4f49-8fb6-73b20f46194e","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":120,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"5fae2c23-2047-41c6-ae1a-35bd46cfe477","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a proportional","page_number":120,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"d29d77ec-6e04-4de1-8e9a-7db2933f11b4","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":120,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"e2144a8b-6fd2-4511-bba3-ee42966bb3e0","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":120,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"b52eb72e-00d0-4887-9212-ec3950b6825d","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":120,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"b497cf82-aa20-4218-9756-2e2c19aef634","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":120,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"ed2bb626-10bf-43d0-935e-fc9d37f81269","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":120,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"90cd6b2f-86bd-45ec-808e-fdb91c5d49a6","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":120,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"868bb0e8-d83e-452d-8f13-0fb943c49848","block_type":"box","text":"issues.","page_number":120,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"18c47c18-181e-4628-89e0-c13f79d62318","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":120,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"1fb77b71-79d7-46e3-baa0-7567fd6d3ee7","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":120,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"6734108e-0258-414a-bdef-b255d0ae394d","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":120,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"08bfe5d4-d54f-43a9-a625-015f6f2f7914","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":120,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"24eacfaa-3796-4b1b-8a6d-4d3a256fdcf5","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":120,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"b9a4fba0-10ba-4fe2-9d04-b75fff8e410f","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":120,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"2f1553a2-0424-4989-b4db-e9e953cae59c","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":120,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"2910855d-2d63-4da8-a199-cb298cfda1d6","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":120,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"344c3bff-0de8-4972-97ee-89895d07fe18","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":120,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"cc7d8700-57ab-45fd-aa8f-4dc0563d47cb","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity support agreement, and a substantial decline in the market","page_number":120,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"c6e30dda-8fbe-438a-819a-75d7f06c4656","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":120,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"e10aec70-7d6c-48c7-8f6a-18874694ff96","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":120,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"96746327-5845-48b4-817e-6a09522b775d","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":120,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"86f6ef00-4e56-429e-853f-92a69953fa70","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":120,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"d4c64a07-2629-4be9-9b04-4f0ddb6c84f6","block_type":"box","text":"i.e.","page_number":120,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"443b6560-e91e-4bdf-b016-2df3739bf169","block_type":"box","text":", the Fund). In contrast, in the","page_number":120,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"645a8aaa-6313-4e8a-8864-62c26bce6b84","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":120,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"ff348734-a241-45f9-955c-bdcd6e09e399","block_type":"box","text":"rata in proportion to the respective face values of their certificates.","page_number":120,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"c96e4e85-51f5-4466-8989-aab7ec713c62","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":120,"box":{"x":101,"y":529,"width":733,"height":11}},{"id":"a1a2e8fc-e559-435c-ab99-9f0698a5a3ef","block_type":"box","text":"supported by a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”)","page_number":120,"box":{"x":69,"y":543,"width":810,"height":12}},{"id":"c385fcc4-0e7a-4a7b-ac87-74448beb69da","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":120,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"fb87062b-2c7f-4b3a-8887-46a135fed533","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":120,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"48692942-0695-418e-b330-5acdd1d4cc0f","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":120,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"54ca4e4b-a82a-4974-8dcb-0908ec02b53f","block_type":"box","text":"loan from the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":120,"box":{"x":70,"y":604,"width":504,"height":11}},{"id":"5a669b29-8d9d-436e-99d8-d30b0a0fb727","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":120,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"377551ac-f777-462f-b1f8-518bfa969168","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a portion of the Municipal Bonds","page_number":120,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"c79cbc73-29ec-48cd-8984-7bc7633729e8","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":120,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"01d60bc0-31d8-4960-939f-9fbf0882cf8a","block_type":"box","text":"liquidation proceeds (the “Liquidation Shortfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":120,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"240760f7-b830-411e-b9af-2ecd1b813e27","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":120,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"2594998c-f20c-4328-a629-b4a30315f970","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shortfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":120,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"50c9da97-61f6-41cd-8a4a-49fc0e745cbd","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shortfall. If multiple BlackRock-advised funds","page_number":120,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"7761b8f0-aba6-4093-84c0-36a4e706836b","block_type":"box","text":"participate in any such TOB Trust, these losses will be shared ratably, in proportion to their participation in the TOB","page_number":120,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"ef443ff0-e713-4298-9fb6-f37430ea5b10","block_type":"box","text":"Trust.","page_number":120,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"07413acf-8ddb-462b-b9c2-79784d210876","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":120,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"aa062d72-741d-4b19-b9de-cac45c471778","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":120,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"110f2d65-bea3-4ef8-8c78-239e93f28644","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":120,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"519194e5-bdcb-4420-99be-6802dec79653","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":120,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"a32a9687-e262-4ddf-9cdf-7a4ac5a41ad6","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are reported as expenses","page_number":120,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"7099a076-e484-465e-9167-2b18773d63b5","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":120,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"8554035f-fdaa-4bb2-a58a-c375c16afddf","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":120,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"fc3bbec4-eb7e-4483-a749-15ff9a51e3e4","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":120,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"60c6fc36-e762-449e-bb26-769e48992629","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":120,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"46afa27e-e622-4201-9feb-8ac348403338","block_type":"box","text":"II-60","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7d5dde1e-31f3-4648-b068-34456859dbe3","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"941038f9-b0f9-47ee-9751-35b823103e22","block_type":"box","text":"Since the tender option feature has a shorter term than the final maturity or first call date of the underlying Municipal","page_number":121,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"4f09f9b4-3f05-4658-9f44-d4b7f63daae9","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":121,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"55468457-07e3-4555-b459-21145bc6be71","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":121,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"36e9435f-ee42-4bba-a0e8-7ce5fa50962b","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":121,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"b7485af4-ed66-4ede-86df-5b012dbb17e9","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditworthiness, of many major financial institutions, some","page_number":121,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"756aa00f-9aca-4bae-b4fc-e24be235a8bd","block_type":"box","text":"of which sponsor and/or provide liquidity support to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":121,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"a2bbad88-4630-45e0-b0de-462de34a5084","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":121,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"fae88a36-ce33-46ab-bd3c-5a25efa80a26","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":121,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"4c86cfbd-352a-43b7-8645-b38ff3400e86","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":121,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"cbad67ce-4739-40aa-977c-561a007600f8","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":121,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"309cb057-2e4f-43dc-85f1-b93de49697ef","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":121,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"251a1220-b88f-4479-bd9e-40425537c537","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":121,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"5a71c3ec-a68e-43b0-892a-d9196b5fd8db","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":121,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"eff57f48-4768-41ec-beef-6cf243d9b553","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":121,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"4173c215-d3f4-4632-9ddf-6edc433b2c86","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":121,"box":{"x":102,"y":279,"width":799,"height":11}},{"id":"ae4704b6-d0de-4a0c-91fb-b88fde3e59b1","block_type":"box","text":"Protection Act (the “Volcker Rule”), market participants have developed a new structure for TOB Trusts designed to","page_number":121,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"2234d581-b3c3-4c2c-901c-4cda17e7ccfe","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":121,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"745b5796-2f5a-43d9-832b-131d54093ddc","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, certain","page_number":121,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"f88b7b21-0ccb-4304-a533-77c6029f7f37","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, a Fund. A Fund","page_number":121,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"26beb6f9-2b33-466a-9f33-4e1d4ddc2baf","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":121,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"c6a717da-78be-4914-bced-c0311378926c","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":121,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"f3fcceea-ef00-4619-8497-14fbe0d7b0d6","block_type":"box","text":"new TOB Trust structure, a Fund has certain additional duties and responsibilities, which may give rise to certain","page_number":121,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"276fa056-5033-4909-8c9d-ae83210af9c0","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":121,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"d9e19066-41eb-4a6f-a530-276e74c33e54","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":121,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"3ba77409-8a33-4348-9436-1b9960c4fe6a","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":121,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"dd1c8940-8b0e-485c-aaf0-8092e2cfd27e","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":121,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"1a6cf56c-92c2-42eb-9d70-6b1616dd4a72","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third party investors, and the proceeds of the sale of","page_number":121,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"3473265c-5f83-499e-8d87-14dfcec8735f","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":121,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"f2b57346-cb0c-448f-99c8-85ddf90ad204","block_type":"box","text":"i.e.","page_number":121,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"6458ed93-91da-40ec-a8bb-9d88089a78bb","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":121,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"b4a623ca-db3f-486c-a78e-dac8dedc7af3","block_type":"box","text":"supported by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":121,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"51567ffe-afe7-4783-80f4-adcfe1480f93","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":121,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"3326c3b7-bdca-42c5-97fe-a6563fd05ee2","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":121,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"5411190b-150c-48ac-9a26-0b23d2ca377c","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":121,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"e254f4b6-0140-41f3-8a18-8f3bcbccbf76","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":121,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"e5a17d7b-7c65-4b6a-baac-ceac40920c4e","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":121,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"7e9a7aec-2ea7-42a7-85f9-2109354d1937","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":121,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"8828fa67-3b57-4758-b03a-d922bac04de3","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":121,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"f8936924-3163-4a5e-ab45-d269346172a8","block_type":"box","text":"recourse TOB Residuals under the new structure. In the event of a Liquidation Shortfall, there would generally be no","page_number":121,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"069397ae-9e82-4eb9-9114-8ebb07829f7a","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":121,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"1c0494a8-fb9a-43ba-8174-42f38568a368","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shortfall if it holds a recourse TOB Residual.","page_number":121,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"676a6a59-31b4-40a7-a0b4-e1da27614756","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":121,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"e3c70211-3349-44e6-bf24-b49308a088d7","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":121,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"4f081198-18c5-4d6b-8cdb-6e801a8f7fb5","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets supporting the TOB Trust’s Municipal","page_number":121,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"32c8d380-eca3-489e-a7b4-d7fd0f57396d","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":121,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"677f4733-a37b-4843-ac11-526b6930eaad","block_type":"box","text":"increase the costs of such transactions in certain circumstances.","page_number":121,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"2f2592ca-99c8-4309-b55c-92df2a3bd775","block_type":"box","text":"TOB Trust transactions constitute an important component of the municipal bond market. Accordingly,","page_number":121,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"3ae8a0bc-c04c-48f4-b282-aba405846eff","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":121,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"9cd24b55-d9b5-4ed6-8a9b-e66889e219e9","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":121,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"3746419b-2c13-4469-92ce-365b5e0f1834","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":121,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"91f3eb5c-e5e1-4342-9380-31c4b429775c","block_type":"box","text":"market is not yet certain.","page_number":121,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"285cb15d-010f-418b-bdf1-4d0fbfa0785a","block_type":"box","text":"Yields.","page_number":121,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"2fbefe24-ba2a-42cf-85e2-4d95178b6822","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":121,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"9b655c0c-2742-43f4-813a-d019830a71f9","block_type":"box","text":"money market and of the municipal bond market, the size of a particular offering, the financial condition of the","page_number":121,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"be8a3e97-0991-452f-ba70-3b74e0dab25c","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":121,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"2bd92a29-fcae-482a-bac1-57c25a381089","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":121,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"debcefb2-2f0d-458c-81cc-4451c87dbf66","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":121,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"42e514c6-73a7-4c29-b07d-a653116e06e2","block_type":"box","text":"II-61","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c750e34-7f88-4513-87d5-f0e07d5829e8","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f9ac8909-7751-4a40-8206-deb96ed17795","block_type":"box","text":"holding Municipal Bonds, both within a particular classification and between classifications, depending on numerous","page_number":122,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"4c5d9710-e71e-4ee1-ace6-0a3e3d130838","block_type":"box","text":"factors. Furthermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":122,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"7513fba5-0a12-4165-9f28-f1a7d74a5451","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and court decisions affecting the rights","page_number":122,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"dd473c6a-50fd-416f-be8c-114f2a43c2c7","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of certain remedies.","page_number":122,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"ef860ea9-9f59-46fe-bc8a-7fe6172e4183","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":122,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"a3ced5bb-86bb-4332-b347-41cd1fbf194d","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":122,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"36ce9f07-4149-49cd-b5e6-3cd70192bef4","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the part of the holder thereof to receive payment","page_number":122,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"c5f3e6cb-a217-4716-b54a-7827ba9ec6c5","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a short notice period not to exceed seven days.","page_number":122,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"5eda9eab-ed54-4887-8896-b1286a1a8d16","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":122,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"c1782b7d-7c9e-44fc-8130-7c54eef5b25c","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":122,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"d3f007c7-712c-480e-9107-6aeb9a87849b","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":122,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"b4208667-de53-469c-ae41-64d01a308777","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":122,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"fa1147e9-8621-4144-a7b9-cc868167f7b0","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":122,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"f4b4f159-71a8-45ef-8df3-924964372506","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":122,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"37a64df8-538e-48d9-aeff-cee6490ece0d","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":122,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"a277402b-1e6a-4170-9908-18e12f940a90","block_type":"box","text":"opportunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":122,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"7b6eedcc-78dd-43c9-89ce-00b77953fdd1","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":122,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"7b002474-0f7a-402f-a134-db9e292ed021","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":122,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"7901c9f7-7227-4c4d-9f1d-f1aad769d81f","block_type":"box","text":"The Municipal Funds and certain other funds","page_number":122,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"afb9578c-c33b-4400-9abe-c57a3697eca3","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":122,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"e4672cbb-a67a-4ec5-977a-cc6897a37dea","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":122,"box":{"x":68,"y":347,"width":817,"height":11}},{"id":"0f3b91d4-1c0b-46af-b5b6-98c2ddcec5be","block_type":"box","text":"exempt municipal revenue and general obligation bonds. Each bond included in the Municipal Bond Index must be","page_number":122,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"c36f55a7-f66d-4e44-88bf-9d8388581229","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":122,"box":{"x":69,"y":377,"width":811,"height":12}},{"id":"97e5000b-90e1-491e-b06e-13a67aba067a","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":122,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"4331674b-bbcc-4300-a5b0-bc46030c7644","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":122,"box":{"x":70,"y":407,"width":825,"height":12}},{"id":"d6404bef-223f-4d15-8371-bba54ac997c1","block_type":"box","text":"price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":122,"box":{"x":70,"y":423,"width":656,"height":11}},{"id":"fb7c05f1-9054-46c5-885f-c69280a5ce7e","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":122,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"f1ccc4a9-1189-4e19-ba97-d435d038525a","block_type":"box","text":"assures performance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":122,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"bbef42fa-c827-437c-b794-4b78e840b94d","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":122,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"961c86c2-e8e8-4a04-8a0e-3309835afd34","block_type":"box","text":"The particular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":122,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"6c42898a-0450-484f-b7b5-ead318b4232a","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":122,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"cc5def2e-e16a-42a4-815e-520122f974cb","block_type":"box","text":"effectively all or a portion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":122,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"9a28c3c7-03a8-404b-9ec4-a67c5c72f3c6","block_type":"box","text":"depend in part on the degree to which price movements in the index underlying the financial futures contract","page_number":122,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"c943959a-510f-49c0-aaf9-bfbd88391641","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":122,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"83c3eff3-b28b-4ba9-8ed7-6501e4bfc165","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":122,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"3d412f02-4208-4b3b-8651-846491552056","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":122,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"e6ae5237-b3fd-41a4-9556-74e2a7a9182d","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":122,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"877fdeb6-4f54-4b74-97ec-8c62930b2887","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":122,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"03929e77-3674-4ad5-bb35-ca0a13955fd7","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":122,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"46f048da-12cc-42f0-939d-322d237203cb","block_type":"box","text":"affected by similar factors and the risk of imperfect correlation between movements in the prices of such futures","page_number":122,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"48e94a3a-8ce6-452c-b5a5-02f403466f5d","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":122,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"fd31937e-20f1-4798-960e-15e4c893ef45","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":122,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"bf1e2a97-8d20-4547-b52b-5fde71000b53","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to certain market risks, such as inadequate","page_number":122,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"f3c7061f-f12e-4717-bb60-f479bafca2f9","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":122,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"79d492b9-7547-4371-b7b2-95469c07055e","block_type":"box","text":"Call Rights.","page_number":122,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"e64e3617-02b8-455b-9c5e-46ed86072cf0","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such Municipal Bond","page_number":122,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"504133a5-cfb5-4632-b094-20490fa8c9d6","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":122,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"dd442bbc-bc2d-4792-a9d2-cc4b48c9aac3","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to certain conditions. A Call Right that is not","page_number":122,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"3609c5ca-ac1b-4fcb-ab09-d57d0d58b87a","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":122,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"9b535bb1-6fcb-47fc-aa9d-b7de2bc0b994","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":122,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"7abf4aa9-5144-42b7-bb7b-0e256a017ac2","block_type":"box","text":"Certain investments in such obligations may be illiquid.","page_number":122,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"1e4ada12-d551-4e8f-a1cd-e539141f4b9a","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":122,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"727e72a4-b74f-4ac5-9dbe-301e24d855dc","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":122,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"e7ee9fe7-906f-4b64-afd1-3e59afe616e3","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":122,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"ef878f1e-915a-4ebd-be18-dbf6d5d61300","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":122,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"3ba35b59-4ed4-442d-b2a4-8a0d4800521e","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":122,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"b1978c7e-fa29-426b-abec-047bd3e46079","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a particular investment or portion of its portfolio or to","page_number":122,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"d26eedcc-a2a5-476f-9c9b-ef80b8570a0d","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":122,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"7379a112-9668-4e6d-9326-36dda0e63c95","block_type":"box","text":"II-62","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"59d6f563-1aac-4b70-8a17-674f8663ec26","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f7a4263-d3b6-42f4-9d7f-28f1e21275f1","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":123,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"0e3efb4d-161e-44a3-b0d8-c68c240297df","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":123,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"347e2932-ffb5-420f-b237-5e0e7824778a","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":123,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"8ec2a7fb-e944-4efe-878f-046beeabb960","block_type":"box","text":"i.e.","page_number":123,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"6fa7ddd7-b9b4-4a70-9541-8cf7831dd001","block_type":"box","text":", wide differences between short term and long term interest","page_number":123,"box":{"x":449,"y":75,"width":436,"height":11}},{"id":"59f76c53-9d43-4094-be6b-0e2f6f4adf6b","block_type":"box","text":"rates).","page_number":123,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"003544ab-6aa1-4dab-aaf5-54e990e0abc0","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":123,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"b72d96fd-ece1-4052-97b8-81c06867ca68","block_type":"box","text":"another party their respective commitments to pay or receive interest (","page_number":123,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"642547b2-0300-458e-92db-3b0af53b7ac3","block_type":"box","text":"e.g.","page_number":123,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"9c0aa4a3-41af-481c-8615-572d5c5131a6","block_type":"box","text":", an exchange of fixed rate payments for","page_number":123,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"1166c879-28bc-4b4f-aa14-23161cc467b2","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":123,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"892c4c3e-3ffd-4293-a3e2-bedf8e68802c","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":123,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"e54f5e9a-b196-4387-a6cb-32db293bba51","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":123,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"1509ae28-f998-4afa-98be-5099a41c6b12","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":123,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"a5cdc9e5-20d9-46af-bd14-8ccb1b484f49","block_type":"box","text":"with the same attributes as the swap (","page_number":123,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"1287e987-e762-4926-9404-681fe2c79cd0","block_type":"box","text":"e.g.","page_number":123,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"77a882d8-a138-4cb4-8df5-7c90eb7db5a0","block_type":"box","text":", coupon, maturity, call feature).","page_number":123,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"14feab50-f82f-4ab9-a48b-df5994879145","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":123,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"1b759298-2179-4cff-8202-b24992b0b4da","block_type":"box","text":"to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular","page_number":123,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"e6822107-f583-4011-b9ee-3c3889077ed6","block_type":"box","text":"investment or a portion of its portfolio as a duration management technique or to protect against any increase in the","page_number":123,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"8c98e51b-cdf2-4d43-bbb7-d718556d5619","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":123,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"12060989-f905-468a-ba9f-a8846429f6a5","block_type":"box","text":"short position, allowing the Fund to select the most attractive part of the yield curve. An MMD Swap is a contract","page_number":123,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"bc62b467-8b5e-48d5-b512-85c7e32c4fe3","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the parties agree to make payments to each other on","page_number":123,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"85b77236-a523-4773-ae77-eef654bb2bdf","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":123,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"e69f5e78-48d1-4081-b92c-d32afb5d08c7","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":123,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"b28d14be-4189-468d-b506-c497816ac3bd","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":123,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"36aa1157-5099-4806-9298-b9dba5ccb8d5","block_type":"box","text":"counterparty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":123,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"a9f415e1-5595-4c18-a517-241ad8e973d8","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":123,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"2b2db6ae-0eac-4689-a2e6-19f40cd239f6","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterparty equal to the actual level","page_number":123,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"90c6ad3f-b749-4321-a764-141a80ee9823","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":123,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"163a4a6c-906c-4b7a-9e42-844e43cd12d4","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":123,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"aa952d13-cc6c-4958-9b8a-b86842c4e7b2","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterparty in","page_number":123,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"57be073b-b52a-426f-b228-d10a38418d8d","block_type":"box","text":"the transaction that could adversely affect the Fund’s performance. A Fund has no obligation to enter into SIFMA or","page_number":123,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"ffc18afc-04f5-442f-b219-dba6986849fc","block_type":"box","text":"MMD Swaps and may not do so.","page_number":123,"box":{"x":70,"y":476,"width":229,"height":11}},{"id":"d20a92ac-fcf2-4cad-be09-72fd1a2c7cb0","block_type":"box","text":"Insured Municipal Bonds.","page_number":123,"box":{"x":102,"y":498,"width":179,"height":11}},{"id":"a7483ff1-c90b-404d-8f56-7df3c1370d0f","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":123,"box":{"x":288,"y":498,"width":619,"height":11}},{"id":"c1687e3e-bee5-4837-ac52-9f27a4bc5e97","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":123,"box":{"x":70,"y":514,"width":835,"height":10}},{"id":"8f85bc95-29ce-4e22-a2fe-988dddba47df","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":123,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"99f54394-860d-40f6-aef7-d48bbfb36097","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":123,"box":{"x":69,"y":543,"width":818,"height":12}},{"id":"8c10ebb1-d0a1-44c9-8b09-8560a2aed89d","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be certain that any","page_number":123,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"37cf6a5e-a785-4055-8449-69d8fe5eca14","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":123,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"2bcc4add-f5e4-408c-ab9e-4d37200c9d6d","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":123,"box":{"x":70,"y":589,"width":815,"height":11}},{"id":"57a58f8f-f6c7-41b1-92a2-e9b5adb0f37a","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":123,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"8610c148-4fad-41ba-9034-abde3903ccd0","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":123,"box":{"x":68,"y":619,"width":767,"height":11}},{"id":"3a8684d4-a8cc-488a-a9ec-a945dae588b3","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":123,"box":{"x":70,"y":634,"width":827,"height":12}},{"id":"3f1f442b-7e93-4fdc-8148-92da94a8441d","block_type":"box","text":"bond could drop.","page_number":123,"box":{"x":69,"y":650,"width":118,"height":10}},{"id":"1bf897cf-cafe-435a-aa60-10c0a10eec49","block_type":"box","text":"Build America Bonds.","page_number":123,"box":{"x":102,"y":672,"width":150,"height":9}},{"id":"894fd6cb-8908-4ec4-a92c-f1edf9097a95","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":123,"box":{"x":259,"y":672,"width":616,"height":11}},{"id":"9679fa92-a0e8-4516-8447-65ca34e05619","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":123,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"5e7be9b7-4a45-4648-a1c2-1900625d76b7","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":123,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"48ef8f85-f282-478c-8e26-132e68ff3fab","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":123,"box":{"x":70,"y":717,"width":833,"height":11}},{"id":"c629ced7-e853-4390-86e5-63e7d8055dd6","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":123,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"0cde86ae-be5e-44f4-9f7e-e4e242eb5b60","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":123,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"a7780471-536c-40bf-bfa3-b67de8e39b48","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":123,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"29b4831f-a187-4f37-aa3e-3b72c2a4f959","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":123,"box":{"x":70,"y":778,"width":825,"height":11}},{"id":"1163df09-9ba4-4f71-a9c0-2c326634adbb","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":123,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"6a8bdd1f-88db-4284-a11c-fac836174677","block_type":"box","text":"must meet certain requirements specified in the Code), a “Build America Bond” (which includes certain qualified","page_number":123,"box":{"x":69,"y":808,"width":802,"height":11}},{"id":"c3d002aa-a76b-47bf-9b04-2525709ece4c","block_type":"box","text":"bonds issued before January 1, 2011) or certain other specified bonds. If the Fund were to so elect, a shareholder","page_number":123,"box":{"x":69,"y":823,"width":821,"height":11}},{"id":"cf71aadc-f629-43df-b568-4d5c45b2bc2c","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":123,"box":{"x":68,"y":839,"width":760,"height":10}},{"id":"822f5408-83e1-483e-8d76-52727fc5aa26","block_type":"box","text":"proportionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":123,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"bdce55cb-d992-4673-b8d8-4c3c9aa74954","block_type":"box","text":"Certain limitations may apply on the extent to which the credit may be claimed.","page_number":123,"box":{"x":69,"y":869,"width":563,"height":11}},{"id":"9c42720c-9ae1-416a-b648-09797a28d32e","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":123,"box":{"x":103,"y":891,"width":246,"height":11}},{"id":"04adb940-3ca9-4d02-8303-821a80d4e117","block_type":"box","text":"Certain Funds may hold tax-exempt municipal investments which may be in","page_number":123,"box":{"x":355,"y":891,"width":534,"height":11}},{"id":"6453a614-93dc-4f3d-85d9-f0588d0cc7e7","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, participations, beneficial interests in a trust,","page_number":123,"box":{"x":68,"y":906,"width":798,"height":12}},{"id":"59a21031-4bc0-44d7-be97-af948655a319","block_type":"box","text":"II-63","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e19293ca-8b75-4261-8cc9-eaa22ee7421d","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f1dd2cb9-ddac-475a-a85a-f57cd462c56c","block_type":"box","text":"partnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":124,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"6c3c0b37-a269-4f9b-bb1e-64195db79749","block_type":"box","text":"of the structures used by certain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":124,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"94eb3b17-fb87-4b48-a3a0-df322376aedc","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":124,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"f2d13f16-578d-4f93-8ff1-bb994bd2a940","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":124,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"85dc36ab-6d4f-47d7-99f6-e30bdd48f73e","block_type":"box","text":"municipal debt obligation to a third party at periodic intervals and to receive the principal amount thereof.","page_number":124,"box":{"x":69,"y":105,"width":752,"height":11}},{"id":"42752150-96cb-46e6-b7d9-0d4968363b5f","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":124,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"75e92ac1-6976-4b06-8b97-8fa8006b0b25","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":124,"box":{"x":69,"y":143,"width":806,"height":11}},{"id":"e87cee4c-e601-4d94-8195-917e6db4d264","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":124,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"a7978d06-09de-4f35-b40b-3a1cccefbdab","block_type":"box","text":"their face value to the sponsor (","page_number":124,"box":{"x":68,"y":173,"width":228,"height":11}},{"id":"f88de549-547a-4690-96d8-fa9cb5883c0e","block_type":"box","text":"e.g.","page_number":124,"box":{"x":297,"y":175,"width":25,"height":9}},{"id":"5bbdc0c4-4c83-485c-8b79-ccbe51349879","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":124,"box":{"x":325,"y":173,"width":557,"height":11}},{"id":"f4066487-2182-4e32-bec2-cc49109fbc02","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":124,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"275c8abd-0e77-4a0f-83e7-22f32e4f86d5","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":124,"box":{"x":69,"y":203,"width":648,"height":12}},{"id":"20c55dbd-6ac6-41f3-91c4-5b2a35bb171a","block_type":"box","text":"A participation interest gives the Fund an undivided interest in a Municipal Bond in the proportion the Fund’s","page_number":124,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"bcb2b2a5-0cdf-4ee6-ba0d-774e0fa141b7","block_type":"box","text":"participation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":124,"box":{"x":70,"y":241,"width":785,"height":11}},{"id":"520145d7-3f47-40b5-9d0e-3c1ac346eb88","block_type":"box","text":"feature for all or any part of the full principal amount of the participation interest, plus accrued interest. Trusts and","page_number":124,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"84ad48bb-3518-43a6-8e92-f0ff9b8eecbe","block_type":"box","text":"partnerships are typically used to convert long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":124,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"1e75f958-76e4-4d92-9bdc-004e43e460c1","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":124,"box":{"x":70,"y":286,"width":351,"height":12}},{"id":"3043365b-a8cf-4848-8161-2fc63dc64635","block_type":"box","text":"The Municipal Bond Funds may hold participation interests and custodial receipts for municipal debt obligations","page_number":124,"box":{"x":101,"y":309,"width":797,"height":11}},{"id":"b7efc901-0e43-4411-8357-0caaf7acb424","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":124,"box":{"x":68,"y":324,"width":836,"height":12}},{"id":"377d35ee-8293-46bc-9a47-842a83d9f079","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of participation interests","page_number":124,"box":{"x":69,"y":339,"width":831,"height":11}},{"id":"77b331ce-a9e9-46d3-ac26-531a5f6d0da7","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":124,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"3f5598e0-787b-4a3b-8176-56a889fd02ab","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":124,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"b92ee10a-9779-4fd5-86a3-68fbda49c0e9","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":124,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"cabbcadf-fbb5-4265-a82f-f199f5bef9fd","block_type":"box","text":"such opinions.","page_number":124,"box":{"x":69,"y":400,"width":102,"height":11}},{"id":"424a6f2f-337d-47aa-974e-802303bc5a36","block_type":"box","text":"Participation Notes.","page_number":124,"box":{"x":102,"y":423,"width":145,"height":11}},{"id":"7bfd258b-de62-49e8-920d-9eccdd0c5093","block_type":"box","text":"A Fund may buy participation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":124,"box":{"x":253,"y":423,"width":641,"height":11}},{"id":"376b27ca-9c23-4311-a4b8-05f871893bf8","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":124,"box":{"x":70,"y":438,"width":766,"height":11}},{"id":"641076df-d679-4264-b74b-3f60fd72ffea","block_type":"box","text":"(collectively, the “underlying security”). Participation notes are typically used when a direct investment in the","page_number":124,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"f7452e15-abc6-4d94-8e6e-2962cfbb0be7","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":124,"box":{"x":69,"y":468,"width":475,"height":11}},{"id":"81ac53f7-f113-46fe-81be-ae4f280fa507","block_type":"box","text":"The Fund is subject to counterparty risk associated with each issuer. Investment in a participation note is not","page_number":124,"box":{"x":101,"y":491,"width":782,"height":11}},{"id":"ab6aed3a-933c-445b-8ac5-ebef7549582a","block_type":"box","text":"the same as investment in the constituent shares of the company. A participation note represents only an obligation","page_number":124,"box":{"x":68,"y":506,"width":831,"height":11}},{"id":"c431e882-2d2a-4456-b48f-b2deb0cdb311","block_type":"box","text":"of the issuer to provide the Fund the economic performance equivalent to holding shares of an underlying security. A","page_number":124,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"98e85f99-b830-4b21-8067-94b30d19cf26","block_type":"box","text":"participation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":124,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"14d91c00-06f3-4717-9801-f16a3fbcc403","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":124,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"7036ff92-2253-44e0-b9f3-ac01932d6f59","block_type":"box","text":"participation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":124,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"29dadc19-9416-4ffb-ade4-654367eef30d","block_type":"box","text":"a participation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":124,"box":{"x":69,"y":581,"width":834,"height":12}},{"id":"de169bcd-664f-4493-994a-7301cff95ffc","block_type":"box","text":"the Fund may suffer losses potentially equal to the full value of the participation note if the issuer fails to perform its","page_number":124,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"85dc2c08-ad97-4fd1-afc2-938198143aab","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers which BlackRock deems to be","page_number":124,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"c2126141-c5b6-47da-b41b-41e6057a59a4","block_type":"box","text":"creditworthy.","page_number":124,"box":{"x":69,"y":627,"width":89,"height":11}},{"id":"43d474ba-ef66-40d8-bd02-95700a17a46a","block_type":"box","text":"The counterparty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":124,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"9a046b59-c134-47a7-a547-3ddd2cbef90a","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":124,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"f43ed842-8755-4c80-92f6-47e99fff25fb","block_type":"box","text":"participation note expires or a Fund exercises the participation note and closes its position, that Fund receives a","page_number":124,"box":{"x":70,"y":680,"width":804,"height":11}},{"id":"bb15017c-19a0-4a03-a6d8-4458b2460171","block_type":"box","text":"payment that is based upon the then-current value of the underlying security converted into U.S. dollars (less","page_number":124,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"36c798cb-d565-418b-af48-19b49273e514","block_type":"box","text":"transaction costs). The price, performance and liquidity of the participation note are all linked directly to the","page_number":124,"box":{"x":68,"y":710,"width":771,"height":11}},{"id":"9c0ae7b6-e77b-4eed-810a-a0d0fbfe42be","block_type":"box","text":"underlying security. A Fund’s ability to redeem or exercise a participation note generally is dependent on the liquidity","page_number":124,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"48b64c88-98e4-4f4f-b0e9-c6e5f4dfdc01","block_type":"box","text":"in the local trading market for the security underlying the participation note.","page_number":124,"box":{"x":70,"y":740,"width":536,"height":11}},{"id":"67b9025a-79ea-4ed1-a883-69dd365ffcee","block_type":"box","text":"Portfolio Turnover Rates.","page_number":124,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"7c5e1f41-eb1c-487c-8e2f-d0ab4a7eefd3","block_type":"box","text":"A Fund’s annual portfolio turnover rate will not be a factor preventing a sale or","page_number":124,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"37c81aeb-7bc2-471d-aa3d-8d661b712064","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although certain","page_number":124,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"7687dc71-20f4-4012-9212-90ad7d4c3c06","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":124,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"7c8a9eb8-c5d9-485f-8f4f-569c5725754e","block_type":"box","text":"substantial number of portfolio transactions. With respect to these Funds, the rate of portfolio turnover will be a","page_number":124,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"38a59941-af9b-4814-b1c5-7e082a6ccee5","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":124,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"cd7da047-f767-4aec-b953-6b1fcdb630f7","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Portfolio turnover may vary","page_number":124,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"d373a122-7371-4d85-b59b-46049520e46d","block_type":"box","text":"greatly from year to year as well as within a particular year. High portfolio turnover (","page_number":124,"box":{"x":68,"y":853,"width":595,"height":12}},{"id":"67f6f813-b808-41d1-805f-06156f51ff90","block_type":"box","text":"i.e.","page_number":124,"box":{"x":665,"y":854,"width":20,"height":8}},{"id":"f9b29181-7de1-4061-9d4d-9c649527c065","block_type":"box","text":", 100% or more) may result in","page_number":124,"box":{"x":687,"y":854,"width":210,"height":11}},{"id":"9f22e7b2-e3c0-4635-b3cb-487a37cb3e1e","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":124,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"aba6a364-88bb-4a6f-b812-d16b0bf9a767","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":124,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"2ddcc892-9fac-4039-8ec7-25379dbe26af","block_type":"box","text":"II-64","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"757caa20-4c88-47f2-81d5-23b7b431c212","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b7ea080-9c88-4a22-9612-4327e455da6b","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be short-term capital","page_number":125,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"f1d8aa66-c053-4008-bfe5-f49e80e5a75f","block_type":"box","text":"gain or loss. These effects of higher than normal portfolio turnover may adversely affect a Fund’s performance.","page_number":125,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"4cbbb753-30a4-4c2c-bf87-b76d2a4a3fdd","block_type":"box","text":"Preferred Stock.","page_number":125,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"5333d0be-08de-40e3-856b-945acebdc731","block_type":"box","text":"Certain of the Funds may invest in preferred stocks. Preferred stock has a preference over","page_number":125,"box":{"x":226,"y":82,"width":647,"height":12}},{"id":"4f895da0-d63d-4d90-beb9-b69a12b254a8","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":125,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"1b7f4c39-9a16-4e84-ad73-eedefbd34586","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":125,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"4c7f1c8e-45f8-4627-80f2-9ece3ea9cc5a","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock","page_number":125,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"0b8f950b-1879-4486-aea0-d171e962a232","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":125,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"a6bfd146-311e-4cad-b9e8-b2da50d0a406","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":125,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"cd9e9e2b-4ee0-4bc9-b0c5-749d24b24bd4","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":125,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"d3d095ed-bdfb-42c0-8a70-64716ad8b334","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":125,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"8b9e082a-985f-4883-98da-a55f729e7cd2","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":125,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"d0059823-1af3-4380-88fa-42a721aa42ae","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":125,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"a8feb3cf-82a6-4ad6-9a6c-cc9be63cc396","block_type":"box","text":"Certain Funds may invest in preferred interests of other investment funds that pay","page_number":125,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"7db57226-b0ef-4088-81de-88c53c069da1","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":125,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"b94a0923-ece8-4311-aa24-e91a14f9c450","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":125,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"505628b1-2a6c-4ca3-b16e-d500a914b972","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":125,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"93880e6e-cd1a-43cb-95a2-62779feba0e4","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":125,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"6f021eeb-46e8-4b1d-90b8-b92ba078eb51","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":125,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"ec2405ad-7262-4577-91ab-2b3cfe78578b","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":125,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"46b24f0e-965c-478b-bb9d-87bfd45bee44","block_type":"box","text":"and concentration of investments in particular issuers or industries. The Municipal Bond Funds will treat investments","page_number":125,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"9e345cad-06ee-4b88-a7d0-3e5bdefe3b68","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":125,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"ac9b5f09-b6b3-448a-a302-d4908647d35d","block_type":"box","text":"Trust Preferred Securities.","page_number":125,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"ff2588a9-221e-4c31-a559-0c484ca74b55","block_type":"box","text":"Certain of the Funds may invest in trust preferred securities. Trust preferred","page_number":125,"box":{"x":294,"y":370,"width":542,"height":11}},{"id":"5b408ff9-557a-49b6-bd47-50ead2fb30d5","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":125,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"e709cc87-07eb-4f8a-b79a-3a9350997b74","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":125,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"83a808bc-ef56-4f21-ac7d-75be25f2d410","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":125,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"20b88bcf-d6c9-4d9e-a914-390067ea4a27","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":125,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"faa88849-723e-4ef9-a82d-6c4c4c52202b","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":125,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"e430d708-4b6e-4033-9690-cca11236a4e6","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":125,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"6ea955f3-0935-453b-a53c-ab6e4904ba1d","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":125,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"c02d6c06-b942-4773-9d7c-b985b2293a4c","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":125,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"fb66298e-8a96-4820-b9b1-528b7ef60794","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and certain other features (such as","page_number":125,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"f5b8f4a3-4c9c-44d6-a72e-c2bb009e6e9a","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":125,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"dc0c54fa-db32-428d-b181-fa46a4f750a9","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":125,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"608f93ab-e6ce-4812-9ade-b3c373f1a023","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":125,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"41cc88d9-ad65-4ce8-84c0-bf332923fcbe","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":125,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"25fe9e66-1e93-4236-ba9a-fe33b3b0de76","block_type":"box","text":"®","page_number":125,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"6018b756-9a9d-4815-b3a7-5001baacfa71","block_type":"box","text":"”); monthly","page_number":125,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"63006f23-168f-4e2c-baef-023cee28abec","block_type":"box","text":"income preferred securities (“MIPS","page_number":125,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"ca8ad407-65c5-4472-b019-e17642604848","block_type":"box","text":"®","page_number":125,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"68a1fdeb-dfd7-44fc-8bf7-e2c1ad402f0d","block_type":"box","text":"”); quarterly income bond securities (“QUIBS","page_number":125,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"0effe923-e97c-4c02-90ea-dca9100fdbac","block_type":"box","text":"®","page_number":125,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"f4e38723-588c-431e-a3b1-bd32b1373d1f","block_type":"box","text":"” ); quarterly income debt securities","page_number":125,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"0a85f58e-2833-41a3-bd10-774f182e731e","block_type":"box","text":"(“QUIDS","page_number":125,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"d13e7b88-7e1b-43b3-883a-0a6dc9a24536","block_type":"box","text":"®","page_number":125,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"9fc4a1d8-d369-46a5-85fb-f78cda607842","block_type":"box","text":"”); quarterly income preferred securities (“QUIPS","page_number":125,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"1d0260e2-65dc-40f0-961b-740f6e4c68e9","block_type":"box","text":"SM","page_number":125,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"e8c89716-198a-41b8-848c-9b91e084ba8c","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":125,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"231e0264-d62e-4596-98b5-390aafe6e073","block_type":"box","text":"®","page_number":125,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"7a168e95-db9a-4e36-8f32-742468eb3ee5","block_type":"box","text":"”); public income","page_number":125,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"8e2ef965-a1d5-4761-b0be-3b4911dfddc3","block_type":"box","text":"notes (“PINES","page_number":125,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"2ff5ed29-082e-4d8f-a1fe-de9fd2be2bbf","block_type":"box","text":"®","page_number":125,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"33a222c9-2f1d-4210-aa00-c56b4db2bd55","block_type":"box","text":"”); and other trust preferred securities.","page_number":125,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"def77754-3db6-4f90-b4b7-5b479c583a2a","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":125,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"bf30dc19-91b2-4dea-bceb-303dbb0eae28","block_type":"box","text":"In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":125,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"e9e28112-1d98-4543-bca6-6ca7b5c20049","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":125,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"79a5a075-2789-41cf-ab22-88773e83d5e9","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":125,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"9db92262-52c3-4664-8ac1-3f9576d6c1fa","block_type":"box","text":"regard to whether all payments have been paid.","page_number":125,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"520a1f5e-c1c3-4883-b9ea-bac76d6d534c","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":125,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"adfea0eb-7d65-4f8a-98e3-0b94dd152b59","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":125,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"a14432c9-eae8-4e5d-b705-9c9879dab383","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":125,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"838c4fcd-75f2-4568-83b1-3a2064c24ddd","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":125,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"7a2762c5-dfa7-44cd-8b8c-6db63db60d00","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":125,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"ce376642-68fb-4e4a-813e-9539c4ca8a6e","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":125,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"80a52bc0-f953-4e38-8e3d-06dd98375857","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":125,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"4705dc4d-47d8-4551-86e3-03aa826bdcdb","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":125,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"cfc3fcb7-8e6c-4363-9956-34261106edc9","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":125,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"c4fb4a30-0a70-43ec-9548-9f0979f3cdd6","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":125,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"b3751b01-18cf-45d9-a639-a43f5edd8658","block_type":"box","text":"II-65","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4f74dfcb-9b30-4886-9f25-ab278686723d","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a886a5a-4ba1-40f7-ab52-deaea840c499","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":126,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"10ada7e3-f42d-446a-ba32-cb0db79f8031","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":126,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"eb9e0f21-2f00-4176-bc73-6a3599156886","block_type":"box","text":"debt securities.","page_number":126,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"f6bb722d-c2ba-450a-b61b-6666408b7946","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":126,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"118f8dac-748e-4c48-b128-64984dd772a1","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":126,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"4a033778-68ce-4342-9cc3-2bafb0fecc31","block_type":"box","text":"REITs. REITs possess certain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":126,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"46ea313c-75e0-43fa-b918-5e1d77aa4e2a","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":126,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"2a46aae2-fbbb-4240-9116-18e29c3872d9","block_type":"box","text":"geographic areas or in specific property types,","page_number":126,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"cd01b48b-4b7f-4e24-95dd-822240d662ca","block_type":"box","text":"i.e.","page_number":126,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"68502490-314e-4333-acf6-1278fbd6c783","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":126,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"50c05692-6a36-4abe-a8e5-057a25d6849d","block_type":"box","text":"buildings.","page_number":126,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"7b577a2c-d69c-4717-8d39-415de4170a4c","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":126,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"82a0eaa5-aaf0-4811-ba82-4c667883bd05","block_type":"box","text":"proportionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":126,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"4264c554-d1d7-4f21-91de-499de6434b65","block_type":"box","text":"Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":126,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"a206b5bc-c147-41c4-9cb2-d708e06ef5d8","block_type":"box","text":"property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate,","page_number":126,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"c2614ad0-d034-4030-b255-3356f86cb1dd","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mortgage","page_number":126,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"6b3469c8-497d-4e9b-a659-0f4729e147b1","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.","page_number":126,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"24c0c413-4d0c-4a75-a00d-766f6b604c1d","block_type":"box","text":"Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real","page_number":126,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"91691535-26a5-4b0e-9899-0b3cc7019a13","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":126,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"fb7415b5-9bf8-4f37-88be-58c35da5ef92","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":126,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"218a1b35-cbbd-4fa5-8e82-66ffbd4cc24e","block_type":"box","text":"economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and","page_number":126,"box":{"x":69,"y":324,"width":795,"height":11}},{"id":"7a0e7e72-4719-4139-b43e-5d7ecbbaac3d","block_type":"box","text":"attractiveness of the properties, the ability of the owners to provide adequate management, maintenance and","page_number":126,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"8e3862bd-8e86-44b2-a155-0d8219f381bf","block_type":"box","text":"insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new properties,","page_number":126,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"3a732a11-2f27-4ce3-88c4-01f9165dc208","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain","page_number":126,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"367cf049-6334-41ac-ad2d-e7459f83a465","block_type":"box","text":"their exemptions from registration under the Investment Company Act, changes in real estate taxes and other","page_number":126,"box":{"x":68,"y":385,"width":782,"height":11}},{"id":"138162b9-c214-4aac-a8ba-70e1593a9bf6","block_type":"box","text":"operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and","page_number":126,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"c08c2d71-3a8e-44b0-983f-41fdf21bacbd","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":126,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"4f3fec60-eb67-4262-bac0-86c6b99e689e","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":126,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"5a14e5f6-1b25-4471-952f-2f4428796dfd","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":126,"box":{"x":69,"y":445,"width":825,"height":12}},{"id":"cb5c74e6-bf2a-45c9-88a4-543df0c6d659","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":126,"box":{"x":70,"y":460,"width":805,"height":12}},{"id":"619f1981-ce2e-413e-9a37-e74f747bcbfc","block_type":"box","text":"exceed the percentage of the Fund’s portfolio which is comprised of REIT shares. Ordinary REIT dividends received by","page_number":126,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"a65e7d41-8b2c-420c-8456-4e5d8ec719f8","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":126,"box":{"x":68,"y":491,"width":774,"height":11}},{"id":"2b655b63-cf72-4f9e-ba57-48516cb2807b","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may claim","page_number":126,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"5ed496b4-baf4-4107-b454-1a875b2411d5","block_type":"box","text":"a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may","page_number":126,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"1185e588-2916-46a1-b1f8-552b1f74c098","block_type":"box","text":"report dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":126,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"86ed3e02-b549-4a09-8712-f4e19ffc5754","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":126,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"c4d3e787-724e-4f9c-b599-959811c4ad35","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable","page_number":126,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"0136af67-4428-49c0-afc6-12adb431760c","block_type":"box","text":"holding period requirements.","page_number":126,"box":{"x":69,"y":582,"width":203,"height":11}},{"id":"e299fbe7-4c9b-405c-b495-3b1b0ec1b439","block_type":"box","text":"REITs (especially mortgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":126,"box":{"x":102,"y":604,"width":772,"height":11}},{"id":"e042a282-cc54-43e8-b2ec-d8deae366b96","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":126,"box":{"x":70,"y":619,"width":790,"height":11}},{"id":"2bf268e0-feea-47db-bcb3-31c8db6bdbce","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":126,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"fefde9a7-7232-4c69-8817-b98589c5b514","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mortgages","page_number":126,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"3d709140-a946-4559-854a-761af26291d8","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mortgage REITs. In addition, since REITs","page_number":126,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"25b66d7c-4121-4847-a178-e079a766dd94","block_type":"box","text":"depend on payment under their mortgage loans and leases to generate cash to make distributions to their","page_number":126,"box":{"x":69,"y":680,"width":759,"height":11}},{"id":"ac5f630b-648a-46a2-b0f5-4e8bf62ed1f4","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mortgage loans or leases.","page_number":126,"box":{"x":69,"y":695,"width":778,"height":11}},{"id":"85e5bbe0-ad41-4366-af5d-a1033b81be0e","block_type":"box","text":"Investing in certain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":126,"box":{"x":102,"y":717,"width":773,"height":12}},{"id":"0db77bad-a5cb-4d45-a4b1-6295ff1a5601","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":126,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"6e1cb028-e24c-4f7e-8345-6c1a280c6773","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":126,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"2466ebe9-6e68-436e-9970-1bdd8c6c89b5","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":126,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"c58692e0-a33b-4bb8-ad46-1787c5525746","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":126,"box":{"x":70,"y":778,"width":832,"height":11}},{"id":"805e29dc-d172-4b33-9fa8-f4ac1f8e5f1a","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":126,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"b8d0f259-1b78-409f-85ff-bd50e593c573","block_type":"box","text":"activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in","page_number":126,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"218f1d51-d062-4ac8-90cf-b985e88b1afe","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":126,"box":{"x":68,"y":823,"width":761,"height":12}},{"id":"2b91c997-7207-496b-8cc4-aa3e67b45d1b","block_type":"box","text":"Recent Market Events.","page_number":126,"box":{"x":102,"y":846,"width":167,"height":9}},{"id":"c5cf13da-34b5-4605-a1b5-9a02863f29de","block_type":"box","text":"Since the market stresses associated with the 2008 financial crisis in the United States","page_number":126,"box":{"x":275,"y":846,"width":631,"height":9}},{"id":"feceb3a7-c647-4ae2-92c7-3d6319a7a868","block_type":"box","text":"and global economies, periods of unusually high volatility in the financial markets and restrictive credit conditions,","page_number":126,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"af1d8348-9666-4e07-bb69-bb6e1ddc1bac","block_type":"box","text":"sometimes limited to a particular sector or a geography, continue to recur. Some countries, including the United","page_number":126,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"201f6716-2551-4ff5-a1d2-daeb5df12518","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":126,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"291d3712-f728-4731-bf4b-8fab92e3ced1","block_type":"box","text":"tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes.","page_number":126,"box":{"x":68,"y":906,"width":826,"height":12}},{"id":"bb151322-bc57-4dca-8b38-2ba15cf77358","block_type":"box","text":"II-66","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d1e3711f-dec5-4768-9283-a7490bdb6e0b","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3dd2dae0-e4ba-4fdd-b966-38e3ee141c20","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":127,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"6935521f-5edf-4117-9b7f-63383a5310b0","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":127,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"c01f162e-a02c-4f55-a212-d8b0ea99e2d8","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":127,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"f5f89d67-df92-4461-a7aa-18765872a1dd","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":127,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"7a8085a3-3ea2-4549-8d7f-83412cb6ccbc","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":127,"box":{"x":68,"y":105,"width":833,"height":11}},{"id":"471ccea2-0215-46d2-8cf3-5a1c20888369","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected.","page_number":127,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"fa29d961-a7c2-47eb-945a-cee657074f52","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":127,"box":{"x":68,"y":135,"width":830,"height":12}},{"id":"49acb990-3c44-4112-a57b-f42105c8ddb0","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":127,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"8c5f4c32-4452-4d5b-9b1f-1df46b7a74cc","block_type":"box","text":"negatively affected by such events.","page_number":127,"box":{"x":69,"y":166,"width":249,"height":11}},{"id":"bf3170dd-be30-4908-96d6-a87b455a3767","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":127,"box":{"x":102,"y":188,"width":795,"height":12}},{"id":"aafc4326-e96e-4107-b690-050f63a5638c","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":127,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"b2fefbb9-1074-42a1-aea3-b15644079c31","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":127,"box":{"x":69,"y":219,"width":796,"height":11}},{"id":"d30e3695-837f-4263-b30a-e6544adc53d0","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives undertaken by the U.S. government","page_number":127,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"eba27990-bfd5-407f-a810-b5de1335c14b","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":127,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"bc1876f3-956d-49a4-8dee-ec869ff12644","block_type":"box","text":"that could create uncertainty and instability in domestic and global markets, and could adversely affect the","page_number":127,"box":{"x":68,"y":264,"width":763,"height":11}},{"id":"fca04659-d35f-42d5-a034-8df527d96198","block_type":"box","text":"investment performance of the Fund. In particular, actions taken by the U.S. government in respect of international","page_number":127,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"fa10917e-31f5-4363-a739-e6cc80ec686f","block_type":"box","text":"trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced","page_number":127,"box":{"x":68,"y":294,"width":821,"height":11}},{"id":"c0e27a81-9ceb-4c17-9d87-3c90ea626398","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":127,"box":{"x":68,"y":309,"width":837,"height":11}},{"id":"ff1adc4f-89f7-403e-af73-cec3fd6d6a6e","block_type":"box","text":"States, including a contentious domestic political environment, changes in political party control of one or more","page_number":127,"box":{"x":69,"y":324,"width":795,"height":12}},{"id":"3343f263-7292-48db-be99-e9258a19c60e","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":127,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"04befad4-5ad5-4e62-b08e-dfb389340875","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":127,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"63387ce8-1292-44a2-bda7-af745873635b","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":127,"box":{"x":70,"y":370,"width":816,"height":11}},{"id":"71704e12-4be6-4aca-b47d-7f2c4c4b6f7c","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":127,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"27d641c0-16c2-44b5-8cdf-cf6361ef5671","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":127,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"ce98d962-6924-42b0-b893-08904b763f69","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":127,"box":{"x":69,"y":415,"width":836,"height":11}},{"id":"af3b5069-1596-4209-a85b-249bd7f58cb1","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":127,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"19879088-6350-4aa9-a104-c5c280af315e","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":127,"box":{"x":69,"y":445,"width":785,"height":12}},{"id":"467fcab4-d1a1-45fb-9cef-35d386bf0b44","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":127,"box":{"x":70,"y":460,"width":832,"height":12}},{"id":"674cb2de-bee0-4d9f-a064-3ccf3ee1dbf6","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":127,"box":{"x":68,"y":475,"width":799,"height":12}},{"id":"9828174a-e47a-4ac3-8483-85747b36a9e9","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":127,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"d45b4f58-7bd1-4c31-a6e0-39de839afe0c","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":127,"box":{"x":69,"y":506,"width":746,"height":11}},{"id":"43fddf06-3b18-4b67-9c9a-21cd2aaceedb","block_type":"box","text":"investments.","page_number":127,"box":{"x":70,"y":521,"width":89,"height":9}},{"id":"b367654e-bd1c-40c6-b1b6-8d318795ab35","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":127,"box":{"x":101,"y":543,"width":733,"height":12}},{"id":"50b7ae47-2b75-4fb3-9985-c0c4a84a6614","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":127,"box":{"x":70,"y":559,"width":794,"height":11}},{"id":"eff7e329-ab48-4746-9fbd-6419c59bb7a6","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and","page_number":127,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"388b791c-0428-42af-a746-ce2089c30286","block_type":"box","text":"customer activity, as well as general concern and uncertainty for a period of time. The impact of this outbreak has","page_number":127,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"aec72b67-9fd0-4a1e-8ee8-d528fae9a248","block_type":"box","text":"adversely affected the economies of many nations and the entire global economy and impacted individual issuers","page_number":127,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"ead07b81-350f-4c53-8dc9-d308fa3d53a8","block_type":"box","text":"and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen","page_number":127,"box":{"x":69,"y":619,"width":806,"height":11}},{"id":"70c4a6c8-13cd-4ca0-a625-b5de1bce83f0","block_type":"box","text":"effects. The duration of any such outbreak and its effects cannot be determined with certainty.","page_number":127,"box":{"x":69,"y":634,"width":676,"height":11}},{"id":"333daedb-1023-482b-8fff-2dcbe5eedac5","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":127,"box":{"x":102,"y":657,"width":255,"height":11}},{"id":"5fae58cb-dec5-4131-8332-080e76ba30b9","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned","page_number":127,"box":{"x":363,"y":657,"width":525,"height":11}},{"id":"06270320-bac3-49e9-8668-0d196e86e277","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (previously defined as “LIBOR”) to determine","page_number":127,"box":{"x":68,"y":672,"width":796,"height":11}},{"id":"4737aca7-5bc6-40a6-971e-406de6dbc933","block_type":"box","text":"payment obligations, financing terms, hedging strategies or investment value.","page_number":127,"box":{"x":70,"y":687,"width":551,"height":11}},{"id":"9cd02721-d5d2-42b6-8ac4-cbe3e1c4f738","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all","page_number":127,"box":{"x":101,"y":710,"width":770,"height":11}},{"id":"cea51ab7-dcfc-4bd5-a800-a0fb29dda6b5","block_type":"box","text":"LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be","page_number":127,"box":{"x":70,"y":725,"width":779,"height":11}},{"id":"6ec08013-7604-4bba-9ba7-36962324aee2","block_type":"box","text":"published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured","page_number":127,"box":{"x":70,"y":740,"width":779,"height":11}},{"id":"b8a243a4-6c79-48c3-aa22-7a637121eb2f","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":127,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"cea7852a-58ff-4d90-94e1-7f8fba687714","block_type":"box","text":"Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary","page_number":127,"box":{"x":68,"y":771,"width":800,"height":11}},{"id":"86b58778-b986-4ea3-8461-f7d89eea9b61","block_type":"box","text":"basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to","page_number":127,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"5c67cc2b-cc7a-4d40-bb9c-ccec8d4416e1","block_type":"box","text":"replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts.","page_number":127,"box":{"x":69,"y":801,"width":709,"height":11}},{"id":"e5d55b5d-1045-45d8-b5f5-ebe3410d43dc","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some","page_number":127,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"95f9ad9a-e938-429a-9f0c-661b80d41bd6","block_type":"box","text":"existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":127,"box":{"x":69,"y":838,"width":833,"height":12}},{"id":"bcbad66c-dfb3-4703-88e9-9f7c0176611c","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such","page_number":127,"box":{"x":69,"y":853,"width":805,"height":12}},{"id":"a5f59b62-9c57-4acf-8c9d-90a99a212a91","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":127,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"6e1763b2-da9e-47b4-95df-d6b9c4e7c234","block_type":"box","text":"setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative","page_number":127,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"017e328b-a932-4ea5-a9df-f9778968ffd0","block_type":"box","text":"rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using","page_number":127,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"10fd4fa6-cf0e-4d1e-a48c-0debc18437ca","block_type":"box","text":"II-67","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ee3f9810-5ce6-4bbe-a82b-f6435394f7aa","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e119dbd4-4e44-48c6-bac0-9a3231ba1017","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty","page_number":128,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"241d87bc-92e2-420c-821c-3aa415ec08e8","block_type":"box","text":"of performance and the possibility of litigation. A Fund may have instruments linked to other interbank offered rates","page_number":128,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"08aa0b92-5e55-4d48-bc50-944aa3704540","block_type":"box","text":"that may also cease to be published in the future.","page_number":128,"box":{"x":68,"y":75,"width":356,"height":11}},{"id":"bda079e2-5c02-4417-a743-a825a5d15f4f","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":128,"box":{"x":102,"y":98,"width":432,"height":11}},{"id":"d210e85d-002a-4f0f-a8c5-d492e8075d35","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":128,"box":{"x":541,"y":98,"width":347,"height":11}},{"id":"db29a1be-eace-458c-85d5-b6a68f239aaa","block_type":"box","text":"sale contracts, the other party agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":128,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"51e53f09-161b-462d-bb1e-0bb49fc6fd98","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":128,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"1891b0b3-901f-4571-81bc-116652765c73","block_type":"box","text":"term of the agreement.","page_number":128,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"bba2c0bc-598f-435b-ba65-30670f3d97bf","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":128,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"5e84a415-26e7-4af2-96bc-3550e12d8bb9","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":128,"box":{"x":68,"y":181,"width":831,"height":11}},{"id":"5e02f8d3-7aa0-4ffa-949d-f2e4692c7889","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":128,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"dca0e7a0-6ec9-4041-9723-4b69ce4133b9","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":128,"box":{"x":69,"y":211,"width":790,"height":11}},{"id":"bef597d9-5afd-4f39-b196-87e227295e42","block_type":"box","text":"accrued interest. A Fund may enter into “tri-party” repurchase agreements. In “tri-party” repurchase agreements, an","page_number":128,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"d1c46cad-4180-41ec-9c75-92c9f4b9cb9c","block_type":"box","text":"unaffiliated third-party custodian maintains accounts to hold collateral for the Fund and its counterparties and,","page_number":128,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"2ca95e60-d466-4bd1-bde8-c6ccc2f9f9c5","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":128,"box":{"x":68,"y":256,"width":522,"height":11}},{"id":"79c62b1f-7518-45bd-b0a5-132e45d2302b","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":128,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"2c33bb07-b955-466c-81df-0bb7540c762d","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":128,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"d7a3c6d3-9ad6-4821-917d-9968459e0ae5","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":128,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"6ca140ec-3503-4e86-9046-d1f9060bb4a5","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":128,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"bfce5e90-31e8-4dac-b775-0a4b254a5ee4","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":128,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"8921cd61-4701-4577-843b-9e3cc69f79eb","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":128,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"5f9b4b36-7d3d-4371-ac09-29197de5b377","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":128,"box":{"x":70,"y":370,"width":430,"height":11}},{"id":"7914f96d-f92c-4a77-a558-49f47f900300","block_type":"box","text":"Both types of agreement usually cover short periods, such as less than one week, although they may have","page_number":128,"box":{"x":102,"y":392,"width":759,"height":12}},{"id":"63bf7545-52ef-4cca-929f-a562ea15fa6f","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":128,"box":{"x":70,"y":408,"width":765,"height":11}},{"id":"4846a0a1-e70d-4840-b27c-71f3ef33a0ad","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":128,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"3a702765-6433-4c17-aadb-728829b77f8c","block_type":"box","text":"sub-adviser will monitor the creditworthiness of the seller, and a Fund will require the seller to provide additional","page_number":128,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"ea7cd917-e04b-4d33-aeab-862877172f8a","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":128,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"81b95d3f-72ee-4731-931d-a3994eeb6de1","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":128,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"b15a8c53-557b-4c88-90f4-2fbb86eeb398","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":128,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"0bf7d723-21a2-4754-bd31-8559b01a4fb2","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-party repurchase agreements) and purchase and sale","page_number":128,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"68b88091-7c6d-43f3-84eb-3007484adbb6","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":128,"box":{"x":69,"y":514,"width":829,"height":10}},{"id":"bea64360-642f-4e48-bd4a-d071dade0f83","block_type":"box","text":"or by another authorized securities depository.","page_number":128,"box":{"x":69,"y":529,"width":329,"height":11}},{"id":"454dcdd1-1587-42a3-b66d-460d107452d0","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":128,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"bed9eb45-9369-4479-8eff-458bcfb06de6","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":128,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"6f18d487-4d7a-4ca4-8fcf-820efd9d5c2b","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":128,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"07a7bcc1-d51a-4f5a-8294-817dc841f3d4","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":128,"box":{"x":69,"y":596,"width":778,"height":12}},{"id":"7c0fc28e-059d-4f46-b623-7dcac2ee2879","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":128,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"45985397-a306-4ca3-9df7-dd7de3f84bd2","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":128,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"802e4c7a-fde7-4bb9-89aa-1edba2d82c50","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":128,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"8f795f10-b570-4ab9-a317-ca74f102d2c2","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":128,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"acb50be1-2ba3-4ca5-8daf-bfed1a0327b0","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":128,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"076b0d12-3143-49c9-9c75-98994149cebd","block_type":"box","text":"the repurchase price.","page_number":128,"box":{"x":68,"y":687,"width":151,"height":11}},{"id":"1571a10a-0a4f-4b34-9461-8f96a8856bc4","block_type":"box","text":"In any repurchase transaction to which a Fund is a party, collateral for a repurchase agreement may include cash","page_number":128,"box":{"x":102,"y":710,"width":805,"height":11}},{"id":"9188f3dd-5632-42a3-8148-d0ff1006c669","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For certain Funds, however,","page_number":128,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"49b4e43f-1241-42eb-9f6e-13d4e82aee05","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":128,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"743c8e2d-5b18-4ac6-95f7-28b66a639984","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":128,"box":{"x":69,"y":755,"width":767,"height":11}},{"id":"dc47dd61-c46e-48ca-aa30-c440a6cf5018","block_type":"box","text":"strategies without the repurchase obligation.","page_number":128,"box":{"x":69,"y":771,"width":317,"height":11}},{"id":"125da1cf-434c-4d00-b550-9a28b6d9eaf0","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose certain risks for a Fund. Lower quality","page_number":128,"box":{"x":101,"y":793,"width":782,"height":11}},{"id":"05d63504-5599-4bf2-abda-51564158d639","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":128,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"e2f6813b-160a-4e80-a70a-86e0a8915385","block_type":"box","text":"collateral and collateral with shorter maturities. If the repurchase agreement counterparty were to default, lower","page_number":128,"box":{"x":69,"y":823,"width":799,"height":12}},{"id":"1ce12942-dc6a-4567-901b-71cab08d7897","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterparty default and","page_number":128,"box":{"x":69,"y":838,"width":829,"height":12}},{"id":"946f7ab2-48bd-406d-8389-ccede1ec4d32","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterparty’s repurchase obligation, a Fund would retain the","page_number":128,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"28e22f25-4a35-48b4-bfe9-6c1a584a82a3","block_type":"box","text":"status of an unsecured creditor of the counterparty (","page_number":128,"box":{"x":69,"y":869,"width":374,"height":11}},{"id":"dc571020-566a-49ad-94a1-2e07b2f6b1ee","block_type":"box","text":"i.e.","page_number":128,"box":{"x":445,"y":869,"width":20,"height":9}},{"id":"02ee7f2e-2b4c-4841-845d-aa897cae5190","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":128,"box":{"x":468,"y":869,"width":434,"height":11}},{"id":"09084cd7-5f7f-4407-8559-92a96565d69a","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterparty) with respect to","page_number":128,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"0a6eac51-bc39-452f-9f4b-3772fa3bd27b","block_type":"box","text":"II-68","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"91f1b7dd-0644-40c2-a4cb-107793723c92","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3639857e-5174-4c9b-85f9-218d5dfafd92","block_type":"box","text":"the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":129,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"d132a7f3-4b6f-4170-ac38-38343f94502a","block_type":"box","text":"and income involved in the transaction.","page_number":129,"box":{"x":69,"y":60,"width":278,"height":9}},{"id":"728fd1c3-47c7-49db-9b29-546a848e0b7e","block_type":"box","text":"Repurchase agreements and purchase and sale contracts may be entered into only with financial institutions","page_number":129,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"e296680e-5b23-4db0-833e-c5918d511d86","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":129,"box":{"x":68,"y":97,"width":828,"height":12}},{"id":"d1ac01cb-e781-4dc3-9317-699f148ed0a4","block_type":"box","text":"$50 million.","page_number":129,"box":{"x":69,"y":112,"width":84,"height":10}},{"id":"bc134546-6e5e-46b3-bbe2-278a14641ace","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":129,"box":{"x":102,"y":135,"width":743,"height":12}},{"id":"1d1d0854-5cfe-4613-88c4-c98ff7571c1f","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many repurchase","page_number":129,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"5fb7d223-a216-4b37-97c1-bb17ff90cccf","block_type":"box","text":"agreements and purchase and sale contracts, terms that delay or restrict the rights of counterparties, such as a","page_number":129,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"a657e478-5ddc-45c5-b2b1-1ea720e62a01","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict transfers of","page_number":129,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"50468704-c0e3-4ddf-90c2-0fde14fa66e0","block_type":"box","text":"credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":129,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"188dc8e1-c626-40e5-91a5-a470a1cfc079","block_type":"box","text":"insolvency proceedings. It is possible that these new requirements, as well as potential additional government","page_number":129,"box":{"x":70,"y":211,"width":787,"height":11}},{"id":"e312f808-7124-4025-af5e-b99e747a7c9c","block_type":"box","text":"regulation and other developments in the market, could adversely affect a Fund’s ability to terminate existing","page_number":129,"box":{"x":69,"y":226,"width":778,"height":11}},{"id":"60158274-9c6d-4b86-aea7-cc2fe9126764","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize amounts to be received under such","page_number":129,"box":{"x":69,"y":241,"width":754,"height":11}},{"id":"2885ac10-72ea-487a-ad55-378c28b9c390","block_type":"box","text":"agreements.","page_number":129,"box":{"x":69,"y":257,"width":87,"height":11}},{"id":"12a5440f-77c6-45bd-ab56-95281a37702b","block_type":"box","text":"Restricted Securities.","page_number":129,"box":{"x":102,"y":279,"width":157,"height":9}},{"id":"935bd880-cbd0-403e-88f0-6c2537d3ef13","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":129,"box":{"x":265,"y":279,"width":617,"height":11}},{"id":"dd5a7ca6-ae92-4be8-b04c-3de503f574fd","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":129,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"fb5d742f-ab54-43b1-9b8a-b53b5176a900","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":129,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"27d0aa43-34e6-4def-8127-9477e907310d","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":129,"box":{"x":70,"y":325,"width":802,"height":11}},{"id":"d05f6c59-aecd-4439-8643-d37a1cae8a0b","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":129,"box":{"x":70,"y":340,"width":834,"height":11}},{"id":"575ea7d4-6bef-402e-a816-01b5e4bd5785","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":129,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"4f6d2d46-c301-4fd1-959d-b377b1d70167","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":129,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"74b9f8ab-2012-4467-bc8b-5291c39d21b7","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":129,"box":{"x":69,"y":385,"width":821,"height":11}},{"id":"07e4b37f-b3ce-4ac5-8804-eeb0deb7cc12","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":129,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"958b0acf-d615-4052-bc26-cf22b51dfd6f","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":129,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"9d13b4f2-cd5f-4d62-8fb2-1b7f108a9069","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner. As a result","page_number":129,"box":{"x":69,"y":430,"width":834,"height":11}},{"id":"17ea2ebd-bc53-4cc6-aca1-eb5dc481b587","block_type":"box","text":"of the absence of a public trading market and the potential bespoke nature on certain transactions, restricted","page_number":129,"box":{"x":69,"y":445,"width":783,"height":12}},{"id":"ca74a491-ebe1-46e8-b5cb-af0f12d3cf39","block_type":"box","text":"securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to value","page_number":129,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"0e2dae64-8880-4e65-8990-ce6f3cce9a62","block_type":"box","text":"than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":129,"box":{"x":68,"y":476,"width":762,"height":11}},{"id":"d179003e-6a1a-400e-b4f8-c23fcf52afdf","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":129,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"c2cf460a-864e-4c14-a10a-503f97dfe81b","block_type":"box","text":"Fund or less than their fair market value. In addition, issuers whose securities are not publicly traded or who are not","page_number":129,"box":{"x":70,"y":506,"width":827,"height":11}},{"id":"fbb46b26-486d-4750-9c85-291ac485c76a","block_type":"box","text":"otherwise publicly listed may not be subject to the disclosure and other investor protection requirements that may be","page_number":129,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"3d9795b4-a47c-4b7b-9e7d-4c612db69d7c","block_type":"box","text":"applicable if their securities were publicly traded. If any privately placed securities held by a Fund are required to be","page_number":129,"box":{"x":69,"y":536,"width":822,"height":11}},{"id":"6b502f63-25cc-4dfa-9911-15156a8da6ac","block_type":"box","text":"registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to","page_number":129,"box":{"x":69,"y":551,"width":809,"height":11}},{"id":"e2e905fd-f784-47ae-b82f-3f6d5d9162ff","block_type":"box","text":"bear the expenses of registration. Where registration is required for restricted securities, a considerable time period","page_number":129,"box":{"x":69,"y":566,"width":827,"height":11}},{"id":"c0c70c7c-384c-45d2-9d7d-3ad18ae74703","block_type":"box","text":"may elapse between the time the Fund decides to sell the security and the time it is actually permitted to sell the","page_number":129,"box":{"x":69,"y":582,"width":808,"height":10}},{"id":"0b792d24-1801-43c0-b81e-6b8b8f82c9ce","block_type":"box","text":"security under an effective registration statement. If during such period, adverse market conditions were to develop,","page_number":129,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"d2c57fdb-56be-4a37-bcf2-80dbb97dae82","block_type":"box","text":"the Fund might obtain less favorable pricing terms than when it decided to sell the security. Transactions in restricted","page_number":129,"box":{"x":68,"y":612,"width":837,"height":11}},{"id":"4cda7a73-b71c-4ec3-af25-1db731c32656","block_type":"box","text":"securities may entail other transaction costs that are higher than those for transactions in unrestricted securities.","page_number":129,"box":{"x":69,"y":627,"width":811,"height":11}},{"id":"f9b75c4b-504f-429f-92de-ac970175f9b3","block_type":"box","text":"Certain of the Fund’s investments in private placements may consist of direct investments and may include","page_number":129,"box":{"x":69,"y":642,"width":766,"height":11}},{"id":"8960b3eb-facc-4e51-add0-40df348c2b49","block_type":"box","text":"investments in smaller, less seasoned issuers, which may involve greater risks. Issuers of restricted securities may","page_number":129,"box":{"x":70,"y":657,"width":824,"height":11}},{"id":"e74b8bf8-112c-4414-ae75-a345639d322c","block_type":"box","text":"not be subject to SEC reporting requirements, may not be required to maintain their accounting records in","page_number":129,"box":{"x":69,"y":672,"width":755,"height":11}},{"id":"60753ba5-9a4a-43a6-b13c-e83ead34930b","block_type":"box","text":"accordance with generally accepted accounting principles, and may not be required to maintain effective internal","page_number":129,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"2c7a86a1-ff31-422e-8f76-128159a012f4","block_type":"box","text":"controls over financial reporting. As a result, BlackRock may not have timely or accurate information about the","page_number":129,"box":{"x":69,"y":702,"width":786,"height":12}},{"id":"a7a72a95-de37-48b2-8612-38b6c47fbdbf","block_type":"box","text":"business, financial condition and results of operations of such issuers, and investments in securities of such issuers","page_number":129,"box":{"x":69,"y":717,"width":836,"height":11}},{"id":"f6a9742a-909f-43b5-85c5-2d58d6b9e199","block_type":"box","text":"may involve a high degree of business and financial risk and may result in substantial losses to the Fund. Such","page_number":129,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"08c66c23-90c1-4c9e-82b1-00c04767a28a","block_type":"box","text":"issuers may also have limited product lines, markets or financial resources, or they may be dependent on a limited","page_number":129,"box":{"x":70,"y":748,"width":818,"height":11}},{"id":"b328ee7f-d318-41c7-af3b-2fa49d895e91","block_type":"box","text":"management group. In making investments in such securities, a Fund may obtain access to material nonpublic","page_number":129,"box":{"x":69,"y":763,"width":789,"height":11}},{"id":"2feb9196-f468-4e1a-8e60-72a4d0445002","block_type":"box","text":"information, which may restrict the Fund’s ability to conduct portfolio transactions in such securities.","page_number":129,"box":{"x":70,"y":778,"width":717,"height":11}},{"id":"d9db6d54-232a-486d-a1e4-a611defe381f","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in particular, restricted","page_number":129,"box":{"x":101,"y":801,"width":762,"height":11}},{"id":"399ca7ba-3282-49e4-98d5-80065f2f4132","block_type":"box","text":"securities issued by private companies). Each Fund values restricted securities in accordance with BlackRock’s","page_number":129,"box":{"x":69,"y":816,"width":792,"height":11}},{"id":"f9497f66-6d7d-426c-aa82-150995f1f629","block_type":"box","text":"valuation policies and procedures, which are designed to value investments such that they accurately reflect fair","page_number":129,"box":{"x":68,"y":831,"width":801,"height":11}},{"id":"fa4ef5d3-b9ff-4205-9359-c3742d9c693f","block_type":"box","text":"value. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a","page_number":129,"box":{"x":68,"y":846,"width":836,"height":11}},{"id":"4ff6b324-35fa-4cf0-ab0f-67be40ad7b4b","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":129,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"268684e5-d283-4587-a77a-a1f51d6eff4a","block_type":"box","text":"that would have been used had a readily available market value existed for such investments and may differ","page_number":129,"box":{"x":68,"y":876,"width":772,"height":11}},{"id":"4be1b56e-359c-424f-87c8-9adbd9cb3c38","block_type":"box","text":"materially from the amounts the Fund may realize on any dispositions of such investments. In addition, the impact of","page_number":129,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"c765974f-89fc-421e-9d2c-5b96d499bf1b","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":129,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"90425c46-db12-45fb-9295-f692e863d50a","block_type":"box","text":"II-69","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7df3c1bf-8f48-4976-9c18-8444b73aabc6","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"90b41743-993e-481f-823a-6d3096cf2346","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":130,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"e4207ed0-132a-4dc5-96d1-e685bb25df1f","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":130,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"60beefb7-92c8-4c4b-83a8-985a2d07f787","block_type":"box","text":"value of the Fund’s investments were materially higher than the values that the Fund ultimately realizes upon the","page_number":130,"box":{"x":68,"y":75,"width":805,"height":11}},{"id":"3d74e94a-e419-47c3-b842-7dc36eca5e53","block_type":"box","text":"disposal of such investments.","page_number":130,"box":{"x":69,"y":90,"width":212,"height":11}},{"id":"16dde62b-8141-455c-908e-0c821f177ef7","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":130,"box":{"x":102,"y":113,"width":385,"height":11}},{"id":"4064382f-979b-46ea-b5e9-bc18369bacb3","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":130,"box":{"x":102,"y":136,"width":246,"height":10}},{"id":"d5113fab-b42c-4ea4-9570-2d20f7599249","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same parties","page_number":130,"box":{"x":354,"y":136,"width":548,"height":11}},{"id":"ae06f0b8-4eb3-4d99-b273-43a1bbad13e3","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":130,"box":{"x":68,"y":151,"width":830,"height":11}},{"id":"edf85e60-59c6-4efd-9465-8b808b5713ab","block_type":"box","text":"to another party and agrees to repurchase them at a particular date and price. A Fund may enter into a reverse","page_number":130,"box":{"x":68,"y":166,"width":793,"height":11}},{"id":"abb52bfe-7388-4a69-ab34-3b241822530d","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":130,"box":{"x":69,"y":181,"width":784,"height":11}},{"id":"9ce1684b-7e57-40b8-bd24-7fea62ab8ce3","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":130,"box":{"x":70,"y":196,"width":591,"height":11}},{"id":"93ab0164-395e-4c2f-8d4a-7972ab1863dd","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":130,"box":{"x":101,"y":218,"width":730,"height":12}},{"id":"e1b00d9b-981f-459c-9194-10fe610cc6dc","block_type":"box","text":"Furthermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":130,"box":{"x":70,"y":234,"width":822,"height":11}},{"id":"735862ff-ab1f-469e-b5c3-e150c609e092","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":130,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"405d1fce-f21a-49bb-b4c8-5be48a42860e","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":130,"box":{"x":69,"y":264,"width":801,"height":11}},{"id":"b0aad94a-908f-4775-a1e5-1c0986e01861","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":130,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"ae0f50b6-5be5-48e9-8b61-4bfd3fdfe0f3","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":130,"box":{"x":69,"y":294,"width":354,"height":11}},{"id":"8c33b79e-c0b2-4fe8-91e3-c85eb70af2f8","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":130,"box":{"x":102,"y":317,"width":769,"height":11}},{"id":"22aa1ab0-a460-41a7-9997-5c83cbee6e3a","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":130,"box":{"x":70,"y":332,"width":815,"height":11}},{"id":"3bedee92-f21c-4927-9d9d-893617436f97","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":130,"box":{"x":70,"y":347,"width":782,"height":11}},{"id":"8ef7aca3-e8fe-4869-80a9-05714c9b5259","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":130,"box":{"x":69,"y":362,"width":449,"height":11}},{"id":"9d0c9836-9154-45f6-8668-d7b7ff205560","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":130,"box":{"x":102,"y":385,"width":794,"height":11}},{"id":"dc92dce1-94ee-45fd-aeeb-84c01b4db82c","block_type":"box","text":"similar financing transactions (","page_number":130,"box":{"x":69,"y":400,"width":218,"height":11}},{"id":"dc9a2a7c-6c0a-4078-8ec6-2f2c1c0e882f","block_type":"box","text":"e.g.","page_number":130,"box":{"x":289,"y":401,"width":24,"height":10}},{"id":"d465e934-d386-4d8c-b368-f70df8602b98","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":130,"box":{"x":316,"y":400,"width":594,"height":11}},{"id":"77f99c2a-7855-4ac3-bc70-d0386d2678db","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":130,"box":{"x":68,"y":415,"width":813,"height":11}},{"id":"eca2c722-0aa0-42b1-822d-cc6a94aa801d","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other","page_number":130,"box":{"x":70,"y":430,"width":768,"height":11}},{"id":"00925bb5-4c92-40a9-adca-97b06c4c0943","block_type":"box","text":"borrowings in the aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":130,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"a62e2435-97cf-4f50-bb8d-70c182107440","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":130,"box":{"x":70,"y":460,"width":693,"height":12}},{"id":"ad13731e-affe-4dd7-8945-2f871d911423","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that are now in effect require certain bank","page_number":130,"box":{"x":101,"y":483,"width":763,"height":11}},{"id":"341e5e19-9378-4e0e-ad2b-7f8b1ad6d592","block_type":"box","text":"regulated counterparties and certain of their affiliates to include in certain financial contracts, including many reverse","page_number":130,"box":{"x":69,"y":498,"width":840,"height":11}},{"id":"4e8e465e-c1d1-4a99-a3d8-3e8891a327b6","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterparties, such as a Fund, to terminate such","page_number":130,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"f5230266-2f3e-4a48-9922-eaa9965474e1","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit support in the event","page_number":130,"box":{"x":69,"y":528,"width":823,"height":12}},{"id":"58b6c67e-959c-4bb6-9aea-839c9422f97a","block_type":"box","text":"that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is","page_number":130,"box":{"x":68,"y":543,"width":815,"height":12}},{"id":"5ab1b093-22af-4fbe-b4b7-7ac792dd9187","block_type":"box","text":"possible that these new requirements, as well as potential additional government regulation and other developments","page_number":130,"box":{"x":70,"y":559,"width":833,"height":11}},{"id":"9483a5b7-90eb-43df-ad3b-0dc15275fc31","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to","page_number":130,"box":{"x":70,"y":574,"width":793,"height":11}},{"id":"1e82c0c2-7d35-466d-9ea9-af5329930da4","block_type":"box","text":"realize amounts to be received under such agreements.","page_number":130,"box":{"x":69,"y":589,"width":396,"height":11}},{"id":"e8a87694-0c4a-4481-b261-3cfc3d6caf70","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":130,"box":{"x":102,"y":612,"width":316,"height":11}},{"id":"250b5922-62a1-4df4-9e9f-6397abd1f95f","block_type":"box","text":"Certain Funds may participate in rights offerings and may purchase","page_number":130,"box":{"x":424,"y":612,"width":481,"height":11}},{"id":"8b6b09cc-d671-4540-83a5-38e7cc34af7f","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":130,"box":{"x":68,"y":627,"width":822,"height":11}},{"id":"4d110d8c-336a-4814-8ec8-5ce256d8c845","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":130,"box":{"x":69,"y":642,"width":776,"height":11}},{"id":"068e2061-e0d5-48b8-953e-055c6b1bf893","block_type":"box","text":"normally have a short life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":130,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"d765b375-e94f-4c42-9fc7-3c3ddb219b52","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":130,"box":{"x":70,"y":672,"width":833,"height":11}},{"id":"11ce833d-dc6d-499a-b864-4afecdc5dc69","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":130,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"17ab2433-abff-4f1d-b92f-8c814a2753d0","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":130,"box":{"x":70,"y":702,"width":821,"height":12}},{"id":"c011a4e5-9b01-45a3-8d0f-66a24efde1b1","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":130,"box":{"x":69,"y":717,"width":830,"height":12}},{"id":"81474e25-b499-4863-a6a0-1b5a3a61862a","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":130,"box":{"x":69,"y":732,"width":777,"height":12}},{"id":"213937f5-ae99-4980-8081-996501332d0d","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":130,"box":{"x":69,"y":748,"width":839,"height":11}},{"id":"9d645c2f-8322-4b2b-8564-367cc2afa0d3","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":130,"box":{"x":68,"y":763,"width":708,"height":11}},{"id":"0c66bccd-b5f1-437c-a2ef-4e4a8424ef7a","block_type":"box","text":"Rule 144A Securities.","page_number":130,"box":{"x":102,"y":786,"width":159,"height":8}},{"id":"ab402b00-1e2f-4a3d-afb1-3b5130d65f15","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":130,"box":{"x":266,"y":785,"width":560,"height":12}},{"id":"9e59a825-66ed-4080-acdf-fc12cd428f92","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":130,"box":{"x":70,"y":801,"width":741,"height":11}},{"id":"24051845-81ac-47c8-9573-a158e587728b","block_type":"box","text":"Securities Lending.","page_number":130,"box":{"x":101,"y":823,"width":139,"height":11}},{"id":"3fbbb627-f9e0-453f-bbb2-5f1cbdf7b10e","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BlackRock determines to","page_number":130,"box":{"x":247,"y":823,"width":645,"height":11}},{"id":"a9e35d4c-09ff-4ab9-98c5-f89bb2238b55","block_type":"box","text":"be creditworthy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":130,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"65880af5-3c03-48a7-985f-16e7cd65942d","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":130,"box":{"x":69,"y":853,"width":817,"height":11}},{"id":"6ef6f467-8e95-4920-8342-be34641392e2","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the particular Fund exceeds one-third of","page_number":130,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"4b5fb39a-f33a-44d9-aeb5-2bccf7aca857","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":130,"box":{"x":68,"y":884,"width":827,"height":11}},{"id":"744dfd7c-79be-409b-8826-5795c14f5ecf","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":130,"box":{"x":69,"y":899,"width":829,"height":11}},{"id":"a82e7c1e-7fc7-4e54-af67-1b0c5f593780","block_type":"box","text":"II-70","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ecfe23a2-2e52-4a72-8689-ba727748f20d","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1530e093-ba60-4b01-b16a-49772c59e116","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":131,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"1518b43e-5b26-494f-ad5b-878a72dd4485","block_type":"box","text":"the securities were not on loan.","page_number":131,"box":{"x":68,"y":60,"width":225,"height":9}},{"id":"6e944938-a03e-4eb7-929a-b4ad1613f9c7","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":131,"box":{"x":101,"y":82,"width":799,"height":12}},{"id":"b430e4de-aa5a-42bb-aebf-0d607898a6cb","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":131,"box":{"x":69,"y":98,"width":835,"height":11}},{"id":"65e7960c-30d4-43ee-bd08-00efaf9e9996","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":131,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"5a2d6bad-5c63-4324-89ab-3d6c2b83c690","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":131,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"65379b2a-07bf-4ae5-92c4-8a291e30ab3a","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in certain short-term","page_number":131,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"8997edd7-1ee6-40dc-a4da-00d483666e00","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":131,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"856dc11a-afa7-42cf-8ccf-d26baf2b1f42","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":131,"box":{"x":70,"y":173,"width":643,"height":11}},{"id":"034caa1a-06cc-4f6f-8745-db33dec040f4","block_type":"box","text":"Securities lending involves exposure to certain risks, including operational risk (","page_number":131,"box":{"x":102,"y":196,"width":568,"height":11}},{"id":"c6fd65c4-ddb3-490e-9c3d-5a56280bd338","block_type":"box","text":"i.e.","page_number":131,"box":{"x":672,"y":196,"width":20,"height":9}},{"id":"076edcb8-9e2c-4791-b82e-29acfd2abfb1","block_type":"box","text":", the risk of losses resulting","page_number":131,"box":{"x":695,"y":196,"width":198,"height":11}},{"id":"febc12c9-6ce6-4d19-857e-8676593832e8","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":131,"box":{"x":68,"y":211,"width":501,"height":11}},{"id":"1aedb50a-019c-4fe3-9301-c97a0f68caf5","block_type":"box","text":"i.e.","page_number":131,"box":{"x":571,"y":211,"width":20,"height":9}},{"id":"40a29677-a568-4028-ada8-c3b2ee60043d","block_type":"box","text":", the risk of a mismatch between the return","page_number":131,"box":{"x":594,"y":211,"width":307,"height":10}},{"id":"bcb7f639-802b-446a-97bd-c25f0ff0ced7","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":131,"box":{"x":69,"y":226,"width":794,"height":11}},{"id":"5389d148-bd64-4304-8968-c1335c423ba7","block_type":"box","text":"i.e.","page_number":131,"box":{"x":865,"y":226,"width":20,"height":9}},{"id":"a024eb7e-6d0e-4a76-8f28-fa90ef6df29d","block_type":"box","text":",","page_number":131,"box":{"x":888,"y":233,"width":2,"height":4}},{"id":"6829bfd4-c7aa-4929-9133-e68c6b7ca6b4","block_type":"box","text":"the risk of a shortfall at default when a cash collateral investment is denominated in a currency other than the","page_number":131,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"5078e7e0-76ff-4b4d-a47e-b4f0ee3aed92","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterparty and","page_number":131,"box":{"x":69,"y":256,"width":837,"height":12}},{"id":"1fe500e0-6838-4d45-ab79-e622fe909ac1","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":131,"box":{"x":69,"y":272,"width":822,"height":11}},{"id":"b7d2666c-60db-474f-ba1e-508662838385","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":131,"box":{"x":68,"y":287,"width":811,"height":11}},{"id":"19395aa3-3a3f-4d83-8e16-bd2714787873","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":131,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"106600cd-8d26-463c-b630-2ca227938bb2","block_type":"box","text":"are subject to a corporate action and commit to the borrower a particular election as determined by the Fund’s","page_number":131,"box":{"x":69,"y":317,"width":790,"height":11}},{"id":"58c64706-868b-4dbd-86df-e6013f1ea79c","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":131,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"ec3558d8-7e77-4e9b-966e-52e2e3888bf2","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":131,"box":{"x":70,"y":347,"width":805,"height":11}},{"id":"3155dcfb-800d-4a1f-88d6-f58b8c6ecf80","block_type":"box","text":"securities lending counterparty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":131,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"0bfcae4e-42c0-42fc-b269-5ac0701868a5","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":131,"box":{"x":69,"y":377,"width":775,"height":12}},{"id":"e43822e5-a184-4da9-bd80-1efbc46734c0","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to participate in a corporate action event","page_number":131,"box":{"x":69,"y":393,"width":821,"height":11}},{"id":"893b62a3-4572-436c-b754-9e57bee1302b","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":131,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"d6cb66de-b4dd-477d-aa32-f73ddcbbf1e7","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":131,"box":{"x":70,"y":423,"width":837,"height":11}},{"id":"c1019e3b-7a72-4f00-87a5-e0100cb8790c","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":131,"box":{"x":70,"y":438,"width":808,"height":11}},{"id":"b4711179-be79-412c-a7a0-b82823736675","block_type":"box","text":"could lose money if its short-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":131,"box":{"x":69,"y":453,"width":839,"height":11}},{"id":"d5866de5-9caf-4c34-9bb9-6766686b7476","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":131,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"9ec552a9-0599-4ed4-b19f-6ff7680bd493","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":131,"box":{"x":69,"y":483,"width":801,"height":11}},{"id":"12e28f5e-1c74-4bf6-b161-e38331d2ea81","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":131,"box":{"x":69,"y":498,"width":823,"height":11}},{"id":"e830cb2c-8c27-4e31-9d63-cd06445a9941","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":131,"box":{"x":70,"y":513,"width":823,"height":11}},{"id":"4afa8fd7-68dc-4c4d-a6bd-256cf76de307","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":131,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"08b4c2c7-5032-44df-aa66-1350ad3e88ce","block_type":"box","text":"paid to non-corporate shareholders provided certain other requirements are satisfied. The securities lending agent","page_number":131,"box":{"x":70,"y":543,"width":814,"height":12}},{"id":"c075e861-22b4-43c5-a174-78c9722662df","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":131,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"6fe02fab-cc10-42d1-909c-bb9956796fb0","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":131,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"b79c334b-c903-4261-bd0c-1ab7cfeec537","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":131,"box":{"x":70,"y":589,"width":809,"height":11}},{"id":"10819d1c-eb56-428e-afbb-f71ad5e36ff4","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":131,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"3c5bd5ca-e94c-44eb-9d7c-07e6a30d9ec4","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":131,"box":{"x":69,"y":619,"width":731,"height":11}},{"id":"d8a353ed-cf43-40fe-8376-657cd8527f83","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of","page_number":131,"box":{"x":102,"y":642,"width":800,"height":11}},{"id":"cd80b2d6-cdfd-42e0-b276-53352e9fabe3","block_type":"box","text":"their affiliates to include in certain financial contracts, including many securities lending agreements, terms that","page_number":131,"box":{"x":68,"y":657,"width":802,"height":11}},{"id":"bf1db37a-7bbd-443e-a4d1-ec95113b177f","block_type":"box","text":"delay or restrict the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon","page_number":131,"box":{"x":69,"y":672,"width":783,"height":11}},{"id":"0bb056ec-d88b-476d-abec-fb4960d139c0","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or","page_number":131,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"27e46176-ec32-45c1-8357-d3d7452407c1","block_type":"box","text":"its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these","page_number":131,"box":{"x":70,"y":702,"width":747,"height":12}},{"id":"02e10a12-e49d-4295-911a-71be26685ffe","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":131,"box":{"x":69,"y":718,"width":806,"height":11}},{"id":"bf99346b-ec6b-424e-9fc5-d373eb6b6637","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":131,"box":{"x":69,"y":732,"width":808,"height":12}},{"id":"058c9a5b-adac-4b42-9815-8ee2e1ff1eca","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":131,"box":{"x":69,"y":748,"width":839,"height":11}},{"id":"5df70a18-603d-438e-a44b-29a6d560e37f","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Certain Funds expect to provide","page_number":131,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"105783a0-0064-4b56-b93f-cfbc57256469","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":131,"box":{"x":69,"y":778,"width":794,"height":11}},{"id":"81c4429c-366f-4853-aff9-fa703f2fdb32","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":131,"box":{"x":69,"y":793,"width":371,"height":11}},{"id":"f4d56040-2982-4020-893c-7a3340a65f79","block_type":"box","text":"Short Sales.","page_number":131,"box":{"x":101,"y":816,"width":89,"height":9}},{"id":"6b6f440f-54c4-4006-b973-5cd62e72ffdd","block_type":"box","text":"Certain Funds may make short sales of securities, either as a hedge against potential declines in","page_number":131,"box":{"x":196,"y":816,"width":696,"height":11}},{"id":"f08cb3ee-968e-4d3d-b1f8-23f2793f5f80","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":131,"box":{"x":68,"y":831,"width":821,"height":11}},{"id":"248b7887-ce1b-4b58-8e31-d6d3e874bb46","block_type":"box","text":"Certain Funds have a fundamental investment restriction prohibiting short sales of securities unless they are","page_number":131,"box":{"x":69,"y":846,"width":778,"height":11}},{"id":"2b0799b5-d60a-4df7-9622-4af0681a7ef4","block_type":"box","text":"“against-the-box.” In a short sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":131,"box":{"x":70,"y":861,"width":831,"height":11}},{"id":"c5dd5531-5dfb-4b20-abcf-b9ce1f49d2ea","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a short sale, it borrows","page_number":131,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"52eb1808-c3de-4227-913f-21b42e2bf8dc","block_type":"box","text":"the security sold short and delivers it to the broker-dealer through which it made the short sale. A Fund may have to","page_number":131,"box":{"x":68,"y":891,"width":828,"height":12}},{"id":"1a493721-4407-426e-aa01-f3d197a916a7","block_type":"box","text":"II-71","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"301b6897-5638-4236-be2f-0dbc370f31a5","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ebc2ef3-f6ac-4185-9bfe-34beefe55b7a","block_type":"box","text":"pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed","page_number":132,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"2165fc5a-9d44-415f-ac4d-2ada68bd245d","block_type":"box","text":"securities to the lender of the securities.","page_number":132,"box":{"x":69,"y":60,"width":289,"height":9}},{"id":"ad109d13-9211-49b6-86c9-8eea1764f247","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":132,"box":{"x":101,"y":83,"width":772,"height":11}},{"id":"b2fdcbe8-6a93-4b93-941a-61ba92fa7425","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":132,"box":{"x":69,"y":98,"width":795,"height":11}},{"id":"70186b33-586c-46ab-96b2-435f6ee60b1d","block_type":"box","text":"uncovered short positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":132,"box":{"x":69,"y":113,"width":801,"height":11}},{"id":"26780903-68fb-4d48-b935-3ee22c504168","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":132,"box":{"x":69,"y":128,"width":830,"height":11}},{"id":"42bc7a1f-9ebb-4f8f-b607-141c07188851","block_type":"box","text":"market value of the security sold short. Depending on arrangements made with the broker-dealer from which the Fund","page_number":132,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"452302ec-653b-42a0-8206-bd73a9beefbc","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":132,"box":{"x":69,"y":158,"width":770,"height":11}},{"id":"a8c4c08b-600c-4ff8-a0ea-2289f3eb5b70","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":132,"box":{"x":70,"y":173,"width":568,"height":11}},{"id":"1403a8df-d7db-47df-927c-afc6481a7956","block_type":"box","text":"Because making short sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":132,"box":{"x":102,"y":196,"width":806,"height":11}},{"id":"50fef678-19d2-4046-bd27-6281c0a3b178","block_type":"box","text":"securities, such short sales involve speculative exposure risk. A Fund will incur a loss as a result of a short sale if","page_number":132,"box":{"x":69,"y":211,"width":817,"height":11}},{"id":"d014f2e1-5759-40b0-95cc-11318ed89b07","block_type":"box","text":"the price of the security increases between the date of the short sale and the date on which the Fund replaces the","page_number":132,"box":{"x":68,"y":226,"width":819,"height":11}},{"id":"a06b5268-5d17-48fc-b51d-ff8fa9c4eb93","block_type":"box","text":"borrowed security. As a result, if a Fund makes short sales in securities that increase in value, it will likely","page_number":132,"box":{"x":69,"y":241,"width":758,"height":11}},{"id":"b90c3cc1-f34c-4562-a5fa-7b1b5ea062f5","block_type":"box","text":"underperform similar mutual funds that do not make short sales in securities. A Fund will realize a gain on a short","page_number":132,"box":{"x":69,"y":256,"width":817,"height":12}},{"id":"63c45938-114b-4d2d-a9a7-eb4d31c3c4b9","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":132,"box":{"x":69,"y":271,"width":800,"height":12}},{"id":"021cc926-9a01-44f7-a2c1-b4b86407ad33","block_type":"box","text":"close out a short sale position at any particular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":132,"box":{"x":69,"y":287,"width":818,"height":11}},{"id":"2d64a33f-7e0e-48d2-a92e-fe5daa384287","block_type":"box","text":"the price at which it sold the security short, its potential loss is limited only by the maximum attainable price of the","page_number":132,"box":{"x":68,"y":302,"width":821,"height":11}},{"id":"1885ad2b-591f-4ee2-9149-3ba0a07afac5","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":132,"box":{"x":69,"y":317,"width":640,"height":11}},{"id":"16f3c961-a1aa-4b4c-96b5-a43270dbc0eb","block_type":"box","text":"A Fund may also make short sales “against the box” without being subject to such limitations.","page_number":132,"box":{"x":101,"y":340,"width":673,"height":11}},{"id":"6400dcce-887d-4b7a-bfd2-db24ad0e7273","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its short sale","page_number":132,"box":{"x":101,"y":362,"width":721,"height":11}},{"id":"cb5429cd-ac3d-4641-be5b-bd57bdc8dee0","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":132,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"35968b58-38ad-41f8-bfe4-bfba24e04bec","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":132,"box":{"x":70,"y":392,"width":489,"height":12}},{"id":"d68e7959-cb24-4949-8c4e-eb0c1078ff84","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":132,"box":{"x":101,"y":415,"width":293,"height":11}},{"id":"9096cab9-5272-4fc8-b157-4754cd21fbb2","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":132,"box":{"x":400,"y":415,"width":504,"height":11}},{"id":"f6a91e53-94f5-4e9d-8491-6ec9af2d4a67","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":132,"box":{"x":69,"y":430,"width":791,"height":11}},{"id":"c461d0d6-2fff-40d6-90da-f9e610f3494f","block_type":"box","text":"potential acquisition opportunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":132,"box":{"x":70,"y":445,"width":793,"height":12}},{"id":"232f3761-3ceb-4cbd-8109-59dbd1ad7710","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":132,"box":{"x":70,"y":460,"width":824,"height":12}},{"id":"73e6b5a8-0d82-49b2-88d1-122ee8431b7e","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":132,"box":{"x":69,"y":475,"width":821,"height":12}},{"id":"7c8a9639-3f18-4c9a-b45a-791d43664660","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":132,"box":{"x":69,"y":491,"width":768,"height":11}},{"id":"8711a743-12eb-43a6-be32-729742cc74b7","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":132,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"727b09a6-9367-43dc-96b7-331b3bf8d9bc","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition opportunity.","page_number":132,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"953613c2-f0cb-4038-86d7-b219ba7b2f59","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":132,"box":{"x":70,"y":536,"width":797,"height":11}},{"id":"50c23429-9ef5-402f-9c30-02be05a23e4c","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":132,"box":{"x":69,"y":551,"width":795,"height":11}},{"id":"1eb662ae-615f-4f12-9dc5-f971b384f8d2","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":132,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"0d31b18c-da31-47fe-9902-7cdee7423c8d","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become worthless. Because SPACs and similar","page_number":132,"box":{"x":68,"y":581,"width":794,"height":11}},{"id":"8d55bc95-9f83-4a1e-b079-df5de1503977","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":132,"box":{"x":69,"y":597,"width":820,"height":11}},{"id":"6ad26713-f8fe-4342-bc7b-37595236f9cc","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is","page_number":132,"box":{"x":68,"y":612,"width":817,"height":11}},{"id":"8b63fbc7-3ab5-46bd-aee4-1a354dabef16","block_type":"box","text":"particularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":132,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"88b9fc3f-c815-4750-8fd5-c39772891b8f","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":132,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"7619e73a-2d05-4aa0-86bd-5fbb496ecdc4","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":132,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"3beec799-ac78-4694-9047-07dae89e3579","block_type":"box","text":"certain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":132,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"55506035-9e93-4f9e-93bc-1ec232aaa9c5","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":132,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"4edf4374-c3e3-42eb-ac37-d07e6e1f107d","block_type":"box","text":"Standby Commitment Agreements.","page_number":132,"box":{"x":101,"y":710,"width":255,"height":11}},{"id":"db589c7c-f9e6-492f-b21e-c33e0158cac5","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":132,"box":{"x":362,"y":710,"width":511,"height":11}},{"id":"d0ea9b7b-bfe8-43c2-a641-a4a12a243908","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":132,"box":{"x":68,"y":725,"width":834,"height":11}},{"id":"ce29bcb2-755c-4b2a-89b9-b1fca284e5d9","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":132,"box":{"x":68,"y":740,"width":831,"height":11}},{"id":"43a1f159-dc6d-4d5f-ab51-cfe44492cbd9","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":132,"box":{"x":70,"y":755,"width":819,"height":11}},{"id":"ceffa6eb-95b2-41c2-97e0-0f32bad0f7ef","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":132,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"6aa8d8d9-7bbe-48a1-aacf-930217b1ac77","block_type":"box","text":"advantageous to the Fund.","page_number":132,"box":{"x":69,"y":786,"width":188,"height":11}},{"id":"2f38b483-964d-4850-82cb-72bd8e938662","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":132,"box":{"x":101,"y":808,"width":800,"height":11}},{"id":"da933bea-4430-460a-9c98-798613e31223","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":132,"box":{"x":68,"y":823,"width":816,"height":11}},{"id":"40d252ee-5fb7-4027-bc24-9c9462ef9f40","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":132,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"5843de1a-91f4-4e1c-9a7f-8c4f023635fe","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":132,"box":{"x":69,"y":853,"width":828,"height":12}},{"id":"c14e213f-3da4-4049-b9b2-8945ce8b4f42","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":132,"box":{"x":101,"y":876,"width":785,"height":11}},{"id":"12b97bbc-b4ea-4da6-8449-392853949eb3","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":132,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"e501e906-19e8-4e26-aa66-cbbad42e0b71","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":132,"box":{"x":68,"y":906,"width":815,"height":12}},{"id":"efea7975-c90d-4e13-a668-58873b6584b0","block_type":"box","text":"II-72","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ca76bba0-ae22-4546-ae4b-8d6c483b11b8","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79e101b4-e9ad-4b98-bc70-71403590993f","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":133,"box":{"x":69,"y":45,"width":792,"height":11}},{"id":"77259d10-5e28-4b99-9b46-32717d022f0d","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":133,"box":{"x":70,"y":60,"width":415,"height":11}},{"id":"62ce6a4b-a2ec-40dd-b71f-915421436c5e","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":133,"box":{"x":102,"y":83,"width":789,"height":11}},{"id":"5585698b-ce3f-4e3e-bd4d-51834519e760","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":133,"box":{"x":69,"y":98,"width":814,"height":11}},{"id":"645f377b-e7b0-41cc-bb87-77082fd00dcc","block_type":"box","text":"portfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":133,"box":{"x":70,"y":113,"width":827,"height":11}},{"id":"3c5e9f3a-8029-4b35-9ea2-6f118e1ff3a8","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":133,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"14736bc6-ca7f-4c74-8751-6c5e3a6b1b12","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":133,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"13128083-b663-46f9-9dcd-15eb79ccac1a","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":133,"box":{"x":69,"y":158,"width":578,"height":11}},{"id":"28142c9d-4783-4f11-8b16-a95cfd4bc6c7","block_type":"box","text":"Stripped Securities.","page_number":133,"box":{"x":101,"y":181,"width":143,"height":11}},{"id":"f390ca15-56e6-4999-8cf6-db1694a742ec","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":133,"box":{"x":251,"y":181,"width":596,"height":11}},{"id":"0404e6fe-f272-4950-b6dd-4fcba4fe2096","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":133,"box":{"x":69,"y":196,"width":839,"height":11}},{"id":"d3382024-efe8-4026-adfd-7c046a349f7f","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":133,"box":{"x":70,"y":211,"width":818,"height":11}},{"id":"730aa2c1-83ab-4ea6-980d-bc137ec06689","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":133,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"a20ec632-ffa5-4df8-90a9-d86f7244d2a4","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":133,"box":{"x":70,"y":241,"width":777,"height":11}},{"id":"87560dc6-a4c0-4b20-a1c9-ddae9fa5f8d8","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":133,"box":{"x":70,"y":257,"width":802,"height":11}},{"id":"ed8c1bd0-1476-403c-9399-e554033064c7","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":133,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"88f56486-2b22-43ba-a214-fba684fb6735","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":133,"box":{"x":70,"y":286,"width":837,"height":12}},{"id":"68461b1b-a0d0-4048-adaa-147ae8458506","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":133,"box":{"x":68,"y":302,"width":823,"height":11}},{"id":"4408f709-ca28-45b0-842e-f6cb478360b9","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":133,"box":{"x":69,"y":317,"width":494,"height":11}},{"id":"e078b7f5-c195-4467-8c5f-b061c9cddeb0","block_type":"box","text":"Structured Notes.","page_number":133,"box":{"x":101,"y":340,"width":130,"height":8}},{"id":"f849b4f2-2d22-4985-950d-b21fd1286e7c","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":133,"box":{"x":237,"y":340,"width":650,"height":11}},{"id":"89dbdcae-621e-42ea-ba6f-71d068e16939","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a","page_number":133,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"6b90f104-0560-4982-95fd-2ca01333d9ac","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes include","page_number":133,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"5950d85f-bc3c-4586-bdf4-02d9659545f4","block_type":"box","text":"corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may increase","page_number":133,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"d4fd2d97-49db-46aa-bded-96f4d8625cfc","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":133,"box":{"x":69,"y":400,"width":809,"height":11}},{"id":"5ebea79b-7b3f-4717-92c7-58b837f485bc","block_type":"box","text":"provide that, in certain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested","page_number":133,"box":{"x":70,"y":415,"width":830,"height":11}},{"id":"d0931a21-6270-4e66-9781-f234b969c7d0","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":133,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"ab27c867-9e94-4bc2-89c2-fa968f554805","block_type":"box","text":"depending on a variety of factors, including the volatility of the reference measure.","page_number":133,"box":{"x":69,"y":445,"width":585,"height":12}},{"id":"5a155f23-77fc-4eb2-b90b-50a7a2d0f975","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":133,"box":{"x":102,"y":468,"width":768,"height":11}},{"id":"0b849a6c-4f4e-4d87-b92b-6dae68be8f13","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":133,"box":{"x":70,"y":483,"width":821,"height":11}},{"id":"4a23fe9b-651c-4dfb-8853-5eec7d727575","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":133,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"7a4be9a3-e27b-4d56-8b1c-a9860ed395f7","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":133,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"edf12b4b-c567-430c-ad7e-db270a6011c6","block_type":"box","text":"the risk of loss.","page_number":133,"box":{"x":68,"y":528,"width":110,"height":9}},{"id":"ed281c64-5103-43b3-a8a6-cce494f0b7de","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":133,"box":{"x":101,"y":551,"width":759,"height":11}},{"id":"4980b0b1-7fae-462e-a580-467c2d4d003d","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":133,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"cd2cddb4-967f-443f-9dd9-256b27e410ba","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":133,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"6cd8ec54-67f8-4800-a495-79ff77e2bced","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":133,"box":{"x":70,"y":596,"width":821,"height":12}},{"id":"25da4246-44b0-4ac3-85f7-f25465002f40","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":133,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"1f49b2da-744a-4e09-97dc-7395e98e8a92","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":133,"box":{"x":70,"y":627,"width":618,"height":11}},{"id":"aeef0460-9f71-4408-a23a-3942c3b83b5b","block_type":"box","text":"Taxability Risk.","page_number":133,"box":{"x":103,"y":649,"width":109,"height":11}},{"id":"fa64da34-6bca-4aa8-817e-9ea4d8c61c6f","block_type":"box","text":"Certain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":133,"box":{"x":218,"y":649,"width":644,"height":12}},{"id":"13d2726d-ca4c-4d72-9a36-2b17b157a4a5","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":133,"box":{"x":70,"y":664,"width":817,"height":12}},{"id":"b4e4328e-8f85-43ce-9a7b-2572e91fb075","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":133,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"d46a8246-b696-44da-bea2-075163824a29","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":133,"box":{"x":69,"y":695,"width":835,"height":11}},{"id":"e7d00c1b-4f5c-4ac6-a866-3b336d6e0645","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":133,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"58314e82-7025-4710-a19d-82bb0ede9bbf","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":133,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"fad4b707-cc1d-494e-b4e5-32e447fc512b","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":133,"box":{"x":69,"y":740,"width":816,"height":11}},{"id":"5fa70a05-f837-4249-a00f-06cade17aac9","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":133,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"9c3166f3-7c52-4253-9b7c-7435cc2f1e13","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":133,"box":{"x":70,"y":770,"width":818,"height":11}},{"id":"073575e4-6fd5-4c22-aa76-cd2415192535","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":133,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"4b65f672-47c4-4d67-b36c-9172695c2900","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal","page_number":133,"box":{"x":70,"y":801,"width":765,"height":11}},{"id":"e2683348-f345-4cf6-95df-56e046cbaa8a","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":133,"box":{"x":69,"y":816,"width":834,"height":11}},{"id":"97f065ce-a20a-45a4-bb85-131befc89b94","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":133,"box":{"x":68,"y":831,"width":807,"height":11}},{"id":"201750b1-5295-4133-8f45-382d882286ad","block_type":"box","text":"local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":133,"box":{"x":70,"y":846,"width":830,"height":11}},{"id":"dbfe98bf-a059-42c2-94d6-65fd57792aae","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":133,"box":{"x":68,"y":861,"width":838,"height":11}},{"id":"b31ed686-a071-47b8-b80b-3a5185953ec9","block_type":"box","text":"the value of an investment in the Fund.","page_number":133,"box":{"x":68,"y":876,"width":278,"height":9}},{"id":"e9c3f45d-9807-4c2d-a5d2-363f42d484ba","block_type":"box","text":"II-73","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"60a5181c-4c92-45d2-9b94-5fabe65633f2","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1595a9a6-c790-433f-9a70-ac5308dc3ff9","block_type":"box","text":"Temporary Defensive Measures.","page_number":134,"box":{"x":103,"y":45,"width":230,"height":11}},{"id":"3f54814b-a33c-4d2b-af19-d38043cc1076","block_type":"box","text":"As a temporary defensive measure, for example, to respond to adverse market,","page_number":134,"box":{"x":339,"y":45,"width":567,"height":11}},{"id":"7dfbe933-c5e0-41b8-b437-536c40f41e9c","block_type":"box","text":"economic, political or other conditions, if its Manager determines that market conditions warrant, a Fund may depart","page_number":134,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"1c60f9aa-ca7c-4dba-9369-e810ab9efe02","block_type":"box","text":"from its principal investment strategies and may invest without limitation in high quality money market instruments.","page_number":134,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"5da836a7-41c3-4d90-9e3c-b78348bc968e","block_type":"box","text":"Certain Funds may also invest in high quality money market instruments pending investment or to meet anticipated","page_number":134,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"b6f154f0-4b8d-4d07-9af4-33a4d434c204","block_type":"box","text":"redemption requests. High quality money market instruments include U.S. Government obligations, U.S. Government","page_number":134,"box":{"x":69,"y":105,"width":832,"height":11}},{"id":"c8b03c7b-d373-4cfa-9ca0-aac714a999fe","block_type":"box","text":"agency obligations, dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries","page_number":134,"box":{"x":69,"y":120,"width":815,"height":12}},{"id":"9d3ee6db-b5f3-4d35-b499-8e75cbaacbd4","block_type":"box","text":"and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of","page_number":134,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"b8008465-5db7-4822-8b2c-b01794362d0d","block_type":"box","text":"supranational organizations. Generally, such obligations will mature within one year from the date of settlement, but","page_number":134,"box":{"x":69,"y":150,"width":826,"height":12}},{"id":"f157ce8e-c21d-4fd7-9a85-fceec16e0cd9","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":134,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"8d1bd3a9-b2c9-4c46-be07-b79d875ee125","block_type":"box","text":"to achieve its investment objective.","page_number":134,"box":{"x":68,"y":181,"width":251,"height":11}},{"id":"1e10564e-b78b-46ca-9221-a5e4049dfb2d","block_type":"box","text":"U.S. Government Obligations.","page_number":134,"box":{"x":102,"y":203,"width":213,"height":11}},{"id":"97e379d4-ce6b-4ea6-98fa-9437a27709d7","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":134,"box":{"x":321,"y":203,"width":566,"height":12}},{"id":"bd47d248-8bd2-4e78-b589-f956edb10bbe","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of certain agencies and instrumentalities of the","page_number":134,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"fc543741-bd22-4b84-83c1-5d0d872938de","block_type":"box","text":"U.S. Government are supported by the full faith and credit of the U.S. Treasury. Others are supported by the right of","page_number":134,"box":{"x":70,"y":234,"width":826,"height":11}},{"id":"e3d5d2e4-ae53-4e3c-9b1a-938621be7647","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are supported only by the credit of the agency or","page_number":134,"box":{"x":68,"y":249,"width":779,"height":11}},{"id":"08841989-426d-4abb-9fe2-7f991a7edc0d","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":134,"box":{"x":70,"y":264,"width":798,"height":11}},{"id":"b4a03df0-4883-4846-87a3-7635158c5545","block_type":"box","text":"support to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Certain U.S. Treasury","page_number":134,"box":{"x":69,"y":279,"width":822,"height":11}},{"id":"2fa4ab3f-687e-469c-bb13-2276bff0b19a","block_type":"box","text":"and agency securities may be held by trusts that issue participation certificates (such as Treasury income growth","page_number":134,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"5b02e305-dc5c-4c84-99df-2d73bf5656ba","block_type":"box","text":"receipts and certificates of accrual on Treasury certificates). These certificates, as well as Treasury receipts and","page_number":134,"box":{"x":69,"y":309,"width":805,"height":11}},{"id":"c35b0327-07e1-419f-804c-47a7b803f267","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":134,"box":{"x":69,"y":324,"width":807,"height":11}},{"id":"54a84ab4-6e04-4862-9013-42b741a882e0","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":134,"box":{"x":70,"y":339,"width":832,"height":12}},{"id":"4b202fcb-9f40-4144-a70e-cdac912f49d1","block_type":"box","text":"and may (particularly in the case of stripped mortgage-backed securities) exhibit greater price volatility than ordinary","page_number":134,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"44788307-dcf2-427f-b300-647ae27330bb","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":134,"box":{"x":69,"y":370,"width":716,"height":11}},{"id":"8e9ed53d-27e7-4727-9a44-e894929bcd51","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":134,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"2922c4f0-8603-4d26-a437-b10d962eaf47","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":134,"box":{"x":68,"y":407,"width":785,"height":12}},{"id":"fb0eb86d-2b6e-4d30-aa0c-d345de399476","block_type":"box","text":"Administration, Export-Import Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":134,"box":{"x":68,"y":423,"width":813,"height":11}},{"id":"d2189eb4-6140-47ff-9cbd-4a0cf01828b2","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":134,"box":{"x":70,"y":438,"width":794,"height":11}},{"id":"1d76940d-79cb-4fc4-9e46-eed2b77fec28","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":134,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"dc6faae3-4b7f-4b4a-abfa-3e177723e122","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":134,"box":{"x":69,"y":468,"width":818,"height":11}},{"id":"4267121e-019c-4b22-b141-16bde8236a97","block_type":"box","text":"Funds may also invest in mortgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":134,"box":{"x":70,"y":483,"width":777,"height":11}},{"id":"8af5bcbe-a406-401f-8885-5ba03b747d37","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":134,"box":{"x":70,"y":498,"width":749,"height":11}},{"id":"e2df2478-8086-4399-9c54-922305de0f2c","block_type":"box","text":"U.S. Treasury Obligations.","page_number":134,"box":{"x":103,"y":521,"width":183,"height":11}},{"id":"eaa4ab4e-1a76-443a-a91f-4e8af3ed23df","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":134,"box":{"x":292,"y":521,"width":593,"height":11}},{"id":"a3a55f1e-fe6d-4f41-89f5-fb44b5e72454","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees","page_number":134,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"4d8965e4-a0aa-47f7-9964-e67d36ee482d","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":134,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"13e3838a-d0b0-424a-9ec8-e9c77d226cce","block_type":"box","text":"that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to","page_number":134,"box":{"x":68,"y":566,"width":823,"height":11}},{"id":"d499c046-cbb6-4919-9f03-458294b04bd6","block_type":"box","text":"do so.","page_number":134,"box":{"x":69,"y":582,"width":42,"height":8}},{"id":"c0130a2b-e1d6-4e41-86c5-b226f1408c47","block_type":"box","text":"U.S. Treasury Rolls","page_number":134,"box":{"x":102,"y":604,"width":139,"height":11}},{"id":"28f1ba66-54e8-4c32-adf9-a84a5cbaa5f2","block_type":"box","text":".","page_number":134,"box":{"x":241,"y":611,"width":3,"height":2}},{"id":"967608f5-acec-4347-87c6-9e64907c8e9e","block_type":"box","text":"Certain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":134,"box":{"x":250,"y":604,"width":656,"height":11}},{"id":"de12478b-67aa-4a16-8b65-fe6d0a7d04eb","block_type":"box","text":"sells a treasury security to a counterparty with a simultaneous agreement to repurchase the same security at an","page_number":134,"box":{"x":69,"y":619,"width":804,"height":11}},{"id":"b841745c-8535-4513-9968-51d305c4f94f","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":134,"box":{"x":69,"y":634,"width":820,"height":12}},{"id":"cc07ab96-73f7-4500-b7b8-0c3329783a0f","block_type":"box","text":"maturity of a Fund’s portfolio and increase the interest yield on the Fund’s portfolio by extending the average maturity","page_number":134,"box":{"x":69,"y":649,"width":840,"height":12}},{"id":"9d2eb6b2-5b19-44db-b651-5792f571133a","block_type":"box","text":"of the portfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":134,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"bfd39330-c214-46e9-b25a-7901bad3ccc7","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":134,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"fccf14fd-a4b8-4b9d-b91a-d299823874ef","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an opportunity loss if the counterparty","page_number":134,"box":{"x":69,"y":695,"width":829,"height":11}},{"id":"acba4c95-af06-4af1-b68e-beb2e4ae37b2","block_type":"box","text":"to the U.S. Treasury roll transaction failed to perform its obligations on the settlement date.","page_number":134,"box":{"x":68,"y":710,"width":657,"height":11}},{"id":"84d3eda1-9798-4202-b618-8c08cec78964","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":134,"box":{"x":101,"y":732,"width":756,"height":12}},{"id":"4dfee0a5-e3f3-408a-9a7e-a30317b4af90","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":134,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"84b0c011-2c92-4b4c-b054-f408c845d584","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":134,"box":{"x":70,"y":763,"width":617,"height":11}},{"id":"f36ebf37-d190-4d00-8664-97ac4390ea39","block_type":"box","text":"Utility Industries.","page_number":134,"box":{"x":102,"y":786,"width":124,"height":11}},{"id":"6f884971-7731-47d0-9145-532d33aae18b","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":134,"box":{"x":233,"y":785,"width":674,"height":12}},{"id":"5059911e-962b-4222-b965-70d1763d3362","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":134,"box":{"x":69,"y":801,"width":812,"height":11}},{"id":"724fbe79-b9be-45ac-b4b3-83e58b40efca","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":134,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"bc2ac0b7-0280-4771-96ee-9635c0cd14db","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":134,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"b3a61e4f-5a5d-4ed0-8c9f-d142010cc765","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":134,"box":{"x":68,"y":846,"width":815,"height":11}},{"id":"72412426-c515-4eb6-9488-79bffbd1b37f","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of certain types of fuel, occasional reduced","page_number":134,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"6cdcf87b-2a8f-494c-bfa5-aca3c813f070","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":134,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"9fa8be70-74df-4ac3-9212-aa732d8e1414","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":134,"box":{"x":69,"y":891,"width":774,"height":12}},{"id":"abf0372b-dc85-4d76-9998-7e96ee41a7ad","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":134,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"39227a2c-ae67-4f3a-b9b5-029a617fcd4b","block_type":"box","text":"II-74","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6b7f95b4-0b10-4f06-92cd-f576035e3a20","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8965781d-d2fd-4273-ab97-5654e1d7abab","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":135,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"4f6dc131-210d-4a8d-9013-285b54a2c706","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":135,"box":{"x":68,"y":60,"width":827,"height":11}},{"id":"1fb405ac-34c9-41bf-a50e-ed44d89b9e3a","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":135,"box":{"x":69,"y":75,"width":761,"height":11}},{"id":"27703fbb-b323-41a8-aa28-413cf5498702","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":135,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"e847021b-f4a7-4e75-a437-40cfa80108e0","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":135,"box":{"x":69,"y":105,"width":777,"height":11}},{"id":"05d975a2-7cf1-4940-ae28-fe922aa7934c","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Certain of the issuers of securities","page_number":135,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"6fac586b-6ee5-4cea-b704-d41682a909db","block_type":"box","text":"held in the Fund’s portfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":135,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"7939ccf7-a51c-4d1f-b08c-5c4e344e24f9","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":135,"box":{"x":68,"y":151,"width":778,"height":11}},{"id":"4ad6a6d0-455f-43d8-b796-d42f505ee32b","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":135,"box":{"x":69,"y":166,"width":808,"height":11}},{"id":"6f971e96-b491-4821-b0cb-54fe81d831a6","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, particularly a hydro-based electric","page_number":135,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"e4f128b5-a660-44e1-9b7c-5d8a2b5a34f4","block_type":"box","text":"utility.","page_number":135,"box":{"x":69,"y":196,"width":39,"height":11}},{"id":"fec522ac-be6e-4ea1-8251-83c40eb7572b","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":135,"box":{"x":102,"y":218,"width":789,"height":12}},{"id":"421654a5-c6c0-42e3-a878-2577503059ca","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":135,"box":{"x":69,"y":234,"width":790,"height":11}},{"id":"fea19e02-78f1-4f78-b3a4-f0bd74bd60ba","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":135,"box":{"x":69,"y":249,"width":811,"height":11}},{"id":"405cf01d-b6ac-40b9-be43-bd11fcc9a56a","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":135,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"17e5a301-5178-4d0b-b24b-5c24a0126848","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":135,"box":{"x":68,"y":279,"width":781,"height":11}},{"id":"50388ce5-8fab-4ae4-a9f1-93941743f903","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":135,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"bc6ab61e-fcdb-4c34-8c51-d428e84cab9e","block_type":"box","text":"continue in the future.","page_number":135,"box":{"x":69,"y":309,"width":156,"height":9}},{"id":"16fa18a4-4cff-4472-ba21-170e19dfda6f","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":135,"box":{"x":101,"y":332,"width":763,"height":11}},{"id":"6aec1ac8-a4ca-43c2-963b-0f75563a3495","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":135,"box":{"x":69,"y":347,"width":820,"height":11}},{"id":"255f8d11-27ea-42f9-8a62-a01990319d84","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":135,"box":{"x":70,"y":362,"width":834,"height":11}},{"id":"9a525f12-ada2-4564-8cf7-2a9a6519d3df","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":135,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"a666a38f-d371-4384-bc18-a754c7fde509","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":135,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"9f48b67c-32d1-4050-a93d-0b04e1890f0b","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant part of their","page_number":135,"box":{"x":68,"y":407,"width":809,"height":12}},{"id":"e1293e04-d3ab-4989-a7b8-f6e5cfae13f4","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in certain","page_number":135,"box":{"x":69,"y":423,"width":834,"height":11}},{"id":"9c50520f-4bd4-45e2-b632-df364d2832aa","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":135,"box":{"x":69,"y":438,"width":825,"height":11}},{"id":"98eae303-1c46-4751-8ca7-f24a73cda8bd","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":135,"box":{"x":68,"y":453,"width":840,"height":11}},{"id":"89dc80f4-7ab2-4e6c-b630-d6480fdef136","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":135,"box":{"x":69,"y":468,"width":796,"height":11}},{"id":"7e53e878-cc07-4a22-9571-38828a302f18","block_type":"box","text":"rates. The Manager seeks to take advantage of favorable investment opportunities that may arise from these","page_number":135,"box":{"x":69,"y":483,"width":780,"height":11}},{"id":"6c8aec8c-4225-4a10-9488-fbb836e8133e","block_type":"box","text":"structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":135,"box":{"x":69,"y":498,"width":785,"height":11}},{"id":"176d111f-6cee-424b-8e5c-767c8099d781","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":135,"box":{"x":102,"y":521,"width":720,"height":11}},{"id":"a9e06f3f-0fae-4fc2-b46b-1e3c88ea15a9","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":135,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"dbe8910a-b5c5-4715-82b9-a8b609023aa2","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":135,"box":{"x":68,"y":551,"width":762,"height":11}},{"id":"a97e5262-0261-47f7-99f7-999fad909539","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":135,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"b67f9d9e-016a-4acb-91a6-4e67f154c61e","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":135,"box":{"x":68,"y":581,"width":801,"height":11}},{"id":"7ee30991-d858-4ff3-bf1b-e7cacd8c1ab7","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":135,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"37048988-4ea1-4e76-bdd7-1bee75a47ca8","block_type":"box","text":"ways different from regulation in the United States.","page_number":135,"box":{"x":68,"y":612,"width":365,"height":11}},{"id":"d820478e-44e3-4e94-bef4-c543acef2c8c","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment opportunities","page_number":135,"box":{"x":101,"y":634,"width":745,"height":12}},{"id":"0b9f75d5-1f63-444b-987a-4a69f6f4b663","block_type":"box","text":"throughout the world. For example, the rapid growth of certain foreign economies will necessitate expansion of","page_number":135,"box":{"x":68,"y":649,"width":790,"height":12}},{"id":"c784c45e-e6eb-45c3-8fec-d73a1e39d694","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":135,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"760991d2-d824-4be6-bccd-2c0f1be711b5","block_type":"box","text":"owned, thereby limiting current investment opportunities for a Fund, the Manager believes that, in order to attract","page_number":135,"box":{"x":69,"y":680,"width":810,"height":11}},{"id":"357e07d5-905e-46b6-b67c-a73b6307c38a","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":135,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"4540c575-bb74-4ad1-9eb0-bb9ea801683e","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":135,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"357e8d6e-a19d-42e7-bd0e-3f6566d09837","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":135,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"a07811f9-5bdd-49fb-be4d-a4d28f1ac3de","block_type":"box","text":"assurance that such favorable developments will occur or that investment opportunities in foreign markets will","page_number":135,"box":{"x":69,"y":740,"width":786,"height":11}},{"id":"313531cf-0088-44cf-bb1e-0beb1da5aa99","block_type":"box","text":"increase.","page_number":135,"box":{"x":70,"y":755,"width":63,"height":9}},{"id":"81738542-e50e-40b9-9486-e366913da3c1","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":135,"box":{"x":101,"y":778,"width":793,"height":11}},{"id":"d6d2ead8-c36e-4489-aa93-8cf7920f6d69","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":135,"box":{"x":70,"y":793,"width":821,"height":11}},{"id":"6cd24d21-f82b-420a-abed-28f0889941ec","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":135,"box":{"x":69,"y":808,"width":619,"height":11}},{"id":"023dbeb1-e10c-4107-8052-fd80df3faaa8","block_type":"box","text":"Electric.","page_number":135,"box":{"x":102,"y":831,"width":54,"height":9}},{"id":"8d9c3b9d-1bf0-4a04-8bd8-923486ff72c6","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":135,"box":{"x":163,"y":831,"width":684,"height":11}},{"id":"cde714b6-2630-4c8b-9644-3409b0a1c4b5","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":135,"box":{"x":68,"y":846,"width":793,"height":11}},{"id":"69412fcf-522f-4fff-9541-d3d5a4691442","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":135,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"76732e02-0bab-4274-8cce-3a87aa6bd29f","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":135,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"291e2baa-ce0a-47c7-9c4f-a15f050b1717","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":135,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"cad002c6-6f0d-404a-aa44-eac9da710611","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":135,"box":{"x":69,"y":906,"width":823,"height":12}},{"id":"9926f68e-2746-4290-b339-8df484a3e8b8","block_type":"box","text":"II-75","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f2f8f730-fd70-4441-bc5f-1878d59e0bc4","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71b4c4c9-02a7-4fae-8d48-6cb1bb0cffba","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":136,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"6b61ed1d-4104-4077-9d3a-f9aedb53e7c4","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":136,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"8e71f80f-5a32-40b3-b502-b6111d19ee0e","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":136,"box":{"x":70,"y":75,"width":836,"height":11}},{"id":"d54419d2-5d58-429e-ae0b-0c805f708d04","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":136,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"21c48e02-147c-486f-91f4-6eaedf68bc36","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":136,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"4cbbdd5c-962f-452f-acae-72193c6baf54","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in part with customers. In a period of rising interest","page_number":136,"box":{"x":69,"y":120,"width":819,"height":12}},{"id":"01d3af40-bf2e-4883-8ccd-16edf211f6a5","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":136,"box":{"x":69,"y":135,"width":775,"height":11}},{"id":"1e640da4-14e0-4b0e-a76a-9fc914b572b2","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":136,"box":{"x":69,"y":150,"width":770,"height":12}},{"id":"cb541318-bf80-4110-813f-78c676a84887","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":136,"box":{"x":70,"y":166,"width":826,"height":11}},{"id":"19d1aa29-dd0d-4dbe-9a01-56a298312fc5","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":136,"box":{"x":69,"y":181,"width":800,"height":11}},{"id":"5ed31056-dd2f-48bb-9035-707f3271a750","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":136,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"bdbdc4e9-7fef-4a7d-9454-232660887949","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":136,"box":{"x":68,"y":211,"width":826,"height":11}},{"id":"f9f8d67f-f701-4e50-b820-1da8cd8533b0","block_type":"box","text":"and for decommissioning such plants.","page_number":136,"box":{"x":69,"y":226,"width":270,"height":11}},{"id":"fc2a6f2b-97a3-44dc-a0b4-0ff631008e21","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":136,"box":{"x":101,"y":249,"width":776,"height":11}},{"id":"b4af6ae3-b2f4-49ae-b566-7e14238e1227","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":136,"box":{"x":70,"y":264,"width":802,"height":11}},{"id":"ac39731f-6533-4dc1-b370-f8103a955884","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":136,"box":{"x":69,"y":279,"width":791,"height":11}},{"id":"7c9a2544-597a-4c97-9437-2e4f7593bcf0","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":136,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"015e356a-8166-4427-847f-50ec2be89709","block_type":"box","text":"is expected to be the least competitive and the more regulated part of the business, may see higher ratings given the","page_number":136,"box":{"x":70,"y":309,"width":838,"height":11}},{"id":"747d77a6-52c7-4410-9e2a-c976f62ee192","block_type":"box","text":"greater predictability of cash flow.","page_number":136,"box":{"x":68,"y":324,"width":239,"height":12}},{"id":"2a4dd397-07fd-4768-9307-cfc562f94050","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":136,"box":{"x":101,"y":347,"width":801,"height":11}},{"id":"5bd5880b-0f42-4604-80e4-82f4246a888a","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":136,"box":{"x":68,"y":362,"width":821,"height":11}},{"id":"d03b673c-a646-40e6-98d7-1bbe8f5ea989","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":136,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"8ac2aab2-5b4f-4a4f-969f-aa0e284416a8","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":136,"box":{"x":68,"y":393,"width":815,"height":11}},{"id":"7772f204-fcc0-4b25-81d0-dc0748d95cd0","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":136,"box":{"x":68,"y":408,"width":803,"height":11}},{"id":"92945339-c13e-4f14-8814-3298518a4fa6","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":136,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"50c45824-541f-44fb-9485-8aaa0dc5905e","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":136,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"a7fef440-07d8-4d54-8de5-efd0423d4d4d","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":136,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"b0a4a29a-0742-4666-a41a-c92bc4072bd8","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":136,"box":{"x":69,"y":468,"width":700,"height":11}},{"id":"98ecd75b-cec9-42b0-b99d-4dc91059f51c","block_type":"box","text":"Telecommunications.","page_number":136,"box":{"x":103,"y":491,"width":147,"height":9}},{"id":"00f0b7a2-0e74-409e-be13-18b6c9ed214b","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":136,"box":{"x":256,"y":491,"width":652,"height":11}},{"id":"10e95224-1476-47ec-a447-3f3a62d5376c","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":136,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"2ff654cd-33f3-438c-9e9b-9a41810a824d","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":136,"box":{"x":70,"y":521,"width":782,"height":11}},{"id":"f6dc6051-1f55-4f76-a720-5905b81e3c8d","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":136,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"9f13a69f-7d60-4238-8f87-dc2bfcef44e0","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":136,"box":{"x":69,"y":551,"width":784,"height":11}},{"id":"329dc435-cad7-410f-8dd2-c67a8d193ea2","block_type":"box","text":"networks still comprise the greatest portion of this segment, but non-regulated activities such as wireless telephone","page_number":136,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"217ab6c3-0b68-4210-8aa0-47018092e861","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":136,"box":{"x":69,"y":581,"width":790,"height":12}},{"id":"268ce4ba-54ed-4bd8-aa45-c4d99127e88f","block_type":"box","text":"internet services are becoming increasingly significant components as well. In particular, wireless and internet","page_number":136,"box":{"x":70,"y":596,"width":788,"height":12}},{"id":"25df63e8-385b-433a-a9fe-92a62f9efdbf","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":136,"box":{"x":68,"y":612,"width":825,"height":11}},{"id":"c59526d9-749e-4f74-a956-65c075c6c12e","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":136,"box":{"x":69,"y":627,"width":823,"height":11}},{"id":"1f37cbea-d27c-4199-8e27-479d31b6ae29","block_type":"box","text":"regulated businesses provide significant investment opportunities with companies that may increase their earnings","page_number":136,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"a8aae841-1557-4107-a189-01807924b829","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":136,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"bcbe55d8-cc9a-47cb-87ad-1d9a800c7475","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":136,"box":{"x":70,"y":672,"width":821,"height":11}},{"id":"34d4d47e-b142-4968-9bde-6470cfd08b00","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":136,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"e97afca4-710b-42c4-a177-e75ad0d37278","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":136,"box":{"x":68,"y":702,"width":804,"height":12}},{"id":"4264b967-3ffa-40ad-8f31-915c729661bf","block_type":"box","text":"residential, corporate and governmental customers.","page_number":136,"box":{"x":69,"y":718,"width":367,"height":11}},{"id":"e91a4648-c178-4032-84d1-88e5cd1ab3b5","block_type":"box","text":"Gas.","page_number":136,"box":{"x":102,"y":740,"width":31,"height":9}},{"id":"74cb60e8-fc54-4f17-a25e-4ee4bc66feac","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":136,"box":{"x":139,"y":740,"width":740,"height":11}},{"id":"b04b7043-0c84-4e97-9288-c719053ea425","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":136,"box":{"x":70,"y":755,"width":834,"height":11}},{"id":"07402b71-02d4-4b24-9689-bbdb70fd83ab","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":136,"box":{"x":70,"y":770,"width":756,"height":12}},{"id":"aa2f1982-3f02-443d-9517-3de29b04292a","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":136,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"af5668d6-b259-4410-bc0e-63ea467fdd07","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":136,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"25f7c771-feef-4f10-88e9-d6162937a3ba","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":136,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"aa987420-b63d-4965-ae3e-1cd52a1c0e2c","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":136,"box":{"x":69,"y":831,"width":782,"height":11}},{"id":"1088363d-a32b-4071-a057-75331b293a75","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":136,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"eb1723b5-d569-4eda-b6ea-1c58c86e591c","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":136,"box":{"x":70,"y":861,"width":691,"height":11}},{"id":"d1b17465-5369-46a0-9517-1ef68dd06461","block_type":"box","text":"Water.","page_number":136,"box":{"x":103,"y":884,"width":42,"height":9}},{"id":"7f51bc24-c760-4ea2-84ff-f0f28509e504","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":136,"box":{"x":151,"y":884,"width":754,"height":11}},{"id":"4f9cbf75-4928-4bc0-9938-81e35ffdbfb4","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":136,"box":{"x":69,"y":899,"width":796,"height":11}},{"id":"e890652f-8a8c-48f9-814f-039190c73610","block_type":"box","text":"II-76","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ae930855-2d82-4d4e-a79c-51027ed42da6","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c40b57a4-67cf-4e16-a6d2-ab2c2d5f5f2f","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":137,"box":{"x":69,"y":45,"width":806,"height":11}},{"id":"2d8b37f0-0726-4a14-b563-5b1097ead3e7","block_type":"box","text":"opinion of the Manager, there may be opportunities for certain companies to acquire other water utility companies","page_number":137,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"63e94267-dbf0-49f5-a1fa-dafcfd402049","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment opportunities","page_number":137,"box":{"x":69,"y":75,"width":808,"height":11}},{"id":"556531b9-fe88-448e-960e-fafb14da6207","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":137,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"36833e35-c845-4093-af15-ceeb4f75f25a","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":137,"box":{"x":69,"y":105,"width":662,"height":11}},{"id":"ad5a06da-1cc1-41f8-90c5-855858418047","block_type":"box","text":"Utility Industries Generally.","page_number":137,"box":{"x":103,"y":128,"width":186,"height":11}},{"id":"dc37adef-636e-453b-b42c-bb3d7133e59a","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":137,"box":{"x":296,"y":128,"width":584,"height":11}},{"id":"67b6b1ab-d1c3-4c7a-a5f3-ed5e9dc91aee","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":137,"box":{"x":68,"y":143,"width":837,"height":11}},{"id":"29214baa-e665-4c90-aaa0-5923b5a46630","block_type":"box","text":"not develop in the future.","page_number":137,"box":{"x":69,"y":158,"width":178,"height":11}},{"id":"c1268691-8a62-47e4-94cf-5eb324ab688f","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":137,"box":{"x":103,"y":181,"width":585,"height":11}},{"id":"0614e691-8ea3-4285-a2b3-ce929fcfa5f3","block_type":"box","text":"A Fund may purchase or sell","page_number":137,"box":{"x":694,"y":181,"width":200,"height":11}},{"id":"061d5d96-d751-49ea-8dd1-0e73aeb15824","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":137,"box":{"x":69,"y":196,"width":795,"height":11}},{"id":"3e713987-20a7-4031-9aa1-7f108dcb0645","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":137,"box":{"x":69,"y":211,"width":777,"height":11}},{"id":"2628bd39-cdd6-4526-956d-57f02b4d63e7","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":137,"box":{"x":68,"y":226,"width":820,"height":11}},{"id":"83855b5c-974a-45eb-b2ff-5f0f54b3c1bb","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":137,"box":{"x":68,"y":241,"width":807,"height":11}},{"id":"ed453713-51c1-4910-852e-c3f3beaf9b9b","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":137,"box":{"x":70,"y":256,"width":430,"height":12}},{"id":"428634c4-1d3e-4b25-b622-0e87883a7e0c","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":137,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"91ca4268-f1a5-4d95-886c-ea45452fe9ed","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterparty generally will be required to post collateral when entering into","page_number":137,"box":{"x":70,"y":294,"width":823,"height":11}},{"id":"888437d5-8a15-4080-a5d4-6f3924cce163","block_type":"box","text":"certain forward-settling transactions, including without limitation TBA transactions.","page_number":137,"box":{"x":69,"y":309,"width":587,"height":11}},{"id":"fa4567ac-6958-4c3b-a894-5ad4c97b3920","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":137,"box":{"x":101,"y":332,"width":780,"height":11}},{"id":"104acd16-4c1b-435f-babe-ba433b684774","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":137,"box":{"x":70,"y":347,"width":823,"height":11}},{"id":"c99e6b75-6e42-419e-917a-cbc9ce43f5b9","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":137,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"7a86355d-1e11-4183-9b2a-292bf59aaffb","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":137,"box":{"x":68,"y":377,"width":839,"height":11}},{"id":"19379d34-4b41-41ab-9cf4-dde890856fba","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":137,"box":{"x":70,"y":392,"width":824,"height":12}},{"id":"3c7e418a-c58b-4486-ad68-02fb2a2c2b4f","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":137,"box":{"x":102,"y":415,"width":776,"height":11}},{"id":"87d7fe87-e48e-423b-bc2e-471c89c3277d","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":137,"box":{"x":69,"y":430,"width":795,"height":11}},{"id":"b7a3ff52-551a-4cc0-9cad-d8564fb6f8bc","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":137,"box":{"x":69,"y":446,"width":799,"height":11}},{"id":"11a0cf3a-d08d-4ebd-9d5b-c37f8a833ec2","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other party to","page_number":137,"box":{"x":101,"y":468,"width":784,"height":11}},{"id":"608f839b-0463-4f41-9c49-73d3eb3c3fe7","block_type":"box","text":"consummate the trade. Failure of such party to do so may result in the Fund’s incurring a loss or missing an","page_number":137,"box":{"x":69,"y":483,"width":772,"height":11}},{"id":"2d1c2046-7a9c-484c-add3-f767554cecd7","block_type":"box","text":"opportunity to obtain a price considered to be advantageous.","page_number":137,"box":{"x":69,"y":498,"width":434,"height":11}},{"id":"f8bd0e8b-3570-4319-a4c9-10c3dfce1d49","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":137,"box":{"x":101,"y":521,"width":745,"height":11}},{"id":"e548d44b-248c-4e4b-803b-8df747ba9d98","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund starting on the","page_number":137,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"8c46a55b-0dc3-4d43-9aff-729e296c6ea8","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":137,"box":{"x":69,"y":551,"width":823,"height":11}},{"id":"8eb404aa-a53c-4889-af1d-343ab0412587","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":137,"box":{"x":68,"y":566,"width":514,"height":11}},{"id":"efd58e8a-7e63-4a19-a02c-2f6e5962a62e","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":137,"box":{"x":102,"y":589,"width":759,"height":11}},{"id":"2553f549-a2dd-43cd-9ca8-ff56305b6974","block_type":"box","text":"securities (","page_number":137,"box":{"x":69,"y":604,"width":78,"height":11}},{"id":"1418a68b-f16c-4766-8b15-058479103800","block_type":"box","text":"e.g.","page_number":137,"box":{"x":148,"y":605,"width":25,"height":10}},{"id":"a4d62223-a7fa-40f1-b9f3-949725f4a104","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":137,"box":{"x":176,"y":604,"width":686,"height":11}},{"id":"af793698-80e5-4106-8983-a2a58950f88d","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":137,"box":{"x":69,"y":619,"width":813,"height":11}},{"id":"5e9f61cd-50ff-40bf-bd35-a27d5996c438","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":137,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"eb20ef90-27da-42a4-8577-092aef58f599","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":137,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"5d3600a4-55d3-4795-abc5-b8e3e5dd3d13","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":137,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"e76271d4-4078-453d-aa8c-3609af5b3d0b","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":137,"box":{"x":70,"y":680,"width":816,"height":11}},{"id":"d42d24fe-0c40-408f-a262-8ce9ec544061","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":137,"box":{"x":70,"y":695,"width":349,"height":11}},{"id":"b7377795-11e9-47e6-a8c3-d493d1727294","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require certain bank-regulated","page_number":137,"box":{"x":102,"y":717,"width":743,"height":12}},{"id":"34e342ab-168b-446b-a620-ac0cc7094905","block_type":"box","text":"counterparties and certain of their affiliates to include in certain financial contracts, including many agreements with","page_number":137,"box":{"x":69,"y":732,"width":833,"height":12}},{"id":"8e2432a4-1353-46b6-aba0-629702ef0133","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":137,"box":{"x":69,"y":748,"width":771,"height":11}},{"id":"17bd4a6a-2e68-4258-b437-a76d2943ede0","block_type":"box","text":"counterparties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":137,"box":{"x":69,"y":763,"width":798,"height":11}},{"id":"1badc126-b3a4-4f1b-be0a-305a3c905cbe","block_type":"box","text":"rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to","page_number":137,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"bdf10839-3a53-4c09-8208-e1cb32342eb7","block_type":"box","text":"certain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":137,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"6f494e8c-aece-448e-b8e7-03bc1c565189","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":137,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"8d294c24-01ac-486b-bbb8-ee6fed97bf16","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":137,"box":{"x":68,"y":823,"width":812,"height":12}},{"id":"6c8dd934-5914-4d18-8715-3a2e318dc93c","block_type":"box","text":"agreements.","page_number":137,"box":{"x":69,"y":839,"width":87,"height":11}},{"id":"450a303c-297a-4fb6-932a-26166af34958","block_type":"box","text":"Yields and Ratings.","page_number":137,"box":{"x":103,"y":861,"width":139,"height":11}},{"id":"340d2b63-9a19-4c3b-9614-4b0e588364d4","block_type":"box","text":"The yields on certain obligations are dependent on a variety of factors, including general","page_number":137,"box":{"x":247,"y":861,"width":628,"height":11}},{"id":"b4340996-d2ee-4588-ba35-28f0ea7309cc","block_type":"box","text":"market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size","page_number":137,"box":{"x":69,"y":876,"width":834,"height":11}},{"id":"574aa92c-66b3-469d-9cc4-5f6fca56ff61","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":137,"box":{"x":69,"y":891,"width":799,"height":12}},{"id":"23256c69-1bcb-4a63-b95a-d9c1e32a763f","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are","page_number":137,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"58f7de58-8910-4bc2-9d3e-7515757e0961","block_type":"box","text":"II-77","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9d6d7795-d6d6-4678-ba80-720d03a82234","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58dacbe7-86b4-44cf-a8da-75709b1478be","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":138,"box":{"x":68,"y":45,"width":792,"height":11}},{"id":"dafd9d9c-354c-4c88-9ce4-d4826b269d2e","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":138,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"4c34fc94-25c8-4cd1-aa53-f1421ab8b305","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":138,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"910ac25d-bcb1-405c-8bb6-06d5708f0650","block_type":"box","text":"continue to hold the security.","page_number":138,"box":{"x":69,"y":90,"width":204,"height":11}},{"id":"6209b9aa-5423-402b-82db-3c9c256a4e64","block_type":"box","text":"Zero Coupon Securities.","page_number":138,"box":{"x":102,"y":113,"width":175,"height":11}},{"id":"1e3e1e36-b389-48c5-aa8f-eda9d5f695cf","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":138,"box":{"x":283,"y":113,"width":601,"height":11}},{"id":"10ed52b0-37bc-4ff4-bca6-49d45061d114","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":138,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"8344cdb3-b061-4375-962c-d2d68fa3436d","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":138,"box":{"x":69,"y":143,"width":822,"height":11}},{"id":"1475bd75-a35f-4a57-9309-88b52a92acfa","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":138,"box":{"x":68,"y":158,"width":814,"height":11}},{"id":"f6e1c0bb-a17b-4959-9d50-5f13f9bcf5cd","block_type":"box","text":"security.","page_number":138,"box":{"x":69,"y":173,"width":57,"height":11}},{"id":"b1b2675c-f91f-4ffb-b9de-2cea352b870a","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":138,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"e1cfedce-1dfe-4ac5-80e5-fd63bdbb0f7b","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":138,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"9f72110f-7c48-42a5-806f-8c22a938741c","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":138,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"33aa9414-76b6-43e8-a611-e159916a5377","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":138,"box":{"x":70,"y":241,"width":836,"height":11}},{"id":"cd1c0aba-140c-4b9a-9904-a248e921fc15","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":138,"box":{"x":69,"y":256,"width":804,"height":12}},{"id":"daa61ece-b1ad-4635-b74e-12b0aae98b61","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":138,"box":{"x":68,"y":272,"width":824,"height":11}},{"id":"6429525b-d46f-4133-8dc6-b5c7795e2e81","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":138,"box":{"x":68,"y":286,"width":805,"height":12}},{"id":"cf7ead73-0e4b-4a02-a764-df384da8cdf5","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":138,"box":{"x":70,"y":302,"width":837,"height":11}},{"id":"e7de44e0-5686-4880-ae71-6b7d837587dd","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments","page_number":138,"box":{"x":69,"y":317,"width":791,"height":11}},{"id":"b7fc3ed0-b9cf-4f0a-a3c5-2ee8226439ea","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":138,"box":{"x":69,"y":332,"width":800,"height":11}},{"id":"e3c357a7-dda4-4adb-ad6e-cefc1e85a73f","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":138,"box":{"x":69,"y":347,"width":400,"height":11}},{"id":"b8bf161c-535e-41ad-8016-99c3fbb26266","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":138,"box":{"x":101,"y":370,"width":775,"height":11}},{"id":"abae879b-f83b-4348-b7b0-985fc5ec896f","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":138,"box":{"x":70,"y":385,"width":827,"height":11}},{"id":"49e9d1df-2021-4f12-a02e-9d6f05b56381","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":138,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"c592fa6b-214b-46b1-9eea-e8e83e1b65f0","block_type":"box","text":"intervals.","page_number":138,"box":{"x":70,"y":415,"width":64,"height":9}},{"id":"d5cda493-e8a7-422c-a6c9-ec32c726a169","block_type":"box","text":"Further, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":138,"box":{"x":102,"y":438,"width":749,"height":11}},{"id":"aa5ecc3d-b5fd-4c9d-a607-238c637246cc","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":138,"box":{"x":69,"y":453,"width":784,"height":11}},{"id":"8ad1d2cc-212c-4837-a8a1-7606c096570d","block_type":"box","text":"portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":138,"box":{"x":70,"y":468,"width":799,"height":11}},{"id":"a01fc1be-3db8-464b-936d-55f36912c5d2","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":138,"box":{"x":68,"y":483,"width":799,"height":11}},{"id":"0414e902-31db-46df-980b-9d2257af9667","block_type":"box","text":"exposure to zero coupon securities.","page_number":138,"box":{"x":69,"y":498,"width":253,"height":11}},{"id":"839f9523-3071-42a5-b9c7-c6537c1d3560","block_type":"box","text":"In addition to the above-described risks, there are certain other risks related to investing in zero coupon","page_number":138,"box":{"x":102,"y":521,"width":740,"height":11}},{"id":"932f24c8-db75-4246-906d-2e2b0af2bbeb","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":138,"box":{"x":69,"y":536,"width":829,"height":11}},{"id":"8677b5b6-4831-4fe9-a0d3-0fb7c7858c04","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":138,"box":{"x":70,"y":551,"width":829,"height":11}},{"id":"175daf24-d58a-4286-b45e-1a9dbe569148","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s portfolio.","page_number":138,"box":{"x":69,"y":566,"width":741,"height":11}},{"id":"844d0fcd-73a1-423a-acd3-a92c3834fb47","block_type":"box","text":"Suitability. (All Funds)","page_number":138,"box":{"x":101,"y":589,"width":161,"height":11}},{"id":"07332e4c-9ea6-4a6e-bc52-ee034ecbeb63","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":138,"box":{"x":101,"y":612,"width":793,"height":11}},{"id":"b648542a-15c8-44f5-8c47-f0b3a5a4ce24","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":138,"box":{"x":68,"y":627,"width":811,"height":11}},{"id":"d50a7541-6ba9-4286-b1ec-3a6ad3c59d22","block_type":"box","text":"investment program. The suitability for any particular investor of a purchase of shares in a Fund will depend upon,","page_number":138,"box":{"x":70,"y":642,"width":810,"height":11}},{"id":"b20e5370-5456-43b0-ab24-50c6440e368c","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":138,"box":{"x":69,"y":657,"width":826,"height":11}},{"id":"553b4e89-8c6f-417a-8979-46dad30a920e","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":138,"box":{"x":68,"y":672,"width":460,"height":11}},{"id":"7c2f63e4-3d11-46ae-8a94-4688fd3cfe08","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":138,"box":{"x":102,"y":695,"width":264,"height":11}},{"id":"810cf8a1-07bb-4986-bb4d-17ce4e5ce1fc","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":138,"box":{"x":102,"y":717,"width":745,"height":11}},{"id":"2004966e-bfa7-47fe-a57b-0623a07c7dda","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":138,"box":{"x":68,"y":732,"width":807,"height":12}},{"id":"36b3793c-1081-4c84-899b-c0fe755a4261","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":138,"box":{"x":69,"y":748,"width":528,"height":11}},{"id":"defede19-0a6f-4013-9979-206cc7107812","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":138,"box":{"x":102,"y":770,"width":735,"height":12}},{"id":"827a1438-91d0-402a-bc5a-750377d12dd3","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":138,"box":{"x":69,"y":785,"width":775,"height":12}},{"id":"cb0bb94d-3f2d-408c-a621-70e84a4b76bb","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quarter of the taxable year, (i) at least","page_number":138,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"5e6dbc72-03d5-428b-9c03-dfe19b68cfcc","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":138,"box":{"x":69,"y":816,"width":799,"height":11}},{"id":"b5c1df22-23ce-465e-9ed0-04490252af1a","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":138,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"1ff709f6-a2e4-45b4-a4b5-0397e87d0d3d","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":138,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"688bfc7f-9cff-422e-af10-ed034fd88fd4","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":138,"box":{"x":68,"y":861,"width":802,"height":11}},{"id":"daa0d53a-da6b-4a72-a989-ab093c708d33","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":138,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"a952cb9c-d897-4336-9fee-753c268a7c20","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":138,"box":{"x":68,"y":891,"width":819,"height":12}},{"id":"a94b18e8-98a0-4190-9253-ebf985002585","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded partnerships","page_number":138,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"49d1d489-25dd-4aba-be19-14c31e3ef184","block_type":"box","text":"II-78","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"35a709ac-2f92-40c8-9068-c237bc1cb6fe","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6d0e7ea-fbb1-41c1-a484-34c9028e7b4e","block_type":"box","text":"(","page_number":139,"box":{"x":69,"y":45,"width":3,"height":11}},{"id":"f424e069-7b3c-4198-a5de-30a2df19903a","block_type":"box","text":"i.e.","page_number":139,"box":{"x":74,"y":45,"width":21,"height":9}},{"id":"0ff6807f-799f-414e-a8fe-1102b2d85669","block_type":"box","text":", partnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":139,"box":{"x":97,"y":45,"width":806,"height":11}},{"id":"68a89c7d-2874-4b2d-b25a-a11b6902d295","block_type":"box","text":"partnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":139,"box":{"x":70,"y":60,"width":824,"height":11}},{"id":"ad47e4a3-cd94-4e75-899d-36576326e086","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":139,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"f06799cd-7d16-404a-a96f-8d07846eb011","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":139,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"4f324c77-a363-4cb9-a0e4-eb8d1fe92d79","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":139,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"b7831f8e-39e9-4f95-bb3a-9e0a2a924f7c","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":139,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"f4709760-95e8-432c-bebb-c602a73427a2","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":139,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"887be670-9a77-4d71-af9f-9aa0d507e916","block_type":"box","text":"regarded as the sole issuer.","page_number":139,"box":{"x":69,"y":151,"width":198,"height":11}},{"id":"87797462-44b9-41b7-8665-7cb8267177d4","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":139,"box":{"x":102,"y":173,"width":784,"height":11}},{"id":"ced4d6b5-459d-4d07-a6bc-7c469abfc2aa","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":139,"box":{"x":69,"y":188,"width":819,"height":12}},{"id":"11e9a4b5-b0bd-4be7-ad1a-23c11f619638","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":139,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"d5fef101-f746-4d13-ba6f-d6f8b753486a","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. A Fund that is","page_number":139,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"1b5be90d-2f63-4273-aef9-9314e606be5d","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":139,"box":{"x":70,"y":234,"width":834,"height":11}},{"id":"605407c5-3f58-4f24-a090-cc3f03d9702c","block_type":"box","text":"75% of its total assets.","page_number":139,"box":{"x":69,"y":249,"width":165,"height":9}},{"id":"b96593cb-7665-4ac5-b317-06ae724b2303","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":139,"box":{"x":268,"y":278,"width":442,"height":10}},{"id":"3b579af4-8036-4037-bdd6-687aef375746","block_type":"box","text":"Directors and Officers","page_number":139,"box":{"x":69,"y":309,"width":159,"height":9}},{"id":"80fc9419-b73c-448b-93b6-ea8b5cf60d6c","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":139,"box":{"x":102,"y":331,"width":733,"height":12}},{"id":"17cec7dc-93d5-4827-b914-258106207de8","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":139,"box":{"x":69,"y":346,"width":783,"height":12}},{"id":"08d66985-c1cf-439f-ab29-f56194fa4aed","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Part I of each Fund’s SAI for biographical and","page_number":139,"box":{"x":69,"y":361,"width":795,"height":12}},{"id":"6616d6ee-e822-4584-ab22-ca3331e427dc","block_type":"box","text":"certain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":139,"box":{"x":69,"y":377,"width":789,"height":11}},{"id":"b8352495-b823-4644-b785-494a783a44a6","block_type":"box","text":"Management Arrangements","page_number":139,"box":{"x":69,"y":407,"width":202,"height":11}},{"id":"538c6b54-4fbb-4568-832a-14f44bdb6db7","block_type":"box","text":"Management Services.","page_number":139,"box":{"x":102,"y":430,"width":162,"height":11}},{"id":"8aae8942-a2d4-400a-b1ef-f17d60aeb426","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":139,"box":{"x":270,"y":430,"width":615,"height":11}},{"id":"5b5e3f6a-5b63-4c9e-8a03-8356a5ce7e45","block_type":"box","text":"Subject to the oversight of the Board of Directors, the Manager is responsible for the actual management of a Fund’s","page_number":139,"box":{"x":69,"y":445,"width":836,"height":11}},{"id":"7e26b6d4-6a3c-4d36-b4a0-dd4eb8eb3b90","block_type":"box","text":"portfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":139,"box":{"x":70,"y":460,"width":820,"height":11}},{"id":"86e3cd4e-5a51-4287-8302-6c3b56155eae","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a particular security rests with the Manager. The Manager","page_number":139,"box":{"x":68,"y":475,"width":832,"height":11}},{"id":"4273fab6-e648-4417-8cf6-4e600db0f07c","block_type":"box","text":"performs certain of the other administrative services and provides all the office space, facilities, equipment and","page_number":139,"box":{"x":70,"y":490,"width":801,"height":11}},{"id":"5c789ed7-8362-4799-a4fb-e1d6c5ba4f59","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":139,"box":{"x":69,"y":505,"width":370,"height":11}},{"id":"ffa4cd42-1305-446b-862e-5538ccfc1c46","block_type":"box","text":"Each Feeder Fund invests all or a portion of its assets in shares of a Master Portfolio. To the extent a Feeder","page_number":139,"box":{"x":102,"y":528,"width":778,"height":11}},{"id":"f9dc37ed-3ec7-4941-99a2-d70624dc62c8","block_type":"box","text":"Fund invests all of its assets in a Master Portfolio, it does not invest directly in portfolio securities and does not","page_number":139,"box":{"x":70,"y":543,"width":800,"height":11}},{"id":"4b3804e6-68cb-4fc9-8461-a7ff99e15c1d","block_type":"box","text":"require management services. For such Feeder Funds, portfolio management occurs at the Master Portfolio level.","page_number":139,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"55046f51-f4fc-406a-ab99-cfb0a2edf8f6","block_type":"box","text":"Management Fee.","page_number":139,"box":{"x":102,"y":581,"width":126,"height":11}},{"id":"288839c1-cb48-45b9-94f3-d81cfe15d70f","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":139,"box":{"x":235,"y":581,"width":646,"height":11}},{"id":"d4537880-0335-4fdc-bd74-d392869eea32","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":139,"box":{"x":68,"y":596,"width":841,"height":11}},{"id":"48069189-76b9-460f-bffd-ddd6601c1e60","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":139,"box":{"x":69,"y":611,"width":833,"height":11}},{"id":"311132f0-9d8f-47fe-af2a-db6f024a8ccc","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":139,"box":{"x":68,"y":626,"width":746,"height":11}},{"id":"84be220a-9b66-432b-acd0-69a994b24441","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of each Fund’s SAI.","page_number":139,"box":{"x":70,"y":641,"width":825,"height":11}},{"id":"466cdb5b-c0e6-4366-9b2e-7f8c8b0cd60c","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":139,"box":{"x":102,"y":664,"width":774,"height":11}},{"id":"2237d8d9-1d2a-4ab8-8a66-99ae6fd90a59","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":139,"box":{"x":69,"y":679,"width":826,"height":11}},{"id":"06c4d212-69f7-4f70-a160-895ed5c8f3d1","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":139,"box":{"x":70,"y":694,"width":820,"height":11}},{"id":"ebd39cab-b1d3-4867-9f01-507fb1f45fba","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":139,"box":{"x":68,"y":709,"width":797,"height":11}},{"id":"05288d1e-24ac-4d23-850d-8920f7d49301","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":139,"box":{"x":70,"y":724,"width":830,"height":12}},{"id":"a93b423e-735e-4da2-a579-159be1fc2c10","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder reports, prospectuses and statements of additional","page_number":139,"box":{"x":69,"y":739,"width":802,"height":12}},{"id":"18768fc6-ef14-4c9d-9720-fb4186328e99","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":139,"box":{"x":70,"y":755,"width":809,"height":11}},{"id":"81fc2469-5c89-445e-8906-d2bffd01d3cf","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":139,"box":{"x":69,"y":770,"width":838,"height":11}},{"id":"bed99e82-185b-423e-b30b-7428b0af9975","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":139,"box":{"x":69,"y":785,"width":830,"height":11}},{"id":"b8d325e3-8683-4989-93bf-2749dbe00aa2","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":139,"box":{"x":70,"y":800,"width":784,"height":11}},{"id":"5ddf9636-9df7-4263-b221-d2fff47d8ed5","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":139,"box":{"x":69,"y":815,"width":767,"height":11}},{"id":"1d18dda7-c3a8-40cc-b490-363f55c4edd0","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Certain accounting services are provided to each Fund","page_number":139,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"8ae2f2fb-b855-4c6f-942d-7123a2115d24","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":139,"box":{"x":69,"y":845,"width":830,"height":12}},{"id":"6be3ab35-af23-40dc-a0b0-94030ffbdf2f","block_type":"box","text":"or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as","page_number":139,"box":{"x":69,"y":860,"width":794,"height":12}},{"id":"b964c130-7e82-415f-b815-9ece13a9c1b2","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides certain","page_number":139,"box":{"x":69,"y":875,"width":786,"height":12}},{"id":"adc2a625-cafc-4b3b-bb45-761da4995d90","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":139,"box":{"x":69,"y":891,"width":790,"height":11}},{"id":"0cc39516-fb2b-4b9f-b707-83b1e8a75e67","block_type":"box","text":"certain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Certain","page_number":139,"box":{"x":69,"y":906,"width":817,"height":11}},{"id":"8b7093d3-3f7e-4c9b-bf39-eea250e6fae8","block_type":"box","text":"II-79","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0fa0bc77-9af0-4115-bf54-7aaaf97112d5","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b80f879e-e405-4ec4-a5d7-71d865a8e7bf","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":140,"box":{"x":69,"y":45,"width":767,"height":11}},{"id":"4e980131-d887-4d5b-aa44-48e26d711ad8","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":140,"box":{"x":70,"y":60,"width":743,"height":11}},{"id":"feaf9fba-1f74-481e-8386-f1ed5f221b27","block_type":"box","text":"Sub-Advisory Fee.","page_number":140,"box":{"x":102,"y":83,"width":124,"height":11}},{"id":"7c5f1740-b68e-4de0-9a13-249a9206c9e4","block_type":"box","text":"The Manager of certain Funds has entered into one or more sub-advisory agreements (the","page_number":140,"box":{"x":232,"y":82,"width":643,"height":12}},{"id":"3fad5a52-24ac-492f-b888-eacee223d7fd","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":140,"box":{"x":70,"y":98,"width":839,"height":11}},{"id":"5331943d-15a1-4936-b79e-27aff557c5ef","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":140,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"d650b612-36b4-4137-bb4f-c8c7b6f0b3e0","block_type":"box","text":"Organization of the Manager.","page_number":140,"box":{"x":102,"y":135,"width":204,"height":12}},{"id":"0bcb148f-d925-4950-b63f-1cc21832f7f9","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":140,"box":{"x":313,"y":135,"width":560,"height":11}},{"id":"68fcc109-3f62-42b9-bf09-e9056e01510d","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":140,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"4f847859-c65c-49ad-b6f4-269aeda0f6d4","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":140,"box":{"x":70,"y":166,"width":817,"height":11}},{"id":"51d4da25-8e31-4084-b8e3-c406180982c1","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":140,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"8aeda86d-cacb-4c75-bffd-6bfad5d8123e","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":140,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"8fbee2b6-15e8-4235-8802-9d55d1db8d59","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":140,"box":{"x":69,"y":211,"width":517,"height":11}},{"id":"fabdbbee-2e2e-4641-a118-7fc704df9ff4","block_type":"box","text":"Duration and Termination.","page_number":140,"box":{"x":102,"y":234,"width":182,"height":9}},{"id":"ed5f6551-c34f-4125-85e3-1f3e977dfe7d","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":140,"box":{"x":292,"y":234,"width":613,"height":11}},{"id":"e0573dbf-f381-4c41-9266-c69035b2984c","block_type":"box","text":"Sub-Advisory Agreement will remain in effect for an initial two year period and from year to year thereafter if approved","page_number":140,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"13cdf550-93b2-4edc-bdd1-40e5a24f8d74","block_type":"box","text":"annually (a) by the Board of Directors or by a vote of a majority of the outstanding voting securities of a Fund and","page_number":140,"box":{"x":69,"y":264,"width":803,"height":11}},{"id":"94fac038-efe7-4429-88d3-f5ea015d0b83","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not parties to such agreement or interested persons (as defined","page_number":140,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"e1f1f2a6-319c-4e87-829f-33d7a1c70d14","block_type":"box","text":"in the Investment Company Act) of any such party. 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For its services to a Fund, the Administrator receives monthly compensation at the","page_number":140,"box":{"x":69,"y":408,"width":808,"height":11}},{"id":"be00761e-838e-4785-9eb6-63914c105d71","block_type":"box","text":"annual rate set forth in each applicable Fund’s Prospectus. For information regarding any administrative fees paid by","page_number":140,"box":{"x":69,"y":423,"width":833,"height":11}},{"id":"31555d43-e46d-452c-ab98-b2dd0376c45a","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":140,"box":{"x":68,"y":438,"width":738,"height":11}},{"id":"ad4cf6d5-7eda-494d-bb2b-4a190b30a251","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Part I of","page_number":140,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"49a4bf01-0090-49a7-8bb0-c1ea8766bcbf","block_type":"box","text":"that Fund’s SAI.","page_number":140,"box":{"x":68,"y":468,"width":113,"height":9}},{"id":"9d55774b-926c-4bbc-9b46-3498478d8197","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":140,"box":{"x":102,"y":491,"width":755,"height":11}},{"id":"8bdfe9b0-7623-410b-8eb8-b9bec31a38d8","block_type":"box","text":"certain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":140,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"d52befe5-d7a7-4861-bd58-354bf6f171f6","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":140,"box":{"x":70,"y":521,"width":809,"height":11}},{"id":"0e74af51-f581-48dd-bb5c-f694583e5bda","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Directors of the Fund who are affiliated","page_number":140,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"40fc42e6-1444-4d51-8c1b-3ad64279f17b","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":140,"box":{"x":70,"y":551,"width":362,"height":11}},{"id":"293c50a1-e3c0-4c5d-823d-ff3d0efb6e65","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":140,"box":{"x":102,"y":574,"width":390,"height":11}},{"id":"dd52146c-9722-4887-9bf8-33e570eaf8a0","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":140,"box":{"x":499,"y":574,"width":364,"height":10}},{"id":"56a1e698-dff5-4513-819e-d74eb6cab98d","block_type":"box","text":"Administration Agreement with BlackRock will continue for an initial two year period and from year to year if approved","page_number":140,"box":{"x":68,"y":589,"width":832,"height":11}},{"id":"478a587f-da89-4c4e-bdfe-8f1be1b0293b","block_type":"box","text":"annually (a) by the Board of Directors of each applicable Fund or by a vote of a majority of the outstanding voting","page_number":140,"box":{"x":69,"y":604,"width":802,"height":11}},{"id":"5813ea1f-d7fa-4caa-9ef7-23b218522c56","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not parties to such contract or","page_number":140,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"3df527fe-50dc-48f4-9ae6-b661ac8778d3","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such party. Such contract is not assignable","page_number":140,"box":{"x":70,"y":634,"width":810,"height":12}},{"id":"2d809cbc-8d28-4ff5-b91d-9121a2a50512","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either party thereto or by the vote of the","page_number":140,"box":{"x":69,"y":649,"width":805,"height":12}},{"id":"ec2723e4-9cab-43a8-a6aa-48d072d6fc3f","block_type":"box","text":"shareholders of the Fund.","page_number":140,"box":{"x":69,"y":664,"width":181,"height":9}},{"id":"4d2fe2a7-648d-46cd-a326-b1f6f59d1408","block_type":"box","text":"Transfer Agency Services.","page_number":140,"box":{"x":103,"y":687,"width":180,"height":11}},{"id":"9db9e5de-a210-4180-87d9-e58e5248e638","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":140,"box":{"x":291,"y":687,"width":595,"height":11}},{"id":"225b79f9-94ae-4b10-a473-a0a858998d24","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":140,"box":{"x":69,"y":702,"width":816,"height":12}},{"id":"9fab1cca-eabd-4d15-b789-5ae4de3bcc13","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":140,"box":{"x":68,"y":717,"width":833,"height":12}},{"id":"2aec33f2-d406-4f75-ac48-6c491b4cbffb","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":140,"box":{"x":68,"y":732,"width":792,"height":12}},{"id":"a1e7965f-6d27-4748-aeec-83a3adec533e","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":140,"box":{"x":68,"y":748,"width":819,"height":11}},{"id":"c686fdcc-3329-45eb-91fd-f4abf69a4bfd","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":140,"box":{"x":68,"y":763,"width":839,"height":11}},{"id":"d0b27eb8-a237-47a9-b7b5-6544e383a524","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":140,"box":{"x":70,"y":778,"width":831,"height":11}},{"id":"1814fe1e-8974-489e-a9ff-c721882569c6","block_type":"box","text":"for certain accounts that participate in certain fee-based programs sponsored by the Manager or its affiliates. For","page_number":140,"box":{"x":68,"y":793,"width":813,"height":11}},{"id":"9e6d1392-3880-4cae-b179-3878bf91c90e","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":140,"box":{"x":70,"y":808,"width":836,"height":11}},{"id":"f1ef227d-7148-4a6b-8ee0-e1861ef149d0","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":140,"box":{"x":69,"y":823,"width":806,"height":12}},{"id":"bd48cb74-8376-483d-8942-71fa1668807b","block_type":"box","text":"class on a recordkeeping system.","page_number":140,"box":{"x":69,"y":839,"width":238,"height":11}},{"id":"5eaeb87c-098c-4c2e-9f9e-e60de8d06894","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":140,"box":{"x":102,"y":861,"width":338,"height":11}},{"id":"7aeca83c-7358-4a36-9a3a-cfb7e0cca182","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":140,"box":{"x":446,"y":861,"width":441,"height":11}},{"id":"dff729bb-3d4e-44ab-8350-cfd8d52a9215","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":140,"box":{"x":69,"y":876,"width":840,"height":11}},{"id":"0f46149e-56d8-4a12-bdc7-d7c545a0a07b","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Part I","page_number":140,"box":{"x":69,"y":891,"width":823,"height":12}},{"id":"2e3fb621-974f-4a8e-a0b2-4976ebd5a3c6","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":140,"box":{"x":69,"y":906,"width":627,"height":12}},{"id":"aab02e9e-91cf-4bd6-93df-42578842daf9","block_type":"box","text":"II-80","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e7c4bfa3-1675-440b-8587-a25e69abb7c5","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6feb8da-2060-41b9-8cb0-448c640948ff","block_type":"box","text":"Custodian Services.","page_number":141,"box":{"x":102,"y":45,"width":141,"height":9}},{"id":"c22554ba-0555-4bbf-bd3a-4d8f7ef5154f","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":141,"box":{"x":249,"y":45,"width":654,"height":11}},{"id":"41a5d6e6-5ae2-48b5-888a-1f45cec100e5","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":141,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"e9cd265b-0d7c-41c4-8906-ae554dc5131c","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":141,"box":{"x":70,"y":75,"width":814,"height":11}},{"id":"2262d7fa-55d8-4756-882f-2febfddbf54f","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":141,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"857f18c5-48d8-4b42-8017-b322aa8c1f0f","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with certain foreign","page_number":141,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"cc863477-ddd9-4281-a435-736d0ddd5664","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":141,"box":{"x":69,"y":120,"width":792,"height":11}},{"id":"f54ddc5a-2474-463e-983c-74d2d6c5d8ed","block_type":"box","text":"certain assets.","page_number":141,"box":{"x":69,"y":136,"width":106,"height":8}},{"id":"df668377-dc34-4e23-9353-14982eef1a60","block_type":"box","text":"For certain Feeder Funds, the Custodian also acts as the custodian of the Master Portfolio’s assets.","page_number":141,"box":{"x":102,"y":158,"width":716,"height":11}},{"id":"4197281e-0636-436c-9fff-22f9d97b8240","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to certain Funds, on a monthly","page_number":141,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"98f4f7f0-d357-4959-942d-d395918963ff","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":141,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"0a8dface-680b-4957-a86b-c5a01b2c8a1f","block_type":"box","text":"credit”) or a charge based on that net amount. With respect to such Funds, the custodian fees, including the amount","page_number":141,"box":{"x":69,"y":211,"width":834,"height":11}},{"id":"4fb44187-72cf-4cb2-9f29-fcd0de054ece","block_type":"box","text":"of any overdraft charges, may be reduced by the amount of such custody credits, and any unused credits at the end","page_number":141,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"cded661c-2248-4d51-becb-4f8580700805","block_type":"box","text":"of a given month may be carried forward to a subsequent month. Any such credits unused by the end of a Fund’s","page_number":141,"box":{"x":69,"y":241,"width":807,"height":11}},{"id":"8f1413a7-d0bc-4f53-89c7-326a7e5cd212","block_type":"box","text":"fiscal year will not expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":141,"box":{"x":68,"y":256,"width":836,"height":12}},{"id":"86a95e91-b420-4c84-8339-8e19a8fc4602","block_type":"box","text":"Fund.","page_number":141,"box":{"x":70,"y":272,"width":36,"height":8}},{"id":"9340e357-9fc0-43f2-92fe-b075fc814e71","block_type":"box","text":"Accounting Services.","page_number":141,"box":{"x":101,"y":294,"width":148,"height":11}},{"id":"4cc1072b-2eaa-45e9-bf42-9d414e33ba72","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":141,"box":{"x":256,"y":294,"width":641,"height":11}},{"id":"9b95c5bf-40c2-42bd-a1d7-ef21065dfea1","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides certain accounting and administrative services to the Fund. Each","page_number":141,"box":{"x":68,"y":309,"width":829,"height":11}},{"id":"ebfded70-24e4-4da9-9be7-2f7fbdf04600","block_type":"box","text":"Fund pays a fee for these services. State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":141,"box":{"x":70,"y":324,"width":797,"height":12}},{"id":"89e1f20b-f3a6-4111-88f1-dbda9509fa6e","block_type":"box","text":"Master LLCs.","page_number":141,"box":{"x":70,"y":340,"width":91,"height":8}},{"id":"51ca2fae-04eb-42af-9ec8-1d66f39eebd7","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":141,"box":{"x":102,"y":362,"width":771,"height":11}},{"id":"a4ec5c2a-b746-41d8-aaf4-c029eb2b5614","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Part I of each Fund’s SAI for information on the","page_number":141,"box":{"x":68,"y":377,"width":810,"height":12}},{"id":"dbccb919-5358-4131-b53a-d350d9f641ce","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":141,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"39034353-d8f9-421c-b91f-99b27f6ef459","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":141,"box":{"x":69,"y":407,"width":386,"height":11}},{"id":"6a2f1d44-3406-4873-a0b4-6cb40bd5908d","block_type":"box","text":"Distribution Expenses.","page_number":141,"box":{"x":102,"y":430,"width":158,"height":11}},{"id":"69367d63-6baf-4cb8-b58e-5b770e77d229","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":141,"box":{"x":267,"y":430,"width":614,"height":11}},{"id":"0535561e-2f3b-4fc4-9bb4-18f271078e2b","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). The Distribution","page_number":141,"box":{"x":68,"y":445,"width":807,"height":12}},{"id":"38cf3d2c-3e3e-47fc-b88d-b1e2ea310246","block_type":"box","text":"Agreements obligate the Distributor to pay certain expenses in connection with the offering of each class of shares of","page_number":141,"box":{"x":68,"y":460,"width":842,"height":12}},{"id":"b0e5ff4a-1eef-4897-868c-d6a1332542c9","block_type":"box","text":"the Funds. After the prospectuses, statements of additional information and periodic reports have been prepared,","page_number":141,"box":{"x":68,"y":475,"width":813,"height":11}},{"id":"292620e3-2612-4ee0-8bb9-449a0e55ddce","block_type":"box","text":"set in type and mailed to shareholders, the Distributor pays for the printing and distribution of these documents used","page_number":141,"box":{"x":69,"y":491,"width":836,"height":11}},{"id":"34f47935-fba8-41dd-8d07-2b6d8f45e8cc","block_type":"box","text":"in connection with the offering to dealers and investors. The Distributor also pays for other supplementary sales","page_number":141,"box":{"x":70,"y":506,"width":799,"height":11}},{"id":"5df7c0e4-3916-4054-9e49-852dfa6b2a09","block_type":"box","text":"literature and advertising costs. 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information","page_number":145,"box":{"x":68,"y":881,"width":837,"height":11}},{"id":"5845f8ef-fb11-49d8-977b-de2d232970fe","block_type":"box","text":"about such Fund’s Portfolio Holdings or Portfolio Characteristics.","page_number":145,"box":{"x":69,"y":896,"width":461,"height":12}},{"id":"55816f79-70ca-4daf-932f-3e79e64abe9a","block_type":"box","text":"II-85","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e22810e4-27cc-42f6-89ed-d947b3e383e9","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7ff0a71-c1e2-455e-8155-31bf041afef5","block_type":"box","text":"Ongoing Arrangements.","page_number":146,"box":{"x":102,"y":45,"width":164,"height":11}},{"id":"290f03b2-63d3-4f95-b768-a55dd2bebd6b","block_type":"box","text":"The Manager has entered into ongoing agreements to provide selective disclosure of","page_number":146,"box":{"x":272,"y":45,"width":605,"height":11}},{"id":"1cc328fc-83d0-4e6d-ba2e-68470e40f986","block_type":"box","text":"Fund Portfolio Holdings to the following persons or entities:","page_number":146,"box":{"x":70,"y":60,"width":420,"height":11}},{"id":"b12e1cff-2674-4a04-92af-76d74c26bb84","block_type":"box","text":"1. 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Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":146,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"4b8ed830-5f06-4db5-a62e-11e199e2e885","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":146,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"572b6a81-c655-457d-9385-e02448e87a6b","block_type":"box","text":"13. 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BlackRock may, in certain cases, elect to implement internal policies and","page_number":147,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"fa5ffde3-4c96-4183-a6b3-1d478b318de0","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in certain","page_number":147,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"f07870f6-2390-4343-b0ec-e1ecc0c1c1d0","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":147,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"7b05b1f6-cdfb-4a2e-abbc-45bcb1f6649b","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by","page_number":147,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"0b2d78d2-0ee5-4c0d-a7e5-1ec0f2b58370","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a short position by a Fund may impair the","page_number":147,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"0666628f-be5d-4eea-8019-db8a5b9da1b1","block_type":"box","text":"price of the same security sold short by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":147,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"6126539e-530a-4268-b25c-90e8b7b33e01","block_type":"box","text":"purchase of a security or covering of a short position in a security by a Fund may increase the price of the same","page_number":147,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"23f6ee86-8f0c-42d6-86d8-1dd87007b774","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":147,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"2156b03c-d103-4abe-b9c8-2d487d9727a8","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":147,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"8b02ca25-f504-4dc6-b274-155578de31bc","block_type":"box","text":"extend credit to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":147,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"5cd4f477-d862-4196-aea4-39370f6d17da","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":147,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"7ca59aa3-8315-4812-a046-be29a46a03fa","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":147,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"1e3c719e-c743-48cf-b3eb-4449df4585fe","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":147,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"2ab9e2ae-aa34-4745-b28f-39b684114847","block_type":"box","text":"Funds) hold positions in multiple parts of the capital structure of an issuer, BlackRock may not pursue certain","page_number":147,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"a40f4c9c-27cf-4bc0-9cb0-96b51e0dc838","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":147,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"b41f625e-16c1-4be0-80b1-b9559041e5cd","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":147,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"08539fc1-8040-4f2e-a180-b6eee4e6232f","block_type":"box","text":"particular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":147,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"b9993156-2ab5-4578-b09f-e5d947794f60","block_type":"box","text":"business units or portfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":147,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"1b0756f2-1665-4de1-ab6e-6f574c69ea10","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":147,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"4b9f9d9e-1e0c-4e02-913b-d0229f01a1c7","block_type":"box","text":"Funds.","page_number":147,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"26a60905-56f1-437e-8cb6-bbf2ad25605b","block_type":"box","text":"In addition, to the extent permitted by applicable law, certain Funds may invest their assets in other funds","page_number":147,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"2dd051bf-938b-46a3-9dbc-f621d5c27866","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same portfolio managers, which could","page_number":147,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"d1883492-9e02-4443-9222-26325f6e0349","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":147,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"dc902480-a01a-42d0-9e96-38e2172c4b1a","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":147,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"fa48c456-d34a-4e86-882c-07b8ce5e9448","block_type":"box","text":"II-87","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6e7424f1-6bbf-4686-a374-095e7a149422","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"113be304-b95d-43a2-be43-689b643b5bd4","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":148,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"0cd36e20-b310-4edd-b0db-511191ac64c5","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":148,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"94b71430-247a-479e-84f2-d9d2b6ce665f","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":148,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"1342f2b6-ac1f-4046-b0f3-10c6a8eaa716","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":148,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"2ca4eace-0b52-4588-9d7d-ed95923ab863","block_type":"box","text":"to retain such third parties to provide services to the Fund.","page_number":148,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"14b620ab-3d17-491f-9a13-5f2ffa25d269","block_type":"box","text":"In certain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":148,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"9556ca8a-3c6d-4fb8-a19c-d7fc82d4f94e","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":148,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"dd030205-c02e-4b0d-9f04-e05b6296e331","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":148,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"881a7c3c-5864-4d6d-a4ca-135417495879","block_type":"box","text":"based on each party’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":148,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"308487d6-53be-4298-8b7a-e085d3aab73b","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":148,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"ef2a364a-34c5-48a2-8b6e-cfe3182052d6","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":148,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"a7b9901b-f5c3-4272-ba3c-bc4e9f86b9b8","block_type":"box","text":"loyalties and responsibilities to the parties in such transactions.","page_number":148,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"a66855ea-1939-4aa1-8526-c588f2ed72f6","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":148,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"7b3780ce-bae5-4faa-a652-e5dac92727fd","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":148,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"00c41571-7229-4edd-845c-5bd9bcd2acfa","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":148,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"eb5cda46-a624-40af-90ea-efdf3f50126e","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":148,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"564c7b0f-0d14-400c-b393-ce8a9bfe81d0","block_type":"box","text":"case.","page_number":148,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"4ff67e58-8c98-4b67-bab9-eba9c012969f","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":148,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"4f90dd83-8195-4a01-9c0a-f957eefedbd7","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":148,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"64ccb754-b7af-4c69-a06a-2fe71def4fd0","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":148,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"9e459f85-d249-4c92-8242-83ee58c7a06e","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":148,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"7288bed3-1a1c-4aba-adaa-2f6e67897012","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":148,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"d2104b45-5612-4e1e-9311-0f03e4957dfb","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":148,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"22edbc2f-9303-4b10-a1b4-52f08eff23c5","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":148,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"8215029b-722f-4c14-b20c-78708e8899a2","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":148,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"3a1bcbe9-e346-4470-9f2c-cf0cbaac90e2","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":148,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"dd8e3968-1432-4b77-86c4-ffa9ba47a406","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain","page_number":148,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"93db351c-49df-432b-b9d4-d7b8aa77b37a","block_type":"box","text":"types of transactions in certain securities or instruments with respect to which BlackRock is performing services or","page_number":148,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"7306d132-913d-479c-aff0-a9e6b4556659","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":148,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"1884cc99-2475-4cce-9abd-8aac0bf5ae4e","block_type":"box","text":"accounts and accounts under its management may limit the investment opportunities for a Fund in certain emerging","page_number":148,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"1d753bbf-0f85-41e1-9830-8e860d5f28aa","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":148,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"3f44040d-47d3-4bd2-85f7-1b99da651577","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":148,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"f74c5d6e-8949-402b-8244-2c9c53882b48","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and","page_number":148,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"3d7cdcec-6b2f-4d16-9ee4-e97de810f444","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":148,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"023f7d58-addd-44bc-816a-5205d25b4542","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":148,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"04fadc9e-8001-4bc3-8ed9-ddf52572c427","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":148,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"7f04781a-e363-40b7-ba09-0ba286bb30a2","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":148,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"9400a8b9-d0b6-4f20-ba9c-bf808710f3ed","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":148,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"fefc7504-9f9a-42f0-9cb9-8750ba303b23","block_type":"box","text":"proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":148,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"c6d8e927-a437-4d1b-ac2f-509522d592e4","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":148,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"850ea5e9-72f6-49d9-97b8-de9cfaf8e4e9","block_type":"box","text":"managing a Fund.","page_number":148,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"a7b90f14-0644-470f-937d-e6fa8e04b6a6","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":148,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"3e9713ea-a6a9-434b-8f4e-1072fb8997a9","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":148,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"4c50abe5-a613-4ac3-a28c-becd536824c5","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":148,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"adf747e6-9c66-4d00-bd35-80f4177b25c6","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":148,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"e1f37ffd-f8eb-473e-9362-9e153f082c05","block_type":"box","text":"portfolios, as well as by BlackRock itself and by its advisory clients.","page_number":148,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"fef08e53-ca6e-415d-8c81-a29e930bd9c8","block_type":"box","text":"In addition, certain principals and certain employees of a Fund’s investment adviser are also principals or","page_number":148,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"6cae5414-2347-4d00-a683-3af9a9479f16","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":148,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"c80ebc14-8c47-40fb-8bdd-481bf2e9c6ca","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":148,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"124dc8b0-04d2-488b-9635-03eb3baeabf9","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":148,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"62102224-8edf-46c6-a4c5-4bd810095c32","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":148,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"4fb3db91-14a5-4663-b1b0-201412526585","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":148,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"e71f42d0-bc6d-4549-9fd0-ddeda540270d","block_type":"box","text":"as the counterparty, principal or issuer. In such cases, such party’s interests in the transaction will be adverse to the","page_number":148,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"c38eb49c-8a7f-4cd5-9182-b50ea99a3acd","block_type":"box","text":"interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices","page_number":148,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"4321a1b7-5288-434f-9591-d95decce7124","block_type":"box","text":"II-88","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"97dfea3b-c0bf-4e88-bff7-72c149e20370","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63e6e1a6-0b3f-4ecc-8964-d91e794d05dd","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":149,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"52f63dfa-9ba8-43d1-a36c-f2f89addaef0","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":149,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"c23e13e2-7817-4549-9054-09ff764e0e6b","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":149,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"257d5ebb-5d67-4380-8dd5-7aafdf941b33","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the performance of the Fund.","page_number":149,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"cdda0b8b-c938-4e3a-a834-a0c42bb400e6","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of","page_number":149,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"e63023a9-8c2f-43fd-9269-5de33b5fa08a","block_type":"box","text":"certain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":149,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"93a95979-9631-4c11-96be-a74dc69b4594","block_type":"box","text":"underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are","page_number":149,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"c304d298-d2e0-49d7-aaa7-69086578a8b3","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":149,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"dcdc9922-29fe-4810-89b1-130f4ae7a408","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":149,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"4b71c534-5a64-41d9-a491-206630581330","block_type":"box","text":"under management for BlackRock.","page_number":149,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"d0a5231a-b82c-4534-a851-40aeef3f05a8","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":149,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"8ba832f3-c701-4759-995c-29c232ad62bc","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":149,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"eb328b1c-fe3e-4fca-a9ef-3a37c6afb23e","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":149,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"b207b688-564c-4aba-875b-7e8e32bbfc03","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":149,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"0a742e54-e486-4731-80f8-d056d90d7d99","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":149,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"0466926d-c8b4-47e6-815c-9b1bde8cef0a","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":149,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"10d5f050-f70c-4947-b0c5-a44913e2beb3","block_type":"box","text":"other commercial capacities for a Fund. 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No accounting to the Funds or their shareholders will be required, and no fees or","page_number":149,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"36b1c892-a97b-429a-a73d-732a7e68c5b5","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":149,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"ecb0bee3-3eaa-4bae-bbf1-06b7550e7b4e","block_type":"box","text":"any such fees or other amounts.","page_number":149,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"fc6fb1c1-c1cc-489f-a08c-19d72ee8835d","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":149,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"6f7a0531-661e-46e0-a938-fadecb307b7c","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":149,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"cf4b81fc-2c3b-4d6b-975b-384f2af9f4ad","block_type":"box","text":"A Fund will be required to establish business relationships with its counterparties based on the Fund’s own","page_number":149,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"007b87cb-6d4c-4802-94a5-2cc814a92814","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":149,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"26a37ddf-f785-470b-a837-26bad8de1539","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterparties will rely on the credit of","page_number":149,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"8a19f185-c109-4201-a086-5b15e0141e6b","block_type":"box","text":"BlackRock in evaluating the Fund’s creditworthiness.","page_number":149,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"2f25e1d0-c1fe-4813-a0e2-ff3b568c72df","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":149,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"956b9ef1-e191-49c5-ba49-4ec1c486d62c","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":149,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"6f4d8124-2c5e-446c-a9b9-8c5b2a1f6bf5","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":149,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"265c5432-98a7-4dec-8f41-85c306589926","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":149,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"d949b6fe-4e1c-446a-ad3d-0057e7ecb45a","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":149,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"bd300381-2f86-4230-ad2d-c2a46daf0f14","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend particular","page_number":149,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"0db60128-4cff-472a-951f-fb59e265f20c","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":149,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"dcad480f-7e05-48e9-a81c-7437a78bd301","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":149,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"cd03db05-1f4c-4be5-b8f4-bb083411cdb1","block_type":"box","text":"BlackRock. As described further below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":149,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"16946a8e-f867-41e1-8463-bed61d43968f","block_type":"box","text":"clients with equal lending opportunities over time in order to approximate pro rata allocation.","page_number":149,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"ee10807f-07fb-4238-bd5f-7b40b441ddb1","block_type":"box","text":"As part of its securities lending program, BlackRock indemnifies the Funds and certain other clients and/or","page_number":149,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"d2b6310e-0272-4476-bc25-17957cf6aafb","block_type":"box","text":"funds against a shortfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":149,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"32543bc8-3ae8-4f8c-9af8-6d9a14c118b2","block_type":"box","text":"potential dollar exposure of collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities","page_number":149,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"3cf50c19-6cd5-4955-a6b3-eb2048e82169","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":149,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"72bf79a2-fc4a-4882-90ff-efc00e4205d5","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shortfall values using","page_number":149,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"adb3e41e-e1ba-46c0-80da-ea828a9cf096","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":149,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"66b64b9c-c890-4eca-a7e7-d86986933a5c","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":149,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"61cc24f6-7081-4d69-9294-ce10d2b45ca0","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":149,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"3211a3e4-00de-45f3-b5a5-814e4def2117","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":149,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"2738f638-f53b-4345-8965-dea43f222d94","block_type":"box","text":"II-89","page_number":149,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"997fafb8-6188-4447-96bc-2b50963b8bdf","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c23e94b5-b8a2-473c-88f8-7961b6acf735","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending opportunities for certain loans (including by","page_number":150,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"de73a9e9-8caf-4f1d-8a08-40202752feed","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":150,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"b9f59be5-0a63-4a94-a351-07bdb9b73203","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":150,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"27ec368e-0857-47f4-b53c-97349e3abe65","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":150,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"d3037ab5-617f-46bb-b88d-9ba77e2d233c","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":150,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"341a6377-8b0f-486e-a163-2f665dcc0021","block_type":"box","text":"eliminating the volume of lending opportunities for certain types of loans, loans in particular markets, loans of","page_number":150,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"02b19668-b4b0-41ae-8cc9-1a1ac7afec28","block_type":"box","text":"particular securities or types of securities, or for loans overall. In addition, some borrowers may prefer certain","page_number":150,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"2ed3d3fd-75eb-45a7-836c-b8fda4b034aa","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":150,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"6c82dbac-3554-4ca5-a3e4-d2feec4fff9b","block_type":"box","text":"regulation.","page_number":150,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"78384391-29f5-4baf-aaa5-de01fd759e29","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":150,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"496378cb-9d07-4bf8-a596-3f50b6d276c2","block_type":"box","text":"order to allocate a loan to a portfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":150,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"c9898b51-3ced-4753-898d-e39f4712cf87","block_type":"box","text":"various program limits (","page_number":150,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"c61ec4f1-b338-4242-a23a-5d28b180044c","block_type":"box","text":"i.e.","page_number":150,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"78951fa3-23e9-4eb3-8695-c8e38e96dbd3","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending portfolio must","page_number":150,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"337cdf27-7332-4bd5-bedc-78e9b89bdfdd","block_type":"box","text":"hold the asset at the time a loan opportunity arrives; and (iii) the lending portfolio must also have enough inventory,","page_number":150,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"486b389d-4eb9-4d48-8763-6b188ec327ae","block_type":"box","text":"either on its own or when aggregated with other portfolios into one single market delivery, to satisfy the loan request.","page_number":150,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"389447ef-c097-45de-839f-04a97c0a15b0","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending opportunities for all portfolios, independent of whether","page_number":150,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"59ef0959-36da-4dbb-aa98-c8f3d2392274","block_type":"box","text":"BlackRock indemnifies the portfolio. Equal opportunities for lending portfolios does not guarantee equal outcomes.","page_number":150,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"23b59a20-5d6f-48e6-8474-c87b0ba4638e","block_type":"box","text":"Specifically, short and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":150,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"f350d7a8-36e3-4dbe-8a03-df2f9ab78b68","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":150,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"ec05832a-5ba0-4a07-a2ec-1ea89041d9ea","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":150,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"fcfd7cd0-1acf-4598-83f2-58da27425377","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":150,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"e814bedc-7bb5-4a3b-a84d-89a42494f415","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if portfolio","page_number":150,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"c38e02e5-9ee5-49ab-a21b-2d53aea35c4a","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":150,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"64c6128c-1976-4cbb-873c-d1c5301ac98e","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":150,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"9b331b36-11d2-47d2-bc53-018ac70ee045","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":150,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"eec5c406-7fee-4678-81cf-d75a4358d974","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":150,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"85e71f41-b5f7-43f1-81c3-664a1985fd21","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":150,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"80044e6a-a243-4f94-805c-16339b1ac2a8","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under certain circumstances, the Funds will not be charged","page_number":150,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"2c89a7c6-d239-44bc-9b6d-3a8002d4d3f0","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":150,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"cfb5491a-52cc-46a1-a306-55c036153afb","block_type":"box","text":"As discussed in the section below entitled “Portfolio Transactions and Brokerage—Transactions in Portfolio","page_number":150,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"304f50e9-17ec-4133-be8d-ccd4365b4471","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":150,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"025ef6d5-504a-47a3-b4a1-60da5e8d2c5b","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":150,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"621146e5-23ac-431d-bc55-db458168b494","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":150,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"5be98caf-6250-46c0-be75-db1ace2125e2","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":150,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"f8cf87d7-1ba1-4fed-9068-9a0e44576300","block_type":"box","text":"sub-adviser to certain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":150,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"491fc17b-ca2d-43e5-b1ae-940379f3bd96","block_type":"box","text":"than through client commissions.","page_number":150,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"e384e620-5ed3-48f7-a83e-0febed6e55f0","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":150,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"e067ffab-c7f4-49b0-b694-13ec10b18728","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":150,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"eff260c4-8020-4e37-9242-57bf547a43aa","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":150,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"81d2a673-edd8-454a-904f-b346a8936cb0","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":150,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"0153b865-f250-4fb3-93ab-60782584776b","block_type":"box","text":"services may include, to the extent permitted by law, research reports on companies, industries and securities;","page_number":150,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"7fc5bd40-1613-4c2a-b3a1-b72cda07eedf","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":150,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"ec0755f3-1605-48bf-97e0-49bab3fe6c13","block_type":"box","text":"research-oriented software and other services and products.","page_number":150,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"11667c8e-1892-417f-bf59-64d1df4243c2","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":150,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"5b63a9a1-c23f-43a5-9d16-55b2dc7251cc","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":150,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"0c8f5cbc-3a29-44c3-ada5-773086fea968","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":150,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"8d165cea-7727-40d6-9bd8-96e7f10c9ea6","block_type":"box","text":"disproportionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":150,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"3267d5a4-76e9-4384-a446-3d6613365a0f","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":150,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"9177d464-9902-40a0-adcd-2ef30defad06","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":150,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"342b80cb-ef2c-4621-95db-c5b4155fa2ef","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale","page_number":150,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"2203ba84-e978-488a-91f3-da931b6c863e","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":150,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"b96559dd-4626-440c-b4b7-5150eb91b323","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":150,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"27acb800-e78c-4b8d-b1a2-1313554df472","block_type":"box","text":"and services itself.","page_number":150,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"a69bba89-e1fd-4472-86a6-9e63ca336cab","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":150,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"4ab81faa-57f1-4258-9abe-f06b2a01ac2e","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":150,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"3ca11d19-0f6e-4fb9-b5a3-ac7dfe8c253d","block_type":"box","text":"II-90","page_number":150,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"80f0db3d-ffc0-4fea-9f21-c97babd777f3","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0956ce60-3869-48ae-a842-f1c158339011","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":151,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"eff939a3-ee2d-4ccb-a52c-3ef4e55f3dc8","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":151,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"cdf7e190-6249-428a-a96e-0b2b1cf11e90","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":151,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"d833fe1f-1762-4f60-95cc-6e05150718d7","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or","page_number":151,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"08c60d65-e174-4c3c-a360-33ff0163eaee","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":151,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"39284d2a-84ae-4a1c-8a2b-a452687ca749","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":151,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"0543b5fa-ab04-4ead-b7aa-18b5bf2057aa","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":151,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"7a5e7de0-3dc5-4e1d-906c-64184026ec95","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":151,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"f7c7553c-ec1f-404f-9fe7-a81b4069d677","block_type":"box","text":"securities transactions for certain types of securities. These ECNs may charge fees for their services, including","page_number":151,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"31d6fa0f-30a2-4fdf-898b-c9113c696d04","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":151,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"c7f5fce3-de88-4836-a10f-24b2757bd6e9","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":151,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"02ef907f-83f2-414d-99ec-92118bd90285","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":151,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"56b27565-1879-4e20-8495-39ccd7f04bc0","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In certain circumstances, ECNs may offer volume","page_number":151,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"d3ee721c-e347-4d4c-84bd-ce3419df0225","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":151,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"8878dc02-9006-4a83-ac2f-1a90ec25d579","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":151,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"b72250ef-f749-44b0-b6a0-1d936aed68f1","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":151,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"5dd86aac-7bf7-41da-a573-b4d35abe698c","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third party brokers select MEMX as the","page_number":151,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"097766db-c8f3-4e48-932c-35d80c961215","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.","page_number":151,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"207869ab-beb5-4c79-a526-611789c44804","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":151,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"d9085c09-c56e-4602-894e-24991175426b","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":151,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"95af74a1-a732-465b-8b10-bb7bd3f43208","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding","page_number":151,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"0d2e0a90-811e-4ab9-af91-c8ceff4a05cd","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":151,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"49421e2b-4f86-4861-a821-febf739adec7","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":151,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"a6cbc610-ea2d-426e-91b8-4d89e4725a8f","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":151,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"08180492-81b7-4f19-b387-9c60e52e1a27","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":151,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"b75588e3-e9d5-4007-a450-f1c90f275302","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":151,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"b15740a0-3d91-4196-9cfe-cbe2ac4a7ec1","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":151,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"7468cc25-c6da-4d2e-a3d9-29a35a44534e","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":151,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"64bb9af8-6f5e-44f2-bccc-e8586df7e151","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. 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BlackRock seeks to","page_number":151,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"b1b4ca00-22e9-4edb-8158-7eea89bd1297","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":151,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"feeb8d1d-bb85-4249-b9cd-3f403786e114","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":151,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"8642ae15-6533-495c-908a-aa8134af38ef","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":151,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"f6816a87-4f8a-42ae-815f-b7a11df90822","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":151,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"1b7e54bb-b6f2-4ae2-bb99-eb40b523e3b2","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":151,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"a87c1c59-2e8f-4c8e-bca9-74567125f412","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":151,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"10bb4902-0fb3-4305-be06-e958c1096e2f","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":151,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"9254e322-d140-4ca5-b4b6-eab8f491ff61","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":151,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"d4d13ad5-4b75-4e0e-9962-2206954c4715","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":151,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"f4ef881d-cfe5-4b3c-b332-1261ccfeec43","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":151,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"eda633ee-6956-4c16-a289-895cc0050c36","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":151,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"2f7c82cb-baff-4d97-8742-6e2deeb85ca9","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":151,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"6001265e-bbb0-49a7-8f10-780c240ed6cf","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":151,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"76680170-eb46-4b75-9039-a3a15febcccb","block_type":"box","text":"sales of certain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":151,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"6f33ca14-e976-4fb3-8597-df312fca6871","block_type":"box","text":"directly or indirectly receive a portion of the fees and commissions charged to the Funds or their shareholders.","page_number":151,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"420100a4-794d-4591-b8e2-60288490c05d","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":151,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"e8e7badd-a8cd-45c4-8406-7729994ca93e","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":151,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"d1200c99-43ae-43fc-a12d-9845817aab46","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":151,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"e48933d7-95e1-4482-9a76-7c63dad51993","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":151,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"c1553da6-0d6e-4ec5-9604-ce7e089311c0","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other","page_number":151,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"96f81e87-68cc-48a9-b05b-8ab13e48cede","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":151,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"dce959bb-ffd6-4ea0-86d2-2fe9989ce3f6","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":151,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"7159bb31-9362-41e9-84d5-4f0c132a9f76","block_type":"box","text":"II-91","page_number":151,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f2a0cdae-917e-4071-b883-67892fc79993","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0227b647-f29c-4765-9f88-f35b4f63446e","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":152,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"be24315a-a6de-4114-8276-7714fb604db3","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":152,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"e176bd7b-cc8e-41a2-a00c-f055fbafc268","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":152,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"0ea7d629-24ba-40a5-b2aa-bb5fefb43c5b","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":152,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"a305ab8f-8e1f-4508-ada8-8b9340787102","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":152,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"48db2a39-48d7-4041-9800-f99a63bd232b","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":152,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"c73d53a2-d562-4762-88a4-c33e1cff5d7a","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":152,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"1c4dbb0a-8bb9-476f-bdcc-94b8f9bc6586","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":152,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"19804397-dfa6-4859-a92a-f194466bec4c","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":152,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"ced0cb53-5e27-4cbf-b555-d3cc779c55af","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":152,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"16cb44f7-4d27-4d57-b1ef-fa71e6c0da6d","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":152,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"a60758ec-3fe3-4fc9-be93-a9209be37c6c","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":152,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"56a8419a-8d38-401c-8718-8bcdaf89ad39","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":152,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"81745709-797e-420a-8332-1eff9866b2ce","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":152,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"fd53de3c-2380-49ee-8013-37c2a0f14375","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value","page_number":152,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"8cf0759c-bf8b-4364-ae74-59bdf74e07d6","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":152,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"38227614-09a5-48ac-9622-33742b46122e","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":152,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"a0a2caab-e302-4992-a591-fdf6f2867980","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":152,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"ccbd14a9-db6b-4760-8006-28132b957db1","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":152,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"26f6834b-beef-4db8-b5c5-4b8aff5c5f7e","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":152,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"add59f7c-87cb-4f62-97c9-0b4c26d63233","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":152,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"786120aa-93b6-4ea1-a968-7db3c7a396c2","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in","page_number":152,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"a69bc91e-1867-450f-b1b2-d09c38748352","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. 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As a result of","page_number":152,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"983a38e6-81eb-4b3e-81af-ec01f476c3b9","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":152,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"9bccb2eb-44a0-431d-81b4-97f4354bcedd","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":152,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"ff6f997d-d7f7-48a0-8c42-ec1747a37eef","block_type":"box","text":"Fund. 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From time to time, the activities of a Fund may be","page_number":152,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"f3a43c91-497a-4c4b-9080-23886cdc9558","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":152,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"35ee907a-ee46-4842-9656-6201101596a0","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":152,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"b0579624-e6bb-48c7-a485-9e416ae3b8bd","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":152,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"e66a39cb-814d-4458-89f5-6334877e7333","block_type":"box","text":"recommend certain types of transactions, or may otherwise restrict or limit its advice in certain securities or","page_number":152,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"869d6856-8406-4914-abdb-fc0294b055e2","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is performing advisory or other services or has","page_number":152,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"697b8e33-f1fe-4ac0-84c6-a1cd43a61f8b","block_type":"box","text":"proprietary positions. 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Similar situations could arise if personnel","page_number":152,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"008a586a-2d7c-4efe-9a69-0a65d2e02f93","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":152,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"35c603d7-a82f-48c0-88b0-f8f281237ac5","block_type":"box","text":"permitted by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary","page_number":152,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"2c5e644d-faa8-42eb-9898-61b677ee6ffe","block_type":"box","text":"implementation of appropriate information barriers), the Funds may purchase securities or instruments that are","page_number":152,"box":{"x":70,"y":891,"width":793,"height":11}},{"id":"43abb11d-4344-4b80-af76-6a80d91c1de9","block_type":"box","text":"II-92","page_number":152,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d21ce22e-5326-4e12-b115-5c7b18650d81","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98da974e-264f-4ea9-b307-ba9e931f919f","block_type":"box","text":"issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where","page_number":153,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"c9adb27b-8fa8-48fc-ad30-674c3901d2cb","block_type":"box","text":"personnel of BlackRock are directors or officers of the issuer.","page_number":153,"box":{"x":70,"y":60,"width":437,"height":11}},{"id":"2d8519ce-2233-43a9-a4bb-7675c768092b","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":153,"box":{"x":102,"y":83,"width":748,"height":11}},{"id":"75396d87-3bba-47ab-b03f-aaf17623c077","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Certain","page_number":153,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"1452a0a1-44ac-48b5-b678-39c49eb840ce","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":153,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"3bcf4a7c-ef0e-438b-a8a7-9f800b0cfdf7","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Certain portfolio management teams within BlackRock may","page_number":153,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"a2b953d4-5989-4561-985b-a19776b2db56","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":153,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"eb97732f-cc0b-427f-a752-b8adab7bcbe2","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ portfolio management teams. The","page_number":153,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"af15d521-fc4c-49c8-882e-22b593848ea5","block_type":"box","text":"various portfolio management teams may not share information with each other, including as a result of certain","page_number":153,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"148459bc-f258-433a-8bf8-e2751e41208f","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":153,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"b954123b-0558-4ee2-9b1d-85ebcc669b31","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information","page_number":153,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"49681fd7-1b22-4ff1-89d6-1908c191b215","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":153,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"140b8f73-ed56-4be0-a775-45b22ea87292","block_type":"box","text":"portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing","page_number":153,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"6ead8f36-de25-4d02-b548-464165740159","block_type":"box","text":"portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of","page_number":153,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"7a27a2ac-a2dd-4dba-bb5d-172ef7529540","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including","page_number":153,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"74cf139e-c68d-495e-a33b-fa28f909241b","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":153,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"7e5d18bb-47c8-415b-9941-6ab48c527a93","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":153,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"cbae9961-7747-4324-8273-1f41428ff32a","block_type":"box","text":"with the benefit of information held by certain areas of BlackRock.","page_number":153,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"4c54e2dc-7b42-4104-be1c-22ca3ab34ddb","block_type":"box","text":"BlackRock may determine to move certain personnel, businesses, or business units from one side of an","page_number":153,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"787126fe-ce0d-42a5-b3a4-77e2ac7150c8","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":153,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"bf75c609-f82f-4749-9d5b-ae98e6c3e3f7","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":153,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"eb526fb2-bc00-4f67-8a95-9c0437646d10","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":153,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"00b65e8f-8a69-4215-8755-923db1ffbdc5","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":153,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"7c9ad875-5a51-4ef4-bd1e-fa50095301cc","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":153,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"ab21683a-4a90-4dfa-8889-00dc05f33863","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":153,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"d4331bc2-962d-4bf9-9342-37fdb348db01","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers,","page_number":153,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"2be9c84d-9fda-4fa0-9f75-1bae65fb9c9f","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":153,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"8106d1c7-d2c1-416a-8c7c-59364c7e2f25","block_type":"box","text":"a barrier.","page_number":153,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"9d7fef94-d0d0-4ff7-9e89-54a50efae6a3","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision-making","page_number":153,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"1cc1339e-5791-44b9-9680-5899e134b86f","block_type":"box","text":"and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":153,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"5f130a52-c9e5-46a7-baf9-e0ae95f8bdd5","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":153,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"5813c472-0f2a-486c-a3b7-319ed07da72a","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":153,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"f2a1976f-8af4-47ef-94a4-5ffce48585c8","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":153,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"b76e9838-03bf-4e98-9e00-8343afa982f0","block_type":"box","text":"issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies","page_number":153,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"ef49d17f-ba1a-4858-b7ce-fff6e1ffe50e","block_type":"box","text":"that operate in certain industries (","page_number":153,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"f9d4f986-eb7e-4240-9618-0fb446822c8e","block_type":"box","text":"e.g.","page_number":153,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"d1fa0ae2-91aa-4e83-8fcf-ad91a45ab6b3","block_type":"box","text":", banking, insurance, and utilities) or in certain emerging or international","page_number":153,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"5dc7fcc4-dbad-405c-aee3-8b19bace25b3","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":153,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"3e896727-1c95-4390-85ca-e55492de6b13","block_type":"box","text":"e.g.","page_number":153,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"0f5fd785-306a-463a-a04a-1c754fee5d84","block_type":"box","text":", with mechanisms such as poison pills","page_number":153,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"32956b21-41c9-4b5b-be6b-1d1ef5d34ad9","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in certain futures and derivatives, there may be","page_number":153,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"3bb375b4-ee32-4733-b6f5-03a320781374","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":153,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"8d53d3eb-f506-4fb4-b8ad-76487607abdc","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":153,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"e248a5e0-38b3-4fc8-a3a4-7be64b77b20e","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":153,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"09f616ee-1433-4a59-be03-0923619074fa","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased","page_number":153,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"68e4ae40-b164-4d2e-84b1-d0e3ecbc02a4","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also","page_number":153,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"d819d2e7-054d-4f8d-9c11-f44d38c00fb6","block_type":"box","text":"seek to make indirect investments (","page_number":153,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"281d2b2d-7448-4814-b125-dd28511bbe16","block_type":"box","text":"e.g.","page_number":153,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"684c1f5b-9a53-488f-a10f-656776a00b96","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to certain","page_number":153,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"8caf8e7c-bca2-4ef6-9a2e-5465a245fe68","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":153,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"a57a5a21-253d-40f6-a5ce-e1ba5832c14d","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":153,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"f66df748-de68-4d5c-80aa-e0877deae64e","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":153,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"ce6098a2-cebc-4818-9016-806a89ff517d","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":153,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"53e29215-883f-499a-9cfa-dff9f4aa8f37","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their","page_number":153,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"6e037863-acec-4c7e-bd02-4bdb13110f71","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":153,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"8555ce5d-4a28-4ff4-9afd-abf29a1d88fb","block_type":"box","text":"If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":153,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"2f632da6-4adc-4f5b-b201-1087d54f7559","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":153,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"a9dcbe5b-38ab-4f7f-8030-6d45d651c771","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by","page_number":153,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"6fcfecaf-471f-4be8-999f-f1ba4c7a579f","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":153,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"769028bd-ed97-444d-a435-d8e588c05d68","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":153,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"43848d13-591b-430e-bc7a-e0b460386f04","block_type":"box","text":"otherwise purchase or hold. 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For index funds, this means a fund may not be able to track its index as","page_number":154,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"d1f770c1-7474-4927-b17c-ebb2d54e823e","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":154,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"2ea1bd9c-1719-49cb-83f9-d53ec20471f8","block_type":"box","text":"amount of the impacted security included in its index. 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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":154,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"fe493922-d2b9-496e-97e9-7af768a04d9c","block_type":"box","text":"from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":154,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"217f61c8-d063-4a81-98f2-bdc3bc4c097d","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":154,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"0b1dc173-e23e-47b3-be41-6b7d7ab69c97","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":154,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"e0e42ee5-4515-4662-96d1-34abac89d624","block_type":"box","text":"BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration","page_number":154,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"9240a1d7-762e-428d-8801-028995f0f202","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the","page_number":154,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"4d3c1f8e-d36a-45c3-9687-be1b79aefec9","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":154,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"5dc6694b-cc4e-4378-9013-cfb1edb6e78b","block_type":"box","text":"certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":154,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"c2575c92-acb5-4423-a715-34f8199ff9f1","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":154,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"44c6618c-7dbe-4e86-a5e9-98aad94b6214","block_type":"box","text":"with purchases of Creation Units of such Fund. 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In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":154,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"dddbd22f-9965-4829-bd1a-0af0f711173f","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":154,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"c6055c55-033b-43bd-a7ae-832ab3b641ee","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":154,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"0b2dd961-a9e0-400c-b99b-dbd51b74d2f6","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":154,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"ac71a358-bf0c-4565-9c9a-e1be8db61672","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and","page_number":154,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"6768ea31-25c3-41eb-9026-f3d298e673c6","block_type":"box","text":"regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":154,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"04f45494-4e45-42a9-8aa5-b8d64032789c","block_type":"box","text":"strategy with respect to such security or asset.","page_number":154,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"bcfcfa00-cdfb-4de1-ad19-83349cd71451","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":154,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"dac8834f-3bae-4d18-a088-ed1edc12bb6e","block_type":"box","text":"license and use such indices as part of their investment strategy. Index based funds that seek to track the","page_number":154,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"0c836f71-9c33-4767-b06a-5b2413669936","block_type":"box","text":"performance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":154,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"894b32a4-8198-4b77-bf69-aabb7a1e032d","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":154,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"0a4be56d-4d22-4dcc-b5c8-059082950aec","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":154,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"461c4e43-977c-4fe8-9dfe-2d4c8d5a84a5","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may","page_number":154,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"2b320c56-2b1c-4e23-afe0-b346696ca43c","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":154,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"57edcef5-b02d-4eae-8741-d67abdaca219","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":154,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"20e3772b-6bce-4ee0-8aac-c6e6806367a6","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":154,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"e46fb6cb-76b7-410b-97b5-fceeafa9fb0b","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":154,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"eed2360d-4205-4ddd-a596-591198720f91","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":154,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"15d5061b-b0b7-4c50-8f37-1b8090b72b20","block_type":"box","text":"e.g.","page_number":154,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"82094ee8-2e9d-4f96-8872-6160a50a6794","block_type":"box","text":", custodians,","page_number":154,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"23f4d8a7-7980-42f8-8e58-6a5bb1a369af","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":154,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"37ea14f9-ebc9-4f6f-ab65-902423731148","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":154,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"62ad557b-5870-4fa6-805a-d272483bb7ed","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":154,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"6810f11c-156d-4412-810f-e95783fbde52","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":154,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"f91c28bc-e498-4172-8fa6-eb7be7c1885a","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":154,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"a810acc3-273d-4673-8399-b2ec7fdc7b83","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result","page_number":154,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"4e0ec176-51a1-450c-9342-6ee3d53a3dda","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":154,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"a9f733e7-9f80-4ba9-bffa-3af1835ec22c","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-party service providers to a Fund, or the","page_number":154,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"6769c821-f9ab-4a21-9709-6559cd954661","block_type":"box","text":"selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":154,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"42a9963b-9e92-420d-8374-33377eaaf073","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":154,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"3694afd2-592d-467e-9447-c4afc78d3328","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":154,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"5d42a98a-94be-4359-93fa-3e21073dbd7c","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":154,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"9062ffe6-4ccf-424d-860c-c78295afbf77","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":154,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"f2080815-3d7c-410e-aaa1-4b2ba342523f","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":154,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"9dbcf4f5-35af-4ee7-99fe-fff84d82ab09","block_type":"box","text":"II-94","page_number":154,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5bf939cb-1969-4a24-9363-071f90096e42","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"792cca8a-9a16-4beb-a3c1-2af69f5d0530","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or","page_number":155,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"26add16e-84e2-40de-baec-e507b4f10ca5","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":155,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"41d42bcf-17f9-4846-9367-a26540082fa8","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":155,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"2a7c83a7-7391-43ce-8a3a-6f9411488b40","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":155,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"57a0ab86-34bd-4762-9826-16ffa43d559e","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":155,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"4ec2516f-1843-42cc-bfa7-51dd2b5aa666","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":155,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"c4b2634c-e9cb-49af-b305-4fbb99b5010c","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":155,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"b398497b-a843-4e26-aa52-1eddcc50e709","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":155,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"6813be5c-7a9e-4b2b-a84c-d78ecb148540","block_type":"box","text":"provider.","page_number":155,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"8c93e8f0-deb2-48f9-b493-660b71d739e1","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":155,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"123f0a2c-980a-4da3-a5ee-cb03d967421e","block_type":"box","text":"arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":155,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"ef486561-a271-4cba-b418-a44b53510031","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":155,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"1655dccc-d99e-4982-9fd1-2723b2498f0d","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":155,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"1b57fd20-b660-4556-bab0-915387c9ccc5","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":155,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"adb95b67-18ae-457c-aabd-48bc40d16b8a","block_type":"box","text":"PURCHASE OF SHARES","page_number":155,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"d96aeb57-fdb2-4a55-8624-cd17da9ecfe2","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":155,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"86bf1f98-f2af-4b06-a838-9794a237f32e","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":155,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"413cb435-1a66-44bb-8db2-65e5fcedfa6c","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Short Obligations Fund are","page_number":155,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"6bcac594-b169-4677-961c-a1c4bd73b136","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":155,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"6a5b4027-6250-4f53-a1e6-611a8576a101","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to certain investors purchasing shares of Funds","page_number":155,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"46a5bedc-082f-4f3d-ad44-f7bf7a572668","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":155,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"c5c66334-39eb-41d6-8ac5-472e46160d18","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to certain eligible investors without a sales charge.","page_number":155,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"5c8d6d05-354a-467d-aaa9-5f6e1f8e6e6e","block_type":"box","text":"Certain Funds offer Class R Shares, which are available only to certain employer-sponsored retirement plans and are","page_number":155,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"5e1876bd-70ac-4fa8-8b03-796358b64fad","block_type":"box","text":"sold without a sales charge. Certain Funds offer Class G Shares, which are available only to investors on eligible","page_number":155,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"8de460ec-81a0-45c7-bed5-de7e36d1978f","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":155,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"874aa777-6045-4069-8106-d3a73646700b","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, certain Funds offer Service","page_number":155,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"58a4e83e-c8b8-4b54-8674-d4e2bcc00211","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to certain eligible investors. Please see the","page_number":155,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"8d63ec3c-5918-434c-8d9e-76f7ca18a002","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":155,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"b732a5ea-fbaa-4ff8-b5f5-a495513a9360","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":155,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"3c92888d-e81f-42c9-8577-540e711ef670","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":155,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"4355d236-d6fc-456f-842f-99617eb7110a","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":155,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"9b371a17-2f0a-422a-88f7-465d10a42bdc","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":155,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"4fede6fe-9bd4-4d87-b5ac-e509fe757719","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":155,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"1eb1fcc5-b7c1-4835-937d-a3c8deb52f0c","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":155,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"807a4b84-2503-4dce-8955-9f64bb5f959c","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":155,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"a72712cc-58dc-4df5-a5ec-84e86d7b8ed7","block_type":"box","text":"Target Date Funds that allocate a portion of such purchase order to such affiliated underlying fund. As to purchase","page_number":155,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"2012255f-79df-44f6-b278-6c6bf649a472","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":155,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"7bb585d8-f20e-44f9-8340-1a673e042965","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":155,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"c4243b93-a647-4d5a-9290-94b3adf675f7","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":155,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"02202b4d-caf4-4c92-aba1-ef103ef1b2f8","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":155,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"677d11fa-bcac-4ab2-844b-87dfb67fa3a3","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":155,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"f676f678-5de0-416b-b0a9-c47cb24d2705","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":155,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"d65eb9ac-e9d1-4d90-b460-b3001c6e4fbe","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":155,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"36b639f0-613b-4bc9-bcea-c297c0a8fe2e","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":155,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"ed1d0bd4-2d9d-4e14-8d8c-9a27a06f08fe","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":155,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"a7c9edaa-ac44-42d5-9057-48081c65bf58","block_type":"box","text":"The minimum investment for the initial purchase of shares is set forth in the Prospectus for each Fund. The","page_number":155,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"2d92f466-9e76-41fb-9ada-1c92b0cb0e3a","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":155,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"93248e00-669d-4a07-8ee2-6ab2e68ae012","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":155,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"36686621-9fc6-41af-9163-d66ae4badffe","block_type":"box","text":"investment is $25.","page_number":155,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"162ef098-e9a1-4844-ba29-ee82b4c1b153","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":155,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"d64d6227-8700-4f22-a513-a8769ad1db6d","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for certain investors","page_number":155,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"bd340212-1720-40f2-b17f-7af47a374095","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":155,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"358b5a64-a1e5-4552-ac39-18e8b6d6ba6a","block_type":"box","text":"II-95","page_number":155,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c0260e3d-72ad-49f5-af84-8024e49a39b4","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d61a64bd-158d-4ac9-85db-0297e0e3f9ac","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":156,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"0e2bd1d2-1041-4fdd-a669-3652c8d6006e","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":156,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"f08ebbb9-cf25-4058-addc-280fe6511b40","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":156,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"94608bbb-e044-4ec7-9a3b-9184fc8e502b","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":156,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"14388b93-e55a-41e1-9aea-4088a89b9857","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":156,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"39c8f6a3-eaa9-44e4-858b-1fba8bf3a418","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":156,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"22842a00-a3aa-4bb2-bd2b-2fb33f4ae2ba","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":156,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"08ac32fc-7e8b-4c23-a9fc-a5b890e756a9","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":156,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"3da6671f-83d6-4ea2-91ab-a324d52de703","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":156,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"a477793b-812d-4c4b-b81e-7ae6115774d3","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":156,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"95de7fb1-1514-4fd0-83b3-7ecdf919af82","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":156,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"3b02744f-f145-4fe5-98f8-5141e40af696","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":156,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"1adbdc1d-bdf4-47f0-aa61-d848050951f2","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":156,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"ad4a94ee-e7e5-4543-bada-4b84cb77ffd7","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":156,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"fc8677f8-aa43-471a-8f88-ff0fdbc9ba99","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":156,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"6d017688-6039-49ab-b015-2d5d453c4588","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":156,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"39385482-f033-4a95-a6b0-0f4a077d523b","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":156,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"b2485e74-d74b-4e9e-b5c6-ab9981195abc","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":156,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"70aa69b4-6b1e-4c75-a19c-6a7684bf0cb1","block_type":"box","text":"group of individuals whose sole organizational nexus is that its participants are credit cardholders of a company,","page_number":156,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"8f894ba2-c089-43f5-91a3-6b08efb58b40","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":156,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"4176cec3-2d50-48c9-9b83-db20e722e286","block_type":"box","text":"adviser.","page_number":156,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"6264b81b-934b-4ba7-b9ce-3058f4fa182c","block_type":"box","text":"With certain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":156,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"c750c78b-cb99-4c30-add1-33d358533dd8","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":156,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"cd58d566-6709-4dd2-bd57-36e835953805","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":156,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"ce67013a-7d3d-4b17-bc74-8da04d0bb5cd","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":156,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"985bc7db-c375-494f-a8a2-419ebcf4a41f","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":156,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"7a829c0a-c0f1-4cd1-bf91-67748a18c430","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":156,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"6c2d5a9b-ae98-481e-ae35-abde089e80b5","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":156,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"47483ed5-fde3-4a81-9b0b-578fed4f1db1","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":156,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"e4e7b152-6e72-4c07-ae60-11d291be7b67","block_type":"box","text":"also be restricted from making additional investments.","page_number":156,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"fbaaea6f-d872-484a-a228-c313f3c9c9e8","block_type":"box","text":"In-Kind Purchases","page_number":156,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"c1088a2b-93ef-46ae-8ee9-aa4cd766f491","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":156,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"f537133a-9de5-445a-affb-aef77f50f126","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":156,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"6e7f9f5a-ce16-4473-8a9a-4f5bbe921d96","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":156,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"2f7514a5-b4c1-4833-ac60-cfc2fb91bfb5","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":156,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"ab4083d6-910e-4459-b90d-7d916df76656","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":156,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"28ca47a5-b990-4296-9015-8dfa0a5b5224","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":156,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"14891e6e-7154-49f3-85de-d4b44c69b0e1","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":156,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"e0cb190c-32c3-4522-a9c0-63d50057b1bf","block_type":"box","text":"securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property","page_number":156,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"99d4eee9-007c-45a3-8c43-917be24782ef","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":156,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"2601d37d-9129-4148-92a7-f736bc2aa6d5","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":156,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"2dea51a2-0863-4e9f-8e0b-6bb524349001","block_type":"box","text":"has settled.","page_number":156,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"1a0fa6dd-40f6-4b18-84dd-794bd90c8f6c","block_type":"box","text":"Institutional Shares","page_number":156,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"3252f9b6-f02b-4f00-9660-2cac735ca2a6","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only certain investors are eligible to","page_number":156,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"45b2bb94-45ae-4165-9075-3511fc747d6a","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":156,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"82f38667-eab2-4a7a-8064-dd6d1c4f3302","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":156,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"be0fa876-3eae-4d04-bc77-4e8847c5dacf","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":156,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"002619e4-4fac-400e-b6bc-a76360514e9c","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":156,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"151c0f43-c528-4b3d-88f2-c70ad09baac6","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":156,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"cb748551-3c3a-433d-be59-65dc5871404d","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":156,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"af73ed19-7f02-4871-b34e-a33c87d62de8","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":156,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"d767106b-722f-468f-ae5c-2e350e077af3","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":156,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"298f7824-cd60-4301-a899-addd3a516598","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":156,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"a12b6907-bf7d-4704-aa67-e0b8cef67452","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":156,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"8a589996-976b-4baa-9427-fec182f6a17c","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":156,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"d994f235-55f2-4eb2-9f0b-dfb62254666e","block_type":"box","text":"II-96","page_number":156,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ef4d9384-bce1-4e2d-b249-4a5403b508ec","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68c8d990-e50d-426e-9b10-3281718ee9b6","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":157,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"6d55ef80-3bbc-47f0-99f8-41829dd26445","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":157,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"29b3b57b-48e7-4a06-acfc-9350e0c4f86b","block_type":"box","text":"these fees and conditions.","page_number":157,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"6a1e4c4e-5c97-4bd2-9388-fb4e5e982adc","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":157,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"f9d4aba8-d85a-4dce-9aa3-161b4737d06f","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":157,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"9f04117e-c786-4052-9de9-db1e436ae51f","block_type":"box","text":"certain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":157,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"7b3c714c-3d18-4173-9d6a-c82fc59fdb1c","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":157,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"410a4682-96b3-4fa9-a054-4c1251275d2d","block_type":"box","text":"incurred by the Fund.","page_number":157,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"9d525da2-4bf3-4b02-bc13-981d89a54aa2","block_type":"box","text":"Certain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":157,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"6e0f3c73-837c-4f91-9f37-eb86ea151c87","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":157,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"697be8ad-4f10-4ff2-864b-fe17279c7a21","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":157,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"904388ed-921f-4af1-a4e0-3a906996c5d4","block_type":"box","text":"immediate family members of such persons, if they open an account directly with BlackRock; individuals and","page_number":157,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"2e639d52-6aef-4680-abbe-5ab4011f748e","block_type":"box","text":"“Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of a Fund through","page_number":157,"box":{"x":70,"y":241,"width":827,"height":11}},{"id":"98774d02-3388-4dff-b7ea-e149a17c4de9","block_type":"box","text":"a financial intermediary that has entered into an agreement with the Distributor to purchase such shares","page_number":157,"box":{"x":69,"y":256,"width":748,"height":12}},{"id":"6097af8c-80b8-4d3f-a388-55f4513d9b45","block_type":"box","text":"(“Institutional Investors” include, but are not limited to, endowments, foundations, family offices, local, city, and","page_number":157,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"9ee06eda-e661-4d57-a7c6-e6761b1cbcd7","block_type":"box","text":"state governmental institutions, corporations, and insurance company separate accounts); employer-sponsored","page_number":157,"box":{"x":69,"y":287,"width":793,"height":11}},{"id":"d946f0fd-c175-4c7f-9c49-f71d6b36b420","block_type":"box","text":"retirement plans (which, for this purpose, do not include SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529","page_number":157,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"7a93818e-bb40-4cbc-87b4-18423e34d4ce","block_type":"box","text":"college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated","page_number":157,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"e7a2762b-b6f6-4614-bbdb-e510271f1372","block_type":"box","text":"thrifts and unaffiliated banks and trust companies, each of which may purchase shares of the Fund through a","page_number":157,"box":{"x":68,"y":332,"width":782,"height":11}},{"id":"24297f3d-3a83-4e82-bd8b-138179603b12","block_type":"box","text":"financial intermediary that has entered into an agreement with the Distributor to purchase such shares; clients","page_number":157,"box":{"x":68,"y":347,"width":792,"height":11}},{"id":"31470132-d07a-463c-8d2a-daa9b73fcef4","block_type":"box","text":"investing through a self-directed IRA brokerage account program sponsored by a retirement plan record-keeper,","page_number":157,"box":{"x":70,"y":362,"width":788,"height":11}},{"id":"e6e3c468-787a-4a71-a1d4-fcd7edb40efb","block_type":"box","text":"provided that such program offers only mutual fund options and that the program maintains an account with the Fund","page_number":157,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"6492076d-1ebb-4c0e-87c7-0361ab852fc2","block_type":"box","text":"on an omnibus basis; clients of financial intermediaries that: (i) charge such clients a fee for advisory, investment","page_number":157,"box":{"x":69,"y":392,"width":813,"height":12}},{"id":"3823e88c-8401-4f3b-9f70-828fe4b6b491","block_type":"box","text":"consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares","page_number":157,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"f70588d9-8f36-4b51-b23f-28a093afa58e","block_type":"box","text":"through a no-load program or investment platform, in each case, with no minimum initial investment; clients investing","page_number":157,"box":{"x":68,"y":423,"width":838,"height":11}},{"id":"11e4ada0-8745-49a6-95c6-59e45ba3f489","block_type":"box","text":"through financial intermediaries that have entered into an agreement with the Distributor to offer such shares on a","page_number":157,"box":{"x":68,"y":438,"width":819,"height":11}},{"id":"a56b52ba-400c-4d7f-96a6-c20632a74be9","block_type":"box","text":"platform that charges a transaction based sales commission outside of the Fund, with a minimum initial investment","page_number":157,"box":{"x":70,"y":453,"width":826,"height":11}},{"id":"d3a3c3f1-0796-427c-806e-ec0e1e5b070a","block_type":"box","text":"of $1,000; tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s","page_number":157,"box":{"x":69,"y":467,"width":837,"height":12}},{"id":"e85d8bd0-c53c-48d1-be79-a9233647fa03","block_type":"box","text":"broker-dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family","page_number":157,"box":{"x":69,"y":483,"width":804,"height":11}},{"id":"b507676e-ec24-4afd-b319-a9e2121caea8","block_type":"box","text":"members of such persons, with a minimum initial investment of $1,000; trust department clients of Bank of America,","page_number":157,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"9a468242-f3e8-44f3-bcc1-e72996b3709c","block_type":"box","text":"N.A. and its affiliates for whom they (i) act in a fiduciary capacity (excluding participant directed employee benefit","page_number":157,"box":{"x":70,"y":513,"width":807,"height":12}},{"id":"2b23e1b4-6e13-470a-9626-71cba8335b51","block_type":"box","text":"plans), (ii) otherwise have investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders","page_number":157,"box":{"x":70,"y":528,"width":838,"height":11}},{"id":"82099bdf-c8d8-4aa4-bf80-7bf3460cf7a2","block_type":"box","text":"of certain BofA Corp. sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in","page_number":157,"box":{"x":69,"y":543,"width":794,"height":12}},{"id":"400a370f-b70f-425e-9922-93458ad998e2","block_type":"box","text":"shares of a Fund.","page_number":157,"box":{"x":69,"y":559,"width":123,"height":9}},{"id":"2795c5b4-5424-4b66-ada7-8d643f2994da","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":157,"box":{"x":102,"y":581,"width":280,"height":12}},{"id":"237c9fae-c546-46ea-8f8b-b5b1b6046bc2","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":157,"box":{"x":389,"y":581,"width":496,"height":11}},{"id":"b70bc94f-bb00-4c95-934f-4d47f53edba5","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":157,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"2d33c3c8-2445-4531-9e80-cf0c12825144","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":157,"box":{"x":70,"y":612,"width":828,"height":11}},{"id":"d0378c04-cd01-4379-aeb2-9d7e9470c315","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by virtue of the familiarity of these persons","page_number":157,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"bd467454-60d6-4a7d-b245-3aa3f00fe79f","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":157,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"7487a95f-521f-45b3-bcbb-8fb6366a9e35","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":157,"box":{"x":69,"y":657,"width":279,"height":11}},{"id":"ceaaed44-6596-47a6-8646-e7e09e1521e6","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":157,"box":{"x":69,"y":687,"width":382,"height":11}},{"id":"9328780b-9d5a-433b-bec2-2557c267bd36","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":157,"box":{"x":102,"y":710,"width":770,"height":11}},{"id":"3dbe50c9-f0aa-42e1-ade6-ae50f6077c39","block_type":"box","text":"Shares are offered only (i) for purchase by certain employer-sponsored retirement plans and fee-based programs that","page_number":157,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"fd4b2966-9efc-402a-a3a7-52c798fe89f8","block_type":"box","text":"have been previously approved by certain Funds, and (ii) to certain investors who currently hold Investor A1 Shares","page_number":157,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"5399a34e-9b4d-499a-b4e3-fb5ddc461f9b","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":157,"box":{"x":68,"y":755,"width":840,"height":11}},{"id":"4de14362-49bb-4dd4-a0d3-3aae0b18c708","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":157,"box":{"x":69,"y":770,"width":815,"height":11}},{"id":"59510b5d-5d95-4de2-b19e-ecacecf133f8","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":157,"box":{"x":69,"y":785,"width":791,"height":11}},{"id":"ff219a16-51b1-436d-81c9-4f600114063c","block_type":"box","text":"BlackRock Short Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":157,"box":{"x":70,"y":801,"width":727,"height":11}},{"id":"dc1a44de-9ba3-42fe-82f7-b0460d2c4035","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":157,"box":{"x":102,"y":823,"width":770,"height":12}},{"id":"2b2e63ac-4f41-45f1-b5df-63e39af1e976","block_type":"box","text":"particularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":157,"box":{"x":70,"y":838,"width":812,"height":12}},{"id":"112e8e8a-b414-498a-9546-341da40ed2f5","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":157,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"dd8be78f-3bc7-4a66-8c40-9b1809e85534","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":157,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"33ddd088-fdde-4af8-9423-5a506b1f6e86","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":157,"box":{"x":68,"y":884,"width":808,"height":11}},{"id":"cb0df4e3-ad62-4ed4-85c3-e717fbf3841b","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":157,"box":{"x":69,"y":899,"width":834,"height":11}},{"id":"96c84502-11d4-4d05-86f6-c5f8e9fbc48c","block_type":"box","text":"II-97","page_number":157,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d798ee94-d32b-4c57-a599-40ae34abbb80","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ac8160b-bfbd-4a0e-8257-b5914d7c975d","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":158,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"2e22a528-d1e8-4b72-b2ef-b8943825b2a7","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":158,"box":{"x":70,"y":60,"width":789,"height":11}},{"id":"ee85a60a-b621-4428-9e8e-057fa49328f5","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":158,"box":{"x":70,"y":75,"width":805,"height":11}},{"id":"b3ce4567-4506-46f3-aca5-51899bc0ada2","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":158,"box":{"x":70,"y":90,"width":792,"height":11}},{"id":"c5fcc452-4d44-41ea-99b5-af14c491ad4a","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":158,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"c0da9422-22ab-4015-95a2-b829429cdac4","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":158,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"75a1fc06-9a05-4830-b94c-020452cc1161","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":158,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"771d1420-070e-4bb1-bc83-8d8d1e91f462","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":158,"box":{"x":69,"y":151,"width":358,"height":8}},{"id":"89c3d554-ee8f-4322-a811-6a7a0a5a6ca0","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":158,"box":{"x":102,"y":173,"width":734,"height":11}},{"id":"082b1e4e-8266-4d80-90ef-4d4b5ed9ded3","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":158,"box":{"x":70,"y":188,"width":785,"height":11}},{"id":"c8433288-0518-4e32-bb11-95746952e23d","block_type":"box","text":"periods indicated.","page_number":158,"box":{"x":70,"y":204,"width":124,"height":10}},{"id":"258302cf-6994-497a-a8bc-5c28ade6899b","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":158,"box":{"x":101,"y":226,"width":806,"height":11}},{"id":"af9e6396-ac63-4682-844e-4a44ca30fcc1","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":158,"box":{"x":68,"y":241,"width":830,"height":11}},{"id":"f2e913b2-f18c-48a9-a5ca-05233169257d","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":158,"box":{"x":69,"y":256,"width":832,"height":12}},{"id":"39852969-cf4d-4135-8867-81b91532ff98","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":158,"box":{"x":69,"y":271,"width":714,"height":12}},{"id":"413d6161-6ffd-474c-906a-4dc2077a1a19","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":158,"box":{"x":69,"y":302,"width":297,"height":11}},{"id":"8031cb64-c515-46bb-8ca5-a00eec67c83f","block_type":"box","text":"Certain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":158,"box":{"x":102,"y":324,"width":761,"height":11}},{"id":"5a9d9261-1b3b-4c7a-b4f9-54a098f24a41","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":158,"box":{"x":69,"y":339,"width":800,"height":12}},{"id":"5c5c6947-b1a5-48f5-9f84-c3a6495a5725","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":158,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"ec6aef74-b941-433e-8611-9f13623c05d4","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":158,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"03bd193e-2ef1-4d3b-a965-637654cb40b8","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":158,"box":{"x":69,"y":385,"width":578,"height":9}},{"id":"6bbef65f-d817-43c7-b2c5-5485dae78fa8","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":158,"box":{"x":102,"y":407,"width":734,"height":12}},{"id":"c06a8d3b-8684-4710-b87a-f723037c3865","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":158,"box":{"x":70,"y":423,"width":800,"height":11}},{"id":"e3f80b8d-c65c-4c90-8c1a-d8fbab75d12f","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":158,"box":{"x":101,"y":445,"width":806,"height":11}},{"id":"eb414cf9-ca6c-4c3d-9177-a6434c073a66","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":158,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"af1426c6-af6e-4125-acce-d86ebf23816d","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":158,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"fce51c30-286b-446b-9299-72bdb33fe3a3","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":158,"box":{"x":69,"y":491,"width":714,"height":11}},{"id":"c89329ba-e192-4077-9cbb-4f907fb7111a","block_type":"box","text":"Reduced Initial Sales Charges","page_number":158,"box":{"x":69,"y":521,"width":219,"height":11}},{"id":"90e69857-e393-4b66-a534-b267fb3f0e33","block_type":"box","text":"Certain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":158,"box":{"x":102,"y":543,"width":782,"height":12}},{"id":"a7642f13-6942-49c3-99c1-1c3388ab17e4","block_type":"box","text":"and/or the reduced sales efforts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":158,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"aaf38607-0684-4f7d-ae8b-2ec23d3c8040","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":158,"box":{"x":68,"y":574,"width":809,"height":11}},{"id":"a44b0d9d-e426-4666-a718-afc00b595fcf","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":158,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"eeadb569-ec29-4255-ad45-f5de7b7ffb3a","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":158,"box":{"x":69,"y":604,"width":812,"height":11}},{"id":"18bcdce2-9ffa-43cd-b27d-c31bb2eebf27","block_type":"box","text":"requirements of the new share class. Certain sales load reductions and waivers may be available to customers of","page_number":158,"box":{"x":69,"y":619,"width":813,"height":11}},{"id":"f4b348e9-6887-4453-9b52-acb9c264f8c1","block_type":"box","text":"certain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":158,"box":{"x":69,"y":634,"width":793,"height":12}},{"id":"12559d14-e2b9-403a-96b2-41bb9c395a58","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":158,"box":{"x":70,"y":649,"width":603,"height":12}},{"id":"b4cf9551-f59f-4dea-8571-ea908515e53f","block_type":"box","text":"Reinvested Dividends.","page_number":158,"box":{"x":102,"y":672,"width":156,"height":9}},{"id":"9623f479-c12b-45b6-b40e-432f9889109e","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":158,"box":{"x":265,"y":672,"width":566,"height":11}},{"id":"4c9a4b58-3e46-48c5-9e55-5e815c0bb78a","block_type":"box","text":"reinvestment of dividends.","page_number":158,"box":{"x":69,"y":687,"width":186,"height":9}},{"id":"674ae6b5-df00-4791-ab94-316288a0f4f9","block_type":"box","text":"Right of Accumulation.","page_number":158,"box":{"x":102,"y":710,"width":158,"height":11}},{"id":"01e98360-be40-4374-8ca7-ca65c3574293","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":158,"box":{"x":267,"y":710,"width":574,"height":11}},{"id":"d2f8e140-f918-4fd8-8a3c-896875dac725","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":158,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"ea417753-6fb6-496d-b994-5e74e26befd7","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":158,"box":{"x":69,"y":740,"width":810,"height":11}},{"id":"fecf505c-6a86-4613-ac80-4584265ce574","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":158,"box":{"x":70,"y":755,"width":825,"height":11}},{"id":"2d8bd911-2485-4442-9368-d01fd5f5f39f","block_type":"box","text":"existing shares of certain unlisted closed-end management investment companies sponsored and advised by","page_number":158,"box":{"x":69,"y":770,"width":780,"height":12}},{"id":"bdc68139-257f-4e44-8839-7678f4060f00","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":158,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"1398ca5c-0ee8-4cbd-b64b-2569380890bf","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":158,"box":{"x":69,"y":801,"width":804,"height":11}},{"id":"c7baec97-6999-4abd-9174-73d05fe7699d","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":158,"box":{"x":70,"y":816,"width":794,"height":11}},{"id":"63f90f8f-a1d3-488a-891d-f51be5baba87","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":158,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"b1bb2d41-8fc2-439a-87a9-dfa91a81a8b9","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":158,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"c1635f34-f3bb-4169-9a1f-7df4acc8baf5","block_type":"box","text":"any previously purchased shares. Certain funds employ a “passive” management approach and attempt to match the","page_number":158,"box":{"x":69,"y":861,"width":838,"height":11}},{"id":"12da5e26-3f09-40b7-ad07-0849e52e1094","block_type":"box","text":"performance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":158,"box":{"x":70,"y":876,"width":776,"height":11}},{"id":"bc830ceb-9aba-40a9-8f16-01c42995cfd1","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Short Obligations Fund generally are not subject to a sales","page_number":158,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"ecb09f83-57f5-4739-ac80-f2f1ff511859","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":158,"box":{"x":69,"y":906,"width":839,"height":12}},{"id":"b6cb6701-6d6d-4fa9-b906-1db65633ac60","block_type":"box","text":"II-98","page_number":158,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"179ab984-8427-4779-a6e6-db7666a377aa","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"006f6c50-bc1e-4778-a8ba-ea0241616206","block_type":"box","text":"in the Index Funds and BlackRock Short Obligations Fund may be combined with the amount of an investor’s current","page_number":159,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"8b69c768-31b6-43b7-91ae-16a904989814","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":159,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"27f53a4a-e9f3-4d23-9656-c7f3027e0528","block_type":"box","text":"Letter of Intent.","page_number":159,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"0fd80b56-f704-4dd8-9b89-88702466f5d1","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":159,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"d293615b-4398-4169-a146-a9938c679a30","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":159,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"39805246-5587-465c-8362-64afc121fbeb","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":159,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"d0c57cb6-320d-48e3-894f-a1df751462aa","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":159,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"929d5e52-0b00-449d-a7d1-9f287ed91a0a","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":159,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"6e8494f9-63ee-496a-b021-2daa7626d6de","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":159,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"1f78be7f-3ece-43e9-b0ca-1a0740f5e92f","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":159,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"b9265a38-5ac8-44c5-85ba-0bb0d289267a","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":159,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"a0298210-5232-420a-8204-15604fd54064","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":159,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"ec4d9eec-d1c1-4f5f-b45c-a1e525c6630a","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":159,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"1bea3348-efca-4b21-9521-9bfb59222787","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":159,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"eb78899b-9268-4f0e-a7b5-75b613ef8058","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":159,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"33ca24a4-0738-4615-a381-5c51bdd97452","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":159,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"943a9ac5-6560-42e4-9d05-88cc08de3811","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":159,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"829ea864-935d-452b-825c-07bf8e8707d4","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":159,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"8f6c1968-755d-4cec-9165-11e3c8f19616","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":159,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"893a5ee9-deda-4c70-b33f-01e3fbe1162c","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":159,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"74d50b8b-6fe9-4b1a-9ab7-679eac883fe7","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":159,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"5faba2af-4d4a-42fd-8dae-f0c4ad9397a2","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":159,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"81f27443-e7da-4b0d-a585-d29f8e9d4e79","block_type":"box","text":"Placement Fees.","page_number":159,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"6d7dadc7-2dd8-4006-8d03-eae4b4ecb081","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":159,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"d4b9345c-f6cb-470e-8c04-68ac93f05965","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":159,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"698b754c-2138-44fc-933c-3538911006b7","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":159,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"1af62879-5d0d-4aef-a175-5d98c7526873","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"5f5d85d9-7969-457f-b78e-4dada72cb3b2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":159,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"8da6f7c8-16cd-49f5-8827-5866c6e5d2ab","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"309f2715-c793-4e1c-97b7-394c3fdf1ce7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"31336395-ff71-46fe-a3f6-eafb6deeb8bb","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"f6146c51-1c7b-467f-a2bd-269e6a0459e3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"690ebbab-d112-499f-917a-3e0ebb89512c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":159,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"85cf4d1e-37cd-4cca-94ed-b016dd4ccd24","block_type":"box","text":"Portfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares","page_number":159,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"c41c7fb1-fc25-4dc6-96ca-f4f7fa351075","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":159,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"66db1cff-5c57-44ae-a638-ecbf030ffc2d","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":159,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"7dfdd831-8f25-435d-b20f-6e4ec14210a4","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"02043fca-8adf-4caf-9b12-3193c84caa0c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":159,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"4a6ec64a-8f87-4a8b-8940-bbe89ec93fe7","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"c35c748a-e2ff-4824-a198-0a2db2697d2a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"46c683df-fb9d-47ef-a5d7-995d969a43e9","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"731425df-7fa8-467c-a650-8559ad19cd55","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"3febb70e-c56c-42df-83c2-e5b2a84f3153","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":159,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"bc3e5e5e-5fd2-4ad3-b783-67ee4cd916dc","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Opportunities Fund of BlackRock Funds","page_number":159,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"c6c85181-ea6d-48e3-b697-f677286f8890","block_type":"box","text":"SM","page_number":159,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"5a936967-1dde-40b0-b71c-0ac591113ae5","block_type":"box","text":",","page_number":159,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"bdabb11e-6636-486f-9731-3663dbef96cd","block_type":"box","text":"BlackRock High Yield Portfolio, BlackRock Core Bond 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0.75%","page_number":159,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"63692a1b-567d-45df-99f3-3761a1c36fa8","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"002e4ff2-6d1f-4d3f-adc5-5f2fb90e66a8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"cbf46202-4aaa-4f56-9674-d4f95e2eb815","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"7e46063d-3b5d-4ae0-8d65-7aa1bad499b9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"0f2de9a0-4e06-4231-8cca-629c89fc4034","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mortgage-Backed Securities Fund and BlackRock Impact","page_number":159,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"3f4cef7e-3413-4966-97a8-8fe2625a92a6","block_type":"box","text":"Mortgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":159,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"fc37e6f4-2543-4ee9-9db5-6900f3b3399f","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"e5959330-9bcf-452c-b535-08cb17d6dacd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":159,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"080a2474-05a9-4d7c-98e4-b8875f40be7a","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"af71619d-aa65-4ffa-8bf2-f1380cc38138","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":159,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"3607091a-f656-4baf-a8b4-992943873639","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":159,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"306dceab-525c-4995-b3f9-c98198a4ecca","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":159,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"da9b53b5-2e59-4b2d-ac86-d0f5a10f4b66","block_type":"box","text":"II-99","page_number":159,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"237811d1-ecfe-480b-a7ca-0375e5d2d820","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96e30b00-1979-49a2-8d2e-7bf0c1e6291f","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":160,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"f8f898b0-929e-4f2e-bb23-58168172c00e","block_type":"box","text":"may be up to the following amounts:","page_number":160,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"0c9934aa-e6b8-4335-abf1-507265d2c7a1","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"56c33704-1c7e-4594-b2ce-807aa3cdbe07","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":160,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"c1325ac9-9bbb-4907-85fc-f91c8c6b6092","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"4cf988b6-3239-4b01-ae39-c9c61bf10826","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":160,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"57129ce4-aa3b-4792-be48-ecab076248b3","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"ad26a32f-a4a1-46a5-838e-9b3d653deda3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":160,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"e601fec3-a145-4d1c-8204-89e5391732f0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Portfolio of BlackRock Funds V, the","page_number":160,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"3830c201-6eb6-4234-a665-dcd6cdec0cf2","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":160,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"f823db18-67d0-474b-9813-a0deccbf4a47","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"4d767627-df18-44d5-82ba-c1286cba5283","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":160,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"32739d85-9e92-4c52-a0a6-4a74ca40e938","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"eb4fa05a-45a3-48c9-a07e-3a446347d303","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":160,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"845df01b-5b1b-4606-958c-ea6419b8dde9","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"f80dbc3d-3597-4dfb-a254-62d56269c038","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":160,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"43f0b500-3a90-41b9-aa2a-090f40c16c0e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income","page_number":160,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"18716c91-c843-4270-8e66-4ae6348f6183","block_type":"box","text":"Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V, the","page_number":160,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"fb6ca051-4a4f-453d-8e88-bf223cf83f30","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":160,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"aa50a532-efb9-4871-9895-5dcf527d95ca","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"718457e4-4175-42ec-978c-ff9d40e836c9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":160,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"f4a0f59e-5f1d-45b4-9f69-4624018dc81f","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"1703a3ae-5fcd-4bd2-ac7e-68e0dde6ea91","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":160,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"01fc0778-df1f-4061-be6c-d1653e753e6e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"a353952d-fdfa-4613-a647-05efc352d0a3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":160,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"55dbfc6e-0276-4e44-bde1-091fb5a2d332","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":160,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"0296ae35-c08f-43db-81d3-c3b29093476e","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":160,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"eb664f0d-905a-4861-bb4f-a4fe158041fb","block_type":"box","text":"$250,000 and above . . . .","page_number":160,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"d066bcc1-254f-4744-a912-15f3e599904a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":160,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"aaa9bb0f-5307-41f1-bd61-2d2a3eb95506","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":160,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"dddeeef2-ac60-447d-b40c-08c8884d4067","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":160,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"ebe4d974-b5ca-4ba5-ae35-673a7225fc3e","block_type":"box","text":"the following amounts:","page_number":160,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"cca25643-70da-44f9-88c1-6d525ba15c58","block_type":"box","text":"$100,000 and above . . . .","page_number":160,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"ceab66b0-5623-4721-a493-bd5d2ab53a24","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":160,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"106b2a53-66eb-4055-9974-3efb904eaf0a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":160,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"f06bf0d8-eedc-4099-9b9b-2653fc098539","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":160,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"e53f3e5a-7c78-4ab3-a015-083165b60056","block_type":"box","text":"$250,000 and above . . . .","page_number":160,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"4e3dd7b8-f49c-4872-861b-ebe809402061","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":160,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"35672add-2a78-4478-b24a-c1a258f4a292","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal","page_number":160,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"42fc7231-0328-4b96-939f-29b082cffb51","block_type":"box","text":"Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series Trust,","page_number":160,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"6aa312ad-607b-4be4-8d69-d3e79eff30a2","block_type":"box","text":"BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":160,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"5d414d52-6b3b-482f-a1f8-1709ae40f56d","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":160,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"f7ff1c01-659f-434b-a1be-4fe5b5dd4d64","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":160,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"9b4aeec7-a90e-47c3-9342-f5d02d265490","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"9d33634b-2f67-4ccf-9755-39d9aa5e5905","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":160,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"0e3d1883-3642-4624-b7e7-e360ecdbf95f","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"5b675ac1-60e9-433b-89d4-9986ff066a0c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":160,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"d7204343-84e0-443a-bd8e-92f01ce15878","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"c5c84c45-6a94-4089-b222-e1e3cdcce7bd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":160,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"be27cfc9-3108-4474-8e82-c0c6d945bcd0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Portfolio (for shares purchased on or after","page_number":160,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"33ebe018-6c92-4a20-8355-85c198f25b8c","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Portfolio (for shares purchased on or after July 1, 2020) of","page_number":160,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"db9a4143-13d1-4376-8e83-ecb0a310ed69","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":160,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"636faeee-aba1-4904-9ce5-ca1e353429c0","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":160,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"09e10b47-89c3-4cf3-8558-1980d76a85ac","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"a45ad451-309f-490e-8479-f8eb0e56d1ca","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":160,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"43e467a2-8d38-47d4-8ffe-8fa353ec8d13","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"ac309074-96e0-448b-a1be-f04f27fb449b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":160,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"eff19970-ea6e-4ac6-8a82-1321338a044c","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":160,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"5ec75cf5-1eb3-4545-b5ff-7f215d2ad6da","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":160,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"6fd1fc62-cc56-4d7f-ab0b-a989a49a3438","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":160,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"83c72f9c-5083-43c1-ad1d-87826bde1c02","block_type":"box","text":"®","page_number":160,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"b19fbd47-2613-47cb-a380-9dee87ef6dbd","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":160,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"014f3342-b173-4128-bc5f-5579e13c56b6","block_type":"box","text":"®","page_number":160,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"68eb6295-b2a1-4488-a1ad-9c80c0b89bbc","block_type":"box","text":"Index 2035","page_number":160,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"998f6d46-1f1b-4fe6-9512-b1b69e407a80","block_type":"box","text":"Fund, BlackRock LifePath","page_number":160,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"643f7868-d117-4f01-a272-351012ac13ee","block_type":"box","text":"®","page_number":160,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"cba8042b-b39a-410b-97b1-6a37a2b22b44","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":160,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"43c449cd-e310-4757-a786-0ef2bf2eaac7","block_type":"box","text":"®","page_number":160,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"87021883-acb2-4900-96a3-67823804f2b6","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":160,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"1c56419c-bca6-4c1d-987d-9f764912266b","block_type":"box","text":"®","page_number":160,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"98863d11-38e4-4dd3-a6fc-3c87576baa92","block_type":"box","text":"Index 2050","page_number":160,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"fe52a246-094f-43e1-9511-33521f7d45d7","block_type":"box","text":"Fund, BlackRock LifePath","page_number":160,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"66c5ee5c-524a-4eb9-b9ed-cbba66e4be8a","block_type":"box","text":"®","page_number":160,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"5fa616c0-a314-4113-9cde-f648eeb39372","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":160,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"a2366e27-9b4b-46b7-89db-0f782173447a","block_type":"box","text":"®","page_number":160,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"694d5094-0751-49f0-b9b5-61bf3dcab6cc","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":160,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"1d0676d8-1d98-4931-ab0d-31491e11ae2a","block_type":"box","text":"®","page_number":160,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"79fc4a5f-ede2-412d-9c3f-c7ba456b2ce2","block_type":"box","text":"Index 2065","page_number":160,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"df42a45f-a23a-4238-b3f9-a2ad3e7fe9ec","block_type":"box","text":"II-100","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6a7bb674-476a-43de-8750-6a04debf24cc","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96ba8887-1924-4724-9079-55413617efe7","block_type":"box","text":"Fund, BlackRock LifePath","page_number":161,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"a58dec5a-d3d1-48f9-8543-373def1aacf3","block_type":"box","text":"®","page_number":161,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"ec6cc219-0f5a-4ae2-94ee-d03513e61a57","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":161,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"d81654b8-6286-4571-8073-6c3dcca27189","block_type":"box","text":"®","page_number":161,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"d50a87e3-14bf-433e-bb58-06fb7079e70c","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":161,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"3f35c87d-dab7-4d19-a515-8f0b38a18c9c","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":161,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"376a9594-c8bc-454c-a31a-dd24c13c5047","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":161,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"3dbb5105-9e24-4d86-aba4-82202400bca6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":161,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"264d4cb5-e02c-435d-b3ff-dbae6d2fd5f2","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":161,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"67fe5ab9-e3d9-4bf4-8175-813bca7265cb","block_type":"box","text":"SM","page_number":161,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"8f475547-7785-402a-ba6f-74a05bac0d8e","block_type":"box","text":", the placement","page_number":161,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"e95bb7dd-e5b8-4bf4-8777-53b64a976c14","block_type":"box","text":"fees may be up to the following amounts:","page_number":161,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"c8266f4d-5eb1-462e-8175-fcabb7463f68","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":161,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"5ea1ea8e-ad5e-476e-8d17-46bca2f09b4f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":161,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"0b5069a6-5466-44ba-bd45-164cdc50d390","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":161,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"b509fcf2-65bf-400f-aae6-97e3fa44c533","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":161,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"d882266d-5c86-4db4-aaff-21b611dfd967","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":161,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"6127f42e-a317-4dbc-bde0-e41c8bbd1e37","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":161,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"361f0888-2e71-410b-aeb4-4a2ff2854c0b","block_type":"box","text":"example, a sale of $4 million worth of Investor A Shares of BlackRock Impact Mortgage Fund of BlackRock Funds V","page_number":161,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"08a26c29-7b57-4591-b3de-1c6fb24afd45","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":161,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"0e7ec9d6-d493-4cd1-803f-312d5a2c1c5d","block_type":"box","text":"$1 million).","page_number":161,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"f0543a12-5709-4a68-9c2c-15297116343f","block_type":"box","text":"Other.","page_number":161,"box":{"x":102,"y":299,"width":41,"height":9}},{"id":"7e4fbaa2-f098-4502-a174-5351f6d10d18","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":161,"box":{"x":149,"y":299,"width":698,"height":11}},{"id":"b7a78968-6d8c-44c2-a80d-b56cedd80a66","block_type":"box","text":"(a) certain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":161,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"258a4132-0c7b-4760-9345-c5e87fa07730","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through certain employer","page_number":161,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"61477582-89ac-4e98-9b55-175a6ba66a76","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":161,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"ce1b8711-88a9-4c9b-aa0f-3d1f2c2f664f","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":161,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"3d398d5f-2f93-4fbb-a574-dc2df0bdd2a7","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":161,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"b9cca60d-580b-43a4-a7e5-ff32d3d8a984","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":161,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"9a249f0c-b095-4fb9-b92b-fa454021ef4e","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":161,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"2b4f6fbf-0a5e-473d-a511-edf9d41c7bde","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust departments exercising","page_number":161,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"bbcbba6d-8e36-4195-b0d3-bc7df41c9cfb","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons participating in a","page_number":161,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"6e74f659-a33f-49e8-b71d-8b19f632bafa","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":161,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"e23b1a95-28dd-46c4-b0d2-1f8af5b31390","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":161,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"d2816a1b-f1f0-42dd-9d3a-40e3562cf773","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":161,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"3442d2dc-f7e9-4c67-8b56-cc7ab18d9c48","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":161,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"3f390aee-ab52-4fa2-a6b8-39811a64b767","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":161,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"d1c1c6dc-1ce6-41f2-ac49-e9db21889c92","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":161,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"1a292d54-432e-4538-9814-f9f5a678f318","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":161,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"497615d3-53bb-4c01-a76c-ab0afe7df076","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":161,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"2ea017f2-8438-4a55-a9aa-e06a65804ccf","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":161,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"f3b38f2f-e25a-498b-88d5-b3cb69d385fa","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":161,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"89c09a8d-d19b-4c3a-8650-b8dfe407c75a","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees or registered representatives","page_number":161,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"2b8364e6-a955-4d80-8f7d-bfeadfea7e9f","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":161,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"16d42a17-7886-4c83-96f8-2a71f2bdcf58","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":161,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"a2322307-450e-4c2d-9767-b1c40c6c6b5e","block_type":"box","text":"spouse or domestic partner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":161,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"b2bf3f8e-0701-4cc5-95c4-1b96dc6c941d","block_type":"box","text":"plan for any of the persons set forth in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":161,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"d55d4f52-5b39-4f18-80e2-0cbeaa65c4b6","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":161,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"7d400926-234c-4595-87ad-5620adf105dc","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":161,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"9472989c-25f5-4b19-a10c-b4e9dfa75c72","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":161,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"441663e5-91af-4298-b418-69cb8241168d","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":161,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"732362ea-505f-4924-9773-5759795218d8","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":161,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"e1f1e381-84ab-4451-8113-545452f9ebc1","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":161,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"ccb90442-c693-45d6-a1ef-a63194af5923","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset","page_number":161,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"ad91b9de-8866-4c54-81ca-c8a2335181bc","block_type":"box","text":"Income Portfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":161,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"f6a06462-d7c2-4693-9f07-8ca6bcd83eff","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":161,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"42140e5a-46b6-4b7a-95cc-2b2704f2dfc2","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni","page_number":161,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"ce5a1960-12d1-4122-83fa-ecea7726902a","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Opportunities Fund of BlackRock","page_number":161,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"2eefb022-1a6e-4532-becf-a225b63d295a","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Opportunities Fund of BlackRock California Municipal Series","page_number":161,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"b6b6cdda-c971-40f2-878c-8c2e52aec103","block_type":"box","text":"Trust, BlackRock New York Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":161,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"82f83496-c3b7-41de-bb51-5fbb2a5c4961","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":161,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"793af5cf-24e9-4553-a1db-f4214f7e94b7","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock","page_number":161,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"76e64126-9156-433c-9bf1-a32752891b21","block_type":"box","text":"Floating Rate Income Portfolio, BlackRock Income Fund and BlackRock Strategic Income Opportunities Portfolio of","page_number":161,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"3cb32745-c0f3-4695-9fd1-05c32566b6b9","block_type":"box","text":"II-101","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"74d3aa9f-363d-4130-a27a-5e4536cfeb4a","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16b6d80e-d220-4433-bdf3-51cba5b860a1","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":162,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"d990f3dd-4ac7-4c4c-8b52-6382d16b19ea","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":162,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"45a77ca4-c482-4a98-a0dd-ba987d998347","block_type":"box","text":"shorter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":162,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"2d8ca64a-7461-4bdb-88cf-704449726c4b","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to certain redemptions of Investor A Shares of the Index","page_number":162,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"3c5a5fb2-3ad2-497e-9a37-57103abffe41","block_type":"box","text":"Funds and BlackRock Short Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":162,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"59b8a5c3-2a75-45c5-a1f3-4b30f4ccbb17","block_type":"box","text":"portfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":162,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"f2616823-9a84-48c2-9332-3af0b7bc410b","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Portfolio”) as part of an investment of $1,000,000 (lesser amounts may","page_number":162,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"90e8039a-f8b7-4e5b-ac39-006a070168e6","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Portfolio) or more. The Investor A Shares deferred sales","page_number":162,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"7548518e-6a37-4c5a-9ee9-3fdde0cf42be","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":162,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"7f3fc770-60b6-4ff9-92cc-dd13df505a41","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Portfolio (a shorter holding period may apply depending","page_number":162,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"999f089a-b7aa-4ef0-9d43-20df3ff5ab1f","block_type":"box","text":"on the Investor A Load-Waived BlackRock Portfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":162,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"37f14308-5782-45e9-90ba-9265fbdf2d55","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shorter holding","page_number":162,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"f8b7b6bb-d1b7-49ad-bd9f-e9de61c4b70e","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":162,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"eb995949-42ff-46fb-9ad5-3bc54435f016","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Short Obligations Fund).","page_number":162,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"d02e713b-0419-4aee-89d7-88731eeea6f1","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":162,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"4d6e14dd-7804-4895-8105-77693e3b7bdb","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through certain employer-sponsored retirement plans","page_number":162,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"2bbd65cd-503e-4fbe-a407-099945fdc31e","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":162,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"9ee24c98-ff1e-4ffe-af38-94c300752337","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":162,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"f604f9ac-622f-4252-adfb-6940f18a0bf4","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to certain retirement plans sponsored by a","page_number":162,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"0a862d58-6ae1-4cc5-b727-dd7009be943f","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":162,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"7b6be2a4-a739-40af-9b00-02b095bf5072","block_type":"box","text":"a certified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":162,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"f3fd7b40-c00c-45c6-961b-736714f1c05e","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":162,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"4c7b41be-4d44-4d5f-866d-5b853845f4d1","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":162,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"764d2576-05c5-4c2a-a05a-f6e72af15271","block_type":"box","text":"balances; (g) certain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":162,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"430e56cf-0642-4c40-b331-d856a579d683","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":162,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"38b1d2d2-6526-4d52-aa08-3f587abb0d24","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":162,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"d9c73d7f-72e2-4dc3-bac9-0ac4960ff541","block_type":"box","text":"With respect to certain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":162,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"07a5bc56-330c-4fc0-bc54-5aef97b87547","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":162,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"26b6f3a9-655e-4d86-878e-fcf3259d2d63","block_type":"box","text":"BlackRock Dynamic High Income Portfolio, BlackRock Multi-Asset Income Portfolio and BlackRock Managed Income","page_number":162,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"a99ba517-1657-4324-98c3-cccb57f29f69","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":162,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"5ba6a390-b4d5-4e96-b256-aea2bcc412bb","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":162,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"f18f3f98-5ccc-4287-baba-4bf3b7eff4e7","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Short Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":162,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"47ba9622-a0d2-4c5a-b5ac-cb9384ec13a4","block_type":"box","text":"BlackRock Strategic Municipal Opportunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":162,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"b5dd0e66-b49e-457b-8102-ba21aca40b50","block_type":"box","text":"Municipal Opportunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":162,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"27d54b15-3e11-48cd-b932-032a7f9ebbff","block_type":"box","text":"Opportunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":162,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"c22f639f-6600-4906-9613-1d0eaf5b921e","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":162,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"d85152b1-6875-4133-b4c3-1b0d7c6c665c","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Portfolio, BlackRock Floating Rate Income Portfolio, BlackRock","page_number":162,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"c5446c0b-3057-4345-a120-961ca315113b","block_type":"box","text":"Income Fund and BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V) or more of Investor A or","page_number":162,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"f6f70870-3ca0-4098-ba87-9d979d7a5b09","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":162,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"4b71b6b6-fe1d-4252-853c-67a31cd3d42b","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":162,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"b9dfedde-60a3-420c-8106-a535c99179dd","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":162,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"832f91ab-0470-4906-9d38-617016360ef4","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":162,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"7f64bf06-6997-4e08-be38-e24cea77a29e","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":162,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"c61a672f-9c4e-4048-9336-b286b6c8d4d7","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":162,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"42c75bd1-22ff-4e3d-b3b0-443bf3ab5564","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":162,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"aed7af99-e82f-4934-a017-38b6406e5e37","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":162,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"6519e1d0-cf8d-4312-addd-3e5011eb753a","block_type":"box","text":"public or private investment company.","page_number":162,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"2eacc449-50ce-4a9e-a346-6a27b6b7af4f","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":162,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"59d117dc-4c3d-4c31-8513-8b5e30b7ec0c","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":162,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"388d18db-7f27-417c-95d7-65945bde24e4","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through certain financial advisers, selected securities dealers","page_number":162,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"071a2ad5-33cb-4236-a630-66620656b2e2","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":162,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"d0e7f25d-f462-4940-a5cb-c0a19be45280","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":162,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"08a464d6-d656-4461-87d0-16939ea750cf","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncertain","page_number":162,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"0b5800dc-2f1f-4032-9005-e436b4b80d1c","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":162,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"e744a21e-ac3a-478b-a723-12780b8b8e80","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":162,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"26537cef-c009-4277-b755-2a16095ffefa","block_type":"box","text":"II-102","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5f75d591-69ee-451b-81b1-eea05852c4ff","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f56e5391-1ba7-4902-b28e-6c724a6cab81","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":163,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"3d8b2abf-6e2e-46e5-810a-4967e1e61a21","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":163,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"e9b40aa9-eb98-41cc-886b-48be602a8893","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":163,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"8f7cff6b-924e-43a6-9011-8842e5d4e87e","block_type":"box","text":"intermediary associated with the account.","page_number":163,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"3bd20905-eb89-46e0-a23d-b4a4e737d78f","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":163,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"9a3ca570-93c5-47c6-bf98-c6a97a36ae50","block_type":"box","text":"The deferred sales charge alternatives may be particularly appealing to investors who do not qualify for the","page_number":163,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"214ee86c-9689-43ab-ba79-135329df67fd","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":163,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"422d0cca-9b71-4306-ac42-37a12cb6c067","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":163,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"b8bc7ae4-030f-4577-8ffc-2a9ae7a05bf9","block_type":"box","text":"CDSC shares.","page_number":163,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"eea47121-1389-47cb-a41b-82934052fce0","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":163,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"5f496ece-87d0-4658-9613-3f01e41fa0e0","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":163,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"9bf63401-361a-4400-b8da-c367a6942aaa","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":163,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"cbfd4760-50a1-4fbc-92e7-123b1886e335","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":163,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"9b01e1b0-bf5a-4efe-96a1-f40412b6283a","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":163,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"8b00458f-f39a-4d26-bcaf-dea460848e46","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":163,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"748afd48-f418-4f77-9c38-007e73057125","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":163,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"8f0249f6-2980-47f1-bef8-1190fa55a6bb","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":163,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"61fcac43-693f-4a84-afaa-c8be15ea7a14","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":163,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"357f825a-73d0-4496-9ac1-aaf36a66bc22","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":163,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"4f178c99-dec8-47cb-9081-7616085b621e","block_type":"box","text":"connection with sales of Investor C Shares to certain employer-sponsored retirement plans sponsored by the Fund,","page_number":163,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"05f867e9-d418-4364-9119-5385592c07f0","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":163,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"7ab15036-a245-404a-a235-63ba7f215938","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":163,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"b1843684-a70b-4d9a-8f13-53e998b08da1","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":163,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"e8177a38-3eee-40e8-b17b-3ea67485e643","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":163,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"eb2637d5-71d4-4f35-9dfd-428ff816dc59","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":163,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"206270c2-1c97-49cd-ae01-cbccd17b96e1","block_type":"box","text":"Investor C Shares held for approximately eight years will be converted into Investor A Shares, as set forth in each","page_number":163,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"b7dcae9f-62ff-41d2-a3fe-736cbc2dd385","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":163,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"61e3155e-6017-40f0-bc7f-bdf6e59a8bed","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted to","page_number":163,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"80198538-f6f5-47d2-88a8-c366e784bfe8","block_type":"box","text":"Investor A Shares.","page_number":163,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"737167e0-0a3e-4341-839c-cd5b8d7608fd","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":163,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"d7469146-df33-4954-acd8-bf5e07ab04ba","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":163,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"2d0ef719-a714-493e-a460-46085c848cca","block_type":"box","text":"of each Fund will convert automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":163,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"d3fd52a7-1693-4224-a0af-3d3e7a313362","block_type":"box","text":"Certain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":163,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"221f14cc-ca0d-445a-bc3c-85e7c4ab54f8","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":163,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"6924d816-40c0-4383-9f96-ee3ec0d5d82e","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":163,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"0b1a3336-43ef-4126-a593-8b34dbdc4b36","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":163,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"a00dd960-7f05-4213-ad1f-17dd8030cdf4","block_type":"box","text":"certain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":163,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"272f11ab-c28c-4073-85cf-ae7441b2d463","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":163,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"cf27bac5-5c22-45ca-8ab1-82608d9b383e","block_type":"box","text":"Shares held as of the Effective Date will automatically convert to Investor A Shares approximately eight years after","page_number":163,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"3bb70f34-76f0-4558-831f-2236f60ab03c","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":163,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"ead82df8-1b39-4247-ac5e-75a63f3a695f","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":163,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"10cb09a6-7bc8-4b06-8d8f-ea44f9e3e846","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":163,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"2516f84f-5511-430a-95bd-904796086883","block_type":"box","text":"any such shares will convert to Investor A Shares as soon as reasonably practicable after such date.","page_number":163,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"945b4ff0-3cca-43e0-ae6d-106d2c96cff4","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":163,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"dbd4e948-91d6-44eb-b4f0-ca49ecc6196a","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically converted into Investor A","page_number":163,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"efa7b535-2a4a-4614-89b6-8e4c02bd328e","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":163,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"5f908379-0f07-4602-bb42-c0cffdb6094c","block_type":"box","text":"“Investor C Conversions”).","page_number":163,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"1819d66d-71ba-49b4-a983-cc975bfae968","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":163,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"57a73b27-6a72-4514-8bf5-5cd3b98d130b","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":163,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"439f53ed-0f65-460f-ba0f-553fb3a6221b","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":163,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"f9815218-cc7b-4923-99eb-b3accc60507d","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":163,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"361d0b15-3dc9-4769-8520-570d3bbc7a5a","block_type":"box","text":"Shares will also convert automatically to Investor A Shares, as set forth in each Fund’s Prospectus. The Investor C","page_number":163,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"7d0264d8-2032-4524-ad64-912530005035","block_type":"box","text":"II-103","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0507e40d-fac7-4d29-8a0c-977254759056","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b264199-295b-42e6-bda2-c30a8d6f5b12","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":164,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"829080c3-5bd0-4dd7-a6b2-3a96018e51d3","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":164,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"9e45af38-2efd-4dc2-a233-cf69aad70fee","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":164,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"d7d7d2cb-94bf-417c-91da-34f0fd4ab270","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":164,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"108d38e3-162e-4f1e-a7a6-2fdbdbd0c040","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":164,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"8c6ee58d-fd06-4507-8d66-c04e643ac92f","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":164,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"cfe6339d-df70-4c38-8c72-4742223e3550","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":164,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"11667ce3-3b3f-4990-94a0-d8d7e8583f8c","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":164,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"f7c25ff9-4e49-4d0e-9246-ae632dfc48d5","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":164,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"1dc13eb5-741f-45ff-99f9-3c64c564ea5e","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":164,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"4bd71d79-8cff-4a17-a107-029c03ace23b","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":164,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"2a416dae-1535-4827-90b9-91fe6e9eeeb0","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":164,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"b6f9c5a0-f3ae-449e-8198-c4687b69684a","block_type":"box","text":"redemption.","page_number":164,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"6a2b5360-b9e7-46f1-9cce-aa1218ac1f35","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":164,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"f8365330-6471-41fe-95bb-24abc45a01bc","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":164,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"fa4b3d9f-a048-4ce8-8f78-c2820e005aca","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":164,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"fa5eaefe-d3d4-4dbc-8e47-02c6bdee7eae","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":164,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"2d205a86-82a7-4135-8808-bbebbd79239e","block_type":"box","text":"purchased through certain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":164,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"aa166b2f-69ac-4f8d-a6c3-c4ebbd59ebb6","block_type":"box","text":"certain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":164,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"096bfd14-dd3b-4218-b541-19894dbd54f8","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":164,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"e827349a-f3cf-4d9c-8e60-904194953c34","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to certain","page_number":164,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"2fcbe9ed-26d2-41cc-a492-82eefffe9887","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":164,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"1f03d230-2a00-4a58-90ac-17b5e8b744c6","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":164,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"d6da0926-070b-4bc8-9c06-3c1c31691bec","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":164,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"e4a14adb-7188-4182-adea-2f8d9c9e5f1d","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":164,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"0c167c76-c762-4a81-9cbe-8879727f6b78","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":164,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"9685c8a6-158d-424a-aa01-0b3dacefeb7f","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":164,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"e514be3e-fcd4-4e58-a903-e8037936bf3b","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":164,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"9884a300-b6ae-4e77-a4af-78976c637696","block_type":"box","text":"limitations set forth under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":164,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"5bc48c0f-737d-4bc5-bc5f-a739b6f6dd96","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":164,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"0c8772c6-e0bb-4559-8b18-beeb37fe0222","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":164,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"45a9877a-1b69-4b6d-b1d8-60302d86956c","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":164,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"42a0de71-5f59-47a4-a4d1-ee71bd1a9647","block_type":"box","text":"Certain CDSC waivers and reductions on Investor C Shares may be available to customers of certain financial","page_number":164,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"ac6dc352-726d-4e17-a46b-3f67ab739a86","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":164,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"4a015546-9acd-4813-a823-deaa732bfab9","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":164,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"1ac386dd-bd46-47ed-80be-e63c531ec96a","block_type":"box","text":"Class R Shares","page_number":164,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"b5ee2ef4-3075-4638-a596-c2a0b30a9906","block_type":"box","text":"Certain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":164,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"1ec54d5a-4cff-42db-819e-48901664f9f2","block_type":"box","text":"available only to certain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":164,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"95650de8-3eab-4a41-a519-59cc12d81177","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":164,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"0389a137-1710-44f2-95b0-422850b843db","block_type":"box","text":"0.25% per year. Distribution fees are used to support the Fund’s marketing and distribution efforts, such as","page_number":164,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"472f9b98-b438-45f1-8918-2d9ab4a02b2a","block_type":"box","text":"compensating financial advisers and other financial intermediaries, advertising and promotion. Service fees are used","page_number":164,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"f7395121-3a74-4176-b21b-571d66997ac7","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":164,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"2b59b865-b8d2-45bb-9a81-89dc1aa0fbb7","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":164,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"6a8ca438-1ff2-4410-8052-0aa7d8584a0d","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":164,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"e109e8d1-0c50-4b64-b390-ee8e9fc469eb","block_type":"box","text":"Class K Shares","page_number":164,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"2366f94c-be5c-416b-809f-25e1314490f0","block_type":"box","text":"Certain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":164,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"86752ebc-08b3-40aa-bdcc-02269e5213f4","block_type":"box","text":"only to (i) certain employee benefit plans, such as health savings accounts, and certain employer-sponsored","page_number":164,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"9f93afd0-f310-4a46-98ab-95963ea88dc8","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":164,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"707289e3-ce99-4e18-93cd-887806fe68e6","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":164,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"193b3251-69ef-42d5-bdd7-29457d634d4c","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":164,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"11fb233f-cf98-4879-96e8-9ff791098ab5","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":164,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"2a15220f-4a38-49f3-8676-71b8dffc5f09","block_type":"box","text":"II-104","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bf8b1d68-6569-4b96-891b-ee50140e955e","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94a49e43-8226-45d8-9ed4-65cc85f480dc","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":165,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"0f7315fe-228c-4e82-aa0c-36f0c0459a44","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":165,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"44df28b0-e3c1-4a15-9f2d-7ee4146d8d7a","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":165,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"101ad794-ac7d-41b8-a49d-3cf8927acc70","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":165,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"11df8ccc-fdfe-4e6d-b67f-c424dccc6209","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":165,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"ba8318b8-a358-40ca-b10d-84672dee8175","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":165,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"0d278a23-57af-441c-8290-d4b18250f0d8","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":165,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"3a157ac6-a09f-466e-bfb7-07600fb60a6b","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":165,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"735dc037-5670-4484-a765-790feca2cc7b","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":165,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"cc680842-88de-4354-ac6e-db45767b2116","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":165,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"50b3b7d9-0aa8-4fa6-9c9e-9c6dd271298a","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":165,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"1469e166-042d-45e4-a905-2474c69189ef","block_type":"box","text":"distribution and marketing agreement.","page_number":165,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"b2e803ef-b34e-4e18-98ae-3c94bf48e57a","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":165,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"34707131-58f9-4df6-843b-277283f5bad0","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":165,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"9e16575c-9fa6-44f2-86cd-e756d99e9c8d","block_type":"box","text":"Eligible individuals who would like to convert existing holdings to Class K Shares must contact BlackRock.","page_number":165,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"bb4b6443-5db9-44bd-a93c-7a529036e76e","block_type":"box","text":"Class G Shares","page_number":165,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"9e2f6b13-1230-4abc-bbfa-7e9f5e17ff60","block_type":"box","text":"Certain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":165,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"344cc4c9-89dc-4962-ae63-030901988e62","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":165,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"b02d2b61-e9e0-489e-99c9-2e963ed36b27","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":165,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"3c53d052-96ae-4b49-abd6-a286c87b3480","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":165,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"681e30ba-b4a9-4d68-aea0-69a7f3167bec","block_type":"box","text":"eligibility requirements.","page_number":165,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"f793a42c-132b-441e-85b3-1a2971a5bea8","block_type":"box","text":"Service Shares","page_number":165,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"80aeb3be-b561-4b71-a427-f49d885006f5","block_type":"box","text":"Certain Funds offer Service Shares, which are available only to certain investors, including: (i) certain financial","page_number":165,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"0156ce8f-6dab-4ba1-869f-0b9d7446d5cc","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) certain persons who were","page_number":165,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"935031da-d13f-4fb6-9258-37d8f25e9c57","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":165,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"5f60dd63-b2fd-4473-8a4c-1f0d2be68e4b","block_type":"box","text":"®","page_number":165,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"2d34452f-c42f-48d6-8dd3-78ad4a9d29a2","block_type":"box","text":"Fund in 1996; and","page_number":165,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"8ae0383f-9913-4f6b-b8c7-060b7727971c","block_type":"box","text":"(iii) participants in the Capital Directions","page_number":165,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"d5716200-78f1-4176-81fc-1aba404c6bdc","block_type":"box","text":"SM","page_number":165,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"c87fbb20-a01a-45d9-8ccd-0e754454aea8","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":165,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"e6f85d9f-b142-4789-8271-4547a6a032d4","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set forth in the applicable Fund’s Prospectus.","page_number":165,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"7b727a83-2348-4c5f-bfec-3cc17c840c46","block_type":"box","text":"BlackRock Shares","page_number":165,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"dde8a941-45e0-4187-aa2f-be39d454abc5","block_type":"box","text":"Certain Funds offer BlackRock Shares, which are available only to certain investors. BlackRock Shares are","page_number":165,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"515b0eef-93d8-461e-bc0d-8f374e2e921b","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and certain","page_number":165,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"a6bef700-c212-4159-9438-4266aad90cc2","block_type":"box","text":"fee-based programs.","page_number":165,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"de8c10a7-a660-45b1-bac7-efbabfb92093","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":165,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"62fc2772-451e-4391-90b0-fe8363991320","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":165,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"2fc237b7-366b-47df-ac66-6e1ceace62c5","block_type":"box","text":"respect to certain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":165,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"055098a8-49a5-483b-b00d-7f9f911984f4","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":165,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"4e69b111-5759-46b3-9d17-28cb18f41d4a","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":165,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"2834f49b-8b22-4c69-b73b-36b9934d4744","block_type":"box","text":"BlackRock, fees for distribution and sales support services with respect to Investor A, Investor A1, Investor C,","page_number":165,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"0576e48c-606b-4c15-ae46-da255332f496","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described further below, only Investor C and Class R Shares","page_number":165,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"f1e0b4c0-8e1e-4216-b7f8-3eac52ac26e7","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":165,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"5a69ab8e-11b3-4863-bafb-56dbed400902","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":165,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"577f0503-9f25-4575-8809-7e3f7458de13","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate efforts to effect sales of the shares, but it is","page_number":165,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"fbc0b042-ef21-4a39-a366-bb4fb751aed3","block_type":"box","text":"not obligated to sell any particular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":165,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"a55832e7-3c69-4e9a-a0be-aa7382723298","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":165,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"332eb742-8d69-4f4b-bb98-3dfd02cf938a","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":165,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"f7387ded-6540-4f89-ae43-4583dc43a737","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":165,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"193984c3-41d2-40eb-b9dc-31765f489097","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":165,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"8f4e8441-a32c-4e21-9e2a-baa30af562bd","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for certain support services rendered by Service Organizations to","page_number":165,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"907969cf-8a81-454f-a013-772b44b6fb80","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":165,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"010cc3d5-fee7-4cde-ab36-cc8fe59351dc","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":165,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"98d5ade5-90d7-4882-b557-4ea11b5de3b8","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":165,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"b99fe3ec-bd39-4f7d-a6a0-e385d1ba055f","block_type":"box","text":"II-105","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0733c96a-4ba8-42cb-9fa3-4e3082bf7b89","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6816b945-8088-458c-a74b-5019f3dcb87d","block_type":"box","text":"The support services provided by Service Organizations are general shareholder liaison services, which include,","page_number":166,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"22016220-6643-4fbd-8d77-15b13285fe26","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":166,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"9b37671f-4e50-4c5d-89cd-dbf2bae23490","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and certain other matters","page_number":166,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"c56ef76a-b8de-4beb-8d78-6bc6377af320","block_type":"box","text":"pertaining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":166,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"1299cd7c-2d03-41c1-b2be-71712e22de50","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":166,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"f7497130-22b2-410c-aa72-7cf980e8649f","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":166,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"baf23c94-e2dd-45c5-be74-6dda3894b7b3","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":166,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"2390cb3e-ca7a-4685-bab2-62a0a2803ebf","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":166,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"ae4b527a-cd6c-4b46-872d-23e23c070e23","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":166,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"e5740658-3b61-46a6-9881-be8f6e1ae5f3","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":166,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"4e3e241c-fc3a-49f5-a80b-ab2a492b2156","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":166,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"c54f07ed-7b9b-471c-a749-1fa2857015fa","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quarterly.","page_number":166,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"41afbe63-9919-4407-b76e-1476c634e788","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":166,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"cc0021e8-aee0-47fa-9915-f90765a9d07a","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":166,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"90b32f4e-4434-4cf5-a910-b1d1415b9a6b","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":166,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"821a83f9-f085-43dd-982a-25925ed85b6b","block_type":"box","text":"expenses, advertising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":166,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"28fcccb3-b590-4157-b071-d72a0024e8c8","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":166,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"360e5da7-886b-485a-81c4-1e2c08d0ab5d","block_type":"box","text":"compensation for selling different classes of shares.","page_number":166,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"638c474d-328c-4dd0-a57c-79f9b2fc2079","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":166,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"44c8462b-f5ba-48d5-a8a0-515c17e12ede","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":166,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"377e865b-fd77-477f-9492-269df7b23432","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":166,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"02cfb5fb-3373-44ff-94f5-2c46959e0b4a","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":166,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"d5ef22c8-a22c-4d5a-a3c3-da6bbf0a9d6e","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quarterly","page_number":166,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"aae8033e-ec85-481d-a7be-fe36b5699fe2","block_type":"box","text":"reports regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":166,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"1030e425-f4d9-4666-ba96-60ca009298d3","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":166,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"e783306d-aee4-4750-a0a5-df72ac617584","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":166,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"252b3674-bcec-4c9c-a8d6-9b8ad240183f","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":166,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"c432ba06-97b3-4b2a-baf4-9edd6db9cbe2","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":166,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"f86f298d-363f-4735-8c5b-01117190a3e1","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":166,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"bae8a436-2788-4c13-89ad-cb5460aaef4a","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":166,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"6f9078ca-01ac-45b6-8dc5-67b086d0c9c8","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":166,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"7368bf68-d1b3-475a-a2ba-e6f4a833de2c","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":166,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"76557a02-298f-45b5-8699-3c765ab5bae2","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":166,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"264d5e9b-d4c4-4473-84f6-4dd30205bb97","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":166,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"ac6ecb0d-6778-43ef-b73e-c382ae2c446c","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":166,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"03474ad3-f035-402a-a24a-58910d21bc5f","block_type":"box","text":"Directors. Rule 12b-1 further requires that each Fund preserve copies of each Plan and any report made pursuant to","page_number":166,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"16f5fd74-78ab-4951-967e-3c933f6136e7","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such report, the first two years in an","page_number":166,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"085c2906-5f62-4b64-8d66-f14105f6e784","block_type":"box","text":"easily accessible place.","page_number":166,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"e1bcae29-8fea-4080-8677-8c92f122126a","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":166,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"f4c25d39-b38b-4449-89ee-236045ec4b51","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":166,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"ee57db7a-c6dd-4f4e-84ce-80c014b45a7a","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI for","page_number":166,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"329e0631-ee26-47d0-95c6-a8c874f09b2e","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":166,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"f0a91f2c-4a06-4e1b-96d7-abccd019af5a","block_type":"box","text":"fiscal year.","page_number":166,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"73520518-95c0-4c4f-9fcb-62ded078ffd5","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":166,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"c8982d82-a5cc-483f-b852-fe715f1c2a88","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":166,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"c720052a-5201-4312-aab1-6414c0efaac0","block_type":"box","text":"imposes a limitation on certain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":166,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"eec6798d-a1f5-40ad-b7fb-6e72b52f3342","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":166,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"b0ac4acb-88f9-41d7-9e64-ea5f1e2e2480","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":166,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"5928f33c-48d3-445c-9dbb-d7aba8ffac00","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":166,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"572a505d-c08f-47bd-a219-4a086028eb2b","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":166,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"416fcc4d-dc1a-492a-a4d0-52a2da053ccf","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":166,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"1a81368a-121d-4da3-b569-8dff92644286","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":166,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"6637c91d-55a0-481b-aac4-35205f8c4633","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Part I of each Fund’s SAI","page_number":166,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"99d3520b-39a2-4d59-adb5-7fef11eaf776","block_type":"box","text":"II-106","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3f2972de-38f1-4957-85ce-217123a9edf0","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d26d98aa-46b9-47ac-8168-66219ad24b9f","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":167,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"bbf1236b-ccd1-44cb-af7b-cedb69bd227e","block_type":"box","text":"and Class R Shares of your Fund.","page_number":167,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"fd319f73-5e6d-4a6f-bf61-936a60e57df0","block_type":"box","text":"Other Payments by the Fund","page_number":167,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"1fff5e05-641e-48e0-a7f9-ad87960c4663","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":167,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"61049735-31fb-4b2f-8c4e-4d6a8b633e89","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":167,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"984da479-eaef-48f8-bab4-b00dbcfba978","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":167,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"42cb6f62-6a76-44ea-8456-af0a2fc2fe91","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":167,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"72f30cd3-27e4-4067-83db-4bd91f75d059","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":167,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"659aec35-37c9-43fb-ae37-f0713f04d80d","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":167,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"599d0f37-35cc-4a39-91b1-35b7da255ca9","block_type":"box","text":"of these payments may be substantial.","page_number":167,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"a370ad6d-000b-4b6d-a024-526eeda984e5","block_type":"box","text":"Additional Payments by BlackRock","page_number":167,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"9c770312-6fab-4e46-bee8-caf347bb9ac4","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":167,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"aa740182-4390-45f8-93e2-4f32aaf2092a","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":167,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"e0c89019-724a-450f-a011-418528aac175","block_type":"box","text":"its shareholders and/or for data provision or technology support. A Service Organization may perform these","page_number":167,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"c84eb32d-1d48-4326-b695-482f66146b29","block_type":"box","text":"obligations itself or may arrange for a third party to perform them. These payments, which are not made pursuant to","page_number":167,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"62a2a74f-ebe6-4a35-872b-575b1b944128","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":167,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"2b806291-1d2f-4e17-8b95-83c2d834c508","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":167,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"883df0cf-1ed0-430d-8716-75b6bcb05a1f","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":167,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"5122ea73-f2fe-40ef-b136-d0964d9a0fe5","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":167,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"e99ed335-ae95-4b3d-be79-0f24d4b4e0f9","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":167,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"a235f006-29c1-4f05-ac39-cc10740c0ae4","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":167,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"e1cdf2bd-083c-43fb-9bd0-f68a06eb3b96","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":167,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"118559b1-f70c-49b4-b34b-ae0852d0887c","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":167,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"04c6c236-082d-4266-9c16-3d63a8f15abc","block_type":"box","text":"applicable FINRA regulations, the details of certain of these payments, including the Service Organizations receiving","page_number":167,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"6e1f6691-6b2d-4638-b45e-b8b29a692558","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":167,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"953d81d1-3137-40bc-ab0a-0b1a69c57771","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":167,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"6385bce0-110a-445d-9893-dc446ab4a7d3","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":167,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"2406f6ee-55e1-4fc0-bbb7-021e92131c9f","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":167,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"20b5be84-fd37-4bbf-9f12-3b6f3e1a85cc","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":167,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"1ba15987-6c22-4736-897e-7a6ac5bfdee9","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":167,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"090e70b9-cf07-471c-89d3-2f7c01e53a75","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":167,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"7da5fa70-779b-4419-a8db-ed215b68b720","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":167,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"74194dfa-3509-4105-87b9-8091f02deffa","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":167,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"6e9b5755-6ecb-48d8-b40b-1c10728cd1e5","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":167,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"95902d36-285c-4132-be8b-f86f674d9009","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":167,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"4b13a8f0-e685-43b7-9c4d-8b62252cabad","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In certain","page_number":167,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"a36ffef4-17ac-4a16-a126-387d674800ec","block_type":"box","text":"cases, these payments may be subject to certain minimum payment levels.","page_number":167,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"1ac0b599-b91b-4126-b458-ca7a5aa1641b","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":167,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"9867f2f7-dbf1-44c1-a44c-0d4d4866ef58","block_type":"box","text":"certain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":167,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"4fb73f73-53d5-42e2-8036-1f346e8f18cb","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":167,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"012fcead-d8f9-48cd-9d3e-b97a3314b13b","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":167,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"51ca182a-9603-48da-b556-3c92cf67f4b8","block_type":"box","text":"Funds.","page_number":167,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"fbd5509e-4dda-4eba-8ed9-35942ee7b60c","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":167,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"32644b42-bd87-4ff8-9569-4a0f67cc5b87","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing support activities. These","page_number":167,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"639132da-3f54-437a-903a-063216524ae2","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":167,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"4dfcf116-a676-4daa-815b-0b5ed85f7666","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":167,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"9b51e4e0-d74e-402d-95cb-4d7ca53b3eac","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":167,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"95bdf960-d46a-48b8-be31-b5c3eb8f37d3","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":167,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"94ef40d5-d992-4f4b-9f8f-9b83b9854ea8","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":167,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"2c344963-686b-474d-9a8f-070c1d6724da","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in certain sales","page_number":167,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"077460fb-c74f-44b1-a10b-743500dd6414","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":167,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"4231c629-0374-4e77-b3e7-ae2f4d3237b5","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":167,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"a129e37f-cc24-4cf8-8672-ced30437efa5","block_type":"box","text":"II-107","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0f00a24a-d59d-43af-a05b-df10d686f900","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50e5e73e-28c0-4f29-8bf9-0923c721457c","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":168,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"276e1e6b-1b7e-48fd-ab00-8cc794f85960","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure support. These payments","page_number":168,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"504432e8-5be2-4ca4-af92-f303795628b8","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":168,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"0446c245-ce17-4537-bd64-f3791e17fe2a","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":168,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"2fa6c6f2-b8aa-436e-831b-8b4d44af2ede","block_type":"box","text":"B. Shareholder Services","page_number":168,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"8e1eda33-d3dd-48d6-97eb-a15a68836006","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":168,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"8c404148-e237-4af6-8461-6ef2a0a960ac","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may perform","page_number":168,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"ba274212-cd67-44e9-a02d-f354208adb17","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have performed if the accounts","page_number":168,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"929537bf-8b16-47e2-be06-9494af789258","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":168,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"f3d33f15-9d55-4a27-ac99-6f422672e423","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":168,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"0a0ee0df-596c-44ee-9557-febc4975ebe3","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":168,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"d92135dd-8df8-488f-b2f5-35fa65203289","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the performance of these or similar services. These","page_number":168,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"9a083f03-06ba-402d-91f2-0e419caa14e7","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":168,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"8b76e73a-9b0d-494c-9546-28105b946811","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":168,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"a298c617-9cec-4cdc-b16d-8ab943b32ff3","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":168,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"c99f41be-da7a-4d6f-91f6-21934369d0b0","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of certain analytical or other","page_number":168,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"a9fddbee-ca11-4a81-a4bf-dd898881e4bb","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":168,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"55d774c8-cc58-45b2-92d2-32e2023d1d23","block_type":"box","text":"support. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":168,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"d16b5503-4cf9-4c14-9d49-d168ee36b294","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":168,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"6c81bc23-6a34-4b08-911b-b9a913e15c6a","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, certain of the Service","page_number":168,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"19f55be5-87c7-4ca4-b151-20eda4c95b85","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":168,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"868867d6-ad7d-4234-9715-54e95193614d","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":168,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"97437940-5d8e-4252-b172-34d74091c1c8","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":168,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"824f14ac-52ec-403e-a9a9-d387ef207021","block_type":"box","text":"payments and to obtain further information regarding any such payments.","page_number":168,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"3049e1fd-dded-4b97-ab55-7d7c37b7eb5c","block_type":"box","text":"&Partners","page_number":168,"box":{"x":69,"y":469,"width":71,"height":9}},{"id":"84e76c01-fe64-4901-95c3-571488586043","block_type":"box","text":"AccuTech Systems Corporation","page_number":168,"box":{"x":68,"y":489,"width":219,"height":12}},{"id":"9bdd1ce8-9570-47fe-bbfc-4352378c689e","block_type":"box","text":"ADP Broker-Dealer, Inc.","page_number":168,"box":{"x":68,"y":510,"width":164,"height":10}},{"id":"b5d9e081-0765-46c2-a2b3-41632254e809","block_type":"box","text":"Advisor Credit Exchange, LLC","page_number":168,"box":{"x":68,"y":530,"width":207,"height":11}},{"id":"b5945264-c6c0-40aa-86ba-94b53cc361f4","block_type":"box","text":"Advisor Group, Inc.","page_number":168,"box":{"x":68,"y":550,"width":133,"height":11}},{"id":"874cc8bb-bd98-43d8-972b-22bf9554a721","block_type":"box","text":"AE Wealth Management, 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Each Fund has elected, however, to be","page_number":172,"box":{"x":68,"y":460,"width":831,"height":11}},{"id":"0951b97f-2b47-41ec-96e3-dcac5dc98d58","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":172,"box":{"x":68,"y":475,"width":828,"height":11}},{"id":"03f03ea2-d8d9-44e6-94b1-0d1c3fc2bd28","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":172,"box":{"x":70,"y":489,"width":826,"height":12}},{"id":"e3e2225f-2bf0-4289-8460-c2c7398c9def","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":172,"box":{"x":69,"y":505,"width":810,"height":11}},{"id":"22ded76e-a2e0-4b01-820f-b7b77cce1761","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":172,"box":{"x":68,"y":520,"width":827,"height":11}},{"id":"6189df5a-d59d-43c8-8d4a-db35414af5fd","block_type":"box","text":"depending in part on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":172,"box":{"x":69,"y":535,"width":832,"height":12}},{"id":"7f90c4eb-22e5-4171-9091-3328c5c59f6b","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":172,"box":{"x":69,"y":550,"width":828,"height":12}},{"id":"c5a8e931-ca09-4b00-92ad-2fe0f5a6a7f2","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":172,"box":{"x":68,"y":566,"width":746,"height":11}},{"id":"10438b5b-547b-4164-b552-d03e0d2b77eb","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":172,"box":{"x":101,"y":588,"width":807,"height":12}},{"id":"ba5e29ab-37b5-4689-967b-2b9665d82426","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":172,"box":{"x":69,"y":603,"width":835,"height":12}},{"id":"979fa49d-4bc3-46d4-bebe-01029a9dcae2","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":172,"box":{"x":68,"y":618,"width":811,"height":12}},{"id":"38974416-78ee-47d1-9445-8b3265d0ad3b","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of portfolio securities or","page_number":172,"box":{"x":69,"y":634,"width":741,"height":11}},{"id":"f9b4c912-6374-4139-97fd-98336246eb75","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":172,"box":{"x":69,"y":649,"width":813,"height":11}},{"id":"61b2541b-71ae-4de5-a7c1-c35e1d79de44","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":172,"box":{"x":69,"y":664,"width":787,"height":11}},{"id":"ded06493-4d84-45d6-8e41-e97a23756c43","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":172,"box":{"x":69,"y":679,"width":685,"height":11}},{"id":"bb6cf2d9-7b03-41d9-8fb9-9412d3f5aa5a","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":172,"box":{"x":102,"y":702,"width":798,"height":11}},{"id":"eb137a98-242d-429c-8f27-ca6cd133c4ea","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":172,"box":{"x":69,"y":717,"width":820,"height":11}},{"id":"02ca4c20-f2d7-4079-ba2f-f99b830e7c9f","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":172,"box":{"x":69,"y":732,"width":653,"height":11}},{"id":"6b6a4471-7cd7-46ed-9e7d-b0ddd03abb36","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":172,"box":{"x":102,"y":755,"width":803,"height":11}},{"id":"67e468ac-7c69-4ae9-8a0e-1e4074c17bdc","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":172,"box":{"x":69,"y":770,"width":827,"height":11}},{"id":"77e0781b-6e4c-46eb-8292-cddc32420164","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":172,"box":{"x":68,"y":785,"width":824,"height":11}},{"id":"83a67fba-a2b1-4709-be3e-e1e5b1ab56a3","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":172,"box":{"x":70,"y":800,"width":825,"height":11}},{"id":"50ea81e7-fff7-4fce-9225-b0f77ee50b0a","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":172,"box":{"x":69,"y":815,"width":825,"height":11}},{"id":"08efa56f-4442-41c2-9238-04e04e6a629c","block_type":"box","text":"so redeemed shall have no further right with respect thereto other than to receive payment of the redemption price.","page_number":172,"box":{"x":69,"y":830,"width":823,"height":11}},{"id":"40b988d3-9417-467c-b90e-e26297be471e","block_type":"box","text":"II-112","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3a6c90b8-62ad-4f04-997c-5f0c24c087fa","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd18a6b2-8467-488f-91ff-35dc6bac139a","block_type":"box","text":"Redemption","page_number":173,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"400e7345-e0e1-453d-b244-363836f42f9a","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":173,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"ae41774d-559d-4d40-863b-c031d0497911","block_type":"box","text":"Redeem by Telephone:","page_number":173,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"96af44e6-9835-416f-b11f-e844005ae35d","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":173,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"aacc5f32-1b6e-4386-a47e-4308a79b5cb8","block_type":"box","text":"telephone request if certain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":173,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"918002c3-9601-4708-aaeb-67c09c9cda39","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":173,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"dd63094e-db49-46c3-8af6-e80527535e92","block_type":"box","text":"Certain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":173,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"91743bb0-34db-47f5-8e1e-1c40fc94a001","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":173,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"69dfe58e-e212-48d8-b936-a11dad91360f","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":173,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"b1296bcb-e3ad-4416-8459-320c21415a07","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":173,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"352ff6c4-951c-44d8-92d1-bf4e353b26f8","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, certain redemption","page_number":173,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"1b2f4aff-1e13-4d38-8694-2b3f7e8320b4","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":173,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"397b5b9e-3cd2-4d96-9e26-d5d45366a7b4","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":173,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"a3751acc-4ef8-480a-accf-f415c33b6660","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":173,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"ac455376-6b5e-476f-81e5-e453734f13f3","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":173,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"7410d43d-6eb3-423b-b421-b2dc254ad9de","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a part of these programs","page_number":173,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"5c044da8-7748-4b91-b95c-3bbabb6c875f","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":173,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"59ca4f54-07c1-4ddc-837f-0e76605090ee","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":173,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"05077b5b-5aab-4048-956e-dbf0af29d759","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":173,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"2e446980-653b-41ba-bb1d-b0dd89ed930e","block_type":"box","text":"is requested by a corporation, partnership, trust, fiduciary, executor or administrator.","page_number":173,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"55b6a9d2-14a9-426f-9c5d-e2b4b7e73546","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":173,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"ad0c5969-68a8-4e2f-ad2d-9493706532d8","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":173,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"f4a752bc-cadf-4468-8a78-6d58da4f1e55","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":173,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"94a0fb96-6768-4809-aad6-3d947319ffbc","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":173,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"aba53cb8-213e-4bee-9af9-8bc396734fe3","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":173,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"eb87b713-dbc0-4551-99f0-82e47866cf05","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":173,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"25b78743-6d65-455c-bece-6ab412ac2ee0","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share certificates have been issued","page_number":173,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"0b7ce9dd-d72e-4130-acd3-fe63583e9eca","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":173,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"dbbd99a3-7321-413a-944d-d0214d98e4e7","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":173,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"fb841c05-3210-4915-8b05-98f7697f2b99","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":173,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"aafb24df-7b16-4c85-bc75-8c29d36209b3","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":173,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"1e111a89-c53a-44ed-9e6d-77ecd7450334","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":173,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"d6ddd74d-3ff9-4a8f-a76f-778ef824389b","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":173,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"3c34b049-9d09-494d-87df-f47d5ebc0215","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":173,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"80bb62f0-6dfa-42ba-987b-50e255ee47e5","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":173,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"ca4f5479-ff1b-49b1-b9b3-aff6ad52a0b4","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":173,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"d0fb131b-5a0c-4f37-97ab-4e8b513090cc","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":173,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"34983d53-5b05-41d7-bfa7-4b44f581ef69","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":173,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"9c51c214-264f-4946-b270-27f6e22c9f5a","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":173,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"5683721d-05d3-489e-87f4-e413184067b8","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":173,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"54bbc032-0129-4b03-872b-e4d46b4ed776","block_type":"box","text":"Redeem by VRU:","page_number":173,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"b5c90765-a890-48ad-be35-f2188cec78b0","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":173,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"a503e583-ba64-48b5-9beb-37197a0d7499","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":173,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"56c1a415-d4ff-44c2-ab7d-32b4269f0d9d","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":173,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"a82300ea-6ec2-4491-9f44-455253216f6f","block_type":"box","text":"Redeem by Internet:","page_number":173,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"c207454f-29b8-4e62-810b-621f37b00ca8","block_type":"box","text":"Certain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":173,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"74d3c5e8-c169-4922-a1db-35b436eef756","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":173,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"ac2513a5-4ddf-4dbc-8eb9-df9994f58f45","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":173,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"ac89fdff-36db-4d82-a7a3-b0c108ac57c5","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to certain","page_number":173,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"a623d23e-1294-4b34-9883-11d582193882","block_type":"box","text":"institutional investors.","page_number":173,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"9b15973d-768e-4b83-9dc8-4ccbc2b3a13a","block_type":"box","text":"Redeem in Writing:","page_number":173,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"41c8c446-7098-4aa7-9645-fc83c89460c1","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":173,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"c8ef0678-d74f-4e72-b888-c9bb03566f20","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":173,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"96037f45-dbd8-4063-b9e3-5b6b9935ade8","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":173,"box":{"x":68,"y":838,"width":827,"height":12}},{"id":"7b405a22-dabe-4e32-bcdf-471c76420b84","block_type":"box","text":"15262. If you hold share certificates issued by your Fund, the letter must be accompanied by certificates for the","page_number":173,"box":{"x":70,"y":853,"width":802,"height":12}},{"id":"39de7044-269e-4b24-99cc-eb62810e5c12","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":173,"box":{"x":69,"y":869,"width":786,"height":11}},{"id":"cc23aacc-9cc8-44ab-9bda-735499109acb","block_type":"box","text":"required but may be waived in certain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":173,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"256c078e-0002-4372-be37-f013b3d71a7f","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":173,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"4433d5fa-0062-4f3a-bd1c-bd475b0f85ec","block_type":"box","text":"II-113","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"182ec34a-6a37-430b-8074-494ebaf5f889","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1e043b63-4db8-4ca3-8c2e-36c1e0fa8dd8","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":174,"box":{"x":69,"y":45,"width":761,"height":11}},{"id":"94de1271-c9f3-4a55-9f6c-23ddeb5b1ffd","block_type":"box","text":"certificates, return the certificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":174,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"b2e98094-23dd-4844-89ee-54ea9b227d9a","block_type":"box","text":"the bank account of record.","page_number":174,"box":{"x":68,"y":75,"width":196,"height":9}},{"id":"1db2a033-f40a-4d96-88fa-5968f42b924b","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":174,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"bc9274bb-356b-40d4-86f7-2ad01bac2fda","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":174,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"51888452-6740-467e-aca6-2d9995edea1d","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":174,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"e7862a07-37af-4970-a8ef-3288d1f43603","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":174,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"1207e4d1-93c7-4b92-a47b-57c65d136c88","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":174,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"64672b93-c0a2-4f78-84dd-7a09f5beca25","block_type":"box","text":"(that is, cash, Federal funds or certified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":174,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"f8285438-ecbc-47b7-b3ee-e03390ddf383","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":174,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"d2eefeae-9dcd-4fc0-890e-f3906260993f","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":174,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"e0c69394-f76c-490e-8fcc-1463af169434","block_type":"box","text":"redeemed by the Fund.","page_number":174,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"789a6014-a83b-41d4-890f-efef598dc52a","block_type":"box","text":"Note on Low Balance Accounts.","page_number":174,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"2532d055-b6d3-47ab-a63e-c4b131735c12","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":174,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"9cc28a9c-0d2e-44c5-b9a9-333f40d8d7d0","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":174,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"11dcb9a1-80c4-4c47-90da-e4bf6529c84c","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":174,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"84eadd68-5327-4cac-aa0c-235d3ae09397","block_type":"box","text":"for any reason, including market fluctuation.","page_number":174,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"8fb70993-6526-4cd2-a4e9-92c0565a8261","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":174,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"cf4f0cbe-c68e-4d87-a6db-22b7b319ef59","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":174,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"06a7fca3-fe1f-42df-8a7f-77eebeb51fd2","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":174,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"596d11d9-c31f-4199-8973-090c55abbb07","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":174,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"1035ca7f-bc46-42aa-9637-5a662285cae4","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":174,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"b3c21d60-0fcd-4647-a899-fd47e357954f","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":174,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"13a6100c-96c0-476c-9a1a-b885b5401eb2","block_type":"box","text":"Repurchase","page_number":174,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"9572114f-9aeb-440a-ad73-17de65b0b886","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":174,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"6aaaccaa-02ae-49f7-b607-f7058069c00d","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":174,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"ab464fdb-ccdc-4ff8-ba97-fe6c82c8ac1f","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":174,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"e1de93fb-c8f4-44a1-b5c5-6bb4acbc47cc","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":174,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"3adcefe5-4a11-4306-bffa-d50730bcfc83","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":174,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"da0b5fa2-63a9-4028-9132-aba0731f52fe","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":174,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"f2267130-af2e-4024-bd06-d5a0c9aecad6","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":174,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"a9b82ccf-650a-4769-a1ea-c3344af3f3f1","block_type":"box","text":"next business day.","page_number":174,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"8f5b728f-a88e-4e1c-a241-538c47b59bbf","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":174,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"fc543ee8-e633-47f9-937b-0381e25a1b45","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":174,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"16eb8396-0c93-49b5-a147-cbd0b0dbf031","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":174,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"b2e2c249-6e43-4140-a963-e99040c503d1","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":174,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"e6a2437e-cfc7-4bc7-9625-2d4e688da371","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":174,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"c6074e7d-10e2-4d7c-8d77-a9e0f401a65e","block_type":"box","text":"redeem shares as set out above.","page_number":174,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"47a4af3b-1afd-423f-adc3-763bf825a4bd","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":174,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"f232d06d-7d71-45fe-8f16-7a832cecfd65","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":174,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"607d337a-7647-41cb-af0e-69bf0a5a842b","block_type":"box","text":"reinvest all or a portion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":174,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"c3582090-e0bd-45f3-b39c-83e0ba9f46e9","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":174,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"10b5dab1-63ea-4e39-9e30-c2ce374def09","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":174,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"519ebd61-ce87-4792-a6ad-2a836195c61e","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":174,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"82c17f40-e90b-402e-b101-138985e32a1d","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":174,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"fcaf09dc-37dd-44c9-941a-488053d9f80e","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":174,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"d6af5256-1283-4904-a167-81b6069824a7","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":174,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"82a6414b-6794-49e0-a40b-149de75cb6c5","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":174,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"5685d6bc-e01e-4574-b313-c744fda3b707","block_type":"box","text":"II-114","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b2712c85-dd2c-452a-a1c9-0fc2da74af35","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76ed2b24-9fed-406a-a411-5b0310815f29","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":175,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"79fd86ec-56f4-4db8-94d5-b72be4e26ea5","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":175,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"09cd4c5e-5d34-466a-a20f-0ca6234c828a","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":175,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"c5951f4e-9c28-4a18-a4fc-d6cc6350e060","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":175,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"b5014c16-1959-4e79-805c-06651b4d1ded","block_type":"box","text":"other financial intermediary. Certain of these services are available only to U.S. investors.","page_number":175,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"35d4a060-57da-4cc4-b726-396f0b732b83","block_type":"box","text":"Investment Account","page_number":175,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"44eb4039-0fe8-4681-bad4-e73c40680813","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":175,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"0e33bd14-5ab3-41e7-b7cd-40603afb6439","block_type":"box","text":"least quarterly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":175,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"ac74b3f5-f3ca-4c14-bde3-387ae72b58a2","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":175,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"d5f9c4e4-0a7a-46cf-a008-f40000d3a7be","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":175,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"4d804016-aac3-432c-b48c-e6f9bc6a45af","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":175,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"4e94c2f7-f013-486b-97fd-fd9c5bfea88d","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":175,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"916894ec-a11e-46dd-8b64-28ae401aa61f","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":175,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"536fc9c7-300f-4b7b-b245-48ced57ebed4","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":175,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"a2cb90be-ce65-4d37-9668-5e5b452ccaa5","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":175,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"df86e1a2-d31f-4367-82eb-d0860a101f91","block_type":"box","text":"automatically at the Transfer Agent.","page_number":175,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"28d1e6e3-f1db-48bb-9305-52ee922b2813","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":175,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"da0fd4d1-f7b5-4ccf-8d36-c5dc436758f2","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Certain","page_number":175,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"5ec3612a-5794-4b20-ad0a-00d82854e8f9","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":175,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"0209ab22-832a-4fd7-9d8f-551d8ca56b17","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":175,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"29d6a0ed-bd16-4d54-9990-429cbfeb7952","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":175,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"4d94ac15-a2df-4ba8-9b67-2aaac33ce680","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":175,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"f73f1a5b-9994-4306-bfcf-ddf9aec6a3ca","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":175,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"af2ecf49-b6eb-4cc3-995a-571f4d335015","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":175,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"dd63fb7d-47d9-48be-9963-78af48cc7f62","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":175,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"a1dba27c-aadd-41ee-a668-509d86fb887c","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share certificates will","page_number":175,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"b819785e-e2ce-468a-bbe6-01618b4667e5","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":175,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"00d45e8e-c6a1-4f90-a8b6-f23c38ba1b26","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if certificates had been","page_number":175,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"ffc2315c-fadf-441d-ba8f-f24dafdfa01a","block_type":"box","text":"issued.","page_number":175,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"9a33406e-9b30-4efb-a4c1-8db3a4367ec2","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":175,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"f21a8406-6eaa-4366-8df3-da19d8688b85","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":175,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"10a1ad28-f29e-46e7-8c4e-ba444e01152f","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":175,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"3c41d73a-6e02-4f1a-aadb-e43a1f4f4211","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":175,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"ec4566e8-910f-4372-abf7-0c634dfbc415","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":175,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"8054c47a-3c44-45cc-b7e2-ab57b44986cc","block_type":"box","text":"Exchange Privilege","page_number":175,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"0fb8d476-e007-4971-aca2-6965c767e6f5","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":175,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"21a72d06-3d56-4d30-a99a-3c64c974415e","block_type":"box","text":"each Fund have an exchange privilege with certain other Funds. However, Investor A1 Shares may only exchange out.","page_number":175,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"89e62b5f-b605-4087-8386-40923428c945","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":175,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"ba1f23fb-22d5-4d9c-a9a5-4b958486e6a3","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":175,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"e51228ca-c909-46a3-9876-8cdae63c8f9c","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":175,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"a849cb08-5544-43aa-858d-7187ced8990e","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":175,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"dd45f53b-5200-4e1e-90c9-6a2d06c30a2e","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":175,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"0eae6bb7-7310-4944-b7bd-f5202c09376a","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":175,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"875c7f48-0f99-412a-8885-28f23b2c045d","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":175,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"700b5ed9-df2f-4cf0-a34c-044d27cffac3","block_type":"box","text":"Institutional Shares","page_number":175,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"bab73ac7-6d3e-4d30-8e95-78a28eca0ca3","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":175,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"4d19ceda-16ea-41c2-84df-40bae65ded18","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":175,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"ecd76ad4-b91f-48fb-8fc0-14b95c9d06ec","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":175,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"3bc0811b-1bdd-4c21-b418-a7bdb4d50f49","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":175,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"54f5e148-cea1-4c3d-87d5-6a12d694d059","block_type":"box","text":"for Class G Shares of other Funds.","page_number":175,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"8c734f70-b61d-470a-a414-a884389184b7","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":175,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"8d9419fc-22d3-44ab-a14f-540da2ba1d7b","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":175,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"a7b591e4-cfd6-4d23-976a-0bfde3efb671","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":175,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"9b33e6a0-7e6a-406f-ad2a-4f10a1edd329","block_type":"box","text":"II-115","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7afa5e93-7ece-441b-9354-a749921e889f","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f35e5632-bffd-43a5-9b3b-6091bf47a105","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":176,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"c4bea396-3e8f-4daa-a500-ff628ed17c95","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":176,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"7bb78355-5c7f-432f-be5a-cb97a82af19d","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":176,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"41f6dabf-4d06-4ab3-a238-0afb365c8f56","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":176,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"fe9e02d6-56f7-40e7-a529-7b0f04a1b246","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":176,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"926aeceb-5743-4ff8-a95e-485a92534bcc","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":176,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"66a239a2-6525-47bb-a302-7da98b3b141b","block_type":"box","text":"Shareholders of certain Funds with Investor C Shares outstanding (“outstanding","page_number":176,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"c9e90d9b-3f47-4175-a481-2debd3e2f90b","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":176,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"b3c642cc-2426-46d2-bab6-5d35cc4daa18","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":176,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"02927c4b-71fe-4f8f-8d77-eca9adebdc8e","block_type":"box","text":"the payment of any CDSC. Certain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":176,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"91380802-847b-4e19-882e-1e457e015a83","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":176,"box":{"x":69,"y":188,"width":827,"height":11}},{"id":"c763de8b-bc96-45e8-8c29-20ffa76389f0","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":176,"box":{"x":68,"y":203,"width":781,"height":12}},{"id":"57ce2fae-93c0-491c-bc19-e8d64ee31cdc","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":176,"box":{"x":68,"y":218,"width":654,"height":12}},{"id":"a03c89a5-aee4-4e0e-aee2-ebcf67193500","block_type":"box","text":"Exchanges of Service Shares.","page_number":176,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"200ad5dd-cfd9-4cca-9893-7c7af6010725","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":176,"box":{"x":319,"y":241,"width":588,"height":11}},{"id":"3af1bb12-d63f-4c18-9c38-29f1fb24efb1","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":176,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"d8b0b204-a3f3-4d74-b24a-a0762adf1ace","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":176,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"edbdf586-c634-41e9-88d3-9e9c48f2a58c","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":176,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"d3729d23-72a1-4c47-b296-32b29878e167","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":176,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"d9eb79a3-759f-45f2-918d-c8feebfab095","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":176,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"f21990a6-3dcf-4968-aa86-ff8b52ae9419","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":176,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"143dc17e-d2bd-4544-830b-666960a55145","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":176,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"64c1a645-eab9-4069-9f99-53811b4f0c07","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":176,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"c97d2a6a-989e-44bb-bae7-ce89be8b6532","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":176,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"d6358a95-f3bc-42d3-b287-4147ced417fc","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":176,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"027a1622-8c12-45b2-9f97-e048836ce0bf","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":176,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"e2fdee2d-da66-4e2e-9368-197290842355","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":176,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"4ec5e3c9-23ad-4e27-858a-f0a3e8dbbfe5","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":176,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"41bd4db1-72d5-4944-b820-768ac4a34bd2","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":176,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"8019abef-c292-4d8e-8bbb-a81ab6d1dcad","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":176,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"63589226-0193-4712-9370-f31aef0c8559","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":176,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"d1c010b0-49ba-4e5b-92ce-9ed8d704239a","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":176,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"25c3757a-a89e-498e-9f04-7ad56dfb4eae","block_type":"box","text":"exchange.","page_number":176,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"5920e818-fffb-4257-a8d4-a6f444194ddc","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":176,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"f150cab6-af58-4420-bf66-15f775a27af8","block_type":"box","text":"The exchange privilege may be modified with respect to certain","page_number":176,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"32847f02-b68b-4265-9cda-16781bc3dedd","block_type":"box","text":"participants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":176,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"2ce89068-f0ca-4d86-a897-aa56546ebc87","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":176,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"84f6ff78-b18d-4074-bfcd-f7ceba11f784","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":176,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"347cb8b4-c636-42f2-8037-19b5a83e4374","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":176,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"9f1f8410-3f8b-45ba-bfcf-230260dc4128","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":176,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"0c5db25c-44bf-4552-a886-919e126351cd","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share certificates, you may","page_number":176,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"5e21d33d-3368-4924-86c8-ccf2467221ac","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":176,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"c7c6a792-7661-481f-b9f6-a2b4f7a9e861","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":176,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"1ff49ce7-54dd-40b4-9065-ba27c593f88a","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":176,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"81934b22-73f4-4baf-aeaf-7b7996b2f8dd","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":176,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"62289fc4-4ee0-4853-9bb2-fcfb9987e7b3","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":176,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"cc8e37b3-3461-496c-a77d-d72d22f9e0ed","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":176,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"0fe678c2-2d2a-4f57-9a0c-3be54b12ea13","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":176,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"a6029475-8354-47f4-891b-99c7d27a1453","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":176,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"33a90ecc-85f9-444d-bd18-7ffcda2435b8","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":176,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"1dbde685-bc84-4674-8a41-0c669be00a2c","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":176,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"be93a953-c0fe-4631-af38-3c40c4ad26be","block_type":"box","text":"Transfer Agent in writing.","page_number":176,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"978a356f-e129-46ca-ba8e-a2fdda1d7736","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment portfolio whose shares are being","page_number":176,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"212f9bb9-fe09-4da1-97e9-590398f0f043","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":176,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"17f973a8-7b4e-4d72-a486-f3b074364fcb","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":176,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"caf1dd1c-93ee-4bfa-a8f6-a9c54dbc3dbc","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to participate in the","page_number":176,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"897ce04c-fcbf-42f5-8942-1dd590bd69bb","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":176,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"90cd7485-2d54-46cc-9435-31603c7aa625","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":176,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"b0a903c4-b57d-4c4d-9f04-03c84950861d","block_type":"box","text":"II-116","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"87ab54be-e1d3-409b-975a-4d989db1ae98","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03199a78-9703-485b-8e66-391218d9349a","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":177,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"f8f9b808-59b0-48b2-90ac-61387572586f","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":177,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"a1be9fa6-8341-4273-8323-5c09a91935ce","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":177,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"a4b49387-8da0-4919-8b9d-192297bea5e2","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":177,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"d1a19b29-95ee-4310-8824-0041284eec7d","block_type":"box","text":"objective, policies and restrictions of the investment portfolio into which the shareholder is making an exchange.","page_number":177,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"6726aa7f-a118-4537-b197-5b463bd78227","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":177,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"43b0ac8b-fd78-462e-9636-e3dbef355cf8","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":177,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"3e7f1dc9-f029-4802-b541-13e068a2ac7e","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":177,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"a523c010-14a4-48eb-8e22-be59a1d0bf0a","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":177,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"ce6199cd-e1ea-49db-8cec-47d40e32c73e","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":177,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"631e59e5-5eb4-44f6-9db3-8594bdf9e3c8","block_type":"box","text":"do not operate to the disadvantage of any portfolio or its shareholders.","page_number":177,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"1ad54acc-9224-4d59-b9e3-6117940fa032","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":177,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"bed86fb3-dfa1-4186-a525-44eacb28848f","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":177,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"83c2c0fa-1132-4246-bdb8-87e434c3a742","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":177,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"d329a728-8f12-4cd8-b038-5ca5a5c280cf","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":177,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"75d63102-a80f-4317-9dc8-fd7808581e6f","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":177,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"04016837-7506-4cc7-8656-9b187f4bf8cb","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent pertaining to such instructions are","page_number":177,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"2566c1d5-889c-4aec-895a-f894b9f91982","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":177,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"af33f06b-1103-474e-a5d2-495f9e6aba85","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":177,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"3d9425c9-3fcd-44b7-a67b-9f893f93432d","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":177,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"a88a80eb-8cab-465a-97ac-44942292d141","block_type":"box","text":"Certain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":177,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"4d0ce34e-f7ae-46ce-aab5-117320264328","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":177,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"4e2b8886-1ec4-44f8-bd10-b514cd7b0551","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":177,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"bf4ac086-6da4-48e8-ae3b-c930947d574c","block_type":"box","text":"may be distributed by the Distributor.","page_number":177,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"19b35170-31d5-4485-9c3d-5dff960acf17","block_type":"box","text":"Participation in Fee-Based Programs","page_number":177,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"99735e6b-cead-4f81-91e2-a1a98cb3ea7d","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":177,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"9f48a45b-a64b-4e96-9b71-dc3ec7b497db","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in certain fee-based","page_number":177,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"caa9f85c-2962-44bd-b203-2f564c93c802","block_type":"box","text":"programs in which BlackRock participates, you may be able to buy Institutional Shares, including by exchanges from","page_number":177,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"9ccfb319-fa40-4340-aaf7-6e844de6d331","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under certain","page_number":177,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"708ea4e0-1d63-42ef-905e-043456b5d2bc","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":177,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"daa3e1f1-abd0-4d80-8247-9687e6c2c074","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":177,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"992dafa1-eb55-4dfe-8451-c6aa0459fbf3","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":177,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"f484f30b-f3da-494e-a6c9-71c2c1d48882","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":177,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"ddee276a-ab36-4be6-a52e-720d1add1060","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":177,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"86de437a-137d-4bea-a47c-c3709ca42adc","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":177,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"e920285d-44a6-4ecd-bbc7-f526692e5821","block_type":"box","text":"an account. In certain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":177,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"19d1a48e-caac-476c-a967-06bec2666701","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":177,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"556092ce-66cb-4a22-a9a0-3f5a6b37ebc6","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":177,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"85e4774b-7017-4550-afaf-112d8bf43ef0","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":177,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"ba37da14-89cf-4bbb-999e-625468ad7bba","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":177,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"8421594c-b947-4812-8a5c-f72c8842d070","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":177,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"85ceb5f0-389a-4e30-81d3-f5b0046e5b2c","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":177,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"d9602fd2-9a5e-4f3b-8710-93c3dc36fa48","block_type":"box","text":"Certain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":177,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"fa9077ee-44d9-4962-b3a7-c4ad95e6f271","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":177,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"5a1f8c78-6372-4b9f-9594-0e249b45fdd6","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":177,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"7aa17b72-d915-46dd-8fe8-27b758c8fd3a","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":177,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"b315c274-93b9-4a2b-af3a-2e5e16c9bf08","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":177,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"ed2f00dd-d6a7-42c9-b955-c9e742e7e947","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":177,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"aef7f6fb-99e0-40e9-b478-307e0b5659b4","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":177,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"f71270e3-5c5a-46e9-8f48-46da162dca42","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":177,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"cfbce26c-80ce-4bdb-9bec-ec6341081803","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":177,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"807e07ff-41c0-4505-98ee-e1cacfa20775","block_type":"box","text":"information.","page_number":177,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"c701bbc1-7e44-4721-843a-68eeab712517","block_type":"box","text":"II-117","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"29d4e64a-3b94-467c-a00a-c42b14b6ffef","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d47e57b0-06e5-4c0c-ba02-22773d63c325","block_type":"box","text":"Retirement and Education Savings Plans","page_number":178,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"0074677e-bbf8-49e2-b1b2-4b1fb9e1b22c","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":178,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"6758aad3-a044-4ef7-a4c6-2913670e931f","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and certain of","page_number":178,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"e26351bc-5e9c-46a6-a490-2fcbd3a5b217","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":178,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"0724adcf-a474-42b6-a971-3a1d62d258dc","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":178,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"7aeef360-3447-4857-96d4-eda134738ef9","block_type":"box","text":"your financial intermediary.","page_number":178,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"e41f78ff-61ca-4948-8af7-6dece1810560","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":178,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"27ef5139-83c7-41ab-a7ac-d0d45931fa59","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":178,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"ff80b839-fe25-49af-aaa5-499d771a8819","block_type":"box","text":"distributed as well. Investors considering participation in any retirement or education savings plan should review","page_number":178,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"745764b0-d2c6-42d2-8ed8-7efcb2c81d4a","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":178,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"33075ce8-384c-430b-b878-57eb18938d1e","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":178,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"1e320b54-ebbb-48e9-8abc-5111cc26895b","block_type":"box","text":"Automatic Investment Plans","page_number":178,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"f38375fd-d082-4d08-9f82-bdb3449b537f","block_type":"box","text":"Investor class shareholders and certain Service Share shareholders who were shareholders of the Compass","page_number":178,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"90b7f86f-4411-45db-b719-cedbf1aca820","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":178,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"5c7beedf-b6fd-4c83-ad3f-93b5bebe20d8","block_type":"box","text":"®","page_number":178,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"cec7cd70-061e-4e92-adb0-58f8ecd85990","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":178,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"962a4310-c8b5-448b-bffe-adf159940ceb","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":178,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"b1662488-9d58-47be-a30e-07a093b451ed","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through certain accounts, no minimum charge to","page_number":178,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"cd17d293-89c7-484a-9e1d-f5013197b4bf","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":178,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"95643907-065a-4377-8f28-58cd69ebaaf6","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":178,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"ff80e844-c28a-4025-a1cf-00ed44799a6b","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":178,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"bf8cc5a0-52b5-4e45-a151-4aaf6c04975d","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":178,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"9d5b6fca-78ff-448c-b989-f02ef5bb8f3b","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set forth in a","page_number":178,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"fdce84ad-b84c-4b1a-a217-5eba7526a41e","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":178,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"de214514-6d3f-45a5-b672-e6642333db45","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":178,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"e71433bd-90c2-466c-9b8f-d4b301f38619","block_type":"box","text":"Systematic Withdrawal Plans","page_number":178,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"df98871b-ec01-44b5-9f29-2f744a2df5c0","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":178,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"87ae993b-fae7-47e3-b348-3129b6c499b8","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":178,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"9f01f93b-4532-408f-8f07-4b0315345015","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":178,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"62300740-ce35-43ab-9aa4-7fb2d3500a15","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":178,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"532d7d05-1b61-4a59-8e4a-0cada8e43b85","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":178,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"074b0bf2-f57e-490a-882f-e142ad7cdc54","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":178,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"e0d0f61b-9e3c-40fb-9499-093a96186ffa","block_type":"box","text":"www.blackrock.com.","page_number":178,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"fa5ca0a6-05dd-43e6-b118-5185838eed4f","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":178,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"960b97f2-eada-4797-b7b2-5daa996b1b4b","block_type":"box","text":"will be depleted. To participate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":178,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"ce545a6a-ae56-4993-90da-01d6cf5d17b4","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":178,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"094f8438-c2d6-4301-9781-9075da9e2bcc","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":178,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"3d00a761-8e59-4af4-8a61-60fca074809b","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":178,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"5f265785-404d-497b-8aea-f428c52be9d5","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":178,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"f251d46d-edb2-4e38-8c54-494029dc6105","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quarterly and semi-annual SWP redemptions of","page_number":178,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"3a234df2-637a-4be0-adf9-7dc718353dd0","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quarterly) and 6% (semi","page_number":178,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"79efc103-a617-4cef-a2bb-a84ac5732ad1","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":178,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"9f02183c-4c58-400b-b845-00aff9ec5644","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":178,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"26fe084a-c367-453f-8041-94e1f7e2f761","block_type":"box","text":"For this reason, a shareholder may not participate in the Automatic Investment Plan described above (see “How","page_number":178,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"2f046c84-5865-4956-9f01-deb65d6b31c4","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":178,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"ad186080-5166-4092-9362-43090e530842","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":178,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"f6e26518-e5a8-45de-a2f3-1cc3b23147da","block_type":"box","text":"Dividend Allocation Plan","page_number":178,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"f0febfe2-0580-4bb5-a7e5-c3b2cdd7166a","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":178,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"9b7dfd44-97d0-4552-b154-3d2d50fe42b4","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":178,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"aaca6bd9-d8be-4342-aa86-bc667f22477a","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":178,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"fcdd8f1c-3dc8-46ee-aa74-4289526c2733","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":178,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"949f4148-75df-4a9a-a552-e3d6153732d1","block_type":"box","text":"II-118","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ba07e8f2-62a1-4791-b8a5-658a0dcf5351","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd87e701-e801-42ef-87ab-66015e38f9d3","block_type":"box","text":"PRICING OF SHARES","page_number":179,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"96d3cd66-b507-40b9-a28b-5728a386b500","block_type":"box","text":"Determination of Net Asset Value","page_number":179,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"074b0388-ffbe-42f8-969c-e11f7e55a454","block_type":"box","text":"Valuation of Shares.","page_number":179,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"bc8e4ff7-ccaa-429e-a5f6-27b47c7cf7a7","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":179,"box":{"x":252,"y":98,"width":626,"height":11}},{"id":"3bb92e12-6b4b-4026-86f4-308224de6d71","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":179,"box":{"x":69,"y":113,"width":785,"height":12}},{"id":"ffa43870-b448-460a-b90f-14a7dd3d2ba6","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":179,"box":{"x":68,"y":128,"width":343,"height":12}},{"id":"ef6a17d1-d7f5-48fb-9df2-d6eafeb7fc43","block_type":"box","text":"Equity Investments.","page_number":179,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"316822c9-e6ba-4f79-a0d0-8ebcf100e218","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":179,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"14f25fe3-03bb-4b05-b90f-441c9384b5a0","block_type":"box","text":"e.g.","page_number":179,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"70c045f9-24df-47eb-9304-c28f14317b08","block_type":"box","text":", NYSE), on separate","page_number":179,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"64c2b816-d5ce-4d5e-b7ab-4b29fdaa867b","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":179,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"dc79994c-92e5-4eff-bac9-858735085961","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":179,"box":{"x":70,"y":181,"width":808,"height":12}},{"id":"2ac9ee35-10ae-4e2d-bb07-18ceef613de0","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":179,"box":{"x":68,"y":196,"width":820,"height":12}},{"id":"1a36bac3-7190-4169-8f16-5d9162218449","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under certain circumstances,","page_number":179,"box":{"x":70,"y":212,"width":805,"height":11}},{"id":"065c69cd-a3ab-4c1e-9393-ff868f5d481f","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":179,"box":{"x":69,"y":227,"width":793,"height":11}},{"id":"42cad861-0d82-4633-b937-175d8af695bc","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":179,"box":{"x":70,"y":242,"width":836,"height":11}},{"id":"bb006cd7-03d0-48cb-9319-4fb9ff122dfb","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":179,"box":{"x":68,"y":257,"width":815,"height":11}},{"id":"fb7f07bc-d1d3-4e73-a2e8-691981a8a831","block_type":"box","text":"last bid (long positions) or ask (short positions) price, if available, will be used as the value of such security. If a Fund","page_number":179,"box":{"x":70,"y":272,"width":837,"height":11}},{"id":"92f86132-7129-47e7-b2f9-6b26c4f2afa6","block_type":"box","text":"holds both long and short positions in the same security, the last bid price will be applied to securities held long and","page_number":179,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"a9621807-b027-4411-bcf5-a7a70f29c539","block_type":"box","text":"the last ask price will be applied to securities sold short. If no bid or ask price is available on a day on which a Fund","page_number":179,"box":{"x":68,"y":302,"width":828,"height":11}},{"id":"058145c4-91ed-49ce-9e3b-97f1bcae76b4","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":179,"box":{"x":68,"y":318,"width":819,"height":11}},{"id":"b6dfae1d-4118-495f-a1b8-bbb9b6ec1200","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":179,"box":{"x":70,"y":332,"width":798,"height":12}},{"id":"3202309c-97f6-4edc-87e3-cee728ced48f","block_type":"box","text":"defined below).","page_number":179,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"bd5a2252-fa34-4cf7-aacd-a17b5c2a28fc","block_type":"box","text":"Fixed-Income Investments.","page_number":179,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"90fc60da-d708-4f64-ae92-5323ddf31415","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":179,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"c3dee4d0-88ac-4df2-8107-207e385790cb","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":179,"box":{"x":70,"y":386,"width":825,"height":11}},{"id":"963aa448-aa2a-4f5c-a4d4-4094630c0354","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize certain inputs","page_number":179,"box":{"x":69,"y":401,"width":823,"height":11}},{"id":"8fdcc5ed-7ecf-49d5-adbe-421297bef31a","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":179,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"2eb41025-ffcb-44e6-9044-87c698a4ec97","block_type":"box","text":"e.g.","page_number":179,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"9c279757-acac-4314-a9cf-58309412d986","block_type":"box","text":", recent representative bids and offers), credit","page_number":179,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"d19b8638-fc9f-4dc8-9bee-987b8b0abe30","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":179,"box":{"x":69,"y":431,"width":834,"height":11}},{"id":"44a4a9ef-c9d2-409e-b480-6504ef0fda4c","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":179,"box":{"x":69,"y":446,"width":769,"height":11}},{"id":"a40fb11a-4bcf-4ba1-9c26-fced3ef295a9","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":179,"box":{"x":70,"y":461,"width":797,"height":11}},{"id":"a91f9a98-2e48-428b-969e-9943a3d11abd","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":179,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"a8772495-c981-43e3-bc5f-26ac5fa35bf3","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset","page_number":179,"box":{"x":68,"y":491,"width":798,"height":11}},{"id":"80f6cd09-af1e-4be3-8393-02bcfc361294","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":179,"box":{"x":69,"y":507,"width":825,"height":11}},{"id":"17c752b5-fb1f-40ef-b77f-a875d84ca8b3","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amortized cost method of valuation may be used with","page_number":179,"box":{"x":69,"y":521,"width":791,"height":12}},{"id":"6f44b835-2793-4495-86c4-cc826806cfc6","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":179,"box":{"x":69,"y":537,"width":814,"height":11}},{"id":"276e99f2-bc27-444e-aeb6-a5da38adf301","block_type":"box","text":"value. Certain fixed-income investments, including asset-backed and mortgage related securities, may be valued","page_number":179,"box":{"x":68,"y":552,"width":802,"height":11}},{"id":"45408453-b3b6-402f-a5f9-215060e0e5da","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":179,"box":{"x":69,"y":567,"width":773,"height":10}},{"id":"a21ae628-62aa-4a1f-a65f-59f5868d5438","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":179,"box":{"x":69,"y":582,"width":795,"height":11}},{"id":"8f9976ce-f36f-4577-87e0-154fab90778e","block_type":"box","text":"attributes of the tranche.","page_number":179,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"afc68c79-61c2-46fc-a4ac-b87e59a52b08","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":179,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"2ee35c9f-a764-4cd8-b30e-ce7753634977","block_type":"box","text":"Exchange-traded equity options for which market quotations are","page_number":179,"box":{"x":453,"y":620,"width":451,"height":11}},{"id":"5ce3a257-21ce-4738-983e-46e7c707c3e6","block_type":"box","text":"readily available are valued at the mean of the last bid and ask prices as quoted on the Exchange or the board of","page_number":179,"box":{"x":69,"y":635,"width":808,"height":11}},{"id":"844f5bba-4ca4-4305-97e0-58b586fe43eb","block_type":"box","text":"trade on which such options are traded. In the event that there is no mean price available for an exchange-traded","page_number":179,"box":{"x":68,"y":650,"width":807,"height":11}},{"id":"b5e83f12-3a14-4364-98ff-5fabe5f0a06c","block_type":"box","text":"equity option held by a Fund on a day on which the Fund values such option, the last bid (long positions) or ask (short","page_number":179,"box":{"x":69,"y":665,"width":840,"height":11}},{"id":"ff52e2f6-39b8-4c8d-8a04-5f6a2a95fae7","block_type":"box","text":"positions) price, if available, will be used as the value of such option. If no bid or ask price is available on a day on","page_number":179,"box":{"x":70,"y":680,"width":816,"height":11}},{"id":"8eb116d4-f314-425d-b8f9-e0580df6ba9b","block_type":"box","text":"which a Fund values such option, the prior day’s price will be used, unless BlackRock determines that such prior","page_number":179,"box":{"x":68,"y":696,"width":803,"height":10}},{"id":"06057827-8cd2-417b-a9ae-4f0c8f51fddc","block_type":"box","text":"day’s price no longer reflects the fair value of the option, in which case such option will be treated as a fair value","page_number":179,"box":{"x":69,"y":710,"width":805,"height":12}},{"id":"120c5cc4-a28f-427e-a82c-304d7baec47b","block_type":"box","text":"asset. OTC derivatives may be valued using a mathematical model which may incorporate a number of market data","page_number":179,"box":{"x":69,"y":726,"width":819,"height":11}},{"id":"de5b4bca-7109-4976-bc15-b8d006aa0f1a","block_type":"box","text":"factors. Financial futures contracts and options thereon, which are traded on exchanges, are valued at their last sale","page_number":179,"box":{"x":68,"y":741,"width":834,"height":11}},{"id":"72c33f58-4d7d-44fb-ab38-9c87e62bf607","block_type":"box","text":"price or settle price as of the close of such exchanges. Swap agreements and other derivatives are generally valued","page_number":179,"box":{"x":70,"y":756,"width":824,"height":11}},{"id":"967766b9-ff85-4c1e-a9ac-c58d92b18831","block_type":"box","text":"daily based upon quotations from market makers or by a pricing service in accordance with the Valuation Procedures.","page_number":179,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"71ed7fc3-25fa-4862-9189-31d7302e0a1d","block_type":"box","text":"Underlying Funds.","page_number":179,"box":{"x":102,"y":794,"width":128,"height":11}},{"id":"d9163974-21f9-458f-8843-7fc55e843481","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":179,"box":{"x":237,"y":794,"width":621,"height":11}},{"id":"9e7352fe-6c81-4136-a2f1-db8054fabb7b","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":179,"box":{"x":69,"y":809,"width":837,"height":11}},{"id":"33be22d4-cb62-458d-baa3-d264ebcb1e05","block_type":"box","text":"General Valuation Information","page_number":179,"box":{"x":69,"y":839,"width":215,"height":9}},{"id":"837f4a88-f359-41c8-b6cb-912c8dceb7b9","block_type":"box","text":"In determining the market value of portfolio investments, the Fund may employ independent third-party pricing","page_number":179,"box":{"x":102,"y":862,"width":784,"height":11}},{"id":"2449174a-e000-43c5-ad58-b1c6c950208e","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":179,"box":{"x":69,"y":877,"width":823,"height":11}},{"id":"e0767476-145a-41ee-8afc-8e403b8ec9c8","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":179,"box":{"x":69,"y":892,"width":818,"height":11}},{"id":"3ef44c0c-9c29-41b4-90f8-1f9076a9e4d9","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":179,"box":{"x":70,"y":907,"width":832,"height":11}},{"id":"e2a17706-0933-4efc-8e02-774325792f7c","block_type":"box","text":"II-119","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5c748302-600a-4475-b120-e41750c8a169","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"38898fb3-4d52-47e5-a9db-3fe5fa6276ed","block_type":"box","text":"price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation","page_number":180,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"f5392fff-b119-45f4-916e-517885c71382","block_type":"box","text":"of the investment, particularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":180,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"e8530703-9ab0-43f7-b5a0-500d775553df","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":180,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"608b7dd5-401c-40d4-b3f0-c2f7289f9fd0","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":180,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"8bdd59ac-238f-4eb5-a436-938079d30dc7","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":180,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"20d97957-0e78-4531-bb75-430b2f3630a0","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":180,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"9811453c-baeb-480b-aec6-a0773e286965","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or market makers to value each","page_number":180,"box":{"x":102,"y":143,"width":775,"height":11}},{"id":"d5111672-b3ab-441e-aee7-aae38c6c17f1","block_type":"box","text":"Fund’s securities and other assets and liabilities are based on information available at the time the Fund values its","page_number":180,"box":{"x":70,"y":158,"width":821,"height":9}},{"id":"d97ed1a7-8cf5-4503-aa00-b1746a0e0cb0","block_type":"box","text":"assets and liabilities. In the event that a pricing service quotation is revised or updated subsequent to the day on","page_number":180,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"6eb2bee9-7e00-4f9a-93fe-f7f17c530f4b","block_type":"box","text":"which the Fund valued such security, the revised pricing service quotation generally will be applied prospectively.","page_number":180,"box":{"x":68,"y":188,"width":800,"height":12}},{"id":"66bab6ec-999c-4ab6-8414-900af8c093ed","block_type":"box","text":"Such determination will be made considering pertinent facts and circumstances surrounding the revision.","page_number":180,"box":{"x":69,"y":203,"width":750,"height":12}},{"id":"6b61058c-a853-4ec4-ae1c-a6225584532a","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":180,"box":{"x":102,"y":226,"width":800,"height":11}},{"id":"ba1a00ba-6ee0-41bb-b2fc-655e734830f0","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":180,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"9b2e8262-be01-4d29-b392-d272d83d7442","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":180,"box":{"x":69,"y":256,"width":827,"height":12}},{"id":"dcb41e8b-f556-4a41-9779-c3d4adf43f46","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":180,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"45b8219a-7ca7-48db-9694-d0abf66033ba","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":180,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"8bc21e53-e995-4e45-8275-a85aa4e59438","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":180,"box":{"x":69,"y":302,"width":802,"height":11}},{"id":"67bd0fa4-2be2-4e40-b32f-c7de40ce6de5","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":180,"box":{"x":69,"y":317,"width":685,"height":11}},{"id":"06ba0aa2-2eb9-4d90-b49f-a4ae30883933","block_type":"box","text":"Certain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":180,"box":{"x":102,"y":339,"width":795,"height":12}},{"id":"6de79e51-12be-45f0-8231-aa91399a1c1f","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":180,"box":{"x":68,"y":355,"width":805,"height":11}},{"id":"92975193-8d8c-4309-a9d4-379d6702f4aa","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":180,"box":{"x":69,"y":370,"width":529,"height":11}},{"id":"6a92f7ad-ae89-40f1-a190-76cce7b0511b","block_type":"box","text":"Fair Value.","page_number":180,"box":{"x":102,"y":392,"width":74,"height":9}},{"id":"4d5e33b3-15a1-4057-b240-4549fc6dc3eb","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":180,"box":{"x":183,"y":393,"width":693,"height":11}},{"id":"756c8bb6-4723-4e62-ba08-9472123d505b","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":180,"box":{"x":70,"y":407,"width":785,"height":12}},{"id":"b4a7cdae-89af-4935-8db4-648425b8861e","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":180,"box":{"x":69,"y":423,"width":816,"height":11}},{"id":"8f0997a1-e19a-4b5b-b98f-2294df4c1109","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":180,"box":{"x":70,"y":438,"width":779,"height":11}},{"id":"ce1f09ce-b040-4e4c-b61a-7403d86e7460","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":180,"box":{"x":70,"y":453,"width":773,"height":11}},{"id":"fa9a94e9-ded0-4f9a-b982-a49aafb11912","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":180,"box":{"x":69,"y":468,"width":772,"height":11}},{"id":"430f54bb-024f-4081-99f2-1c24dd0d9d2f","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":180,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"f48a8c75-226b-43be-af7e-b668aaa4541d","block_type":"box","text":"(","page_number":180,"box":{"x":69,"y":498,"width":3,"height":11}},{"id":"305aad35-d01e-46f7-9cb4-88ef0c7f52ad","block_type":"box","text":"e.g.","page_number":180,"box":{"x":74,"y":500,"width":25,"height":9}},{"id":"34a61ae9-bc25-4503-a232-814a52c8a274","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":180,"box":{"x":101,"y":498,"width":806,"height":11}},{"id":"7699219c-a5f0-4651-b2cd-56401f2348e9","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":180,"box":{"x":69,"y":514,"width":813,"height":10}},{"id":"6bfefcec-0f53-4761-96df-fd2cec6af784","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":180,"box":{"x":68,"y":528,"width":837,"height":12}},{"id":"7171063e-4093-4c41-9b67-d42881a42c66","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":180,"box":{"x":70,"y":543,"width":838,"height":12}},{"id":"079033f1-3a16-4bde-b1b2-c70ad48d5a55","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":180,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"d2cb32e2-086f-4937-8ba5-ed7db9cd9c14","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":180,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"e7cdc85b-cfe6-4550-ad1a-7f078f9704f8","block_type":"box","text":"one or more assets or liabilities held by the Fund. On any day the NYSE is open and a foreign market or the primary","page_number":180,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"37c401bf-959f-49d3-98e3-f20c5b33a8ef","block_type":"box","text":"exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using the prior","page_number":180,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"32d31ad3-b8e7-473e-a45b-7ceda730c7bc","block_type":"box","text":"day’s price, provided that BlackRock is not aware of any significant event or other information that would cause such","page_number":180,"box":{"x":69,"y":619,"width":831,"height":11}},{"id":"936b0a31-85d3-4634-b348-87c4a3bdbafd","block_type":"box","text":"price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would be treated","page_number":180,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"8a57bad1-eb28-4eef-bd93-bb1321f3261c","block_type":"box","text":"as a Fair Value Asset. For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing","page_number":180,"box":{"x":69,"y":649,"width":838,"height":12}},{"id":"9d629344-6da2-49c4-995d-48536c9f2a63","block_type":"box","text":"based upon the movement of a proprietary multi-factor model after the relevant foreign markets have closed. This","page_number":180,"box":{"x":69,"y":664,"width":810,"height":12}},{"id":"fd90edf6-ddb5-4611-b32b-2936b49f8009","block_type":"box","text":"systematic fair value pricing methodology is designed to correlate the prices of foreign assets following the close of","page_number":180,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"2af67ede-8e75-4cbd-a573-0c0d020a1667","block_type":"box","text":"the local markets to the price that might have prevailed as of a Fund’s pricing time.","page_number":180,"box":{"x":68,"y":695,"width":593,"height":11}},{"id":"2c7f76b2-3c04-4ec6-9c5e-11568a0e4b99","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":180,"box":{"x":102,"y":717,"width":794,"height":12}},{"id":"e9aea807-c2c4-4d8b-927d-e568884388e1","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":180,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"5decea8a-670b-44b1-a2fa-d2811725a253","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-party pricing services,","page_number":180,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"6df5011c-eabb-4dfb-99d1-490ba8b4ed78","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":180,"box":{"x":70,"y":763,"width":808,"height":11}},{"id":"0ddb840f-cf39-452f-b1f0-9c3e970f1659","block_type":"box","text":"assets and liabilities of the Funds.","page_number":180,"box":{"x":69,"y":778,"width":245,"height":9}},{"id":"ec4d874b-06b4-444c-bb98-e7a6c44c583c","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":180,"box":{"x":101,"y":801,"width":795,"height":11}},{"id":"7c224a48-66d0-41b7-b6c5-4198e8136344","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":180,"box":{"x":69,"y":816,"width":832,"height":11}},{"id":"75311991-c165-4b40-b264-34c53ce4a72d","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":180,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"c778da4f-57dd-4139-8eee-b3c9a7cc483c","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":180,"box":{"x":69,"y":846,"width":834,"height":11}},{"id":"0a9bde0b-7f0c-4374-b7d2-247027c1b546","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":180,"box":{"x":69,"y":861,"width":744,"height":11}},{"id":"5b8cb213-caf9-49cc-a8fa-f904e365c7fb","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-party","page_number":180,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"029343cc-3b6d-4fbd-99d9-902ab07e13a0","block_type":"box","text":"valuation models.","page_number":180,"box":{"x":68,"y":891,"width":125,"height":9}},{"id":"e3a54e5d-86a2-40bd-9d40-5e002ae85269","block_type":"box","text":"II-120","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"10dff20b-7fc5-4baa-95f3-6998c1914afa","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"afc88f2b-59d2-444f-af0c-51b8c387ba00","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":181,"box":{"x":102,"y":45,"width":785,"height":11}},{"id":"d9cc46bb-f233-4a48-8f5d-291b534dec16","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on certain factors, including","page_number":181,"box":{"x":68,"y":60,"width":822,"height":11}},{"id":"2ef26e04-8cb0-4755-b4ca-5d7fa448c3f0","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":181,"box":{"x":68,"y":75,"width":820,"height":11}},{"id":"740d482d-e920-4760-9763-8b3668479465","block_type":"box","text":"alternatively, using proprietary or third-party models that may rely upon one or more unobservable inputs. Prices of","page_number":181,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"d3ccb38c-10d9-4da3-890c-b75e91576d06","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":181,"box":{"x":69,"y":105,"width":766,"height":11}},{"id":"1c897784-9f7d-4a5c-9eda-a5334f0e1dea","block_type":"box","text":"appropriate, an appraisal by a third-party experienced in the valuation of similar instruments, may also be used as a","page_number":181,"box":{"x":69,"y":120,"width":828,"height":11}},{"id":"b936c2ad-462b-47e9-8432-ec1f115d7bc5","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":181,"box":{"x":69,"y":135,"width":378,"height":12}},{"id":"79fad38d-feeb-497b-869d-2f83be6b3a5f","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":181,"box":{"x":101,"y":158,"width":784,"height":11}},{"id":"cd387dcd-b609-4137-b35c-2856247b245a","block_type":"box","text":"liabilities could have been sold during the period in which the particular fair values were used in determining a Fund’s","page_number":181,"box":{"x":70,"y":173,"width":836,"height":11}},{"id":"b24fa7ae-af43-4226-b185-5a0f44f7944a","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":181,"box":{"x":70,"y":188,"width":834,"height":12}},{"id":"b0c106fe-d77e-4557-96c7-ed96172d5604","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":181,"box":{"x":68,"y":203,"width":728,"height":12}},{"id":"33e9f99a-9094-4020-8b5b-2789486da7ca","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":181,"box":{"x":102,"y":226,"width":786,"height":11}},{"id":"29c99648-ce36-460c-ac9d-f055f73397b9","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in","page_number":181,"box":{"x":68,"y":241,"width":809,"height":11}},{"id":"7dc33dd4-86d9-40a2-b55f-50d8aa3d42ea","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":181,"box":{"x":70,"y":256,"width":821,"height":12}},{"id":"fe27c1c6-8ff8-4a8f-a45d-8c8024d01b45","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":181,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"f4cf0755-9ad4-41e5-97c3-cf332b771b9d","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":181,"box":{"x":69,"y":286,"width":641,"height":12}},{"id":"bfade1f4-9c1c-4508-b7ea-4435f01186dd","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":181,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"073f9444-97f6-496a-813a-6642379d974e","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":181,"box":{"x":69,"y":324,"width":832,"height":12}},{"id":"c1295ea2-4210-4d7c-b212-8d1624b5b0aa","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":181,"box":{"x":69,"y":339,"width":780,"height":12}},{"id":"14cb0661-1710-41f6-849c-d951d4d72751","block_type":"box","text":"increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn","page_number":181,"box":{"x":70,"y":355,"width":810,"height":11}},{"id":"c67b1b7f-6bf8-40d5-9299-d3a0dd21d1a6","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":181,"box":{"x":70,"y":370,"width":810,"height":11}},{"id":"527934c3-4534-4170-8693-127eb7f98041","block_type":"box","text":"party determination of fair market value.","page_number":181,"box":{"x":70,"y":385,"width":285,"height":11}},{"id":"c622eb8c-33e1-4286-9496-9a4bf4a2e3f7","block_type":"box","text":"Computation of Offering Price Per Share","page_number":181,"box":{"x":69,"y":415,"width":292,"height":11}},{"id":"4fa8650b-2156-445f-9757-c0726cd8002a","block_type":"box","text":"See “Computation of Offering Price Per Share” in Part I of a Fund’s SAI for an illustration of the computation of","page_number":181,"box":{"x":102,"y":438,"width":791,"height":11}},{"id":"f78bacb3-57f1-4f59-937e-608494153cc8","block_type":"box","text":"the offering price for shares of your Fund.","page_number":181,"box":{"x":68,"y":453,"width":295,"height":11}},{"id":"e81d2587-4058-424e-a4ee-deb530a1d21a","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":181,"box":{"x":303,"y":482,"width":373,"height":10}},{"id":"1f03e6c5-a3de-44a3-aaa2-237a51892410","block_type":"box","text":"Transactions in Portfolio Securities","page_number":181,"box":{"x":68,"y":513,"width":257,"height":9}},{"id":"d5da4937-77d9-474c-92f7-ab58b2fdd829","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":181,"box":{"x":102,"y":535,"width":798,"height":11}},{"id":"0efed021-d3f8-492d-b8bc-f9506b256bf9","block_type":"box","text":"a Fund’s portfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":181,"box":{"x":69,"y":550,"width":839,"height":12}},{"id":"ee50df51-3e94-4468-ab38-90bbb163f979","block_type":"box","text":"particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account certain factors","page_number":181,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"6c48ce9b-78c8-47f6-b31a-b0d574cd75ef","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":181,"box":{"x":69,"y":581,"width":820,"height":11}},{"id":"ebe74974-593a-4d8f-9e61-b62b8bc836f6","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":181,"box":{"x":68,"y":596,"width":798,"height":11}},{"id":"018ca16e-85d5-4a53-85b6-bb4f2e038b63","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal","page_number":181,"box":{"x":69,"y":611,"width":765,"height":11}},{"id":"2acf2394-cf9d-4b34-9923-ca8e2c10800d","block_type":"box","text":"requirements, BlackRock may select a broker based partly upon brokerage or research services provided to","page_number":181,"box":{"x":69,"y":626,"width":768,"height":11}},{"id":"fab099ba-cbcd-4be1-9584-0dfc5f808e75","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":181,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"17173e26-869b-4571-bd69-e3b0a2d01784","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":181,"box":{"x":69,"y":656,"width":760,"height":12}},{"id":"78794d49-7a5c-4db5-ac94-44188a983022","block_type":"box","text":"reasonable in relation to the services provided.","page_number":181,"box":{"x":69,"y":672,"width":336,"height":10}},{"id":"c0749eee-59bb-46e8-a3d7-e8ae47703ebc","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":181,"box":{"x":102,"y":694,"width":794,"height":11}},{"id":"b3687ac8-c3b2-4e94-92d0-29ee17803849","block_type":"box","text":"Master Portfolio, it is expected that all transactions in portfolio securities will be entered into by the Master Portfolio.","page_number":181,"box":{"x":70,"y":709,"width":835,"height":11}},{"id":"4375a688-c45b-4cfb-bca2-6714f21990db","block_type":"box","text":"In selecting brokers or dealers to execute portfolio transactions, the Manager and sub-advisers seek to obtain","page_number":181,"box":{"x":102,"y":732,"width":784,"height":11}},{"id":"c6591934-ea05-40bd-b337-1d1b4c86d59c","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":181,"box":{"x":68,"y":747,"width":829,"height":11}},{"id":"14c15482-e197-4a86-8dc2-4c3e5283f623","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":181,"box":{"x":69,"y":762,"width":802,"height":11}},{"id":"25d9e1c3-5662-43e6-8b18-fa13a62a3ab9","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":181,"box":{"x":69,"y":777,"width":826,"height":12}},{"id":"0eae9dec-223d-4c03-bfa8-a44ef2392ae5","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the particular security or instrument,","page_number":181,"box":{"x":69,"y":792,"width":789,"height":12}},{"id":"5b1f29ed-feee-4233-a5fe-44be864cbfcf","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":181,"box":{"x":70,"y":807,"width":818,"height":12}},{"id":"5a0eeb3e-a53e-4977-8d94-ed143506d89d","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":181,"box":{"x":69,"y":823,"width":769,"height":11}},{"id":"85daa358-998c-46c9-b588-65975c0609b6","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":181,"box":{"x":69,"y":838,"width":837,"height":11}},{"id":"87a03170-cd02-4c9a-8154-dcf15dbb0feb","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":181,"box":{"x":69,"y":853,"width":391,"height":11}},{"id":"7ff60ea7-9a71-4210-83ab-a229cc063140","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under certain circumstances","page_number":181,"box":{"x":102,"y":875,"width":801,"height":12}},{"id":"f2585399-728f-4c2e-8b31-f73f458dda4c","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":181,"box":{"x":68,"y":891,"width":802,"height":11}},{"id":"777c56d4-1560-4b0e-8df9-3998e2e62f7b","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":181,"box":{"x":69,"y":906,"width":775,"height":11}},{"id":"25494469-07c4-45a3-bca7-3ebe8efc5c79","block_type":"box","text":"II-121","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ed1529f4-bd57-4bfa-af4b-ebe67475af0e","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ad4fc2b-d42e-4967-98ad-4c86d8a78bd6","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":182,"box":{"x":69,"y":45,"width":790,"height":11}},{"id":"72e4a070-8dbb-4394-82fe-8a1a4ebac1e0","block_type":"box","text":"principal transactions under certain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":182,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"232a5fb9-31a8-4f79-a338-f97d680edb41","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":182,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"168e4eec-761e-4ef4-bc26-b6c664058474","block_type":"box","text":"performance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":182,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"0a87e575-b8f2-49df-bb93-d1979db65cc8","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and reports concerning issuers,","page_number":182,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"cafb5330-fa56-4146-8985-b6239045bcf8","block_type":"box","text":"industries, securities, economic factors and trends, portfolio strategy, and the performance of accounts; and","page_number":182,"box":{"x":70,"y":120,"width":775,"height":12}},{"id":"64c03a62-57d9-4802-b0e2-cf80c2665c1f","block_type":"box","text":"(3) effecting securities transactions and performing functions incidental to securities transactions (such as","page_number":182,"box":{"x":69,"y":135,"width":764,"height":12}},{"id":"70c7a34e-215e-4a5b-a9cf-f79c8c1c7a84","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":182,"box":{"x":69,"y":151,"width":770,"height":11}},{"id":"4f455e2d-0acf-4159-8635-0b044b993e7c","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":182,"box":{"x":69,"y":166,"width":599,"height":11}},{"id":"c954e2c0-9e32-4d13-b74e-d190c1401550","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may participate in client commission arrangements under which","page_number":182,"box":{"x":102,"y":188,"width":796,"height":12}},{"id":"2212393e-2e75-4e9b-ac3d-d2bd66b1e81c","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of","page_number":182,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"42503c04-9034-40c4-9eb3-ab052956d57c","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":182,"box":{"x":68,"y":218,"width":839,"height":11}},{"id":"09ec641b-a6dd-4ee2-a8a3-1b065ca656ab","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":182,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"3ca997ad-76b4-4f8e-8189-9c5278d8310e","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":182,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"7b09a77e-39d4-4513-b240-908dd4141fd6","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Certain Funds","page_number":182,"box":{"x":69,"y":264,"width":808,"height":11}},{"id":"cda03d86-3a5e-48b2-8f4f-5881ce0e2dcd","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":182,"box":{"x":69,"y":279,"width":818,"height":11}},{"id":"7c32ae46-a1ab-4ff6-a3a6-a27a4f5d3358","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":182,"box":{"x":70,"y":294,"width":813,"height":11}},{"id":"8c61bb20-9c1d-47f5-a7e6-466249445d29","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":182,"box":{"x":70,"y":309,"width":801,"height":11}},{"id":"5f6069fd-4e57-4a3d-8143-fa3459850702","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":182,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"27f6c1f4-f3bd-4c4e-9805-200b8cc99051","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":182,"box":{"x":69,"y":339,"width":790,"height":12}},{"id":"ae8ad0af-266f-4711-b79e-05b0cd1733b3","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":182,"box":{"x":70,"y":355,"width":361,"height":11}},{"id":"8a150342-91ae-412d-a79c-89015a2e7f2f","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":182,"box":{"x":102,"y":377,"width":791,"height":12}},{"id":"016e47bb-fbc7-4736-8e35-3a425bbcc0a5","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-party and provided to BlackRock by the broker-dealer)","page_number":182,"box":{"x":69,"y":393,"width":819,"height":11}},{"id":"3e5ad5f2-0124-4418-9a46-9c2276ed6732","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":182,"box":{"x":69,"y":408,"width":772,"height":11}},{"id":"5020c85e-7885-48f6-b39e-c922c7405e69","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":182,"box":{"x":70,"y":423,"width":785,"height":11}},{"id":"a0c8d70a-b654-4dfa-95c5-abbf98eba8af","block_type":"box","text":"portfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":182,"box":{"x":70,"y":438,"width":806,"height":11}},{"id":"ad8e59b5-7215-445f-9922-738e013f27af","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":182,"box":{"x":68,"y":453,"width":772,"height":11}},{"id":"04f38923-9cda-4eee-89f5-dc1663ba1e46","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":182,"box":{"x":69,"y":468,"width":838,"height":11}},{"id":"f52a6a3f-5454-4727-be46-24469c654f21","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":182,"box":{"x":68,"y":483,"width":769,"height":11}},{"id":"fe4180a0-cefe-4766-999c-390b5952d86b","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":182,"box":{"x":69,"y":498,"width":801,"height":11}},{"id":"f70a59d1-ad25-4daa-8902-82343a80fd5f","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-party related research and","page_number":182,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"d2cbf551-723e-4fc5-90cd-f11f32f0e0a3","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":182,"box":{"x":69,"y":529,"width":363,"height":11}},{"id":"13d273f0-550f-43e6-8d59-17813a3e2db3","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":182,"box":{"x":102,"y":551,"width":749,"height":11}},{"id":"dede4b57-e794-4763-9ee6-6090c9a2e709","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":182,"box":{"x":69,"y":566,"width":799,"height":11}},{"id":"61c4d1c1-57fd-4f16-b07a-e7c8cea35c24","block_type":"box","text":"particular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":182,"box":{"x":70,"y":581,"width":752,"height":12}},{"id":"f2773cd6-589d-4731-9ba4-e24340e4a6ef","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":182,"box":{"x":70,"y":596,"width":823,"height":11}},{"id":"279a8a47-3ed5-4315-9bc5-8d41390d6931","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":182,"box":{"x":70,"y":612,"width":822,"height":11}},{"id":"7c060737-d3b6-48ce-9925-08c514d4a8a6","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":182,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"039e87dd-ef6a-4fed-98e9-a16e8f4f27b6","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":182,"box":{"x":68,"y":642,"width":805,"height":11}},{"id":"bcb9f6bb-ac1b-4353-9c87-db518d4e2377","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":182,"box":{"x":69,"y":657,"width":798,"height":11}},{"id":"6957da01-dbd5-4f89-a7a3-13c0e7f6f97f","block_type":"box","text":"managed portfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":182,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"1233f858-15ea-44ea-8fa1-a2502e2decc1","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":182,"box":{"x":70,"y":687,"width":832,"height":11}},{"id":"310a14fb-4511-4b6c-9990-8254a4ae93fe","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":182,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"3e1b653e-46aa-4efc-997a-0c107e0fb54e","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":182,"box":{"x":69,"y":717,"width":780,"height":12}},{"id":"42f1de00-fc23-44b7-9dc6-c365193dba26","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":182,"box":{"x":69,"y":732,"width":827,"height":12}},{"id":"b62dc860-9dfd-44bb-9dbf-f7b3a7468672","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":182,"box":{"x":69,"y":748,"width":821,"height":11}},{"id":"a4fb7ec2-0081-4e2a-a6e5-6a6a2c55163f","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":182,"box":{"x":69,"y":763,"width":797,"height":11}},{"id":"7d4d15dc-26d0-49d3-bda7-3c420cc83618","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":182,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"73463f96-1182-4212-96b1-02780cc96751","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":182,"box":{"x":68,"y":793,"width":555,"height":11}},{"id":"ea5d770d-7bbe-4500-ae95-e94996e0c5e4","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":182,"box":{"x":102,"y":816,"width":802,"height":11}},{"id":"2dc010ae-00f4-47e3-916f-6fccc76f6352","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":182,"box":{"x":68,"y":831,"width":825,"height":11}},{"id":"a88f5f2f-1624-4c0b-93dc-0da32b41e973","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":182,"box":{"x":69,"y":846,"width":798,"height":11}},{"id":"b6668822-2e4b-48ee-8acd-2d11ae0fde8a","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":182,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"704b9eb2-3d31-4aae-bf26-33eb2f2b8fc0","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":182,"box":{"x":70,"y":876,"width":812,"height":11}},{"id":"26bccdf9-9ab8-454f-9a12-bec121b1ac06","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":182,"box":{"x":69,"y":891,"width":547,"height":12}},{"id":"fe440586-554c-4545-a4bc-7090a2ccfaf3","block_type":"box","text":"II-122","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f944150b-dba0-48a3-85b7-56ca06bd040e","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"acd911c1-a3b3-48b0-a104-491b885a9c52","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Portfolio with respect","page_number":183,"box":{"x":102,"y":45,"width":804,"height":11}},{"id":"edf87227-2ef0-4073-92f9-019bee05c17f","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":183,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"7ae1e6f5-8623-43f2-b3a6-847fec21a300","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Portfolio, BlackRock","page_number":183,"box":{"x":70,"y":75,"width":836,"height":11}},{"id":"dc91180c-7de2-48e7-8da3-d09b12718a90","block_type":"box","text":"is primarily responsible for the execution of the Master Portfolio’s portfolio transactions and the allocation of","page_number":183,"box":{"x":70,"y":90,"width":777,"height":11}},{"id":"9a0d09ae-baf2-4eee-b066-8ab164cdfdcd","block_type":"box","text":"brokerage.","page_number":183,"box":{"x":69,"y":105,"width":74,"height":11}},{"id":"6fb03961-9981-4a05-857b-8ac8b505f2be","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":183,"box":{"x":102,"y":128,"width":781,"height":11}},{"id":"d17b3445-5885-487b-9cf0-2680876715bb","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":183,"box":{"x":68,"y":143,"width":810,"height":11}},{"id":"3493da92-5a0b-4fd9-bc14-497db93f666f","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under certain","page_number":183,"box":{"x":69,"y":158,"width":771,"height":11}},{"id":"2079c0ce-2546-4f09-a563-e02d9504176b","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":183,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"5314054f-38cf-4db9-b314-6bd6a15ccd7f","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":183,"box":{"x":68,"y":188,"width":821,"height":12}},{"id":"c4ab24ab-2d2d-4cd9-be53-c6a0d125f8b8","block_type":"box","text":"Section 28(e).","page_number":183,"box":{"x":69,"y":203,"width":99,"height":11}},{"id":"85451ba4-f034-42a8-a821-7d9c749e623c","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":183,"box":{"x":102,"y":226,"width":755,"height":9}},{"id":"0ba77747-7acc-405e-80b9-86a7a2208c2f","block_type":"box","text":"brokers or dealers to execute portfolio transactions for a Fund; however, whether or not a particular broker or dealer","page_number":183,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"67d7a4c1-ec08-418d-aaf8-85f14064c783","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":183,"box":{"x":69,"y":256,"width":799,"height":11}},{"id":"6ea47164-e344-4b2d-ab83-6fe087604f44","block_type":"box","text":"execute transactions for those mutual funds.","page_number":183,"box":{"x":69,"y":271,"width":319,"height":9}},{"id":"b29f37e8-ca5f-470e-912a-1830a78d40db","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":183,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"c465377c-7e31-4e39-8c1d-bc600a61dfab","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":183,"box":{"x":70,"y":309,"width":825,"height":11}},{"id":"c2351a3e-2171-496d-93ec-431ca9f9b7a0","block_type":"box","text":"in the form of depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts","page_number":183,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"9a10d031-0362-4c16-940c-e01907d3640e","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":183,"box":{"x":69,"y":340,"width":805,"height":11}},{"id":"9cbf6cb8-2a60-40aa-80a7-8e19c46a0a93","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":183,"box":{"x":68,"y":355,"width":773,"height":11}},{"id":"11449d3e-30a7-4af3-aeaa-07984b5be58f","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":183,"box":{"x":69,"y":370,"width":798,"height":11}},{"id":"6f5bff41-3a72-4fc1-a856-858daee58fd1","block_type":"box","text":"intends to manage its portfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":183,"box":{"x":70,"y":385,"width":812,"height":11}},{"id":"3d114c7b-5c79-4f75-9e43-203e68976f50","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":183,"box":{"x":69,"y":400,"width":754,"height":11}},{"id":"51e8e7f8-373a-438a-8dda-69911fedf84e","block_type":"box","text":"considerations will have a significant effect on a Fund’s portfolio strategies.","page_number":183,"box":{"x":69,"y":415,"width":540,"height":11}},{"id":"91ffaddc-19db-48cc-aa37-75ada5651281","block_type":"box","text":"See “Portfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":183,"box":{"x":102,"y":438,"width":798,"height":11}},{"id":"818d8036-e4e2-4c66-8039-7c0d7fd076b9","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":183,"box":{"x":68,"y":453,"width":597,"height":11}},{"id":"f851319b-2ecf-482c-a790-8e56904b6cc9","block_type":"box","text":"Each Fund may invest in certain securities traded in the OTC market and intends to deal directly with the dealers","page_number":183,"box":{"x":102,"y":476,"width":802,"height":11}},{"id":"b90273af-594d-46bd-9413-3db12084a303","block_type":"box","text":"who make a market in the particular securities, except in those circumstances in which better prices and execution","page_number":183,"box":{"x":68,"y":491,"width":822,"height":11}},{"id":"8bd09293-995d-442e-8313-2e1276bae1b5","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":183,"box":{"x":69,"y":506,"width":804,"height":11}},{"id":"d24e1037-7d4f-4d52-b23b-abaa47e65413","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":183,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"16d6148a-e57a-4c84-8b7b-c63a10778749","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":183,"box":{"x":69,"y":536,"width":762,"height":11}},{"id":"e76f8711-b00d-47e3-ab54-48a2b5f5d1ec","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":183,"box":{"x":68,"y":551,"width":770,"height":11}},{"id":"4d0ab477-bfcb-4f10-b970-9d8c535a7649","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":183,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"4d1765f7-35b8-41a5-930e-5f93d287126f","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":183,"box":{"x":70,"y":581,"width":814,"height":12}},{"id":"b82ae1f3-2684-4fab-94b2-65e5069d3c11","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":183,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"fa0fd513-412e-45c1-90f0-4c508d0d29a4","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":183,"box":{"x":69,"y":612,"width":645,"height":11}},{"id":"daf68499-015b-41ca-a3fc-35ef723a6d78","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":183,"box":{"x":102,"y":634,"width":797,"height":12}},{"id":"c2047e5d-71e9-4203-88f0-462d0d149b89","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":183,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"b83cf66b-0569-4583-934f-b3cb7e9a5562","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":183,"box":{"x":69,"y":665,"width":839,"height":11}},{"id":"8fec2a85-9388-43d3-a3ce-ba856c0ac047","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":183,"box":{"x":69,"y":680,"width":833,"height":11}},{"id":"2659d0b1-2d30-4d82-a4c0-0d697253536f","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":183,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"1fcec243-b40d-4f8a-8bbf-5e031dfccee8","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":183,"box":{"x":70,"y":710,"width":730,"height":11}},{"id":"c0fb6736-2eb0-4f39-b30d-88dae2ed9fe3","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":183,"box":{"x":102,"y":732,"width":800,"height":12}},{"id":"5e35711d-00a8-4683-b891-5e6bb08321e7","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":183,"box":{"x":69,"y":748,"width":807,"height":11}},{"id":"4cf703f3-a235-45d1-944f-6f793ace57a7","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":183,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"d8a4d8ca-f28e-4635-b156-c333f7b20697","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":183,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"b7c7f2d8-0ab3-49ea-a550-bf3ae59bd7eb","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":183,"box":{"x":68,"y":793,"width":827,"height":11}},{"id":"1567c0fd-b218-4174-bf42-7648227524be","block_type":"box","text":"with the rules of the Commission. As a result, the portfolio turnover rates of a money market fund will be relatively","page_number":183,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"34c9be84-ca44-4a5a-8a8f-a4100d25a214","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":183,"box":{"x":69,"y":823,"width":802,"height":12}},{"id":"ee1571e9-1b9c-42d5-b5a1-1e7db7bc8a81","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":183,"box":{"x":69,"y":838,"width":700,"height":11}},{"id":"67ecdac6-2a11-4c8c-81e9-cdc977fa5326","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":183,"box":{"x":102,"y":861,"width":756,"height":11}},{"id":"2bb38372-6f24-477f-8ebc-62e198c25dd8","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":183,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"5d1120b1-ba15-40d9-8f82-39a48666f53e","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":183,"box":{"x":69,"y":891,"width":766,"height":11}},{"id":"1cbeaf5f-b69f-436d-a2d1-c7cbec68895c","block_type":"box","text":"II-123","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"538cfb97-c154-4f85-9a73-0e8a5058480e","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"848ee4df-8f82-4646-8588-1d3c1eb454ef","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an undertaking from issuers of commercial paper or dealers","page_number":184,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"268aca42-7c99-48eb-8a8a-b2a08565a413","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":184,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"628a4a4d-247d-4779-810e-edac3ccfe3ce","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":184,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"63c9efe2-df85-4485-803c-ffa02f4c17bf","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":184,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"3554f245-6d6e-4224-aaf5-10709d9f396c","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":184,"box":{"x":70,"y":105,"width":800,"height":11}},{"id":"e46e3d17-d0ea-43e4-ac13-eb55eb43a563","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":184,"box":{"x":69,"y":120,"width":352,"height":11}},{"id":"92319cd6-4940-43de-9b65-f73cabe0533a","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":184,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"bce58d8f-0041-412c-b0b9-f37e4dc8609d","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":184,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"88f96aca-d3d3-410e-9147-a0a12daff41c","block_type":"box","text":"accounts in a fair and equitable manner. A variety of factors will be considered in making such allocations. These","page_number":184,"box":{"x":69,"y":173,"width":805,"height":11}},{"id":"0ec28dc4-07af-4ccd-841f-3dea3b6edcb0","block_type":"box","text":"factors include: (i) investment objectives or strategies for particular accounts, including sector, industry, country or","page_number":184,"box":{"x":68,"y":188,"width":819,"height":12}},{"id":"52b9c19c-9158-44fb-b2da-b7955060d680","block_type":"box","text":"region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment concentration","page_number":184,"box":{"x":69,"y":203,"width":783,"height":12}},{"id":"f9ab9885-0569-4214-8bb2-bed18de48d78","block_type":"box","text":"parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of available investment,","page_number":184,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"775ee115-eac7-4a8d-84fb-32ba9fa3612c","block_type":"box","text":"(vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions, (viii) minimum investment","page_number":184,"box":{"x":69,"y":234,"width":809,"height":11}},{"id":"b2d686ca-450a-4923-8a1f-39fd47ac7f59","block_type":"box","text":"size of an account, (ix) relative size of account, and (x) such other factors as may be approved by BlackRock’s","page_number":184,"box":{"x":69,"y":249,"width":783,"height":11}},{"id":"92545eef-a645-4e64-80ae-66a0d093fdbb","block_type":"box","text":"general counsel. Moreover, investments may not be allocated to one client account over another based on any of the","page_number":184,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"f893a541-82ca-4f17-97c1-f7134b08982d","block_type":"box","text":"following considerations: (i) to favor one client account at the expense of another, (ii) to generate higher fees paid by","page_number":184,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"db6a2bc5-1e55-4171-a7d7-08aa60fa2abb","block_type":"box","text":"one client account over another or to produce greater performance compensation to BlackRock, (iii) to develop or","page_number":184,"box":{"x":69,"y":294,"width":808,"height":11}},{"id":"4520c62b-a500-4a40-a7f8-b0ff1a7ed91e","block_type":"box","text":"enhance a relationship with a client or prospective client, (iv) to compensate a client for past services or benefits","page_number":184,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"6dc84cb4-4918-482a-a1bd-0d6d3fbed96d","block_type":"box","text":"rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock, or (v) to manage or","page_number":184,"box":{"x":69,"y":324,"width":796,"height":12}},{"id":"095817f7-c2f7-495a-8ee3-7fcf06b6a1ba","block_type":"box","text":"equalize investment performance among different client accounts.","page_number":184,"box":{"x":69,"y":339,"width":472,"height":12}},{"id":"ea521d03-a1fc-4007-b715-506ccc32efb8","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":184,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"a827d916-0324-4845-a78f-d2af3153d817","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":184,"box":{"x":69,"y":377,"width":800,"height":11}},{"id":"cf682100-9ede-4ddf-9dbf-45bdbf49ec39","block_type":"box","text":"accounts and compliance constraints.","page_number":184,"box":{"x":69,"y":393,"width":269,"height":10}},{"id":"6060b18b-e408-42b7-8e56-68cabb9bda7f","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":184,"box":{"x":102,"y":415,"width":736,"height":11}},{"id":"44e2e7a1-5b1c-4783-ab43-de4a0dd6d456","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":184,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"205aec12-f5f5-4c0b-b540-2c4ba91403a2","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":184,"box":{"x":69,"y":445,"width":821,"height":11}},{"id":"cc323e66-c643-4fa7-8933-2748c2cbcd8c","block_type":"box","text":"among client accounts over time, each portfolio manager or a member of his or her respective investment team will","page_number":184,"box":{"x":69,"y":460,"width":823,"height":12}},{"id":"d2d59bd8-a03e-4781-80f5-f82f75209353","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a particular offering with respect to eligible client","page_number":184,"box":{"x":70,"y":475,"width":783,"height":12}},{"id":"cac0668c-0657-43f7-ad2b-3ef3d413da59","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":184,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"dabd9699-476b-44fd-898b-2a360702164a","block_type":"box","text":"eligible for particular client accounts that are managed by portfolio teams who have indicated interest in the offering","page_number":184,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"17fd4267-990b-43a0-ad0d-7ad1cadfc3de","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":184,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"554c5eda-8e83-4d75-b551-7abf28ca68ec","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":184,"box":{"x":68,"y":536,"width":839,"height":11}},{"id":"ce0a0a53-cf93-487a-ac27-321db2716b3f","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among participating","page_number":184,"box":{"x":69,"y":551,"width":835,"height":11}},{"id":"5e02ee5b-ee88-455a-b046-7b6dabc57d09","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":184,"box":{"x":69,"y":566,"width":819,"height":11}},{"id":"c72bbb12-2a29-41e7-8d26-0ef3cdc88efb","block_type":"box","text":"allocated among all accounts for which the investment is eligible, portfolio managers may rotate such investment","page_number":184,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"027f2478-5035-4f6e-b30e-033df8eab848","block_type":"box","text":"opportunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":184,"box":{"x":69,"y":596,"width":791,"height":12}},{"id":"aed7993e-fb4c-4a1f-95cf-b6def8d43855","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":184,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"79f10175-34c6-470f-856c-a95f3a48efa8","block_type":"box","text":"clients may be used as well.","page_number":184,"box":{"x":69,"y":627,"width":200,"height":11}},{"id":"1d0d8c35-8fc7-42da-a04b-ab560d95dd6e","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":184,"box":{"x":102,"y":649,"width":789,"height":12}},{"id":"96341202-7002-4cf2-85bd-b926f847f06d","block_type":"box","text":"the same securities at the same time for different clients based on the particular investment objective, guidelines","page_number":184,"box":{"x":68,"y":664,"width":815,"height":12}},{"id":"f9be0bfc-7f4a-4899-bf52-3f2beb127f0b","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":184,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"13c6bc7d-e98a-4ab3-8db0-31369eb2fcc5","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":184,"box":{"x":68,"y":695,"width":833,"height":11}},{"id":"247e1c4b-e17e-4356-88e9-29750acb0204","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":184,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"cfbdde98-acd8-4ac4-9841-5d01a2468403","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":184,"box":{"x":69,"y":725,"width":825,"height":11}},{"id":"3d138f09-211b-451e-a687-485c33f1a5ae","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":184,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"9b1451d8-d8f1-495c-8514-496623d88b09","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":184,"box":{"x":69,"y":755,"width":814,"height":11}},{"id":"4fa7052f-054b-47e7-88f4-acb1e5eea962","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":184,"box":{"x":69,"y":770,"width":836,"height":9}},{"id":"a213b24f-5110-4a0a-bafe-8f53702afbbc","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":184,"box":{"x":69,"y":785,"width":773,"height":12}},{"id":"9114e35b-6510-491d-b470-1d4328dc1cbd","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":184,"box":{"x":69,"y":801,"width":467,"height":11}},{"id":"cadf8728-d3bd-486f-9b7e-1099251642d2","block_type":"box","text":"In certain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":184,"box":{"x":102,"y":823,"width":741,"height":12}},{"id":"b7450f2f-46ef-4a84-b0c9-a2987b415224","block_type":"box","text":"aggregate certain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":184,"box":{"x":69,"y":838,"width":721,"height":12}},{"id":"b28be1ed-3efb-460b-9d6a-05587dee79ae","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team","page_number":184,"box":{"x":69,"y":853,"width":824,"height":12}},{"id":"5dfef5b6-d757-4a46-95ac-47abbd07f822","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":184,"box":{"x":68,"y":869,"width":795,"height":11}},{"id":"79fc1725-d926-44f3-94b3-b1752c1a6f16","block_type":"box","text":"opportunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":184,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"e3434a27-0852-4ab2-b612-6461f0584914","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":184,"box":{"x":69,"y":899,"width":783,"height":11}},{"id":"ed46900b-bd4b-4dde-bd4d-41d66e76b11c","block_type":"box","text":"II-124","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2b258abc-53a5-4480-9b37-0782bb943155","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd718738-1b15-45d8-8a08-0a41e44276b6","block_type":"box","text":"particular portfolio manager or management team is filled at several different prices through multiple trades, all","page_number":185,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"256f53e3-8e9e-4074-b848-aba3b36df701","block_type":"box","text":"accounts participating in the order will receive the average price except in the case of certain international markets","page_number":185,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"f3b4204d-64cc-4985-a9d5-3c4deb26ebac","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":185,"box":{"x":68,"y":75,"width":819,"height":11}},{"id":"ab3b9544-9c24-4674-9cd0-86b47949392a","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":185,"box":{"x":70,"y":90,"width":771,"height":11}},{"id":"a07bb91b-b4ab-4921-9020-7496b484bb84","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":185,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"bef39867-77c9-467b-a213-4d4279e14b42","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":185,"box":{"x":68,"y":120,"width":835,"height":12}},{"id":"7a6c7fc2-108f-4753-b62c-719820f34a7f","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":185,"box":{"x":68,"y":135,"width":817,"height":12}},{"id":"b80eb912-a8dd-4835-93d7-9ac931dbbd2e","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":185,"box":{"x":68,"y":150,"width":823,"height":11}},{"id":"92ff4828-ff78-4d81-ab2e-6705d47bf399","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":185,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"c67cb869-d912-4e84-a329-2dacdd390be9","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":185,"box":{"x":101,"y":188,"width":767,"height":12}},{"id":"df0b36e3-3d4a-4781-befc-31853391bb70","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":185,"box":{"x":69,"y":203,"width":826,"height":12}},{"id":"520878f7-60d3-4f5f-b96c-1aed534b6e55","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":185,"box":{"x":69,"y":218,"width":816,"height":12}},{"id":"9dd264af-e3a5-4649-9d60-8c208aefe442","block_type":"box","text":"Investment Company Act. In no instance will portfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":185,"box":{"x":70,"y":234,"width":833,"height":11}},{"id":"a51ca60e-526b-4fca-a4f2-bba19c158a0e","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":185,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"a4b95a7d-547f-4c64-b7bd-29dda6d0ea3e","block_type":"box","text":"Portfolio Turnover","page_number":185,"box":{"x":69,"y":279,"width":129,"height":9}},{"id":"cf3ae633-0eca-455d-8a02-44b7b7c7d68c","block_type":"box","text":"While a Fund generally does not expect to engage in trading for short-term gains, it will effect portfolio","page_number":185,"box":{"x":101,"y":302,"width":729,"height":11}},{"id":"d8c24af5-562a-4fe9-ae84-878d2ddfbf46","block_type":"box","text":"transactions without regard to any holding period if, in Fund management’s judgment, such transactions are","page_number":185,"box":{"x":68,"y":317,"width":770,"height":11}},{"id":"d936c99e-b103-4089-9a1d-b5f8af144ec8","block_type":"box","text":"advisable in light of a change in circumstances of a particular company or within a particular industry or in general","page_number":185,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"6cf4f11c-1f94-435f-875a-209e6685de68","block_type":"box","text":"market, economic or financial conditions. The portfolio turnover rate is calculated by dividing the lesser of a Fund’s","page_number":185,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"8f938e4c-4117-4317-9b92-e87bb54ca9fe","block_type":"box","text":"annual sales or purchases of portfolio securities (exclusive of purchases or sales of U.S. Government Securities and","page_number":185,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"893746fe-747b-4ddf-ae64-3545dc489b6e","block_type":"box","text":"all other securities whose maturities at the time of acquisition were one year or less) by the monthly average value of","page_number":185,"box":{"x":69,"y":377,"width":837,"height":12}},{"id":"4a89405a-3447-4244-87fd-266537b06cc5","block_type":"box","text":"the securities in the portfolio during the year. A high rate of portfolio turnover results in certain tax consequences,","page_number":185,"box":{"x":68,"y":392,"width":815,"height":12}},{"id":"486568cd-ead6-497a-819a-78176c936afd","block_type":"box","text":"such as increased capital gain dividends and/or ordinary income dividends, and in correspondingly greater","page_number":185,"box":{"x":69,"y":408,"width":761,"height":11}},{"id":"2d35f37c-5fb1-4bc1-9624-fe51575a3e52","block_type":"box","text":"transaction costs in the form of dealer spreads and brokerage commissions, which are borne directly by a Fund.","page_number":185,"box":{"x":68,"y":423,"width":799,"height":11}},{"id":"e276f832-319a-466f-b9bc-16925e54ef71","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":185,"box":{"x":396,"y":452,"width":186,"height":10}},{"id":"5bb033b1-243d-431a-ba2f-ac0fffb35e19","block_type":"box","text":"Dividends","page_number":185,"box":{"x":69,"y":483,"width":69,"height":8}},{"id":"9dd760eb-0726-42fc-b0e5-57da6632f029","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":185,"box":{"x":102,"y":505,"width":776,"height":11}},{"id":"7e8ef594-678c-4317-b33f-649c1008df16","block_type":"box","text":"investment income are paid as set forth in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":185,"box":{"x":70,"y":520,"width":795,"height":11}},{"id":"a2673dc6-0e70-40b6-a944-aa2c94107add","block_type":"box","text":"realized capital gains, if any, as set forth in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":185,"box":{"x":69,"y":535,"width":837,"height":12}},{"id":"a271ced8-b3ea-41a8-a9fc-351d34a28d81","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that certain","page_number":185,"box":{"x":69,"y":550,"width":836,"height":12}},{"id":"3243d61c-0778-4437-9a20-0308f41bf286","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":185,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"9d57d02d-8400-42b2-a47f-2d6f89be55de","block_type":"box","text":"net income from certain foreign currency transactions, such income will be distributed at least annually.","page_number":185,"box":{"x":69,"y":581,"width":739,"height":11}},{"id":"07da99ad-ec66-427c-baf6-d3041b04779b","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":185,"box":{"x":102,"y":603,"width":773,"height":12}},{"id":"f4c821a0-7603-4860-8e16-9ce29fb67250","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":185,"box":{"x":70,"y":619,"width":819,"height":11}},{"id":"f5b2e46d-e53a-45f2-949f-c71f2a141b5b","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":185,"box":{"x":69,"y":634,"width":807,"height":11}},{"id":"898aa6ec-c61a-4d70-bc50-6d19a68fdefc","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":185,"box":{"x":68,"y":649,"width":800,"height":11}},{"id":"07bcdce0-eb24-408d-8f17-6543bfd7fbdc","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":185,"box":{"x":69,"y":664,"width":801,"height":11}},{"id":"6cc442a0-29fe-46b3-b38c-7616dcd1c583","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":185,"box":{"x":69,"y":679,"width":783,"height":11}},{"id":"0995b4dc-d5ea-424f-94d9-3605dd31bc85","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":185,"box":{"x":69,"y":694,"width":820,"height":11}},{"id":"ad8f948f-3764-49a0-9be2-fed38c7cf48c","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":185,"box":{"x":69,"y":709,"width":794,"height":11}},{"id":"31527858-2704-4fcb-8a5e-8cc32b517c57","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":185,"box":{"x":69,"y":724,"width":834,"height":12}},{"id":"3cbc81c5-3fe3-46c7-88ab-e6ab81242b21","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":185,"box":{"x":68,"y":739,"width":826,"height":11}},{"id":"2b53ad3a-33d2-475f-93ab-b7b757135b96","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":185,"box":{"x":69,"y":755,"width":816,"height":11}},{"id":"7d916a3a-d776-418c-ba1a-6c826e224a04","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":185,"box":{"x":68,"y":770,"width":461,"height":11}},{"id":"7db7158e-6978-419c-a05b-8f630b08ffda","block_type":"box","text":"Taxes","page_number":185,"box":{"x":68,"y":800,"width":42,"height":9}},{"id":"f08fbf09-b249-45f4-8c88-65afbf86e60a","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":185,"box":{"x":102,"y":823,"width":732,"height":11}},{"id":"5c5eaaf0-2ed3-49a7-afe5-23cc29a0e3ff","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":185,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"d195b4f4-0a43-4047-9c5f-4f608203a477","block_type":"box","text":"U.S. federal income tax on the part of its investment company taxable income and net realized capital gains that it","page_number":185,"box":{"x":70,"y":853,"width":817,"height":11}},{"id":"e41ac919-03f2-4248-acf1-19f47f2b5654","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":185,"box":{"x":69,"y":868,"width":832,"height":11}},{"id":"5f6b4dea-dd14-4fc6-b4be-94776d256f84","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":185,"box":{"x":69,"y":883,"width":791,"height":11}},{"id":"410226ea-ac5a-404d-942b-452b88bfb30c","block_type":"box","text":"company, a Fund must meet certain requirements regarding the source of its income and the composition and","page_number":185,"box":{"x":69,"y":898,"width":786,"height":11}},{"id":"52aa095d-bcea-4d87-afe7-d8a3bd2de9f5","block_type":"box","text":"II-125","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3e8be29a-f80e-4421-98aa-976c8caa544a","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec49a376-377f-41b1-b7a8-16a1e13f179f","block_type":"box","text":"diversification of its assets. See Part II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":186,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"f1dc8544-5d2e-4214-a56e-d6c611beaa67","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":186,"box":{"x":68,"y":60,"width":819,"height":11}},{"id":"73938b47-4b93-42b0-bb9d-dac670875de9","block_type":"box","text":"underlying assets of the Master Portfolio in which it has invested for purposes of satisfying the asset diversification","page_number":186,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"8306a29d-4754-4201-a074-4e0f2dbb39d5","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":186,"box":{"x":69,"y":90,"width":739,"height":11}},{"id":"e507152e-1bc4-47d5-8183-2edbaf60c50a","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":186,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"348d5c78-5ed1-46b3-95c4-18611cee8d48","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of certain assets, or by","page_number":186,"box":{"x":68,"y":128,"width":819,"height":11}},{"id":"8ee39ec9-b834-46c3-bfdf-d801352fb556","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":186,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"bdccf7cd-a3bb-4a9a-a37b-3c0a9bc0af1b","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":186,"box":{"x":68,"y":158,"width":744,"height":11}},{"id":"24b32490-e7cf-451d-bcff-2174951f7c31","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":186,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"d035dec7-04ef-4473-bcbd-a5d333d2ec93","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":186,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"7fc26837-f74e-4f1e-94f4-74be25d61b7d","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded partnership. A Fund’s","page_number":186,"box":{"x":69,"y":203,"width":767,"height":12}},{"id":"3f1e285d-247d-43cc-b49d-3c0e1cc860ac","block_type":"box","text":"investments in partnerships, including in qualified publicly-traded partnerships, may result in the Fund being subject","page_number":186,"box":{"x":70,"y":218,"width":826,"height":12}},{"id":"4ece1ecf-5bbd-4ebd-8b9e-8a87c6be9b0f","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":186,"box":{"x":68,"y":234,"width":521,"height":11}},{"id":"189657c9-7180-4882-8238-94634c8bf18a","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":186,"box":{"x":102,"y":256,"width":798,"height":12}},{"id":"a8e0136a-24a7-4c8b-9fee-6d1194f5a75a","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of certain relief","page_number":186,"box":{"x":69,"y":271,"width":762,"height":12}},{"id":"e645e447-5339-42e0-bfa4-01f98fee0f2f","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":186,"box":{"x":70,"y":286,"width":789,"height":12}},{"id":"196f51a4-75b1-4bb0-a2f7-e613ef46d067","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":186,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"0b3df90f-e78c-4b49-a287-ea9bf8331345","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":186,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"28826380-8232-463d-b825-80122c180561","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":186,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"1333ef87-df38-4cd9-bb08-3e82b2b23433","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":186,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"84ef1589-1891-42d7-b163-fbfcb0b615b7","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":186,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"3f2848eb-be0f-47a5-a34f-c58372660f7f","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":186,"box":{"x":70,"y":377,"width":813,"height":12}},{"id":"9ed99761-859c-47d0-a587-2d858a562c9d","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":186,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"f8ac4e1d-ac45-49d8-8545-b024c9baab28","block_type":"box","text":"offset gains in another, and the requirements (other than certain organizational requirements) for qualifying for","page_number":186,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"22f2f7ae-9c2d-4a46-b7f3-85ebbb6706d4","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":186,"box":{"x":69,"y":423,"width":771,"height":11}},{"id":"98c5ea9d-17d7-4a40-a545-ee88ccd25b68","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":186,"box":{"x":69,"y":438,"width":512,"height":11}},{"id":"c4f9f310-5cc5-4eac-b77c-032d7631ad21","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":186,"box":{"x":101,"y":460,"width":759,"height":12}},{"id":"e1a6b7cd-6e09-4258-903e-1911532b6fbd","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":186,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"8d9e58f6-9cf0-418c-9d9c-b3640f83bbd5","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":186,"box":{"x":69,"y":491,"width":830,"height":11}},{"id":"a323b76c-5447-4161-b57a-3d4f4f35efa4","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus certain undistributed amounts from the","page_number":186,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"c3ef274d-51c3-40b7-b481-c2d9c080320f","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":186,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"efd2a2d3-b4d6-4c7a-8eb9-2c9df015e7fe","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":186,"box":{"x":70,"y":536,"width":810,"height":11}},{"id":"96517718-386b-42a8-905b-301368278840","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":186,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"9f8c3420-a2c9-4188-8c0d-1c6972578b3c","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":186,"box":{"x":68,"y":566,"width":666,"height":11}},{"id":"bd979ba7-9afe-45da-a7a2-84ef8326368f","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":186,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"67311da4-a8e4-44df-8933-9ee58b4e9795","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":186,"box":{"x":69,"y":604,"width":830,"height":11}},{"id":"3173f479-67c4-4114-a384-1680b648d0b6","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":186,"box":{"x":69,"y":619,"width":770,"height":11}},{"id":"6180449a-d42a-493d-8175-81ad7237720e","block_type":"box","text":"limitation.","page_number":186,"box":{"x":70,"y":634,"width":68,"height":9}},{"id":"87cf8e16-2bc3-4988-a203-84732cac2f05","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net short-term capital gain over net long","page_number":186,"box":{"x":102,"y":657,"width":803,"height":11}},{"id":"b68dbf72-53c3-49d2-bb72-69b88542b39b","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":186,"box":{"x":68,"y":672,"width":790,"height":11}},{"id":"092b70d9-ea4c-439b-aa85-cfe88ab9e7ae","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net short-term capital loss (including","page_number":186,"box":{"x":70,"y":687,"width":815,"height":11}},{"id":"2c1285a2-bbe5-4799-af79-f4780211b654","block_type":"box","text":"gains or losses from certain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":186,"box":{"x":68,"y":702,"width":748,"height":12}},{"id":"860355cf-0eed-4033-94cb-c0e8a4ae51f9","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":186,"box":{"x":69,"y":717,"width":811,"height":12}},{"id":"31b0465a-534b-462d-bf87-23ce751176ad","block_type":"box","text":"Distributions paid by a Fund that are reported as exempt-interest dividends will not be subject to regular U.S. federal","page_number":186,"box":{"x":70,"y":732,"width":829,"height":12}},{"id":"b2c09405-f8b4-4e84-a890-e5ce1d3ede8d","block_type":"box","text":"income tax. Certain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":186,"box":{"x":70,"y":748,"width":785,"height":11}},{"id":"676a9324-2ab3-4a6a-913c-3bbe3ea57334","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the portion of ordinary income dividends constituting","page_number":186,"box":{"x":69,"y":763,"width":795,"height":11}},{"id":"5cab798b-e69d-477e-aeca-4ecda162cb02","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":186,"box":{"x":70,"y":778,"width":809,"height":11}},{"id":"0cf35efb-5d4f-458a-997f-85e9edfbfd38","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":186,"box":{"x":68,"y":793,"width":814,"height":11}},{"id":"b2842231-daf3-40ef-8a95-d93fee4ed5f7","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":186,"box":{"x":68,"y":808,"width":822,"height":11}},{"id":"b75b13d3-47f5-472d-a476-1bd87ecaf50b","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of certain","page_number":186,"box":{"x":68,"y":823,"width":751,"height":11}},{"id":"6397415a-f119-45a6-90f2-4af09b7971e2","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":186,"box":{"x":69,"y":838,"width":823,"height":11}},{"id":"23e63002-616e-4b19-8000-19b64544ed11","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":186,"box":{"x":68,"y":853,"width":817,"height":12}},{"id":"ca6ecaf8-3bc9-4722-99bb-ef2b372e9afd","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":186,"box":{"x":68,"y":869,"width":813,"height":11}},{"id":"9d4115f6-2a62-4467-a990-2a5ce9fdd691","block_type":"box","text":"are derived from income on debt securities, certain types of preferred stock treated as debt for U.S. federal income","page_number":186,"box":{"x":69,"y":884,"width":825,"height":11}},{"id":"26ccc11b-3bcc-4ccf-a84b-2e6313858809","block_type":"box","text":"tax purposes and short-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":186,"box":{"x":68,"y":899,"width":789,"height":11}},{"id":"20f0963c-051a-4c67-aaa8-632538e34d9f","block_type":"box","text":"II-126","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bbbef58d-f74b-41c4-a90e-27ea14af78e4","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8c29471-2b48-4792-90fc-40283b5f6c87","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":187,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"77bb5038-d0a8-4f3c-bb9f-305456cae7c9","block_type":"box","text":"constitute “qualified dividend income.”","page_number":187,"box":{"x":69,"y":60,"width":275,"height":11}},{"id":"c39fa666-26d4-44ce-b7ae-db12c610ee7d","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":187,"box":{"x":101,"y":83,"width":806,"height":10}},{"id":"d590f3d1-674e-483a-a321-018b0eb630e7","block_type":"box","text":"proceeds) of certain individuals, trusts and estates.","page_number":187,"box":{"x":70,"y":98,"width":368,"height":11}},{"id":"44fe1dd0-7f7c-4d4b-aa81-598848a1d14b","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net short-term capital losses) is not","page_number":187,"box":{"x":101,"y":120,"width":772,"height":12}},{"id":"4e2ca7f0-c8bb-44c1-89d4-15a1a27c5785","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":187,"box":{"x":69,"y":135,"width":811,"height":12}},{"id":"644467be-983c-49e7-a5f7-d6c8753c5376","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":187,"box":{"x":70,"y":151,"width":745,"height":11}},{"id":"fb11fe90-5627-424f-a01b-bf00ef25570e","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":187,"box":{"x":69,"y":166,"width":795,"height":11}},{"id":"3aab260e-28f3-463b-a274-40120226daee","block_type":"box","text":"income, as long-term capital gain, their proportionate shares of such undistributed net capital gain, will be deemed to","page_number":187,"box":{"x":70,"y":181,"width":838,"height":11}},{"id":"ac330ecb-f016-49a0-b901-2117e1bf03a1","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":187,"box":{"x":69,"y":196,"width":809,"height":11}},{"id":"e7074578-8189-4fc1-9bdb-d4e99c22c273","block_type":"box","text":"exceeds that liability) their proportionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":187,"box":{"x":69,"y":211,"width":822,"height":11}},{"id":"f961ab71-5638-40ac-8157-a139c5722b2c","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":187,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"e39f9103-d069-4111-aaa3-ced95479400b","block_type":"box","text":"against their taxes.","page_number":187,"box":{"x":69,"y":241,"width":135,"height":11}},{"id":"ba769a76-fe0d-48aa-8d52-dde3cef48fa4","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":187,"box":{"x":102,"y":264,"width":783,"height":11}},{"id":"2b527112-7b20-4732-927a-807274386433","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":187,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"532a4466-7778-498b-8645-ac82b66350c7","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":187,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"33882ed1-c773-4164-9e08-10b3df956237","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":187,"box":{"x":69,"y":309,"width":805,"height":11}},{"id":"feb157cf-be19-4cf5-b33d-a264d644c8f5","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":187,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"671c818c-a269-4dcd-9761-a05d5c2f4994","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":187,"box":{"x":68,"y":339,"width":831,"height":12}},{"id":"1b2fad87-09aa-4b2c-8b94-d1c1aaf43215","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":187,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"07c89f36-cb01-44dc-aadc-36e33367cf77","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":187,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"50b54716-9f36-4a95-b44c-aa340dcb5347","block_type":"box","text":"dividends received by the shareholder.","page_number":187,"box":{"x":69,"y":385,"width":272,"height":11}},{"id":"05cd766e-a050-42d8-ad8b-336a5240a312","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":187,"box":{"x":102,"y":407,"width":792,"height":12}},{"id":"7a5dac20-e940-4f7c-b210-05ac07739a92","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":187,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"580906f7-1743-4fe1-9f38-385696409e90","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":187,"box":{"x":68,"y":438,"width":809,"height":11}},{"id":"7849a62f-a23a-487b-b4f0-79c971c6560d","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":187,"box":{"x":68,"y":453,"width":819,"height":11}},{"id":"ba7d129d-c0f4-4fb5-b194-b5ccc40c85ab","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":187,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"50421257-6daa-4cb5-82e3-2bfe158c660f","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":187,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"abb375b7-1b22-4cb4-84b7-83a392574d9c","block_type":"box","text":"calendar taxable year, if the Fund reports more capital gain dividends than it earns in such taxable year, then the","page_number":187,"box":{"x":69,"y":498,"width":804,"height":11}},{"id":"aebc0f8c-758a-4f8e-a0d3-77cda14d261c","block_type":"box","text":"Fund will reduce the amounts reported as capital gains. Where possible, such reduction will first be allocated to","page_number":187,"box":{"x":70,"y":513,"width":797,"height":12}},{"id":"e3e778fe-12e3-46b7-8095-986c0bbdeefa","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":187,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"bd85e1bb-3eec-4761-9f28-3316d64ebb8e","block_type":"box","text":"taxable year, certain net capital losses arising after October 31 of the current taxable year, and certain net ordinary","page_number":187,"box":{"x":68,"y":543,"width":826,"height":12}},{"id":"6e849594-ec97-4f63-ad49-f82531603051","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":187,"box":{"x":70,"y":559,"width":772,"height":11}},{"id":"4f1b8650-1417-4933-8c83-beb21f2fccf8","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":187,"box":{"x":70,"y":574,"width":795,"height":11}},{"id":"69e0c0d5-9bcb-4098-a774-516af29ef2cd","block_type":"box","text":"taxable year.","page_number":187,"box":{"x":68,"y":589,"width":89,"height":11}},{"id":"fd5e1fda-cb56-4020-8506-e5a558d5eab0","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":187,"box":{"x":102,"y":612,"width":733,"height":11}},{"id":"0dde4e10-ba36-4c5a-b7a4-e908677fb50f","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":187,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"6d4832f6-f7b5-42e3-9cbf-f7f950664339","block_type":"box","text":"basis in the converted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":187,"box":{"x":69,"y":642,"width":809,"height":11}},{"id":"cb2e386c-59d6-4cb9-b2f4-dc15e09f0e5f","block_type":"box","text":"holding period for the converted Investor C Shares.","page_number":187,"box":{"x":69,"y":657,"width":362,"height":11}},{"id":"77e20918-8d66-47f0-a10a-18cd0d65b68b","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":187,"box":{"x":102,"y":680,"width":795,"height":11}},{"id":"174628f7-b4f9-4581-b9a7-3c4ad153f35e","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":187,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"63b44471-9d81-4fca-bb87-85b0773fd711","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":187,"box":{"x":69,"y":710,"width":797,"height":11}},{"id":"588930d6-eeda-4de8-a8d5-3d14fa84475b","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":187,"box":{"x":69,"y":725,"width":791,"height":11}},{"id":"2d8511e2-de95-4f9a-b6e8-70820666bf8d","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":187,"box":{"x":70,"y":740,"width":646,"height":11}},{"id":"5ec36b95-eeb9-4bc3-acd9-f1d271ff1493","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":187,"box":{"x":101,"y":763,"width":807,"height":11}},{"id":"f1b7e29a-5014-49e3-bbd4-0a9598e45bd8","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":187,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"c9fb4259-3d71-41ba-a35d-53542a3466a6","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":187,"box":{"x":69,"y":793,"width":799,"height":11}},{"id":"6c5b9913-4145-4535-8ba2-5356e0317f50","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":187,"box":{"x":69,"y":808,"width":534,"height":11}},{"id":"3a2cdfe3-20df-4e29-b6f8-4eec2aa8fa10","block_type":"box","text":"A Fund is also generally required by law to report to each shareholder and to the IRS cost basis information for","page_number":187,"box":{"x":101,"y":831,"width":792,"height":11}},{"id":"ff3c820d-d6a1-4f3f-9add-44c6a008cbac","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":187,"box":{"x":69,"y":846,"width":800,"height":11}},{"id":"6f42351a-b380-48f8-a479-c11c8424ae53","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":187,"box":{"x":70,"y":861,"width":828,"height":11}},{"id":"be94b350-395c-4403-9154-7a1cc262025b","block_type":"box","text":"long-term or short-term. The adjusted cost basis of shares will be based on the default cost basis reporting method","page_number":187,"box":{"x":70,"y":876,"width":824,"height":11}},{"id":"0fd1016d-9eeb-4e1f-88af-1487df4864a5","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":187,"box":{"x":69,"y":891,"width":816,"height":11}},{"id":"f7b98c45-cb1b-4de5-b0fe-217cf8aa5571","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":187,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"d86fcc27-6c30-4b46-9ffa-e00a7608fc5f","block_type":"box","text":"II-127","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ea74c928-b6f2-46bf-b345-3117d3e2a67e","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec293f31-6aff-42d2-ae0f-61a64147b842","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":188,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"4a0a17ef-cd40-4155-adab-f7707c7afb9a","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis reporting","page_number":188,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"a2facecf-2f34-47ff-a297-b4c2e2f479ef","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":188,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"085180ea-809d-4df1-a2b7-eebeae33c06d","block_type":"box","text":"apply, but the Fund will continue to report to the IRS the gross proceeds received by a shareholder from the sale or","page_number":188,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"f092f62f-e5f3-455d-96fb-61f63ffc33eb","block_type":"box","text":"redemption of such shares.","page_number":188,"box":{"x":69,"y":105,"width":195,"height":11}},{"id":"7ac547b2-c0ac-42e1-9887-5e8291a51b02","block_type":"box","text":"Certain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":188,"box":{"x":102,"y":128,"width":799,"height":11}},{"id":"dcdd9a17-a029-46b0-a1f8-245a63132053","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":188,"box":{"x":69,"y":143,"width":791,"height":11}},{"id":"2eaad861-643f-4a86-a251-886d9bede332","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":188,"box":{"x":70,"y":158,"width":826,"height":11}},{"id":"fda127ed-ec82-4e00-a827-288eb2ab2239","block_type":"box","text":"realizes from its investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary","page_number":188,"box":{"x":69,"y":173,"width":803,"height":11}},{"id":"c7f4fd89-e62f-44f0-bbf7-828b0684c16c","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":188,"box":{"x":70,"y":188,"width":825,"height":12}},{"id":"b65f3161-1210-493b-9144-f94b25072795","block_type":"box","text":"(and, for purposes of the 4% excise tax, certain other dates as prescribed under the Code) are generally “marked-to","page_number":188,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"567bdd11-e890-496f-8eef-5aca19d71054","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":188,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"ff053914-9925-40e6-90ea-a7bf74126eb7","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":188,"box":{"x":68,"y":234,"width":831,"height":11}},{"id":"c8e72414-fa77-4278-93c8-acaa8eab0524","block_type":"box","text":"certain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":188,"box":{"x":69,"y":249,"width":775,"height":11}},{"id":"cac0cb51-1614-411d-82cb-e35af8d239a7","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":188,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"59e48d4e-5d59-4ea4-ba63-f97c9d361c76","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":188,"box":{"x":69,"y":279,"width":658,"height":11}},{"id":"15818c2a-dd0b-4b99-88a7-561865667b20","block_type":"box","text":"Certain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":188,"box":{"x":102,"y":302,"width":744,"height":11}},{"id":"6a2fdecd-a5ae-4764-9bfe-b1dee5e20a76","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":188,"box":{"x":69,"y":317,"width":751,"height":11}},{"id":"1fdc2c68-2111-4a54-b87c-87144884ee49","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":188,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"3fde6e58-2eff-42b2-8c9e-95a7e0cafe39","block_type":"box","text":"on a section 1256 contract is short-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":188,"box":{"x":69,"y":347,"width":834,"height":11}},{"id":"cd330ffc-8392-4755-9de7-08b6fec5e3b2","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":188,"box":{"x":70,"y":362,"width":802,"height":11}},{"id":"f9c55fa4-86d8-4286-b15d-cc04003e3796","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":188,"box":{"x":70,"y":377,"width":797,"height":12}},{"id":"7a297dc7-f602-4db2-9ce6-305f668e9bcb","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":188,"box":{"x":70,"y":392,"width":839,"height":12}},{"id":"2be8dc97-d3c7-46fd-b3e6-013a166ce0fa","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":188,"box":{"x":69,"y":407,"width":810,"height":12}},{"id":"1d72f661-0d26-4dd0-9227-f77db083c9ff","block_type":"box","text":"gains.","page_number":188,"box":{"x":68,"y":423,"width":42,"height":11}},{"id":"ae62bdc5-c82c-4501-9511-256d8a24c00d","block_type":"box","text":"Certain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":188,"box":{"x":102,"y":445,"width":768,"height":11}},{"id":"3d6f2f00-ff0e-4b88-a27a-a256478cd982","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":188,"box":{"x":69,"y":460,"width":769,"height":12}},{"id":"a9911eef-9a05-4afe-ae09-5dee1d3f7a60","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a portion of the excess of the stated redemption","page_number":188,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"1be05183-8335-422c-976a-a41c17857e39","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":188,"box":{"x":70,"y":491,"width":819,"height":11}},{"id":"b836b275-c390-4fe7-b7cf-dea03cf306cf","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":188,"box":{"x":68,"y":506,"width":818,"height":11}},{"id":"4285445d-1149-4e54-a130-4993fb0014fa","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":188,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"001e004c-aa46-4f0a-a63e-17ae887ec082","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":188,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"5bef3e53-a268-410d-8a3a-83624e4c5e4c","block_type":"box","text":"currency denominated or referenced debt securities, certain asset-backed securities and contingent payment and","page_number":188,"box":{"x":69,"y":551,"width":808,"height":11}},{"id":"2ed80169-8d55-4956-86be-3d8e5b714ea2","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":188,"box":{"x":70,"y":566,"width":812,"height":11}},{"id":"32d9792e-b171-46ca-9fcd-d055cfd587ef","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":188,"box":{"x":69,"y":581,"width":570,"height":12}},{"id":"351974fe-159a-45d5-bd96-a52de1255b85","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":188,"box":{"x":102,"y":604,"width":795,"height":11}},{"id":"f2c0d4bf-5d15-4389-a07b-28111a20aba6","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":188,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"a3c4b47b-e6bb-40cd-9143-1d85cab7b89f","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":188,"box":{"x":69,"y":634,"width":835,"height":12}},{"id":"1db27776-2163-461b-928f-1037549556a5","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":188,"box":{"x":68,"y":649,"width":815,"height":12}},{"id":"fe1bcbc2-db6e-49b8-804a-13390c8e7aff","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly reported as capital gain dividends, generally will","page_number":188,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"e9491968-20a6-4d8e-8023-bc47cad2ea6a","block_type":"box","text":"not be subject to a 30% withholding tax, unless certain exceptions apply. Dividends derived by a regulated investment","page_number":188,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"3dd04490-cd98-42d0-bc04-7f93fa25fc9f","block_type":"box","text":"company from short-term capital gains and qualified net interest income (including income from original issue","page_number":188,"box":{"x":69,"y":695,"width":781,"height":11}},{"id":"1e679141-0d80-44fb-bf4c-10aaefd0e6ff","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":188,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"48579597-383a-48cb-9c3e-2aa6377c5128","block_type":"box","text":"extent properly reported as “short-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":188,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"62df4680-f516-4d8e-a255-648774dd29d9","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to report such dividends as interest","page_number":188,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"6dd0b5e7-0095-4e91-ba1d-b4f9ec0694d2","block_type":"box","text":"related dividends or short-term capital gain dividends. However, depending on its circumstances, a Fund may report","page_number":188,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"96ed6c41-3956-40e9-b058-f31b600981bd","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as short-term capital gain dividends, and/","page_number":188,"box":{"x":69,"y":770,"width":830,"height":12}},{"id":"1de9658d-b7b1-4d9a-b34d-7c38aa66119a","block_type":"box","text":"or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for","page_number":188,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"c403c67e-68a8-47d7-8b8d-0a78d04c7d65","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable certification requirements","page_number":188,"box":{"x":68,"y":801,"width":784,"height":11}},{"id":"948533f8-2793-409f-9b1b-5328ed104b64","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":188,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"c0a2ba92-b039-47d7-8f00-07dff4c7795d","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports the","page_number":188,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"f1261bfa-4991-47b3-8c91-b41042e7918e","block_type":"box","text":"payment as an interest-related or short-term capital gain dividend. Foreign shareholders should contact their","page_number":188,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"4c0b8e2f-39a5-49ba-bc01-22af35d83a7e","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":188,"box":{"x":70,"y":861,"width":791,"height":11}},{"id":"658ab97f-feb2-456c-99f8-45303bd00058","block_type":"box","text":"portion, if any, of a Fund’s distributions will be reported as interest-related dividends or short-term capital gain","page_number":188,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"7036a617-9a99-4503-a6b1-589158f4520a","block_type":"box","text":"dividends under these rules.","page_number":188,"box":{"x":69,"y":891,"width":201,"height":9}},{"id":"08b29f13-e8bd-4d40-bd3e-b9cd1a2e00f6","block_type":"box","text":"II-128","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b55e657c-7e38-4f13-a4e9-ac6e94082f60","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3490a3c7-723a-4c80-a670-eeaf76423e34","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":189,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"34036c88-dbad-4cd6-99d8-ca020e54c01d","block_type":"box","text":"assets consist of interests in U.S. real property interests, including certain REITs and U.S. real property holding","page_number":189,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"f2ccd497-396a-4ab1-86bc-2cc1fe5aa121","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":189,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"884189e9-280f-40cd-8e0e-a05820359e60","block_type":"box","text":"attributable to gain from the disposition of a U.S. real property interest will be taxable as ordinary dividends and","page_number":189,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"aefd5fe5-5aa1-480c-b0f8-a626222a60d2","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":189,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"6ebb6cde-57b2-411d-9fa0-c33d8a022075","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":189,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"5daf5044-5073-4de8-abbc-d2abd2134dcb","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":189,"box":{"x":69,"y":135,"width":835,"height":11}},{"id":"1a976f11-5c55-42b1-bd08-3258faaa77e5","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":189,"box":{"x":69,"y":150,"width":826,"height":12}},{"id":"749479df-b0b0-4374-a1a9-2a2548dfe562","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":189,"box":{"x":68,"y":166,"width":836,"height":11}},{"id":"68db1d58-210d-483b-9f78-2114bb84bbf7","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":189,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"963b7fc0-8359-4738-9a0b-b8239714d88c","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":189,"box":{"x":69,"y":196,"width":840,"height":11}},{"id":"111576a1-57e7-4ed2-b3ea-a61f8140723a","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":189,"box":{"x":69,"y":211,"width":777,"height":11}},{"id":"0f6d873b-e329-47ae-a0ce-60f361d11b6c","block_type":"box","text":"controlled Fund may be required to recognize a portion of its gain on the in-kind distribution of certain U.S. real","page_number":189,"box":{"x":69,"y":226,"width":790,"height":11}},{"id":"46c6be92-8b09-4463-8d88-c199358839e2","block_type":"box","text":"property interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":189,"box":{"x":70,"y":241,"width":804,"height":11}},{"id":"fff00ed7-bc9c-4fcb-bd1d-2d38098a9136","block_type":"box","text":"advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":189,"box":{"x":69,"y":256,"width":648,"height":12}},{"id":"9cf4ff5d-d710-44ec-b7ba-7ad7086cd61c","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":189,"box":{"x":102,"y":279,"width":763,"height":11}},{"id":"8b429cf6-8112-47d6-a113-d8266ceb1a20","block_type":"box","text":"items paid to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To","page_number":189,"box":{"x":70,"y":294,"width":820,"height":11}},{"id":"da4506cd-9025-4b27-8d77-4a492fb9cc71","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":189,"box":{"x":69,"y":309,"width":794,"height":11}},{"id":"54b9c619-80ce-4a88-ac48-60f8bc3eca19","block_type":"box","text":"report to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":189,"box":{"x":69,"y":324,"width":794,"height":12}},{"id":"b1bc5709-4abe-4b63-aef7-f8437a383700","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying","page_number":189,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"973d27b6-fed5-474b-9b5d-56e90d4cc6cf","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":189,"box":{"x":68,"y":355,"width":791,"height":11}},{"id":"0e09c33c-2073-4387-aeb3-8078011fdb8a","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":189,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"31bf6200-e925-41d7-9582-a942952a7bdd","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or certify there are no such owners.","page_number":189,"box":{"x":70,"y":385,"width":739,"height":11}},{"id":"454fcca0-27a7-4e7e-8782-2f4df28aa73c","block_type":"box","text":"Under certain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":189,"box":{"x":102,"y":407,"width":786,"height":12}},{"id":"d096fd32-dc74-4e56-9f2d-c950cc702753","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":189,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"04ece76d-b9d0-462d-bbbe-9c5f9b48d086","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no certified taxpayer identification number","page_number":189,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"fc52ec56-f9b9-48cb-8e99-d61a77e50136","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":189,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"fa8e5690-54f8-4117-b8d6-a78f2a865d78","block_type":"box","text":"account, an investor must certify under penalty of perjury that such number is correct and that such investor is not","page_number":189,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"3cd3ee89-bc8a-417c-9888-af1a99a58ab2","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":189,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"970dab93-49b2-40e5-82a8-b45ae3381aa4","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":189,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"eaac9a0f-ef82-47ca-8f47-c183da77a30a","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":189,"box":{"x":69,"y":513,"width":364,"height":11}},{"id":"5fca1fe0-5135-4458-8898-7bab17229d1f","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":189,"box":{"x":102,"y":535,"width":742,"height":12}},{"id":"1ec34ab3-ad62-40e3-8e8e-6fc4d4d4247d","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":189,"box":{"x":69,"y":550,"width":832,"height":12}},{"id":"8d06b04e-bb93-42e1-9fc3-e98e63fd54ab","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":189,"box":{"x":69,"y":566,"width":799,"height":11}},{"id":"caaa16e6-6ae0-4261-bde7-409f1dfb7a05","block_type":"box","text":"Direct shareholders of portfolio securities are in many cases exempted. That a loss is reportable under these","page_number":189,"box":{"x":70,"y":581,"width":781,"height":11}},{"id":"314e8233-5962-42ca-952c-f27fc02d1c23","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":189,"box":{"x":69,"y":596,"width":774,"height":12}},{"id":"80e594db-ca5c-4cdf-858b-df15f4d1bfe1","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":189,"box":{"x":69,"y":612,"width":798,"height":11}},{"id":"12e48788-af8e-4b5d-a253-4b94592bf6c2","block_type":"box","text":"individual circumstances.","page_number":189,"box":{"x":70,"y":627,"width":177,"height":9}},{"id":"60a2a29f-93ed-49e1-8b40-fe650452d5ac","block_type":"box","text":"Certain types of income received by a Fund from REITs, real estate mortgage investment conduits, taxable","page_number":189,"box":{"x":102,"y":649,"width":758,"height":12}},{"id":"0c94f169-9230-4f80-92fb-2ca00b381636","block_type":"box","text":"mortgage pools or other investments may cause the Fund to report some or all of its distributions as “excess","page_number":189,"box":{"x":69,"y":664,"width":782,"height":12}},{"id":"0f49e579-e294-494d-89a3-1501114f2d92","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":189,"box":{"x":70,"y":680,"width":783,"height":11}},{"id":"40f3983a-5c81-444e-a4e5-0d8468ad1d70","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":189,"box":{"x":69,"y":695,"width":797,"height":11}},{"id":"ac9a318b-0dc8-4903-b0c6-d822a7bbd941","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not","page_number":189,"box":{"x":70,"y":710,"width":822,"height":11}},{"id":"a8b52a1d-0f72-48e4-a7c9-450d200f35d3","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":189,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"4781dbe6-f86e-42fa-993f-b4d93c125979","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified","page_number":189,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"20111135-4ae1-4e16-b7e0-5999918e2589","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":189,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"560576e2-bad8-4afd-9e23-d57e3f15e79b","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":189,"box":{"x":69,"y":770,"width":800,"height":12}},{"id":"1f7a0c0e-7385-4d2e-a2d1-9aab3134930c","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":189,"box":{"x":70,"y":785,"width":770,"height":12}},{"id":"f63c74f5-c141-4d21-847d-757800c0cf47","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":189,"box":{"x":70,"y":801,"width":816,"height":11}},{"id":"d639be4e-3b4c-4f2d-b703-16b2c169ef54","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":189,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"3ec4ddd5-9937-40f3-89a2-9cf25922d0d9","block_type":"box","text":"investment opportunities.","page_number":189,"box":{"x":70,"y":831,"width":180,"height":11}},{"id":"95efb32d-975b-4e50-892a-a7dad506e727","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":189,"box":{"x":102,"y":854,"width":801,"height":11}},{"id":"666ceabf-11fe-4f2a-ba4b-10b262a4f189","block_type":"box","text":"imposed by foreign countries. Tax conventions between certain foreign countries and the United States may reduce or","page_number":189,"box":{"x":70,"y":869,"width":839,"height":11}},{"id":"3bf7d7f3-62bb-43ca-9f91-c5ed9280ed33","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":189,"box":{"x":69,"y":884,"width":840,"height":11}},{"id":"e3d14709-c725-4e27-80f8-3a3332c88b1d","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":189,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"2ddaece3-abdd-4348-b4b7-28a9d6ed18cc","block_type":"box","text":"II-129","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8d6820a3-2b0b-444f-ac75-a22a4243f164","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1314e4a1-55b8-4d7d-b80c-bb8b0dafa389","block_type":"box","text":"Fund, subject to certain requirements and limitations contained in the Code. For example, certain retirement","page_number":190,"box":{"x":70,"y":45,"width":774,"height":11}},{"id":"2a9a1883-63dd-409f-8dbf-63357e72eb58","block_type":"box","text":"accounts and certain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":190,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"e12aed02-e857-49b3-9370-c33a71cfbbd8","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":190,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"1ead2932-b139-426c-a076-c33f15911642","block_type":"box","text":"respect to a security only if the holder of the security meets certain holding period requirements. Both the","page_number":190,"box":{"x":69,"y":90,"width":755,"height":11}},{"id":"d616026a-c055-43b7-b5fa-921e4d76d801","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":190,"box":{"x":69,"y":105,"width":811,"height":11}},{"id":"5f881d1c-5f12-4595-a2e1-a72fef1903c6","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":190,"box":{"x":69,"y":120,"width":839,"height":12}},{"id":"ba91742e-9625-487c-9b27-d0dc9a9a969c","block_type":"box","text":"the Fund. Further, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":190,"box":{"x":68,"y":136,"width":812,"height":11}},{"id":"21af427f-c26d-4753-b058-f704b7af4ccd","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":190,"box":{"x":69,"y":150,"width":829,"height":12}},{"id":"bd81aee4-89c8-4d91-9c7a-1f427bc036e5","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":190,"box":{"x":68,"y":166,"width":827,"height":11}},{"id":"783fd20f-7f4e-4b14-aac2-ae2d06846e71","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their proportionate shares of such foreign","page_number":190,"box":{"x":70,"y":181,"width":829,"height":11}},{"id":"920df045-673f-4a77-a316-5c9d195a613f","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such proportionate shares as taxes paid by them, and","page_number":190,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"f700dc2c-7163-46f5-a1b0-4b800831b1e3","block_type":"box","text":"deduct such proportionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":190,"box":{"x":69,"y":211,"width":788,"height":11}},{"id":"62248b33-bb2d-449a-8ed9-ffd19db32db1","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":190,"box":{"x":69,"y":226,"width":818,"height":11}},{"id":"cd6a0f72-0729-44dc-b833-6d5a0630027f","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":190,"box":{"x":69,"y":241,"width":773,"height":11}},{"id":"affd37d6-2854-44d7-9f25-780fd7ec73e3","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":190,"box":{"x":69,"y":256,"width":817,"height":12}},{"id":"839d6168-c75a-4b95-bd4a-c24e35cdd9e0","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":190,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"7f1ab1db-c8c6-4ebf-852e-b2c57836383b","block_type":"box","text":"having been paid by such shareholder. A Fund will report annually to its shareholders the amount per share of such","page_number":190,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"2df57006-0ab2-4a20-b71f-a1d78cabcd65","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":190,"box":{"x":68,"y":302,"width":527,"height":11}},{"id":"0f39bd12-bc33-497c-97f9-3775b1dfa5ab","block_type":"box","text":"Certain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":190,"box":{"x":102,"y":324,"width":768,"height":12}},{"id":"2b06306c-4475-415c-8a61-9f798a2a330e","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":190,"box":{"x":69,"y":339,"width":780,"height":12}},{"id":"ea1111c1-a5d5-4d41-b88d-3f45da6d58d5","block_type":"box","text":"allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":190,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"a683dc4d-0c56-4692-a365-0b98959e46c5","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":190,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"75f9ba74-cfa7-47ca-8064-f0c623fad121","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":190,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"5bd74942-c268-4d45-8a2b-81d53af655dc","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market certain types of","page_number":190,"box":{"x":69,"y":400,"width":776,"height":11}},{"id":"1e0a8976-5e2f-43d8-870a-9c14dc8f287b","block_type":"box","text":"positions in its portfolio (","page_number":190,"box":{"x":70,"y":415,"width":177,"height":11}},{"id":"fe64b773-7294-4f19-9593-1e3d66e33d87","block_type":"box","text":"i.e.","page_number":190,"box":{"x":249,"y":415,"width":20,"height":9}},{"id":"7a840478-d2e4-4286-8fac-48b428305965","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":190,"box":{"x":272,"y":415,"width":636,"height":11}},{"id":"921864d5-961f-464b-9d84-c186c19b05cb","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":190,"box":{"x":69,"y":430,"width":795,"height":11}},{"id":"c5c09603-3bcf-4f27-950f-f316b8b233ae","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":190,"box":{"x":70,"y":446,"width":830,"height":10}},{"id":"6e77f859-40a0-49bc-9c34-dbe97bf3fda8","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":190,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"5ffecfb8-60b5-4432-a5f2-2d9c3acec1aa","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":190,"box":{"x":69,"y":475,"width":415,"height":12}},{"id":"ab3edad1-6181-409d-a912-de367dddd482","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":190,"box":{"x":102,"y":498,"width":787,"height":11}},{"id":"61c2b42c-1a11-4e80-9d48-5f2058f4f5a4","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of short-term capital gains by underlying funds will","page_number":190,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"3eb7a47f-018c-4a96-af96-42ebfa76168d","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":190,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"288a89c4-61de-4712-9539-0cd23b8ac549","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":190,"box":{"x":69,"y":543,"width":805,"height":12}},{"id":"9899a986-c25d-45b9-b1e7-2a410cc78755","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":190,"box":{"x":68,"y":559,"width":829,"height":11}},{"id":"bfd67a8b-2ea4-4fc9-99ef-b666ec0f40e3","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":190,"box":{"x":70,"y":574,"width":803,"height":11}},{"id":"83052f07-e258-4aa1-920a-3714b03ffa58","block_type":"box","text":"Fund were to invest otherwise.","page_number":190,"box":{"x":70,"y":589,"width":216,"height":9}},{"id":"38021873-bab4-4bd4-8252-d1fce2121ea9","block_type":"box","text":"A Fund may take certain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":190,"box":{"x":101,"y":612,"width":721,"height":11}},{"id":"951dbf83-b712-4fbb-9276-e1b2b069b7e9","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":190,"box":{"x":70,"y":627,"width":787,"height":11}},{"id":"19f68064-bebd-424b-b47e-2dab8e8b9d03","block_type":"box","text":"income will be “subpart F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":190,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"492b03d3-9b2a-44f9-bcad-80ecc02de058","block_type":"box","text":"to report all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":190,"box":{"x":68,"y":657,"width":823,"height":11}},{"id":"c766ee90-586c-4254-ac2f-7795f177af87","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":190,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"cd0e313f-e78f-4952-a208-29299b683bc9","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":190,"box":{"x":68,"y":687,"width":838,"height":11}},{"id":"44095c99-4cd6-418a-aa6f-7697adc9bd6e","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":190,"box":{"x":68,"y":702,"width":830,"height":12}},{"id":"a2dfe6a4-7514-4fcd-b109-5243e1e85ab6","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":190,"box":{"x":69,"y":717,"width":515,"height":12}},{"id":"e9a831b3-1b17-4ffc-b38e-c1d87cabe940","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":190,"box":{"x":102,"y":740,"width":798,"height":11}},{"id":"bbc294cb-c613-4d80-8270-d9119264e717","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":190,"box":{"x":68,"y":755,"width":835,"height":11}},{"id":"a8ae27d5-b47c-4894-94ac-f02a3a2ecac2","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":190,"box":{"x":70,"y":770,"width":827,"height":12}},{"id":"6c3fcff6-0f51-4ab3-bdd8-fa7c570dadac","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to certain distributions from such","page_number":190,"box":{"x":68,"y":785,"width":830,"height":12}},{"id":"12c860c0-8ff9-4f99-8c22-95645923afa7","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":190,"box":{"x":69,"y":801,"width":802,"height":11}},{"id":"aa18ea38-d3ff-4043-bf84-4db9187ac918","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":190,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"98b98f8d-891b-42c7-b762-3aef0398a258","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":190,"box":{"x":70,"y":831,"width":797,"height":11}},{"id":"3518397d-f7de-46eb-a290-ee471759808a","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":190,"box":{"x":69,"y":846,"width":801,"height":11}},{"id":"e1cb63a7-d6d8-4eb6-8cd6-3405f1066085","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":190,"box":{"x":69,"y":861,"width":818,"height":11}},{"id":"71f9efaf-d811-419c-a554-e6db80207842","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":190,"box":{"x":68,"y":876,"width":797,"height":11}},{"id":"254e8ef3-cc68-446c-94a3-9b6277c5265b","block_type":"box","text":"II-130","page_number":190,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"be50d192-59dc-402a-bd58-4ad52de03b1c","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5a321176-c050-4068-a75f-ee1602403f47","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":191,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"11278e4b-ef49-42d2-be77-5668627338b9","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":191,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"d5e56bc6-cc27-47f1-9d5c-b884a3b34b34","block_type":"box","text":"PFICs, but in any particular year might be required to recognize income in excess of the distributions it received from","page_number":191,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"e2c0f2f9-13fa-43c1-b666-f4a9b2d878fc","block_type":"box","text":"PFICs.","page_number":191,"box":{"x":69,"y":90,"width":42,"height":9}},{"id":"386ee2a1-e612-4cc9-9708-8716c9792bb0","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":191,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"46bd49bd-04a2-43c4-a7aa-06fd8cf14596","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a portion of the ordinary","page_number":191,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"4ede0156-8213-45cc-9640-1b80df541a41","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":191,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"b92408b3-4404-4469-b2c7-707b3e2895b8","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":191,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"cbf5cdf0-69be-49c1-b5ae-2b5ede93df2c","block_type":"box","text":"the Fund would be required to obtain certain annual information from the PFICs in which it invests, which may be","page_number":191,"box":{"x":68,"y":173,"width":804,"height":11}},{"id":"0fa67ea9-60ca-4abb-ad96-ffc873b21fd2","block_type":"box","text":"difficult or impossible to obtain.","page_number":191,"box":{"x":69,"y":188,"width":225,"height":11}},{"id":"a9744b17-4129-4fdf-b068-38ffe65c1c9c","block_type":"box","text":"In certain situations, a Fund may, for a taxable year, defer all or a portion of its net capital loss (or if there is no","page_number":191,"box":{"x":102,"y":211,"width":796,"height":11}},{"id":"915d4c75-9482-4fad-bb2d-ac5c4e257c3b","block_type":"box","text":"net capital loss, any net long-term or short-term capital loss) realized after October and its late-year ordinary loss","page_number":191,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"9c3908a2-cde0-4b0a-b400-f035ee0fdec6","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":191,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"884d383b-e91b-4134-848b-697a91c27fe2","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":191,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"382eb887-cba4-4382-b135-c24a5fdf93e1","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":191,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"e45f34f4-0d99-41f5-a560-38aa36c6d782","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":191,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"b09361fa-8800-4ed1-9338-751b03c1fc26","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":191,"box":{"x":69,"y":302,"width":511,"height":11}},{"id":"32473a75-0020-4ed4-90e0-572be34023e9","block_type":"box","text":"Municipal Funds","page_number":191,"box":{"x":102,"y":325,"width":115,"height":10}},{"id":"3177088a-f560-4335-94e9-edd1f054e244","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":191,"box":{"x":102,"y":347,"width":798,"height":11}},{"id":"21c56013-a071-4535-9d2d-fa84fc6af9f2","block_type":"box","text":"Code. Under such section if, at the close of each quarter of a Fund’s taxable year, at least 50% of the value of the","page_number":191,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"cf95276a-ae88-4aa3-b145-fa10f34d5851","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":191,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"1ca77853-26fb-48fa-b047-7ea71b8f4a55","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":191,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"d9c7b4e1-bfb9-406d-92cc-037474356451","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":191,"box":{"x":69,"y":407,"width":752,"height":12}},{"id":"319fb13b-92b4-4339-bce6-3a28fbf8f3ca","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any part thereof paid by a Fund that are attributable to","page_number":191,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"c80479f2-e3cc-4bd9-98fc-bc1bafae2f42","block_type":"box","text":"interest on tax-exempt obligations and reported by the Fund as exempt-interest dividends. A Fund will allocate","page_number":191,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"85aadc80-17b3-4ef4-8739-04d3d438d9c1","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":191,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"df03bcdb-ad87-40d5-a20b-9627d29884e5","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":191,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"87bd6b61-405b-4d32-8117-600c5f89c8af","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":191,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"bbbc31d5-01a2-45a7-9020-1c8247120012","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":191,"box":{"x":68,"y":498,"width":730,"height":11}},{"id":"97c11741-2e4d-47e8-aca1-6497464a68cb","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":191,"box":{"x":102,"y":521,"width":763,"height":11}},{"id":"b3259200-4036-451d-8186-cbdbf71da045","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the portion, if any, of a person’s social","page_number":191,"box":{"x":70,"y":536,"width":809,"height":11}},{"id":"a6a97077-22a2-4d29-b9eb-bf70e71079d6","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":191,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"f0b7ca3f-3571-458d-90ba-119bc20216f9","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":191,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"96865e0b-d3e9-4cc4-84b0-5215e2a8fd3f","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":191,"box":{"x":68,"y":581,"width":800,"height":11}},{"id":"95c22ceb-0629-4164-aa03-e2704fc341e6","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":191,"box":{"x":69,"y":597,"width":810,"height":10}},{"id":"5bfcdfe2-2694-489e-805b-86c09e476bb6","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":191,"box":{"x":70,"y":612,"width":836,"height":11}},{"id":"8c9c3a18-1276-4fad-a64a-2ce835bed009","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to property financed with the proceeds of an issue","page_number":191,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"ab781980-e213-4efd-9295-6ac11963e2bf","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":191,"box":{"x":69,"y":642,"width":217,"height":11}},{"id":"18b1b48b-c11a-4b46-a47f-63aa120b15db","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":191,"box":{"x":102,"y":665,"width":788,"height":11}},{"id":"92a72e2a-2ce1-465b-a187-fce1dec6f489","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":191,"box":{"x":70,"y":680,"width":790,"height":11}},{"id":"f7674e6a-b85d-46dd-87fc-2cf3cd53426d","block_type":"box","text":"constitute exempt-interest dividends.","page_number":191,"box":{"x":69,"y":695,"width":261,"height":11}},{"id":"4a5b1615-2f47-4d96-b44e-a157421b657b","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":191,"box":{"x":102,"y":717,"width":765,"height":12}},{"id":"2caf9ac7-35fa-4978-afc3-62774913e475","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":191,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"0f04c3df-ee78-42db-9f87-c87edda7617c","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":191,"box":{"x":68,"y":748,"width":813,"height":11}},{"id":"7698acb4-49ec-4ee7-9fcb-2b03b75e2531","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":191,"box":{"x":70,"y":763,"width":809,"height":11}},{"id":"c365c59a-5b53-4891-8704-a9994258a6aa","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":191,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"3aff23c7-a287-46f2-a877-d42fa4cf9e0c","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":191,"box":{"x":69,"y":793,"width":388,"height":11}},{"id":"6156e13b-0eea-4962-98cf-aaed51d23a62","block_type":"box","text":"All or a portion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":191,"box":{"x":101,"y":816,"width":787,"height":11}},{"id":"4995ba2f-e05a-4179-8281-cccc79ad68b4","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":191,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"d02bfb2a-eeff-4cfc-8ca9-db27c0c50827","block_type":"box","text":"income dividends received by shareholders.","page_number":191,"box":{"x":70,"y":846,"width":309,"height":11}},{"id":"d2876ff1-60db-4843-a7e4-95996c62338c","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":191,"box":{"x":101,"y":869,"width":766,"height":11}},{"id":"9d561341-681b-4f31-80fd-e684358d5140","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":191,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"e02b360f-0af8-41ef-8167-2aeed137ff28","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":191,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"a4895c3b-b2fa-4830-b165-dd7fd7dcc34b","block_type":"box","text":"II-131","page_number":191,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"baae3e4c-859b-4ed5-927d-7151c61ac6fc","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73a4db3b-d193-46b3-acf7-132091df1d59","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":192,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"627879d5-4732-4a8a-945a-7bc828c7bcd9","block_type":"box","text":"the accrued market discount.","page_number":192,"box":{"x":68,"y":60,"width":208,"height":9}},{"id":"406ac3b5-2682-4998-87f6-bfbe71299693","block_type":"box","text":"The Code subjects interest received on certain otherwise tax-exempt securities to a federal alternative minimum","page_number":192,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"153bdcc4-6f9b-4b22-873e-99bfb9ecf7ea","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on certain “PABs” issued after August 7, 1986. PABs","page_number":192,"box":{"x":68,"y":98,"width":818,"height":11}},{"id":"0b8e5182-391d-4efb-bc2b-2f4083644b42","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally performed by governmental","page_number":192,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"c6fc1b07-b706-4836-94b3-f2b43739c488","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":192,"box":{"x":69,"y":128,"width":351,"height":11}},{"id":"02ad3404-1a14-4f8b-b42b-b72cc793ab65","block_type":"box","text":"e.g.","page_number":192,"box":{"x":422,"y":129,"width":24,"height":10}},{"id":"713c4ae9-1d3e-4163-9eab-6c49ccd64b07","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":192,"box":{"x":449,"y":128,"width":441,"height":11}},{"id":"bbc198cf-8594-47a1-b93a-4e054d41389f","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject certain investors in","page_number":192,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"4bc07cb0-5d31-4677-82a3-460f1f6d1ab6","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":192,"box":{"x":69,"y":158,"width":786,"height":11}},{"id":"f181acc8-4d98-4437-a8dc-2177e903bb5b","block_type":"box","text":"“PABs” and will report to shareholders after the close of the calendar year-end the portion of the Fund’s dividends","page_number":192,"box":{"x":70,"y":173,"width":812,"height":11}},{"id":"68cbc0fd-e582-47ad-b85b-1b43fcdd22e6","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":192,"box":{"x":69,"y":188,"width":740,"height":12}},{"id":"6b2262d6-1fea-4472-bd1c-780ce810c669","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":192,"box":{"x":102,"y":211,"width":802,"height":11}},{"id":"ee8f5400-b819-4f5c-abdd-2539d406180c","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":192,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"ef5d4763-0995-4dad-998e-09e072b055f9","block_type":"box","text":"such arrangements as ordinary income and to amortize payments made under certain circumstances. Because","page_number":192,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"a94338b3-a560-4e61-a7db-fa12b68fa384","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":192,"box":{"x":70,"y":257,"width":776,"height":10}},{"id":"fbdcd0a1-3a2f-4a7d-8f84-33dfc49bde98","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income proportionately, they","page_number":192,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"0c4a22d6-d8ec-4022-a89a-16a99d44d9a0","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":192,"box":{"x":69,"y":287,"width":436,"height":11}},{"id":"beb778ca-f7d4-477c-8f17-79dca08f1bf1","block_type":"box","text":"Please see Part I of your Fund’s SAI for certain state tax information relevant to an investment in BlackRock","page_number":192,"box":{"x":102,"y":309,"width":771,"height":11}},{"id":"1e7bc3d1-14b3-4d33-991c-ab660b381987","block_type":"box","text":"California Municipal Opportunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":192,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"089f1239-8fce-41c0-8b70-f3a1d1fc178e","block_type":"box","text":"Opportunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":192,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"c0c33c23-87bd-462d-83ad-3f7d30560f81","block_type":"box","text":"within each applicable state.","page_number":192,"box":{"x":68,"y":355,"width":203,"height":11}},{"id":"cc67a2b6-c46b-432e-b901-b411a0712662","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Portfolio in","page_number":192,"box":{"x":102,"y":377,"width":774,"height":12}},{"id":"997146de-df49-46cd-bab1-dfce0c9181b5","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":192,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"b56ce59b-6571-4665-be5a-52ea864f1235","block_type":"box","text":"investment companies. Each Master Portfolio is classified either as a partnership or a separate disregarded entity","page_number":192,"box":{"x":70,"y":407,"width":816,"height":12}},{"id":"5ebfb012-c9ad-4e46-9b42-07a62221b3f2","block_type":"box","text":"(depending on the particular Master Portfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":192,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"4177e8fd-272f-4128-b9bd-aa2f421ce5d6","block_type":"box","text":"to change the classification of a Master Portfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":192,"box":{"x":68,"y":438,"width":822,"height":11}},{"id":"2a11480b-dcdd-48c4-a6db-c2f53bda8693","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":192,"box":{"x":70,"y":453,"width":783,"height":11}},{"id":"4a8fbf31-a99c-4fd0-9b9a-5e8dc3c79a19","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Portfolio and to retain an investment manager to manage","page_number":192,"box":{"x":68,"y":468,"width":822,"height":11}},{"id":"c689f851-3fb2-4ff7-831d-f29e8cbeda19","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":192,"box":{"x":68,"y":483,"width":710,"height":11}},{"id":"09e92e2d-a378-4ced-87ce-2560d817a05b","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Certain states exempt","page_number":192,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"380f2518-223e-4fa8-9e41-bc4fd5c5b5f2","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":192,"box":{"x":68,"y":521,"width":828,"height":11}},{"id":"07f2c5db-685a-4e92-8886-f1ce378ed6fc","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":192,"box":{"x":68,"y":536,"width":841,"height":11}},{"id":"29da4ace-9a00-49c5-a8b5-90b906953908","block_type":"box","text":"exempt from state income tax.","page_number":192,"box":{"x":69,"y":551,"width":216,"height":11}},{"id":"5d4eafa7-36a0-4845-b025-aa616be880b2","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":192,"box":{"x":102,"y":574,"width":771,"height":11}},{"id":"eedafa0b-1220-459b-9002-f2122ebb779c","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":192,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"6015fb04-71c7-4f21-bf29-56378fea04f4","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":192,"box":{"x":68,"y":604,"width":309,"height":9}},{"id":"10abb3c5-65b3-4f5a-a60f-f96c0db7a020","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":192,"box":{"x":101,"y":627,"width":749,"height":11}},{"id":"ccf1ee44-4652-4a85-9169-69f89395ec97","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":192,"box":{"x":69,"y":642,"width":803,"height":11}},{"id":"eb01d95c-cb7c-48cc-8200-17644fe7e0cf","block_type":"box","text":"court decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":192,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"9866c117-3d0c-438a-a870-1ece6ff6f4d2","block_type":"box","text":"decisions may have a retroactive effect.","page_number":192,"box":{"x":69,"y":672,"width":283,"height":11}},{"id":"4ea292c9-c264-4e2e-81ed-c23e6a9267f1","block_type":"box","text":"PERFORMANCE DATA","page_number":192,"box":{"x":403,"y":702,"width":173,"height":9}},{"id":"7c706af1-6dce-4c48-9465-02913f4c9c1a","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":192,"box":{"x":102,"y":724,"width":738,"height":12}},{"id":"aa22ad46-a1ae-4501-9c97-9ca99965f716","block_type":"box","text":"applicable, yield and tax-equivalent yield in advertisements or information furnished to present or prospective","page_number":192,"box":{"x":69,"y":739,"width":779,"height":12}},{"id":"0b897d7f-3573-4316-bb4e-0f383acd7abd","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical performance and is not","page_number":192,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"b32401c3-fe26-4fe5-84bb-7bd643d8f413","block_type":"box","text":"intended to indicate future performance. Average annual total return is determined separately for each class of","page_number":192,"box":{"x":70,"y":770,"width":792,"height":11}},{"id":"f99758ac-df14-42d2-8cbc-5370cd4d88d6","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":192,"box":{"x":69,"y":785,"width":473,"height":11}},{"id":"2028c56f-5666-4b66-9dc4-9eb8e3928402","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":192,"box":{"x":102,"y":807,"width":761,"height":12}},{"id":"21d66959-97ca-47b0-9de6-0624c3c3b3ed","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":192,"box":{"x":69,"y":823,"width":836,"height":11}},{"id":"68de9936-142d-468b-bcf6-5521d1f1ae3c","block_type":"box","text":"gains or losses on portfolio investments over such periods) that would equate the initial amount invested to the","page_number":192,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"ce0da2e9-b493-469b-afc7-7fb07bc3433e","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":192,"box":{"x":69,"y":853,"width":765,"height":11}},{"id":"19c2ed0a-a5b8-49ec-9a0e-d2bb59277926","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":192,"box":{"x":69,"y":868,"width":808,"height":11}},{"id":"9f527518-23ef-4e55-ae82-ee05c91734f4","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":192,"box":{"x":69,"y":883,"width":813,"height":11}},{"id":"36fc45be-d491-4b4b-938e-825aa9815b33","block_type":"box","text":"II-132","page_number":192,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"de99ec0d-1342-4c09-b6e9-3e04eef9be12","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e24652c0-3657-46e4-91f1-f96883a2f051","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":193,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"0882de3d-b403-4d6c-a23a-464b135359ff","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":193,"box":{"x":69,"y":60,"width":546,"height":11}},{"id":"df7898bd-c09b-4ac6-bf9b-719ada8a4e58","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":193,"box":{"x":102,"y":82,"width":781,"height":12}},{"id":"a3e1d630-3624-4ca7-a9cd-7c50b9e1e804","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":193,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"e4abdb3e-9d5a-441b-9557-e3001d62c6b5","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":193,"box":{"x":68,"y":113,"width":810,"height":11}},{"id":"e74be1eb-19de-4e5c-87fa-edb801ab3dbd","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":193,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"01810cf6-e5ee-4a9e-8972-7073eccdfad3","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":193,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"63d6800b-4222-4b7b-a832-9d78ebfc077f","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":193,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"595a2447-4ed0-4f8d-9cdf-91718582242f","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":193,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"1f2d22e7-c8e5-4dba-8343-c49dcb29d83d","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":193,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"0df86278-ad7f-4937-bad8-0a2d0123be1f","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":193,"box":{"x":70,"y":203,"width":833,"height":11}},{"id":"82e3a65e-6aae-4476-88ae-3bd6bc73acf6","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":193,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"53b4903d-391c-44ab-a4db-411914c96406","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":193,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"362cbfe3-ce22-437f-84d0-10d5c60fc291","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":193,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"0f6e8843-be0c-4dc7-9aa4-b014d608e3b9","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":193,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"3e6eb22d-81ef-4118-81aa-a12da0442438","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":193,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"9f6987e3-1bc1-4d75-aaca-7a4e162e3363","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":193,"box":{"x":69,"y":294,"width":774,"height":11}},{"id":"ddb4a943-e256-4cb4-930a-9793703f19fc","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":193,"box":{"x":102,"y":317,"width":752,"height":11}},{"id":"4ab1df9a-9d40-4556-b73e-b306f327ab83","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":193,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"5170519a-b082-44a9-837b-521f1c746d48","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":193,"box":{"x":70,"y":347,"width":820,"height":11}},{"id":"cae16ed3-d9e2-438f-b6d6-d2acc4c7ab3a","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":193,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"38bb1359-38f2-4fde-84cc-7215f8c1645e","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":193,"box":{"x":69,"y":377,"width":772,"height":12}},{"id":"e58bc8a7-7fae-4fa8-bfcd-56ef3c435d99","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":193,"box":{"x":69,"y":393,"width":827,"height":11}},{"id":"3a324d6d-0e8c-4214-958b-9bdd15614803","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":193,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"358393d3-862c-407a-ab8a-2b63b460365c","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":193,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"ab73b6dc-7eaf-40c4-934b-8fd2aac02913","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":193,"box":{"x":69,"y":438,"width":795,"height":11}},{"id":"3b011ded-e5e3-4514-b7e4-ac0c7e7662b2","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":193,"box":{"x":69,"y":453,"width":768,"height":11}},{"id":"fbdc4f84-892d-45c1-8653-fe375933f85f","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":193,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"ae3c95c4-4c22-4c0e-8835-00831015b7ee","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":193,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"31e5da22-9849-43f6-a7cc-938fda43a570","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":193,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"4c6d38da-4d86-4cbf-8f79-71426c3f1d9e","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":193,"box":{"x":68,"y":513,"width":823,"height":12}},{"id":"cf4e915c-0de3-43dd-b410-3e79d96ef3e7","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":193,"box":{"x":69,"y":528,"width":743,"height":12}},{"id":"6f4def30-9291-43f2-ba94-7b766f086351","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":193,"box":{"x":69,"y":543,"width":814,"height":12}},{"id":"71bb26f6-7019-4b20-b9c7-cc317d2ab098","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":193,"box":{"x":68,"y":559,"width":422,"height":11}},{"id":"32ad34aa-f490-4c08-95f1-02ade431830e","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":193,"box":{"x":101,"y":582,"width":720,"height":11}},{"id":"11496c37-3653-46fb-8aaf-c6dec4e3f4ad","block_type":"box","text":"performance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":193,"box":{"x":70,"y":596,"width":813,"height":12}},{"id":"b422bd0b-d874-436a-92f9-062632d14048","block_type":"box","text":"some other amount, for various periods other than those noted in Part I of each Fund’s SAI. Such data will be","page_number":193,"box":{"x":69,"y":612,"width":781,"height":11}},{"id":"6691343b-0cdd-45d2-b6c4-b0efca6c46ea","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":193,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"b6ce2832-2fad-4f38-a5ec-9ee6616e9b9d","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":193,"box":{"x":69,"y":642,"width":817,"height":11}},{"id":"e441e738-f151-4b19-8ecb-b9313f8d6211","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":193,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"364e393f-1369-49e0-9db5-263f53690e83","block_type":"box","text":"performance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":193,"box":{"x":70,"y":672,"width":801,"height":11}},{"id":"c0eef9be-6083-4d6a-b32a-509029a906b0","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":193,"box":{"x":69,"y":687,"width":819,"height":11}},{"id":"6ae9cb02-49ae-47b3-b5bf-49754311b173","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":193,"box":{"x":69,"y":702,"width":811,"height":12}},{"id":"9c1fb7c8-6b03-42c9-a50d-79767e37e5dc","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":193,"box":{"x":69,"y":717,"width":686,"height":12}},{"id":"b824db2d-72fa-4e20-ac06-40806ea83450","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":193,"box":{"x":101,"y":740,"width":796,"height":11}},{"id":"834d68dc-a277-4cdc-95fe-3eedd3298b4b","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":193,"box":{"x":69,"y":755,"width":821,"height":11}},{"id":"a0b3323d-06cc-4020-93bd-5b36504511e1","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":193,"box":{"x":68,"y":770,"width":817,"height":12}},{"id":"ad64fb65-4b66-4513-92d7-dd4437552dc0","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the part of a Fund’s yield that is tax-exempt by (b) one","page_number":193,"box":{"x":68,"y":785,"width":837,"height":12}},{"id":"8aeddf0c-1b13-481b-86b9-b7636ce92e3e","block_type":"box","text":"minus a stated tax rate and adding the result to that part, if any, of the Fund’s yield that is not tax-exempt.","page_number":193,"box":{"x":69,"y":801,"width":759,"height":11}},{"id":"d91c2b1c-f37b-44bd-b2aa-06c0ea0d6e2b","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s portfolio, a","page_number":193,"box":{"x":101,"y":823,"width":779,"height":12}},{"id":"969a03f1-c8d1-48bd-ac04-20167027d8df","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":193,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"caa37ae8-332e-4e49-a3da-bb3a86ef09d0","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be worth more or","page_number":193,"box":{"x":68,"y":853,"width":830,"height":12}},{"id":"ae364bdc-272a-4f8e-96f0-cff949d9db0c","block_type":"box","text":"less than their original cost.","page_number":193,"box":{"x":70,"y":869,"width":196,"height":11}},{"id":"f30d9b17-a880-491d-95ad-3853d23a7a9a","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":193,"box":{"x":102,"y":891,"width":782,"height":12}},{"id":"b85d7c8a-25fa-4068-827f-0879ede396d2","block_type":"box","text":"the case of CDSC shares applicable to certain investors, as described under “Purchase of Shares” and “Redemption","page_number":193,"box":{"x":68,"y":906,"width":836,"height":11}},{"id":"542303bf-bb17-4d82-9688-be6df8784d20","block_type":"box","text":"II-133","page_number":193,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4b504638-9a23-466f-a8d0-b20f6d5a6689","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06ca51a4-af67-4626-abf5-a6eb90dcf285","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in advertisements directed to such investors may","page_number":194,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"edcfdc4c-1ea2-4680-b2fb-272ebad281e5","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":194,"box":{"x":68,"y":60,"width":820,"height":11}},{"id":"bf1ddd41-c615-43f5-bf0e-f12e53cb4c28","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":194,"box":{"x":68,"y":75,"width":824,"height":11}},{"id":"434c166e-39fb-4fed-acaa-ba39788053a9","block_type":"box","text":"lower amount of expenses is deducted.","page_number":194,"box":{"x":70,"y":90,"width":278,"height":11}},{"id":"fed5f793-034f-45ff-8e57-6fc8d668dca5","block_type":"box","text":"On occasion, a Fund may compare its performance to, among other things, the Fund’s benchmark index","page_number":194,"box":{"x":102,"y":113,"width":741,"height":11}},{"id":"f5ab0219-caaf-46de-9ae1-e885fd4e9703","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":194,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"0f411713-9f5e-4a77-b249-7ee347458ea3","block_type":"box","text":"indices, or to performance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":194,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"57992208-ce30-4987-b247-b14dace7842d","block_type":"box","text":"Money Magazine, U.S.","page_number":194,"box":{"x":724,"y":143,"width":156,"height":11}},{"id":"e12c5cc7-e779-4bab-b6ef-b253d8c0020e","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":194,"box":{"x":70,"y":158,"width":533,"height":11}},{"id":"dcd5b460-6377-43db-b836-cb4890eb9be3","block_type":"box","text":"or other industry publications. When","page_number":194,"box":{"x":608,"y":158,"width":257,"height":11}},{"id":"79cb93ed-230e-437b-b286-2187094288d6","block_type":"box","text":"comparing its performance to a market index, a Fund may refer to various statistical measures derived from the","page_number":194,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"f0266691-5443-4dce-b13b-6a7188565ee4","block_type":"box","text":"historical performance of a Fund and the index, such as standard deviation and beta. As with other performance","page_number":194,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"c131822f-04f2-4b5a-81dc-c0025d4ef31d","block_type":"box","text":"data, performance comparisons should not be considered indicative of a Fund’s relative performance for any future","page_number":194,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"1b489f0f-4e81-4b80-ba21-7c57d92479a4","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted performance ratings","page_number":194,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"e560234d-2b9f-4cd2-9b3b-50aad980f8dc","block_type":"box","text":"assigned by Morningstar in advertising or supplemental sales literature. From time to time a Fund may quote in","page_number":194,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"6d36b29a-6514-4253-81b2-d59f935befcd","block_type":"box","text":"advertisements or other materials other applicable measures of Fund performance and may also make reference to","page_number":194,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"cf2e03bb-077a-43ae-ade1-e1b6b3fa6e6d","block_type":"box","text":"awards that may be given to the Manager. Certain Funds may also compare their performance to composite indices","page_number":194,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"005a859f-c72e-4038-bc46-ce7991f3feb4","block_type":"box","text":"developed by Fund management.","page_number":194,"box":{"x":69,"y":279,"width":233,"height":11}},{"id":"48294976-1634-49a3-b031-e4b805dbcaff","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":194,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"33543e6b-e0b6-4cc2-814a-f2418155838d","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":194,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"a205a5f1-674b-4d08-be8d-e4bbfcf5491d","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":194,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"f7b8ae4c-e9c5-4190-bd58-896c35a65b4f","block_type":"box","text":"and risk tolerance, discussion of a Fund’s portfolio composition, investment philosophy, strategy or investment","page_number":194,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"6880b56b-ea78-4b3b-becf-986235697fb3","block_type":"box","text":"techniques, comparisons of the Fund’s performance or portfolio composition to that of other funds or types of","page_number":194,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"39fe5f1f-ccd6-4f03-aba1-da0d1a3ce800","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model portfolio. A Fund may also","page_number":194,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"aaa1ab1b-eaed-4227-ab41-8129c5be4bf5","block_type":"box","text":"quote various measures of volatility and benchmark correlation in advertising and other materials, and may compare","page_number":194,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"45d95556-d2d3-4714-9e4a-9e9320f7fbb9","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":194,"box":{"x":68,"y":407,"width":461,"height":12}},{"id":"7d118c43-bb0a-43f2-8199-d5d9fe194501","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":194,"box":{"x":308,"y":437,"width":362,"height":10}},{"id":"58c4ed5d-ef2a-4068-847c-159aafc4ffcf","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":194,"box":{"x":101,"y":460,"width":802,"height":11}},{"id":"6b804286-a3ea-47ff-9f38-eed508492f84","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":194,"box":{"x":70,"y":475,"width":809,"height":11}},{"id":"7510c4a7-ee70-4bb8-987b-15599c69a21e","block_type":"box","text":"Policy”), with respect to certain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to certain other","page_number":194,"box":{"x":69,"y":490,"width":833,"height":11}},{"id":"815c9c77-9024-416f-801e-cce2c9e6906c","block_type":"box","text":"Funds, as applicable. Please refer to Part I of this SAI, which discloses the policy applicable to each Fund.","page_number":194,"box":{"x":70,"y":505,"width":755,"height":11}},{"id":"202f6e65-d5d8-4cfd-82d7-28d0f7f8f618","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":194,"box":{"x":101,"y":528,"width":785,"height":11}},{"id":"48eb814b-e058-4abb-be1e-3b87958d7428","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such","page_number":194,"box":{"x":68,"y":543,"width":822,"height":11}},{"id":"134edd4c-cff6-44c6-b15b-ceb5d28b77e9","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Part I of this SAI, follow supplemental","page_number":194,"box":{"x":70,"y":558,"width":824,"height":11}},{"id":"22043061-8cb1-430b-810b-fb3ecc8cdc2d","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS","page_number":194,"box":{"x":68,"y":573,"width":812,"height":11}},{"id":"d84233cb-0d93-45e1-b14b-4f90b6821aed","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":194,"box":{"x":69,"y":588,"width":392,"height":11}},{"id":"c7b0a8f4-6bd4-404f-b697-b232abef906b","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":194,"box":{"x":101,"y":611,"width":749,"height":11}},{"id":"e2d57514-51e8-4378-90ef-a0e9c8f20257","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":194,"box":{"x":70,"y":626,"width":759,"height":11}},{"id":"f6e51337-c588-4d25-a3f4-3773a803c714","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":194,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"6960494b-3e49-440c-a9cc-851ee9c56f38","block_type":"box","text":"addition, certain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Part I of","page_number":194,"box":{"x":69,"y":656,"width":838,"height":12}},{"id":"3c4ad64c-af23-438b-aa61-b57522635da9","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to certain climate and decarbonization issues (the “BIS","page_number":194,"box":{"x":68,"y":671,"width":822,"height":12}},{"id":"ccf80226-8a9a-4854-a100-e7493e682a60","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":194,"box":{"x":69,"y":687,"width":392,"height":11}},{"id":"7473ef86-a998-4698-b67e-9557c788c00b","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":194,"box":{"x":102,"y":709,"width":767,"height":11}},{"id":"f7366bea-3d07-4f74-ad8f-5959a1157d24","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":194,"box":{"x":68,"y":724,"width":827,"height":12}},{"id":"10211d07-ed3c-4f19-bc6e-5ed03e1a949e","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":194,"box":{"x":69,"y":739,"width":819,"height":12}},{"id":"c5718234-bbcc-4249-b07c-f97764b38fcf","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":194,"box":{"x":69,"y":755,"width":684,"height":11}},{"id":"751382f2-9e91-4adf-b85f-787e47b510e6","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":194,"box":{"x":102,"y":777,"width":766,"height":12}},{"id":"26db744f-01b1-4796-aa89-2d78e5add2f1","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":194,"box":{"x":69,"y":792,"width":784,"height":11}},{"id":"a686d25e-ccb5-45bb-abc9-72b34e2fdfe7","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a particular Fund pursuant to the","page_number":194,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"2ec34e19-ce19-4fc3-a396-043191900001","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a part of the","page_number":194,"box":{"x":68,"y":823,"width":790,"height":11}},{"id":"8b0665f0-6a8f-4b75-8015-d2185b27e080","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to portfolio securities during the most recent 12-","page_number":194,"box":{"x":70,"y":838,"width":810,"height":11}},{"id":"21b8e51e-cc97-4428-a601-0d7d9a149048","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":194,"box":{"x":69,"y":853,"width":788,"height":11}},{"id":"25b1573a-4649-41c2-903c-7635533440ae","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":194,"box":{"x":69,"y":868,"width":327,"height":11}},{"id":"eaccc563-44f7-44f9-8e5c-6b14da277e5d","block_type":"box","text":"II-134","page_number":194,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4e92a131-f2bd-4426-89e5-c47dffbd06b0","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca1ddb66-129b-4fce-84a4-3ecfb64bdef7","block_type":"box","text":"GENERAL INFORMATION","page_number":195,"box":{"x":391,"y":45,"width":195,"height":10}},{"id":"7013025c-ee55-4c1b-9d9a-49f8c9c2c45b","block_type":"box","text":"Description of Shares","page_number":195,"box":{"x":69,"y":76,"width":156,"height":11}},{"id":"a0c75b23-5ec7-48a3-8211-027558e9d2d9","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":195,"box":{"x":102,"y":98,"width":800,"height":9}},{"id":"09cabe26-51fa-4c60-897d-a37be7952a79","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":195,"box":{"x":69,"y":113,"width":811,"height":12}},{"id":"e756178e-f079-4eec-aa10-e6181fb69287","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":195,"box":{"x":69,"y":128,"width":825,"height":12}},{"id":"a689934f-a057-4951-bd9d-53309fc4e44a","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":195,"box":{"x":69,"y":143,"width":838,"height":12}},{"id":"ea5a88af-9ce3-4539-aa22-24dc4bd18b7c","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":195,"box":{"x":69,"y":159,"width":835,"height":11}},{"id":"71ab2879-1290-4e85-a88a-c1a24fed5dce","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":195,"box":{"x":69,"y":174,"width":781,"height":11}},{"id":"897c15b7-6693-4050-9114-68e22825a487","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":195,"box":{"x":102,"y":196,"width":801,"height":12}},{"id":"f523ce51-f385-4ad6-bd5f-bbc85bd25759","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":195,"box":{"x":69,"y":212,"width":760,"height":11}},{"id":"2e0a02c3-ff95-452b-9333-f019c40d55e0","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":195,"box":{"x":69,"y":227,"width":810,"height":11}},{"id":"fc15021c-b0a8-48bc-98e5-06d87c299428","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":195,"box":{"x":69,"y":242,"width":790,"height":11}},{"id":"3e9963c5-0765-49a2-b648-4ef3ae36a40c","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":195,"box":{"x":69,"y":257,"width":787,"height":11}},{"id":"40c3488a-dd7a-45e8-8c81-4fcc9182c106","block_type":"box","text":"Common Stock is entitled to participate equally in dividends and distributions declared by a Fund and in the net","page_number":195,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"8ec8c00d-de15-49b5-88f5-2da8038c715e","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":195,"box":{"x":69,"y":287,"width":658,"height":11}},{"id":"3ffc1f5c-9062-4e2b-8467-073ce4f15584","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":195,"box":{"x":102,"y":310,"width":741,"height":11}},{"id":"ef97887e-d7f2-44f0-8f61-a8b9d05df0d2","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":195,"box":{"x":69,"y":325,"width":790,"height":11}},{"id":"c5cfc48a-1411-427a-b358-26ee9928146f","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":195,"box":{"x":69,"y":340,"width":546,"height":11}},{"id":"18a35d71-d12b-4d25-accb-0a6ae0e679c8","block_type":"box","text":"Certain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":195,"box":{"x":102,"y":363,"width":712,"height":11}},{"id":"82051acf-550e-4b33-b328-59a91acc9cb7","block_type":"box","text":"shareholders of such a trust may, under certain circumstances, be held personally liable as partners for its","page_number":195,"box":{"x":69,"y":378,"width":765,"height":11}},{"id":"63e7b569-915a-4598-8d2e-44e5f0f29734","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":195,"box":{"x":69,"y":393,"width":834,"height":11}},{"id":"17591fa4-01b8-44cf-b5a7-6137bc48fce8","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":195,"box":{"x":68,"y":408,"width":729,"height":11}},{"id":"a886325c-0757-423a-b0e1-adb8c08a3184","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":195,"box":{"x":69,"y":423,"width":815,"height":12}},{"id":"3af6ec2c-129a-417b-8a96-92bb4d69b3c7","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust property for any","page_number":195,"box":{"x":68,"y":438,"width":761,"height":11}},{"id":"9ddb986a-916c-49d2-99d4-26f186ebf1c6","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":195,"box":{"x":69,"y":453,"width":824,"height":12}},{"id":"e824f392-59d5-4714-833d-47b957011167","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":195,"box":{"x":69,"y":469,"width":839,"height":11}},{"id":"92fccb18-6764-428a-8e50-5b2167a1857d","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tort and other liabilities.","page_number":195,"box":{"x":69,"y":484,"width":813,"height":11}},{"id":"529f2585-def8-4577-9e85-88462a7f1fa0","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":195,"box":{"x":68,"y":499,"width":827,"height":11}},{"id":"3b6f3934-d01c-4021-996f-eccb4f987d23","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":195,"box":{"x":70,"y":514,"width":699,"height":11}},{"id":"5098d5fd-6eac-400f-837a-01eb7a372543","block_type":"box","text":"Certain Funds are organized as Delaware statutory trusts.","page_number":195,"box":{"x":102,"y":537,"width":413,"height":11}},{"id":"a0979e9c-c887-46bf-b489-1e1b56eaef43","block_type":"box","text":"Additional Information","page_number":195,"box":{"x":68,"y":567,"width":161,"height":9}},{"id":"ab098212-16cd-41ce-ae33-5609eec2dfa6","block_type":"box","text":"Under a separate agreement, BlackRock has granted certain Funds the right to use the “BlackRock” name and","page_number":195,"box":{"x":102,"y":590,"width":789,"height":11}},{"id":"40a975ca-ba64-403f-b458-e9d6a36a9706","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":195,"box":{"x":69,"y":605,"width":799,"height":11}},{"id":"b13421d8-7699-49c6-9860-ca4850871418","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":195,"box":{"x":70,"y":620,"width":837,"height":11}},{"id":"93991f90-02e6-4c2f-88d1-a61b72d18a59","block_type":"box","text":"such name to any other company.","page_number":195,"box":{"x":69,"y":635,"width":238,"height":11}},{"id":"005d870f-ab64-4b11-84b4-b35a6ea95475","block_type":"box","text":"II-135","page_number":195,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f9d638bc-15fb-480f-92db-4b14a44a65a9","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3508bca0-c776-4ad7-abfd-fdf72801e8e0","block_type":"box","text":"APPENDIX A","page_number":196,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"84dcf736-029b-4742-a93b-002cdeff5251","block_type":"box","text":"Description of Bond Ratings","page_number":196,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"36faf169-f05c-4b9e-9534-ce66a47282f7","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":196,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"cc505064-8728-485f-907a-10462399dad6","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":196,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"5d762cb5-441e-400b-b4af-126027b5c1b6","block_type":"box","text":"time to time revise such ratings, they undertake no obligation to do so, and the ratings given to securities at","page_number":196,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"b0ba9de6-472d-4640-bf40-a6db90198c7b","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a particular subsequent","page_number":196,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"e373a868-65be-468c-b93d-43facd08d442","block_type":"box","text":"date.","page_number":196,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"6dcd1f39-f8d0-4340-b411-6dbcd050eee5","block_type":"box","text":"NRSROs may rate specific investments (","page_number":196,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"cf0a3750-8574-40ff-8055-4ee01b723925","block_type":"box","text":"e.g.","page_number":196,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"42f27958-dc64-46fc-a765-d1b31e505580","block_type":"box","text":", bonds), issuers (","page_number":196,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"56d893d0-dd64-41dc-9153-7681a79b3011","block_type":"box","text":"e.g.","page_number":196,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"994ffd39-9992-456c-96f8-c0c10f20a366","block_type":"box","text":", corporations, governments and financial","page_number":196,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"ce16a0bd-8061-4b1c-a050-081e2e58ce64","block_type":"box","text":"institutions) and/or programs (","page_number":196,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"56d4dc14-1650-4a6e-8070-c1d0f99612e9","block_type":"box","text":"e.g.","page_number":196,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"7f7b88d9-8cac-43e2-a34d-7b4202be3c59","block_type":"box","text":", commercial paper programs). However, certain types of investments may not be","page_number":196,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"adcbd937-ce57-4685-87cb-fdab9ecf8bc0","block_type":"box","text":"rated by NRSROs, such as certain government/sovereign obligations, US agency securities, commercial paper, time","page_number":196,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"d1ddb9fe-883b-4563-9632-3fb3991ccc3d","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":196,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"4f4393b9-3969-4e88-9655-2554b991c6a5","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":196,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"3bc0b472-aad7-4ec2-a381-5f9f5348582c","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":196,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"81e11511-8ddc-4a63-bcc5-026a32cde79d","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":196,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"91f2576c-3f83-47e1-8f66-d393a2b103f6","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":196,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"03863518-9576-4332-9966-51b5e3059211","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":196,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"2b52a543-2da4-4d44-8e15-7ba15d5f733d","block_type":"box","text":"security (","page_number":196,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"c35e1f3e-3da3-4397-a5d9-c84d97851f0a","block_type":"box","text":"e.g.","page_number":196,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"224a9719-e4e6-4b21-994d-d9fa08705cd6","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":196,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"9086606c-af82-49dd-acd0-02a2b7ec39b0","block_type":"box","text":"highest of the multiple ratings.","page_number":196,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"fb4678d5-f4e3-4083-b064-dc7d750faa26","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":196,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"aa6cb570-3136-4e54-baf0-ba2e1c064445","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":196,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"e87a0c20-82c6-485c-b8ef-6f1f2ceced91","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":196,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"abcffd7e-f58b-49d2-9804-369dda3fe6ff","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":196,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"0507bf27-3f75-49f5-8931-1e06d27b1ea6","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set forth in the preliminary","page_number":196,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"71139e41-89d7-4f36-8f3b-e6e3ae864fa2","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set forth in the","page_number":196,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"b3b441dc-603d-4aff-bde7-acf6e26ae8bf","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":196,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"cb835c8a-99db-4dff-8a90-4f6a3ab94a3e","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":196,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"e6c553ae-70bc-4555-8530-f2e249e8d505","block_type":"box","text":"Where the investment objective of a fund is to track the performance of an index that includes credit ratings","page_number":196,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"6f612862-a033-4ce7-9aa3-21016a25d184","block_type":"box","text":"eligibility criteria as part of its index methodology, the fund may purchase any security within the index, such security","page_number":196,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"602a76c6-7ec0-4dc0-8a8e-b425b252d2ad","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":196,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"cf398c7e-c95c-4b3d-8a0b-e96bbeca1150","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Further, the fund may","page_number":196,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"c7313a25-a966-4051-a24e-b7d69602291f","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":196,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"a9c63ea0-8115-484e-b01c-7c8a0c3ce4e0","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":196,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"e2cc59b4-5f22-4688-9837-a9b1c9f0aa96","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":196,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"4c959cfb-3b20-4dae-9b22-5253367ff851","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":196,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"6da026f1-2827-4022-b782-9a796106a5f0","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":196,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"8ab84d5f-7e08-4104-9b47-e802a3e089ed","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":196,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"4e2f9c0c-0dc8-491e-bfaa-bdfd6b096c34","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":196,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"fcae68cb-e47b-4046-904e-06aab2b9a89b","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":196,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"8d4d7f7f-5411-4f04-942f-2063cf1f9715","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":196,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"da4ce164-8bcd-4312-b3ab-416f6fbec3da","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":196,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"26ee8d05-19a7-4688-ae9c-245fa8592a68","block_type":"box","text":"Fitch.","page_number":196,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"be95f7f7-c122-4982-b721-2dac580b5b96","block_type":"box","text":"The descriptions below relate to general long-term and short-term obligations of an issuer.","page_number":196,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"c377a5c6-80c0-4509-b684-5533cea5819d","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":196,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"8d3ad090-a6b3-4669-9093-99b93fa46a9f","block_type":"box","text":"Ratings assigned on Moody’s global long-term and short-term rating scales are forward-looking opinions of the","page_number":196,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"9ab464c2-24b3-49b7-bd8a-7739243b580a","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":196,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"1d0cdae1-9372-46e8-9e3d-d9a3fc69faaf","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":196,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"af546934-ee4b-454f-ae01-d20a8c0f707f","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":196,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"85c3c017-9b55-4264-9d6c-db18397fe03e","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":196,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"64366afa-23e7-430e-928d-83a879260cac","block_type":"box","text":"for, without regard to enforceability, the payment of an ascertainable amount, which may vary based upon standard","page_number":196,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"a495602b-63b6-4844-848c-131275401bb7","block_type":"box","text":"sources of variation (","page_number":196,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"a817235c-5a14-4d22-bd47-d296656924f1","block_type":"box","text":"e.g.","page_number":196,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"5cc96e83-db45-4c0a-911f-85726c39d98c","block_type":"box","text":", floating interest rates), by an ascertainable date. Moody’s rating addresses the issuer’s","page_number":196,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"5b2e9dd6-c34e-4bd0-8b08-d80063f35528","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":196,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"970a3407-9a55-408b-93fb-a08d4d183bda","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":196,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"45833b1a-877d-4c17-b028-c322ef36b680","block_type":"box","text":"e.g.","page_number":196,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"e7ba5565-63d3-4bcd-b2e8-434bd941148a","block_type":"box","text":", equity indexed), absent an express","page_number":196,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"d00a7cdc-c414-4a93-8525-c3e0498e02b4","block_type":"box","text":"A-1","page_number":196,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"a7fc0b93-5f36-4297-9e82-d849d608dfaa","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0c797fa-804e-4bbf-8c54-8ef584318d41","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":197,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"092ebbc8-cb4c-4465-b130-c10b7dc3b5f5","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":197,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"deb63b3c-44b0-43e4-b0cb-b883700a6000","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":197,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"c69d5137-c584-4f8b-8421-fab5c4062fa0","block_type":"box","text":"impairment. Short-term ratings are assigned for obligations with an original maturity of thirteen months or less and","page_number":197,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"5e9ea06b-9853-4560-bb6d-cbe059f284c2","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":197,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"b111da6d-2e96-4695-9488-4a97cea2494a","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":197,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"ce6b6d92-3d20-4da4-a0f0-4e95c2d4fdb9","block_type":"box","text":"instrument level on both the long-term scale and the short-term scale. Typically, ratings are made publicly available","page_number":197,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"78042ace-6fa5-4528-90b9-c5087eafbd19","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":197,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"657db853-3a19-41cc-8511-88141de39999","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":197,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"b4d7c921-ea2a-4b93-91d7-35c38ad6a2f3","block_type":"box","text":"i.e.","page_number":197,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"20021b9c-d192-432b-85f1-81f93a51bc72","block_type":"box","text":", ratings on nonfinancial","page_number":197,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"4381d0a7-dc16-402a-a06f-f563b0103821","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":197,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"a6d7a45b-889e-419e-810c-c9f15a16295f","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":197,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"b1b66fdf-1386-4e6d-99c8-8634b7f81c32","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":197,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"d19a3bda-f1fb-413a-b900-4ed0dbaf94ae","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":197,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"50487952-d2a3-47ea-99e2-d1d4c965fc5b","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":197,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"501f22eb-3eee-4d65-aa37-51995e4c6df7","block_type":"box","text":"expected equivalence in structured finance and fundamental rating performance when measured over a long period","page_number":197,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"c6e466ff-0c23-4cb1-9ed1-912c74fcd11f","block_type":"box","text":"of time.","page_number":197,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"9acd9a78-8117-4e2d-8769-ec7bb00e8ab8","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":197,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"860ef3c1-7b64-4549-8614-35388b78ae3d","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":197,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"d4191196-b9bb-4a87-92d6-acc8e8c405f8","block_type":"box","text":"risk.","page_number":197,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"948bf8ff-a8a9-49b6-96d2-c2098177a4c1","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":197,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"b3318532-1bc9-4dd5-86b9-52e4643a535a","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":197,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"f0c7bd00-ba07-47b1-9556-c081b8875da4","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":197,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"f7befd9a-bc0d-4a20-a6a1-6d2b67b1b659","block_type":"box","text":"such may possess certain speculative characteristics.","page_number":197,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"7c71037f-67d8-4010-8bf8-a9638b4ae625","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":197,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"dc6f8f3c-73d2-4256-878f-396d92764672","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":197,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"fbdde3b2-6702-4d80-8395-8c56639f5aef","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":197,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"27eb3110-3f98-4809-b1aa-954d70df8dc9","block_type":"box","text":"credit risk.","page_number":197,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"19b31c25-f63a-4d6b-9864-13f155afd7e1","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":197,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"22141a84-f9c6-4372-b982-5b43d4e39f7f","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":197,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"5e4f027b-30b1-4930-9b25-554c6401bdfd","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":197,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"a7f0aaa5-1910-4c83-84d0-362a8dcc8dab","block_type":"box","text":"of principal or interest.","page_number":197,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"8bdd281b-3cb6-449d-9e25-fc73150c8735","block_type":"box","text":"Note:","page_number":197,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"dd27cf79-8daa-43db-ab74-62e72c164cdd","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":197,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"f95a37ab-2540-4984-8b0c-8c596d2162fb","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":197,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"81b2050b-91fe-4158-a5b9-a60960232ea7","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":197,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"4e4f7b63-cbf6-4538-a4b1-3c17c4d303ba","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":197,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"890aca42-af72-4fd7-81c3-fcf7aa3966f0","block_type":"box","text":"companies, and securities firms.","page_number":197,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"11bd2642-b4fc-4992-a8b0-26b94a29073b","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":197,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"79e005cf-fe58-419d-ba24-4f3b6d005a4c","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":197,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"3f0d528f-f9db-47b5-9269-b0d723cdde4d","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":197,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"77a8469e-ab9b-4e5f-b268-37fbc746e509","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":197,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"fd68cc6c-ec73-42c8-a437-a59e8cb74ce6","block_type":"box","text":"that security.","page_number":197,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"ae135523-8a21-401f-8a90-5bac4a2be170","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":197,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"5ee1cae7-2187-49ed-8fed-2f69504dbb73","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay short-term obligations.","page_number":197,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"d2f50c6e-e0c5-4890-b237-1e0fd5414c7c","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay short-term obligations.","page_number":197,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"fe4273f3-92cf-4d77-8f6c-dde3e7968fd5","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.","page_number":197,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"7174616f-2c08-4c94-b4b2-cf01207ef552","block_type":"box","text":"NP Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":197,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"9b807055-68da-4f5f-99fc-4aa601da96d5","block_type":"box","text":"categories.","page_number":197,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"43cbed7d-e3fc-4da4-8151-4f7ff0e8d2b9","block_type":"box","text":"A-2","page_number":197,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"9f0590a2-2a0b-4038-a2ef-df989a94d96a","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83e02217-e093-4f0c-9285-e8e9b59fc2ee","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":198,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"74a499c6-f97f-47bd-b4fb-c8649fdd7433","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":198,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"f2b4913a-d712-46ce-9040-11c7338f6f48","block_type":"box","text":"Moody’s uses the global short-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":198,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"df7d36c1-2bcd-4ce7-ad2e-a7d43cdf7017","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":198,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"f8dd7e4d-6059-43d1-9aa8-3685eadcc42e","block_type":"box","text":"an issuer’s self-liquidity.","page_number":198,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"10977e0f-930e-4ebe-be64-1b47333dd43e","block_type":"box","text":"For other short-term municipal obligations, Moody’s uses one of two other short-term rating scales, the","page_number":198,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"584c1e69-5796-4af0-9aa7-b335fea4d0e2","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":198,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"359c40e4-c5f2-4c49-9bfe-5ed73d3b7b06","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short","page_number":198,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"8de80ccf-7e4b-4e7d-92b5-28e7b3393b1f","block_type":"box","text":"term obligations, which typically mature in three years or less. Under certain circumstances, Moody’s uses the MIG","page_number":198,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"8a1e9c59-edea-4575-9990-78149ff8700e","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":198,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"8c3366e5-00ff-4e0a-8c38-4169f2ca2d97","block_type":"box","text":"MIG Scale","page_number":198,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"fdcf5638-da9f-400d-bb98-1bf27d3c1ecd","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":198,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"18981c75-18c5-4c76-b0e1-fb55189f836d","block_type":"box","text":"cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for","page_number":198,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"a8d62b9b-80e7-4a56-9639-9f1c7607f5bc","block_type":"box","text":"refinancing.","page_number":198,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"c3fe1200-6160-4a65-be00-26dad4ea2c78","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":198,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"a65997a8-e99a-4145-9e79-5d6a4a5a80df","block_type":"box","text":"large as in the preceding group.","page_number":198,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"2017795f-3749-45c3-978d-6c9f8153cd59","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":198,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"d009e407-80a9-4c66-9f5a-07e6e9cc89f4","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":198,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"28e23da6-6838-402f-aec0-11f868679929","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":198,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"e03ab1e3-5a66-46bd-91fc-ba14e5470e24","block_type":"box","text":"lack sufficient margins of protection.","page_number":198,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"76b051c6-a86a-4921-a396-46e13791a3d4","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":198,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"20d9c4bb-df8c-456e-abde-a0f3844abeb3","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":198,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"dbb3cfc0-0fc1-44b3-9e77-d75566d57cb7","block_type":"box","text":"are a long-term rating and a short-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":198,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"22187129-2118-462f-8213-58217bb49e68","block_type":"box","text":"to meet scheduled principal and interest payments. The short-term demand obligation rating addresses the ability of","page_number":198,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"0a3e308c-7df3-483d-b132-96ad90bf323a","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":198,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"31567f87-77a7-4e83-8450-34b4bc4d9cf9","block_type":"box","text":"(“demand feature”) of the VRDO. The short-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":198,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"a0015390-5127-41cc-a35b-3bea5a12201a","block_type":"box","text":"liquidity support use as an input the short-term Counterparty Risk Assessment of the support provider, or the long","page_number":198,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"c0cc20bc-6095-4f93-8329-f55bf4fe776e","block_type":"box","text":"term rating of the underlying obligor in the absence of third party liquidity support. Transitions of VMIG ratings of","page_number":198,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"b04c13ee-16b6-4aa4-861a-8417a042072e","block_type":"box","text":"demand obligations with conditional liquidity support differ from transitions on the Prime scale to reflect the risk that","page_number":198,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"0a32b6b8-946f-4696-8f89-814abd7ec693","block_type":"box","text":"external liquidity support will terminate if the issuer’s long-term rating drops below investment grade.","page_number":198,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"062b1c38-5d95-41dd-9bf4-f52776c202de","block_type":"box","text":"Moody’s typically assigns the VMIG short-term demand obligation rating if the frequency of the demand feature is","page_number":198,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"86682eaa-6fc5-429e-b3b4-eed35b03cb3d","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":198,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"dceaa7a0-8d4f-447a-9b57-53df1958ca3c","block_type":"box","text":"payable only with remarketing proceeds, the short-term demand obligation rating is “NR”.","page_number":198,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"da12fad2-37ee-458a-8a33-2212fe269dee","block_type":"box","text":"VMIG Scale","page_number":198,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"c765ebd9-f65f-4e34-a916-200c1a470400","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":198,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"83d0a723-81dc-4ee7-9975-f7a73b0ae694","block_type":"box","text":"short-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":198,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"f245a4a3-11e3-458a-a211-e084981f4b38","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":198,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"2a7d1bc0-37f5-4ed9-a30e-44525a66c463","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong short-term","page_number":198,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"cb0be21b-fd91-4265-b050-de103f9e92ae","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":198,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"be98b035-0d93-417f-a71e-38fe32728e1a","block_type":"box","text":"payment of purchase price upon demand.","page_number":198,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"232da0f5-310c-4a0d-87b6-74c3bbde924b","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":198,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"87a4d97d-f065-4f5b-8852-a70d8001c102","block_type":"box","text":"satisfactory short-term credit strength of the liquidity provider and structural and legal protections","page_number":198,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"97b33501-7893-4ac5-b2ee-574c1371d560","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":198,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"a1323f51-36f6-4d6e-8c4a-da29784741d9","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":198,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"b1d63567-8777-42c8-853e-52bec2c84c0e","block_type":"box","text":"may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or","page_number":198,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"6afb5e91-06c0-42c2-9efe-b41a3736c53e","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":198,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"128fc18d-0c88-4193-8212-cdd93b3b6ab9","block_type":"box","text":"price upon demand.","page_number":198,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"0a692bcb-6eb2-4afa-a4b1-764ef10600b7","block_type":"box","text":"A-3","page_number":198,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"cacf6fc4-555d-449c-8d8b-94ae8374c13a","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08b19083-25b0-4a91-af0e-fada74818ce2","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":199,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"d5996016-292a-448e-aff2-b814590437b5","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a","page_number":199,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"1f086a54-a2c9-4a9d-b222-48d53087f2a1","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":199,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"aece6651-8180-4b99-aa36-c293ddaa3221","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of","page_number":199,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"2a7c2b3d-2a1b-4aea-a7c6-196814dc3b60","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":199,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"40f12149-b40b-4410-9411-498fd9f74be7","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":199,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"76d2b545-e780-42c2-a989-c87ca168495d","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":199,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"aab35f13-5048-4deb-a7b6-703ebdbe0821","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":199,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"8c302431-cbb4-4794-8513-d833ed95c392","block_type":"box","text":"Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned","page_number":199,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"2a1e8a96-23be-4ef4-b502-4fc3d785834e","block_type":"box","text":"to those obligations considered short-term in the relevant market, typically with an original maturity of no more than","page_number":199,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"6b521784-2d09-421f-8053-ed943341427f","block_type":"box","text":"365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to","page_number":199,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"84332ea1-36a2-4b5d-9d83-f180588d3db5","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":199,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"c64c2550-9ddc-4bea-b1c4-edaa0589188f","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to certain instruments may diverge","page_number":199,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"f80b9702-6faf-4566-8eeb-5765f57753f4","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":199,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"012601d9-d645-46e1-a876-2119ff2e7bf4","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":199,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"fcadd1b6-613f-4a8d-ad31-1ecc11b33b6f","block_type":"box","text":"•","page_number":199,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"895f29ec-a5d2-4afd-89ef-5ba7f5f92911","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":199,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"e95a3bac-3ca3-43af-aca0-b2dbe5e28e0f","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":199,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"0b7df57f-c198-4d5b-89e7-26b683303f81","block_type":"box","text":"•","page_number":199,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"0273dac5-dcee-4614-9409-857c274956f9","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":199,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"219f610c-cfba-4aab-8e79-0064f35e4fd5","block_type":"box","text":"•","page_number":199,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"6d0ab3c4-b618-4450-8cbd-ebf28ef9f8a0","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":199,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"98f9c065-610b-4d03-96a8-1d08f3f9634f","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":199,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"1688af13-09cc-4bc1-9ff6-e2186d7ddaa4","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":199,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"80ac5c61-4ee3-4e7f-8bcb-c5569f3a7bbc","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":199,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"781393c5-b038-4676-a257-c5d21ef2049a","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":199,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"25903711-d577-438e-aefc-9689f8470523","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":199,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"b2392deb-58a3-4bd9-ad63-957f33201d2b","block_type":"box","text":"obligations.)","page_number":199,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"13a52077-543f-4b16-8cb9-f4c069fbf834","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":199,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"fc7531b2-08bf-4c89-8d74-63daeb9858b3","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":199,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"1ffff982-e82d-4d64-80ed-911be1a752c5","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":199,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"c961fe19-c800-4f45-8769-475e9b856242","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":199,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"489b02e1-3e22-45b7-aae7-5199fc56bc3f","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":199,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"3a28a6f9-b708-4011-9801-cfde4e486472","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":199,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"f2047fe3-cad3-4d0e-aee0-275664f72f85","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":199,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"6d310c2c-08f3-436a-9bb5-8c72f2c77a94","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":199,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"85b5f4af-487e-44ed-9ee9-6837f341f426","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":199,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"d8fc83e8-76ec-4534-a0ed-a4dbc2b9fbe1","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":199,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"7797f7f8-cb72-4235-bbb7-79544509126f","block_type":"box","text":"financial commitments on the obligation.","page_number":199,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"82e235df-c7bf-4649-a266-5a01831a14cf","block_type":"box","text":"BB,","page_number":199,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"fa11a40c-c5d1-4016-a0eb-db386501590e","block_type":"box","text":"B,","page_number":199,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"2a030ab0-5261-4579-8f28-fcdf4f98fa84","block_type":"box","text":"CCC,","page_number":199,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"25c7315a-a525-4f46-af47-23f69dbff8c1","block_type":"box","text":"CC,","page_number":199,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"180f5e67-c625-42e1-a0b8-20e8afefe2c7","block_type":"box","text":"and C","page_number":199,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"5a864a98-2ee2-4850-9f7f-a8181855bb4c","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":199,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"948b8980-5680-4d0c-8bb9-9910ef020e84","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":199,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"da58a9ef-ddd8-4569-8d38-b25926f350ba","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":199,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"ec5f8543-b09d-4370-8e81-e810d7d93c03","block_type":"box","text":"large uncertainties or major exposure to adverse conditions.","page_number":199,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"555b5b64-3f9d-4769-a6c6-88c3e6cd1cff","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":199,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"9189f0af-ab77-4c6c-aaa0-abf8a68e5422","block_type":"box","text":"faces major ongoing uncertainties or exposure to adverse business, financial, or economic","page_number":199,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"706ede95-648c-413e-850e-aea4e2e65c9c","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":199,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"0f755f96-352b-4695-a029-ce0403a214d3","block_type":"box","text":"on the obligation.","page_number":199,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"a5709b13-2386-42cf-ae59-71468aa38b19","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":199,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"40dfaf0b-87fe-4977-82f9-e8bd61618177","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":199,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"aa95d264-5ecc-4f56-9f80-2d01616e2f47","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":199,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"cdbac0d6-0131-4092-b0ec-00d94536ce87","block_type":"box","text":"financial commitments on the obligation.","page_number":199,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"0df6b7d3-0f2e-4b28-819b-002852fb9506","block_type":"box","text":"A-4","page_number":199,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"92bce88d-b61d-4708-a7b6-70aa6b547352","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac13c4e7-0b44-4563-9c57-ec93dceac597","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":200,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"25a8f510-74ed-4daf-bd42-0a878d6e9528","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":200,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"8f150302-c51f-4e1d-95d1-e65b3c768935","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":200,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"ea002a80-d5bc-4c8c-9539-070a0279f3f0","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":200,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"c4d97f46-5dbd-429b-8370-3317358ad408","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":200,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"7f71e11a-c7de-4eb3-91f6-69bd4b44ba31","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a virtual certainty, regardless of the","page_number":200,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"fdaec2eb-7fff-4ee8-90fd-caf0d95c98ba","block_type":"box","text":"anticipated time to default.","page_number":200,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"e247d612-f895-4627-b5db-d132db1121a8","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":200,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"afd585bd-ebac-4112-9c86-ca0cce2279e9","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":200,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"d6e9d412-6110-461b-84e9-95c84638b8c5","block_type":"box","text":"higher.","page_number":200,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"8d794798-0d01-49ec-ba04-aeabd019349c","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":200,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"687bd377-9ae8-4b74-9a4e-da708d5e4205","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":200,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"fcb8b5f8-480c-4d82-aed0-1cdfb0045c1e","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":200,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"63c3663f-1a61-4c81-aee1-06e4315c4dc3","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":200,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"d5f4c9bb-9128-48bc-888b-5e2cf9eefc68","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":200,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"0acd4e48-d092-46ce-be63-791bcc84b6dd","block_type":"box","text":"action and where default on an obligation is a virtual certainty, for example due to automatic stay","page_number":200,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"7da07613-2f48-419c-a9d9-16e60fc66883","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":200,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"a405952a-d13a-4fed-9535-05fe39f3e91f","block_type":"box","text":"restructuring.","page_number":200,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"8698a3d9-7929-4771-b02f-94243bcbd45c","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":200,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"7c984e3c-e9bb-4a8d-a2c5-1fe7cb7b6c48","block_type":"box","text":"standing within the rating categories.","page_number":200,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"07bdafcf-fb5a-40fc-a1c4-3e49ff72571f","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":200,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"91e8358d-8fe3-4484-ba63-858ac2476af4","block_type":"box","text":"A-1 A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":200,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"feb282c2-d4a7-469d-9267-b4a2b036da89","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, certain obligations","page_number":200,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"4066d88e-0a49-4065-87c4-443e326cb94a","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":200,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"f2446b05-e79f-4874-8f6b-03b433ebcec7","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":200,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"1adef457-2baa-4237-9d2b-c62533a7ba63","block_type":"box","text":"A-2 A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":200,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"447d42c5-bbbc-48a2-94d3-2c1c63412179","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":200,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"53e83996-6daf-4985-bef6-3b1afd7fd941","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":200,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"f45d2789-2840-4cd1-a77f-edf5c5916d6c","block_type":"box","text":"A-3 A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":200,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"ed6aa7c2-7b7b-4717-971b-21db151b07cf","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":200,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"05f6db9b-8065-42aa-acfc-907d67108af9","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":200,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"bf7b18e6-8c08-4eef-a49a-204ced254bdb","block_type":"box","text":"B A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":200,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"2af6996e-428a-441d-b5d3-d8d764572c68","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":200,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"8a0d9dd8-2037-45bb-908d-83af5490ab79","block_type":"box","text":"it faces major ongoing uncertainties that could lead to the obligor’s inadequate capacity to meet its","page_number":200,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"0dcde399-7430-4499-bb15-7ed7068a1672","block_type":"box","text":"financial commitments.","page_number":200,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"7a2cb8ad-1c68-46dc-977d-5d508ff33739","block_type":"box","text":"C A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":200,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"ef1030a2-1eee-434f-90bb-7789c611376c","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":200,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"647d81bb-4c77-436b-ad7c-43c41719e7fb","block_type":"box","text":"commitments on the obligation.","page_number":200,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"9f567f36-71b8-4fe3-b3d5-b8a90504d021","block_type":"box","text":"D A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":200,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"2d350069-9193-42fd-a77d-8bd9846eaeb0","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":200,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"8d0ff734-ace4-4157-9521-8b878e9451bf","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":200,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"a5666798-b2c9-4bb4-a485-a126bd878f8b","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":200,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"b19aa8ed-5239-4239-acb8-78fe1c163d5c","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":200,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"35d823c2-3906-4adc-b2ad-52819d826e55","block_type":"box","text":"of a similar action and where default on an obligation is a virtual certainty, for example due to","page_number":200,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"b1fe395d-6327-453f-918b-dbc16bc2127b","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":200,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"3e3b0ce6-ba51-49d3-b2b9-eac253bcc447","block_type":"box","text":"debt restructuring.","page_number":200,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"faf1751f-4323-4925-ba91-73bd80501284","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":200,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"df7bc341-08b1-4845-8db4-9e2608a02d57","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":200,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"bea77847-2abc-486b-b691-61669158a236","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":200,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"b9d95baf-76e1-4ff4-b516-93200761b2db","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":200,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"d4072e3e-8e67-4302-997f-e758a583af32","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":200,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"3c8fe4de-cfc7-495b-a779-6d2a96fc1ce7","block_type":"box","text":"A-5","page_number":200,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"555d43ea-51e8-48c9-8465-7fe12774a4e2","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1275522c-f697-43e8-86af-702f08f415e4","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"d4235994-9e30-428a-a080-746626fbf58b","block_type":"box","text":"Amortization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":201,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"755b957d-8f9c-4af0-9e6d-6192a18d0027","block_type":"box","text":"as a note; and","page_number":201,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"cec92ae8-225a-4f6a-a5a9-5d31c8a08fc0","block_type":"box","text":"•","page_number":201,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"229377b2-e4f4-4377-8db3-424ae2904441","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":201,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"9ec65df0-602d-4028-a839-3f19d19c68ed","block_type":"box","text":"treated as a note.","page_number":201,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"620e2148-9f09-416c-b67b-fc96494d9f31","block_type":"box","text":"S&P’s municipal short-term note rating symbols are as follows:","page_number":201,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"8f0c30cd-3359-42df-8ebd-94be0242c40b","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":201,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"9972e2df-4733-4777-a442-e6203cdb246f","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":201,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"f434a55a-abac-486f-886d-57321b7735b6","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":201,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"4e49d266-78f7-4f48-ae73-9db97fe9c111","block_type":"box","text":"economic changes over the term of the notes.","page_number":201,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"c200595f-b41d-45db-baf2-ade19b727afa","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":201,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"215b7078-d6f0-441f-b417-e5068df08145","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":201,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"57629452-afd6-4dd4-8270-9dde4e97bdae","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":201,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"e1e3c6a9-9ff1-4531-b1ae-133e810f6c62","block_type":"box","text":"on an obligation is a virtual certainty, for example due to automatic stay provisions.","page_number":201,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"e4c57951-2a38-40c9-af1e-8c48ed4bd8ae","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":201,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"05d0edcb-2402-46a4-9714-cac402a262b7","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":201,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"03802189-cbab-4052-8cce-82aabfcc07ad","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":201,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"0ff35533-54bc-4637-a13e-e594d5bc8791","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mortgages, asset","page_number":201,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"d29ee17b-86fb-49db-90db-3d25e1af5b02","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":201,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"4d64071d-d50d-465d-a7f2-0ebced585282","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":201,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"3982ebe1-9d3b-4cbb-9adb-abbc3f35e764","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":201,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"ef5098b4-9904-4b0e-b05e-e3402a802fc1","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty","page_number":201,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"4353d958-a6e0-4f5e-b25a-546ab22f0968","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":201,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"c9b91fa3-6562-4313-b9dd-42bd680b4553","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":201,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"70fa911f-2367-4bd3-a593-d0322ac34be1","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":201,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"c18039e2-ab4d-4672-8538-e80b2b4c8c42","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":201,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"b59c106a-8876-47a9-9ca8-e30a75e85841","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":201,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"47b30333-d1a9-4ed6-9898-1b5d15e77fbf","block_type":"box","text":"receivables or other financial assets.","page_number":201,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"bc9f3a9c-c307-4ace-85cb-079cc6e726cd","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shorthand to","page_number":201,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"ef2e9858-d6ee-407f-93e9-b4bc05ca11a3","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":201,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"4c9c59c1-3855-4944-b8c0-49e332fe4df5","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":201,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"3c0fbf07-8668-455f-8028-3d3a8e251f41","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":201,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"658ecb2b-0e3f-4e6d-a2a6-e4084a609454","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":201,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"de6b9ff0-f09c-47b2-9c13-230049eafceb","block_type":"box","text":"occurred.","page_number":201,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"98d5eccb-29da-4c8d-adf2-c8d0ac34c21a","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":201,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"b90ef66c-ee83-4ded-b2c6-4742686ad5b8","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":201,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"d88ff37d-dd4e-4921-9b4f-50f02b15f451","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":201,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"a6d1e6df-04d1-4a12-aad7-940573499e29","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical performance of ratings","page_number":201,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"c1024bf6-a4c5-4dd1-aa9a-552d80c7cc38","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":201,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"21a4ed52-0bc3-4e95-922b-2e9681275e05","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":201,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"1b6d7fd3-d014-4dd2-b67f-ca8d9e501c66","block_type":"box","text":"rates.","page_number":201,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"3cf24b00-6b4c-48ed-bb3e-5fa8e9ef9b4c","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In particular, ratings do not deal with","page_number":201,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"d467fd1f-306a-4dba-9c03-4110a75fae3b","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":201,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"3a977565-6150-4d35-961e-27126e0f131d","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":201,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"bb7d430d-dcb7-472f-9121-bd29737ba5d3","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":201,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"2d42950a-efb9-4815-9ec1-ccf6be67c045","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":201,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"6ea8c587-fd83-416c-bb88-8001bf3314c0","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":201,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"e7532463-b551-4bb3-8365-364ea11b835c","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":201,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"c7245d11-46ab-4ac5-84c3-72279006e1be","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":201,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"d928babe-742c-48b1-9851-fc4815c2f7e1","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":201,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"9ca77fa9-b40c-4dc1-b7ec-7760ea874a31","block_type":"box","text":"i.e.","page_number":201,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"18ee8a70-c5fb-4412-a7b1-4e1150ae9c05","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":201,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"fa79a39b-2335-447e-a73a-3d75205b796c","block_type":"box","text":"the obligation’s documentation).","page_number":201,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"167a01cd-98e1-4625-adb1-fc17780714b7","block_type":"box","text":"A-6","page_number":201,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"1d4c6dc3-581d-423f-9575-38e54027eadf","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3ad0eae5-3d29-4ec6-98c0-25f9120d7c5d","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or certain note","page_number":202,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"84a72305-1788-4e43-9531-b49c5581dada","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":202,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"3eb21010-8b74-430d-ae19-c8cf82c0954a","block_type":"box","text":"agents in the form of a rating letter.","page_number":202,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"ef0a8c8a-531d-45f8-8a2e-95b7ab8e2aa1","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":202,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"82c340ca-ed53-4f61-a8ff-d74b3943fb09","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":202,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"cde2e8f4-a790-405e-a8ca-b736a6798b00","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":202,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"7969305a-9fa3-47b9-ba8d-91a5c5a29794","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":202,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"3c0c8080-66e7-4a27-96c4-f2e0eee9fd63","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":202,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"c88c32ec-6070-4097-bee6-ad6c16d7d472","block_type":"box","text":"e.g.","page_number":202,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"6ac386e6-70ce-4b18-883b-06e4c1006d29","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":202,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"62ecca2f-0569-40eb-8cd5-4c2c2b8fbe63","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":202,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"64fcd984-3261-442c-9dd8-ecb955f522f6","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":202,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"7997eb84-5289-41df-80be-ba8ba74ca467","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":202,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"5e70e3fb-3a08-4a28-8f06-0378b84460b7","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":202,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"e17c38ef-db12-4100-8977-01e191ebf53d","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":202,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"116fa017-c134-4fc9-912e-530a4ba7210b","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":202,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"69f1f55c-5975-4301-b326-69aee0b7e395","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":202,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"7276f1b6-b848-4bae-86e9-e001d3789bc5","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":202,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"6f4b1182-b274-4f45-87f0-79af6aa1d000","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":202,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"6731c775-9ff0-4596-a429-7bb2e7e4e5be","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":202,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"c0244495-adba-4e3e-a5da-79efb7d0d7e4","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":202,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"a0914bfd-2cae-4689-a868-b0363864d4c9","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":202,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"62ab0961-6194-496c-a61c-88fb002cd480","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":202,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"eaff9b4d-d03f-4aa2-95d2-bb0dc41a902b","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":202,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"25db735e-b4f7-4a3f-aa03-7634c1092d17","block_type":"box","text":"Ratings.","page_number":202,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"0887771f-4fe9-42ad-8db3-abb741cbe7a7","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":202,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"15883a20-c4bb-41e1-97f3-5eda363d2d0f","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":202,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"282407c3-0653-4089-a7dd-1763a0f668b2","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":202,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"37f92eb3-9c82-44fc-95dc-10e6b4cb8384","block_type":"box","text":"obligation ratings.","page_number":202,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"258c563f-ba5f-455b-84f9-8fdf598b8880","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":202,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"0d91e354-f304-4862-950d-ac0f698d26ec","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":202,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"ffb6342c-c0a5-4cd7-b062-e53e9ca4d614","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":202,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"eabe461d-9b9e-4a0b-8979-2e690d97be49","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":202,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"48750343-e598-4f58-b5f2-0cb702f1d249","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":202,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"d115fea1-607a-46bd-88f9-ff4174d8eef2","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":202,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"710033b8-cc15-45fa-a9c0-0371b471f48f","block_type":"box","text":"to foreseeable events.","page_number":202,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"6e3d51ea-1f75-42a7-9744-640e75c48717","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":202,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"8f96839b-b64c-4ab2-894d-5db77f126f0a","block_type":"box","text":"financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable","page_number":202,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"103e6906-dbc3-4a1a-a3e5-e15d149d5bed","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":202,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"81b0a791-641b-4471-a7f5-e9f0633b016c","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":202,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"ac330751-2be7-4b53-bbea-84cfb72ed056","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":202,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"ccb0ba7b-f3d8-4977-980e-afb2717ab573","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":202,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"e38329a2-74a6-472d-be9a-e4c8b0a29d94","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, particularly in the event of","page_number":202,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"8b50a8dc-c7b4-4772-8af4-9a2652aaeb7f","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":202,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"a67327e0-e5fa-46eb-9300-a4e21ca5971e","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":202,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"37bb4c4a-d728-4243-b52b-d345a07c0dcf","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":202,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"a26dd19b-043d-4e80-ac5c-73870f73fb46","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":202,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"d13e423b-9673-47bd-a30e-f9bdc3c2d946","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":202,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"f8bdf2f3-93ef-477f-bda0-bb126167c8bc","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":202,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"0e7ce987-4dde-4a82-8ea9-bb2b68987c67","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":202,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"52299bf2-e8f7-42ac-9b19-c153dd6b311b","block_type":"box","text":"relative status within major rating categories.","page_number":202,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"fb60a0fb-9231-4d43-b049-6af0459e3d29","block_type":"box","text":"A-7","page_number":202,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"5f129467-b9c1-41b3-ad22-594dd33851f5","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d39fc5e2-3dab-4424-bc2c-21420143974b","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":203,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"7ea52d50-5940-4ddf-a1a9-05ddcb2d8db3","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the short-term rating","page_number":203,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"c24ed99f-6609-4ffd-b8cc-7f9cba09673a","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":203,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"2463b744-3839-416e-8670-c07e1060218a","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":203,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"81b2b1c4-3852-4f01-8025-25ee5295b802","block_type":"box","text":"A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated","page_number":203,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"a850ef19-c9d0-4e60-aaef-d80648e95819","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":203,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"2c8bade1-6978-4929-8ea6-aafa16c36994","block_type":"box","text":"relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to","page_number":203,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"f8432af2-1a02-4e15-bce9-9b79674009c6","block_type":"box","text":"obligations whose initial maturity is viewed as “short term” based on market convention. Typically, this means up to","page_number":203,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"cd669e70-8815-4478-b319-b29bc8a5b03d","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":203,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"5744eea8-5ee2-49d7-b30f-a2dbd50893d0","block_type":"box","text":"finance markets.","page_number":203,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"9b3a2d5b-bd07-4cb5-9e8e-e45788c99445","block_type":"box","text":"Fitch short-term ratings are as follows:","page_number":203,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"1c5389d6-6535-4b2c-ba62-38a9091f7ec4","block_type":"box","text":"F1 Highest Short-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":203,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"22e41106-cf85-4b1f-9a4a-e0aaaa1db808","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":203,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"5d120a9e-eb62-4d56-85f5-cfa5a091239a","block_type":"box","text":"F2 Good Short-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":203,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"f2d180a1-1752-4635-aac4-d501d86c913c","block_type":"box","text":"commitments.","page_number":203,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"6278e0e4-7a9b-4875-a6b2-a4091a0e5aac","block_type":"box","text":"F3 Fair Short-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":203,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"6071a3dd-d81d-4137-8edc-571a33752ec0","block_type":"box","text":"adequate.","page_number":203,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"fd66de81-f57a-43c7-b720-e1ebc81c3750","block_type":"box","text":"B Speculative Short-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":203,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"58c4ad8d-86d7-44c2-85ac-9b2fc4d2bf68","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":203,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"272e4b5e-045d-4f39-959b-ae8267d9b22e","block_type":"box","text":"economic conditions.","page_number":203,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"c5fa69c8-5956-49b8-a6cf-9f343a00683e","block_type":"box","text":"C High Short-Term Default Risk. Default is a real possibility.","page_number":203,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"9dae3116-69be-47df-adb9-582ac70edb9d","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":203,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"3be70dd6-e792-46e7-9d00-347bb59ddabc","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":203,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"c6ecf26b-eca1-413c-8afc-fce506a82e43","block_type":"box","text":"ratings only.","page_number":203,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"7dc7d6b1-1bc4-48e7-b89a-7a266e56c3ee","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a short-term","page_number":203,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"b351d543-e63b-4cf9-8540-40ddc00819ec","block_type":"box","text":"obligation.","page_number":203,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"7dc8bcb4-adfe-45b6-97f8-1a053637400e","block_type":"box","text":"A-8","page_number":203,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"756fe890-1818-4ca6-9dca-a350bbd25549","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"27e2c7fe-0db2-4dc0-87e9-cdac92fc7abc","block_type":"box","text":"APPENDIX B","page_number":204,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"e2533389-255c-4c12-901a-71178d38148a","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting 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to the","page_number":204,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"6443134e-9c34-4e7f-9b0b-d2b98f7d7e01","block_type":"box","text":"principles outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":204,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"174c06ac-c78b-4b4f-8fd0-807b25e89386","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":204,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"7b3107fb-29ca-4660-a5a5-972f604d4a52","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":204,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"da8f439d-0897-420b-a144-4afd5f2800fc","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":204,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"1c57e654-2bd7-4323-8094-20f36d1b547e","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":204,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"01fde486-de2a-4df0-a14d-0c661c4db06f","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":204,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"f9ab3620-d5ad-4a0e-af99-a96de40910d5","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":204,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"2bbe0bcd-48fc-460b-be71-4d574ae47276","block_type":"box","text":"Conflicts Management","page_number":204,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"7cc41ad0-45e1-4e57-be85-47861e11764f","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":204,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"8506a91c-05bb-4691-ae37-1de93345adc4","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":204,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"0e367e7d-8b9e-400b-ad24-283ff5c0b5fd","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":204,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"ca0b825b-4ba6-4292-b347-0f781da4e9e2","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":204,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"f542914d-90ec-45ba-b5eb-2d5e5523c52a","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":204,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"f35e08dc-f2cb-4689-827e-ef58b7a9ecda","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":204,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"5a057e57-118b-493b-962b-3fff83e91103","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":204,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"6d2a7a05-aff0-4afd-8977-85ff8af6b6ee","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy","page_number":204,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"aa8ce24a-b4f1-493f-9955-d0012258a2b4","block_type":"box","text":"voting recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":204,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"17dab419-bf48-4143-b569-086d00c1cd0f","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":204,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"dcb580f3-4afe-48d6-9aa3-f8472cb19e59","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":204,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"32c4bc3b-276c-4b22-804a-0a4dcec6ea14","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":204,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"4d5ea7a0-817a-4d27-9818-7a1209b719d6","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":204,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"df81ef01-3ebc-41e5-9677-69fc1b34d5b9","block_type":"box","text":"connection with proxy voting.","page_number":204,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"328859fb-902b-46e8-847a-0defe0a01546","block_type":"box","text":"Reports to the Board","page_number":204,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"a9e28228-5278-4862-a094-97fed138375b","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":204,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"8e2105ca-1208-4103-b2af-b5e4a2f22e3d","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all votes","page_number":204,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"b1dd7e5c-8333-43de-9841-81f455f71e2b","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":204,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"6efbc1f9-de9e-47da-9881-f2d5197f6ff6","block_type":"box","text":"changes to conflicts management practices, that have not previously been reported.","page_number":204,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"6b000504-0abe-4138-8a4d-68a1093c70dd","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":204,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"c718dd4b-9164-46c7-89fb-99a07cad58bf","block_type":"box","text":"BlackRock","page_number":204,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"102d738d-0e61-4224-8fb3-aa980cf5fab3","block_type":"box","text":"Public Page 1 of 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3","page_number":207,"box":{"x":161,"y":84,"width":743,"height":9}},{"id":"9a12109f-6d47-4a1b-ab26-eb666a73517c","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":207,"box":{"x":74,"y":101,"width":235,"height":9}},{"id":"50cace8a-0be1-4ac9-95f8-f5e258b2d076","block_type":"box","text":".................................................................... 4","page_number":207,"box":{"x":316,"y":101,"width":588,"height":9}},{"id":"f24afa26-3627-4284-b298-0fc77a2d6b94","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":207,"box":{"x":73,"y":117,"width":424,"height":9}},{"id":"6c846d45-a359-4105-aee0-00a3468f77cc","block_type":"box","text":"............................................. 4","page_number":207,"box":{"x":504,"y":117,"width":400,"height":9}},{"id":"945d1cec-a617-4876-9989-485018e7ba96","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE 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. . . . . . . . 10","page_number":207,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"82e3ff92-22e9-4a19-a557-2a5e0f63ad08","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":207,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"2755a969-5fb2-4836-ae76-567ea553c07c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":207,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"de1ff046-1de1-43c3-919d-8c33063a19f2","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":207,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"de160072-8d23-42f0-9433-c5ffa7c8d5fa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":208,"box":{"x":101,"y":64,"width":760,"height":11}},{"id":"a041a485-c92c-4b8c-9a20-f4d94652c2cb","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":208,"box":{"x":69,"y":78,"width":785,"height":11}},{"id":"3999c6f6-c482-4433-9998-7aff162d12af","block_type":"box","text":"issuers. BAIS works in partnership with BlackRock’s investment teams, excluding index equity, providing expertise on","page_number":208,"box":{"x":70,"y":93,"width":835,"height":11}},{"id":"de9a296b-d079-4d07-bca2-57c30b524a77","block_type":"box","text":"investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in","page_number":208,"box":{"x":70,"y":107,"width":792,"height":12}},{"id":"080a05be-0a67-43a2-b988-3a7f32b15526","block_type":"box","text":"recommending, operationalizing and reporting on voting decisions. The guidance informs BAIS’ voting","page_number":208,"box":{"x":69,"y":122,"width":722,"height":11}},{"id":"77b0391d-ea50-4b59-aa3a-d7768ef9962f","block_type":"box","text":"recommendations to BlackRock’s active portfolio managers. It applies to active equity holdings in BlackRock’s","page_number":208,"box":{"x":69,"y":137,"width":787,"height":11}},{"id":"c5f7226d-95d7-490d-9ba6-c313078c18dd","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in","page_number":208,"box":{"x":68,"y":151,"width":760,"height":12}},{"id":"3863c77b-90cf-41ca-9bc0-c96c331219df","block_type":"box","text":"BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct","page_number":208,"box":{"x":70,"y":166,"width":834,"height":11}},{"id":"7d06ac66-4e5b-4bfb-876b-30d8fa71d340","block_type":"box","text":"issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they","page_number":208,"box":{"x":70,"y":180,"width":830,"height":12}},{"id":"e27bbbea-958b-499a-9972-303e4979c22b","block_type":"box","text":"integrate these guidelines within their investment processes in light of their clients’ or funds’ investment objectives.","page_number":208,"box":{"x":70,"y":195,"width":825,"height":11}},{"id":"a14a085d-a13e-4287-a317-e154e0134e37","block_type":"box","text":"There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":208,"box":{"x":68,"y":210,"width":804,"height":11}},{"id":"48016ded-e22f-459d-a9fc-bd724d583ffd","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":208,"box":{"x":69,"y":224,"width":675,"height":11}},{"id":"a887dd0d-f6c0-43bb-8871-c03777fddd19","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"65819b19-f121-490c-8971-e7146684def9","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":208,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"20cb7923-a354-4500-8a32-f21ad0761081","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf46c064-8790-421e-bff0-2501ea042e95","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":209,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"347187ef-4e6c-442b-a7b5-1ad8ff7348ec","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on","page_number":209,"box":{"x":102,"y":63,"width":775,"height":12}},{"id":"f3a1332f-a25d-4e7c-9583-196176a3ff46","block_type":"box","text":"behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and","page_number":209,"box":{"x":69,"y":78,"width":798,"height":12}},{"id":"f9ffe8ca-aa07-4129-a057-f355f80f43c6","block_type":"box","text":"regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers,","page_number":209,"box":{"x":69,"y":93,"width":817,"height":12}},{"id":"a3cbdcd6-bccd-45f8-917e-d2d36a593027","block_type":"box","text":"and other financial institutions, as well as individuals around the world.","page_number":209,"box":{"x":69,"y":108,"width":506,"height":11}},{"id":"ace147e0-972f-465a-9e57-2d5454fa57c2","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":209,"box":{"x":277,"y":138,"width":424,"height":9}},{"id":"b154a34d-fe1a-4a3d-9076-df1bfd69468d","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and","page_number":209,"box":{"x":102,"y":157,"width":804,"height":11}},{"id":"93b02346-ac42-46eb-ac01-6918f4711565","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":209,"box":{"x":69,"y":172,"width":826,"height":11}},{"id":"91a6976e-2abe-4e71-beb2-e6d2154def1f","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":209,"box":{"x":70,"y":187,"width":783,"height":11}},{"id":"59258709-8c34-4f4f-8ef3-3350676ef4ec","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active","page_number":209,"box":{"x":69,"y":202,"width":834,"height":11}},{"id":"b888c52f-0d3e-4550-b3d6-1bc18d719e83","block_type":"box","text":"investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at","page_number":209,"box":{"x":70,"y":216,"width":779,"height":12}},{"id":"eb6c0c45-034c-497b-823a-5d36e4319de0","block_type":"box","text":"shareholder meetings.","page_number":209,"box":{"x":69,"y":232,"width":158,"height":11}},{"id":"6a4bb7f7-abbe-4212-b3bd-d1fca04d5287","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":209,"box":{"x":102,"y":250,"width":789,"height":11}},{"id":"3113abf2-58c6-41f9-ae4b-80cad2cbcea2","block_type":"box","text":"investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":209,"box":{"x":70,"y":265,"width":815,"height":11}},{"id":"5dc6abed-9a52-473d-a7ea-6c3593ec201e","block_type":"box","text":"manage risks and opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and","page_number":209,"box":{"x":69,"y":280,"width":827,"height":11}},{"id":"41989830-3918-46f2-8c0d-2b20c6ca6fa9","block_type":"box","text":"stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a","page_number":209,"box":{"x":69,"y":295,"width":771,"height":11}},{"id":"3146d6f5-ab62-482f-a642-6e5290195815","block_type":"box","text":"company’s success over time including governance and leadership, corporate strategy, capital structure and financial","page_number":209,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"41f95673-d2c1-45d7-8aa2-0111b0a2d12f","block_type":"box","text":"performance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector","page_number":209,"box":{"x":70,"y":324,"width":771,"height":12}},{"id":"26a304ca-136f-4119-b40b-940ad99a327b","block_type":"box","text":"dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track","page_number":209,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"1aaaa03c-db35-4422-9b25-d07b701f75d7","block_type":"box","text":"record of financial value creation. We aim to build and maintain strong relationships with company leadership based","page_number":209,"box":{"x":69,"y":354,"width":826,"height":11}},{"id":"f89d4ebf-d3ee-413c-963d-b3758a417375","block_type":"box","text":"on open dialogue and mutual respect.","page_number":209,"box":{"x":69,"y":369,"width":269,"height":11}},{"id":"7451edd8-73b9-4a3c-bfd6-8450646d49fe","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":209,"box":{"x":102,"y":387,"width":780,"height":12}},{"id":"34ed1939-b293-48a9-80de-c9ae1dd9df2d","block_type":"box","text":"the portfolio manager has to make independent voting decisions aligned with their portfolio objectives and","page_number":209,"box":{"x":68,"y":402,"width":759,"height":12}},{"id":"1b3dd778-6551-4f70-adf4-7e28b0fd54c9","block_type":"box","text":"investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in","page_number":209,"box":{"x":70,"y":417,"width":785,"height":12}},{"id":"049a2657-7e4b-4387-8e51-46e919f2b0f4","block_type":"box","text":"accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers,","page_number":209,"box":{"x":69,"y":432,"width":809,"height":11}},{"id":"1f24c78f-0c0a-4443-952a-79b14b048b55","block_type":"box","text":"who may determine to vote differently based on their portfolio investment objectives and strategy.","page_number":209,"box":{"x":68,"y":447,"width":698,"height":11}},{"id":"3ed7ff8a-6d09-4670-8ad9-e6368387e02d","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and","page_number":209,"box":{"x":101,"y":466,"width":780,"height":11}},{"id":"8fe5b1a7-800c-464b-bd2d-2892e18f6659","block_type":"box","text":"board directors","page_number":209,"box":{"x":69,"y":481,"width":107,"height":8}},{"id":"48389969-d09b-4b2b-8ba9-b421b697c76f","block_type":"box","text":"1","page_number":209,"box":{"x":177,"y":481,"width":4,"height":4}},{"id":"9080b471-d613-4465-bf2d-8a51a5342ca5","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":209,"box":{"x":187,"y":481,"width":663,"height":11}},{"id":"3abe8807-5cf0-492e-afa7-f83c5214278e","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":209,"box":{"x":68,"y":495,"width":833,"height":12}},{"id":"d762cf40-b634-451e-ad06-3349c963ecff","block_type":"box","text":"governance that support a company’s ability to manage material risks and opportunities and deliver financial returns","page_number":209,"box":{"x":68,"y":510,"width":833,"height":12}},{"id":"0042cb6b-3eaa-4e7a-bbdf-0761502e7c72","block_type":"box","text":"to investors. Generally, we believe companies should observe accepted corporate governance norms within their local","page_number":209,"box":{"x":68,"y":525,"width":839,"height":11}},{"id":"20008843-3cd3-437d-a250-2e4a6773891b","block_type":"box","text":"markets or, particularly in markets without well-established norms, aspire to widely recognized international best","page_number":209,"box":{"x":69,"y":540,"width":802,"height":11}},{"id":"935ce57a-5d08-461a-8445-1d317a3e0a27","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s","page_number":209,"box":{"x":70,"y":555,"width":786,"height":11}},{"id":"a2fee229-0068-43c3-ab1c-9635876dbbc7","block_type":"box","text":"strategy or its implementation. We look to companies to provide disclosures that explain how their approach to","page_number":209,"box":{"x":69,"y":570,"width":790,"height":11}},{"id":"47ef8c4c-6199-45d3-8be2-2bea98240b56","block_type":"box","text":"corporate governance best aligns with the financial interests of their investors.","page_number":209,"box":{"x":69,"y":584,"width":559,"height":12}},{"id":"6096dea0-79b3-480e-a847-f9533972b301","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":209,"box":{"x":263,"y":615,"width":451,"height":10}},{"id":"a0217519-8a40-4f57-989e-906e58d11736","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to","page_number":209,"box":{"x":101,"y":633,"width":799,"height":12}},{"id":"27af49d6-5c0f-4491-b9ec-9163e0da3516","block_type":"box","text":"vote on proposals put forth by a company’s management or its shareholders. The voting rights attached to these","page_number":209,"box":{"x":68,"y":648,"width":806,"height":12}},{"id":"13cbcea5-422e-421a-b842-44bbf3598660","block_type":"box","text":"clients’ holdings are an important mechanism for investors to express support for, or concern about, a company’s","page_number":209,"box":{"x":69,"y":663,"width":814,"height":11}},{"id":"3a381b9e-ba71-49ad-8fd2-1eec8541b875","block_type":"box","text":"performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients","page_number":209,"box":{"x":70,"y":678,"width":819,"height":11}},{"id":"500ca53e-679a-4520-9bb9-c4051879c021","block_type":"box","text":"who have delegated voting authority to us, in a manner that is consistent with their investment objectives.","page_number":209,"box":{"x":68,"y":693,"width":755,"height":11}},{"id":"13b21656-198c-49b3-bd4c-fcc2b32fe687","block_type":"box","text":"In general, we tend to support the recommendations of the board of directors and management. As indicated","page_number":209,"box":{"x":102,"y":711,"width":778,"height":12}},{"id":"13af21ac-3ca2-4e32-aa87-eb1ea0b63d88","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":209,"box":{"x":69,"y":727,"width":788,"height":11}},{"id":"a2b5c177-1206-4a6a-9be0-58a1df4c37f9","block_type":"box","text":"serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting","page_number":209,"box":{"x":69,"y":741,"width":822,"height":12}},{"id":"18e331f1-23e9-4e35-bdc8-abce73900d7a","block_type":"box","text":"but consider the different corporate governance regulations and norms in various markets. Votes are determined on","page_number":209,"box":{"x":69,"y":756,"width":826,"height":11}},{"id":"630f607b-27d0-4d73-8499-d5f3d5ef5139","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":209,"box":{"x":69,"y":771,"width":800,"height":11}},{"id":"496175d6-74f5-4e49-94e3-fe806c702aeb","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":209,"box":{"x":69,"y":786,"width":819,"height":11}},{"id":"5c7917cb-60ee-453a-9531-2c80797d8856","block_type":"box","text":"stewardship responsibilities.","page_number":209,"box":{"x":69,"y":801,"width":202,"height":11}},{"id":"d2317053-35a4-4f2f-9c24-e10661c9f1e1","block_type":"box","text":"1","page_number":209,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"5ae20431-6c14-46f8-be95-19280fb80811","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":209,"box":{"x":79,"y":830,"width":801,"height":11}},{"id":"5e514838-1f64-45a2-806d-a495265c5e07","block_type":"box","text":"boards and their members, where relevant.","page_number":209,"box":{"x":69,"y":845,"width":306,"height":11}},{"id":"f248310e-df14-4d17-9164-74b687c84311","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"35784973-5cd6-4016-a9b5-d235685a7ff3","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":209,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"7b708f94-6097-44fc-8b1e-bc8df13e80ee","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2332a2f0-935e-4320-907f-ddced64a6387","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":210,"box":{"x":272,"y":45,"width":434,"height":9}},{"id":"13dc9d76-ec0d-40df-9ac0-2e023f3bd39c","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":210,"box":{"x":101,"y":63,"width":788,"height":12}},{"id":"e16e283e-3084-48dc-a0f3-d210bbeabb70","block_type":"box","text":"component of fixed income investment strategies at BlackRock, particularly those with sustainability objectives in","page_number":210,"box":{"x":69,"y":78,"width":808,"height":12}},{"id":"485800d7-cb20-4755-92c1-d6cf660eb5e2","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in","page_number":210,"box":{"x":69,"y":93,"width":801,"height":12}},{"id":"fdb0f94c-edb1-4cf8-9181-2bb57fae18b6","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":210,"box":{"x":69,"y":108,"width":824,"height":11}},{"id":"d56b690e-233f-4dca-b0e5-c56ecc9d4d1f","block_type":"box","text":"listed below, engagement with fixed income investment teams can help inform an issuer’s approach to structuring","page_number":210,"box":{"x":70,"y":123,"width":813,"height":11}},{"id":"35066ef7-0126-4d57-b7c7-5be0cc74c333","block_type":"box","text":"specialist issuances, such as green bonds, and the standard terms and information in bond documentation.","page_number":210,"box":{"x":69,"y":138,"width":772,"height":11}},{"id":"17a7b41c-dbaa-4185-ad86-9029e9172219","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1a7b1621-9b33-400f-9e34-8a9d1027f724","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":210,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"6b064eb1-c805-4675-b8ca-b9c083601fff","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"befc663c-eb5c-4d69-af63-0df9299f35af","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":211,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"c9b9a895-f7d7-4e34-bdf8-a12687c2c683","block_type":"box","text":"Roles and responsibilities","page_number":211,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"45c5c381-d7c9-4706-a911-91a992702eb9","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":211,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"2417a6f5-111d-4a7c-89d2-734fbda15839","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":211,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"c3d15236-1da9-4744-bd0c-8e6db451ca04","block_type":"box","text":"2","page_number":211,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"c16ff5fc-76e5-463e-a80e-4b7b66890d33","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":211,"box":{"x":101,"y":119,"width":760,"height":12}},{"id":"7e688b54-e108-4939-9d68-08ce7c16cd60","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":211,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"15227afe-4738-4de1-9a9b-78e5cd191e34","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":211,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"5d0b69db-02b4-435b-8876-caa8ee4a9d33","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":211,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"6863ee10-8741-4d44-9c84-1e94c58cb34a","block_type":"box","text":"performance over time.","page_number":211,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"4230f966-20d3-436d-bfe8-051d43c94cf8","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures","page_number":211,"box":{"x":102,"y":198,"width":795,"height":11}},{"id":"bd5b5fec-e2a0-49c6-9232-1c0569c12f02","block_type":"box","text":"are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":211,"box":{"x":69,"y":213,"width":669,"height":11}},{"id":"7e3d21e8-d05e-4548-9432-1e61d8115fd2","block_type":"box","text":"One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":211,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"1bc87719-45b7-488f-a510-0ae9e115f56b","block_type":"box","text":"executive officer (CEO). In addition, the board plays a meaningful role in monitoring the performance of the CEO and","page_number":211,"box":{"x":69,"y":246,"width":827,"height":11}},{"id":"bea2a647-4c78-48ff-84fd-e47f85f1b57f","block_type":"box","text":"other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution","page_number":211,"box":{"x":69,"y":261,"width":823,"height":11}},{"id":"c37637cb-fc31-45f3-9fd4-a2f94d242479","block_type":"box","text":"and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":211,"box":{"x":69,"y":276,"width":669,"height":11}},{"id":"a9dc33d6-2adf-461f-a4a7-78178de7e785","block_type":"box","text":"Composition and effectiveness","page_number":211,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"27848214-a9bd-43ce-80be-8a4fa84ab237","block_type":"box","text":"Appointment process","page_number":211,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"0691d90e-2fb1-44a0-8877-cbfb04537f9f","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":211,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"2e8cdc2b-05f1-4574-be8f-8004d1fe1df8","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":211,"box":{"x":69,"y":350,"width":795,"height":11}},{"id":"ddd30243-ae10-4217-9e41-cfcbd2e5a3fa","block_type":"box","text":"should determine the general criteria given the company’s circumstances (","page_number":211,"box":{"x":69,"y":365,"width":531,"height":11}},{"id":"d3c82ced-238d-4a04-9c3f-a8a7aac095c4","block_type":"box","text":"e.g.","page_number":211,"box":{"x":602,"y":367,"width":25,"height":9}},{"id":"f8860488-0282-4b32-bc0a-23653d60773e","block_type":"box","text":", sector, maturity, geographic footprint)","page_number":211,"box":{"x":630,"y":365,"width":273,"height":11}},{"id":"5c801b10-768b-46ef-bc5a-c28eb93fa0f8","block_type":"box","text":"and any additional criteria for a specific role being filled (","page_number":211,"box":{"x":69,"y":380,"width":404,"height":11}},{"id":"36a1604e-b233-4c83-93f7-f75c261041ff","block_type":"box","text":"e.g.","page_number":211,"box":{"x":474,"y":381,"width":25,"height":10}},{"id":"13770588-da2f-4613-8b9b-5717f487387e","block_type":"box","text":", financial expertise, industry track record). To inform the","page_number":211,"box":{"x":502,"y":380,"width":405,"height":11}},{"id":"622da8e3-c2bb-4013-b4da-dd125117338c","block_type":"box","text":"process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and","page_number":211,"box":{"x":70,"y":395,"width":836,"height":11}},{"id":"00dca5d8-3773-4e16-a7fa-36a706ed6a2a","block_type":"box","text":"whether a director candidate’s characteristics would be additive. We welcome disclosures that explain how the board","page_number":211,"box":{"x":68,"y":410,"width":834,"height":11}},{"id":"edf136b0-d81b-4b6a-abca-b9c6bbed3e94","block_type":"box","text":"considered different skills, backgrounds and experience to ensure the directors collectively can be effective in","page_number":211,"box":{"x":69,"y":425,"width":785,"height":11}},{"id":"ba633f7c-a756-456d-9a2d-c6d181692c00","block_type":"box","text":"fulfilling their responsibilities. We assess a company’s board composition against that of its peer group and local","page_number":211,"box":{"x":68,"y":439,"width":807,"height":12}},{"id":"b1f30dcc-d74b-4c61-bc43-f9670004f187","block_type":"box","text":"market requirements.","page_number":211,"box":{"x":69,"y":455,"width":152,"height":10}},{"id":"f88ade5c-4c52-4f5f-936a-8c4d713d8de1","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote","page_number":211,"box":{"x":102,"y":473,"width":763,"height":11}},{"id":"7118ce8e-0561-4da3-a4c6-0b4365d4ae01","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a","page_number":211,"box":{"x":69,"y":488,"width":772,"height":11}},{"id":"f9441a83-fa63-4ce2-806e-30c2682f5c2e","block_type":"box","text":"company has not demonstrated it has an appointment process that results in a high functioning board with the","page_number":211,"box":{"x":69,"y":503,"width":790,"height":11}},{"id":"ae56ee76-8d76-42b4-aa8f-d748199c8193","block_type":"box","text":"appropriate complement of skills, backgrounds and experience amongst the directors to support strong financial","page_number":211,"box":{"x":69,"y":517,"width":801,"height":12}},{"id":"39220032-e93d-4956-a1d8-b3efac170a0a","block_type":"box","text":"performance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":211,"box":{"x":70,"y":532,"width":808,"height":12}},{"id":"352fc3ad-3d53-40f9-a552-5b85c99687bc","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":211,"box":{"x":69,"y":547,"width":442,"height":11}},{"id":"e9a37590-5e31-4611-81ea-3cbc1bae7514","block_type":"box","text":"Independence","page_number":211,"box":{"x":70,"y":570,"width":99,"height":11}},{"id":"28f218c7-6700-4831-9fed-9ac1dec9f43e","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":211,"box":{"x":102,"y":588,"width":642,"height":12}},{"id":"ccee6ed1-9e06-4e27-82ae-25b8febcf142","block_type":"box","text":"e.g.","page_number":211,"box":{"x":746,"y":590,"width":25,"height":10}},{"id":"cef2fc1f-4b3c-4982-bbe6-012b376e9f94","block_type":"box","text":", government or","page_number":211,"box":{"x":773,"y":589,"width":111,"height":11}},{"id":"52fed591-51aa-478c-a3ac-c068a692886f","block_type":"box","text":"employees) is of paramount importance to the protection of the interests of minority shareholders such as","page_number":211,"box":{"x":69,"y":603,"width":759,"height":11}},{"id":"c431ede3-459a-492e-8024-310849ad902c","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":211,"box":{"x":70,"y":618,"width":826,"height":11}},{"id":"8a981a4d-3e9a-47ad-8c66-58ba35c1f918","block_type":"box","text":"influence.","page_number":211,"box":{"x":70,"y":633,"width":66,"height":9}},{"id":"39af0eb9-b633-44ad-b032-efeee55347bc","block_type":"box","text":"3","page_number":211,"box":{"x":138,"y":633,"width":4,"height":5}},{"id":"40326e59-f39b-46cf-a277-dc338d1f276a","block_type":"box","text":"This ensures sufficient independent directors to have appropriately independent board committees.","page_number":211,"box":{"x":148,"y":633,"width":709,"height":11}},{"id":"758971dc-682d-4143-b334-30f0e71ed36d","block_type":"box","text":"Companies domiciled in markets with a higher threshold for board independence should meet those requirements.","page_number":211,"box":{"x":69,"y":648,"width":816,"height":11}},{"id":"1cc4713c-eee1-49c0-8868-a7056cd5d17b","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":211,"box":{"x":101,"y":666,"width":803,"height":12}},{"id":"4b8b6161-79cd-4fc7-bf80-24d1edd3775c","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":211,"box":{"x":70,"y":681,"width":748,"height":12}},{"id":"2747b7d2-48fe-4bf5-b1a2-974718c22fcc","block_type":"box","text":"composition if this is a perennial issue.","page_number":211,"box":{"x":69,"y":696,"width":280,"height":11}},{"id":"6c15001b-9229-49c2-ac1d-2ba10bc636b1","block_type":"box","text":"Independent board leadership","page_number":211,"box":{"x":70,"y":719,"width":212,"height":11}},{"id":"c99c7fc0-ee10-4a4c-a9a6-e7863117f1d8","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":211,"box":{"x":102,"y":737,"width":784,"height":11}},{"id":"dacd0e95-719e-4e99-97f2-0189cc6f1cc4","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":211,"box":{"x":69,"y":752,"width":827,"height":11}},{"id":"2653b872-3ec8-4610-9342-1da2d0435ab6","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":211,"box":{"x":68,"y":767,"width":774,"height":11}},{"id":"a36908e8-bc34-4142-a346-802169edc929","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":211,"box":{"x":69,"y":782,"width":826,"height":11}},{"id":"dfd627a0-4c94-4730-a484-7cac12df8a0d","block_type":"box","text":"2","page_number":211,"box":{"x":69,"y":811,"width":4,"height":5}},{"id":"5fedb28e-b930-41aa-972a-38617b6e7adb","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":211,"box":{"x":79,"y":811,"width":762,"height":11}},{"id":"35448476-527c-4e78-a181-c550ec8b97a4","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":211,"box":{"x":70,"y":826,"width":394,"height":11}},{"id":"bae1cfec-ab73-478a-a94b-9cff73a11c7c","block_type":"box","text":"3","page_number":211,"box":{"x":69,"y":844,"width":4,"height":5}},{"id":"e083deba-44cb-4d1c-a71f-2741270560b2","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":211,"box":{"x":79,"y":844,"width":795,"height":11}},{"id":"4e63ecb5-5c36-42d3-a2b7-a3f670cb3778","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":211,"box":{"x":69,"y":859,"width":793,"height":11}},{"id":"3d5b182d-21ee-4a97-9853-149d39bd2289","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could,","page_number":211,"box":{"x":70,"y":874,"width":826,"height":11}},{"id":"1045c342-eba1-451a-b9d3-5ef7b20b9f4e","block_type":"box","text":"or could reasonably be perceived to, materially interfere with a director’s ability to act in the best interests of the","page_number":211,"box":{"x":69,"y":889,"width":805,"height":11}},{"id":"9f424ca3-af21-4c53-86a8-5f8f68d7f693","block_type":"box","text":"company and shareholders.","page_number":211,"box":{"x":69,"y":905,"width":195,"height":10}},{"id":"a586bbf8-abf0-4786-8c45-23f0b7c7b22f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"64ccdb85-54ce-48f1-a936-ea98fa87e10d","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":211,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"941a5ebb-0842-45bc-9cdc-f5374e40a37f","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dfb4c267-8b79-4c83-ba36-33c34bbd1c7a","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":212,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"76e3ee8a-55e7-47bd-964f-de7f07e2eb1d","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":212,"box":{"x":69,"y":59,"width":823,"height":12}},{"id":"8c935d95-5dac-4ec9-9cf8-079351749a2e","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":212,"box":{"x":68,"y":74,"width":839,"height":12}},{"id":"f6c1d2bf-5ecd-423e-ac93-0a917a12491c","block_type":"box","text":"succession, executive pay, and board performance. We look to boards to explain their independent board leadership","page_number":212,"box":{"x":69,"y":89,"width":830,"height":11}},{"id":"ecc80506-9c0a-4dee-9107-6ac17d9acaac","block_type":"box","text":"model and how it serves the interests of shareholders.","page_number":212,"box":{"x":69,"y":104,"width":391,"height":9}},{"id":"136affb3-38d2-4480-a36f-502737524d88","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":212,"box":{"x":101,"y":123,"width":798,"height":11}},{"id":"2852076e-36cc-43ad-9dd4-2db82f240e6e","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board performance. We may vote against","page_number":212,"box":{"x":69,"y":138,"width":831,"height":11}},{"id":"bc7f40c0-83cc-4658-ae00-84b374ae52bf","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":212,"box":{"x":68,"y":152,"width":691,"height":12}},{"id":"58d86971-ea9f-4262-8566-9122417bff50","block_type":"box","text":"Tenure and succession","page_number":212,"box":{"x":70,"y":175,"width":162,"height":9}},{"id":"c9fb2946-7b5f-401d-8765-b3cc76740e29","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":212,"box":{"x":102,"y":193,"width":783,"height":12}},{"id":"49e66b27-b134-4b5b-bc5a-1e614c2e3678","block_type":"box","text":"norms where those exist. In such markets, we find it helpful when companies disclose their approach to director","page_number":212,"box":{"x":69,"y":208,"width":802,"height":11}},{"id":"cae80951-fdf4-4561-bb80-631456d96148","block_type":"box","text":"tenure particularly around the contributions of directors who have served for longer periods than provided for in local","page_number":212,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"c859fc8f-1dd7-4ab5-9154-1e20b66c7c85","block_type":"box","text":"practices. In our experience, long-serving directors could become less independent given their relationship with","page_number":212,"box":{"x":70,"y":238,"width":790,"height":11}},{"id":"c9822e56-bfcb-44ba-8cd9-38551396b924","block_type":"box","text":"management and involvement in past board decisions.","page_number":212,"box":{"x":69,"y":253,"width":389,"height":11}},{"id":"bfe6a60d-d20d-4fdc-a4f4-e64d2765a2e7","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":212,"box":{"x":102,"y":272,"width":779,"height":11}},{"id":"a173e5ef-c9aa-4e35-974e-77298ea62289","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and expertise with continuity through the","page_number":212,"box":{"x":68,"y":286,"width":777,"height":12}},{"id":"ec9e6c80-f166-4229-87a9-f31e493f16c4","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":212,"box":{"x":69,"y":301,"width":528,"height":12}},{"id":"9577439c-1cfd-4192-9771-300444fe4404","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":212,"box":{"x":102,"y":320,"width":796,"height":11}},{"id":"16387674-7a97-4a47-ba18-985d2b381dff","block_type":"box","text":"the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and","page_number":212,"box":{"x":68,"y":335,"width":819,"height":11}},{"id":"af00fac8-6b92-47fe-a47c-bbd3c0e5d57e","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":212,"box":{"x":69,"y":350,"width":797,"height":11}},{"id":"f0d4e9ee-e8bf-4e0a-96e1-80585e0543ea","block_type":"box","text":"markets with specific guidance, where the case for their continued service is not evident.","page_number":212,"box":{"x":69,"y":365,"width":635,"height":11}},{"id":"a2fa87d6-dfe8-4c00-9162-32141e94f169","block_type":"box","text":"Capacity","page_number":212,"box":{"x":70,"y":387,"width":60,"height":11}},{"id":"2a2c90e8-00e1-47e2-990d-7f50391c7a4f","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should","page_number":212,"box":{"x":101,"y":406,"width":772,"height":11}},{"id":"eb6dd506-6286-43d2-8f72-da832ee22d46","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":212,"box":{"x":69,"y":420,"width":810,"height":12}},{"id":"1197d16c-5922-4e2d-9c1c-7e82d98e7c95","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in","page_number":212,"box":{"x":69,"y":436,"width":756,"height":11}},{"id":"74aded5e-a291-48de-a600-52377206c5ca","block_type":"box","text":"responsibilities and required time commitment but note that they are generally more intensive than a standard","page_number":212,"box":{"x":69,"y":450,"width":788,"height":12}},{"id":"8f8de5fa-68d4-43c9-937c-19fc5e1a7836","block_type":"box","text":"directorship. We will take local norms and practices into consideration when making our voting determinations across","page_number":212,"box":{"x":69,"y":465,"width":837,"height":11}},{"id":"ceea3d63-1d9f-4f63-a749-c77b665cf7fb","block_type":"box","text":"markets.","page_number":212,"box":{"x":69,"y":480,"width":61,"height":9}},{"id":"9d5669e1-5496-4d14-b14b-30faa6e7644b","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":212,"box":{"x":101,"y":499,"width":772,"height":11}},{"id":"829e0521-aac6-4bbe-b7b8-0f6c7bb91429","block_type":"box","text":"their duties to the board and company.","page_number":212,"box":{"x":68,"y":514,"width":275,"height":11}},{"id":"07eafde7-6d54-4dac-a6ee-0baa05f6bcac","block_type":"box","text":"Director elections","page_number":212,"box":{"x":70,"y":536,"width":124,"height":9}},{"id":"30ec5f6a-e301-4a77-9b32-88456b65e49a","block_type":"box","text":"In support of director accountability to shareholders, directors should stand for election on a regular basis,","page_number":212,"box":{"x":102,"y":555,"width":761,"height":11}},{"id":"02ee7d65-67a6-40ef-b625-075e1f4db3a2","block_type":"box","text":"ideally annually. A classified board structure may be justified by a company when it needs consistency and stability","page_number":212,"box":{"x":70,"y":569,"width":817,"height":12}},{"id":"2ae6d276-e6b6-423c-8f31-ef69f527a748","block_type":"box","text":"during a time of transition, or on the basis of its business model,","page_number":212,"box":{"x":69,"y":584,"width":463,"height":12}},{"id":"045b4950-c556-4983-8829-967e0f8a2b5a","block_type":"box","text":"e.g.","page_number":212,"box":{"x":540,"y":586,"width":24,"height":10}},{"id":"6edff80d-8719-4775-a22d-0d4a4b824af2","block_type":"box","text":", a non-operating company such as closed-end","page_number":212,"box":{"x":567,"y":585,"width":328,"height":11}},{"id":"87065c49-0e85-47e7-b56d-94d1cc5f894f","block_type":"box","text":"funds.","page_number":212,"box":{"x":68,"y":599,"width":43,"height":9}},{"id":"012736f8-681c-4303-809d-2b8b8c4ff037","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled","page_number":212,"box":{"x":102,"y":618,"width":774,"height":11}},{"id":"a090b666-ed72-4c9d-bc45-59b855ca1f3a","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":212,"box":{"x":69,"y":633,"width":770,"height":11}},{"id":"fb6afca4-6e28-44a1-9e91-ea04d49ca182","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will not support the election of directors whose names","page_number":212,"box":{"x":69,"y":647,"width":830,"height":12}},{"id":"ec1f3436-c426-418d-8dad-7916bf2208dc","block_type":"box","text":"and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":212,"box":{"x":69,"y":662,"width":713,"height":12}},{"id":"f646c30c-1c6e-435f-b192-049fd02c34eb","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":212,"box":{"x":102,"y":681,"width":743,"height":11}},{"id":"9ac8bb3f-21c4-4237-ac82-52419d22504f","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":212,"box":{"x":69,"y":696,"width":823,"height":11}},{"id":"18d58b11-b9e4-4abe-a473-6df3707fd7fd","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":212,"box":{"x":68,"y":711,"width":377,"height":11}},{"id":"3767d2f1-32a9-4bf7-85f1-36297e75dda1","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":212,"box":{"x":101,"y":729,"width":798,"height":12}},{"id":"ff75f340-f662-4cf8-aa91-8f32769b7c44","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":212,"box":{"x":69,"y":744,"width":822,"height":12}},{"id":"9ccd1fc2-16ff-4d46-afd4-05fafb0c58f8","block_type":"box","text":"part of a single slate if we have concerns about the profile or performance of an individual director.","page_number":212,"box":{"x":70,"y":759,"width":706,"height":11}},{"id":"fdc8b27b-632c-43c7-aed0-6f5fdf119e44","block_type":"box","text":"Committees","page_number":212,"box":{"x":70,"y":782,"width":84,"height":9}},{"id":"5f2940cd-1849-4cd4-8a5f-0f88dd4f529d","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":212,"box":{"x":102,"y":800,"width":766,"height":11}},{"id":"036245e0-d9b0-4864-b402-399525b54675","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":212,"box":{"x":68,"y":815,"width":776,"height":11}},{"id":"9d7c10a7-0e28-4826-82df-db02ffcd69d2","block_type":"box","text":"companies what committees they should establish but we seek to understand the board’s rationale for the","page_number":212,"box":{"x":69,"y":830,"width":762,"height":11}},{"id":"b62d5089-2ecc-43a1-82b1-067c10f9e41b","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":212,"box":{"x":69,"y":845,"width":759,"height":11}},{"id":"f2d14d8e-0320-43b5-88c9-a11795fd0387","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":212,"box":{"x":69,"y":860,"width":804,"height":11}},{"id":"2206c21e-e05c-4cc2-95b6-b2c9f59f48b3","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":212,"box":{"x":69,"y":874,"width":834,"height":12}},{"id":"19d3ca67-ba35-48d4-bceb-b6a0af0c16ac","block_type":"box","text":"the structure, membership, proportion of independent directors, and responsibilities of each committee. The","page_number":212,"box":{"x":68,"y":889,"width":776,"height":11}},{"id":"9ca76461-b03f-4b9d-87f8-542115f6d122","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":212,"box":{"x":69,"y":904,"width":636,"height":12}},{"id":"b3173c54-4b5b-4169-8d9d-873d9f5c2140","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"43e2eb1f-a932-409e-ae98-9fc607dcb61f","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":212,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"00d4a8c6-f78c-41eb-99c2-7b4b7ae64ae0","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ad07212d-af9e-4479-953e-b6b180ef5151","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"9cca874f-582f-40ac-ab10-4c0769af12b1","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and","page_number":213,"box":{"x":101,"y":45,"width":722,"height":11}},{"id":"d263a83a-dfe7-465c-b611-874a2d3911f9","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":213,"box":{"x":101,"y":60,"width":771,"height":11}},{"id":"f362f00e-aff8-43c8-b918-f21160e77c89","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":213,"box":{"x":102,"y":74,"width":335,"height":12}},{"id":"6a0bacaf-4946-4743-bb26-48ad3338e8e4","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":95,"width":6,"height":4}},{"id":"d2339721-adae-4304-a12c-d561edef55b6","block_type":"box","text":"Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":213,"box":{"x":102,"y":92,"width":802,"height":11}},{"id":"18fc51c5-b75d-4ded-81ea-df8f9557940b","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":213,"box":{"x":102,"y":107,"width":791,"height":11}},{"id":"4d89ef7c-9c25-4925-b4b6-a2ed51ea89e8","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":213,"box":{"x":102,"y":121,"width":781,"height":12}},{"id":"c8c983be-e029-41b3-83ba-0ca90ddc67ea","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":213,"box":{"x":102,"y":137,"width":459,"height":11}},{"id":"1af09dfe-ecb2-4da8-b6e8-5f63aade156b","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":157,"width":6,"height":4}},{"id":"1d6b88cc-7a5e-41d6-b5bf-34617b6b9be9","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":213,"box":{"x":102,"y":154,"width":796,"height":11}},{"id":"7b40a620-d29e-416f-a607-d54b86d4fab2","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":213,"box":{"x":102,"y":169,"width":793,"height":11}},{"id":"cfbceb2b-2727-4147-a069-3a205f3db0da","block_type":"box","text":"firm-wide compensation policies.","page_number":213,"box":{"x":101,"y":183,"width":232,"height":11}},{"id":"f3d7cc3a-e575-40e0-86b7-736db40e098d","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":213,"box":{"x":101,"y":202,"width":807,"height":11}},{"id":"bd6994b4-b3f1-4fcf-ac2a-564846a99757","block_type":"box","text":"to convey our concerns and provide feedback on how a committee has undertaken its responsibilities. We may vote","page_number":213,"box":{"x":68,"y":217,"width":825,"height":11}},{"id":"39d5ffe0-5579-413d-9838-eb333c8cbeaa","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":213,"box":{"x":69,"y":232,"width":808,"height":11}},{"id":"8dbd9cb6-2316-4abe-ad69-5da7e5fdda37","block_type":"box","text":"committees.","page_number":213,"box":{"x":69,"y":247,"width":86,"height":9}},{"id":"6fb7cff2-e7cc-43b9-870b-57494de7c4cf","block_type":"box","text":"Board and director evaluation","page_number":213,"box":{"x":70,"y":269,"width":209,"height":9}},{"id":"c4ac14cd-246e-4d7c-9258-67e2ff70f9f1","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the performance of the board, the","page_number":213,"box":{"x":101,"y":288,"width":776,"height":11}},{"id":"d8712572-afb3-4648-b744-dd3c05bdd1b2","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third","page_number":213,"box":{"x":69,"y":303,"width":825,"height":11}},{"id":"771210c4-c1aa-44a5-b7d9-13bd5e6da89f","block_type":"box","text":"party able to bring objective perspectives to the board on governance and performance. We encourage companies to","page_number":213,"box":{"x":70,"y":317,"width":831,"height":12}},{"id":"156b67af-a313-47ff-a965-1049f5a65ca9","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":213,"box":{"x":69,"y":332,"width":821,"height":12}},{"id":"453eb427-9f94-4d4b-a077-07a527d248df","block_type":"box","text":"result.","page_number":213,"box":{"x":69,"y":347,"width":43,"height":9}},{"id":"20de821a-48f2-4413-9f42-b28028d94763","block_type":"box","text":"Access to independent advice","page_number":213,"box":{"x":68,"y":370,"width":214,"height":11}},{"id":"6bf78e03-fc77-49fc-907b-45e6e09d9456","block_type":"box","text":"To support the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":213,"box":{"x":101,"y":388,"width":786,"height":12}},{"id":"bba08938-950d-4616-9006-162de8d18dfd","block_type":"box","text":"access to independent advice. When circumstances warrant, boards should be able to retain independent third","page_number":213,"box":{"x":69,"y":403,"width":791,"height":11}},{"id":"8e8ba812-8bd7-44e8-abf5-710eb9a723bc","block_type":"box","text":"parties to advise on critical matters. These might include new industry developments such as emergent and","page_number":213,"box":{"x":70,"y":418,"width":770,"height":11}},{"id":"c65e233e-09a4-41d5-b1bb-d24920ac4ef4","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":213,"box":{"x":69,"y":433,"width":746,"height":11}},{"id":"a3b5a141-593c-4c56-83d0-ce17363c58e0","block_type":"box","text":"performance, or significant transactions. Board committees may similarly retain third parties to advise them on","page_number":213,"box":{"x":70,"y":448,"width":793,"height":11}},{"id":"600472b2-3e9b-4d93-96a6-8cdd31790fd2","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":213,"box":{"x":69,"y":463,"width":524,"height":11}},{"id":"035944b2-d119-41a3-8969-2f4e3b3915d4","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":213,"box":{"x":385,"y":493,"width":207,"height":9}},{"id":"8ae2f86d-79c9-4dd1-9e2a-62bd343efd09","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the","page_number":213,"box":{"x":102,"y":512,"width":795,"height":11}},{"id":"7129f887-6d51-4a26-bdc8-bf937cf86823","block_type":"box","text":"caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":213,"box":{"x":69,"y":526,"width":807,"height":12}},{"id":"08b6bb07-9ff0-4651-bd49-62182cda6728","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial performance.","page_number":213,"box":{"x":69,"y":541,"width":683,"height":11}},{"id":"59b29e18-fdff-4ed9-9b27-4b980177b031","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":213,"box":{"x":102,"y":560,"width":805,"height":11}},{"id":"a290bce1-68d9-4578-a7c5-277ac07f5178","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics,","page_number":213,"box":{"x":70,"y":575,"width":830,"height":11}},{"id":"ed04c302-336c-4572-ae23-7050f0a85885","block_type":"box","text":"and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":213,"box":{"x":69,"y":590,"width":826,"height":11}},{"id":"94d6bb6c-2a48-498e-8064-6c531b0fc930","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":213,"box":{"x":69,"y":605,"width":813,"height":11}},{"id":"7f28aaa4-ddf6-41d2-8c05-40d8300d7446","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":213,"box":{"x":68,"y":620,"width":770,"height":11}},{"id":"02c32f9d-6ecb-4b8a-bbae-6ec89f2384d1","block_type":"box","text":"motivate.","page_number":213,"box":{"x":69,"y":634,"width":64,"height":9}},{"id":"b4541649-288c-4825-8be1-b8d32a649ee0","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s","page_number":213,"box":{"x":102,"y":653,"width":739,"height":11}},{"id":"1569ff61-c876-4e4c-9c5f-dca973277790","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":213,"box":{"x":69,"y":668,"width":831,"height":11}},{"id":"31f4bb91-f2fb-4b1f-906a-ba54af2728b8","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":213,"box":{"x":69,"y":682,"width":737,"height":11}},{"id":"0c932655-6fe3-4a84-961e-eda5f4917477","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":213,"box":{"x":69,"y":697,"width":741,"height":12}},{"id":"0c48da01-9b3c-4dab-9f24-ee3a4fa0a96a","block_type":"box","text":"arrangements include:","page_number":213,"box":{"x":69,"y":712,"width":157,"height":12}},{"id":"d9067fe5-3ec4-48de-9d16-4b03a4f57d82","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":733,"width":6,"height":4}},{"id":"efbbc715-5562-4020-937d-209af44e2cac","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":213,"box":{"x":102,"y":730,"width":783,"height":11}},{"id":"37c5429d-834d-49ed-9a61-6e5dae3ec869","block_type":"box","text":"the company’s size, sector and market.","page_number":213,"box":{"x":101,"y":745,"width":280,"height":11}},{"id":"0d92480d-d1cd-47f5-93ee-77755256e3b6","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":765,"width":6,"height":4}},{"id":"c49d6422-3bd3-4c1d-8724-0c4f92901c24","block_type":"box","text":"Variable pay subject to performance metrics that are closely linked to the company’s short- and long-term","page_number":213,"box":{"x":101,"y":762,"width":752,"height":11}},{"id":"0bb94c53-ec15-4dd3-abd4-f957e021fe4a","block_type":"box","text":"strategic objectives.","page_number":213,"box":{"x":102,"y":777,"width":140,"height":11}},{"id":"2ef21713-37a8-4cf2-8f72-6fb578c84341","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":797,"width":6,"height":5}},{"id":"64678ca3-ad37-4f35-b651-948b0ec0f2dd","block_type":"box","text":"Long-term incentives that motivate sustained performance across a multi-year period.","page_number":213,"box":{"x":102,"y":794,"width":609,"height":11}},{"id":"8930c93d-5c51-4edb-b989-9e2793fd904f","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":814,"width":6,"height":5}},{"id":"d40ea4c0-af7f-4e0c-b7c9-1a1e2c5a7dd5","block_type":"box","text":"A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":213,"box":{"x":101,"y":811,"width":784,"height":12}},{"id":"b5a00960-4a0b-4994-868a-0e1cf8261abb","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":213,"box":{"x":101,"y":826,"width":790,"height":12}},{"id":"834e1361-05ac-484e-b83c-b4b68dc2aa09","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":847,"width":6,"height":4}},{"id":"dceb098e-b2e2-4f4e-98b4-7af0af75be34","block_type":"box","text":"Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":213,"box":{"x":102,"y":844,"width":630,"height":11}},{"id":"3e393b92-01fc-49b8-b82d-482422f8fc45","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":864,"width":6,"height":5}},{"id":"c53a8fdb-8d9c-4be2-b840-36e530fe60a8","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":213,"box":{"x":102,"y":861,"width":735,"height":11}},{"id":"20bea121-9fbe-4bbc-ae73-1a1644724ebd","block_type":"box","text":"transparently.","page_number":213,"box":{"x":101,"y":876,"width":95,"height":11}},{"id":"c05b0018-eb9c-4db0-9401-f5203be320b7","block_type":"box","text":"•","page_number":213,"box":{"x":69,"y":896,"width":6,"height":5}},{"id":"ab1d1aab-565d-45c2-8459-b4949d1aaf1b","block_type":"box","text":"A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":213,"box":{"x":101,"y":893,"width":798,"height":12}},{"id":"90dbc4d3-4660-4101-93d5-ca5dd05218e8","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":213,"box":{"x":101,"y":908,"width":477,"height":11}},{"id":"fbae1040-64b8-49fe-8719-6c87e6eb677e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0aaab2ff-fcc9-46e4-b14d-391076fe1e39","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":213,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"7bb6159a-6d32-46b9-9b89-6f0ca761f71e","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7da8af41-6281-4b8b-98d4-6732b0e453a7","block_type":"box","text":"•","page_number":214,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"21552a33-ee7a-4256-9b71-bbd4b92bbb9b","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":214,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"55f925fa-db0d-4320-84bb-e96c76700fa3","block_type":"box","text":"•","page_number":214,"box":{"x":69,"y":65,"width":6,"height":4}},{"id":"34e823de-2516-474e-a7b4-0c4cdc5ee424","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":214,"box":{"x":102,"y":62,"width":747,"height":11}},{"id":"f31e4a57-1119-4e92-b3a0-4f789db78a3c","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive","page_number":214,"box":{"x":102,"y":77,"width":733,"height":11}},{"id":"e7c37fbe-5e05-48d8-ae07-b07b97876c08","block_type":"box","text":"misconduct.","page_number":214,"box":{"x":102,"y":92,"width":84,"height":9}},{"id":"dfb14b15-7cf4-4048-8912-5fc7ae4f176a","block_type":"box","text":"•","page_number":214,"box":{"x":69,"y":112,"width":6,"height":5}},{"id":"f4462bec-7fe4-498a-b13e-c68d636b495e","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":214,"box":{"x":102,"y":109,"width":738,"height":11}},{"id":"9556ad16-56ba-4716-8a7d-b9945eb528d9","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":214,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"bce6b1d5-8784-4954-8309-518daf9dae05","block_type":"box","text":"approve the compensation report where we do not see alignment between executive compensation arrangements","page_number":214,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"5ad37253-cc36-4fe0-92f0-cb02574ffb1b","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":214,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"b537957f-6041-42b8-8436-3f149a01e45e","block_type":"box","text":"compensation misaligned with performance, we may vote against the election of the chair of the responsible","page_number":214,"box":{"x":69,"y":172,"width":775,"height":12}},{"id":"33930c2d-b51b-453d-95cd-212839bbfc68","block_type":"box","text":"committee, or the most senior independent director.","page_number":214,"box":{"x":69,"y":187,"width":371,"height":11}},{"id":"bea388f6-0e82-4252-8be7-427567b63392","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":214,"box":{"x":326,"y":217,"width":325,"height":9}},{"id":"203b601f-fd19-4329-800f-9454a27d0811","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":214,"box":{"x":102,"y":236,"width":785,"height":11}},{"id":"e03641f5-0d77-4c4d-b925-056041f63d78","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":214,"box":{"x":68,"y":251,"width":831,"height":11}},{"id":"f65cd4c1-7ff5-4079-ae40-65dcde733e5d","block_type":"box","text":"do not support non-executive directors participating in performance-based incentive plans as doing so may create a","page_number":214,"box":{"x":69,"y":266,"width":825,"height":11}},{"id":"20fe17a8-b152-47d5-acf4-4ef8c9b377b3","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":214,"box":{"x":69,"y":281,"width":668,"height":11}},{"id":"1165c855-622d-4dc0-9e4e-0d6da717e2d4","block_type":"box","text":"CAPITAL STRUCTURE","page_number":214,"box":{"x":411,"y":311,"width":156,"height":9}},{"id":"3c4e7bdc-e6eb-4976-9e30-c1833120272d","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":214,"box":{"x":102,"y":330,"width":800,"height":11}},{"id":"410bf383-a6e8-4b2b-b89b-dab7cdce303c","block_type":"box","text":"appropriate capital allocation and management in support of long-term financial resilience.","page_number":214,"box":{"x":69,"y":344,"width":645,"height":12}},{"id":"4a9274a2-413a-4e6f-9ea0-db73d89aaf4a","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":214,"box":{"x":101,"y":363,"width":776,"height":11}},{"id":"19269af8-5979-4b41-94ee-13b7eaeaff7a","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":214,"box":{"x":68,"y":378,"width":803,"height":11}},{"id":"9419b918-b120-4b29-b2e1-6b22f1296645","block_type":"box","text":"capital-related authorities or the election of the most senior independent director if we have concerns about a","page_number":214,"box":{"x":69,"y":393,"width":781,"height":11}},{"id":"f427be52-0b3f-4d9a-93c8-b493ea257083","block_type":"box","text":"company’s approach. We may also support a shareholder proposal seeking conversion of shares with differentiated","page_number":214,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"fe53d255-9f10-434e-9a20-9eebecc82368","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":214,"box":{"x":68,"y":423,"width":336,"height":11}},{"id":"595211e0-d68e-42e0-977c-4b38a19aa683","block_type":"box","text":"Share issuance","page_number":214,"box":{"x":68,"y":445,"width":111,"height":9}},{"id":"db639946-898d-4698-a7b1-ad396743c616","block_type":"box","text":"We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally","page_number":214,"box":{"x":101,"y":464,"width":776,"height":11}},{"id":"6b8b3b41-1cf1-4045-8d20-090972b657be","block_type":"box","text":"support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights.","page_number":214,"box":{"x":69,"y":479,"width":804,"height":11}},{"id":"dbd06b11-3bb0-4ba4-8d6b-b55bcd28d9a5","block_type":"box","text":"Companies should seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":214,"box":{"x":69,"y":493,"width":813,"height":12}},{"id":"4170f4b9-ad2d-41da-8db6-569a134ac600","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":214,"box":{"x":70,"y":508,"width":787,"height":11}},{"id":"48790848-f710-41f1-82ce-e159f391a14d","block_type":"box","text":"Share buybacks","page_number":214,"box":{"x":68,"y":531,"width":116,"height":11}},{"id":"43947edf-4935-4363-8627-048fb8be0a07","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":214,"box":{"x":101,"y":549,"width":806,"height":12}},{"id":"3f8ece77-9e3b-4696-aa1b-d62b9d512d22","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of","page_number":214,"box":{"x":69,"y":564,"width":823,"height":11}},{"id":"f413bd79-ea23-430c-96ef-b348048673de","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":214,"box":{"x":68,"y":579,"width":836,"height":11}},{"id":"200b3415-ee37-4f76-9477-fa55f817576b","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":214,"box":{"x":69,"y":594,"width":830,"height":11}},{"id":"74da0da2-30c7-44bd-994b-f188abde0ccb","block_type":"box","text":"relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take","page_number":214,"box":{"x":69,"y":609,"width":821,"height":11}},{"id":"9f269d71-fb62-4e5d-a938-426b39f69f01","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":214,"box":{"x":70,"y":624,"width":802,"height":11}},{"id":"b3c86588-e1cb-4857-81f4-27abf6fff290","block_type":"box","text":"market environment.","page_number":214,"box":{"x":69,"y":639,"width":145,"height":8}},{"id":"5ea0135d-f1fd-4e07-b091-d9a1ac49256f","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as","page_number":214,"box":{"x":101,"y":657,"width":756,"height":11}},{"id":"e7ef109c-7334-45af-9827-2f3215e8f34a","block_type":"box","text":"treasury shares, management should provide a detailed rationale in the context of the disclosed capital management","page_number":214,"box":{"x":68,"y":672,"width":839,"height":11}},{"id":"2a275ff6-02f3-4573-9da1-c8e39066893f","block_type":"box","text":"strategy.","page_number":214,"box":{"x":69,"y":688,"width":58,"height":10}},{"id":"2c684dbc-487c-4378-b15d-608c770cb9dd","block_type":"box","text":"Dividends","page_number":214,"box":{"x":69,"y":709,"width":69,"height":9}},{"id":"2ebf1a89-b993-4d9d-bf8c-53be1c5cf794","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek further clarification","page_number":214,"box":{"x":101,"y":728,"width":799,"height":11}},{"id":"ee64c142-1fd7-4c9c-b4d2-d18e667b9795","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":214,"box":{"x":68,"y":743,"width":604,"height":11}},{"id":"2e155de4-3d29-4444-922e-62c5b5fd0135","block_type":"box","text":"Differentiated voting rights","page_number":214,"box":{"x":69,"y":765,"width":196,"height":11}},{"id":"9f0a5afe-48c2-4aa0-b3dd-b2358dd43595","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":214,"box":{"x":101,"y":784,"width":750,"height":11}},{"id":"bedd46ac-93de-462a-99de-3f3a3db3e65e","block_type":"box","text":"exposure. Certain companies, particularly those new to public markets, could make the case to adopt a","page_number":214,"box":{"x":69,"y":799,"width":740,"height":11}},{"id":"0e4be68c-1607-4708-afe2-667fda7952ca","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":214,"box":{"x":69,"y":813,"width":819,"height":12}},{"id":"ed01e6dc-d338-4913-a8e2-1654c8bd9560","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":214,"box":{"x":69,"y":828,"width":456,"height":11}},{"id":"d1302e8a-cc95-499d-a7c4-dfb766c2ab25","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":214,"box":{"x":332,"y":858,"width":314,"height":9}},{"id":"16e812d7-c79b-40dd-ab92-f722d991adad","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed","page_number":214,"box":{"x":101,"y":878,"width":743,"height":10}},{"id":"2be3565e-90b7-46c4-84ae-d74f71e478cc","block_type":"box","text":"analyses of proposals.","page_number":214,"box":{"x":69,"y":892,"width":159,"height":11}},{"id":"73bf3246-2a5e-47c9-8ae7-9674762131fb","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"7f59e145-62a6-4cab-8034-b5504a3dd107","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":214,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"2653f689-71b1-4b05-a342-7367ce995a1c","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6dec1f58-cf0d-40c5-9a88-fe4dca56da8d","block_type":"box","text":"Mergers and acquisitions","page_number":215,"box":{"x":69,"y":45,"width":184,"height":11}},{"id":"241e5b13-8837-4e6c-bfa5-ed3935dab883","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":215,"box":{"x":101,"y":63,"width":775,"height":12}},{"id":"d6015f0c-90ea-437c-b727-d2d8af5b4aff","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":215,"box":{"x":69,"y":78,"width":797,"height":11}},{"id":"9f13dc22-e9a6-4ab1-bf42-efdb2173edc3","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":215,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"3b1af19c-a748-4fa7-b6a9-a1155eea63cc","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board should consider establishing","page_number":215,"box":{"x":68,"y":108,"width":835,"height":11}},{"id":"20d1ae78-3ded-401b-a7d2-4cff8e87744a","block_type":"box","text":"an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in","page_number":215,"box":{"x":69,"y":123,"width":827,"height":11}},{"id":"83a7c16c-63ee-4759-908e-a6ab35a6c82e","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":215,"box":{"x":69,"y":138,"width":400,"height":11}},{"id":"d2f68387-48b1-43cc-9bea-7c7b84feac6c","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":215,"box":{"x":101,"y":156,"width":749,"height":12}},{"id":"61cc0b90-0321-42c4-a73a-cadf1bf13d19","block_type":"box","text":"Anti-takeover defenses","page_number":215,"box":{"x":68,"y":179,"width":167,"height":9}},{"id":"db8d65de-38b7-4227-8b75-aaa4d12a7d28","block_type":"box","text":"In principle, we do not support companies using anti-takeover defenses, also known as poison pills or","page_number":215,"box":{"x":102,"y":197,"width":727,"height":12}},{"id":"707a3da1-27b8-4aad-94d4-b0e3730f8f42","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":215,"box":{"x":69,"y":212,"width":766,"height":11}},{"id":"2daf505a-08b5-4aa1-9f02-911404832e07","block_type":"box","text":"shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is","page_number":215,"box":{"x":69,"y":227,"width":763,"height":11}},{"id":"490bdabb-6ec5-41f0-b8ce-f7b37326d989","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":215,"box":{"x":69,"y":242,"width":821,"height":11}},{"id":"627ce707-1221-4776-bb1c-416f3b32c6bc","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":215,"box":{"x":69,"y":257,"width":799,"height":11}},{"id":"2b674b9b-d2c8-445f-b5a1-394c5bed9400","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":215,"box":{"x":70,"y":272,"width":836,"height":10}},{"id":"e5615c6e-ea4d-4aeb-b274-78a3fab00107","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":215,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"c836287d-c3bb-4122-841e-affa78320546","block_type":"box","text":"expected to be in place for more than 12 months.","page_number":215,"box":{"x":69,"y":301,"width":353,"height":11}},{"id":"72e79e87-28a7-4b41-9c92-6e1fe2fbe7c9","block_type":"box","text":"Shareholder activism","page_number":215,"box":{"x":68,"y":324,"width":153,"height":9}},{"id":"c51ec823-3a1c-4562-8c41-caeea0e8f578","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their","page_number":215,"box":{"x":101,"y":342,"width":777,"height":12}},{"id":"a4f402cf-0138-480a-b8c5-409174f89b55","block_type":"box","text":"analysis and objectives, once they have gone public. We will also engage with company management and possibly","page_number":215,"box":{"x":69,"y":358,"width":812,"height":11}},{"id":"8b30bd50-f03c-4d2f-a897-3712a9f701c3","block_type":"box","text":"board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":215,"box":{"x":69,"y":372,"width":805,"height":11}},{"id":"51d77ebe-827e-4c6c-90a6-c6f4bc7a0823","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":215,"box":{"x":68,"y":387,"width":816,"height":11}},{"id":"b2037325-7ab4-471a-b01f-8559e2fdef85","block_type":"box","text":"management’s plans; and the qualifications of each party’s candidates. We evaluate each contested situation by","page_number":215,"box":{"x":69,"y":402,"width":807,"height":11}},{"id":"8b281c2e-9208-44b6-bc0f-a0f6838ef5f0","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":215,"box":{"x":69,"y":417,"width":586,"height":11}},{"id":"0a3248b0-b8e3-4415-943e-d6a7a76a11e4","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if the activist has demonstrated that their","page_number":215,"box":{"x":101,"y":435,"width":806,"height":12}},{"id":"c4dc8860-e6c7-4de8-bbb9-72ba637107d1","block_type":"box","text":"case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant","page_number":215,"box":{"x":69,"y":450,"width":816,"height":12}},{"id":"5c59c675-d3f0-4b19-80f7-0d377e7fd49b","block_type":"box","text":"skills and expertise or have a poor track record of protecting shareholders’ interests.","page_number":215,"box":{"x":69,"y":465,"width":606,"height":11}},{"id":"ce41e55d-52f6-4812-a6fc-28e56682fd10","block_type":"box","text":"Significant shareholders and related party transactions","page_number":215,"box":{"x":68,"y":488,"width":403,"height":11}},{"id":"a7c50d54-5bfa-4649-b5cc-aba2ccc50df9","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests","page_number":215,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"1102d86a-6234-41d0-8f3a-bb3291e92b44","block_type":"box","text":"of all shareholders are given equitable consideration.","page_number":215,"box":{"x":69,"y":521,"width":377,"height":11}},{"id":"6c44e88e-0601-4e9c-ab9d-4a9e10a6b3c2","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public","page_number":215,"box":{"x":101,"y":540,"width":764,"height":11}},{"id":"58ab086d-1a60-4bd0-973e-afe98bb1cc91","block_type":"box","text":"company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed","page_number":215,"box":{"x":69,"y":555,"width":821,"height":11}},{"id":"0685e1eb-35b8-4bb6-87f6-6f422ed86363","block_type":"box","text":"with a non-related party. Such transactions should be reviewed and approved by the independent members of the","page_number":215,"box":{"x":68,"y":569,"width":809,"height":12}},{"id":"b6352251-dcfd-49c8-a858-36de80e4eb35","block_type":"box","text":"board, and if voted on, only disinterested shareholders should vote.","page_number":215,"box":{"x":69,"y":584,"width":481,"height":11}},{"id":"a746a7de-e544-4cb8-94c7-d430c5ace08e","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":215,"box":{"x":274,"y":614,"width":430,"height":11}},{"id":"b97831c2-3150-407d-8f09-2b76d01b1d71","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":215,"box":{"x":102,"y":633,"width":796,"height":11}},{"id":"299be8f8-0085-4b75-8567-d56bd4483e81","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and","page_number":215,"box":{"x":70,"y":648,"width":795,"height":11}},{"id":"118e3a10-9230-4c37-91e1-f900995a8bda","block_type":"box","text":"potential for the company to create shareholder value over time. The board should oversee corporate reporting and","page_number":215,"box":{"x":70,"y":663,"width":819,"height":11}},{"id":"ee48f7de-b35b-4523-8729-2e055701d11c","block_type":"box","text":"the policies and procedures underpinning the internal audit function and external audit.","page_number":215,"box":{"x":68,"y":678,"width":621,"height":11}},{"id":"8173c9d0-ac74-48c2-aed8-547aa76afa6c","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders","page_number":215,"box":{"x":101,"y":696,"width":794,"height":12}},{"id":"a83bdcc5-6f43-4027-9c61-02d6a2bd5c0d","block_type":"box","text":"on its financial performance and position. It should provide an accurate and balanced assessment of the risks and","page_number":215,"box":{"x":69,"y":711,"width":819,"height":11}},{"id":"1d18fd26-ee58-42f4-9188-462c62ec8b00","block_type":"box","text":"opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":215,"box":{"x":69,"y":726,"width":752,"height":11}},{"id":"302580ea-b4c7-4f6a-b50b-137c98d53c66","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":215,"box":{"x":69,"y":741,"width":817,"height":11}},{"id":"49f375f8-8614-44c9-be8a-e25a3f8bc70c","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed reporting standards and any","page_number":215,"box":{"x":70,"y":756,"width":771,"height":11}},{"id":"cdae5c17-011b-4011-837b-9cbfbafab828","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":215,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"a6117d46-ff27-4184-bca0-d2f5e101b2b2","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":215,"box":{"x":69,"y":786,"width":788,"height":11}},{"id":"235a562f-d706-4c3a-ba95-c8fe007de299","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial reporting system by providing","page_number":215,"box":{"x":102,"y":804,"width":739,"height":11}},{"id":"3474c7d7-94c9-4d02-9022-34793c8e8862","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial","page_number":215,"box":{"x":70,"y":819,"width":798,"height":11}},{"id":"8f02f7ac-3f75-4e99-9efc-cf95245365a4","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":215,"box":{"x":70,"y":834,"width":787,"height":11}},{"id":"e970da98-e097-4ff1-9777-7721c165d52e","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":215,"box":{"x":69,"y":849,"width":795,"height":11}},{"id":"d8ee9a0b-fed8-471b-aa3a-97b259cfe764","block_type":"box","text":"important level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":215,"box":{"x":70,"y":864,"width":838,"height":11}},{"id":"b9b92012-2008-468b-b82f-c988f0711f41","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":215,"box":{"x":70,"y":878,"width":585,"height":12}},{"id":"2c9f4d12-2709-485f-8de9-69c45f1af45a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":215,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"31ef1cb0-4057-474b-8374-781bfef9848a","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":215,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"133551cd-490f-4a4d-9c3e-263fa1678094","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":215,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ad0f4615-46ec-4d6d-8b08-75df5c1f0f68","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates","page_number":216,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"8e41b8a7-d70e-417d-a31f-85a040dddf06","block_type":"box","text":"revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards","page_number":216,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"f9ae9634-063c-45f2-9aa3-08004dc2ce59","block_type":"box","text":"Board, can be helpful to companies in preparing such reports.","page_number":216,"box":{"x":70,"y":74,"width":441,"height":12}},{"id":"854fd410-b5ee-4406-b156-259ca77a3c84","block_type":"box","text":"4","page_number":216,"box":{"x":513,"y":75,"width":4,"height":4}},{"id":"9b1e61c8-0bd8-4314-b9e1-966c4a48626c","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":216,"box":{"x":102,"y":93,"width":735,"height":11}},{"id":"92e0d921-ea88-4b5b-b7b1-25bbb1f60739","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":216,"box":{"x":69,"y":108,"width":810,"height":11}},{"id":"22abd65a-1516-4ea9-93c6-7d3826bfd9cf","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":216,"box":{"x":69,"y":123,"width":822,"height":11}},{"id":"ada5515c-36fb-4a00-93f4-442e1d4e33d0","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":216,"box":{"x":69,"y":138,"width":704,"height":11}},{"id":"bdaf29fd-2805-4adc-9319-80c0bb7a5a5f","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":216,"box":{"x":101,"y":156,"width":794,"height":11}},{"id":"a0ba482a-951c-44ca-bc11-4b19e2b5a256","block_type":"box","text":"of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as","page_number":216,"box":{"x":69,"y":171,"width":836,"height":11}},{"id":"8e672562-4013-4d0e-b0ee-c6e28949b4ff","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":216,"box":{"x":68,"y":186,"width":838,"height":11}},{"id":"c5d5c641-755c-4a1d-834c-da8bdc86ac46","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":216,"box":{"x":69,"y":201,"width":773,"height":11}},{"id":"fc2b29b5-d26c-4901-b624-86921ed7bab7","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":216,"box":{"x":69,"y":216,"width":804,"height":11}},{"id":"e9bfb475-c405-4bca-8e7c-6b977269b72d","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":216,"box":{"x":69,"y":231,"width":780,"height":11}},{"id":"0aad44dc-1a8b-454c-975a-6b4c071c8583","block_type":"box","text":"remained independent.","page_number":216,"box":{"x":69,"y":246,"width":163,"height":10}},{"id":"747943b7-728d-4f2b-bd00-3f0db1c1bfa7","block_type":"box","text":"We may vote against the election of the responsible directors if corporate reporting is insufficient or there are","page_number":216,"box":{"x":101,"y":264,"width":783,"height":11}},{"id":"e7da016e-b280-4c7d-aa74-2ef60ab5f13c","block_type":"box","text":"material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve","page_number":216,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"7f26e556-3430-4f7d-b073-64643af59a9f","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of the reporting or","page_number":216,"box":{"x":68,"y":294,"width":819,"height":11}},{"id":"3bccf2c2-2bdf-461f-8cbf-81624be6d6da","block_type":"box","text":"the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we","page_number":216,"box":{"x":68,"y":309,"width":834,"height":11}},{"id":"1c6ca2f6-b437-4c8f-908a-cc5bd00411f8","block_type":"box","text":"are concerned about the auditor’s independence, the quality of the audit, or there are material misstatements in","page_number":216,"box":{"x":69,"y":323,"width":802,"height":12}},{"id":"a8316fe6-0d3d-4d46-a69b-9d76f8a3b27a","block_type":"box","text":"financial reports and the board has not established reasonable remediation plans.","page_number":216,"box":{"x":68,"y":338,"width":589,"height":11}},{"id":"3ea33fa7-167a-43ea-8814-972cf258b03c","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":216,"box":{"x":329,"y":368,"width":319,"height":9}},{"id":"b0d484d0-e938-4d98-8d1f-c8ab847fe6c8","block_type":"box","text":"General shareholder meetings","page_number":216,"box":{"x":69,"y":391,"width":217,"height":11}},{"id":"07f8e000-9488-4c01-8725-703ba78dca28","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":216,"box":{"x":102,"y":410,"width":792,"height":11}},{"id":"aa82e71e-0cf4-4a90-93c6-766629a36915","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":216,"box":{"x":69,"y":425,"width":812,"height":11}},{"id":"df775147-7a39-44a3-91e5-2b9aa2297b2a","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":216,"box":{"x":69,"y":439,"width":813,"height":12}},{"id":"44ad6156-6ced-4947-9ee6-57bfcd9b6a0e","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of participating in the","page_number":216,"box":{"x":70,"y":454,"width":801,"height":12}},{"id":"70695953-9322-409e-b407-16314be5cc4b","block_type":"box","text":"meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during","page_number":216,"box":{"x":69,"y":469,"width":841,"height":11}},{"id":"4317f93e-2d62-4049-8f1c-67df1bc3b5d2","block_type":"box","text":"an in-person meeting.","page_number":216,"box":{"x":69,"y":484,"width":152,"height":11}},{"id":"12ad7fda-225b-4e9b-bb78-b1172bdf553f","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":216,"box":{"x":101,"y":503,"width":752,"height":11}},{"id":"ccc6f4f6-42bf-4fa9-8cc0-3eb16291a9a9","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":216,"box":{"x":70,"y":517,"width":812,"height":12}},{"id":"8130d459-dc17-462e-b097-97ed0509f695","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":216,"box":{"x":69,"y":532,"width":825,"height":12}},{"id":"fb016182-cd9e-4521-9065-4d64aa2c4690","block_type":"box","text":"participation.","page_number":216,"box":{"x":70,"y":547,"width":91,"height":11}},{"id":"3d7dd45d-098b-4192-b3b6-4a682164a870","block_type":"box","text":"Bylaw amendments","page_number":216,"box":{"x":69,"y":570,"width":141,"height":11}},{"id":"14c7f504-a4af-41e2-8b6e-a42c1943d8a6","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally support","page_number":216,"box":{"x":101,"y":589,"width":766,"height":11}},{"id":"2bc7b0b3-7eb6-4b37-9c86-2819664ee184","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":216,"box":{"x":68,"y":603,"width":800,"height":11}},{"id":"82ad4fdf-4090-46df-976e-481520e2e8f9","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":216,"box":{"x":69,"y":618,"width":349,"height":11}},{"id":"4bfd4b6d-b291-4172-b427-2f41f1bb4ac5","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against","page_number":216,"box":{"x":101,"y":637,"width":784,"height":11}},{"id":"5643bd3f-9ec8-49f4-9e4b-d13a8e889203","block_type":"box","text":"directors if material changes are made to the bylaws without shareholder approval.","page_number":216,"box":{"x":69,"y":652,"width":590,"height":11}},{"id":"be31cafe-a229-49fd-90fe-3d6a330b92f1","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":216,"box":{"x":102,"y":670,"width":790,"height":11}},{"id":"d51d7dbd-253a-488f-8f84-9a5c4c4e054e","block_type":"box","text":"group, with a meaningful shareholding the right to call a special meeting of shareholders. The shareholding required","page_number":216,"box":{"x":68,"y":685,"width":826,"height":11}},{"id":"4f859331-b371-4810-9e4a-785f11bb5ac9","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":216,"box":{"x":68,"y":700,"width":740,"height":11}},{"id":"05558858-7a98-460b-9868-448a636783c1","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":216,"box":{"x":102,"y":719,"width":790,"height":11}},{"id":"1ed70699-f1f8-4ea5-9846-126934fb7802","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":216,"box":{"x":68,"y":733,"width":829,"height":12}},{"id":"61088fa7-0de1-4045-9140-ca22ae21e23f","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":216,"box":{"x":69,"y":749,"width":758,"height":11}},{"id":"587da300-7ae7-4343-87fa-8ac3d942c4cc","block_type":"box","text":"nomination process.","page_number":216,"box":{"x":69,"y":763,"width":143,"height":11}},{"id":"cacec247-62e5-4ef0-9dd0-1042c8a79c2b","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms.","page_number":216,"box":{"x":101,"y":782,"width":799,"height":11}},{"id":"d58ab5e0-939f-4987-902b-c7bebbd0781a","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":216,"box":{"x":68,"y":797,"width":810,"height":11}},{"id":"49e388f5-22ea-48ea-9210-de8947f8dddc","block_type":"box","text":"4","page_number":216,"box":{"x":69,"y":826,"width":4,"height":5}},{"id":"7a2f3d5d-754d-4713-8423-8cd86f8eaa31","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":216,"box":{"x":93,"y":826,"width":804,"height":11}},{"id":"c8f09422-e5bd-4299-b962-d0bd5c158e09","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and opportunities that is useful to","page_number":216,"box":{"x":94,"y":841,"width":791,"height":11}},{"id":"093c8f74-b3c2-4981-ba74-030e5a8c4247","block_type":"box","text":"primary users of general-purpose financial reports in making decisions relating to providing resources to the","page_number":216,"box":{"x":94,"y":856,"width":770,"height":11}},{"id":"4fe67583-d40d-42f7-9d57-7c14c8b47f9a","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":216,"box":{"x":93,"y":871,"width":815,"height":11}},{"id":"d294a89b-b6e3-4cb7-a9b0-ef0f1111f322","block_type":"box","text":"climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in","page_number":216,"box":{"x":93,"y":886,"width":772,"height":12}},{"id":"0e5e77f7-8606-4e62-bb0c-dce898b25d34","block_type":"box","text":"making decisions relating to providing resources to the entity.","page_number":216,"box":{"x":94,"y":902,"width":437,"height":11}},{"id":"df3d4ef7-8222-440b-8056-77949eeaaf70","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"42992113-c0b6-4d98-b913-a6c6a2d46828","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":216,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"21f275c7-64dc-4fb9-9190-6e95b2cff9af","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2b6e7b90-e264-41f3-af2e-2da4696c1cb7","block_type":"box","text":"Change of domicile","page_number":217,"box":{"x":69,"y":45,"width":139,"height":11}},{"id":"cedd3079-4d5c-4ba2-833a-c129399c37a9","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":217,"box":{"x":101,"y":63,"width":778,"height":12}},{"id":"5ead62de-2010-4eef-af16-468e102a254d","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":217,"box":{"x":69,"y":78,"width":766,"height":11}},{"id":"a4adee8d-4df5-4efd-b244-a847f6295544","block_type":"box","text":"immaterial.","page_number":217,"box":{"x":70,"y":93,"width":77,"height":9}},{"id":"db2044b9-22a1-45c9-bda2-32150ffe3d4a","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":217,"box":{"x":101,"y":112,"width":777,"height":11}},{"id":"4fb9113b-0d38-4b62-a5c3-dd71881ae0d1","block_type":"box","text":"with our clients’ financial interests.","page_number":217,"box":{"x":68,"y":126,"width":249,"height":10}},{"id":"35f9ae8f-626d-4ada-870a-83677f2420c5","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":217,"box":{"x":69,"y":149,"width":452,"height":11}},{"id":"adea41b7-29ac-4486-a9b5-13b37d115851","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":217,"box":{"x":102,"y":168,"width":803,"height":11}},{"id":"2026992c-d8f6-4037-a88e-8d3ff17b8dbd","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":217,"box":{"x":70,"y":182,"width":829,"height":12}},{"id":"8def127e-5092-4192-b10b-b79154182ae5","block_type":"box","text":"on the suitability of a company for their investment strategy or portfolio.","page_number":217,"box":{"x":69,"y":197,"width":511,"height":12}},{"id":"92094680-961c-4854-9f1f-c3415770697a","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":217,"box":{"x":101,"y":216,"width":792,"height":11}},{"id":"10c9faf6-9b06-47e0-a3ef-99eddbfc1a79","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":217,"box":{"x":68,"y":231,"width":424,"height":11}},{"id":"81ebcc29-ec40-4c92-b661-fcb8c40f8a7b","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":217,"box":{"x":385,"y":261,"width":207,"height":9}},{"id":"2c468aaa-2ede-4165-9e72-3980969bc7bf","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the","page_number":217,"box":{"x":102,"y":280,"width":772,"height":11}},{"id":"fdeb6723-25bd-4188-ab47-e24530572824","block_type":"box","text":"general shareholder meeting asking a company to take a particular course of action subject to the proposal being","page_number":217,"box":{"x":68,"y":295,"width":811,"height":11}},{"id":"7185dcf0-3eb6-4ef9-aa0d-4bc3d8df4fc0","block_type":"box","text":"supported by a majority of votes cast at the meeting. The topics raised address a range of governance, social and","page_number":217,"box":{"x":69,"y":309,"width":813,"height":12}},{"id":"3922cb7f-b60d-4f02-a11b-a614acc4df00","block_type":"box","text":"environmental matters that may be relevant to a company’s business. Shareholder proposals are considered by many","page_number":217,"box":{"x":69,"y":324,"width":841,"height":11}},{"id":"b6eb42e5-1a9f-4daf-8b33-6f5fd95d75bf","block_type":"box","text":"investors to be an escalation tool when a company is unresponsive to their engagement.","page_number":217,"box":{"x":70,"y":339,"width":630,"height":11}},{"id":"0f0ddca7-fcf8-41b4-9991-2a8a9114df64","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":217,"box":{"x":101,"y":358,"width":730,"height":11}},{"id":"518d4285-3630-4849-9dd9-28415fc4180e","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":217,"box":{"x":69,"y":373,"width":772,"height":11}},{"id":"6df4a713-b7b7-49ae-a574-c27d6997dfae","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial performance.","page_number":217,"box":{"x":70,"y":387,"width":681,"height":12}},{"id":"9bde0bef-afe2-444e-9e3e-dd08c7683d0f","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or performance is to","page_number":217,"box":{"x":102,"y":406,"width":801,"height":11}},{"id":"69251ef2-02ea-450d-8eba-c44928abe965","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":217,"box":{"x":69,"y":421,"width":821,"height":11}},{"id":"d41b0dc6-111f-4066-89ac-15f46115eb18","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may support a relevant","page_number":217,"box":{"x":69,"y":436,"width":761,"height":11}},{"id":"27157e7b-dd54-404a-a1ed-178368d5653b","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":217,"box":{"x":69,"y":451,"width":839,"height":11}},{"id":"39fea3cf-0570-4e0b-96a1-840fa4c429fd","block_type":"box","text":"interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a","page_number":217,"box":{"x":70,"y":466,"width":833,"height":11}},{"id":"ddfc805d-c5f6-43f7-8ded-3615c14bbe27","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":217,"box":{"x":69,"y":480,"width":821,"height":12}},{"id":"c4314746-7c6f-4df3-9598-1ef7eda778f8","block_type":"box","text":"returns.","page_number":217,"box":{"x":69,"y":496,"width":54,"height":8}},{"id":"ffc3407b-80f5-4045-8d57-83428e80eedc","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":217,"box":{"x":102,"y":514,"width":784,"height":11}},{"id":"e9a032b8-a247-496c-9c59-d7003e025456","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":217,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"225a3a0e-3fd0-4e73-8db2-a0afab6fef28","block_type":"box","text":"shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":217,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"fcd33b89-b08a-4e57-accc-9b87ae33f9c7","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":217,"box":{"x":359,"y":574,"width":260,"height":9}},{"id":"e700fd42-386d-4ba1-9daf-0c5e66f540fc","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making","page_number":217,"box":{"x":101,"y":593,"width":777,"height":11}},{"id":"22e7205c-3613-4bcb-894c-78233f91d54e","block_type":"box","text":"process is consistent with their public statements on policy matters important to the company’s long-term strategy.","page_number":217,"box":{"x":70,"y":608,"width":820,"height":11}},{"id":"e26bd0a3-158e-4f21-9174-c1ba7d46ed23","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":217,"box":{"x":68,"y":622,"width":821,"height":11}},{"id":"9105c73c-75e8-4efd-9f0d-1ed8614da1fc","block_type":"box","text":"arising from inconsistencies. Companies should, as a minimum, meet all regulatory disclosure requirements on","page_number":217,"box":{"x":69,"y":637,"width":796,"height":11}},{"id":"4dc5dc6b-6a94-4b51-85d9-2a3c0e06ac51","block_type":"box","text":"political activities, and ideally, provide accessible and clear disclosures to shareholders on policy positions, public","page_number":217,"box":{"x":70,"y":652,"width":812,"height":11}},{"id":"45590998-1c84-410a-883f-fceceea388df","block_type":"box","text":"policy engagement activities and political donations. To mitigate the risk of inconsistencies, companies can usefully","page_number":217,"box":{"x":70,"y":667,"width":823,"height":11}},{"id":"b5aea1a7-350f-4c38-b510-afdf6156d915","block_type":"box","text":"assess the alignment between their policy priorities and the policy positions of the trade associations of which they","page_number":217,"box":{"x":69,"y":682,"width":823,"height":11}},{"id":"5aa19264-faf6-4d36-bd16-1ffeeb554ae1","block_type":"box","text":"are active members and any engagements undertaken by trade associations on behalf of members.","page_number":217,"box":{"x":69,"y":697,"width":712,"height":11}},{"id":"a0f2d2f3-c517-4464-9be4-665a81de6eb1","block_type":"box","text":"Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote","page_number":217,"box":{"x":102,"y":715,"width":763,"height":12}},{"id":"9e3cd4c2-fa24-4c56-a5f0-6bd3f901dbff","block_type":"box","text":"against directors, where a company’s disclosures are insufficient, or it becomes public that there is a material","page_number":217,"box":{"x":69,"y":730,"width":787,"height":11}},{"id":"0791ff2a-e3a0-4816-b7c1-4f1408fbf1e9","block_type":"box","text":"contradiction in a company’s public policy positions and its policy engagement.","page_number":217,"box":{"x":69,"y":745,"width":561,"height":11}},{"id":"53f5fb8c-9e76-496f-bae0-e4a167390b3d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4897dc75-e8ad-4893-9bfa-d21c4581ac28","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":217,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"9eecfa97-79e4-4151-835f-6a14c39d7a0a","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96f111f0-3c61-4ee4-b052-7e09b70c851f","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":218,"box":{"x":228,"y":45,"width":522,"height":11}},{"id":"97b6d6c2-23a7-4d49-80ca-68908e69fbe1","block_type":"box","text":"We seek to understand how companies manage the risks and opportunities inherent in their business","page_number":218,"box":{"x":101,"y":64,"width":727,"height":11}},{"id":"7d2d9abc-4965-4276-9c08-a11f45bffd64","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":218,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"51e73931-c3a4-4b2a-bcdf-1048bb257da6","block_type":"box","text":"5","page_number":218,"box":{"x":488,"y":79,"width":4,"height":4}},{"id":"e65a197e-8b3c-417a-be2b-66560ea6ab91","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":218,"box":{"x":497,"y":79,"width":402,"height":11}},{"id":"b7f27a52-7606-433c-81d2-32e6c596740a","block_type":"box","text":"its financial performance, are generally operational considerations embedded into day-to-day management systems.","page_number":218,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"4a18e30b-154c-4aa1-8633-fda98bf7f3d8","block_type":"box","text":"Certain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":218,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"49195efd-9f03-4be4-94fa-870a6a359aad","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":218,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"ecbba004-8264-4f6d-8697-91acfed6a546","block_type":"box","text":"regulatory requirements.","page_number":218,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"f182bdb4-2d92-4af1-af53-7694e992ee37","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":218,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"ba0e457f-fcaa-4299-90e2-ef890b82e1ad","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":218,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"a4741abc-ec4c-4787-bbb2-dcf625fecf02","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":218,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"c9e83f73-d276-42e1-84f6-5c60534f97c0","block_type":"box","text":"integrating material sustainability-related risks and opportunities into their business decision-making and practices.","page_number":218,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"690b2c18-97c9-4a65-abce-5cc776889fbf","block_type":"box","text":"Doing so helps us undertake a more holistic assessment of a company’s potential financial performance and the","page_number":218,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"70228bcf-8ec2-456b-9553-63439e2eb1af","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":218,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"424489f0-b4ec-4ec2-b230-4d1bd5dcd916","block_type":"box","text":"We may vote against directors or support a relevant shareholder proposal if we have concerns about how a","page_number":218,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"858e84b2-39fd-4e47-88f5-8e7233c3a017","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":218,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"44f1c918-a1ae-4363-bc35-3dbf064dbce8","block_type":"box","text":"returns.","page_number":218,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"58196208-df19-49db-8de3-b2903c6c4a5a","block_type":"box","text":"KEY STAKEHOLDERS","page_number":218,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"00009741-1fd1-40dc-9647-3b4fc4a34fc0","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various parties on","page_number":218,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"bace3ad4-a006-4132-bf9a-de39fe56de9e","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":218,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"9e7063ba-4f9d-4b1d-8c49-2f363df95822","block_type":"box","text":"what is material to their business and long-term financial performance. For many companies, key stakeholders","page_number":218,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"6d56c378-3657-4bc5-9b46-b0b456937641","block_type":"box","text":"include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":218,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"a0aea354-99f3-4f2f-9695-68d01a2dae97","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":218,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"0a5a73e9-09e6-4142-84b6-8ecd93b06ac2","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":218,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"165e5b98-f228-4d5a-8149-7cbb3c3ad229","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":218,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"ec27cff4-0e98-4c9e-b737-d2c442338c7b","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":218,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"4dd40e58-b492-4443-9cf5-119622680d3e","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":218,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"078ec223-dd37-46f5-9f8c-859f6bdc4db9","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":218,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"9495f8e1-60c1-4d06-bb86-6361a97566f7","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":218,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"30ed7f7a-2fe4-436a-aedc-64e6dd8e9835","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":218,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"92499af2-9a14-404f-a2d2-4252775fc7e0","block_type":"box","text":"i.e.","page_number":218,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"9c2ae8a7-cad2-4922-a7e0-3240f9afe40f","block_type":"box","text":", one in which global","page_number":218,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"4faa2707-e82a-402b-8366-327d652dd163","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":218,"box":{"x":68,"y":526,"width":795,"height":11}},{"id":"248e4d68-1327-4226-9a85-609f8ac9a157","block_type":"box","text":"receiving the explicit approval from the applicable fund board.","page_number":218,"box":{"x":69,"y":540,"width":437,"height":12}},{"id":"1dff3251-6d5e-4886-8454-088367c1bbe8","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":218,"box":{"x":101,"y":559,"width":744,"height":11}},{"id":"48eb9d9b-1071-4f2e-93ff-53e25a79bdc0","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":218,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"1d95abfb-657b-438e-a842-40e27af6629f","block_type":"box","text":"the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":218,"box":{"x":68,"y":589,"width":817,"height":11}},{"id":"8ec1da72-195b-4974-8971-cbe181dcc998","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":218,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"86ec2edc-f9d5-4a50-8c7e-b65dc16568ba","block_type":"box","text":"metrics and targets relevant to decarbonization. These disclosures should include an explanation of the","page_number":218,"box":{"x":69,"y":619,"width":739,"height":11}},{"id":"d73eb801-e9c5-46ea-bfb7-d75826f83af5","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":218,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"a55f1af7-c43e-460d-b414-aa62efedd141","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":218,"box":{"x":69,"y":648,"width":819,"height":12}},{"id":"48f39e71-ff1c-4d22-b508-1ae3242e42b0","block_type":"box","text":"BAIS benchmark policies, we consider the climate-risk reporting standard issued by the International Sustainability","page_number":218,"box":{"x":70,"y":663,"width":816,"height":11}},{"id":"b4768cf8-895d-4533-b1c5-49048dc1431e","block_type":"box","text":"Standards Board, IFRS S2, a useful reference for such reporting.","page_number":218,"box":{"x":69,"y":678,"width":462,"height":11}},{"id":"c56a0366-549a-4951-b544-54139ee7e055","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":218,"box":{"x":102,"y":697,"width":788,"height":11}},{"id":"7855e024-0ca5-40ef-a9b6-3ab52df64c50","block_type":"box","text":"support for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing","page_number":218,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"9e800da8-abe7-4ffe-912e-13203ebff40c","block_type":"box","text":"material climate-related risks. We may recommend supporting shareholder proposals seeking information relevant to","page_number":218,"box":{"x":69,"y":726,"width":833,"height":12}},{"id":"9f2aabf3-5310-4630-ab35-135dfee2694c","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":218,"box":{"x":69,"y":741,"width":824,"height":12}},{"id":"7212103f-adb8-460a-af26-a23a4e9e70f4","block_type":"box","text":"5","page_number":218,"box":{"x":69,"y":771,"width":4,"height":4}},{"id":"d62c5de9-4c2f-4dc2-a3aa-d83d252fe574","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":218,"box":{"x":79,"y":770,"width":822,"height":12}},{"id":"17b8f9e9-2360-4281-a7de-8b014d2c1e91","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":218,"box":{"x":69,"y":786,"width":835,"height":11}},{"id":"2dd2534b-3baa-456b-bbcf-ba367934518f","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":218,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"ad64be1a-5ad2-4adf-b11e-cea094a2d9d3","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":218,"box":{"x":70,"y":816,"width":826,"height":11}},{"id":"44e991d0-638f-4c24-a438-438bda61d5c0","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well managed companies will","page_number":218,"box":{"x":69,"y":831,"width":774,"height":11}},{"id":"8ff72761-d38b-4dda-ae91-d7863d9f7444","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses.","page_number":218,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"1321633d-7354-42c4-96f4-1332f5a2cd66","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":218,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"7352a00d-bb06-4e54-a4ba-d9ae914ede7d","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":218,"box":{"x":68,"y":876,"width":833,"height":12}},{"id":"e8eb2132-0d72-4b17-926d-00d5471ed7a7","block_type":"box","text":"sound governance framework.","page_number":218,"box":{"x":69,"y":891,"width":212,"height":12}},{"id":"f1696800-5b03-49e7-af3b-dae15f4fdade","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"affdfdee-2a12-4635-a207-eca1e6901fa0","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":218,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"61b13b9e-ad97-4f4d-92a6-60160733b6b6","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f15f68e5-04ce-4404-90d7-fb43a6033db0","block_type":"box","text":"would be helpful to investment decision-making. As under the BAIS benchmark approach, the active portfolio","page_number":219,"box":{"x":68,"y":45,"width":775,"height":11}},{"id":"e8a2b07d-1663-4e55-a4e7-721d3611f4d3","block_type":"box","text":"managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.","page_number":219,"box":{"x":69,"y":59,"width":778,"height":12}},{"id":"a70479c3-5a43-4b2e-abde-2741b82844b3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"64120461-531f-4763-b5d9-7b75dd6985b6","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":219,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"6064ddbc-9511-4888-b5c3-6ebf2a993daa","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01d27947-153d-448d-8298-4886f24aa9cc","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":220,"box":{"x":96,"y":45,"width":786,"height":9}},{"id":"afb31e6b-5c0a-4059-9127-c467cd6ab58c","block_type":"box","text":"Oversight","page_number":220,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"4e07ee98-1177-44c9-a93f-d3eafe58ce43","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":220,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"05b01c35-7571-40d8-a229-ddfd82ac7315","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the","page_number":220,"box":{"x":69,"y":101,"width":786,"height":11}},{"id":"6b767207-7e83-488d-9561-bec33d39dfb4","block_type":"box","text":"Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":220,"box":{"x":69,"y":116,"width":807,"height":11}},{"id":"5c70a74d-1d28-430f-98d9-f04cb8552553","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"f5384c09-7ca6-4438-92ee-710080d994eb","block_type":"box","text":"in our engagement and voting activities, reporting lines, and oversight.","page_number":220,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"19e9ec81-0e68-4f03-a59b-0a2a7e80e058","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active","page_number":220,"box":{"x":101,"y":164,"width":763,"height":11}},{"id":"63b009d6-ffce-437c-9ec7-9b2a2bcb7bb6","block_type":"box","text":"investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting","page_number":220,"box":{"x":70,"y":179,"width":790,"height":11}},{"id":"c3c86cc6-cc40-41d0-bcd9-6d7bd04f29ff","block_type":"box","text":"Guidelines. The Committee also considers developments in corporate governance, related public policy, and market","page_number":220,"box":{"x":69,"y":194,"width":823,"height":11}},{"id":"e3576133-852c-45b3-9d96-05d9e699bbeb","block_type":"box","text":"norms and how these might influence BAIS’ policies and practices. The Committee does not determine voting","page_number":220,"box":{"x":69,"y":209,"width":781,"height":11}},{"id":"ca3e7eea-eaa7-4026-8524-05f6b965bf0f","block_type":"box","text":"decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":220,"box":{"x":69,"y":223,"width":617,"height":12}},{"id":"ef2436bc-fe1a-48c3-83f0-0897f8f942fb","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":220,"box":{"x":102,"y":242,"width":786,"height":11}},{"id":"40d871fe-cdfa-4fb1-bb5c-85a93857d664","block_type":"box","text":"profile votes before a recommendation is finalized and escalated to the portfolio managers with holdings in the","page_number":220,"box":{"x":70,"y":257,"width":791,"height":11}},{"id":"e2f8b4c8-e123-46b2-8559-0022f671a89c","block_type":"box","text":"company under consideration. This group also formally reviews any revisions to the Engagement and Voting","page_number":220,"box":{"x":69,"y":272,"width":764,"height":11}},{"id":"86bd64ef-2a52-4117-9426-d3ecce12c664","block_type":"box","text":"Guidelines proposed by BAIS as part of its annual review.","page_number":220,"box":{"x":69,"y":287,"width":408,"height":11}},{"id":"7298f27a-2a00-46e1-8f62-e7450bcb0c6d","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":220,"box":{"x":102,"y":305,"width":797,"height":12}},{"id":"27727706-970e-4bb4-b963-78987b4d3f15","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":220,"box":{"x":68,"y":320,"width":810,"height":12}},{"id":"e62b3a3c-3711-434b-94c9-575f06079e25","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and participates in industry discussions to","page_number":220,"box":{"x":69,"y":335,"width":832,"height":11}},{"id":"056ca903-33b8-42da-a690-244f41a600c4","block_type":"box","text":"contribute to and keep abreast of important developments in the corporate governance field. BAIS may use third","page_number":220,"box":{"x":69,"y":350,"width":801,"height":11}},{"id":"0877c0ff-03c6-45a8-8e32-4a169b034e82","block_type":"box","text":"parties for certain of the foregoing activities and performs oversight of those third parties (see “Use and oversight of","page_number":220,"box":{"x":70,"y":365,"width":836,"height":11}},{"id":"dd329c82-11a9-4079-a2f8-ee9bd9c94322","block_type":"box","text":"third-party vote services providers” below).","page_number":220,"box":{"x":68,"y":380,"width":305,"height":11}},{"id":"c4966c35-099c-4680-b8f2-15f4d0d1670e","block_type":"box","text":"Voting guidelines and vote execution","page_number":220,"box":{"x":68,"y":402,"width":269,"height":11}},{"id":"067bfb3e-15fd-4fcf-b884-10161883dce7","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":220,"box":{"x":102,"y":421,"width":790,"height":11}},{"id":"086ea97b-a6e5-47a0-9921-c566eb5ec52c","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":220,"box":{"x":69,"y":436,"width":838,"height":11}},{"id":"16034a60-b416-4bfa-809d-22c3466e8149","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":220,"box":{"x":69,"y":450,"width":831,"height":12}},{"id":"c633725e-8cfb-40f6-aa0b-d3d70a10ee6b","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":220,"box":{"x":68,"y":465,"width":809,"height":12}},{"id":"36545d17-475c-4a71-9529-8ff4b6de85f3","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":220,"box":{"x":67,"y":480,"width":749,"height":12}},{"id":"4380a32e-1758-4000-86dd-526d6d26e9d2","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":220,"box":{"x":69,"y":495,"width":825,"height":11}},{"id":"2cd16d84-4bd9-4d19-8e3a-1b1f21634845","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":220,"box":{"x":69,"y":510,"width":445,"height":11}},{"id":"d5c066d7-8ff3-4734-ae72-c90edb643c58","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":220,"box":{"x":101,"y":529,"width":803,"height":11}},{"id":"6d815f7f-e890-4fb8-a812-54c0080cba3b","block_type":"box","text":"although portfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":220,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"f001797c-0425-462d-a967-02fd56eb1eaf","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":220,"box":{"x":69,"y":558,"width":752,"height":12}},{"id":"7fb37010-2a7f-48d9-a8f8-e91bd408b7a7","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":220,"box":{"x":101,"y":577,"width":782,"height":11}},{"id":"f41441fb-32ed-4223-bf26-8ea0067c96bc","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":220,"box":{"x":69,"y":592,"width":837,"height":11}},{"id":"e84c7abe-b818-41ee-b3f8-fc2792057613","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":220,"box":{"x":69,"y":607,"width":830,"height":11}},{"id":"6b39a02e-3d8b-4485-a6ab-aecd63b49a82","block_type":"box","text":"generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The","page_number":220,"box":{"x":68,"y":622,"width":813,"height":11}},{"id":"278b4e7f-8ede-401e-a757-0f663be085e0","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":220,"box":{"x":69,"y":636,"width":829,"height":12}},{"id":"3c62976f-8af3-49f0-8cf4-7044c4863f76","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":220,"box":{"x":69,"y":651,"width":802,"height":12}},{"id":"2ba7ee1b-a97f-4c93-9ede-71de34a0acc8","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":220,"box":{"x":69,"y":666,"width":718,"height":11}},{"id":"e2513f39-9aa3-42ff-8f87-98b6c7bbd73d","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":220,"box":{"x":102,"y":685,"width":792,"height":11}},{"id":"014e5272-e422-48a7-b100-85beb9436333","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":220,"box":{"x":68,"y":700,"width":791,"height":11}},{"id":"b8763c56-a28d-472f-93be-7f5c3ba7f565","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":220,"box":{"x":69,"y":714,"width":805,"height":12}},{"id":"4ae83af7-bd8b-4398-8f5e-d426908aef52","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":220,"box":{"x":70,"y":730,"width":784,"height":11}},{"id":"7fd26ec8-549e-4e8d-b1b1-a2bdb45fe8df","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":220,"box":{"x":69,"y":744,"width":836,"height":12}},{"id":"ffb0ed69-ec78-45b1-a02d-892cecbcfbfe","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":220,"box":{"x":68,"y":759,"width":838,"height":11}},{"id":"2e0ffca1-99f8-4855-9770-60c7d5027087","block_type":"box","text":"of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such","page_number":220,"box":{"x":69,"y":774,"width":839,"height":11}},{"id":"a566e522-fda4-4b48-ad7b-318f6fceedf0","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":220,"box":{"x":69,"y":789,"width":490,"height":11}},{"id":"c0640852-6a10-4aaf-a478-40777fad6153","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BAIS may determine that it is","page_number":220,"box":{"x":102,"y":807,"width":796,"height":12}},{"id":"46bd02db-a089-4be1-a757-eb6aa0263942","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":220,"box":{"x":68,"y":822,"width":799,"height":12}},{"id":"3394b4a2-2e97-40f3-91c6-fad4ce1b67c2","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":220,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"e7abf449-84bd-4ac6-a7c8-dca18ec13cc7","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":220,"box":{"x":69,"y":852,"width":661,"height":11}},{"id":"96579ebf-d0fb-4950-9950-e6aa41b6f0c6","block_type":"box","text":"Voting Choice","page_number":220,"box":{"x":68,"y":875,"width":101,"height":11}},{"id":"87c538fe-39ac-442b-b193-d3289d4144dc","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in","page_number":220,"box":{"x":102,"y":893,"width":800,"height":11}},{"id":"4b8d1dac-7716-46c7-8e9b-8d89bd7f7e25","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":220,"box":{"x":68,"y":908,"width":447,"height":11}},{"id":"67f82a10-c7e7-4c92-bbb0-b56225d31640","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1d74ab11-6ba0-422e-9f9c-13a794d46aaa","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":220,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"253323f0-4785-48c8-9edd-b5ec173e8780","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ba0b8d51-ca24-4010-912a-9ff338dbc6d9","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":221,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"0555c793-e976-4f96-8954-2f51b14c2b99","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":221,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"e3df3373-d8c5-4a4a-b57d-a44e75531036","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":221,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"6446340d-6793-421e-b03f-d5db9ffa114b","block_type":"box","text":"strategies.","page_number":221,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"d68f19b0-763f-41c7-91af-c6e0e98377fa","block_type":"box","text":"6","page_number":221,"box":{"x":145,"y":90,"width":4,"height":4}},{"id":"7b71c25e-cb89-451b-9315-bf28a1a917a6","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":221,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"036b656a-c8cb-41f8-b380-e2cee94894da","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":221,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"6e40c152-6fbd-4d4c-98f5-55093888b1e3","block_type":"box","text":"with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":221,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"b76ebd6a-36e6-4d50-9fd3-dca8d47620d5","block_type":"box","text":"control over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a","page_number":221,"box":{"x":69,"y":152,"width":787,"height":12}},{"id":"55650ebc-8c3e-4b7b-ab8f-38b74617910a","block_type":"box","text":"client’s selection of proxy policy, without client consent.","page_number":221,"box":{"x":69,"y":167,"width":395,"height":11}},{"id":"0ac2fe50-6088-466a-bd5f-3b591f560b63","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":221,"box":{"x":69,"y":190,"width":403,"height":11}},{"id":"42c5553f-3f0c-49ff-a1c9-daac5cdab3d9","block_type":"box","text":"Third-party vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":221,"box":{"x":101,"y":208,"width":794,"height":12}},{"id":"43ce5aa1-28b3-45b6-a10a-46350b8b23ae","block_type":"box","text":"votes, as well as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services","page_number":221,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"43d4aad5-9aca-40c6-876a-8557fcb0ffeb","block_type":"box","text":"provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting","page_number":221,"box":{"x":70,"y":238,"width":820,"height":11}},{"id":"e02333bd-33ad-436c-b884-6af75f696908","block_type":"box","text":"processes. We also use Glass Lewis’ research and analysis as an input into our voting process. It is important to","page_number":221,"box":{"x":70,"y":253,"width":809,"height":11}},{"id":"d1e207d4-ef52-442f-8038-f12da839391b","block_type":"box","text":"note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their","page_number":221,"box":{"x":69,"y":268,"width":793,"height":11}},{"id":"07761dcd-c692-4cc1-b239-5908a7473bb4","block_type":"box","text":"information or follow their voting recommendations. A company’s disclosures, our past engagements and voting,","page_number":221,"box":{"x":70,"y":283,"width":800,"height":11}},{"id":"f5c6f48e-3a02-44f7-bcc1-39fbb7c08c45","block_type":"box","text":"investment colleagues’ insights and our voting guidelines are important inputs into our voting decisions on behalf of","page_number":221,"box":{"x":70,"y":298,"width":828,"height":11}},{"id":"04534878-a066-4d32-bf36-11d3a13aabbb","block_type":"box","text":"clients.","page_number":221,"box":{"x":69,"y":313,"width":50,"height":8}},{"id":"f20c12d3-388a-4e79-aec9-5f51eb0dabba","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":221,"box":{"x":102,"y":331,"width":795,"height":11}},{"id":"37efa7e1-b5d4-4a1e-99a4-3a39ad8e376a","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder","page_number":221,"box":{"x":68,"y":346,"width":839,"height":11}},{"id":"5f03fd0b-a3c5-4e6f-8225-d5862043466f","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":221,"box":{"x":69,"y":361,"width":799,"height":11}},{"id":"64dd7e63-c5ce-491c-8ccf-2ed9f8df826c","block_type":"box","text":"necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":221,"box":{"x":69,"y":376,"width":819,"height":11}},{"id":"3fa6a7fe-639d-4d8b-a2f7-472d97230b10","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":221,"box":{"x":68,"y":391,"width":785,"height":11}},{"id":"69053577-fd77-4845-a5ff-fc84d009e3d6","block_type":"box","text":"monitor securities filings, research reports, company announcements, and direct communications from companies to","page_number":221,"box":{"x":69,"y":405,"width":837,"height":12}},{"id":"193788ee-3506-4f16-80f2-1f0bf2615cac","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":221,"box":{"x":69,"y":420,"width":775,"height":11}},{"id":"e2316669-f73b-4115-b531-eeaa4e076678","block_type":"box","text":"BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our","page_number":221,"box":{"x":102,"y":439,"width":807,"height":11}},{"id":"716d3baf-3562-4125-9093-ab1226b0e916","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":221,"box":{"x":69,"y":454,"width":788,"height":11}},{"id":"0c9abca6-95ca-419a-bdf9-0aa648cd9d99","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":221,"box":{"x":69,"y":554,"width":771,"height":12}},{"id":"4b58333a-8a08-490f-9587-fc0db89f8471","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":221,"box":{"x":70,"y":569,"width":763,"height":11}},{"id":"fa7b5402-2336-4bd3-b5ee-d98d9bad105c","block_type":"box","text":"BlackRock employees. 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All other trademarks are those of their respective owners.","page_number":223,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"28c122f6-4e0f-4e73-90b7-50374c816cae","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"32694f54-7bd9-4605-ae68-beff095f44ed","block_type":"box","text":"Global Engagement and Voting Guidelines | 18","page_number":223,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"384d70cf-722a-4d86-8058-ce793b42b2f4","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"833fe02e-c5cd-4af6-8763-866260e0ae91","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":224,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"5bc85de4-ef70-41bc-bd0f-39fe1582ca0c","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund 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outlined in this Policy, as part of BlackRock’s authority to manage, acquire and dispose of account","page_number":224,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"8377c84f-5dda-4d2b-9970-a86f487b655e","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":224,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"5b1f6e81-4ede-48da-b11b-c404bc7cfb7f","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":224,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"ac0d2bdc-27e2-4ef6-909a-1c282f680c7b","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":224,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"51533bc6-5489-4046-be97-f2ab4d33b9bc","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":224,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"690cc2d4-6a31-4e54-8575-fdeaf76a5d27","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":224,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"c34289c6-cfaa-4c53-94e2-a2e0f07a466d","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":224,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"8398d79c-0308-42fd-8952-22b83975b6c6","block_type":"box","text":"Appendix A.","page_number":224,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"4220a899-e25a-4801-813b-233908b34ce3","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":224,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"19e6e5b5-0854-42ab-8f3e-5a730ca3aaad","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":224,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"5031b169-6287-42e4-92fd-ad9f8ea70ca5","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":224,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"74171b0b-7779-4a16-977d-80a5f52a80a6","block_type":"box","text":"Conflicts Management","page_number":224,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"1951eb20-7da6-4f96-a17f-6c2dc4784f95","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":224,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"bf675409-4dc7-43bd-82ff-f0011d089e35","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":224,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"516db70e-41b2-413b-a509-b8d83256f26a","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":224,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"5f43f838-424b-4a57-a91d-d1d9599d4ea3","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":224,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"2b5b3485-5efa-41dc-9cc6-bdea2bde5ee0","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":224,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"0bb28656-29e7-4dc3-a1d7-25ff06610b57","block_type":"box","text":"certain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":224,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"0c04ff84-0f8c-4bd9-9f08-dc5dae32729b","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":224,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"d20d4834-bf80-49d2-9e6b-3fc42af87bb2","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":224,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"08f203e4-9b1c-481f-bfeb-9f5ccc9050ef","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":224,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"c02eab02-07af-4a4a-9f04-3864aa994104","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":224,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"274ab3dd-0492-43f4-bc8e-cced8f50e848","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":224,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"80f066c9-5186-4f9d-b374-1244f979cf78","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":224,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"9e9470c2-de72-4fba-986e-ef998329fd88","block_type":"box","text":"in clients’ financial interests. The Guidelines set forth BlackRock’s approach to recalling securities on loan in","page_number":224,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"7b78e8f1-b0f3-42f3-afe1-ab8c60ed2cf0","block_type":"box","text":"connection with proxy voting.","page_number":224,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"4b951e4b-1958-47cf-84bf-9381b67bd2c7","block_type":"box","text":"Reports to the Board","page_number":224,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"5d13ff6f-6d89-4e10-9fd9-6d9b93087407","block_type":"box","text":"BlackRock will report on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":224,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"93f43eb0-c970-4381-b5ee-4ef1a900076a","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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BlackRock offers a wide range of investment products and funds to support our clients’ unique","page_number":228,"box":{"x":69,"y":812,"width":823,"height":11}},{"id":"1205c7dd-594c-416b-9537-8259e5479267","block_type":"box","text":"and varied investment objectives. Other materials on the BIS website might also provide useful context.","page_number":228,"box":{"x":69,"y":827,"width":737,"height":12}},{"id":"bea732e2-0de4-4e38-90dc-8087ba27eca8","block_type":"box","text":"2","page_number":228,"box":{"x":69,"y":845,"width":4,"height":5}},{"id":"f73d6e76-c6f4-49cf-9c4f-2607bd18a494","block_type":"box","text":"PwC, “The 3 things all high-performing companies do”. Harvard Business Review, “6 Strategic Concepts That Set","page_number":228,"box":{"x":79,"y":845,"width":807,"height":11}},{"id":"f5b6be78-a916-4b7b-aba4-7574a6a93322","block_type":"box","text":"High-Performing Companies Apart”, March 2024.","page_number":228,"box":{"x":70,"y":860,"width":349,"height":11}},{"id":"cd3ce4ad-6506-4c0b-bd5e-7749d3a086cc","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b61f325a-3c73-478d-8f4d-1330bd42378d","block_type":"box","text":"Global Principles | 3","page_number":228,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"7f4e289b-97c1-4e0a-81f3-a97d1f5f59b4","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5ad39d9-da92-494a-b81e-e8e73964810e","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder","page_number":229,"box":{"x":101,"y":45,"width":773,"height":11}},{"id":"2e0b9693-43ec-433e-9b1a-986f327bf76e","block_type":"box","text":"voting rights should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve","page_number":229,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"c3a8c43b-5873-4a16-8c26-6a2bcb24d480","block_type":"box","text":"this balance.","page_number":229,"box":{"x":68,"y":75,"width":91,"height":9}},{"id":"dbb5d4a3-990a-417b-abad-1af3713f47a2","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":229,"box":{"x":384,"y":105,"width":210,"height":9}},{"id":"f0e064ca-18b0-4dc9-9c60-65c322b50564","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":229,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"c2f3d92c-bd18-4442-8274-38be9fad6348","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":229,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"d1e15914-bc38-4ceb-bcd3-75509fc0150e","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":229,"box":{"x":70,"y":158,"width":831,"height":11}},{"id":"80d711e9-f183-4b6a-bede-ce3cc7123a60","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement.","page_number":229,"box":{"x":68,"y":173,"width":658,"height":11}},{"id":"3bdc3dc2-cc4c-4d23-a91a-8e4e2c81f54e","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":229,"box":{"x":101,"y":196,"width":773,"height":11}},{"id":"a1ba4cbf-eeee-4e41-9987-f4cc2c9b9c8a","block_type":"box","text":"management or its shareholders. Voting is an important mechanism for investors to express support for, or concern","page_number":229,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"5a3990ff-68d3-42e2-b544-40c819839165","block_type":"box","text":"about, a company’s performance and most of our clients authorize BlackRock to exercise this right on their behalf.","page_number":229,"box":{"x":69,"y":226,"width":817,"height":11}},{"id":"61e1620a-d97b-4c5d-97fc-e4c832f7b773","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":229,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"75b3df99-1aad-4428-89a7-f7d2462f1e43","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":229,"box":{"x":68,"y":256,"width":815,"height":12}},{"id":"50a01ed5-80a8-48ad-98f0-0e4ffe3e9d7f","block_type":"box","text":"assessment, will promote stronger governance and better operating practices and, in turn, potentially enhance long","page_number":229,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"a9830aa5-4a57-4d35-93ab-d8e4b7ae9489","block_type":"box","text":"term shareholder value. Our vote decisions are informed by our in-depth analysis of company disclosures,","page_number":229,"box":{"x":68,"y":286,"width":753,"height":12}},{"id":"b1d2a3d8-09fd-4530-8ccd-6def9865af0f","block_type":"box","text":"engagement with boards and management teams, third-party research, and comparisons against a company’s","page_number":229,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"1e63032f-b52b-462a-9fae-8685df1ac68e","block_type":"box","text":"industry peers.","page_number":229,"box":{"x":70,"y":317,"width":104,"height":11}},{"id":"0715286a-e9a2-40a4-9af4-329233048f97","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment","page_number":229,"box":{"x":102,"y":339,"width":762,"height":12}},{"id":"ecc19c29-a7ec-4138-a311-3397d5463c85","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":229,"box":{"x":69,"y":355,"width":774,"height":11}},{"id":"d697c995-bf5c-497d-8128-3ba410e610a1","block_type":"box","text":"management that helps improve our understanding of the company’s business model and material risks and","page_number":229,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"447ba1e3-7754-4147-8d1b-428f6149c587","block_type":"box","text":"opportunities, to inform our voting decisions on behalf of clients who authorize us to vote on their behalf. In these","page_number":229,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"1a9e958d-06bb-4ab7-8dd6-503142d6f431","block_type":"box","text":"two-way conversations, we listen to and learn directly from company directors and executives and ask questions","page_number":229,"box":{"x":68,"y":400,"width":799,"height":11}},{"id":"d8634075-5375-4419-aa78-079cda2973ad","block_type":"box","text":"relevant to their business. Either a company or BIS can request an engagement. Many of the engagements are","page_number":229,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"8edbfa60-658b-45ec-9afe-baf789471a8e","block_type":"box","text":"initiated by companies to discuss their long-term strategy, risk and opportunity set, and management’s plan to deliver","page_number":229,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"ec957d12-3914-4d2f-a4a7-e962972c0293","block_type":"box","text":"financial returns through business cycles. The ongoing, multiyear nature of our engagements allows us to build strong","page_number":229,"box":{"x":68,"y":445,"width":841,"height":12}},{"id":"964d2c7d-fab1-4b0d-8c16-272a44675c26","block_type":"box","text":"relationships with company leadership and mutual understanding on key matters of corporate governance and the","page_number":229,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"658e637d-8721-423f-bc53-74dc0bdda4ea","block_type":"box","text":"drivers of long-term financial performance.","page_number":229,"box":{"x":69,"y":475,"width":301,"height":12}},{"id":"5378127c-9d79-4412-8e57-57c644fe535e","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of","page_number":229,"box":{"x":102,"y":498,"width":737,"height":11}},{"id":"369dfa5b-6795-4aef-8bed-9906bb46be6b","block_type":"box","text":"concerns, we typically raise these through dialogue with board members and management teams first. When we","page_number":229,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"e3bc1252-cd11-4417-867e-878cdd022705","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":229,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"3863488c-3ea6-4643-b3fa-777ff1bb8d0e","block_type":"box","text":"forms: we might not support the election of directors or other management proposals, or we might not support","page_number":229,"box":{"x":68,"y":543,"width":792,"height":12}},{"id":"189d138f-5f10-43f9-bd56-c303dc0b1026","block_type":"box","text":"management’s voting recommendation on a shareholder proposal.","page_number":229,"box":{"x":69,"y":559,"width":473,"height":11}},{"id":"bee57033-5ad8-4c0f-baa6-03d318340c58","block_type":"box","text":"KEY THEMES","page_number":229,"box":{"x":441,"y":589,"width":96,"height":9}},{"id":"043b4251-ff80-4a35-9eca-ff0a293e8896","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience,","page_number":229,"box":{"x":101,"y":612,"width":780,"height":11}},{"id":"c96174c6-f637-46b3-b40b-d9d17e5b4f04","block_type":"box","text":"there are certain globally applicable fundamental elements of corporate governance that contribute to a company’s","page_number":229,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"8b239655-f303-400d-9070-3a4304b50998","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":229,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"7f612f69-f310-4346-b3ba-388396ccba82","block_type":"box","text":"principles (the “Principles”), which are anchored in transparency and accountability.","page_number":229,"box":{"x":70,"y":657,"width":592,"height":11}},{"id":"91b56280-ea54-4e25-8394-6a3ecbc1a64b","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in","page_number":229,"box":{"x":101,"y":680,"width":778,"height":11}},{"id":"c704e233-468e-433c-8adc-3681ba39f8fe","block_type":"box","text":"their domestic market,","page_number":229,"box":{"x":68,"y":695,"width":160,"height":10}},{"id":"712967b0-9b87-49c7-a2ac-91f74a09ad5a","block_type":"box","text":"3","page_number":229,"box":{"x":230,"y":695,"width":4,"height":5}},{"id":"f0af1c69-9a43-4405-8bdc-d7d5604a5d98","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better supports durable, long","page_number":229,"box":{"x":240,"y":695,"width":669,"height":11}},{"id":"11e9a358-daab-4e47-9751-696e30043368","block_type":"box","text":"term financial value creation.","page_number":229,"box":{"x":68,"y":710,"width":206,"height":9}},{"id":"2cf606fd-bfe6-417a-a37b-cb3e126e1df8","block_type":"box","text":"These Principles cover seven key subjects:","page_number":229,"box":{"x":68,"y":740,"width":313,"height":11}},{"id":"810843f4-d590-4aba-be7e-ad7e41668b44","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":763,"width":6,"height":5}},{"id":"cb72498a-b2a4-4a0d-a389-0a6d292c8f63","block_type":"box","text":"Boards and directors","page_number":229,"box":{"x":102,"y":760,"width":147,"height":9}},{"id":"b1e04464-56eb-4472-a5b5-e446ceff4761","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":783,"width":6,"height":5}},{"id":"5f3a4f42-5cd0-4ef7-b3b0-506c5f30d1bf","block_type":"box","text":"Auditors and audit-related issues","page_number":229,"box":{"x":101,"y":781,"width":234,"height":8}},{"id":"3e3c43d4-b1c4-45de-a2de-0c9e84b22467","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":803,"width":6,"height":5}},{"id":"50650065-e12c-4418-b9bd-8ae57d95c022","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":229,"box":{"x":102,"y":801,"width":505,"height":11}},{"id":"2ff9b599-5fd9-4b81-94a4-b558c65ab6d2","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"7f1701b3-a95b-47ac-b737-cf80d61371fd","block_type":"box","text":"Executive compensation","page_number":229,"box":{"x":102,"y":821,"width":170,"height":11}},{"id":"49a36b60-bd56-4d73-b736-33c8de8aafe6","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"805979f6-c9ec-4266-bf9e-e4bdfa3231f4","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":229,"box":{"x":102,"y":841,"width":379,"height":11}},{"id":"6a85b8d4-b17f-42de-bcae-974a64764585","block_type":"box","text":"3","page_number":229,"box":{"x":69,"y":870,"width":4,"height":5}},{"id":"0ce6d5ea-f735-4796-a35e-b050cac1af15","block_type":"box","text":"Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and","page_number":229,"box":{"x":79,"y":870,"width":806,"height":11}},{"id":"35de6b13-a0b3-45f8-9d57-ffa160f69576","block_type":"box","text":"norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best","page_number":229,"box":{"x":69,"y":885,"width":820,"height":11}},{"id":"ba178199-af27-4a36-9ced-8488c23cf66f","block_type":"box","text":"practices, and industry initiatives, amongst other factors.","page_number":229,"box":{"x":70,"y":900,"width":406,"height":12}},{"id":"e171b941-0626-41db-8591-29337c97b8e9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"593bcde2-b81c-4b00-ab3e-6d76d9a7389d","block_type":"box","text":"Global Principles | 4","page_number":229,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"15e37937-20a8-455c-a44c-86acac9830a2","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"77c8e601-b12d-4094-ad4c-9acd8e006e40","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"cda91864-00fd-41d4-a917-e5a212f42dd2","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":230,"box":{"x":102,"y":45,"width":462,"height":11}},{"id":"414898b7-5705-4350-b53e-7c082f449d78","block_type":"box","text":"•","page_number":230,"box":{"x":69,"y":68,"width":6,"height":4}},{"id":"816bcee6-5cbb-45d3-b765-162c423dafbe","block_type":"box","text":"Shareholder proposals","page_number":230,"box":{"x":102,"y":65,"width":160,"height":11}},{"id":"cce3cbcd-cc12-4281-925f-de786367a462","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in","page_number":230,"box":{"x":102,"y":87,"width":775,"height":12}},{"id":"0f1f296f-8ade-4b1d-8163-5072afd24deb","block_type":"box","text":"relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional","page_number":230,"box":{"x":69,"y":103,"width":808,"height":11}},{"id":"22ffb628-93fd-429c-bbcf-f5be20d62695","block_type":"box","text":"voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently","page_number":230,"box":{"x":68,"y":118,"width":834,"height":11}},{"id":"c18990ea-6c9b-4431-9362-e6edeed68c50","block_type":"box","text":"engage companies, where they are relevant, as these can be a source of material business risk or opportunity.","page_number":230,"box":{"x":69,"y":133,"width":790,"height":11}},{"id":"1ba8098c-b4ef-43a1-a200-7c8d677045f4","block_type":"box","text":"Collectively, these BIS policies set out the core elements of corporate governance that guide our investment","page_number":230,"box":{"x":69,"y":148,"width":770,"height":11}},{"id":"0d570aa0-b383-4da9-b009-482a88995b42","block_type":"box","text":"stewardship program globally and within each market. The BIS policies are not prescriptive, applied on a pragmatic,","page_number":230,"box":{"x":69,"y":163,"width":822,"height":11}},{"id":"a3b106c7-9174-423a-a7c5-a505d548abd2","block_type":"box","text":"case-by-case basis, taking into consideration a number of factors, including the sector, market, and business","page_number":230,"box":{"x":69,"y":178,"width":777,"height":11}},{"id":"b035fa8c-6964-4b65-a6e3-3f2209f84832","block_type":"box","text":"environment within which a company is operating.","page_number":230,"box":{"x":69,"y":194,"width":352,"height":11}},{"id":"21c36560-fbef-4d32-b654-194e64dc45d9","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":230,"box":{"x":394,"y":224,"width":190,"height":9}},{"id":"c48d42b2-6d0e-4aa9-b71b-5b801251904f","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":230,"box":{"x":102,"y":246,"width":734,"height":11}},{"id":"fa1c2fec-ae25-45ae-b62f-ce1055d7704b","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":230,"box":{"x":69,"y":261,"width":815,"height":11}},{"id":"55c28e4e-c77c-4d98-bd69-6582bfeb9bd6","block_type":"box","text":"shareholders in board discussions. A strong board gives a company a competitive advantage, providing valuable","page_number":230,"box":{"x":69,"y":277,"width":798,"height":11}},{"id":"3f2586a4-15a6-4c1a-a399-ef86bb1fef38","block_type":"box","text":"oversight and contributing to the most important management decisions that support long-term financial","page_number":230,"box":{"x":69,"y":292,"width":744,"height":11}},{"id":"5a72e912-0180-41b4-bbf9-cef368f2f9c8","block_type":"box","text":"performance. As part of their responsibilities, board members have a fiduciary duty to shareholders to oversee the","page_number":230,"box":{"x":70,"y":307,"width":818,"height":11}},{"id":"ebf795a5-0abf-4bd0-9eb1-328ab8aa4ea4","block_type":"box","text":"strategic direction, operations, and risk management of a company. This is why our investment stewardship efforts","page_number":230,"box":{"x":69,"y":322,"width":820,"height":11}},{"id":"08edda08-2ff3-4587-8479-8f018d1523ae","block_type":"box","text":"have always started with the performance of the board of directors, and why we see engagement with, and the","page_number":230,"box":{"x":69,"y":337,"width":790,"height":11}},{"id":"a34918b3-bc72-4397-90ca-4728d75a4e3a","block_type":"box","text":"election of, directors as one of our most important responsibilities. We engage, as necessary, with members of the","page_number":230,"box":{"x":69,"y":352,"width":823,"height":11}},{"id":"73c33d57-62c6-4bd7-9d00-25c8a7fa823e","block_type":"box","text":"board’s nominating and/or governance committee to assess whether governance practices and board composition","page_number":230,"box":{"x":69,"y":367,"width":818,"height":11}},{"id":"72812d31-2c4c-4c0e-943f-db30cdabd423","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":230,"box":{"x":69,"y":382,"width":833,"height":12}},{"id":"7d6a11eb-959e-425c-8c34-dea4c91b5531","block_type":"box","text":"sector, market, and business environment within which a company is operating.","page_number":230,"box":{"x":69,"y":398,"width":566,"height":11}},{"id":"720e8b9d-c1ab-41dc-ad78-c1e0295eaca1","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective","page_number":230,"box":{"x":101,"y":420,"width":762,"height":11}},{"id":"4374d1c6-a5a9-4157-aa28-9a9b7ba81dd7","block_type":"box","text":"governance mechanisms to support its oversight of the company’s strategy and operations consistent with the long","page_number":230,"box":{"x":68,"y":435,"width":829,"height":11}},{"id":"49ccd47f-9059-4972-83d0-5bcadbdfaa1b","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":230,"box":{"x":68,"y":450,"width":836,"height":11}},{"id":"b650f404-62da-4d00-8b61-63093aef5c82","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":230,"box":{"x":69,"y":465,"width":830,"height":12}},{"id":"21f5c9bc-d511-4635-b748-142ba5f2d772","block_type":"box","text":"company’s long-term strategy and financial value creation, including material sustainability-related factors when","page_number":230,"box":{"x":69,"y":481,"width":792,"height":11}},{"id":"06a2a9e3-19eb-4661-8afc-5921bd2e87f9","block_type":"box","text":"relevant, is helpful for investors to appropriately understand and assess how effectively management is identifying,","page_number":230,"box":{"x":69,"y":496,"width":820,"height":11}},{"id":"71ed4c66-a2f2-4b6d-8320-b3d27fdb8852","block_type":"box","text":"managing, and mitigating such risks.","page_number":230,"box":{"x":69,"y":511,"width":260,"height":11}},{"id":"9b934a11-db5b-4c86-9847-e58e3fdcd5c7","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should","page_number":230,"box":{"x":101,"y":534,"width":775,"height":11}},{"id":"8778fbe4-085a-4795-95f6-74803cfcb0f7","block_type":"box","text":"assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful","page_number":230,"box":{"x":69,"y":549,"width":815,"height":11}},{"id":"90fa308d-6985-44de-a484-2ba8b38a4325","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":230,"box":{"x":68,"y":564,"width":803,"height":11}},{"id":"ff445d4a-35fc-492d-b8ac-5967d650cae0","block_type":"box","text":"reviewing the revised targets. We look to the board to articulate the effectiveness of these mechanisms in","page_number":230,"box":{"x":69,"y":579,"width":759,"height":11}},{"id":"e1d8672a-c4f2-4584-83a8-5f59cf82a10c","block_type":"box","text":"overseeing the management of business risks and opportunities and the fulfillment of the company’s strategy.","page_number":230,"box":{"x":69,"y":594,"width":786,"height":11}},{"id":"c5fdfce5-1213-44c7-9bad-2782887d3c99","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate","page_number":230,"box":{"x":101,"y":617,"width":782,"height":11}},{"id":"86dcf637-5882-4594-ae17-de4b0ff5c130","block_type":"box","text":"governance and risk oversight responsibilities, we may consider voting against the election of directors who, on our","page_number":230,"box":{"x":68,"y":632,"width":822,"height":11}},{"id":"40c90403-c26b-4833-8393-1cea6060aafb","block_type":"box","text":"assessment, have particular responsibility for the issues. We assess director performance on a case-by-case basis","page_number":230,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"8b7fdcbf-5b3c-44f3-a6c8-acafe9f1a757","block_type":"box","text":"and in light of each company’s circumstances, taking into consideration its governance, business practices that","page_number":230,"box":{"x":69,"y":662,"width":797,"height":11}},{"id":"0096346b-57e5-43b5-bcad-5aee9bad94b8","block_type":"box","text":"support durable, long-term financial value creation, and performance. Set out below are factors we may take into","page_number":230,"box":{"x":69,"y":677,"width":806,"height":11}},{"id":"b6a10029-1878-4aa3-b9a1-ebbf917974ed","block_type":"box","text":"consideration.","page_number":230,"box":{"x":69,"y":692,"width":99,"height":9}},{"id":"14142172-fc5a-4d2c-a771-5d96b5e73729","block_type":"box","text":"Regular accountability through director elections","page_number":230,"box":{"x":69,"y":723,"width":358,"height":11}},{"id":"a95aefd3-7f4f-495a-835a-55110c62036d","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a","page_number":230,"box":{"x":101,"y":745,"width":767,"height":11}},{"id":"a16e7a6e-1738-44f1-bd70-d841070a529c","block_type":"box","text":"regular basis, ideally annually.","page_number":230,"box":{"x":69,"y":760,"width":212,"height":12}},{"id":"82876bc0-a928-4801-8b03-b17465ddca9f","block_type":"box","text":"4","page_number":230,"box":{"x":283,"y":761,"width":5,"height":4}},{"id":"9c0a56c0-2adf-4669-9655-b8be9e74f813","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board","page_number":230,"box":{"x":293,"y":760,"width":562,"height":11}},{"id":"05da4250-caea-4de5-b707-4d823be01dec","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":230,"box":{"x":69,"y":775,"width":836,"height":11}},{"id":"f64b57fb-6e3c-476a-b8e8-09b25dd35f15","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":230,"box":{"x":69,"y":790,"width":808,"height":12}},{"id":"8f1c8539-27cd-4777-8951-18bc91e1d2b6","block_type":"box","text":"cycle, all directors have had their appointment re-confirmed, with a proportion of directors being put forward for","page_number":230,"box":{"x":69,"y":806,"width":794,"height":11}},{"id":"844fff5f-5471-449e-8655-def957d956ed","block_type":"box","text":"election at each annual general meeting.","page_number":230,"box":{"x":69,"y":821,"width":289,"height":11}},{"id":"a0ccc7d2-cba5-40da-99cd-65ac10735f82","block_type":"box","text":"4","page_number":230,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"5ba2790f-1ece-4b6d-886e-1724760e87d7","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":230,"box":{"x":79,"y":850,"width":790,"height":11}},{"id":"455bbbc3-20f4-4ab6-adfb-b349b38a917b","block_type":"box","text":"market regulation or voluntary best practice.","page_number":230,"box":{"x":69,"y":865,"width":314,"height":11}},{"id":"16f73818-f498-48dc-adc6-49a4b862310b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8658d0ff-533b-4de9-aa14-704fda883720","block_type":"box","text":"Global Principles | 5","page_number":230,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"dccee2d0-bdd6-4e74-b2da-e68b8e6ea40c","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"38f52e53-f8e9-47d0-8729-239eec2eaf49","block_type":"box","text":"Effective board composition","page_number":231,"box":{"x":69,"y":45,"width":203,"height":11}},{"id":"7cfa24cc-8152-4832-b330-5d5d4d9dcb86","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":231,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"953ef76a-36ff-4df5-bf63-e10cc2169b50","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":231,"box":{"x":69,"y":82,"width":831,"height":12}},{"id":"689c75ec-445d-4c48-9d9e-cb5f85e429ac","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and","page_number":231,"box":{"x":69,"y":98,"width":758,"height":11}},{"id":"6dbf027f-a342-41a3-ab10-6ab2e898c9ae","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":231,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"14024cd6-8ffc-44e1-aafd-6de5088a0825","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":231,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"6682ef57-dd73-4d72-8258-b5d00a4d5176","block_type":"box","text":"recently.","page_number":231,"box":{"x":69,"y":143,"width":57,"height":11}},{"id":"5831253a-a7d1-46db-949f-d502d45de21d","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess","page_number":231,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"63ff2c65-d782-4945-99b5-d6bb642d5bbf","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":231,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"6f41d57a-5dcf-4088-9720-9979d29291a4","block_type":"box","text":"assessment should consider a number of factors, including each director’s independence and time commitments, as","page_number":231,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"92741d9d-378c-43a5-bf6d-9241afc1f341","block_type":"box","text":"well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the","page_number":231,"box":{"x":68,"y":211,"width":824,"height":11}},{"id":"233243c7-e8c4-48ef-a62c-f95739d9fbd4","block_type":"box","text":"board’s effectiveness in advising and overseeing management in delivering long-term financial returns.","page_number":231,"box":{"x":69,"y":226,"width":731,"height":11}},{"id":"766e0492-a785-46d0-af93-bed7254437be","block_type":"box","text":"Director independence – from management, significant shareholders, or other related parties – is a central tenet","page_number":231,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"3f8ca377-50ff-484b-aedb-622f8cba4b51","block_type":"box","text":"of sound corporate governance across markets.","page_number":231,"box":{"x":69,"y":264,"width":339,"height":11}},{"id":"c2e20e1f-3bcb-4481-918c-46b9c20be1cb","block_type":"box","text":"5","page_number":231,"box":{"x":410,"y":264,"width":4,"height":5}},{"id":"60287502-52e6-45a9-a0cd-b2027621b0c5","block_type":"box","text":"We encourage boards to have a sufficient number of independent","page_number":231,"box":{"x":420,"y":264,"width":468,"height":11}},{"id":"511998fb-341b-458d-b092-3df04a0f72ef","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":231,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"2f424d10-62d4-492e-bacf-39fe2e0689d0","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":231,"box":{"x":69,"y":294,"width":813,"height":11}},{"id":"f5236f96-b097-46e2-b42c-bfaaa9165d48","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":231,"box":{"x":69,"y":309,"width":566,"height":11}},{"id":"d3655175-fc6a-4e67-a306-c448e5f83369","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":231,"box":{"x":102,"y":332,"width":531,"height":11}},{"id":"c51cccbe-cc99-44de-899b-1132739f135d","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":355,"width":6,"height":5}},{"id":"1e818c5a-88c5-4a3b-b7d5-740f4b95ee1a","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":231,"box":{"x":102,"y":352,"width":438,"height":11}},{"id":"3d51776d-676c-40ec-af10-c60394d32211","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":375,"width":6,"height":5}},{"id":"4319c9b2-da0f-4c42-a132-5d215f470113","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":231,"box":{"x":102,"y":372,"width":606,"height":11}},{"id":"64bcd59b-bb26-46f0-844c-019fd8986de5","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"194853cf-d69e-4b8c-8d7e-2fa05e55965b","block_type":"box","text":"Interlocking directorships","page_number":231,"box":{"x":102,"y":393,"width":177,"height":11}},{"id":"dc3aa319-48ae-48a5-a4bd-68073b311a5a","block_type":"box","text":"•","page_number":231,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"2a68c128-7d53-488c-8858-bbbc6988e094","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":231,"box":{"x":102,"y":413,"width":761,"height":11}},{"id":"ad5d0d82-0dce-4520-a3e0-228a08e207e9","block_type":"box","text":"materially interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":231,"box":{"x":102,"y":428,"width":738,"height":11}},{"id":"d0c42b7c-ee3a-4771-ae94-ee1558e75693","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":231,"box":{"x":102,"y":450,"width":775,"height":12}},{"id":"d24379e5-1fab-4def-863c-048e3b02496e","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":231,"box":{"x":70,"y":466,"width":827,"height":11}},{"id":"332aa694-d890-4d91-b041-9cb354f3d27f","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness","page_number":231,"box":{"x":70,"y":481,"width":831,"height":11}},{"id":"f7b61b24-3230-4230-87bc-854ac66121ad","block_type":"box","text":"of the independent members of the board through shaping the agenda, ensuring adequate information is provided to","page_number":231,"box":{"x":69,"y":496,"width":831,"height":11}},{"id":"308eb704-44dd-428f-b6d7-aae7c9f0811b","block_type":"box","text":"the board, and encouraging independent director participation in board deliberations. The lead independent director","page_number":231,"box":{"x":68,"y":511,"width":826,"height":11}},{"id":"38fe29fa-9aaa-48a4-a3db-49c3d9fb8846","block_type":"box","text":"or another appropriate director should be available to meet with shareholders in those situations where an","page_number":231,"box":{"x":69,"y":526,"width":759,"height":11}},{"id":"86b9bad1-d7ef-4e43-8c01-aa10e852837b","block_type":"box","text":"independent director is best placed to explain and contextualize a company’s approach.","page_number":231,"box":{"x":70,"y":541,"width":624,"height":11}},{"id":"adcf7c2d-041c-4670-8165-48942edd3896","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":231,"box":{"x":101,"y":564,"width":791,"height":11}},{"id":"8f01a22c-9b61-4a62-90a9-c91288392336","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":231,"box":{"x":68,"y":579,"width":787,"height":11}},{"id":"6779334d-3918-47f3-987c-019b8061c988","block_type":"box","text":"achieved when the board forms committees with a majority of independent directors, depending on market norms","page_number":231,"box":{"x":69,"y":594,"width":809,"height":11}},{"id":"f7d4d08a-596e-44fb-b13b-6000e6a69b21","block_type":"box","text":"and a company’s ownership structure. In many markets, these committees of the board specialize in audit, director","page_number":231,"box":{"x":69,"y":609,"width":823,"height":11}},{"id":"3dc30459-ff83-47f1-83ff-f2966b6b81a5","block_type":"box","text":"nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special","page_number":231,"box":{"x":69,"y":624,"width":767,"height":11}},{"id":"c8c9b065-2037-402b-9a30-befd0ba6de75","block_type":"box","text":"transaction, particularly one involving a related party, or to investigate a significant adverse event.","page_number":231,"box":{"x":68,"y":639,"width":698,"height":12}},{"id":"94e69c5c-15da-4787-9b01-93d0d948c5af","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":231,"box":{"x":101,"y":662,"width":802,"height":11}},{"id":"ea846c29-a17e-4f5b-af71-9a00128ee43e","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":231,"box":{"x":69,"y":677,"width":818,"height":11}},{"id":"74498d4a-2b4a-4f36-be2c-b9d1a81598a0","block_type":"box","text":"within overall board composition. These disclosures should give an understanding of how the collective experience","page_number":231,"box":{"x":68,"y":692,"width":816,"height":11}},{"id":"a9b53206-6479-41be-b69b-a116c9e4b4bc","block_type":"box","text":"and expertise of the board, as well as the particular skill sets of individual directors, aligns with the company’s long","page_number":231,"box":{"x":69,"y":707,"width":831,"height":12}},{"id":"72f4bd27-f3f5-453b-83eb-bcb35374b795","block_type":"box","text":"term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a","page_number":231,"box":{"x":68,"y":722,"width":829,"height":12}},{"id":"4e70dcf9-60c4-4e50-bba1-6ccb86434dc2","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":231,"box":{"x":69,"y":738,"width":818,"height":11}},{"id":"4b4fc966-59d3-4540-b51c-3ebf7db6ef6a","block_type":"box","text":"board discussions.","page_number":231,"box":{"x":69,"y":753,"width":133,"height":9}},{"id":"15d8e75f-34fe-4fdc-b6f5-3ff293258695","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":231,"box":{"x":102,"y":775,"width":775,"height":11}},{"id":"672770d8-2024-428b-9c20-c2b083606fbc","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":231,"box":{"x":69,"y":790,"width":806,"height":12}},{"id":"c6ecc43d-7197-4905-9a02-5cfaf5e62678","block_type":"box","text":"responsibilities to advise and oversee management.","page_number":231,"box":{"x":69,"y":806,"width":371,"height":11}},{"id":"a4444107-0d59-439a-9afa-81aaa87b3dac","block_type":"box","text":"5","page_number":231,"box":{"x":69,"y":835,"width":4,"height":5}},{"id":"fbc5c9f9-e203-4bcb-b4be-21622e4eadd9","block_type":"box","text":"Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Reporting","page_number":231,"box":{"x":79,"y":835,"width":792,"height":11}},{"id":"292802b8-8510-49c5-b5e4-7dbf91489b96","block_type":"box","text":"Council. “UK Corporate Governance Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance","page_number":231,"box":{"x":69,"y":850,"width":793,"height":11}},{"id":"91dfb085-f831-4add-b435-2875b5575fcf","block_type":"box","text":"Principles for US Listed Companies.”","page_number":231,"box":{"x":69,"y":865,"width":261,"height":11}},{"id":"b0a0fb9c-de4d-4f42-9a7b-3a7bfa1f2010","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f6a8911c-4664-418a-bda4-e3fd949272b5","block_type":"box","text":"Global Principles | 6","page_number":231,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"aa92a433-1c05-459f-b775-45a5b776b0b4","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a29faed4-7838-4f12-a800-665d2e9598a6","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":232,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"bc334fb7-b962-449b-8d89-a89486184469","block_type":"box","text":"model, strategy, location and market capitalization. We look for companies to explain how their approach to board","page_number":232,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"279eca26-9ec5-46cd-abb1-bd3772b70e65","block_type":"box","text":"composition supports the company’s governance practices.","page_number":232,"box":{"x":69,"y":75,"width":424,"height":11}},{"id":"c5f0ddd3-e0b0-4f57-a694-2ea39920ca05","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with","page_number":232,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"1c4f312b-cce1-472d-8e04-c537889cb1fa","block_type":"box","text":"companies, particularly if there is a risk their board composition may be misaligned. We ask boards to disclose,","page_number":232,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"e40c1348-097c-4c99-b8ab-bb24141e669b","block_type":"box","text":"consistent with local laws, how diversity, including professional and personal characteristics, is considered in board","page_number":232,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"6a54404e-72a0-42e5-8834-cd6f094fb46f","block_type":"box","text":"composition, given the company’s long-term strategy and business model.","page_number":232,"box":{"x":69,"y":143,"width":528,"height":11}},{"id":"9a0aaaef-e871-4c14-a6bd-654bc1b9c0f0","block_type":"box","text":"6","page_number":232,"box":{"x":598,"y":143,"width":5,"height":5}},{"id":"b2946b5c-1e23-4eab-842b-ce9c2c8b2c34","block_type":"box","text":"Sufficient capacity","page_number":232,"box":{"x":68,"y":173,"width":137,"height":11}},{"id":"6a549b06-e643-4059-aca1-ccc1e71e15e4","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":232,"box":{"x":101,"y":196,"width":763,"height":11}},{"id":"7ac8561c-3d9f-42cf-930a-40ee34d0a1a2","block_type":"box","text":"appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet","page_number":232,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"c603707a-2393-41fa-a1c5-6996c3dfa7fe","block_type":"box","text":"all of their responsibilities – including when there are unforeseen events – and therefore, they should not take on an","page_number":232,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"5c2f8610-e87c-462b-a077-f37e59b81bad","block_type":"box","text":"excessive number of roles that would impair their ability to fulfill their duties.","page_number":232,"box":{"x":69,"y":241,"width":545,"height":11}},{"id":"a19db004-d240-43e0-9d31-88eb6d515cea","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":232,"box":{"x":342,"y":272,"width":293,"height":8}},{"id":"b0b8f08d-b811-42dd-a287-3ce87ca608c4","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture","page_number":232,"box":{"x":102,"y":294,"width":806,"height":11}},{"id":"6b4f597f-7540-499e-bfc2-b2a619015a2f","block_type":"box","text":"of a company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by","page_number":232,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"5a313d95-0f89-499d-9010-872f371be071","block_type":"box","text":"the auditor in preparing the financial statements to be reasonable and justified.","page_number":232,"box":{"x":68,"y":324,"width":567,"height":12}},{"id":"22caa4c0-5e39-4148-adb9-c7699e059694","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted","page_number":232,"box":{"x":101,"y":347,"width":805,"height":11}},{"id":"1c139f74-51a5-46b3-8269-bccf37f0063c","block_type":"box","text":"under market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize","page_number":232,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"e289ba49-baf3-40ed-925f-37f14f41c8a4","block_type":"box","text":"that a broader range of risks and opportunities have the potential to materially impact financial performance. Over","page_number":232,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"9e9d71e7-a983-4e14-82a3-c1ab07fd47ec","block_type":"box","text":"time, we anticipate investors and other users of company reporting will increasingly seek to understand and","page_number":232,"box":{"x":68,"y":392,"width":769,"height":12}},{"id":"994efb57-de36-4316-bbed-1ac36d7d070e","block_type":"box","text":"scrutinize the assumptions underlying financial statements, particularly those that pertain to the impact of the","page_number":232,"box":{"x":69,"y":407,"width":787,"height":12}},{"id":"200aad7e-fb8c-4d01-aa1a-22f3ad8c8268","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":232,"box":{"x":68,"y":423,"width":833,"height":11}},{"id":"7b7a7c18-ebf9-4aaa-93f3-268630fa523a","block_type":"box","text":"of evolving practice and note that international standards setters, such as the International Financial Reporting","page_number":232,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"30430767-265a-4eb0-8fa9-edbadf80a769","block_type":"box","text":"Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop","page_number":232,"box":{"x":69,"y":453,"width":824,"height":11}},{"id":"39adbcb0-3f9a-4ef8-9969-112a0c95162e","block_type":"box","text":"their guidance to companies.","page_number":232,"box":{"x":68,"y":468,"width":206,"height":11}},{"id":"40d0fbb9-9806-41bf-b1fd-3fc8d63c8b28","block_type":"box","text":"7","page_number":232,"box":{"x":276,"y":468,"width":4,"height":5}},{"id":"9e0e5104-d40a-4246-8193-151257b68dde","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial reporting system by","page_number":232,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"44af6cf8-2fb7-4020-981e-46df7f262795","block_type":"box","text":"providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non","page_number":232,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"f941e62b-3add-468e-8d73-22f840f0ec18","block_type":"box","text":"financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":232,"box":{"x":68,"y":521,"width":835,"height":10}},{"id":"462aafee-c7c5-428e-b32f-5021c9a4ee8d","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":232,"box":{"x":69,"y":536,"width":537,"height":11}},{"id":"267b1c32-3e00-4b14-b26f-32d64317e4f8","block_type":"box","text":"8","page_number":232,"box":{"x":607,"y":536,"width":5,"height":5}},{"id":"232dedfe-eeed-4186-b33e-baa3062c57bb","block_type":"box","text":"In our view, effective audit committee","page_number":232,"box":{"x":618,"y":536,"width":265,"height":10}},{"id":"c91ca82e-0b73-4d84-8702-eba66deeeede","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an important level","page_number":232,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"ce75dc2f-0818-4b22-9d4e-ec9da4d9bb7c","block_type":"box","text":"of reassurance to shareholders.","page_number":232,"box":{"x":69,"y":566,"width":226,"height":9}},{"id":"0b655db6-9000-4b42-91ef-ec54c793f563","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and","page_number":232,"box":{"x":101,"y":589,"width":777,"height":11}},{"id":"7dd75a84-79e7-4ae1-81d5-89880ee91dfa","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":232,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"8e0c20f7-58e0-48bc-916a-723bb24fd081","block_type":"box","text":"perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the","page_number":232,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"c9b34f79-5360-4bd6-b003-d87a0342e016","block_type":"box","text":"independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have","page_number":232,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"2cd6edec-3f3e-46c6-b1b0-c239606cbd26","block_type":"box","text":"relevant expertise to monitor and oversee the audit process and related activities.","page_number":232,"box":{"x":69,"y":650,"width":585,"height":10}},{"id":"ad0a6256-b31d-4e50-9768-982ef382482f","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial","page_number":232,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"4aef7209-8855-4672-a5c1-5b976fe55588","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should","page_number":232,"box":{"x":69,"y":687,"width":783,"height":11}},{"id":"d8ca9478-ac89-4d92-9c8f-ebcbf8f90e12","block_type":"box","text":"provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor","page_number":232,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"ead504b6-b945-4d18-85f6-f9b2c8bf44a2","block_type":"box","text":"or internal audit function.","page_number":232,"box":{"x":69,"y":717,"width":178,"height":9}},{"id":"91d4de02-6558-4669-94cb-14e289829bc0","block_type":"box","text":"6","page_number":232,"box":{"x":69,"y":747,"width":4,"height":4}},{"id":"df844aed-6124-4abf-98f7-0ca902d6f775","block_type":"box","text":"Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status;","page_number":232,"box":{"x":79,"y":747,"width":775,"height":11}},{"id":"cd0e06e2-1b10-4520-a9a9-b5feada91cdb","block_type":"box","text":"LGBTQ+; and national, Indigenous, religious, or cultural identity.","page_number":232,"box":{"x":70,"y":762,"width":451,"height":11}},{"id":"87c55e98-bbb7-4ae0-8730-a3f0c7a7cc20","block_type":"box","text":"7","page_number":232,"box":{"x":69,"y":780,"width":4,"height":4}},{"id":"133e87b0-a123-4842-ae0a-f09ca453447b","block_type":"box","text":"IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and","page_number":232,"box":{"x":79,"y":779,"width":829,"height":12}},{"id":"d3f52e52-fb8b-4cd8-a857-3aca2d540bd5","block_type":"box","text":"IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”,","page_number":232,"box":{"x":70,"y":795,"width":796,"height":11}},{"id":"815c7346-f8df-4f34-9982-dbda0c79d8b8","block_type":"box","text":"August 2023.","page_number":232,"box":{"x":68,"y":810,"width":96,"height":11}},{"id":"9a1edd7b-266d-4489-9103-bcb51fd872bc","block_type":"box","text":"8","page_number":232,"box":{"x":69,"y":828,"width":4,"height":4}},{"id":"a6d3cf29-3697-4115-8a38-2815b3348ed1","block_type":"box","text":"Enterprise risk management is a process, effected by the entity’s board of directors, management, and other","page_number":232,"box":{"x":79,"y":827,"width":779,"height":12}},{"id":"6a69c050-92fa-40ee-a1f4-e4feacb45280","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":232,"box":{"x":70,"y":842,"width":834,"height":12}},{"id":"8745a2a7-7c3f-4d5e-9609-b1e6e3cf3c54","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":232,"box":{"x":68,"y":858,"width":841,"height":11}},{"id":"ae86fb36-7c85-466c-8f59-c45edb90c279","block_type":"box","text":"of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":232,"box":{"x":69,"y":873,"width":763,"height":11}},{"id":"bdc9e072-c04d-4179-86c3-1af3e9a1a594","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":232,"box":{"x":70,"y":888,"width":271,"height":11}},{"id":"59f8d82f-5d74-42cc-86ff-39c5b1cddda8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"83c503e7-715f-4485-b32a-f672b8b040d9","block_type":"box","text":"Global Principles | 7","page_number":232,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"de4c3dd4-eb40-40fa-9254-78bb8cccfa81","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17c3e730-dad0-42f1-9ef1-1c8e80da5caf","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective","page_number":233,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"7eb13d9d-7dc7-499b-b388-ef57fa72b201","block_type":"box","text":"check on management. To that end, it is important that auditors are, and are seen to be, independent. Where an","page_number":233,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"4c5e5e44-9982-4aa5-a06d-44df6a44ca2e","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":233,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"9fec7bf2-b624-4c9d-89e7-3db6c98a00a9","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":233,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"d21b286b-320a-4ad5-b912-eac6c1fea6ad","block_type":"box","text":"auditor and the quality of the external audit process.","page_number":233,"box":{"x":69,"y":105,"width":373,"height":11}},{"id":"5040186c-5234-4285-b4b4-b8c059f57b87","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk","page_number":233,"box":{"x":102,"y":128,"width":732,"height":11}},{"id":"067cbec1-52d6-433e-a627-ed1e66cd576e","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":233,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"6b68d1db-8bd1-4e82-b4b9-004ea0163986","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":233,"box":{"x":68,"y":158,"width":806,"height":11}},{"id":"0f2b277d-e114-48f8-abc3-f778621682da","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors and management’s steps to","page_number":233,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"002c39d2-426c-4599-9f58-ae3104077de0","block_type":"box","text":"address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not","page_number":233,"box":{"x":69,"y":188,"width":766,"height":11}},{"id":"1f9820b0-b643-4c76-9c0d-1f29d30bb384","block_type":"box","text":"adequately managing risk.","page_number":233,"box":{"x":69,"y":204,"width":185,"height":11}},{"id":"b393bf40-e41a-4ee3-b5a8-9676ea2929ed","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":233,"box":{"x":169,"y":234,"width":640,"height":10}},{"id":"755fcb13-c1df-465d-a9d1-f94d248e5865","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":233,"box":{"x":101,"y":256,"width":798,"height":11}},{"id":"e896c911-97cf-4b27-8fbb-49965b875cf9","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":233,"box":{"x":70,"y":271,"width":824,"height":12}},{"id":"c5938810-d405-488c-b166-6b578ed16f6e","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":233,"box":{"x":70,"y":286,"width":460,"height":12}},{"id":"137b2405-13ae-4f73-99d5-a83667e24c64","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance.","page_number":233,"box":{"x":102,"y":309,"width":729,"height":11}},{"id":"ed96ddff-4ad7-47f7-8009-74cbea116a70","block_type":"box","text":"Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company,","page_number":233,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"251d785d-f0f2-497d-87ec-b56f1d3922ee","block_type":"box","text":"and voting rights should match economic exposure,","page_number":233,"box":{"x":69,"y":340,"width":365,"height":11}},{"id":"7c63b763-f9da-44be-afaf-247683124336","block_type":"box","text":"i.e.","page_number":233,"box":{"x":442,"y":340,"width":20,"height":8}},{"id":"8cd82114-2018-4bec-9a08-6e03c93cb750","block_type":"box","text":"one share, one vote.","page_number":233,"box":{"x":469,"y":340,"width":145,"height":10}},{"id":"40fd9713-b500-46ae-9f2e-3de3661c645b","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential,","page_number":233,"box":{"x":102,"y":362,"width":792,"height":11}},{"id":"bd44413b-4d9b-4f13-b166-652f78d8ebab","block_type":"box","text":"differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of","page_number":233,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"27eb0d26-3931-4f96-be1b-69c33b9e03cc","block_type":"box","text":"proportionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising","page_number":233,"box":{"x":70,"y":392,"width":801,"height":12}},{"id":"40f5de47-b66f-4538-b66d-4abb544f402d","block_type":"box","text":"other shareholders and amplifying any potential conflicts of interest. However, we recognize that in certain markets,","page_number":233,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"8e8c6f63-25ef-498a-95ee-4d65f1c0a7af","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":233,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"fb466e14-52ea-43a8-a5fb-abf3d3c650ce","block_type":"box","text":"differentiated voting rights. In our view, such companies should review these share class structures on a regular","page_number":233,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"9e042e1d-ca9b-4780-a91b-5c0354e9c6de","block_type":"box","text":"basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital","page_number":233,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"07b612e6-cb03-44fd-ad90-e3b596c4bb75","block_type":"box","text":"structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":233,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"10d92bed-93ee-4830-a62d-fdc31991e848","block_type":"box","text":"should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end","page_number":233,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"a9cd8481-cf2f-4f15-82e6-db5bf3d086f6","block_type":"box","text":"or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":233,"box":{"x":69,"y":498,"width":705,"height":11}},{"id":"84cc93d0-7812-44da-bb41-6d8f807ba499","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long","page_number":233,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"c7158b30-4b7b-47ad-9563-9b2b6e7de569","block_type":"box","text":"term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the","page_number":233,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"778ee688-ad7a-4b69-a899-764512fd4c49","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":233,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"ed6a5263-cee7-4c1d-8b03-7d2d0c9dcf07","block_type":"box","text":"can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed","page_number":233,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"13dc258c-72d1-4391-8856-2ade9dc40626","block_type":"box","text":"transactions have the unanimous support of the board and have been negotiated at arm’s length. We may seek","page_number":233,"box":{"x":68,"y":581,"width":799,"height":12}},{"id":"0428d5d5-231a-4292-bfc0-63332eeb2a9f","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction","page_number":233,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"82ae0477-b429-4bbc-8301-f53c604b7045","block_type":"box","text":"have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction","page_number":233,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"fefe340b-9f3d-4cd3-9c36-ef025ca13da4","block_type":"box","text":"involves related parties, the recommendation to support should come from the independent directors, a best","page_number":233,"box":{"x":70,"y":627,"width":779,"height":11}},{"id":"e115d652-735e-4ac9-81d8-fc0eed7aa689","block_type":"box","text":"practice in most markets, and ideally, the terms should have been assessed through an independent appraisal","page_number":233,"box":{"x":70,"y":642,"width":789,"height":11}},{"id":"ba37dba6-5fe2-459f-b6cb-8000c859d3dd","block_type":"box","text":"process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted parties.","page_number":233,"box":{"x":70,"y":657,"width":762,"height":11}},{"id":"5184e9a4-e780-4c94-a562-f6ba45b822ef","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":233,"box":{"x":101,"y":680,"width":806,"height":11}},{"id":"806db0cb-3abe-4515-935d-110d265e74da","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":233,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"c8fac0c4-e5c4-44ed-a42c-70f562c5cbaf","block_type":"box","text":"ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench","page_number":233,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"719ab2fd-e0d7-4634-9b2e-6ebb534166d2","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":233,"box":{"x":70,"y":725,"width":826,"height":11}},{"id":"71217fca-330b-4330-85f0-6e244923aa4f","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":233,"box":{"x":68,"y":740,"width":838,"height":11}},{"id":"dedbc6cc-9858-405a-ad56-edf29c29204a","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":233,"box":{"x":69,"y":755,"width":472,"height":11}},{"id":"12b6dafd-f277-49e9-848f-a4044d1f927d","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":233,"box":{"x":385,"y":786,"width":207,"height":8}},{"id":"32249277-be41-48e0-b202-bbcb6b7d23c0","block_type":"box","text":"In most markets, one of the most important roles for a company’s board of directors is to put in place a","page_number":233,"box":{"x":102,"y":808,"width":742,"height":11}},{"id":"334a7c18-bbd4-462b-be66-c8aa8737e419","block_type":"box","text":"compensation structure that incentivizes and rewards executives appropriately. Executive compensation is an","page_number":233,"box":{"x":69,"y":823,"width":779,"height":11}},{"id":"3d07ff86-9aa1-4296-bdbd-8cc726bebff6","block_type":"box","text":"important tool used by companies to support long-term financial value creation. In our experience, well-structured","page_number":233,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"3176e5d9-fcd7-42ac-998c-419d7706552a","block_type":"box","text":"compensation policies reward the successful delivery of strategic, operational, and/or financial goals, encourage an","page_number":233,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"c6b35b47-5061-45f3-bc54-ac9216d1b9d7","block_type":"box","text":"appropriate risk appetite, and align the interests of shareholders and executives through equity ownership.","page_number":233,"box":{"x":69,"y":869,"width":760,"height":11}},{"id":"5ff21c04-7902-4d7e-ba95-b7008127c590","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial performance.","page_number":233,"box":{"x":101,"y":891,"width":712,"height":11}},{"id":"28911ee3-f0c2-489c-84a6-8c30492f7366","block_type":"box","text":"Performance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not","page_number":233,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"386d20de-47c1-4e6e-9f74-31cccff56ad5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ab3eb4af-ddda-455b-baff-2c3d89d90127","block_type":"box","text":"Global Principles | 8","page_number":233,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"44b0608f-1ea5-4812-8891-4ff9366d23e4","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8e75933-9f87-45f4-8641-11715c486320","block_type":"box","text":"have a position on whether companies should use sustainability-related criteria in compensation structures, but,","page_number":234,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"101a7024-28ca-4eb1-9ec2-0c5f40891509","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":234,"box":{"x":68,"y":60,"width":783,"height":11}},{"id":"5b1eb800-409b-475e-be0c-d56a0d305c30","block_type":"box","text":"operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual","page_number":234,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"e2eab1d6-dd35-462f-bd6c-05c29f31f99a","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a","page_number":234,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"2340111b-5792-4bdc-b197-647458404467","block_type":"box","text":"period of years.","page_number":234,"box":{"x":70,"y":105,"width":108,"height":11}},{"id":"f1a18874-3db0-423e-9fd3-dd31a09b527d","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees –","page_number":234,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"af216d70-ed1e-4343-8145-601a48bf2fc6","block_type":"box","text":"or board members responsible for setting executive compensation – should carefully consider the company’s specific","page_number":234,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"4878a6da-fe3b-4703-9e1e-8a8e8bfc4414","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":234,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"554b8043-84f9-4501-bbe7-b2fa98bdb8e1","block_type":"box","text":"attract, retain and incentivize. We look to the compensation committees to guard against contractual arrangements","page_number":234,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"9ab0da50-9e4f-419c-bbc0-dcddf1b4705a","block_type":"box","text":"that would entitle executives to material compensation for early termination of their employment. Finally, pension","page_number":234,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"5723a109-af4a-44ab-95b3-2e51c3a872fb","block_type":"box","text":"contributions and other deferred compensation arrangements should be reasonable in light of market practices or the","page_number":234,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"1331aa82-c8d3-4cc9-99ae-a1a2ae56c2c9","block_type":"box","text":"company’s business and executive compensation strategies.","page_number":234,"box":{"x":69,"y":219,"width":433,"height":11}},{"id":"a848e43a-9562-4c09-9957-a9f85a58c869","block_type":"box","text":"We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where","page_number":234,"box":{"x":101,"y":241,"width":772,"height":11}},{"id":"078339d1-b456-47f0-b2fa-ec82a101f21e","block_type":"box","text":"discretion has been used by the compensation committee or its equivalent, we appreciate disclosure relating to how","page_number":234,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"bc3ea726-3189-45cc-8aaf-9eba4a3e3ca9","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":234,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"797ec8c6-899d-4122-8a6c-d2456f6244bc","block_type":"box","text":"acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay;","page_number":234,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"71dba75d-94e3-4c61-bf5d-6a2cbf3c0756","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":234,"box":{"x":69,"y":302,"width":822,"height":11}},{"id":"b1209a46-d2f1-4743-8ce1-af792a2ac32c","block_type":"box","text":"peer benchmarking, rather than also considering rigorous measures of outperformance. We encourage companies to","page_number":234,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"884391a5-f0cc-4280-946c-2c2e86429cd9","block_type":"box","text":"clearly explain how compensation outcomes have rewarded performance.","page_number":234,"box":{"x":69,"y":332,"width":522,"height":11}},{"id":"35c9760a-690b-4044-ac34-b1c29d6a4d52","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could","page_number":234,"box":{"x":101,"y":355,"width":786,"height":11}},{"id":"e1c0a863-0c5b-4686-bd44-d707b3362b94","block_type":"box","text":"clawback compensation or require executives to forgo awards when compensation was based on faulty financial","page_number":234,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"3e7713ba-36cf-4527-8261-e416800e6133","block_type":"box","text":"statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any","page_number":234,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"0766d809-797a-4901-8f9c-c516e9f8df8a","block_type":"box","text":"awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational","page_number":234,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"f3ca1c7c-cb6f-4cc0-abe3-e0d0dbb73b4e","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":234,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"c3f53778-1127-46e3-b3bb-c0ea391ecc5e","block_type":"box","text":"restatement of past results.","page_number":234,"box":{"x":69,"y":430,"width":198,"height":11}},{"id":"4f2d6db9-6888-48a0-86e1-076b84e6b784","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":234,"box":{"x":102,"y":453,"width":803,"height":11}},{"id":"c36bea7a-2efc-4f11-8e7c-195031bcba1c","block_type":"box","text":"effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":234,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"0bd4ee6b-5f2e-4539-ac93-187465efe1ae","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":234,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"4b374b8a-6181-4dc6-8a53-48cbfd9ee850","block_type":"box","text":"whom they are charged with overseeing.","page_number":234,"box":{"x":68,"y":498,"width":285,"height":11}},{"id":"c3bb12c5-f249-4058-91b6-169d5d95407b","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they","page_number":234,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"345d8945-3a6e-468e-8edc-72ac0af92166","block_type":"box","text":"are on the agenda. We may also vote against members of the compensation committee or equivalent board members","page_number":234,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"8ed2ed66-4846-4631-a2d5-de1cde41df4b","block_type":"box","text":"for poor compensation practices or structures.","page_number":234,"box":{"x":68,"y":551,"width":331,"height":11}},{"id":"15c085d8-fec8-4917-94e6-aab15616d5ed","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":234,"box":{"x":247,"y":581,"width":484,"height":9}},{"id":"93f6e45b-e958-47bd-a7ce-a78de25f6ff8","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related","page_number":234,"box":{"x":102,"y":604,"width":782,"height":11}},{"id":"a2ec4f41-7f63-4026-9150-c6520e17c377","block_type":"box","text":"risks and opportunities relevant to their businesses.","page_number":234,"box":{"x":69,"y":619,"width":372,"height":11}},{"id":"55d3da7a-0565-42f0-8d71-fe07d5a23b9c","block_type":"box","text":"9","page_number":234,"box":{"x":443,"y":620,"width":4,"height":4}},{"id":"eb5bbc89-1543-4090-891f-0193470fd5e0","block_type":"box","text":"As with all risks and opportunities in a company’s business","page_number":234,"box":{"x":453,"y":619,"width":424,"height":11}},{"id":"f49cbc9a-1bac-4674-aa41-f4e3e0f65afe","block_type":"box","text":"model, appropriate oversight of material sustainability considerations is a core component of having an effective","page_number":234,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"85f0992c-c274-4238-83be-d2c8de477211","block_type":"box","text":"governance framework that supports durable, long-term financial value creation.","page_number":234,"box":{"x":68,"y":649,"width":570,"height":12}},{"id":"cec67c52-ed1e-4bfb-8f03-6bbcb2c89ecc","block_type":"box","text":"9","page_number":234,"box":{"x":69,"y":702,"width":4,"height":4}},{"id":"0ca50b13-1054-4a40-bf66-fdb3deba9f37","block_type":"box","text":"By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in","page_number":234,"box":{"x":79,"y":701,"width":822,"height":11}},{"id":"41a9b130-57a6-4e43-8239-56278693e9cc","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":234,"box":{"x":69,"y":716,"width":835,"height":12}},{"id":"688ca464-e344-43cf-9979-8edd866fcad9","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":234,"box":{"x":70,"y":731,"width":827,"height":12}},{"id":"b5e19f19-4e3c-4eeb-916f-b87dc8436732","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":234,"box":{"x":70,"y":747,"width":826,"height":11}},{"id":"07ed283a-d128-4a6c-af85-d13440fd548a","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":234,"box":{"x":69,"y":762,"width":433,"height":11}},{"id":"f26d9310-d724-4e58-81cb-637f1ad745bd","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"cd10fb27-02dd-491a-ad73-fbf58d2d0af3","block_type":"box","text":"Global Principles | 9","page_number":234,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"8ce85369-e07f-4865-aefb-a9fc18e1f6e6","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"44139048-3f16-4983-9021-63deeb89fcba","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to","page_number":235,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"6efbdeee-8f24-4099-b9dd-fc51343180b6","block_type":"box","text":"material sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate","page_number":235,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"c0791379-574d-40ad-ba95-b6307a373cd9","block_type":"box","text":"that they have a resilient business model that integrates material sustainability-related risks and opportunities into","page_number":235,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"cffa379d-5c01-4275-833b-28802db9ea56","block_type":"box","text":"their strategy, risk management, and metrics and targets, including industry-specific metrics. The International","page_number":235,"box":{"x":68,"y":90,"width":786,"height":11}},{"id":"7a8fb046-3633-44d9-8476-5098008cb5ab","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2","page_number":235,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"a9454209-ad87-45eb-9a87-ce4ceab28b9f","block_type":"box","text":"10","page_number":235,"box":{"x":538,"y":106,"width":9,"height":4}},{"id":"41f60cd0-1d83-48a5-8ecc-9cba039b4d2e","block_type":"box","text":"may prove helpful to companies in preparing this","page_number":235,"box":{"x":553,"y":105,"width":346,"height":11}},{"id":"2c4abf4e-5be6-4734-964f-5c564eb43cc8","block_type":"box","text":"disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":235,"box":{"x":69,"y":120,"width":834,"height":11}},{"id":"ae2334bf-4422-4eda-8c03-31e13ec1845b","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":235,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"a80933c2-5cda-4602-bd78-804421d94e1a","block_type":"box","text":"converged under the ISSB. We recognize that companies may phase in reporting aligned with the ISSB standards","page_number":235,"box":{"x":69,"y":151,"width":806,"height":11}},{"id":"ae41f1a5-b1e9-4871-814c-6d59f5e9d494","block_type":"box","text":"over several years. We also recognize that some companies may report using different standards, which may be","page_number":235,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"e3609a97-079e-4bbc-bc8f-cecc0732c015","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":235,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"71a28b36-9b5b-4659-8917-e41cb8d471a1","block_type":"box","text":"the metrics that are industry- or company-specific.","page_number":235,"box":{"x":68,"y":196,"width":356,"height":11}},{"id":"c8b3e54b-a463-494e-b0a3-2bfdc0c87b34","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and","page_number":235,"box":{"x":101,"y":218,"width":739,"height":12}},{"id":"1aea00d0-1ea9-433e-9d35-8acd22323662","block_type":"box","text":"aggregate data from various internal and external sources. We recognize that the practical realities of data collection","page_number":235,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"27456eed-af77-4830-9c8e-0a35d1c5d70a","block_type":"box","text":"and reporting may not line up with financial reporting cycles and companies may require additional time after their","page_number":235,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"4184aade-9a2c-4ea5-a4d8-7b56f46919e8","block_type":"box","text":"fiscal year-end to accurately collect, analyze, and report this data to investors. That said, while we do not prescribe","page_number":235,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"a7a20962-a39c-4cca-b42b-62cf8cf5c2df","block_type":"box","text":"timelines regarding when companies make these disclosures, we encourage them to produce climate and other","page_number":235,"box":{"x":68,"y":279,"width":797,"height":11}},{"id":"bf0494c9-132b-443f-947e-5cfb88e9a301","block_type":"box","text":"sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to","page_number":235,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"1e114e32-1920-4a88-b2fe-e3ee816fff5a","block_type":"box","text":"provide investors with time to assess the data and make informed decisions.","page_number":235,"box":{"x":70,"y":309,"width":549,"height":11}},{"id":"c1601061-11b2-47df-9a08-6c2d401d8e00","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct","page_number":235,"box":{"x":102,"y":332,"width":773,"height":11}},{"id":"cd2e5b22-c456-470a-99bb-2f65ee80b30c","block_type":"box","text":"issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and","page_number":235,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"cc06bf42-44c2-4faf-bf85-e0750089dac1","block_type":"box","text":"Development. Further, industry initiatives on managing specific operational risks may provide useful guidance to","page_number":235,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"2bf709dd-231a-4028-a792-05c11c7f031e","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":235,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"6cc07605-9fdd-44b0-a111-611a1218e086","block_type":"box","text":"investment risk when companies disclose any relevant global climate and other sustainability-related standards","page_number":235,"box":{"x":70,"y":393,"width":792,"height":11}},{"id":"4d3f361f-109f-42e2-a70e-76ce501384ec","block_type":"box","text":"adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any","page_number":235,"box":{"x":69,"y":408,"width":776,"height":11}},{"id":"95579b8b-a014-4f69-909a-9085e4ec5d99","block_type":"box","text":"assurance processes to help investors understand their approach to sustainable and responsible business practices.","page_number":235,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"8e0ebbd8-6b00-4ed6-a012-2d181710211d","block_type":"box","text":"10","page_number":235,"box":{"x":69,"y":467,"width":9,"height":5}},{"id":"bafcbf0f-ea11-4f16-98ed-b0191cbf54bb","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":235,"box":{"x":83,"y":467,"width":804,"height":11}},{"id":"ed356ad4-6704-4ef3-80fd-ea1e784f7a9b","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and opportunities that is useful to","page_number":235,"box":{"x":69,"y":482,"width":792,"height":11}},{"id":"756b18a7-c2c1-4e14-bd6e-d44d2e04da05","block_type":"box","text":"primary users of general-purpose financial reports in making decisions relating to providing resources to the entity.","page_number":235,"box":{"x":70,"y":497,"width":816,"height":11}},{"id":"5d1ea342-70b1-45f2-b382-e46a028b1697","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":235,"box":{"x":68,"y":512,"width":829,"height":11}},{"id":"fd9e447e-b789-4e69-974b-fce54b3bf9e6","block_type":"box","text":"related risks and opportunities that is useful to primary users of general-purpose financial reports in making","page_number":235,"box":{"x":69,"y":527,"width":773,"height":12}},{"id":"8a4010f4-50e9-4d09-b5a6-ac06b8919255","block_type":"box","text":"decisions relating to providing resources to the entity.","page_number":235,"box":{"x":69,"y":543,"width":381,"height":11}},{"id":"89290557-85bc-47a0-9a58-a36ba4071346","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2286061e-5390-4ab5-9033-eb25cffaf931","block_type":"box","text":"Global Principles | 10","page_number":235,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"3d6057ee-255a-4a35-bf1f-6cb7b582baeb","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f99f8568-07f1-45ff-83b4-2de94e471097","block_type":"box","text":"Climate and nature-related risk","page_number":236,"box":{"x":69,"y":45,"width":226,"height":9}},{"id":"d1deb03a-d71d-45a9-b83f-16aee8d6ea69","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":236,"box":{"x":102,"y":67,"width":718,"height":12}},{"id":"c3f1b66d-bb28-4f8e-9dd5-4a831639c6ab","block_type":"box","text":"11","page_number":236,"box":{"x":822,"y":68,"width":8,"height":4}},{"id":"225c24da-7569-493f-b7fd-fa1be4272d97","block_type":"box","text":"Our","page_number":236,"box":{"x":836,"y":67,"width":24,"height":9}},{"id":"62ab1c42-3cb8-4403-bcc2-17948e9de596","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":236,"box":{"x":69,"y":82,"width":787,"height":12}},{"id":"3c1ed74b-6fa2-4216-8bfa-eb2c05376bd4","block_type":"box","text":"changes in government policies, technology, and consumer and investor preferences, which may be material for many","page_number":236,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"43584893-70e5-4a83-8468-4bdf9fa6abfd","block_type":"box","text":"companies.","page_number":236,"box":{"x":69,"y":113,"width":80,"height":11}},{"id":"ea141739-6ca0-4f54-a11f-d204228ce402","block_type":"box","text":"12","page_number":236,"box":{"x":151,"y":113,"width":9,"height":4}},{"id":"032bd8ed-5a36-43d5-9e9b-c3414026ddbf","block_type":"box","text":"Yet the path to a low-carbon economy is uncertain and uneven, with different parts of the economy","page_number":236,"box":{"x":166,"y":113,"width":705,"height":11}},{"id":"fcc5e4a8-7adc-4c86-beda-f8e8f48d2a6e","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":236,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"f9b9def9-c4b6-416b-ad04-7aabbfdcb19f","block_type":"box","text":"related risk and opportunity on their businesses and operating environments. Many companies are assessing how to","page_number":236,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"29fa1926-9897-4c65-a2ec-303c293b77d2","block_type":"box","text":"navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these","page_number":236,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"69b9ecd4-255d-4fa9-865d-2c1205d40a27","block_type":"box","text":"climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model","page_number":236,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"9515337b-bc19-458f-ba65-c4125a9c313f","block_type":"box","text":"and sector, how they intend to deliver long-term financial performance through the transition to a low-carbon","page_number":236,"box":{"x":69,"y":188,"width":769,"height":12}},{"id":"4a63c42d-f98f-4f68-8d72-4807d0b2276f","block_type":"box","text":"economy, including where available, their transition plan.","page_number":236,"box":{"x":69,"y":204,"width":402,"height":11}},{"id":"9967ea67-2fc9-499d-be8c-7a7bd937ff2f","block_type":"box","text":"13","page_number":236,"box":{"x":473,"y":204,"width":9,"height":4}},{"id":"7a5dd9b3-5adb-4405-8a65-622f4604e797","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors","page_number":236,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"9dd1a9c9-4b7e-493a-9da5-f4f80f471aaf","block_type":"box","text":"assess company-specific climate-related risks and opportunities, and inform investment decisions.","page_number":236,"box":{"x":69,"y":241,"width":704,"height":11}},{"id":"8a8073a5-9b85-48cf-a4d8-11d4dd6665e7","block_type":"box","text":"14","page_number":236,"box":{"x":775,"y":242,"width":9,"height":4}},{"id":"b635be6a-285f-400f-a001-e0532970956d","block_type":"box","text":"Such","page_number":236,"box":{"x":789,"y":241,"width":34,"height":9}},{"id":"c2650d3b-816d-4c6d-bbdf-f6a0c2377ba1","block_type":"box","text":"disclosures also provide investors with insights into how companies are managing the risks associated with climate","page_number":236,"box":{"x":69,"y":257,"width":825,"height":11}},{"id":"87c84439-a2f0-4a64-b5eb-1e6a5faee1a8","block_type":"box","text":"change by managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":236,"box":{"x":69,"y":271,"width":779,"height":12}},{"id":"281ed60b-8971-461b-b9cd-4e40a50100ce","block_type":"box","text":"Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such","page_number":236,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"22bc6c71-fe11-4c0f-9645-3273cab8a929","block_type":"box","text":"climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed","page_number":236,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"e2b1e2b2-9383-4743-a8ac-274d7f3bcba2","block_type":"box","text":"as best practice in the market.","page_number":236,"box":{"x":69,"y":317,"width":217,"height":11}},{"id":"a7289dcb-4e18-4dda-8036-29a1852f1e5c","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures","page_number":236,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"3e71249b-6258-41be-8af6-19f770ecfc8e","block_type":"box","text":"and engagement, the strategies companies have in place to manage material risks to, and opportunities for, their","page_number":236,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"da4fb824-c238-45a8-8fc5-eb40ef087142","block_type":"box","text":"long-term business model associated with a range of climate-related scenarios. This includes a scenario in which","page_number":236,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"85f80d24-4ead-4e47-8de7-3c08d7666988","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":236,"box":{"x":68,"y":385,"width":821,"height":11}},{"id":"985d10b6-f4d0-4243-9bcb-424216ef9563","block_type":"box","text":"recently reaffirmed by G20 members as part of the 2024 Leader’s Declaration.","page_number":236,"box":{"x":69,"y":400,"width":565,"height":11}},{"id":"522a47da-beba-4fd7-bfd1-d939c47b08ef","block_type":"box","text":"15","page_number":236,"box":{"x":636,"y":400,"width":9,"height":5}},{"id":"ec3380e1-e9c9-497f-ba3d-ee9c73290007","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term","page_number":236,"box":{"x":101,"y":423,"width":783,"height":11}},{"id":"698ecc11-a946-4908-a160-f63a1281a376","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":236,"box":{"x":68,"y":438,"width":765,"height":11}},{"id":"96c88c8d-bdf6-4ae8-8b43-69c4dc0f9591","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":236,"box":{"x":69,"y":453,"width":773,"height":11}},{"id":"12562168-8e5f-4d9f-ba39-61a19c86c1a9","block_type":"box","text":"interests of their investors.","page_number":236,"box":{"x":70,"y":468,"width":190,"height":9}},{"id":"e39fac2e-71ce-4455-ac82-c2c9b8152c1d","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate certain disclosures, at this stage,","page_number":236,"box":{"x":101,"y":491,"width":784,"height":11}},{"id":"033d11f9-6e69-4038-a6d0-e2147f354d1a","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty,","page_number":236,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"f74bd640-5122-4fc7-be21-73046ea0a3bc","block_type":"box","text":"11","page_number":236,"box":{"x":69,"y":535,"width":9,"height":5}},{"id":"2fbfe797-0e2c-45ee-a867-9d0528f37a2d","block_type":"box","text":"BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":236,"box":{"x":84,"y":535,"width":582,"height":11}},{"id":"ce0b5faa-bd6b-4dcf-b48e-f6b2da328330","block_type":"box","text":"12","page_number":236,"box":{"x":69,"y":553,"width":9,"height":4}},{"id":"c95759d3-b45e-4f34-a55f-2a318efbfee6","block_type":"box","text":"BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":236,"box":{"x":84,"y":553,"width":566,"height":11}},{"id":"5415207c-8c84-4b1c-a7eb-6ed13793d811","block_type":"box","text":"13","page_number":236,"box":{"x":69,"y":571,"width":9,"height":4}},{"id":"e464082a-0883-419a-b1c8-6f0eaa91bcc7","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in a number of","page_number":236,"box":{"x":83,"y":570,"width":769,"height":12}},{"id":"739b31be-9a24-4a59-9beb-c2f9a67ccc13","block_type":"box","text":"markets are signaling their intentions to require them or already have requirements in place, such as Australia,","page_number":236,"box":{"x":69,"y":586,"width":791,"height":11}},{"id":"a38bbb65-eb16-4d4c-a583-bf0c4edc055a","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":236,"box":{"x":70,"y":600,"width":814,"height":12}},{"id":"947513d4-8e25-4f13-a07f-179cc8288fb3","block_type":"box","text":"externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the","page_number":236,"box":{"x":69,"y":616,"width":829,"height":11}},{"id":"701cead5-240f-42a0-98ae-7db0fa16d19b","block_type":"box","text":"global transition towards a low-carbon economy. Transition plans are building momentum internationally, with","page_number":236,"box":{"x":68,"y":631,"width":775,"height":11}},{"id":"04a5255a-cac1-4f34-9c6d-d11cbe089adf","block_type":"box","text":"increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial","page_number":236,"box":{"x":70,"y":646,"width":779,"height":11}},{"id":"b64aef6a-d082-440e-979f-925bca545b5d","block_type":"box","text":"industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on","page_number":236,"box":{"x":70,"y":661,"width":838,"height":11}},{"id":"329a757f-4a9d-442a-b5e5-ee1b07be54bb","block_type":"box","text":"the key elements these plans should contain. We view useful disclosure as one that communicates a company’s","page_number":236,"box":{"x":68,"y":676,"width":805,"height":11}},{"id":"6645d46e-18e2-4865-9a01-a7feb01cb3b5","block_type":"box","text":"approach to managing financially material business relevant risks and opportunities – including climate-related risks","page_number":236,"box":{"x":69,"y":691,"width":827,"height":11}},{"id":"7db48aa4-c8ba-4485-bb2b-2ba2ef4869fe","block_type":"box","text":"– to deliver long-term financial performance, which allows investors to make more informed decisions. While","page_number":236,"box":{"x":68,"y":706,"width":773,"height":12}},{"id":"b8ea13cf-bb2a-403f-af84-8199f2fa5eb3","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":236,"box":{"x":68,"y":721,"width":813,"height":11}},{"id":"77d254c1-949b-45dd-ad65-57a49e6c1e6b","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":236,"box":{"x":68,"y":737,"width":819,"height":11}},{"id":"40c522d3-4ba7-4cdc-ac69-b34c63787d95","block_type":"box","text":"actions and resource implications.","page_number":236,"box":{"x":69,"y":752,"width":244,"height":11}},{"id":"c3459726-11b8-437a-b4b3-9d0df31b8364","block_type":"box","text":"14","page_number":236,"box":{"x":69,"y":770,"width":9,"height":4}},{"id":"415eb81c-f571-40ba-8736-3eb7ac25012e","block_type":"box","text":"BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that","page_number":236,"box":{"x":84,"y":769,"width":749,"height":12}},{"id":"83069c92-08b5-4321-8f5b-9d9667b99857","block_type":"box","text":"companies may phase in reporting aligned with the ISSB standards over several years, depending on local","page_number":236,"box":{"x":69,"y":785,"width":757,"height":11}},{"id":"854d9a02-7670-4055-a118-125ce8fe5154","block_type":"box","text":"requirements. We also recognize and respect that some companies may report using different local standards, which","page_number":236,"box":{"x":69,"y":799,"width":837,"height":12}},{"id":"a43ddc97-6b5d-43fb-b4c9-e2972ee091f9","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":236,"box":{"x":69,"y":815,"width":805,"height":11}},{"id":"70791041-2c3f-482e-995f-3f913f385be3","block_type":"box","text":"disclose their rationale for reporting in line with the specific disclosure framework chosen and highlight the metrics","page_number":236,"box":{"x":69,"y":830,"width":818,"height":11}},{"id":"5fd6f9c0-4003-42cc-98ac-05f2ce0e80ec","block_type":"box","text":"that are industry- or company-specific.","page_number":236,"box":{"x":68,"y":845,"width":271,"height":11}},{"id":"a60e3c1b-c5bd-41f6-8042-f50c8bab1316","block_type":"box","text":"15","page_number":236,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"d8202001-fb43-43b6-997a-dbd71b75a155","block_type":"box","text":"In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as part of the Leader’s","page_number":236,"box":{"x":84,"y":862,"width":769,"height":12}},{"id":"757b6984-d9eb-4acd-bfe3-a0234ecd9ffa","block_type":"box","text":"Declaration. G20 members include the world’s major economies (19 countries and two regional bodies, the European","page_number":236,"box":{"x":70,"y":878,"width":836,"height":11}},{"id":"20fde3e5-c04e-40cc-8c72-cbfbb7d9ffcc","block_type":"box","text":"Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and","page_number":236,"box":{"x":70,"y":893,"width":819,"height":11}},{"id":"2767ac9b-575e-4352-8399-96994ac371e2","block_type":"box","text":"about two-thirds of the world population.","page_number":236,"box":{"x":69,"y":908,"width":285,"height":11}},{"id":"a7cdf81a-3587-4bcf-9647-24cf0aab0dbb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a252d881-5ddc-4af4-a492-06d992c4b0e9","block_type":"box","text":"Global Principles | 11","page_number":236,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"84a46566-4764-4131-805e-8375e8efbe5a","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9103e6a6-a997-416c-b87a-9dc4e8ea743c","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":237,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"555b79c8-3064-4ade-8692-d156bf880574","block_type":"box","text":"companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith","page_number":237,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"3a0a0aa9-da9d-4a45-bcbc-1a6ac1499b6b","block_type":"box","text":"basis as methodology develops. Our publicly available commentary provides more information on our approach to","page_number":237,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"54513c09-6e4b-4a82-8caf-4110c7942a5b","block_type":"box","text":"climate-related risks and opportunities.","page_number":237,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"23bfa7ef-5293-4b24-b25b-f969592f4906","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a","page_number":237,"box":{"x":102,"y":113,"width":799,"height":11}},{"id":"9c02ada5-9d8d-4f3c-8f1d-0bd4f4ae298d","block_type":"box","text":"component of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly","page_number":237,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"1bdf7d80-396b-4a98-b852-b31b559bb518","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":237,"box":{"x":68,"y":143,"width":778,"height":11}},{"id":"7a2618f8-ef9a-422f-8eec-a7ca5ab6e64e","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":237,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"20959e58-e34b-44af-ab3e-73af0269c029","block_type":"box","text":"and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and","page_number":237,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"558d2d22-e04e-46eb-bf8c-236983989ee1","block_type":"box","text":"targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform","page_number":237,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"9d9e4e1b-1326-4b80-b58f-0f869cb31489","block_type":"box","text":"our view of how a company is managing material nature-related risks and opportunities. We rely on company","page_number":237,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"50892a2e-bd2c-48ac-94e2-851708c9e57e","block_type":"box","text":"disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly","page_number":237,"box":{"x":69,"y":219,"width":821,"height":11}},{"id":"eb27a9b7-528d-4895-9e03-28bed70b6ca2","block_type":"box","text":"available commentary provides more information on our approach to natural capital.","page_number":237,"box":{"x":69,"y":234,"width":598,"height":11}},{"id":"4ab09ebb-37a0-4527-a62c-34db4109d987","block_type":"box","text":"16","page_number":237,"box":{"x":669,"y":234,"width":9,"height":4}},{"id":"676823ae-e066-49ff-8ba6-7706e85a1be2","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":237,"box":{"x":69,"y":264,"width":521,"height":11}},{"id":"510ee44b-7533-4635-abb5-ac7acec50e7b","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various","page_number":237,"box":{"x":102,"y":286,"width":782,"height":12}},{"id":"9ddba9ba-1a41-46f3-9b15-9815d6dbe765","block_type":"box","text":"parties on whom they depend for their success over time. It is for each company to determine their key stakeholders","page_number":237,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"b35c077d-b5e5-4ef1-9018-f03335aa22d4","block_type":"box","text":"based on what is material to their business and long-term financial performance. For many companies, key","page_number":237,"box":{"x":69,"y":317,"width":763,"height":11}},{"id":"2165aea2-44fe-4558-817a-8db866ab76de","block_type":"box","text":"stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers,","page_number":237,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"2ff1a9e7-bcc7-4455-b286-6ecae85865a7","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":237,"box":{"x":69,"y":347,"width":391,"height":11}},{"id":"c57a410e-28d0-474a-9220-a6960736a626","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":237,"box":{"x":101,"y":370,"width":783,"height":11}},{"id":"59a07a0f-9d77-4bcb-a453-c70bd58ff836","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":237,"box":{"x":70,"y":385,"width":755,"height":11}},{"id":"73672510-7b2d-4956-bc6b-797a7658994b","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":237,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"4b1fb84d-a4c1-43e2-bb31-b070467076a9","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":237,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"3cba4a20-d909-45d0-b09e-2dab723c6e5a","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":237,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"e59bb798-7ea4-406f-8fdb-03dff4f0be3f","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy.","page_number":237,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"3af6f0fb-92b9-4e07-afae-a4686cd78dcb","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business","page_number":237,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"63506fb3-432a-4419-82b0-0201dd76f53e","block_type":"box","text":"practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the","page_number":237,"box":{"x":70,"y":483,"width":800,"height":11}},{"id":"8f7a573e-a1a3-4937-ba75-7d5a512f7964","block_type":"box","text":"extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential","page_number":237,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"6fb74fa0-7a72-47eb-8113-de4973478820","block_type":"box","text":"adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view,","page_number":237,"box":{"x":69,"y":514,"width":763,"height":11}},{"id":"b5eba6ab-ae56-4d15-8e5c-3dc2cf955287","block_type":"box","text":"maintaining trust within these relationships can contribute to a company’s long-term success.","page_number":237,"box":{"x":69,"y":529,"width":668,"height":11}},{"id":"4d168ab3-aa21-48af-8d75-a71b7b8f4c34","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":237,"box":{"x":192,"y":559,"width":594,"height":9}},{"id":"aa155136-4d17-40cc-8155-bdef699b908e","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial performance and","page_number":237,"box":{"x":102,"y":581,"width":753,"height":12}},{"id":"81194869-ddf6-4dc1-b420-c51f4afbba09","block_type":"box","text":"viability of the companies in which they invest. In addition, companies should publish information on the governance","page_number":237,"box":{"x":68,"y":596,"width":829,"height":12}},{"id":"953f0c80-c70b-4420-b70e-9b3db5f0c8ea","block_type":"box","text":"structures in place and the rights of shareholders to influence these structures. The reporting and disclosure","page_number":237,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"9249c12f-8258-421b-a69a-5d17182736df","block_type":"box","text":"provided by companies help shareholders assess the effectiveness of the board’s oversight of management and","page_number":237,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"f0fa8f3a-1da4-4ad7-aec2-8072b0a09435","block_type":"box","text":"whether investors’ economic interests have been protected. As a general principle, we believe shareholders should","page_number":237,"box":{"x":68,"y":642,"width":821,"height":11}},{"id":"d49eb500-926c-41a4-905a-2c102bb5cd91","block_type":"box","text":"have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit","page_number":237,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"9ce3f768-f744-4248-8fa1-85c4cd2c2e12","block_type":"box","text":"proposals to the shareholders’ meeting, and to call special meetings of shareholders.","page_number":237,"box":{"x":70,"y":672,"width":610,"height":11}},{"id":"f533932b-dfce-401f-b999-e84a78da1a90","block_type":"box","text":"16","page_number":237,"box":{"x":69,"y":717,"width":9,"height":4}},{"id":"09ebf82d-d803-4774-9b23-fc4100005adf","block_type":"box","text":"Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a","page_number":237,"box":{"x":84,"y":716,"width":797,"height":12}},{"id":"514eed78-9791-4341-80c1-0fb3e745749e","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final","page_number":237,"box":{"x":69,"y":731,"width":784,"height":12}},{"id":"072d6bd4-2364-4c43-a822-cc23cc1d9395","block_type":"box","text":"recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some","page_number":237,"box":{"x":69,"y":747,"width":772,"height":11}},{"id":"8fab5f47-fd3d-45eb-92a8-6c67164fa0ac","block_type":"box","text":"companies. We recognize that some companies may report using different standards, which may be required by","page_number":237,"box":{"x":69,"y":762,"width":799,"height":11}},{"id":"092732cd-74f1-488a-a4e0-673af44ac481","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned reporting is not a voting issue.","page_number":237,"box":{"x":69,"y":777,"width":779,"height":11}},{"id":"45a5f373-5f56-4abf-97f7-13ed7c6f7b31","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b37a1f5a-246c-4d14-b9f4-b17889876955","block_type":"box","text":"Global Principles | 12","page_number":237,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"3c68dd56-3c4d-47b3-aaaf-4644a9aff732","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df97bb34-eb57-4bb8-8546-8227e61ccdf2","block_type":"box","text":"Corporate form","page_number":238,"box":{"x":69,"y":45,"width":108,"height":11}},{"id":"26caf406-a605-4c5d-960c-f8ae533dc537","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":238,"box":{"x":102,"y":67,"width":781,"height":12}},{"id":"10a6d16d-db4b-4393-ae98-f1803889b093","block_type":"box","text":"the company’s purpose and business model.","page_number":238,"box":{"x":68,"y":83,"width":320,"height":11}},{"id":"87365fa0-799b-4884-876a-f0b09a56c427","block_type":"box","text":"17","page_number":238,"box":{"x":390,"y":83,"width":9,"height":4}},{"id":"59e027e9-23f6-4473-8a6f-13caf7bdcb52","block_type":"box","text":"Companies proposing to change their corporate form to a public","page_number":238,"box":{"x":405,"y":82,"width":455,"height":12}},{"id":"981eae9c-5354-49eb-a74f-5cae217a6b5f","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":238,"box":{"x":69,"y":98,"width":770,"height":11}},{"id":"20e14502-dc7b-450e-a66a-d4c9df616555","block_type":"box","text":"applicable law. We appreciate when supporting documentation from companies or shareholder proponents proposing","page_number":238,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"a3faf0f5-fb77-4583-8fee-e2e1092ca54d","block_type":"box","text":"to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be","page_number":238,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"895a0916-aa21-4996-9551-dd76a656c9e3","block_type":"box","text":"impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally","page_number":238,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"115aff20-0443-46a2-90ef-48cb1482b4ac","block_type":"box","text":"support management proposals if our analysis indicates that shareholders’ economic interests are adequately","page_number":238,"box":{"x":69,"y":158,"width":789,"height":11}},{"id":"7f0f5c5d-dd45-4c73-a479-635fa4e1de5c","block_type":"box","text":"protected. Relevant shareholder proposals are evaluated on a case-by-case basis.","page_number":238,"box":{"x":70,"y":173,"width":583,"height":11}},{"id":"a0432668-7163-4afc-9ab5-35d075a805e4","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":238,"box":{"x":385,"y":203,"width":207,"height":9}},{"id":"4006849d-cc68-4aef-8569-2163b95dfd99","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals","page_number":238,"box":{"x":102,"y":226,"width":807,"height":11}},{"id":"c00acfe2-f40c-4e48-a116-219a25e853d4","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":238,"box":{"x":68,"y":241,"width":837,"height":11}},{"id":"4c6cb229-c88c-41b9-be74-d10c17330de0","block_type":"box","text":"met. The matters that we see put forward by shareholders address a wide range of topics, including governance","page_number":238,"box":{"x":69,"y":256,"width":799,"height":12}},{"id":"421e119e-658f-462b-a2b1-ec0beb250883","block_type":"box","text":"reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.","page_number":238,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"4ca57402-743f-4d15-b613-ad2cc6dd04cd","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":238,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"d0de5c4c-f9bd-4e5d-8a30-d3d3456c3602","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":238,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"69bc34b6-cf4a-4e3e-9076-c9d3422e76fe","block_type":"box","text":"submit shareholder proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put forth by","page_number":238,"box":{"x":69,"y":324,"width":836,"height":11}},{"id":"765b163e-0016-4127-b489-c99cf668301a","block_type":"box","text":"others.","page_number":238,"box":{"x":69,"y":340,"width":48,"height":8}},{"id":"e4d4dace-f373-4770-af31-77e766dc050e","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s","page_number":238,"box":{"x":101,"y":362,"width":768,"height":11}},{"id":"c16c6783-0d3b-4ed8-9088-a552eda86d61","block_type":"box","text":"individual circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value","page_number":238,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"432b3907-d216-44dc-832f-dc12227a758f","block_type":"box","text":"creation. BIS’ evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged,","page_number":238,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"ab45f661-7596-4e0c-ae88-e963cb24ad2e","block_type":"box","text":"may impact a company’s long-term performance. We look for consistency between the specific request formally made","page_number":238,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"30dc6048-1642-4bb3-bf9c-51f4fb0362f8","block_type":"box","text":"in the proposal, the supporting documentation, and the proponents’ other communications on the issues. We also","page_number":238,"box":{"x":70,"y":423,"width":816,"height":11}},{"id":"481c348b-aabc-439b-be32-38e9f1cb2777","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":238,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"0b8d2140-965e-462e-9251-b849d7a9ddd7","block_type":"box","text":"made in the proposal. We take into consideration a company’s governance practices and disclosures against those","page_number":238,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"f60e43c2-165f-44f4-be03-64399783e299","block_type":"box","text":"of their peers.","page_number":238,"box":{"x":69,"y":468,"width":98,"height":11}},{"id":"3c96a3cc-c516-437a-92cf-147b588577a4","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":238,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"dc0e673a-a3e5-4e05-9116-4acf4dcf073b","block_type":"box","text":"submitted or advised on the proposal.","page_number":238,"box":{"x":69,"y":506,"width":270,"height":11}},{"id":"e91b537e-a806-4eb4-a8e7-eff26d0f57bf","block_type":"box","text":"We would not support proposals that we believe would result in over-reaching into the basic business decisions","page_number":238,"box":{"x":101,"y":529,"width":795,"height":11}},{"id":"02b4d1ab-ad79-44f7-995c-e74ce72493e7","block_type":"box","text":"of the company, are unduly prescriptive or constraining on management. We take into consideration the legal effect","page_number":238,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"20c4dd5b-46e9-4e71-bf4a-92c25a9ea54c","block_type":"box","text":"of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while","page_number":238,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"2179a51a-9f94-4f2f-82b3-7e6a8f9aeedd","block_type":"box","text":"others may make requests that would be deemed illegal in a given jurisdiction.","page_number":238,"box":{"x":69,"y":574,"width":559,"height":11}},{"id":"4d828205-1ade-4f67-9a0e-c3c50cb66b70","block_type":"box","text":"BIS is likely to support shareholder proposals that request disclosures that help us, as long-term investors on","page_number":238,"box":{"x":102,"y":597,"width":784,"height":11}},{"id":"931f8ccb-a3a2-4eec-ac3f-64dd2622231c","block_type":"box","text":"behalf of our clients, better understand the material risks and opportunities companies face and how they are","page_number":238,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"52c7c44a-5458-466c-99f5-7b16e80b3caa","block_type":"box","text":"managing them, especially where this information is additive given the company’s existing disclosures. We may also","page_number":238,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"70c21aea-8f9f-4017-8505-a148bb5b85b7","block_type":"box","text":"support shareholder proposals that are focused on a material business risk that we agree needs to be addressed","page_number":238,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"325f68c6-653b-4bfb-ad97-3fb54d80bb8a","block_type":"box","text":"and the intended outcome is consistent with long-term financial value creation.","page_number":238,"box":{"x":69,"y":657,"width":561,"height":11}},{"id":"33a01a54-f244-463e-a40b-c3ad28064ccc","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s","page_number":238,"box":{"x":101,"y":680,"width":800,"height":11}},{"id":"f928d764-b823-4d3f-9f4f-82613d9d0278","block_type":"box","text":"supporting statement may refer to topics that are not directly related to the request made in the proposal. In voting","page_number":238,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"0bd69f08-bc61-4441-81a4-aa2895b2f72b","block_type":"box","text":"on behalf of clients, we do not submit or edit proposals or the supporting statements – we must vote yes or no on","page_number":238,"box":{"x":69,"y":710,"width":814,"height":11}},{"id":"cec895e2-9eb2-4a14-bec7-32edb8cd360a","block_type":"box","text":"the proposal as phrased by the proponent. Therefore, when we vote in support of a proposal, we are not necessarily","page_number":238,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"44e491a8-b5cb-427d-8980-2bc334b36b91","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or supporting statement of the proponent. We","page_number":238,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"63e30667-8ce7-4b66-8b2b-d7929d00c168","block_type":"box","text":"may support a proposal for different reasons from those put forth by the proponent, when we believe that, overall, it","page_number":238,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"4af081b9-13d1-40e4-9ef1-3be5355f0c40","block_type":"box","text":"can advance our clients’ long-term financial interests. We typically explain to the company our rationale for supporting","page_number":238,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"1cd1c9d1-4013-4551-a73b-6084cc13dcea","block_type":"box","text":"such proposals.","page_number":238,"box":{"x":69,"y":786,"width":112,"height":10}},{"id":"68d94554-5b81-4278-89de-e68c7a78d65b","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":238,"box":{"x":101,"y":808,"width":798,"height":11}},{"id":"a2947e0f-82be-466b-ba8e-7d4a5decd906","block_type":"box","text":"board has not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also support","page_number":238,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"820069cf-de55-4b6f-a15a-caa0b7ee669a","block_type":"box","text":"a proposal if management is on track, but we believe that voting in favor might accelerate efforts to address a","page_number":238,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"566437ec-a5d7-4cef-bcf4-91d599e5f452","block_type":"box","text":"material risk.","page_number":238,"box":{"x":69,"y":854,"width":91,"height":8}},{"id":"5c834a2a-b144-4e0b-a388-9d811e0acd38","block_type":"box","text":"17","page_number":238,"box":{"x":69,"y":883,"width":8,"height":4}},{"id":"f924f84f-e193-42bb-b9ad-8eecdff009ca","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":238,"box":{"x":84,"y":883,"width":550,"height":11}},{"id":"374229b9-ad92-4195-921f-1c28f141a090","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"e56ececf-5e5c-441d-8f02-946cb95f3ab8","block_type":"box","text":"Global Principles | 13","page_number":238,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"864c021f-b985-475e-8e4c-d970f304f42a","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8aa9efdd-5d0f-42b1-a7db-909327faf4a5","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":239,"box":{"x":213,"y":45,"width":553,"height":9}},{"id":"0f0c6a52-9f80-474e-bee3-fa646f4a4480","block_type":"box","text":"Oversight","page_number":239,"box":{"x":69,"y":75,"width":68,"height":11}},{"id":"7569075a-a376-46cb-8a21-27636abebd41","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior","page_number":239,"box":{"x":102,"y":98,"width":777,"height":11}},{"id":"3545a971-3519-4a6a-a8fa-a1e5fdd4b052","block_type":"box","text":"BlackRock index investment professionals and/or senior employees with practical boardroom experience. The","page_number":239,"box":{"x":70,"y":113,"width":781,"height":11}},{"id":"c02f18d1-757c-4a3f-aea4-904fa12aa34d","block_type":"box","text":"Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the","page_number":239,"box":{"x":69,"y":128,"width":803,"height":11}},{"id":"6229d29e-2b46-4816-a032-8b1486327a49","block_type":"box","text":"Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.","page_number":239,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"10e0bc68-6db4-4ff0-858c-b29c9c324daf","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee","page_number":239,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"96e26c53-da9e-451b-86c4-b0fdcc33fdbd","block_type":"box","text":"(Global Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship","page_number":239,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"4f31af7a-46eb-4680-9446-60a879d8b023","block_type":"box","text":"(Global Head), and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The","page_number":239,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"767f6b43-77dd-4d69-80aa-d1a162b7de0d","block_type":"box","text":"Global Committee does not determine voting decisions, which are the responsibility of BIS.","page_number":239,"box":{"x":69,"y":211,"width":647,"height":11}},{"id":"46801845-874a-499e-8349-b46d98065f63","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the","page_number":239,"box":{"x":101,"y":234,"width":724,"height":11}},{"id":"06893ef9-8a24-488b-b048-5b003f2d0150","block_type":"box","text":"Guidelines, which require the application of professional judgment and consideration of each company’s unique","page_number":239,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"095258cc-c3f3-4a05-83f0-1263f4907687","block_type":"box","text":"circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee","page_number":239,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"5d5b5788-d55b-43c0-8cbe-0e6121bbd504","block_type":"box","text":"also reviews and approves amendments to the regional Guidelines.","page_number":239,"box":{"x":69,"y":279,"width":478,"height":11}},{"id":"e1c0456f-9319-4873-aa60-4690efa9a8b5","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well","page_number":239,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"39690432-ccca-41a8-a35e-f79a8c8deda1","block_type":"box","text":"as updates on material process issues, procedural changes, and other risk oversight considerations. The Global","page_number":239,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"b20acdc4-64d4-4a8c-ab25-3ca0a0d88626","block_type":"box","text":"Committee reviews these reports in an oversight capacity as informed by the Guidelines.","page_number":239,"box":{"x":69,"y":332,"width":631,"height":11}},{"id":"3016fb7f-4b8b-4f5a-9b19-15f1c44ac651","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":239,"box":{"x":102,"y":355,"width":766,"height":11}},{"id":"ffdd1cb8-0ebb-4656-881d-2a89f973c2e6","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research","page_number":239,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"0176821c-4cf7-439d-89a3-54ebf5d209ee","block_type":"box","text":"on corporate governance issues and participates in industry discussions to contribute to and keep abreast of","page_number":239,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"c4b7d176-4db4-438a-86b4-5b27aaaa685d","block_type":"box","text":"important developments in the corporate governance field. BIS may utilize third parties for certain of the foregoing","page_number":239,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"9851aba8-d10d-4302-baff-a62a6a3b334c","block_type":"box","text":"activities and performs oversight of those third parties. BIS may discuss complicated or particularly controversial","page_number":239,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"7132c18a-4344-4761-8166-e0c3bca2a4fc","block_type":"box","text":"matters with senior specialists internally, on an advisory basis, prior to making a voting decision.","page_number":239,"box":{"x":69,"y":430,"width":690,"height":11}},{"id":"4387baf9-b120-40f7-a04e-958139bfd93b","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":239,"box":{"x":328,"y":460,"width":321,"height":9}},{"id":"e3d3b4d8-713a-45d6-8dab-7b52e9e41937","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted","page_number":239,"box":{"x":102,"y":483,"width":802,"height":11}},{"id":"5f5a685c-f108-451d-8a57-26ba76860264","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":239,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"39f9b456-f01f-4111-aa8a-ef6bf3e1dd55","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":239,"box":{"x":69,"y":513,"width":769,"height":12}},{"id":"24df1e36-d57a-4eb1-9ac0-c2a75fb1f1c7","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":239,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"8fe1a356-61de-49a3-bc74-5a1a8646d7a4","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":239,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"7578e0c1-3ec0-4ffd-9654-543caae04028","block_type":"box","text":"dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock","page_number":239,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"365d3e89-f551-42f2-bb1b-e5b3c4f784da","block_type":"box","text":"employees (see “Conflicts management policies and procedures,” below).","page_number":239,"box":{"x":69,"y":574,"width":526,"height":11}},{"id":"db6b2e12-1c8e-4db8-b769-9baa2ef2cc77","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines","page_number":239,"box":{"x":101,"y":596,"width":790,"height":12}},{"id":"1e6bbc21-15af-4f02-829b-c2b198a2651e","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":239,"box":{"x":68,"y":612,"width":840,"height":11}},{"id":"3a7181e1-ccd7-498c-8ce3-b64160b599ba","block_type":"box","text":"vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in","page_number":239,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"f8f41b2d-64f9-49a2-b4cd-5c6026192eea","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":239,"box":{"x":68,"y":642,"width":793,"height":11}},{"id":"f9068d17-3720-4234-9224-a554d19c71be","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":239,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"dd98b93b-fb70-4ae2-a97b-eb16708a0798","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":239,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"4ac71f0a-6296-486b-a089-9288d4fb414d","block_type":"box","text":"they reflect our view about corporate governance issues generally, and provide insight into how we typically approach","page_number":239,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"507958ee-4668-4c82-8616-683eafe695db","block_type":"box","text":"issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to","page_number":239,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"b67e2fe0-b2bd-4a42-89a4-19851471a835","block_type":"box","text":"reflect changes in market practices, developments in corporate governance and feedback from companies and","page_number":239,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"a8d52d33-3669-4322-8b3f-06e4cedb39b6","block_type":"box","text":"clients. In this way, BIS aims to maintain policies that explain our approach to governance practices most aligned","page_number":239,"box":{"x":69,"y":733,"width":807,"height":11}},{"id":"cd09c90c-507e-415a-9a06-8ba4dadab03b","block_type":"box","text":"with clients’ long-term financial interests. BIS analysts may exercise their professional judgment in determining how","page_number":239,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"653b43ce-7768-41b3-9751-9c5d7bd37419","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":239,"box":{"x":68,"y":763,"width":775,"height":11}},{"id":"a349101e-9eb1-476b-b8f8-8d983277f403","block_type":"box","text":"exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":239,"box":{"x":69,"y":778,"width":686,"height":11}},{"id":"14ebfd7f-7b8a-4df1-912d-5b2112d66d97","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as","page_number":239,"box":{"x":102,"y":801,"width":783,"height":11}},{"id":"76271695-c620-482b-88f8-381efa7a1908","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":239,"box":{"x":68,"y":816,"width":791,"height":11}},{"id":"7c5501c9-1808-4153-9e48-6afa1f9b8c68","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":239,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"2a7dc8ee-4c2f-40f0-b74d-63ef9e94061f","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":239,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"888b8612-b338-4d60-8911-116e97ef3269","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":239,"box":{"x":69,"y":861,"width":836,"height":11}},{"id":"194c4526-fe6c-4c8a-8560-2aa87e49f6c4","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":239,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"ad7b4d9b-ac49-425b-8dda-5ac3c4f73a14","block_type":"box","text":"of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such","page_number":239,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"24dfa3e8-1558-464d-b138-c5d562acddcf","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":239,"box":{"x":69,"y":907,"width":490,"height":11}},{"id":"f876fb42-c216-4b98-a020-24f4d56530ab","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c0d5cd63-e6e4-457c-bdf1-6535d5f2360a","block_type":"box","text":"Global Principles | 14","page_number":239,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"0596aa05-482b-422b-8152-5cafd18e1651","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e3cd3274-78f1-41c7-b318-508040cb1034","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is","page_number":240,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"2d485630-8605-4f5d-bd07-04ac3ebd54f9","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":240,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"8c8a945c-8857-48db-80c9-682fa3f93137","block_type":"box","text":"(including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising","page_number":240,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"4748f123-cca7-4630-be8f-a7d4475d73b7","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":240,"box":{"x":69,"y":90,"width":661,"height":11}},{"id":"ff0f2cad-fca7-40f2-89d4-a44e0b904e1b","block_type":"box","text":"VOTING CHOICE","page_number":240,"box":{"x":430,"y":120,"width":117,"height":9}},{"id":"9e7ead11-94c0-4d12-aee9-01079fae8c46","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in","page_number":240,"box":{"x":102,"y":143,"width":795,"height":11}},{"id":"71fa6fe1-d830-42c9-8a96-173fb6babf76","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":240,"box":{"x":68,"y":158,"width":447,"height":11}},{"id":"8da8e219-be1b-4584-80e7-89e042cd28a0","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S.,","page_number":240,"box":{"x":101,"y":181,"width":786,"height":11}},{"id":"1067a0ba-2bf7-478b-add9-d58125f278bd","block_type":"box","text":"UK, Ireland, and Canada that utilize certain equity index investment strategies, as well as eligible clients in certain","page_number":240,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"68987294-545a-4101-bf4d-4a08d813b147","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":240,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"51735e1f-7b4a-4e7f-9b34-22e3ba92de23","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice","page_number":240,"box":{"x":70,"y":226,"width":791,"height":11}},{"id":"3aa16e38-4fb6-4b2b-960b-61fcedc9578a","block_type":"box","text":"regardless of their investment strategies.","page_number":240,"box":{"x":69,"y":241,"width":293,"height":11}},{"id":"fd415a11-1e2a-4d63-8ef7-c69cfdbeee61","block_type":"box","text":"18","page_number":240,"box":{"x":364,"y":242,"width":9,"height":4}},{"id":"eef7fb2e-0d23-43cb-b431-197f1d5988f4","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible","page_number":240,"box":{"x":379,"y":241,"width":509,"height":11}},{"id":"25163d59-1d0e-43f2-bf42-aac3d5472006","block_type":"box","text":"shareholder accounts in a U.S. Fund.","page_number":240,"box":{"x":69,"y":256,"width":262,"height":9}},{"id":"f7011db1-d3a0-4f38-8142-873909127bd0","block_type":"box","text":"19","page_number":240,"box":{"x":334,"y":257,"width":8,"height":4}},{"id":"f9fedfa7-2fd0-456a-b4a6-0e322c800868","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":240,"box":{"x":101,"y":279,"width":788,"height":11}},{"id":"80740885-3a20-4698-8576-c7134f20ea39","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":240,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"4c27af76-5b9a-4d15-a7e2-c275e77728b6","block_type":"box","text":"third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control","page_number":240,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"f463a677-5891-41f0-a3bf-e09b9f60cfc7","block_type":"box","text":"over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client’s","page_number":240,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"50ab3679-03ee-44bf-bf4f-32772d681488","block_type":"box","text":"selection of proxy policy, without client consent.","page_number":240,"box":{"x":69,"y":339,"width":338,"height":12}},{"id":"845e1ee6-a088-449e-8d7f-ae1243ef10fd","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":240,"box":{"x":281,"y":370,"width":416,"height":9}},{"id":"79ac7f16-71ea-411e-bb6f-0d3670751a5f","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity.","page_number":240,"box":{"x":102,"y":392,"width":801,"height":12}},{"id":"66b6cb32-cc15-4d3b-8131-b21d4213e614","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent or","page_number":240,"box":{"x":69,"y":407,"width":809,"height":12}},{"id":"464298b7-1a7a-4953-9d54-7f4de9de7974","block_type":"box","text":"dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":240,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"aecc08e4-256d-443d-9f3b-f2dd164393c9","block_type":"box","text":"The following are examples of sources of perceived or potential conflicts of interest:","page_number":240,"box":{"x":68,"y":438,"width":598,"height":11}},{"id":"3d6aeab3-4659-46b9-a65e-28dc1b78644f","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"fbacc4dd-9b57-438e-b5a7-49df22c4c7d1","block_type":"box","text":"BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":240,"box":{"x":102,"y":458,"width":660,"height":11}},{"id":"83933bae-c87d-4ecc-96ec-01c63410f576","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":481,"width":6,"height":4}},{"id":"d80bc216-ce27-40f4-a781-ffe1d7ae8c8c","block_type":"box","text":"BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":240,"box":{"x":102,"y":478,"width":772,"height":11}},{"id":"c194dced-2b4f-41ee-888e-781f991fb3bf","block_type":"box","text":"resolutions","page_number":240,"box":{"x":102,"y":493,"width":78,"height":9}},{"id":"06d0638e-b0c6-4ff4-bb27-066f836239c8","block_type":"box","text":"•","page_number":240,"box":{"x":69,"y":516,"width":6,"height":5}},{"id":"c3c8c19e-cd94-4440-8ddc-d2b31ce23fd7","block_type":"box","text":"BlackRock employees who may sit on the boards of public companies held in Funds managed by 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We may engage more than one independent","page_number":241,"box":{"x":69,"y":350,"width":813,"height":11}},{"id":"3b7896a4-4803-439d-a583-ab9c4b105241","block_type":"box","text":"third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting","page_number":241,"box":{"x":68,"y":365,"width":804,"height":11}},{"id":"aa92e635-5ecb-4dbc-838d-a914e748bff3","block_type":"box","text":"service provider. 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It also enables funds to generate additional","page_number":241,"box":{"x":68,"y":463,"width":794,"height":11}},{"id":"d9c5669f-7117-479d-afe0-d48428f5a0ec","block_type":"box","text":"returns while allowing fund providers to keep fund expenses lower.","page_number":241,"box":{"x":69,"y":478,"width":473,"height":11}},{"id":"4d9eef17-8adf-4089-bad2-c807d228f2de","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":241,"box":{"x":101,"y":501,"width":779,"height":11}},{"id":"0735a3d6-7f6d-42f6-be3c-4e4fbc4d26a2","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":241,"box":{"x":70,"y":516,"width":827,"height":11}},{"id":"41668d0f-c355-45d4-9a3b-224ca863f5a1","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":241,"box":{"x":70,"y":531,"width":832,"height":11}},{"id":"d9fb305e-ce31-4eff-8a9d-0869285e5879","block_type":"box","text":"recall securities on loan as part of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":241,"box":{"x":69,"y":546,"width":832,"height":11}},{"id":"c4881cb7-debb-45ad-8be3-0b6fb5d5bda6","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":241,"box":{"x":69,"y":561,"width":814,"height":11}},{"id":"520ae327-15e0-4e0e-8aad-0037b0c81cec","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":241,"box":{"x":70,"y":576,"width":834,"height":12}},{"id":"3b051851-79c3-4c3f-9579-ca2eb02553f0","block_type":"box","text":"of recall consideration).","page_number":241,"box":{"x":69,"y":591,"width":166,"height":11}},{"id":"d13d1fbd-5380-4425-8485-e661dfac2670","block_type":"box","text":"20","page_number":241,"box":{"x":237,"y":592,"width":9,"height":4}},{"id":"e59d3def-d617-475e-8424-2dd5fb2d0854","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":241,"box":{"x":252,"y":592,"width":617,"height":11}},{"id":"14d9274b-bf42-4a05-b329-ba59c7badc1c","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":241,"box":{"x":68,"y":606,"width":563,"height":12}},{"id":"5a926950-5a0f-4095-bac8-c72a8854c2f4","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting","page_number":241,"box":{"x":102,"y":629,"width":785,"height":11}},{"id":"f2bb6d30-b02e-4f0c-b3cd-c2b707a78f0b","block_type":"box","text":"shares would be less than the potential revenue the loan may provide the Fund. However, in certain instances,","page_number":241,"box":{"x":69,"y":645,"width":789,"height":10}},{"id":"7ccac93c-0228-42c6-ae74-9d9cd0994741","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":241,"box":{"x":70,"y":659,"width":816,"height":12}},{"id":"f2958433-f4a9-4372-a824-fa28b5623b03","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.","page_number":241,"box":{"x":68,"y":675,"width":790,"height":11}},{"id":"1d16073f-2ec2-4c38-9637-24da98751a36","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":241,"box":{"x":102,"y":697,"width":790,"height":12}},{"id":"7c9e583c-c75c-4ab3-83d2-54f7d225224e","block_type":"box","text":"and may modify it as necessary.","page_number":241,"box":{"x":69,"y":712,"width":228,"height":12}},{"id":"5e82d49d-b813-4fce-8053-d66e48ee4727","block_type":"box","text":"20","page_number":241,"box":{"x":69,"y":742,"width":9,"height":4}},{"id":"27263614-6c3e-40dd-b3a8-2b57478612ac","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":241,"box":{"x":84,"y":742,"width":789,"height":11}},{"id":"95dc76da-8ed9-4b9e-94d4-2eb1351bf87e","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":241,"box":{"x":69,"y":757,"width":763,"height":11}},{"id":"4358ac43-685d-44eb-be21-05e73747ef56","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":241,"box":{"x":70,"y":772,"width":794,"height":11}},{"id":"f23bb446-8ed3-4431-b0c1-33ae79d96527","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":241,"box":{"x":69,"y":787,"width":833,"height":11}},{"id":"ebd631c7-1d8c-4b08-8df1-e2c532bf57dd","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":241,"box":{"x":69,"y":802,"width":821,"height":11}},{"id":"005213dc-d227-445a-8dd5-da81b1d379ab","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":241,"box":{"x":69,"y":817,"width":823,"height":11}},{"id":"ac5fd0ce-f069-4d39-9445-ea66a72200ca","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":241,"box":{"x":68,"y":832,"width":822,"height":12}},{"id":"9ea54262-0219-4090-9ae9-dcb1e7935e14","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the opportunity to vote).","page_number":241,"box":{"x":70,"y":847,"width":558,"height":12}},{"id":"16995dd3-7149-4093-9274-0b166a12e069","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8bf0ff9e-fbf9-407f-97a5-cddbe0704f06","block_type":"box","text":"Global Principles | 16","page_number":241,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"bf199198-a13b-4b6c-a147-4b01b9ebd5bb","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8eb41a0-e300-4b68-8011-cfc519955143","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":242,"box":{"x":343,"y":45,"width":293,"height":9}},{"id":"2d0e8125-75ca-4576-b1ea-a669c36ad8ba","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":242,"box":{"x":101,"y":67,"width":788,"height":11}},{"id":"6eea61f2-4528-41f8-8045-d52d213b90b9","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":242,"box":{"x":69,"y":83,"width":787,"height":11}},{"id":"61271096-5a76-41f3-9a63-24ad80889ee1","block_type":"box","text":"website. Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies","page_number":242,"box":{"x":68,"y":98,"width":837,"height":11}},{"id":"5beae54b-1e2f-4156-8389-9f093349c076","block_type":"box","text":"in which we invest on their behalf. We also publish commentaries to share our perspective on market developments","page_number":242,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"6bf862f8-0439-4bb4-8dea-eec0249c8258","block_type":"box","text":"and emerging key themes.","page_number":242,"box":{"x":69,"y":128,"width":187,"height":11}},{"id":"f874b1b4-3a78-4430-9059-f648e6e2164d","block_type":"box","text":"At a more granular level, on a quarterly basis, we publish our vote record for each company that held a","page_number":242,"box":{"x":101,"y":150,"width":732,"height":12}},{"id":"835a60cf-a386-467e-b519-6a48c1d4339e","block_type":"box","text":"shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any","page_number":242,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"2a4a1703-4b71-442b-a288-9c321e34a12d","block_type":"box","text":"votes against management proposals and on shareholder proposals. For shareholder meetings where a vote might","page_number":242,"box":{"x":68,"y":181,"width":819,"height":11}},{"id":"6f26c83d-a85b-43d4-91cf-3572cf99816c","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":242,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"e0433634-550c-464d-8f73-82f77461cead","block_type":"box","text":"explaining our vote on key proposals. 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All rights reserved.","page_number":243,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"92a504e0-e54c-42a9-8b68-049773e3d0a3","block_type":"box","text":"BLACKROCK","page_number":243,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"0550e8af-7cdc-4243-87a3-e47c02e174d8","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":243,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"e9328ede-54f2-40e0-937b-423456d0590b","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":243,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"b050a03d-cbdc-4068-82d1-8214290df023","block_type":"box","text":"BlackRock","page_number":243,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"2f7c2600-3619-49ec-a0ed-0d99a53a83e2","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":243,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d6f8e45-230f-43d4-b307-43519d3c8e42","block_type":"box","text":"BlackRock Investment Stewardship","page_number":244,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"70d0c128-720d-45a2-a194-1408e9df2853","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":244,"box":{"x":297,"y":67,"width":384,"height":11}},{"id":"263f5063-6c34-45a8-b592-edce8126b237","block_type":"box","text":"Published July 2024","page_number":244,"box":{"x":416,"y":90,"width":146,"height":11}},{"id":"88f9c83c-387c-481d-a583-68ef70926315","block_type":"box","text":"BlackRock","page_number":244,"box":{"x":102,"y":113,"width":78,"height":9}},{"id":"ecca7e0c-5626-40c7-8185-98dbf12c3ee0","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":244,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1f8d6fc6-365c-4214-95b0-b72faf760eed","block_type":"box","text":"BLACKROCK CLIMATE AND DECARBONIZATION STEWARDSHIP GUIDELINES","page_number":245,"box":{"x":208,"y":45,"width":557,"height":9}},{"id":"3826f293-d0a0-4751-89cd-c1feca120ecd","block_type":"box","text":"1","page_number":245,"box":{"x":766,"y":45,"width":5,"height":4}},{"id":"8b351fc1-2a4b-43dc-aa9f-8125ddd5e120","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":245,"box":{"x":69,"y":75,"width":374,"height":11}},{"id":"67d4f78f-f424-44b1-a772-70d18569ed72","block_type":"box","text":"BlackRock’s clients depend on us to help them meet their varied investment goals. We consider it one of our","page_number":245,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"6013e8b6-f572-4327-8fba-8f45eff48caf","block_type":"box","text":"responsibilities to be an informed, engaged shareholder on their behalf, given the business decisions that companies","page_number":245,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"e033fda1-b272-4e15-8519-646a111437f6","block_type":"box","text":"make have a direct impact on our clients’ long-term investment outcomes and financial well-being. BlackRock","page_number":245,"box":{"x":69,"y":128,"width":779,"height":11}},{"id":"7b7ed3bb-5302-4b07-b55c-8d1eebd17143","block_type":"box","text":"Investment Stewardship (BIS) is a dedicated function within BlackRock, which serves as a link between BlackRock’s","page_number":245,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"c85130e9-b7dd-42d9-b69e-91e1733cd38e","block_type":"box","text":"clients and the companies we invest in on their behalf. BIS takes a long-term approach in our stewardship efforts,","page_number":245,"box":{"x":69,"y":158,"width":814,"height":11}},{"id":"a8ce2942-09b2-4a58-ba27-71bb40baa6c5","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. BIS does this through:","page_number":245,"box":{"x":69,"y":173,"width":614,"height":11}},{"id":"4e012d89-6d36-40c3-870e-9d62f2d3e133","block_type":"box","text":"1.","page_number":245,"box":{"x":70,"y":194,"width":11,"height":8}},{"id":"79e280a1-af8c-4345-8c40-7304c198c017","block_type":"box","text":"Engaging with companies","page_number":245,"box":{"x":102,"y":193,"width":186,"height":11}},{"id":"68eab4af-3d97-4ebb-b43a-86a0795409f3","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":245,"box":{"x":294,"y":193,"width":606,"height":12}},{"id":"c1cb7d67-8e9e-420f-8b47-55180e2a86db","block_type":"box","text":"our voting decisions.","page_number":245,"box":{"x":102,"y":209,"width":145,"height":11}},{"id":"9b7052be-f083-496a-8bf3-1afaeb7a6aa4","block_type":"box","text":"2.","page_number":245,"box":{"x":69,"y":229,"width":12,"height":8}},{"id":"0a765f98-5ab1-4183-a735-19c84f78d68f","block_type":"box","text":"Voting at shareholder meetings","page_number":245,"box":{"x":101,"y":229,"width":228,"height":11}},{"id":"63409a52-eadc-4223-9125-b7a0b7425063","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have","page_number":245,"box":{"x":335,"y":229,"width":524,"height":11}},{"id":"df934226-477e-46af-ac5e-00c6c38909fe","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":245,"box":{"x":101,"y":244,"width":284,"height":11}},{"id":"674e4f7f-3ae9-4cc9-aeb5-b8c89613c50d","block_type":"box","text":"3.","page_number":245,"box":{"x":69,"y":264,"width":12,"height":9}},{"id":"4f91b3d6-5349-49d0-a77a-55f15c5dc227","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":245,"box":{"x":101,"y":264,"width":356,"height":11}},{"id":"3eb1ccfd-f956-4b6b-bed7-95ff9d4b5dcf","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":245,"box":{"x":462,"y":264,"width":412,"height":11}},{"id":"9fb92031-bfab-48e6-8a0a-b6e96f099014","block_type":"box","text":"clients’ investments.","page_number":245,"box":{"x":101,"y":279,"width":147,"height":9}},{"id":"3700b6e8-bbc3-4e25-9696-b4880f7d4aa5","block_type":"box","text":"4.","page_number":245,"box":{"x":69,"y":299,"width":12,"height":9}},{"id":"56711750-40f1-491a-9447-306d83a8e6c6","block_type":"box","text":"Reporting on our activities","page_number":245,"box":{"x":102,"y":299,"width":193,"height":11}},{"id":"31fcefbf-9aad-41b6-a4a7-9b9fa7556c86","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":245,"box":{"x":301,"y":299,"width":579,"height":11}},{"id":"2a8d761a-ff40-4503-8d82-805b9f91ecc1","block_type":"box","text":"publications and direct reporting.","page_number":245,"box":{"x":102,"y":314,"width":234,"height":12}},{"id":"7ff50ed3-79d2-4e0f-90bb-7d88ecc6b605","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":245,"box":{"x":68,"y":345,"width":638,"height":11}},{"id":"17cb9f1d-15c0-492f-95f8-48a33faa5acf","block_type":"box","text":"2","page_number":245,"box":{"x":707,"y":345,"width":4,"height":4}},{"id":"8c4b873a-3dbf-4de9-b53d-c131a7bce7e4","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to support our clients’ unique and varied","page_number":245,"box":{"x":102,"y":367,"width":755,"height":11}},{"id":"1df33869-a058-4981-a091-47de06123f65","block_type":"box","text":"investment objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization","page_number":245,"box":{"x":70,"y":382,"width":803,"height":12}},{"id":"9b65a7c7-7722-4aa6-b7d0-b4a77859e1bd","block_type":"box","text":"stewardship option for those clients who explicitly direct BlackRock to invest their assets with decarbonization","page_number":245,"box":{"x":69,"y":397,"width":783,"height":12}},{"id":"fbbf3deb-eeca-478f-8d18-ba5b929c6744","block_type":"box","text":"investment objectives. An increasing number of clients are seeking to minimize the financial risk, and maximize the","page_number":245,"box":{"x":70,"y":412,"width":820,"height":12}},{"id":"df2ba0c4-2451-4e7f-adc0-2fc26c7903e5","block_type":"box","text":"financial opportunities, associated with the transition to a low-carbon economy, and thus are interested in","page_number":245,"box":{"x":68,"y":428,"width":755,"height":11}},{"id":"9080aa7b-054f-42c4-a65e-e95e6de8972e","block_type":"box","text":"sustainable and transition investing, with some including decarbonization as an investment objective in their","page_number":245,"box":{"x":69,"y":443,"width":772,"height":11}},{"id":"7eed4ee7-8e01-46f8-a2bb-a407c20f8034","block_type":"box","text":"mandates with BlackRock. In Europe for example, all of our largest, strategic relationship clients have net zero","page_number":245,"box":{"x":69,"y":458,"width":787,"height":11}},{"id":"7fbd2894-4f48-4336-947e-a6140c7a54c1","block_type":"box","text":"commitments for their organizations, and globally a growing number have made similar commitments, which those","page_number":245,"box":{"x":69,"y":473,"width":815,"height":11}},{"id":"05282f46-f0d1-4951-ad25-2de5a222c269","block_type":"box","text":"clients believe, will shape financial opportunities in the transition to a low-carbon economy. A survey of 200","page_number":245,"box":{"x":69,"y":488,"width":767,"height":11}},{"id":"23509e1b-3024-4888-872b-45f1dfa67157","block_type":"box","text":"institutional investors globally, representing nearly $9tn in assets under management, indicated that 98% of them","page_number":245,"box":{"x":70,"y":503,"width":810,"height":12}},{"id":"36e8185e-8d5e-4fdf-a42c-71dfc6b6d831","block_type":"box","text":"have set some kind of transition investment objective for their portfolios.","page_number":245,"box":{"x":69,"y":518,"width":518,"height":11}},{"id":"48a288d7-8e77-4502-95ee-08da70c2fff1","block_type":"box","text":"3","page_number":245,"box":{"x":589,"y":519,"width":4,"height":4}},{"id":"45cad616-806a-4bd8-9cb8-4ad4fa8e1add","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with","page_number":245,"box":{"x":101,"y":541,"width":780,"height":11}},{"id":"77c45901-13e7-42c0-80d9-3276193d4f05","block_type":"box","text":"explicit decarbonization or climate-related investment objectives,","page_number":245,"box":{"x":69,"y":556,"width":458,"height":11}},{"id":"02d413f0-d74f-4737-b93f-26d9b2fcdee8","block_type":"box","text":"4","page_number":245,"box":{"x":529,"y":557,"width":4,"height":4}},{"id":"70d6e010-d120-42d4-b3e0-5e6ecbd56490","block_type":"box","text":"and, when appropriate, engagement with corporate","page_number":245,"box":{"x":539,"y":556,"width":362,"height":11}},{"id":"bb204e2c-37c8-4d1c-85fe-a67309c98be5","block_type":"box","text":"leadership to support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct","page_number":245,"box":{"x":70,"y":571,"width":825,"height":12}},{"id":"13e94cc9-9416-4c7f-8ba1-ab82734ad835","block_type":"box","text":"BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts,","page_number":245,"box":{"x":70,"y":586,"width":819,"height":12}},{"id":"54c7ecea-d667-452d-b5fe-bd00916d8bc1","block_type":"box","text":"these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.","page_number":245,"box":{"x":68,"y":601,"width":810,"height":12}},{"id":"a297d735-1228-45e2-a6e7-e1bcb724146a","block_type":"box","text":"1","page_number":245,"box":{"x":69,"y":654,"width":4,"height":4}},{"id":"71e25337-985b-47df-878a-b46f7cd7366a","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":245,"box":{"x":78,"y":653,"width":737,"height":12}},{"id":"645db64f-4ddb-40dc-b783-3e208385d99b","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":245,"box":{"x":69,"y":669,"width":793,"height":11}},{"id":"89eeba26-562e-415f-b83d-d2be58a971be","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is part of BlackRock’s","page_number":245,"box":{"x":69,"y":684,"width":820,"height":11}},{"id":"22123af0-e415-4163-a8ed-ad47496e28e5","block_type":"box","text":"commitment to offer clients choice.","page_number":245,"box":{"x":69,"y":699,"width":252,"height":9}},{"id":"3936f8e1-2ab7-412b-8104-ae825abcf106","block_type":"box","text":"2","page_number":245,"box":{"x":69,"y":717,"width":4,"height":4}},{"id":"d1918f75-9fbc-4384-8367-bc7aa6217bfc","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these guidelines are explained in","page_number":245,"box":{"x":79,"y":717,"width":785,"height":11}},{"id":"55d9c897-a62c-4224-bd82-c0e0f937279a","block_type":"box","text":"appendix 1.","page_number":245,"box":{"x":69,"y":732,"width":81,"height":10}},{"id":"70d7d64a-9c1a-4b21-834f-9b87364eab8b","block_type":"box","text":"3","page_number":245,"box":{"x":69,"y":750,"width":4,"height":4}},{"id":"821744e4-17b5-4e5c-9386-c0e322615188","block_type":"box","text":"To help inform the choices BlackRock offers our clients, in June 2023 we commissioned iResearch Services, an","page_number":245,"box":{"x":78,"y":749,"width":800,"height":11}},{"id":"f9b0a75b-b4ae-40f6-9acf-07acb15f180b","block_type":"box","text":"independent third-party research consultancy, to conduct a market survey on our behalf. The survey sought to better","page_number":245,"box":{"x":70,"y":764,"width":829,"height":12}},{"id":"a018edc1-bddc-4364-b9a6-2717649e9639","block_type":"box","text":"understand institutions’ needs and preferences related to investing in the low-carbon transition.","page_number":245,"box":{"x":69,"y":779,"width":682,"height":12}},{"id":"d9172f3f-256f-445e-9c32-aae494fba77d","block_type":"box","text":"4","page_number":245,"box":{"x":69,"y":797,"width":4,"height":5}},{"id":"0c142e1f-4fd8-4d81-8a54-1b759537e486","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":245,"box":{"x":78,"y":797,"width":401,"height":11}},{"id":"1e00068c-c26d-4d83-82ff-ca1c0681c292","block_type":"box","text":"BlackRock Investment Stewardship","page_number":245,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7f76c0a0-5f44-4242-ac0a-8e067e8bb8e8","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 2","page_number":245,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"70f71e3e-2027-444c-bb71-40f839d82df0","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":245,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c0d63f70-ef98-4fdd-a993-25949e3397e3","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies","page_number":246,"box":{"x":101,"y":45,"width":545,"height":11}},{"id":"fcc1255c-c3fe-434f-bd6d-582933e887b8","block_type":"box","text":"5","page_number":246,"box":{"x":648,"y":45,"width":4,"height":4}},{"id":"03e0373e-369f-4c25-a519-3891ca6830ad","block_type":"box","text":"and are focused on matters","page_number":246,"box":{"x":658,"y":45,"width":196,"height":9}},{"id":"9a9ca2ad-a383-4888-8fcd-b60d38e31940","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":246,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"19091aa5-3239-4654-89e4-9586c79f481e","block_type":"box","text":"who have selected these guidelines. These guidelines differ from the benchmark policies in that they consider, in","page_number":246,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"8fa70c9b-507e-4681-a8ac-705fbf3e676d","block_type":"box","text":"addition to financial considerations and consistent with the investment objective of each fund or account that has","page_number":246,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"daeb3ad0-2e7c-40c0-b077-04ae0c4b6cb1","block_type":"box","text":"selected these guidelines, the alignment of companies’ business model and strategies with the financial","page_number":246,"box":{"x":69,"y":105,"width":745,"height":11}},{"id":"bd885b9d-052d-4fa1-b0b9-39222556fc5d","block_type":"box","text":"opportunities presented by the transition to a low-carbon economy and the more ambitious goal of the Paris","page_number":246,"box":{"x":69,"y":120,"width":768,"height":12}},{"id":"4dd91577-28dd-490c-aa28-048524c97176","block_type":"box","text":"Agreement,","page_number":246,"box":{"x":68,"y":136,"width":80,"height":11}},{"id":"bdd0a47c-0eb0-49fd-bbbf-21774ed3a8be","block_type":"box","text":"6","page_number":246,"box":{"x":150,"y":136,"width":4,"height":4}},{"id":"e31aaed8-aea7-45e9-8a9d-d714471c8304","block_type":"box","text":"namely to limit average temperature rise to 1.5°C above pre-industrial levels.","page_number":246,"box":{"x":161,"y":135,"width":546,"height":12}},{"id":"76369211-17cd-43cb-8b0a-fbf21308f14d","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world","page_number":246,"box":{"x":101,"y":158,"width":744,"height":11}},{"id":"751b85a5-1ea8-40d9-93ec-708a023b5a70","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":246,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"767d40e5-a235-423a-b2e0-c83c897e70a5","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions.","page_number":246,"box":{"x":69,"y":188,"width":581,"height":12}},{"id":"80e64a99-cc30-477b-8f9c-dffa9e2e16ef","block_type":"box","text":"7","page_number":246,"box":{"x":652,"y":189,"width":4,"height":4}},{"id":"06373192-072a-4987-a72a-87622c6979e2","block_type":"box","text":"We estimate these companies","page_number":246,"box":{"x":661,"y":188,"width":216,"height":11}},{"id":"fb2ec18e-4f7a-4ee9-a264-11b978c55990","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":246,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"2a59e9d3-1454-479a-a58b-3ed9d44ad30d","block_type":"box","text":"selected these guidelines. For all other companies held by these funds and clients, BIS’ benchmark voting guidelines","page_number":246,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"6d67c4d6-43f0-456c-8bc5-df2caccfb236","block_type":"box","text":"apply.","page_number":246,"box":{"x":69,"y":234,"width":39,"height":11}},{"id":"a55fb70c-be01-4873-9a38-daa5826c59b0","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":246,"box":{"x":102,"y":256,"width":760,"height":11}},{"id":"85adaa2f-c04d-48ab-9889-e3f0362288af","block_type":"box","text":"benchmark policies.","page_number":246,"box":{"x":69,"y":272,"width":141,"height":10}},{"id":"70f13e28-d4cb-4cd4-b0e6-22d8ba0324ee","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment","page_number":246,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"eae34c96-7611-4f20-94a9-9ddbe55a35bf","block_type":"box","text":"objective, BIS will continue to undertake our stewardship responsibilities in line with our benchmark policies, with a","page_number":246,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"dac958e5-cfd7-442b-9e09-3160d83abd8a","block_type":"box","text":"sole focus on advancing those clients’ long-term economic interests. This will include consideration of climate-related","page_number":246,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"cac07e0f-a11e-40f9-b5e6-9c5c6a7a26e8","block_type":"box","text":"risks and opportunities in a company’s business model, where material to the company’s ability to deliver long-term","page_number":246,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"ad9b402c-482b-4c48-9f75-ab20414179ba","block_type":"box","text":"financial returns.","page_number":246,"box":{"x":68,"y":355,"width":119,"height":9}},{"id":"a7033fb2-52c3-48a8-be3b-56ab11cee69f","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization","page_number":246,"box":{"x":102,"y":377,"width":769,"height":11}},{"id":"6c4dcb8d-3cfa-4c2d-909c-899bc4b49a2f","block_type":"box","text":"policies on items related to climate risk and the transition to a low-carbon economy.","page_number":246,"box":{"x":70,"y":393,"width":595,"height":11}},{"id":"178c7e28-704a-4cb2-8b2b-7a431db82ad9","block_type":"box","text":"5","page_number":246,"box":{"x":69,"y":437,"width":4,"height":5}},{"id":"22bd33ad-fca2-4efc-a7f4-b75d7a8023eb","block_type":"box","text":"BIS’ benchmark policies set out the core elements of corporate governance that guide our investment stewardship","page_number":246,"box":{"x":79,"y":437,"width":817,"height":11}},{"id":"e403d040-0ce8-420d-8731-4cf90565a549","block_type":"box","text":"efforts globally and within each market, including when engaging with companies and voting at shareholder meetings.","page_number":246,"box":{"x":69,"y":452,"width":837,"height":11}},{"id":"36c8bdba-419e-41a8-a1d0-b0d482f076c8","block_type":"box","text":"They are anchored in our Global Principles, which set out certain globally applicable fundamental elements of","page_number":246,"box":{"x":68,"y":467,"width":780,"height":11}},{"id":"cfec5c40-cccc-42ad-b113-1be0d76915ec","block_type":"box","text":"governance that contribute to a company’s ability to create long-term financial value, anchored in transparency and","page_number":246,"box":{"x":68,"y":482,"width":819,"height":11}},{"id":"87ca904d-5a28-45a3-9aab-22df1fc28009","block_type":"box","text":"accountability. They also include our regional and market-specific voting guidelines, which explain how the Principles","page_number":246,"box":{"x":69,"y":497,"width":825,"height":11}},{"id":"3def4a24-19fd-406e-bfe6-8e1c05a92b54","block_type":"box","text":"inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. We publish","page_number":246,"box":{"x":70,"y":512,"width":837,"height":12}},{"id":"143959a2-8de2-4f77-8453-e0e6c652a5a3","block_type":"box","text":"our engagement priorities which reflect the five themes on which we most frequently engage companies, where they","page_number":246,"box":{"x":69,"y":527,"width":826,"height":12}},{"id":"053ffa05-3804-4383-929b-acc500f76244","block_type":"box","text":"are relevant, as these can be a source of material business risk or opportunity. The BIS policies are applied on a","page_number":246,"box":{"x":69,"y":542,"width":805,"height":12}},{"id":"cff1769c-a9f0-4240-9efa-8a4ac99cab20","block_type":"box","text":"case-by-case basis, taking into consideration the context within which a company is operating. They are reviewed","page_number":246,"box":{"x":69,"y":558,"width":802,"height":11}},{"id":"2064c327-0788-4f7f-bf6d-db3eca07dda4","block_type":"box","text":"annually and updated as necessary to reflect market developments and feedback from clients and companies.","page_number":246,"box":{"x":69,"y":573,"width":788,"height":11}},{"id":"74ff0166-74c7-499f-b5aa-12f7f98d63df","block_type":"box","text":"6","page_number":246,"box":{"x":69,"y":591,"width":4,"height":4}},{"id":"4d8292eb-dd0b-4d4f-952a-354e06866633","block_type":"box","text":"The Paris Agreement to the United Nations Framework Convention on Climate Change, December 12, 2015.","page_number":246,"box":{"x":78,"y":591,"width":770,"height":11}},{"id":"18aa92c5-7f75-4185-8452-1c3b8304bf56","block_type":"box","text":"7","page_number":246,"box":{"x":69,"y":609,"width":4,"height":4}},{"id":"3536c96e-86ea-4a82-99bc-21f3a07a6007","block_type":"box","text":"These companies may already be low-carbon operators, or be demonstrating momentum in reducing emissions in","page_number":246,"box":{"x":78,"y":608,"width":808,"height":11}},{"id":"005d0173-77ab-4e29-93c2-fd9ac41d9cfa","block_type":"box","text":"their operations, providing key inputs or goods and services that support real world decarbonization, or pivoting their","page_number":246,"box":{"x":68,"y":623,"width":832,"height":11}},{"id":"374c93a0-388e-4cc0-acf6-2f04591072c0","block_type":"box","text":"current business model to contribute to the transition to the low-carbon economy.","page_number":246,"box":{"x":69,"y":639,"width":579,"height":10}},{"id":"be6ff8ab-7f23-4e30-a587-154ba9447483","block_type":"box","text":"BlackRock Investment Stewardship","page_number":246,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"79097b16-0e70-4b87-9380-5b6e81896745","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 3","page_number":246,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"b30690cb-f950-4c03-afd2-186267d8daaa","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":246,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0eaeef1-7ad3-4a7e-bc5e-ee4b9144c113","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":247,"box":{"x":111,"y":45,"width":757,"height":9}},{"id":"1edc5a5c-0256-40f4-9c74-147051b63984","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":247,"box":{"x":102,"y":67,"width":785,"height":12}},{"id":"798523fc-df20-40ba-b23f-e4ee6e7e3dca","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are","page_number":247,"box":{"x":69,"y":82,"width":796,"height":12}},{"id":"abe227c8-5e36-4a84-8d04-6a13f7244e38","block_type":"box","text":"moving at uneven speeds across sectors and regions. For example—some technologies like renewable power are","page_number":247,"box":{"x":69,"y":98,"width":810,"height":11}},{"id":"aabe8363-d6f8-4cdc-8a62-7169f4100664","block_type":"box","text":"already being deployed at scale in some regions, while in other sectors and regions less cost-effective low-carbon","page_number":247,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"0d0d4212-a1f2-4439-9bfc-24b78d307e02","block_type":"box","text":"alternatives exist. We have heard from certain clients that they see the low-carbon transition as a series of shifts","page_number":247,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"8bddbc3d-a133-4909-b1ea-8f9f44ba0b52","block_type":"box","text":"over decades that will reshape production and consumption, spur significant capital investment and create risks,","page_number":247,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"f34f1d37-1bab-4d96-9684-cde3b3e22332","block_type":"box","text":"opportunities and a wider range of financial and competitive outcomes for companies.","page_number":247,"box":{"x":69,"y":158,"width":612,"height":11}},{"id":"c77f76a0-b124-4435-bdf7-b495d8a8276d","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding","page_number":247,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"48ebf22c-aad3-48ae-bfec-3fa5d579fc2c","block_type":"box","text":"risks and opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered","page_number":247,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"7cbb2845-8219-461a-aa48-4bbfff7bac71","block_type":"box","text":"by Aladdin","page_number":247,"box":{"x":69,"y":211,"width":71,"height":11}},{"id":"3e2c6e25-1a47-4be2-888f-7065cd54b0c3","block_type":"box","text":"®","page_number":247,"box":{"x":141,"y":211,"width":6,"height":5}},{"id":"7ec31bc6-8ffc-4033-9c9e-81fe06340ee5","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to","page_number":247,"box":{"x":152,"y":211,"width":756,"height":11}},{"id":"674e51af-fda1-4291-bf99-120869f3e04a","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":247,"box":{"x":70,"y":226,"width":778,"height":11}},{"id":"02fb06af-32ae-474e-86b5-9abd75587a0a","block_type":"box","text":"business risk arising from the transition. BII based its key assumptions on rigorous research, and the input of","page_number":247,"box":{"x":69,"y":241,"width":785,"height":11}},{"id":"d74cd41f-63eb-405a-af14-0c2fc840e812","block_type":"box","text":"BlackRock’s portfolio managers and other experts.","page_number":247,"box":{"x":70,"y":256,"width":361,"height":12}},{"id":"f57754b5-f663-43ff-950f-0f1c4180a1ca","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will","page_number":247,"box":{"x":102,"y":279,"width":779,"height":11}},{"id":"bb294e0a-e919-4ca6-ba40-f3c41c1b1ae8","block_type":"box","text":"draw on the insights generated by BIITS and Aladdin","page_number":247,"box":{"x":69,"y":294,"width":370,"height":11}},{"id":"e24cbe34-1bad-4dcc-b8ee-a141f37d3605","block_type":"box","text":"®","page_number":247,"box":{"x":440,"y":294,"width":6,"height":5}},{"id":"4e15c068-f2fe-41b9-b7ca-28d7c29e497e","block_type":"box","text":"Climate,","page_number":247,"box":{"x":451,"y":294,"width":57,"height":11}},{"id":"f2bbf62d-11ff-40ee-91f3-1a796112ea24","block_type":"box","text":"8","page_number":247,"box":{"x":510,"y":294,"width":4,"height":5}},{"id":"2d532c6c-4181-490f-aea7-f44a4f64633e","block_type":"box","text":"as well as our own analysis and engagement, in","page_number":247,"box":{"x":520,"y":294,"width":340,"height":11}},{"id":"e3099733-7997-4c14-b8df-1f4bd100542e","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":247,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"01efff9e-0ef6-45c8-b071-ea714042cf2d","block_type":"box","text":"individual companies currently has limitations, but is improving as a result of disclosure requirements in an","page_number":247,"box":{"x":70,"y":324,"width":764,"height":12}},{"id":"baae66e2-14f8-48e2-821d-bd17ef0b5876","block_type":"box","text":"increasing number of jurisdictions.","page_number":247,"box":{"x":70,"y":339,"width":243,"height":12}},{"id":"ba38d19f-dc62-4700-bae9-489323f763fd","block_type":"box","text":"DECARBONIZATION STEWARDSHIP GUIDELINES DESIGN PRINCIPLES","page_number":247,"box":{"x":236,"y":370,"width":507,"height":9}},{"id":"a50dd24b-c688-46dc-a05d-cfafcb160344","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":247,"box":{"x":101,"y":392,"width":354,"height":12}},{"id":"488a6db9-9ef6-49f4-9e40-c5979b8391ed","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"a11e6f35-91b2-4afa-a40e-0f4bb1ecdfa2","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":247,"box":{"x":102,"y":413,"width":671,"height":11}},{"id":"c8171f34-90ad-4877-8219-a643a2ad2f01","block_type":"box","text":"This includes","page_number":247,"box":{"x":779,"y":413,"width":93,"height":9}},{"id":"df1ca68a-f973-4477-9b42-54a042a1c4ec","block_type":"box","text":"companies which produce goods and services that contribute to real world decarbonization or have a carbon","page_number":247,"box":{"x":101,"y":428,"width":772,"height":11}},{"id":"1a223fca-ff1f-47f5-8777-9c17767ac870","block_type":"box","text":"intensive business model and face outsized impacts from the low-carbon transition.","page_number":247,"box":{"x":102,"y":443,"width":594,"height":11}},{"id":"bc0fcf89-1f09-4e4a-97af-dfae758e39b7","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":466,"width":6,"height":4}},{"id":"e14194ed-5afc-4694-8e4b-f182c051e02e","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":247,"box":{"x":101,"y":463,"width":770,"height":11}},{"id":"05f365ed-3add-4f36-af5e-cad849276501","block_type":"box","text":"across sectors and markets:","page_number":247,"box":{"x":101,"y":478,"width":208,"height":9}},{"id":"1acba595-18d0-498e-b82e-883c83c84537","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can","page_number":247,"box":{"x":315,"y":478,"width":575,"height":11}},{"id":"14c596b7-160f-428e-a4fb-e19ed9e07ba3","block_type":"box","text":"decarbonize based on technological feasibility, consumer demand, government policy, regulatory frameworks and","page_number":247,"box":{"x":101,"y":493,"width":804,"height":11}},{"id":"a1aa8894-e1fb-4684-bc3b-17078038d0bd","block_type":"box","text":"other factors. Further, we recognize that these factors are uncertain and dynamic, which will require that we","page_number":247,"box":{"x":102,"y":508,"width":768,"height":12}},{"id":"1f923373-c6e8-4c6c-b87b-25b0246da928","block_type":"box","text":"evolve our approach as necessary.","page_number":247,"box":{"x":101,"y":524,"width":246,"height":11}},{"id":"62a5a641-951a-462c-9850-1da2d2b10fa6","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":546,"width":6,"height":5}},{"id":"cb7a7669-523b-4a9e-a386-89317074b75a","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and","page_number":247,"box":{"x":101,"y":544,"width":773,"height":11}},{"id":"bcfb6996-8896-4596-9973-fb0450345782","block_type":"box","text":"their key stakeholders:","page_number":247,"box":{"x":101,"y":559,"width":167,"height":11}},{"id":"428a6290-440f-4b17-aed6-1fc3e2114a8e","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their","page_number":247,"box":{"x":275,"y":559,"width":598,"height":11}},{"id":"238412f7-d322-4250-98b4-5b3f9888a52b","block_type":"box","text":"business models. It is premised on the views of interested clients that a transition where companies adapt and","page_number":247,"box":{"x":102,"y":574,"width":794,"height":11}},{"id":"fd5324d6-7813-4aed-b1d7-9591bce810f3","block_type":"box","text":"continue to deliver financial returns throughout, is a better long-term investment outcome for them, and less","page_number":247,"box":{"x":101,"y":589,"width":773,"height":11}},{"id":"895727c2-7c5f-45ae-8c98-f96a292991b2","block_type":"box","text":"disruptive to a company’s other key stakeholders, than a transition that is uneven. Further, we consider the","page_number":247,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"ba825034-b8f1-43cb-a6d1-6185db960642","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":247,"box":{"x":101,"y":619,"width":778,"height":11}},{"id":"6122b35b-39e8-4283-af95-e0881f73be84","block_type":"box","text":"does not.","page_number":247,"box":{"x":101,"y":634,"width":66,"height":9}},{"id":"20567e0f-f896-422d-8d95-8eca4b0f467b","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":657,"width":6,"height":5}},{"id":"88ac1062-7795-4beb-a5f3-1d1e6775cab9","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":247,"box":{"x":102,"y":654,"width":729,"height":12}},{"id":"de973c44-0036-47d0-b607-1dbad52ab904","block_type":"box","text":"limitations:","page_number":247,"box":{"x":102,"y":670,"width":80,"height":9}},{"id":"ddf74376-c783-485c-8207-9adbb3812562","block_type":"box","text":"The policy will seek disclosures that outline key milestones and dependencies underpinning the","page_number":247,"box":{"x":188,"y":670,"width":681,"height":11}},{"id":"f84f5b34-7cd5-4f4f-99a7-b39830d94f0e","block_type":"box","text":"company’s low-carbon transition strategy; explain the trade-offs required to adapt the business model; and","page_number":247,"box":{"x":101,"y":685,"width":760,"height":11}},{"id":"3f3bc930-b39b-4717-86ee-7185543a9e08","block_type":"box","text":"include relevant data and narrative.","page_number":247,"box":{"x":102,"y":700,"width":250,"height":9}},{"id":"b6c335ef-67e4-42c7-9b8c-034475520b5b","block_type":"box","text":"•","page_number":247,"box":{"x":69,"y":723,"width":6,"height":4}},{"id":"3ea7a364-8734-4c5d-aff0-d9c4e04a78f8","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":247,"box":{"x":102,"y":720,"width":566,"height":11}},{"id":"04a1c751-fff7-4ac9-97e6-35f7b14941b0","block_type":"box","text":"The boards and executive","page_number":247,"box":{"x":675,"y":720,"width":181,"height":9}},{"id":"688025d6-2384-4c3b-838c-37deee0e145d","block_type":"box","text":"leadership of companies determine a company’s strategy and its implementation. We make decisions on how to","page_number":247,"box":{"x":102,"y":735,"width":800,"height":11}},{"id":"c6ac540c-1d90-4e85-9c90-ce97c553516c","block_type":"box","text":"engage companies and vote proxies independently, based on our professional judgment of the priorities and","page_number":247,"box":{"x":101,"y":750,"width":770,"height":11}},{"id":"e450e0be-d6ae-4180-8214-c2fb500a18ae","block_type":"box","text":"outcomes most aligned with clients’ investment objectives.","page_number":247,"box":{"x":102,"y":766,"width":419,"height":11}},{"id":"3f0c7ea4-d82a-440c-8244-55abaea5f59e","block_type":"box","text":"8","page_number":247,"box":{"x":69,"y":795,"width":4,"height":4}},{"id":"3bbef6e8-af34-4bfa-ac9f-bb0eee0b6714","block_type":"box","text":"Aladdin","page_number":247,"box":{"x":78,"y":795,"width":51,"height":8}},{"id":"a16ed05a-46c0-402b-8987-545e574062b9","block_type":"box","text":"®","page_number":247,"box":{"x":130,"y":795,"width":6,"height":4}},{"id":"7f7defff-019c-4b56-97b4-f77e527e1488","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":247,"box":{"x":142,"y":794,"width":745,"height":12}},{"id":"8f469742-0110-46ff-bc6c-28926540c56a","block_type":"box","text":"analytics. Aladdin","page_number":247,"box":{"x":69,"y":810,"width":123,"height":11}},{"id":"293cfb09-a81b-49ca-a7f4-35009fefe3fb","block_type":"box","text":"®","page_number":247,"box":{"x":193,"y":810,"width":6,"height":4}},{"id":"829dfa7a-0c7b-42cb-9301-a5272f90421a","block_type":"box","text":"is a proprietary investment and risk management platform.","page_number":247,"box":{"x":205,"y":810,"width":418,"height":11}},{"id":"d1a62362-d913-47a6-bce0-c78e83dbef02","block_type":"box","text":"BlackRock Investment Stewardship","page_number":247,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"eeaf3cd4-bab4-4065-a520-6a2863bcf414","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 4","page_number":247,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"648a8b17-d3a1-471e-bb2c-e353da23bf9d","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":247,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9caf3b8f-0b58-4605-9174-6933deb6884c","block_type":"box","text":"VOTING GUIDELINES","page_number":248,"box":{"x":411,"y":45,"width":150,"height":9}},{"id":"1a172344-fe15-48e5-b6b9-72fd368793a7","block_type":"box","text":"9","page_number":248,"box":{"x":562,"y":45,"width":4,"height":4}},{"id":"0c3e560f-019d-423d-bb4c-3ee348c7bcb7","block_type":"box","text":"Consistent with the investment objective of each fund or client that has selected these guidelines, BIS will look","page_number":248,"box":{"x":102,"y":67,"width":792,"height":12}},{"id":"621f0450-d85e-4cb8-8fc4-e6c9fb018230","block_type":"box","text":"to companies to demonstrate the following:","page_number":248,"box":{"x":68,"y":82,"width":309,"height":12}},{"id":"857dbf31-3809-41b9-a5e0-0585b88cdf1d","block_type":"box","text":"Corporate Disclosures","page_number":248,"box":{"x":69,"y":113,"width":160,"height":11}},{"id":"bebac796-7864-49bc-91b3-24101c20ce4b","block_type":"box","text":"10","page_number":248,"box":{"x":230,"y":113,"width":9,"height":5}},{"id":"99319b9c-818a-45bf-a446-a870f4e679eb","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":248,"box":{"x":102,"y":135,"width":805,"height":12}},{"id":"1ed62244-1d68-4a33-9237-fe7afba4009b","block_type":"box","text":"determine the extent to which decarbonization and the low-carbon transition are strategic priorities. As a general","page_number":248,"box":{"x":69,"y":151,"width":799,"height":11}},{"id":"f7270207-1929-4184-b211-03dd60b7832a","block_type":"box","text":"point, we would expect companies that have disclosed their aim to participate in the transition to a low-carbon","page_number":248,"box":{"x":70,"y":166,"width":785,"height":11}},{"id":"f14f0fb7-66dd-4bd0-875f-c52a1f0e404b","block_type":"box","text":"economy to make disclosures that help explain the strategy and governance systems they have determined most","page_number":248,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"d63badd4-c2b0-46e6-b84b-43e743a05c66","block_type":"box","text":"appropriate, which may include:","page_number":248,"box":{"x":69,"y":196,"width":224,"height":11}},{"id":"45c685eb-5b13-4ca3-9dd7-af3efea1be90","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average","page_number":248,"box":{"x":69,"y":216,"width":769,"height":11}},{"id":"4350c012-d99a-4d6e-bc81-484874bb8c35","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":248,"box":{"x":101,"y":231,"width":759,"height":11}},{"id":"2d963ef0-2cd7-453f-9a8b-cc4fe6b9b2ec","block_type":"box","text":"strategy to achieve net-zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term","page_number":248,"box":{"x":102,"y":246,"width":797,"height":11}},{"id":"f5cf6ce5-1aa6-47fd-9e18-0436d5e5123d","block_type":"box","text":"milestones to assess their progress.","page_number":248,"box":{"x":102,"y":262,"width":260,"height":11}},{"id":"d016ba75-74d6-4e48-bc19-0ca16304432c","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":248,"box":{"x":69,"y":282,"width":840,"height":11}},{"id":"5c1d9021-a506-4983-b7fe-d00d6470006a","block_type":"box","text":"Standards Board (ISSB).","page_number":248,"box":{"x":102,"y":297,"width":172,"height":11}},{"id":"684cb8ae-a4fe-4c7a-8123-4dd922338ef5","block_type":"box","text":"11","page_number":248,"box":{"x":276,"y":297,"width":9,"height":4}},{"id":"bd0fd1ac-62e9-4839-a202-96829419a58d","block_type":"box","text":"IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2","page_number":248,"box":{"x":291,"y":297,"width":600,"height":11}},{"id":"a04381a9-aa5f-4da7-9ccd-05cff675842c","block_type":"box","text":"sets out the disclosures that would provide investors with decision-useful information about a company’s most","page_number":248,"box":{"x":102,"y":312,"width":789,"height":11}},{"id":"5fcce976-1b84-4ccf-8fbd-62178af91dec","block_type":"box","text":"significant climate- and low-carbon transition-related risks and opportunities. As audit and assurance standards","page_number":248,"box":{"x":102,"y":327,"width":793,"height":11}},{"id":"d1d5e231-b4ed-42bb-a74d-4665086612a3","block_type":"box","text":"are developed, it would be helpful to investors’ confidence in such disclosures for companies to seek","page_number":248,"box":{"x":102,"y":342,"width":723,"height":11}},{"id":"7171606e-25eb-4767-b30c-d041dc5eefa0","block_type":"box","text":"independent, third-party assurance.","page_number":248,"box":{"x":102,"y":357,"width":251,"height":11}},{"id":"7338ce0a-ca98-4eb5-ad52-6fadc2c561e1","block_type":"box","text":"9","page_number":248,"box":{"x":69,"y":402,"width":4,"height":4}},{"id":"ad0e79f0-0a55-4b68-8e60-0f3ea3656cfe","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":248,"box":{"x":78,"y":401,"width":822,"height":12}},{"id":"23982a37-5430-40a7-8d34-d8e73c707509","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":248,"box":{"x":69,"y":417,"width":821,"height":11}},{"id":"baeb8d37-c11a-4015-a4c5-340ee46c07d4","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":248,"box":{"x":69,"y":432,"width":823,"height":11}},{"id":"6535154b-a71d-4415-9156-48f5379e9113","block_type":"box","text":"individual ballot items at shareholder meetings.","page_number":248,"box":{"x":70,"y":447,"width":336,"height":11}},{"id":"d2ba2555-9ade-4098-857f-4b7ac1131d09","block_type":"box","text":"10","page_number":248,"box":{"x":69,"y":465,"width":9,"height":4}},{"id":"3c1031fd-a200-4fce-8911-00234f2534c9","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":248,"box":{"x":84,"y":465,"width":764,"height":11}},{"id":"2dfda97d-898c-49e1-9925-50412d816ac6","block_type":"box","text":"reporting methodologies are nascent. In addition, certain disclosures related to a company’s plans for adapting their","page_number":248,"box":{"x":69,"y":479,"width":834,"height":12}},{"id":"cd3bb50b-4997-4942-b3b6-133226fe1512","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":248,"box":{"x":69,"y":495,"width":651,"height":11}},{"id":"9fbab87c-dec3-4a5e-a0a5-83d885a6d547","block_type":"box","text":"11","page_number":248,"box":{"x":69,"y":513,"width":9,"height":4}},{"id":"412e85d7-1efc-40f4-9ec2-fb6b9775fe63","block_type":"box","text":"The International Sustainability Standards Board (ISSB) was formed by the International Financial Reporting","page_number":248,"box":{"x":83,"y":512,"width":768,"height":12}},{"id":"58e19103-6ce6-4b0e-902e-ffea5285ede5","block_type":"box","text":"Standards (IFRS) Foundation in 2021. It aims to develop global standards for sustainability reporting for corporates","page_number":248,"box":{"x":69,"y":527,"width":822,"height":12}},{"id":"10d1255b-4ffd-4462-84c4-a4113f0b8adb","block_type":"box","text":"and investors to support more efficient capital markets. The goal is standards that will provide a high-quality,","page_number":248,"box":{"x":69,"y":542,"width":776,"height":12}},{"id":"519439a1-d39e-4b4b-9e5e-efbee10b90b6","block_type":"box","text":"comprehensive, and cost-effective global baseline of sustainability disclosures, while enabling interoperability with","page_number":248,"box":{"x":69,"y":558,"width":814,"height":11}},{"id":"42836ee2-8494-4eea-af9a-edd9a48278c9","block_type":"box","text":"jurisdiction-specific disclosure, and broader stakeholder, requirements. IFRS S1 and S2 were based on the","page_number":248,"box":{"x":67,"y":573,"width":763,"height":11}},{"id":"e4df81b8-3740-48f3-95a3-561e5aeffc1c","block_type":"box","text":"recommendations of the Task Force on Climate-related Financial Disclosures, which many companies have used in","page_number":248,"box":{"x":69,"y":588,"width":815,"height":11}},{"id":"e880dea9-c2d5-4a6f-b96f-a355fbf90ca2","block_type":"box","text":"their reporting to date. A number of jurisdictions are consulting on adopting the standards issued to date or have","page_number":248,"box":{"x":68,"y":603,"width":807,"height":11}},{"id":"ad426ba1-050a-4c89-b270-ab4ecec67aa0","block_type":"box","text":"already committed to doing so.","page_number":248,"box":{"x":69,"y":618,"width":219,"height":11}},{"id":"bdad26fa-7f3d-46f8-b7a1-1ae9c2f7fbd1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":248,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"dd81ed59-9f1c-444c-8f59-73828099dd2b","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 5","page_number":248,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"14a7324b-22b0-4927-a394-61002a5cff61","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":248,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ee3c8f4-6393-4d76-9e79-98dc3ee592e3","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions.","page_number":249,"box":{"x":69,"y":45,"width":461,"height":11}},{"id":"0e75cb5c-83a1-4867-810a-d4925d0f9e99","block_type":"box","text":"12 13","page_number":249,"box":{"x":533,"y":45,"width":23,"height":4}},{"id":"03a72d3e-5b36-4d72-9add-ecf8a6ce9067","block_type":"box","text":"In addition, we look to companies to disclose","page_number":249,"box":{"x":562,"y":45,"width":321,"height":11}},{"id":"46e5e85d-0aa6-4763-93ca-0f956cc17f37","block_type":"box","text":"their reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of","page_number":249,"box":{"x":101,"y":60,"width":788,"height":11}},{"id":"7cda5972-d3f3-4824-b960-6bd96d217a06","block_type":"box","text":"targets or indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that","page_number":249,"box":{"x":101,"y":75,"width":797,"height":11}},{"id":"0d019947-582f-48c3-911f-81729106edd3","block_type":"box","text":"these would be provided on a ‘best efforts’ basis given the methodological challenges these currently present","page_number":249,"box":{"x":101,"y":90,"width":787,"height":11}},{"id":"b8c6279e-c2f6-447c-aacd-92267f2d6c6b","block_type":"box","text":"for reporters. Scope 3 information, including how a company is working with its value chain to accelerate","page_number":249,"box":{"x":101,"y":105,"width":747,"height":11}},{"id":"3fd494b7-19b0-4b14-88ac-253787d634ab","block_type":"box","text":"reductions in GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition","page_number":249,"box":{"x":102,"y":120,"width":800,"height":12}},{"id":"0873d036-f065-4508-b23e-c9870b26da59","block_type":"box","text":"and understanding the impact of their investments on their decarbonization goals.","page_number":249,"box":{"x":102,"y":135,"width":582,"height":12}},{"id":"8d40a973-8ff3-4196-8940-690427f11ae7","block_type":"box","text":"14","page_number":249,"box":{"x":686,"y":136,"width":9,"height":4}},{"id":"3a395cd9-d983-46b3-90a4-a7206913279f","block_type":"box","text":"However, we recognize that","page_number":249,"box":{"x":702,"y":136,"width":192,"height":11}},{"id":"f9e54484-999e-4a45-af43-c59112a206da","block_type":"box","text":"companies have varying ability to influence the emissions across the different parts of their value chain and it is","page_number":249,"box":{"x":101,"y":150,"width":803,"height":12}},{"id":"accbb4e9-52bd-487e-b21d-f9678a5255bf","block_type":"box","text":"helpful when disclosures explain the implications for the achievement of their decarbonization targets.","page_number":249,"box":{"x":102,"y":166,"width":727,"height":11}},{"id":"8fcd8ed2-2763-49e2-9aea-d2c9b247b711","block_type":"box","text":"Transition plans","page_number":249,"box":{"x":101,"y":188,"width":115,"height":11}},{"id":"b10cc448-27aa-410d-9857-2f49926b830d","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low","page_number":249,"box":{"x":102,"y":211,"width":792,"height":11}},{"id":"0481c949-f8de-4671-8997-dc25fe70b07b","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":249,"box":{"x":69,"y":226,"width":810,"height":11}},{"id":"3ef26d19-6e3f-4b61-a58c-baf5fd201d2d","block_type":"box","text":"transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see","page_number":249,"box":{"x":68,"y":241,"width":822,"height":11}},{"id":"a97ce132-ca9f-4ba1-916e-e6a7c35ac1ec","block_type":"box","text":"appendix 1).","page_number":249,"box":{"x":69,"y":257,"width":86,"height":10}},{"id":"f5bad349-b7d2-4601-8da9-65df699ccd4e","block_type":"box","text":"We note the work being undertaken in a number of jurisdictions on establishing a common approach in a market","page_number":249,"box":{"x":101,"y":279,"width":802,"height":11}},{"id":"5aa5bf83-bf1e-4628-a358-0f7c1c1fec13","block_type":"box","text":"to corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and","page_number":249,"box":{"x":68,"y":294,"width":775,"height":11}},{"id":"9830270b-8562-4a7d-93d4-63e3038ebbe4","block_type":"box","text":"production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition","page_number":249,"box":{"x":70,"y":309,"width":807,"height":11}},{"id":"f0f5f2e3-20d6-496d-bfb9-d53686e32e61","block_type":"box","text":"plan to understand their planned actions and resource implications in accordance with anticipated requirements.","page_number":249,"box":{"x":70,"y":325,"width":802,"height":10}},{"id":"c86722d0-419a-4c07-aea7-3a339d16579e","block_type":"box","text":"Boards and directors","page_number":249,"box":{"x":69,"y":355,"width":151,"height":9}},{"id":"db7d5e50-1bd0-4c9c-9333-b38c3c49acf6","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":249,"box":{"x":101,"y":377,"width":775,"height":12}},{"id":"421d539a-22e6-4266-a408-eaff22a3c7b6","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":249,"box":{"x":69,"y":393,"width":782,"height":11}},{"id":"642b84aa-e8cb-46ca-b439-e96dc5ea51a4","block_type":"box","text":"transition strategy.","page_number":249,"box":{"x":68,"y":408,"width":131,"height":11}},{"id":"c5dff928-2ddb-43cd-b7ff-52d4e311bfbb","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":249,"box":{"x":102,"y":430,"width":710,"height":11}},{"id":"50a0035b-97e6-49ed-8a51-281bbc043501","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":453,"width":6,"height":5}},{"id":"46f432eb-545c-424e-bc2b-ac6c8d646904","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":249,"box":{"x":101,"y":450,"width":711,"height":12}},{"id":"3e42ddef-ee4e-408b-939c-2b3ff2e740d2","block_type":"box","text":"opportunities in the company’s business model. We consider the whole board to have responsibility for oversight","page_number":249,"box":{"x":102,"y":465,"width":805,"height":12}},{"id":"45582769-5d82-4ee0-8472-870714225fd8","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":249,"box":{"x":102,"y":481,"width":789,"height":11}},{"id":"8607f395-d571-493b-937f-81ec0e0245c6","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":504,"width":6,"height":4}},{"id":"73bf9607-5529-45ca-b878-ba1c462f53d0","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":249,"box":{"x":102,"y":501,"width":747,"height":11}},{"id":"660f87b1-6c9e-4fc2-9e39-16f701741873","block_type":"box","text":"accountability for delivery by senior executives.","page_number":249,"box":{"x":102,"y":516,"width":333,"height":11}},{"id":"a973a337-091c-490f-a004-326b02aa165e","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":539,"width":6,"height":4}},{"id":"5070c612-6cca-4063-9f1a-0ac5a619314d","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":249,"box":{"x":101,"y":536,"width":758,"height":11}},{"id":"dcfb10da-8794-4c7c-a8b3-6fd457fe0ef2","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the low-carbon","page_number":249,"box":{"x":101,"y":551,"width":770,"height":11}},{"id":"1b6c4686-411c-4877-8089-5b70d5e74f8e","block_type":"box","text":"transition strategy.","page_number":249,"box":{"x":101,"y":566,"width":131,"height":11}},{"id":"b50f77e0-9035-4057-84cb-228f6edf2f27","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":589,"width":6,"height":5}},{"id":"1220e94f-2eb7-4164-ad34-aae33e115ee1","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":249,"box":{"x":101,"y":586,"width":807,"height":12}},{"id":"8b26516d-5199-4be7-9022-86f6f6cb9ac8","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":249,"box":{"x":101,"y":602,"width":465,"height":11}},{"id":"5a9bc330-bb23-42cb-8d61-9527663ce559","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":625,"width":6,"height":4}},{"id":"16508ae9-7f1f-44d8-a4e8-f759783d0248","block_type":"box","text":"The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified","page_number":249,"box":{"x":101,"y":622,"width":789,"height":11}},{"id":"6238d961-d579-4108-830e-48f995b32dcb","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no","page_number":249,"box":{"x":101,"y":637,"width":800,"height":11}},{"id":"0219df38-c27e-4326-bde9-d7968b0e8e5a","block_type":"box","text":"more than 1.5°C above pre-industrial levels.","page_number":249,"box":{"x":102,"y":652,"width":312,"height":11}},{"id":"e2886257-416c-41c9-8182-a0b52b8f0b77","block_type":"box","text":"•","page_number":249,"box":{"x":69,"y":675,"width":6,"height":5}},{"id":"f36e19e6-2b11-4a01-9cbd-c4a27b890472","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":249,"box":{"x":101,"y":672,"width":773,"height":11}},{"id":"f67bb7b4-a8a9-4a25-b249-24a2658055a7","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":249,"box":{"x":102,"y":687,"width":282,"height":11}},{"id":"94986e3e-44aa-44e0-abd2-4fc253a48fa1","block_type":"box","text":"12","page_number":249,"box":{"x":69,"y":732,"width":9,"height":4}},{"id":"613115c3-7582-4f3f-8839-2ba6f47d185b","block_type":"box","text":"FTSE Russell address the materiality of different categories of Scope 3 GHG emissions by sector in a January","page_number":249,"box":{"x":84,"y":731,"width":783,"height":12}},{"id":"008e6e17-a855-4a27-9ab8-ce486f46e7c2","block_type":"box","text":"2024 paper “Scope for improvement: Solving the Scope 3 conundrum”.","page_number":249,"box":{"x":69,"y":747,"width":510,"height":11}},{"id":"90f3fcec-146a-4b21-9e65-dab29137791d","block_type":"box","text":"13","page_number":249,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"7bf05858-f5f0-466a-a6ea-5b77acf0fc35","block_type":"box","text":"Under this policy, we look for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (“GHG","page_number":249,"box":{"x":84,"y":764,"width":800,"height":12}},{"id":"227d74d9-ba2a-4cc9-9ebc-e3cb70b5026b","block_type":"box","text":"Protocol”). The Protocol Standards and Guidance are currently being updated to ensure they continue to provide “a","page_number":249,"box":{"x":69,"y":779,"width":819,"height":12}},{"id":"a952e4bb-8663-4995-bdaf-497a58877429","block_type":"box","text":"rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science","page_number":249,"box":{"x":69,"y":794,"width":803,"height":12}},{"id":"6f889a5c-2eb4-47a6-9646-552f6656e69c","block_type":"box","text":"based and net-zero targets in line with the global 1.5°C goal.”","page_number":249,"box":{"x":69,"y":810,"width":439,"height":11}},{"id":"82966603-1e07-4d2f-b4e8-43530202ceca","block_type":"box","text":"14","page_number":249,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"49ebf120-1de8-40a5-aa93-598814c4a27b","block_type":"box","text":"We do not believe the purpose of Scope 3 disclosure requirements should be to push publicly traded companies","page_number":249,"box":{"x":83,"y":827,"width":801,"height":11}},{"id":"1d1d7f9d-a762-43a8-b4df-db79ed86b847","block_type":"box","text":"into the role of enforcing emission reduction targets outside of their control. Given methodological complexity for","page_number":249,"box":{"x":70,"y":842,"width":802,"height":12}},{"id":"899d49ac-c242-4e94-a011-0abb8bf82e4b","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":249,"box":{"x":69,"y":857,"width":820,"height":12}},{"id":"4f9f2187-405a-4a38-9b70-44f8de9fde15","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":249,"box":{"x":69,"y":873,"width":830,"height":11}},{"id":"f27a4852-69a4-4925-98d4-c03d59436db3","block_type":"box","text":"business models.","page_number":249,"box":{"x":69,"y":888,"width":124,"height":9}},{"id":"a7b8f587-987d-4a64-adec-4b8b45ec249d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":249,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1a1027a1-bac5-478d-80a4-74f13020959f","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 6","page_number":249,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"735caa09-bd68-4ebd-9f77-cc5089607864","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":249,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63d121f4-0187-4bd4-8753-3b26cea4875b","block_type":"box","text":"•","page_number":250,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"8452d6f1-6a65-4bb1-aeef-6ed922129c08","block_type":"box","text":"The company is monitoring its material scope 3 emissions","page_number":250,"box":{"x":101,"y":45,"width":416,"height":11}},{"id":"3ff939d3-083a-45a8-a846-fe4554c982b6","block_type":"box","text":"15","page_number":250,"box":{"x":518,"y":45,"width":9,"height":4}},{"id":"08381ea2-4e5f-4ac6-a7ef-d00475791108","block_type":"box","text":"and disclosing these where it is confident in the","page_number":250,"box":{"x":533,"y":45,"width":341,"height":11}},{"id":"f2e4963c-b6f3-435b-b892-605d8b61e896","block_type":"box","text":"data. Given forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily","page_number":250,"box":{"x":101,"y":60,"width":746,"height":11}},{"id":"3f2afd13-075a-44a2-927f-ee55b4e2e42b","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":250,"box":{"x":101,"y":75,"width":800,"height":11}},{"id":"af306f72-cec4-4c67-884b-c2d8d64cd5cf","block_type":"box","text":"with the different constituents in their value chain.","page_number":250,"box":{"x":101,"y":90,"width":358,"height":9}},{"id":"f8d02019-6ce8-44a0-897b-d55a514c429d","block_type":"box","text":"•","page_number":250,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"dd770833-0b2c-4a80-99b7-e514e73435de","block_type":"box","text":"The board oversees, and management has a formalized approach to, the company’s lobbying activities, including","page_number":250,"box":{"x":101,"y":110,"width":806,"height":11}},{"id":"5f635ff9-ca02-4e52-bd4b-26b815e5ea53","block_type":"box","text":"trade association memberships. Policy engagement should be consistent with a company’s stated strategic","page_number":250,"box":{"x":101,"y":126,"width":767,"height":11}},{"id":"675dbf78-23e4-4028-b0c5-30514b42055e","block_type":"box","text":"policy objectives, including those related to the low-carbon transition.","page_number":250,"box":{"x":102,"y":141,"width":490,"height":11}},{"id":"9d1c3be4-510e-435f-83e3-b94240849ef6","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":250,"box":{"x":101,"y":163,"width":420,"height":11}},{"id":"9162b643-f7c6-4d8a-8321-0fbf73ccc565","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where,","page_number":250,"box":{"x":102,"y":186,"width":796,"height":11}},{"id":"d35057d1-53a0-42d6-b4aa-7776ba5ee4e9","block_type":"box","text":"in BIS’ assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":250,"box":{"x":70,"y":201,"width":821,"height":11}},{"id":"f7ee40df-6f49-4d1b-b542-473c03659776","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":250,"box":{"x":69,"y":216,"width":820,"height":11}},{"id":"7abb881d-727f-4ad7-b8d7-d3fb2b81be11","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":250,"box":{"x":69,"y":231,"width":836,"height":11}},{"id":"ba6dcf1b-76a2-40d8-b221-3090d2fc0d63","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":250,"box":{"x":68,"y":246,"width":791,"height":11}},{"id":"775829c7-bcc5-4a73-a069-b36d28928ed5","block_type":"box","text":"oversight responsibilities, other members of the relevant committee, the lead independent director or the non","page_number":250,"box":{"x":69,"y":261,"width":785,"height":12}},{"id":"15de3c76-cebc-48f9-a68d-af9126ede11e","block_type":"box","text":"executive chair of the board. In certain markets, we may withhold support for the discharge of the supervisory board","page_number":250,"box":{"x":69,"y":276,"width":830,"height":12}},{"id":"4a8da917-57e1-43c6-98fd-3f171b14b29c","block_type":"box","text":"or equivalent.","page_number":250,"box":{"x":69,"y":292,"width":95,"height":11}},{"id":"6580483d-37c1-4d38-8cce-329c33d7ac74","block_type":"box","text":"Where we have not supported director elections over climate concerns in a prior year, and the company has not","page_number":250,"box":{"x":101,"y":314,"width":796,"height":11}},{"id":"2d66d795-7745-4b4c-867a-4e26dc5c6fcb","block_type":"box","text":"subsequently made progress towards aligning with the transition to a low-carbon economy, we may escalate","page_number":250,"box":{"x":69,"y":330,"width":768,"height":11}},{"id":"6ebda2a4-e17d-4454-9a4c-9918c4f13b3a","block_type":"box","text":"16","page_number":250,"box":{"x":838,"y":330,"width":9,"height":4}},{"id":"90c98ba3-804a-46b0-9726-22a815f617b1","block_type":"box","text":"by","page_number":250,"box":{"x":853,"y":330,"width":15,"height":11}},{"id":"b5126844-a92e-40fa-9b55-a01da9a4ce75","block_type":"box","text":"voting against the re-election of additional responsible directors to signal our heightened concerns.","page_number":250,"box":{"x":68,"y":344,"width":705,"height":12}},{"id":"611e2104-b7c1-4220-88ea-1d826d517d09","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":250,"box":{"x":69,"y":375,"width":528,"height":11}},{"id":"1a7cd66a-2318-4e89-aae4-cae2bbe30fcc","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate","page_number":250,"box":{"x":102,"y":398,"width":786,"height":11}},{"id":"ffbc309a-0d70-4a5a-9837-fd93f91d91f1","block_type":"box","text":"action plans or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s","page_number":250,"box":{"x":69,"y":413,"width":819,"height":11}},{"id":"89988f9f-1062-4e66-ae4b-cd2869aadce1","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":250,"box":{"x":69,"y":428,"width":837,"height":11}},{"id":"e2ad515f-b641-4d47-85c4-ee740ffccbf8","block_type":"box","text":"transition. Similarly, we will generally support management’s proposal on a progress report if the company has","page_number":250,"box":{"x":68,"y":443,"width":791,"height":11}},{"id":"86333e98-3eec-429f-bd52-6f74798437b7","block_type":"box","text":"clearly explained its progress against, and any deviations from or changes to, its stated transition plan and targets.","page_number":250,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"970fc085-9b9c-49a4-952a-5c1e05e3c7ff","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":250,"box":{"x":68,"y":488,"width":495,"height":11}},{"id":"b2f6a3e5-4ecd-453a-baf7-e060b5db8531","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered","page_number":250,"box":{"x":102,"y":511,"width":786,"height":11}},{"id":"00283930-bcd2-4e27-a248-f78de94d7dc0","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":250,"box":{"x":69,"y":526,"width":829,"height":11}},{"id":"543b5308-1f37-4b7b-b6f0-a5f2b4f527d8","block_type":"box","text":"stated low-carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a","page_number":250,"box":{"x":69,"y":541,"width":810,"height":11}},{"id":"ddb73735-fe23-4595-8fd2-92e940a19dbb","block_type":"box","text":"company to:","page_number":250,"box":{"x":69,"y":557,"width":85,"height":10}},{"id":"12471510-2e85-457c-ba9f-fc32bfdd0b53","block_type":"box","text":"•","page_number":250,"box":{"x":102,"y":579,"width":6,"height":5}},{"id":"54238eae-f4e2-4d28-a134-257dd4d45e57","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":250,"box":{"x":135,"y":577,"width":764,"height":11}},{"id":"20cd38b7-8cf0-449c-8a85-cd8e42cde83a","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":250,"box":{"x":135,"y":592,"width":380,"height":10}},{"id":"62765bad-491d-4a69-b542-d20ba8ca3fb1","block_type":"box","text":"•","page_number":250,"box":{"x":102,"y":614,"width":6,"height":5}},{"id":"62ea3151-139b-4772-a6dd-46784e7c6fe3","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":250,"box":{"x":134,"y":612,"width":773,"height":11}},{"id":"a56dc85c-a4a4-4abd-9a8c-7bad17a40701","block_type":"box","text":"long-term goal of the company achieving net zero GHG emissions by 2050","page_number":250,"box":{"x":135,"y":627,"width":526,"height":11}},{"id":"06b96e2a-7683-46d9-8e71-70db3c290126","block_type":"box","text":"•","page_number":250,"box":{"x":102,"y":650,"width":6,"height":4}},{"id":"fffa37e2-b827-48f4-ae0c-c3b9a164cd41","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":250,"box":{"x":135,"y":647,"width":697,"height":11}},{"id":"050bdfa1-03f8-4601-b998-eb28fe46de69","block_type":"box","text":"•","page_number":250,"box":{"x":102,"y":670,"width":6,"height":4}},{"id":"065e20d9-c9b0-42e1-8474-b60599ed6a9a","block_type":"box","text":"Improve disclosures on how a company’s climate-related lobbying (including trade association memberships","page_number":250,"box":{"x":135,"y":667,"width":768,"height":11}},{"id":"dd0eaa2a-4c29-4f5a-94e0-ff126363e3cc","block_type":"box","text":"and other indirect lobbying) is aligned with its strategic policy positions.","page_number":250,"box":{"x":134,"y":682,"width":508,"height":11}},{"id":"de7477a9-fb97-4dfe-9fc2-f0071007b85f","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or","page_number":250,"box":{"x":101,"y":705,"width":783,"height":11}},{"id":"79253cc1-07cd-499f-a771-342823a5e3c9","block_type":"box","text":"direct specific business or strategic decisions. This includes proposals that seek to change a company’s articles of","page_number":250,"box":{"x":69,"y":720,"width":825,"height":11}},{"id":"7d54221c-c814-405d-9bc4-7dcff8d72a8b","block_type":"box","text":"association or charter to require commitments or actions related to climate risk or the low-carbon transition.","page_number":250,"box":{"x":69,"y":735,"width":771,"height":11}},{"id":"de86dcdc-3ff3-4028-a1b6-61abc9036e36","block_type":"box","text":"15","page_number":250,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"1cd2a918-fda3-46c8-ae8d-fd96c7d1ac81","block_type":"box","text":"As discussed in the FTSE Russell publication mentioned above, their research indicates that there are 2-3 material","page_number":250,"box":{"x":83,"y":764,"width":819,"height":11}},{"id":"98f5f801-0a8e-40b6-bbcd-9a98f8fec551","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":250,"box":{"x":69,"y":779,"width":813,"height":12}},{"id":"f4dba427-3eb6-4d39-bd6b-0ad9a69b91eb","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":250,"box":{"x":68,"y":794,"width":828,"height":12}},{"id":"9463f2ee-90b2-4576-9d67-f987f82c1ca6","block_type":"box","text":"offer the most significant GHG reduction opportunities and are most relevant to the company’s business goals.”","page_number":250,"box":{"x":69,"y":810,"width":801,"height":11}},{"id":"095789b4-4e6e-487d-9f74-1bc8da511bb8","block_type":"box","text":"16","page_number":250,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"3e1db875-3441-48cb-8f82-1eee036a28cc","block_type":"box","text":"While BIS may escalate voting by not supporting additional management proposals, principally director elections,","page_number":250,"box":{"x":83,"y":827,"width":804,"height":12}},{"id":"c7a32a5b-b645-48cb-b252-db0f3682cebd","block_type":"box","text":"we do not consider filing shareholder proposals, preannouncing our voting intentions or using the media to amplify","page_number":250,"box":{"x":68,"y":842,"width":816,"height":12}},{"id":"f2c1a186-a45f-4ba9-bf09-348490f0a718","block_type":"box","text":"our concerns appropriate courses of action. We will continue to take a constructive, long-term focused approach, to","page_number":250,"box":{"x":69,"y":857,"width":823,"height":12}},{"id":"ce82eba3-abbb-41d2-aece-bbc31452b92f","block_type":"box","text":"our engagement and voting on behalf of clients under these guidelines.","page_number":250,"box":{"x":69,"y":873,"width":506,"height":11}},{"id":"ed65affb-e5b0-484e-9af9-8a6d5259f92a","block_type":"box","text":"BlackRock Investment Stewardship","page_number":250,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9b6cd243-d52f-4775-90f7-6fd98fdfd3f2","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 7","page_number":250,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"f25fff22-57e0-4e36-8221-f3d44a2ee24a","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":250,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0e36f76f-8c27-4307-8255-4df7754176ac","block_type":"box","text":"RELATED MATTERS","page_number":251,"box":{"x":419,"y":45,"width":140,"height":9}},{"id":"d552af66-04f4-417a-8324-7fcc6084abde","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":251,"box":{"x":101,"y":68,"width":771,"height":10}},{"id":"925bc3d5-655f-4f8f-aedb-4ac6be962ea8","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":251,"box":{"x":69,"y":83,"width":800,"height":11}},{"id":"b23e25d8-30ba-4cbd-95f2-908d3c1039ac","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":251,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"5ce9832e-baa5-4c78-bef1-0f89913798ac","block_type":"box","text":"matters would be covered by BIS’ benchmark guidelines.","page_number":251,"box":{"x":69,"y":113,"width":402,"height":11}},{"id":"0046d5e6-bd58-41b9-9fd4-b4896698f2d7","block_type":"box","text":"Executive compensation","page_number":251,"box":{"x":69,"y":143,"width":177,"height":11}},{"id":"986a6f90-f9f0-4d6e-9504-6ccf0f812ae1","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives","page_number":251,"box":{"x":101,"y":166,"width":785,"height":11}},{"id":"54fc7726-08fe-4df2-8e08-9373bcaae429","block_type":"box","text":"appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":251,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"f07e611c-b1bd-42a5-b02b-acdf6c23f37e","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":251,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"ebd603f5-219c-43aa-ac06-8ca7f2495cb7","block_type":"box","text":"understand the alignment between those metrics and the company’s stated climate strategy.","page_number":251,"box":{"x":69,"y":211,"width":661,"height":11}},{"id":"05b2953d-a972-49b1-a2d5-cdab91d2fa93","block_type":"box","text":"Auditors and audit-related issues","page_number":251,"box":{"x":68,"y":241,"width":240,"height":9}},{"id":"503bfb0b-8b3e-411a-8497-b633a7f2346a","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is","page_number":251,"box":{"x":102,"y":264,"width":737,"height":11}},{"id":"f4ed3804-7955-4d06-abdc-58601b2fc160","block_type":"box","text":"interested to understand whether the company considers and, if relevant, quantifies, and accounts for material","page_number":251,"box":{"x":70,"y":279,"width":789,"height":11}},{"id":"50a2ebb4-d5a7-4547-a5ac-59451fe63929","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":251,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"ecba2329-1441-4d24-a19f-52c7e7d49554","block_type":"box","text":"audit report. We note that work is being undertaken to develop audit and assurance standards in relation to climate","page_number":251,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"7a65ac73-85a8-4e32-ab77-8bb68151604b","block_type":"box","text":"and transition reporting, which may impact the future reporting requirements of companies. We note that assurance","page_number":251,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"554b5464-8933-45e9-84c0-2aad42c14cec","block_type":"box","text":"of corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":251,"box":{"x":69,"y":339,"width":758,"height":12}},{"id":"27b57faf-28e7-4138-a044-693210743a63","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":251,"box":{"x":69,"y":370,"width":463,"height":11}},{"id":"e9ed5023-ab90-4fba-8e61-92500f356bfd","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors","page_number":251,"box":{"x":102,"y":392,"width":772,"height":12}},{"id":"f285bb79-2465-4863-a736-d0759caf1d45","block_type":"box","text":"under these guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder","page_number":251,"box":{"x":69,"y":407,"width":803,"height":12}},{"id":"6e188caa-7849-4531-ac87-7df7315b15ac","block_type":"box","text":"activist has proposed governance, strategic or operational changes that may impact its climate strategy. BIS does not","page_number":251,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"7105b0fb-ff8b-4c2f-bd1f-d3f00e1ef9e2","block_type":"box","text":"promote changes in corporate control, nor does it invoke formal governance mechanisms that rise to the level of","page_number":251,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"0b573673-8c7a-4f00-a69e-2a9e740332bb","block_type":"box","text":"shareholder activism.","page_number":251,"box":{"x":69,"y":453,"width":151,"height":9}},{"id":"6c568dde-10dc-4fed-9601-a39933d40889","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":251,"box":{"x":69,"y":483,"width":503,"height":11}},{"id":"6ffeb22e-59ab-49f2-85b4-320c48774ee9","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability","page_number":251,"box":{"x":102,"y":506,"width":803,"height":11}},{"id":"cd0675f7-16c8-4f75-b551-74de09afb07e","block_type":"box","text":"related risks and opportunities that may be relevant to a company’s business model and long-term performance.","page_number":251,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"a39f2cfa-8967-454b-b4f2-b09e413e45f7","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":251,"box":{"x":68,"y":536,"width":669,"height":11}},{"id":"88de826e-faa7-4f47-9b52-6659b057f742","block_type":"box","text":"17","page_number":251,"box":{"x":739,"y":536,"width":8,"height":5}},{"id":"fdd392e5-ae13-4dc2-b194-82a4458d3662","block_type":"box","text":"In the context of","page_number":251,"box":{"x":754,"y":536,"width":115,"height":9}},{"id":"9a94842e-0177-4be5-8537-011f00e2268b","block_type":"box","text":"these guidelines, we may engage companies to better understand how they are managing the impact on people (","page_number":251,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"07f32c54-fef2-4776-aa2c-74cc4cf0fdf4","block_type":"box","text":"e.g.","page_number":251,"box":{"x":875,"y":553,"width":25,"height":9}},{"id":"959098fe-23c4-4583-8434-2a44c423e84a","block_type":"box","text":",","page_number":251,"box":{"x":902,"y":559,"width":2,"height":3}},{"id":"01d4d087-387f-48f8-aee8-eb18b62eb028","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are making in","page_number":251,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"c7a712b7-5544-415f-a1b7-cefa2f3c14d7","block_type":"box","text":"relation to their transition to a low-carbon economy. Similarly, we may engage companies that face risks and","page_number":251,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"a9dcd582-1875-4fdd-b552-74c39700c69c","block_type":"box","text":"opportunities related to land use and deforestation, access to fresh water, or the ability to secure scarce resources","page_number":251,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"6b2149e9-63c8-4420-80f3-1e5ed75bf8ad","block_type":"box","text":"critical to the transition to a low-carbon economy.","page_number":251,"box":{"x":69,"y":612,"width":348,"height":11}},{"id":"4ca8dba6-f075-434b-9324-2e6dc33701cd","block_type":"box","text":"17","page_number":251,"box":{"x":69,"y":656,"width":8,"height":5}},{"id":"e88725d9-8c1f-4529-a846-73a11e1ceaaa","block_type":"box","text":"BIS’ engagement with companies on these issues is informed by our commentaries on natural capital, human","page_number":251,"box":{"x":84,"y":656,"width":783,"height":11}},{"id":"f568aeb2-482e-4a9e-a1a2-f96d130b2adf","block_type":"box","text":"capital management and human rights.","page_number":251,"box":{"x":69,"y":671,"width":277,"height":11}},{"id":"2fc4f5d5-4321-419c-b2b4-d19b57bb3170","block_type":"box","text":"BlackRock Investment Stewardship","page_number":251,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b1680473-ba17-4871-afa7-d56a146c1360","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 8","page_number":251,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"77eb8695-1a63-4ffa-94e9-fe332777f188","block_type":"box","text":"BNM1026U-6032767-19203898","page_number":251,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9eee67f5-b02d-4d73-b991-2a997329dee4","block_type":"box","text":"Appendix 1","page_number":252,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"b8067148-09df-47f1-aa65-c010716e494e","block_type":"box","text":"Terminology","page_number":252,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"70b32d77-b1fd-487e-9b73-4af25e92e849","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":252,"box":{"x":101,"y":98,"width":562,"height":11}},{"id":"7ea8dcc9-963b-463e-87ea-594893785a4b","block_type":"box","text":"Climate risk:","page_number":252,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"30e1d5bb-6700-4d20-b160-444a3b008bd0","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":252,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"b6ed10f5-a11c-4924-b49d-23fe88238a5a","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":252,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"9bcffea9-bec0-4fbf-b72c-97ffec976e67","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":252,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"96e63865-9043-4544-af4f-be514726eaac","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":252,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"f6d291ba-cf0e-46ca-9497-7f08e4688cd4","block_type":"box","text":"The global economic shift toward lower","page_number":252,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"6a2bec94-dfa4-4f7a-9452-3ecc516fe239","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":252,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"838654b9-d2b9-4d88-997f-7741572dd44d","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":252,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"5bebdc43-24a7-4338-a387-6524b3ce654c","block_type":"box","text":"change (","page_number":252,"box":{"x":69,"y":219,"width":59,"height":11}},{"id":"4bc27c25-e27c-4c46-81f6-637bcc2bbbff","block_type":"box","text":"e.g.","page_number":252,"box":{"x":130,"y":220,"width":25,"height":10}},{"id":"5257b834-c137-4637-8690-f0f7943240a0","block_type":"box","text":", extreme weather), and can potentially have a material impact on clients’ investments and portfolios.","page_number":252,"box":{"x":158,"y":218,"width":723,"height":12}},{"id":"b798a796-2354-430b-bf45-d0569558d557","block_type":"box","text":"Decarbonization:","page_number":252,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"10fc3371-e889-4eb5-8cd5-f0c8bace2279","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":252,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"cbe99498-29e8-42da-95b4-63f3a1283683","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":252,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"3548a3c8-427a-439a-a486-f515592b5ab7","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":252,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"3afb5881-7178-4903-9bb6-17f8fa9bf66b","block_type":"box","text":"e.g.","page_number":252,"box":{"x":69,"y":288,"width":25,"height":10}},{"id":"b0b02f75-2b77-4a62-9c10-896e76308564","block_type":"box","text":", methane.","page_number":252,"box":{"x":97,"y":287,"width":74,"height":10}},{"id":"71c18034-5eee-492c-8e2e-4c3ac97f38ba","block_type":"box","text":"Climate-related risks and opportunities:","page_number":252,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"74d5d158-d33b-43ad-b789-38386b008ed6","block_type":"box","text":"The investment opportunities and risks associated with the transition","page_number":252,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"2ccc44b2-4c87-4aa9-88bf-5773a4d09fd0","block_type":"box","text":"to a low-carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting","page_number":252,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"1286eddf-f4e6-4c3a-8046-100736075b95","block_type":"box","text":"to physical climate change.","page_number":252,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"9d7c8801-7b5e-496b-a2ef-d97334414ee0","block_type":"box","text":"Climate-related transition plan:","page_number":252,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"37650b1b-18ec-430b-9160-94aaa6103509","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":252,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"75fd6d62-64fb-4a26-8158-a7b828ab912b","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":252,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"97af8101-0569-4e40-b15e-803bee7c6922","block_type":"box","text":"greenhouse gas emissions.”","page_number":252,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"38d1e926-272d-49d2-8470-b20fcf6dbcdd","block_type":"box","text":"18","page_number":252,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"356bea8d-3e27-4059-8a6c-49d6fd2a25c6","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":252,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"1c843bff-9efb-49a5-9aef-93c2b191f7ac","block_type":"box","text":"Targets that “","page_number":252,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"f98388a6-6454-4b6d-905b-f036f4f40d4d","block_type":"box","text":"are in line with what the latest climate science","page_number":252,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"4d8add20-9f00-4276-bca4-99d4ab6a4eec","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":252,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"73818044-1766-4944-9ae6-b63c09d0851a","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with","page_number":252,"box":{"x":70,"y":445,"width":831,"height":12}},{"id":"ac0e50ca-f051-4c33-a30a-78109ebd825a","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":252,"box":{"x":70,"y":460,"width":830,"height":12}},{"id":"283f2d4b-cd54-4da7-95d7-938b3e6afa58","block_type":"box","text":"in line with the Paris Agreement goals.”","page_number":252,"box":{"x":70,"y":476,"width":278,"height":11}},{"id":"a3b87bee-802b-4be0-babb-90e73a5bbe13","block_type":"box","text":"19","page_number":252,"box":{"x":351,"y":476,"width":8,"height":4}},{"id":"d88d8e87-26e4-4fde-ba72-f83fe1612b45","block_type":"box","text":"18","page_number":252,"box":{"x":69,"y":520,"width":9,"height":5}},{"id":"2f626e11-3f89-410d-ac38-ef899865d14d","block_type":"box","text":"As defined by the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures. Several","page_number":252,"box":{"x":83,"y":520,"width":781,"height":11}},{"id":"4f059738-ccd0-4cd4-8575-aa9d8c8c77bc","block_type":"box","text":"jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":252,"box":{"x":67,"y":535,"width":799,"height":11}},{"id":"ba539f99-ae96-47b1-a427-b44de63fd418","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":252,"box":{"x":68,"y":550,"width":762,"height":11}},{"id":"44c7a58c-f06a-4775-bf29-0ef21ac9fb4b","block_type":"box","text":"19","page_number":252,"box":{"x":69,"y":568,"width":9,"height":5}},{"id":"9730c82f-b285-424c-bd30-68dfb6a545be","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":252,"box":{"x":83,"y":568,"width":785,"height":11}},{"id":"ed424e55-5326-44a4-8d5b-e304b70c5b5c","block_type":"box","text":"enables companies and financial institutions worldwide to play their part in combating the climate crisis. 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