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Paying a portion of discretionary incentive","page_number":22,"box":{"x":116,"y":222,"width":769,"height":12}},{"id":"14c68ba3-aba6-44b8-a1cb-f53a7ea4b5b9","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for","page_number":22,"box":{"x":116,"y":238,"width":770,"height":11}},{"id":"e8d7d774-e396-4dad-a952-288bb42e6f0c","block_type":"box","text":"a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods.","page_number":22,"box":{"x":116,"y":253,"width":753,"height":12}},{"id":"133a3d26-4efb-48f1-b89d-f6afafb15dfb","block_type":"box","text":"In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a","page_number":22,"box":{"x":116,"y":269,"width":746,"height":11}},{"id":"14912d22-3809-4909-9754-43b4ccc576d5","block_type":"box","text":"long-term incentive award to aid in retention, align interests with long-term shareholders and motivate","page_number":22,"box":{"x":116,"y":284,"width":694,"height":12}},{"id":"c54c8e26-2fb6-4594-abad-a6af0c715999","block_type":"box","text":"performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc.","page_number":22,"box":{"x":116,"y":300,"width":720,"height":11}},{"id":"30d7408c-bb53-4230-bdc0-20a1c7d5f265","block_type":"box","text":"restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock,","page_number":22,"box":{"x":116,"y":315,"width":761,"height":12}},{"id":"5019b0c8-200a-447f-8f6d-2024aaef5cc1","block_type":"box","text":"Inc. common stock. The portfolio managers of this Portfolio have deferred BlackRock, Inc. stock awards.","page_number":22,"box":{"x":116,"y":331,"width":716,"height":11}},{"id":"5e2567d6-d141-4158-9533-0b7c8c32f865","block_type":"box","text":"For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in","page_number":22,"box":{"x":150,"y":359,"width":718,"height":12}},{"id":"ae858404-a28f-4eff-bbaa-2a13e480dc51","block_type":"box","text":"the form of deferred cash awards that notionally track the returns of select BlackRock investment products they","page_number":22,"box":{"x":116,"y":375,"width":756,"height":11}},{"id":"ef00398b-5805-4140-9914-bb59ab3d535d","block_type":"box","text":"manage, which provides direct alignment of portfolio manager discretionary incentive compensation with","page_number":22,"box":{"x":116,"y":390,"width":717,"height":12}},{"id":"910e0a35-2005-4754-be14-64859bc94388","block_type":"box","text":"investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in","page_number":22,"box":{"x":116,"y":406,"width":756,"height":11}},{"id":"220c38a9-4f97-4ef8-b637-6608421dac4c","block_type":"box","text":"the form of cash. Only portfolio managers who manage specified products and whose total compensation is","page_number":22,"box":{"x":116,"y":421,"width":729,"height":12}},{"id":"d6ea5557-68a2-46c2-9e7c-6dda46a7bb85","block_type":"box","text":"above a specified threshold are eligible to participate in the deferred cash award program.","page_number":22,"box":{"x":116,"y":437,"width":608,"height":11}},{"id":"13fc42f6-e58c-4448-aa07-c64dd768cf67","block_type":"box","text":"Other Compensation Benefits","page_number":22,"box":{"x":150,"y":465,"width":212,"height":12}},{"id":"f40aa9e1-8784-4c9f-9081-085b3784794e","block_type":"box","text":". In addition to base salary and discretionary incentive compensation,","page_number":22,"box":{"x":364,"y":465,"width":470,"height":12}},{"id":"5e7b7e1c-0a6c-468f-bd61-3523c856154a","block_type":"box","text":"portfolio managers may be eligible to receive or participate in one or more of the following:","page_number":22,"box":{"x":116,"y":481,"width":625,"height":11}},{"id":"973416da-e9e9-4768-9aa9-111152a47802","block_type":"box","text":"Incentive Savings Plans","page_number":22,"box":{"x":149,"y":509,"width":161,"height":12}},{"id":"22c54c95-ceac-4b0a-a6c0-9167ae512946","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which","page_number":22,"box":{"x":310,"y":509,"width":523,"height":12}},{"id":"c5ff6fe3-3a0b-4943-a361-4ac4efe7b06f","block_type":"box","text":"BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings","page_number":22,"box":{"x":116,"y":525,"width":739,"height":11}},{"id":"a82977ea-8552-4ea9-ae30-4c987adce5e9","block_type":"box","text":"Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components","page_number":22,"box":{"x":116,"y":540,"width":759,"height":12}},{"id":"86e06922-7b6a-4a97-820f-45015084ece5","block_type":"box","text":"of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped","page_number":22,"box":{"x":116,"y":556,"width":758,"height":11}},{"id":"02b13019-b37a-42b9-ba8c-5702662289e6","block_type":"box","text":"at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the","page_number":22,"box":{"x":116,"y":571,"width":729,"height":12}},{"id":"61b0cbd3-0b64-4b9f-9982-6895c0f382fc","block_type":"box","text":"Internal Revenue Service limit ($350,000 for 2025). The RSP offers a range of investment options, including","page_number":22,"box":{"x":116,"y":586,"width":739,"height":12}},{"id":"6d795407-8220-472a-ba76-976992422f16","block_type":"box","text":"registered investment companies and collective investment funds managed by the firm. BlackRock contributions","page_number":22,"box":{"x":116,"y":602,"width":764,"height":12}},{"id":"7d052bb5-cd12-4c52-a041-c6051a0ba189","block_type":"box","text":"follow the investment direction set by participants for their own contributions or, absent participant investment","page_number":22,"box":{"x":116,"y":618,"width":752,"height":11}},{"id":"10abe4ba-3ca0-4d4b-959e-82f1f75bd393","block_type":"box","text":"direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant","page_number":22,"box":{"x":116,"y":633,"width":770,"height":12}},{"id":"c7ce53ab-4637-4184-8819-f0a834e530b7","block_type":"box","text":"attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market","page_number":22,"box":{"x":116,"y":649,"width":764,"height":11}},{"id":"9835811b-4e94-444a-a861-cea203e6b7cf","block_type":"box","text":"value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of","page_number":22,"box":{"x":116,"y":664,"width":687,"height":12}},{"id":"c818347a-207f-4969-94ac-c5728c2919ad","block_type":"box","text":"1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date.","page_number":22,"box":{"x":118,"y":679,"width":743,"height":12}},{"id":"91b1f7f3-5cbc-4114-907a-6289adc84b75","block_type":"box","text":"All of the eligible portfolio managers are eligible to participate in these plans.","page_number":22,"box":{"x":116,"y":695,"width":523,"height":12}},{"id":"a7a59bdc-cf0b-4961-9c1f-2c4d9fe1cdf8","block_type":"box","text":"Portfolio Manager Beneficial Holdings","page_number":22,"box":{"x":116,"y":724,"width":265,"height":11}},{"id":"4e152282-1865-49cf-a080-4461d1ccd527","block_type":"box","text":"As of July 31, 2025 (except as noted herein), the Portfolio’s most recently completed fiscal year end, the","page_number":22,"box":{"x":150,"y":752,"width":704,"height":12}},{"id":"fc52eb50-a3e7-4678-a8e4-8a42c5881df5","block_type":"box","text":"dollar range of securities beneficially owned by each portfolio manager in the Portfolio is shown below:","page_number":22,"box":{"x":116,"y":768,"width":700,"height":11}},{"id":"4124e109-f840-47ad-984e-e82a5fc2b2b5","block_type":"box","text":"Portfolio Manager","page_number":22,"box":{"x":123,"y":806,"width":133,"height":12}},{"id":"8cad897e-b5ac-4465-ac9f-6e78488c02a5","block_type":"box","text":"Dollar Range of Equity Securities","page_number":22,"box":{"x":642,"y":793,"width":241,"height":12}},{"id":"9ae6a697-b7ba-42e4-aa5a-08921a4335a1","block_type":"box","text":"Beneficially Owned","page_number":22,"box":{"x":690,"y":806,"width":139,"height":12}},{"id":"49e8536b-0975-4b19-8ba2-4837cf8820d2","block_type":"box","text":"1","page_number":22,"box":{"x":831,"y":806,"width":4,"height":6}},{"id":"99239a0c-43f8-4e7c-9d96-dfaf9f080057","block_type":"box","text":"Justin Christofel, CFA $100,001-$500,000","page_number":22,"box":{"x":123,"y":825,"width":710,"height":11}},{"id":"4caf18ab-e6d8-4fa3-81be-06fe79d13b0e","block_type":"box","text":"Louis Arranz, CFA","page_number":22,"box":{"x":123,"y":845,"width":130,"height":10}},{"id":"e4cfdaf1-f1aa-4fc0-9459-006315d122f7","block_type":"box","text":"2","page_number":22,"box":{"x":253,"y":845,"width":5,"height":5}},{"id":"8a34af08-b5ce-4361-9144-69327ef86dea","block_type":"box","text":"$1-$10,000","page_number":22,"box":{"x":258,"y":844,"width":547,"height":11}},{"id":"fc761610-7b51-46cb-88ee-6e026a9a1ede","block_type":"box","text":"1","page_number":22,"box":{"x":117,"y":867,"width":2,"height":4}},{"id":"31c51724-e69a-48cf-a93c-ec5007cc77b6","block_type":"box","text":"Includes securities attributable to the portfolio manager’s participation in certain deferred compensation and retirement prog","page_number":22,"box":{"x":143,"y":867,"width":667,"height":9}},{"id":"98e2cd26-2d1c-4bf3-a216-31dae527e9e4","block_type":"box","text":"rams.","page_number":22,"box":{"x":810,"y":869,"width":29,"height":5}},{"id":"d78089e5-a49f-4781-bb50-eb4d20210002","block_type":"box","text":"2","page_number":22,"box":{"x":116,"y":880,"width":4,"height":4}},{"id":"7c8c2486-1444-4337-b380-2c10c324d703","block_type":"box","text":"Information provided as of November 30, 2025.","page_number":22,"box":{"x":143,"y":880,"width":257,"height":9}},{"id":"08edb639-8e0a-4234-99cc-282d67f6f9f9","block_type":"box","text":"2","page_number":22,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"07d1fd2b-3537-4d60-80a0-8411432fcb2e","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":22,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"4ff1dada-ddc9-4749-8b16-a852677ff1d5","block_type":"box","text":"Portfolio Manager Potential Material Conflicts of Interest","page_number":23,"box":{"x":116,"y":88,"width":398,"height":11}},{"id":"58ab1899-f248-4309-a061-ef0fbbefb3eb","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":23,"box":{"x":150,"y":119,"width":708,"height":11}},{"id":"01ff991f-3ffb-45f4-ae4a-b949ee6d4142","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":23,"box":{"x":116,"y":134,"width":765,"height":12}},{"id":"47002d0b-ea11-45cb-bce9-a0505a08371a","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution","page_number":23,"box":{"x":116,"y":150,"width":770,"height":11}},{"id":"d8262cf1-e9c8-4649-aa69-889236c5b1d3","block_type":"box","text":"of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed","page_number":23,"box":{"x":116,"y":165,"width":765,"height":12}},{"id":"a34bd1b6-0a39-411e-b276-40238051a5bd","block_type":"box","text":"to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment","page_number":23,"box":{"x":116,"y":181,"width":754,"height":11}},{"id":"48bb5237-974a-4f06-9070-03971e6d93bd","block_type":"box","text":"management and advisory services to numerous clients in addition to the Portfolio, and BlackRock may,","page_number":23,"box":{"x":116,"y":196,"width":708,"height":12}},{"id":"6621c3a1-9b88-45d8-8202-31d3b485afda","block_type":"box","text":"consistent with applicable law, make investment recommendations to other clients or accounts (including","page_number":23,"box":{"x":116,"y":212,"width":714,"height":11}},{"id":"c5d6eed2-a05b-49bd-8bb8-726734dae2af","block_type":"box","text":"accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio","page_number":23,"box":{"x":116,"y":227,"width":738,"height":12}},{"id":"74899501-a624-4b0f-a130-3b7a8bf95459","block_type":"box","text":"managers have a personal interest in the receipt of such fees), which may be the same as or different from those","page_number":23,"box":{"x":116,"y":243,"width":757,"height":11}},{"id":"b4605d52-f4ad-470a-9d51-53ce6380e890","block_type":"box","text":"made to the Portfolio. In addition, BlackRock, its affiliates and significant shareholders and any officer, director,","page_number":23,"box":{"x":116,"y":258,"width":765,"height":12}},{"id":"d9fdb62f-1a79-4ef2-b451-298fe8f59d79","block_type":"box","text":"shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock","page_number":23,"box":{"x":117,"y":274,"width":750,"height":11}},{"id":"367b2a5f-9b37-4b59-8689-773aa818920e","block_type":"box","text":"recommends to the Portfolio. BlackRock, or any of its affiliates or significant shareholders, or any officer,","page_number":23,"box":{"x":116,"y":289,"width":720,"height":12}},{"id":"03ca2ea4-9a38-4c21-a6d6-5ee29208dfd5","block_type":"box","text":"director, shareholder, employee or any member of their families may take different actions than those","page_number":23,"box":{"x":116,"y":305,"width":689,"height":11}},{"id":"8b99fba2-d4c4-4fb1-9aa0-54a997c42300","block_type":"box","text":"recommended to the Portfolio by BlackRock with respect to the same securities. Moreover, BlackRock may","page_number":23,"box":{"x":116,"y":320,"width":733,"height":12}},{"id":"1a7cb217-3114-4d15-9d17-dd4efaee47a4","block_type":"box","text":"refrain from rendering any advice or services concerning securities of companies of which any of BlackRock’s","page_number":23,"box":{"x":116,"y":336,"width":752,"height":11}},{"id":"54dae894-c2fe-4e87-a6c1-17174bcc3ddf","block_type":"box","text":"(or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or","page_number":23,"box":{"x":116,"y":351,"width":710,"height":12}},{"id":"899b6b3b-4ac8-48d0-abe1-61f63ccc2ef5","block_type":"box","text":"companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and","page_number":23,"box":{"x":116,"y":367,"width":763,"height":11}},{"id":"524be89a-b15b-444c-af1e-2be5645a9711","block_type":"box","text":"employees of any of them has any substantial economic interest or possesses material non-public information.","page_number":23,"box":{"x":116,"y":382,"width":746,"height":12}},{"id":"7f8e21ff-b490-452b-8c9d-caf44ba9547d","block_type":"box","text":"Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to","page_number":23,"box":{"x":116,"y":398,"width":752,"height":11}},{"id":"cbc7fbd9-f689-4eb9-af46-98d4bc79a09f","block_type":"box","text":"the strategy utilized for the Portfolio. It should also be noted that a portfolio manager may be managing hedge","page_number":23,"box":{"x":116,"y":413,"width":746,"height":12}},{"id":"0eaf0fc6-701e-48e5-8b6b-4442256b5234","block_type":"box","text":"fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts,","page_number":23,"box":{"x":116,"y":429,"width":720,"height":11}},{"id":"3d38a05c-c0ec-4eee-ac04-54f2f491d242","block_type":"box","text":"subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive","page_number":23,"box":{"x":117,"y":444,"width":761,"height":12}},{"id":"093d2320-5fd2-415a-a922-a128c67eeed4","block_type":"box","text":"fees earned on such accounts. Currently, the portfolio managers of this Portfolio are not entitled to receive a","page_number":23,"box":{"x":116,"y":460,"width":732,"height":11}},{"id":"ff918a65-4839-4072-b67f-5a9b898c8117","block_type":"box","text":"portion of incentive fees of other accounts.","page_number":23,"box":{"x":116,"y":475,"width":293,"height":12}},{"id":"2335d413-2ae5-4285-9204-f31b6f699d36","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When","page_number":23,"box":{"x":150,"y":506,"width":688,"height":12}},{"id":"6708bf47-a8b1-4e3a-8e67-54359d1b7901","block_type":"box","text":"BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner","page_number":23,"box":{"x":116,"y":522,"width":731,"height":11}},{"id":"a5d866ad-6e70-4a06-9457-da2ae05a5006","block_type":"box","text":"consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner","page_number":23,"box":{"x":116,"y":537,"width":745,"height":12}},{"id":"5f5c4322-2a8a-488c-845e-2602906a039e","block_type":"box","text":"among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted","page_number":23,"box":{"x":116,"y":553,"width":740,"height":11}},{"id":"b4594cec-96ad-458f-a89b-757fa4812a43","block_type":"box","text":"policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with","page_number":23,"box":{"x":116,"y":568,"width":728,"height":12}},{"id":"6f24659c-e3d4-498c-befb-b7bf24d2c1ae","block_type":"box","text":"sufficient flexibility to allocate investments in a manner that is consistent with the particular investment","page_number":23,"box":{"x":117,"y":584,"width":703,"height":11}},{"id":"3bed769b-dd46-4dc9-b2b5-7b9026e26473","block_type":"box","text":"discipline and client base, as appropriate.","page_number":23,"box":{"x":116,"y":599,"width":282,"height":12}},{"id":"9d889386-365e-45fc-8105-9759b79f17c6","block_type":"box","text":"Shareholders should retain this Supplement for future reference.","page_number":23,"box":{"x":267,"y":630,"width":470,"height":12}},{"id":"0b1b94c4-682c-4c2c-bd8e-cd5c61d98ccd","block_type":"box","text":"SAI-DHI-0226SUP","page_number":23,"box":{"x":116,"y":661,"width":132,"height":9}},{"id":"4188a758-9734-433c-ad7d-9721d9496d69","block_type":"box","text":"3","page_number":23,"box":{"x":496,"y":909,"width":7,"height":9}},{"id":"0e1024f1-0c3b-4d45-be70-150efc8372a3","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":23,"box":{"x":636,"y":981,"width":177,"height":7}},{"id":"15a79fdc-1207-446a-a658-6090a7e054ff","block_type":"box","text":"STATEMENT OF ADDITIONAL INFORMATION","page_number":24,"box":{"x":271,"y":83,"width":435,"height":11}},{"id":"3a5f5ef5-1563-4ebc-bb92-898ce3f559e2","block_type":"box","text":"BlackRock Funds II","page_number":24,"box":{"x":369,"y":120,"width":240,"height":14}},{"id":"6b96e656-b918-44d9-8e84-ff1464ce906e","block_type":"box","text":"BlackRock Dynamic High Income Portfolio","page_number":24,"box":{"x":335,"y":149,"width":309,"height":11}},{"id":"d6fa830a-130a-4d25-bc16-345e8f8e1f0b","block_type":"box","text":"100 Bellevue Parkway, Wilmington, Delaware 19809 • Phone No. (800) 441-7762","page_number":24,"box":{"x":118,"y":176,"width":742,"height":14}},{"id":"637ec757-7f42-449c-9bc1-326e5407d21b","block_type":"box","text":"This Statement of Additional Information of BlackRock Dynamic High Income Portfolio (the “Portfolio”), a","page_number":24,"box":{"x":101,"y":233,"width":800,"height":12}},{"id":"441d14db-2d95-4d5d-b6fc-a084c4bd0bf5","block_type":"box","text":"series of BlackRock Funds II (the “Trust”), is not a prospectus and should be read in conjunction with the","page_number":24,"box":{"x":69,"y":248,"width":793,"height":12}},{"id":"a9068975-7f1b-4427-8708-16effd34905e","block_type":"box","text":"Prospectuses of the Portfolio, dated November 28, 2025, as they may be amended or supplemented from","page_number":24,"box":{"x":70,"y":264,"width":800,"height":11}},{"id":"0164dcc6-873a-4f1b-a14d-0d5b588cdc3c","block_type":"box","text":"time to time (each, a “Prospectus”), which have been filed with the Securities and Exchange Commission (the","page_number":24,"box":{"x":69,"y":279,"width":830,"height":12}},{"id":"a37f4bda-5160-4ffc-afa1-bc70958c3842","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":24,"box":{"x":69,"y":294,"width":820,"height":12}},{"id":"f3db3922-9ecc-46e7-a722-0c4ab27b5306","block_type":"box","text":"the Portfolio at the above address. The Portfolio’s Prospectuses are incorporated by reference into this","page_number":24,"box":{"x":69,"y":309,"width":778,"height":12}},{"id":"c154be2c-34e7-4129-90c1-b2dd8f427a20","block_type":"box","text":"Statement of Additional Information, and Part I of this Statement of Additional Information and the portions","page_number":24,"box":{"x":69,"y":324,"width":822,"height":12}},{"id":"449d200b-6f1c-4cda-b9d3-ec5c01a6ac49","block_type":"box","text":"of Part II of this Statement of Additional Information that relate to the Portfolio have been incorporated by","page_number":24,"box":{"x":69,"y":339,"width":806,"height":12}},{"id":"0d72410b-b479-446f-872f-52f0c4626fab","block_type":"box","text":"reference into the Portfolio’s Prospectuses. The portions of Part II of this Statement of Additional Information","page_number":24,"box":{"x":70,"y":354,"width":829,"height":12}},{"id":"95424d12-73fc-4697-a2cf-126606f8687c","block_type":"box","text":"that do not relate to the Portfolio do not form a part of the Portfolio’s Statement of Additional Information,","page_number":24,"box":{"x":69,"y":369,"width":805,"height":12}},{"id":"9efc5226-313d-4577-bb9e-dc54844eacd8","block_type":"box","text":"have not been incorporated by reference into the Portfolio’s Prospectuses and should not be relied upon by","page_number":24,"box":{"x":70,"y":385,"width":815,"height":11}},{"id":"21745db7-73c5-4b8b-8eed-37021b8b14f2","block_type":"box","text":"investors in the Portfolio. 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I-1","page_number":25,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"b90bcd76-4c8e-4c73-9076-1f06e1f78f45","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-6","page_number":25,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"c0ed2b7c-67ab-4afd-a5c4-787202e664e9","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-24","page_number":25,"box":{"x":358,"y":207,"width":551,"height":8}},{"id":"278a1253-2669-4055-886c-5e85c019ec0c","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":25,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"9896bcc3-4e1c-40e9-b848-d724a5bc622b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-26","page_number":25,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"c02c601c-1fc5-493a-8517-602ebe956511","block_type":"box","text":"Financial Statements","page_number":25,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"2e6ff3ac-b991-4224-b0ac-cd2b93c58f71","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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II-1","page_number":25,"box":{"x":407,"y":287,"width":502,"height":9}},{"id":"e86279f9-bb1e-48a4-a73d-8e45d92b8b4f","block_type":"box","text":"Management and Other Service Arrangements . . . . . . . . . . . . . . . .","page_number":25,"box":{"x":70,"y":304,"width":461,"height":11}},{"id":"a1099077-4cef-426c-92e5-778738619513","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-79","page_number":25,"box":{"x":537,"y":304,"width":372,"height":9}},{"id":"bb8de066-5ddc-444f-95da-7e768112770b","block_type":"box","text":"Selective Disclosure of Por tfolio Holdings . . . . . . . . . . . . . . . . . . .","page_number":25,"box":{"x":69,"y":320,"width":446,"height":11}},{"id":"915cfa28-d837-4e87-8801-4ef083b89776","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I","page_number":25,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"b41ff721-f61c-4b8f-a9b4-38d7560ad49f","block_type":"box","text":"I-119","page_number":25,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"770902b4-ed55-4502-840b-3d235369eaef","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":25,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"5aa905ee-644e-47dc-8b57-e98e59d33cc7","block_type":"box","text":".............................................................. 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I","page_number":25,"box":{"x":236,"y":418,"width":635,"height":9}},{"id":"e2c519c7-0a4f-4c7b-abf2-d5fc30f9b046","block_type":"box","text":"I-126","page_number":25,"box":{"x":874,"y":418,"width":35,"height":9}},{"id":"a10dbd1c-a198-48a9-acf7-f7d0b638c900","block_type":"box","text":"Per formance Data","page_number":25,"box":{"x":69,"y":435,"width":129,"height":9}},{"id":"8fa26968-2a64-4f77-ab99-ffe1cd879640","block_type":"box","text":"................................................................................. I","page_number":25,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"62ec95a5-4ccc-44aa-85f9-ceeb9e363e9d","block_type":"box","text":"I-133","page_number":25,"box":{"x":874,"y":435,"width":35,"height":9}},{"id":"3756cb95-6869-4ab6-8222-f990b0977d5b","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . . . . . . . . . . . . . . . . . .","page_number":25,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"b6eeb611-9d79-4611-aeb4-70a53d4358aa","block_type":"box","text":"........................................... 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A-1","page_number":25,"box":{"x":407,"y":484,"width":502,"height":9}},{"id":"80f0b9da-61a3-4160-bd7b-8773e5a61aaf","block_type":"box","text":"Appendix B — Proxy Voting Policies . . . . . .","page_number":25,"box":{"x":68,"y":500,"width":300,"height":11}},{"id":"9b24d410-a0f5-40f5-982b-fc787e3747dc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1","page_number":25,"box":{"x":374,"y":500,"width":535,"height":9}},{"id":"669ad60d-2138-4a2d-b809-a4dc91d54bae","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6f5c5278-d0d7-4197-8cf1-d5e0b9a8ea7c","block_type":"box","text":"PART I: INFORMATION ABOUT THE PORTFOLIO","page_number":26,"box":{"x":319,"y":45,"width":341,"height":9}},{"id":"9089fead-375f-4fde-963d-fd839a0d6753","block_type":"box","text":"Par t I of this Statement of Additional Information (“SAI”) sets for th information about BlackRock Dynamic High","page_number":26,"box":{"x":102,"y":67,"width":786,"height":12}},{"id":"80e347db-f44b-4803-8de1-605164ce78c7","block_type":"box","text":"Income Por tfolio (the “Por tfolio”), a series of BlackRock Funds II (the “Trust”). 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BlackRock has no transparency","page_number":30,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"825f6780-118a-47f4-99b9-543cbd895d30","block_type":"box","text":"into the holdings of these underlying funds because they are not advised by BlackRock. To address this issue of lack","page_number":30,"box":{"x":70,"y":770,"width":831,"height":12}},{"id":"309ad248-45be-424e-a79d-0fab47f828ea","block_type":"box","text":"of transparency, the CFTC staff issued a no-action letter on November 29, 2012 permitting the adviser of a fund that","page_number":30,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"2ed93030-31e4-4a1e-a9f5-8b42367685ec","block_type":"box","text":"invests in such underlying funds and that would otherwise have filed a claim of exclusion pursuant to Rule 4.5 to","page_number":30,"box":{"x":70,"y":801,"width":803,"height":11}},{"id":"05f72f9c-a5d6-4db5-ba05-a50bd3c3bbe6","block_type":"box","text":"delay registration as a “commodity pool operator” until six months from the date on which the CFTC issues additional","page_number":30,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"49f2a5d2-627d-4a4d-a0da-11272ac031cb","block_type":"box","text":"guidance on the treatment of CFTC Derivatives held by underlying funds. BlackRock, the adviser of the Por tfolio, has","page_number":30,"box":{"x":68,"y":831,"width":828,"height":11}},{"id":"90a17af9-dd88-45f8-8c7c-86b43e992851","block_type":"box","text":"filed a claim with the CFTC for the Por tfolio to rely on this no-action relief. Accordingly, BlackRock is not subject to","page_number":30,"box":{"x":68,"y":846,"width":810,"height":11}},{"id":"c412f6ea-d765-449d-b55a-6b12ef2c9c07","block_type":"box","text":"registration or regulation as a “commodity pool operator” under the Commodity Exchange Act in respect of the","page_number":30,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"710ff6b0-bcc0-4c75-ad0d-8770317302c0","block_type":"box","text":"Por tfolio.","page_number":30,"box":{"x":69,"y":876,"width":63,"height":9}},{"id":"42593f6c-e6b8-45d4-ba2c-cc85762f5518","block_type":"box","text":"I-5","page_number":30,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"34cde48b-d3dd-4bde-98e2-4c106ef0829e","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cffbdb41-e173-4b00-9f36-692f207a8389","block_type":"box","text":"II. 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Cer tain of the restrictions are fundamental policies of the Por tfolio and may not be changed without the","page_number":31,"box":{"x":69,"y":82,"width":812,"height":12}},{"id":"df2e5ceb-bece-42af-b5a7-a9d7a1e59cd1","block_type":"box","text":"approval of the holders of a majority of the Por tfolio’s outstanding voting securities (which for this purpose and under","page_number":31,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"81b903ef-619a-4f73-91ee-b9293eb5a081","block_type":"box","text":"the Investment Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more than","page_number":31,"box":{"x":68,"y":113,"width":833,"height":11}},{"id":"4ef64de3-a5fd-4d0d-8ff6-1f67a4dc6de5","block_type":"box","text":"50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares).","page_number":31,"box":{"x":69,"y":128,"width":690,"height":11}},{"id":"d1300e9b-c43a-400c-b38e-910bbf20b52a","block_type":"box","text":"Under these fundamental investment restrictions, the Por tfolio may not:","page_number":31,"box":{"x":102,"y":150,"width":511,"height":12}},{"id":"958c9742-7864-484d-91c6-468242e3cc35","block_type":"box","text":"1. Concentrate its investments in a par ticular industry, as that term is used in the Investment Company Act.","page_number":31,"box":{"x":102,"y":173,"width":770,"height":11}},{"id":"29e15615-d16a-4bbc-af57-22a37184fa6b","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":31,"box":{"x":102,"y":196,"width":528,"height":11}},{"id":"2cea5ece-bb64-4f98-b193-b5a764c79ebb","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":31,"box":{"x":102,"y":219,"width":694,"height":11}},{"id":"428f8389-d88c-4d36-83f1-d5b14280bcdd","block_type":"box","text":"4. 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Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the","page_number":31,"box":{"x":102,"y":309,"width":746,"height":11}},{"id":"31451dcb-54a4-459c-a419-5363decce124","block_type":"box","text":"Por tfolio may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":31,"box":{"x":69,"y":324,"width":653,"height":12}},{"id":"bfcb281f-f752-44dc-90a9-27bfd6197a7c","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act.","page_number":31,"box":{"x":102,"y":347,"width":787,"height":11}},{"id":"446193ec-7dbd-4134-9e23-160bbf7866d5","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":31,"box":{"x":102,"y":370,"width":506,"height":11}},{"id":"20c2788e-52da-4b7b-a70a-4e13e0a90f25","block_type":"box","text":"Notations Regarding the Portfolio’s Fundamental Investment Restrictions","page_number":31,"box":{"x":134,"y":392,"width":539,"height":11}},{"id":"7ff784e5-dba7-4837-9ca7-a22445a87a00","block_type":"box","text":"The following notations are not considered to be par t of the Por tfolio’s fundamental investment restrictions and","page_number":31,"box":{"x":101,"y":415,"width":796,"height":11}},{"id":"8d315db7-f3ac-48e7-98c5-6a11722b6a8d","block_type":"box","text":"are subject to change without shareholder approval.","page_number":31,"box":{"x":69,"y":430,"width":369,"height":11}},{"id":"c39c7079-d0d6-4f77-acf3-772bc7fac608","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":31,"box":{"x":101,"y":453,"width":796,"height":11}},{"id":"3414dc89-21d8-4c63-9f19-2f33c2596a62","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":31,"box":{"x":68,"y":468,"width":811,"height":11}},{"id":"6e33c0a1-b0b5-4dd1-b4f2-eba531435281","block_type":"box","text":"that investment of 25% or more of a fund’s total assets in one or more issuers conducting their principal activities in","page_number":31,"box":{"x":68,"y":483,"width":833,"height":11}},{"id":"0d656520-253f-4d7c-990e-9b75020dff08","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":31,"box":{"x":68,"y":498,"width":836,"height":11}},{"id":"e08738f4-2257-4aca-bd55-d9efe913b559","block_type":"box","text":"could change in the future. The policy in (1) above will be interpreted to refer to concentration as that term may be","page_number":31,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"0a598de7-2168-4eb5-89bf-f4fbaff39d31","block_type":"box","text":"interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following:","page_number":31,"box":{"x":70,"y":528,"width":813,"height":12}},{"id":"ba0e5c28-b134-4109-ad14-724568f62650","block_type":"box","text":"securities of the U.S. government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":31,"box":{"x":69,"y":543,"width":820,"height":12}},{"id":"c4003d6f-ed7c-4ae8-a8bb-5425df69a12d","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":31,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"595a5bee-f7d1-486a-9392-f02d07f267be","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":31,"box":{"x":69,"y":574,"width":772,"height":11}},{"id":"005dffd7-b37c-42e9-8efd-e3fe4903ffc6","block_type":"box","text":"considered to be members of any industry. There also will be no limit on investment in issuers domiciled in a single","page_number":31,"box":{"x":69,"y":589,"width":824,"height":11}},{"id":"051b5e2b-3be0-408a-896d-08ce4b5040c2","block_type":"box","text":"jurisdiction or country. Finance companies will be considered to be in the industries of their parents if their activities","page_number":31,"box":{"x":67,"y":604,"width":829,"height":11}},{"id":"cad97b78-6fda-41f0-be0d-63cf7c6ed885","block_type":"box","text":"are primarily related to financing the activities of the parents. Each foreign government will be considered to be a","page_number":31,"box":{"x":69,"y":619,"width":805,"height":11}},{"id":"190a0f56-91da-4c2f-b926-67a18dd311f5","block_type":"box","text":"member of a separate industry. With respect to the Por tfolio’s industry classifications, the Por tfolio currently utilizes","page_number":31,"box":{"x":69,"y":634,"width":831,"height":11}},{"id":"638f4ff3-3d3a-46c8-991a-d7adb9f356e3","block_type":"box","text":"any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating","page_number":31,"box":{"x":69,"y":649,"width":820,"height":12}},{"id":"6987d704-1ef6-4a1e-8689-a15b9206e2b3","block_type":"box","text":"group indexes, and/or as defined by Por tfolio management. The policy also will be interpreted to give broad authority","page_number":31,"box":{"x":68,"y":664,"width":834,"height":12}},{"id":"3de3e563-ac92-4875-9eb8-2a7649f149bf","block_type":"box","text":"to the Por tfolio as to how to classify issuers within or among industries.","page_number":31,"box":{"x":68,"y":680,"width":512,"height":11}},{"id":"9980f6d7-e3e1-499d-b428-7c5d06f216b6","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th in (2) above, the Investment","page_number":31,"box":{"x":101,"y":702,"width":750,"height":12}},{"id":"4d89d041-2fe4-4ddd-a3f7-e533d0fff412","block_type":"box","text":"Company Act permits the Por tfolio to borrow money in amounts of up to one-third of the Por tfolio’s total assets from","page_number":31,"box":{"x":69,"y":717,"width":830,"height":12}},{"id":"8f722adf-312d-4441-9fc6-61567d668858","block_type":"box","text":"banks for any purpose, and to borrow up to 5% of the Por tfolio’s total assets from banks or other lenders for","page_number":31,"box":{"x":69,"y":732,"width":776,"height":12}},{"id":"4dbf618d-f39f-4179-9f63-52247dca474a","block_type":"box","text":"temporary purposes. (The Por tfolio’s total assets include the amounts being borrowed.) To limit the risks attendant","page_number":31,"box":{"x":68,"y":748,"width":823,"height":11}},{"id":"569cb767-899f-4dad-a054-72d2652486ee","block_type":"box","text":"to borrowing, the Investment Company Act requires the Por tfolio to maintain at all times an “asset coverage” of at","page_number":31,"box":{"x":68,"y":763,"width":817,"height":11}},{"id":"4c3a3f84-b3dc-4c69-a8e0-055217051293","block_type":"box","text":"least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the Por tfolio’s total","page_number":31,"box":{"x":70,"y":778,"width":807,"height":11}},{"id":"b30c21ed-73dc-4200-92b6-71409e3eba63","block_type":"box","text":"assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all","page_number":31,"box":{"x":69,"y":793,"width":815,"height":11}},{"id":"5494fb2d-f5a3-41ad-bee3-fd3124e04ac9","block_type":"box","text":"borrowings. Borrowing money to increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and","page_number":31,"box":{"x":69,"y":808,"width":820,"height":11}},{"id":"8124f539-81ef-4aea-9e42-7183acc35293","block_type":"box","text":"investments, such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and","page_number":31,"box":{"x":70,"y":823,"width":819,"height":12}},{"id":"4dfcd6ab-9793-49ea-9694-92d01dd2461c","block_type":"box","text":"thus are subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment","page_number":31,"box":{"x":68,"y":838,"width":808,"height":11}},{"id":"dec84baf-41ca-4f25-a830-c6296f6f623f","block_type":"box","text":"Company Act, when the Por tfolio engages in reverse repurchase agreements and similar financing transactions, the","page_number":31,"box":{"x":69,"y":853,"width":824,"height":12}},{"id":"af12dcbe-6157-4dfa-aaf9-62bb14cdd895","block_type":"box","text":"Por tfolio may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other","page_number":31,"box":{"x":69,"y":869,"width":806,"height":11}},{"id":"6191716b-f83d-4a76-ba61-c19d81606a5c","block_type":"box","text":"borrowings in the aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4","page_number":31,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"e084ea0f-1342-4984-b337-6692e39acee2","block_type":"box","text":"with respect to such transactions. Shor t-term credits necessary for the settlement of securities transactions and","page_number":31,"box":{"x":68,"y":899,"width":806,"height":11}},{"id":"0269fc65-8d24-4940-9f32-dbcaf4388fa5","block_type":"box","text":"I-6","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"54177e6b-77df-46b5-ac6e-8315b3c6622a","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d89c37c-ef98-4bc2-bd4e-887f809c3f89","block_type":"box","text":"arrangements with respect to securities lending will not be considered to be borrowings under the policy. Practices","page_number":32,"box":{"x":69,"y":45,"width":816,"height":11}},{"id":"55d2f299-0a68-4d6b-a4af-161ce003ccdb","block_type":"box","text":"and investments that may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":32,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"3b050847-616f-49c6-a7f9-da0f993dd7b0","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":32,"box":{"x":101,"y":82,"width":788,"height":12}},{"id":"7b2ceebc-b9a4-4de5-8702-e15fe011d0fd","block_type":"box","text":"Act does not prohibit the Por tfolio from engaging in the underwriting business or from underwriting the securities of","page_number":32,"box":{"x":68,"y":98,"width":825,"height":11}},{"id":"af06d294-baf7-4f7f-bcb4-31ba9ac48b6c","block_type":"box","text":"other issuers; in fact, in the case of diversified funds, the Investment Company Act permits the Por tfolio to have","page_number":32,"box":{"x":69,"y":113,"width":800,"height":11}},{"id":"0c640c3b-4db7-41ef-8a5c-cb8158f79a17","block_type":"box","text":"underwriting commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently","page_number":32,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"28fcdbc0-2f41-4c23-8c5f-006d07beeeb2","block_type":"box","text":"are that the amount of the Por tfolio’s underwriting commitments, when added to the value of the Por tfolio’s","page_number":32,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"16275a15-cb72-420f-a8fd-44703abc32ad","block_type":"box","text":"investments in issuers where the Por tfolio owns more than 10% of the outstanding voting securities of those issuers,","page_number":32,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"dd986ae1-039e-4e49-9d85-36ed24dfafe3","block_type":"box","text":"cannot exceed the 25% cap. A fund engaging in transactions involving the acquisition or disposition of por tfolio","page_number":32,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"e239a629-a99b-4b8a-89d6-26e9a91a7a87","block_type":"box","text":"securities may be considered to be an underwriter under the Securities Act of 1933, as amended (the “Securities","page_number":32,"box":{"x":69,"y":188,"width":810,"height":11}},{"id":"c29b64ce-5367-40ce-b243-6fc6bd42dfea","block_type":"box","text":"Act”). Although it is not believed that the application of the Securities Act provisions described above would cause","page_number":32,"box":{"x":68,"y":203,"width":814,"height":12}},{"id":"7ebd11ba-0bc7-46c1-ad37-6e319a680a03","block_type":"box","text":"the Por tfolio to be engaged in the business of underwriting, the policy in (5) above will be interpreted not to prevent","page_number":32,"box":{"x":68,"y":218,"width":825,"height":12}},{"id":"2f66a0a5-6394-4117-87eb-15571a6a2e54","block_type":"box","text":"the Por tfolio from engaging in transactions involving the acquisition or disposition of por tfolio securities, regardless","page_number":32,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"5bc6d0fe-1baf-499b-9b7b-7fa37cc260fe","block_type":"box","text":"of whether the Por tfolio may be considered to be an underwriter under the Securities Act or is otherwise engaged in","page_number":32,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"f8b06609-0eb4-4001-b873-3ee59a0e9733","block_type":"box","text":"the underwriting business to the extent permitted by applicable law.","page_number":32,"box":{"x":68,"y":264,"width":483,"height":11}},{"id":"95f9e952-26e2-4333-bca8-c94f8cbeee14","block_type":"box","text":"With respect to the fundamental policy relating to lending set for th in (7) above, the Investment Company Act","page_number":32,"box":{"x":101,"y":286,"width":778,"height":12}},{"id":"03500fc9-d175-41eb-ad53-1871b34784e5","block_type":"box","text":"does not prohibit the Por tfolio from making loans (including lending its securities); however, Commission staff","page_number":32,"box":{"x":69,"y":302,"width":785,"height":11}},{"id":"9c2aa8e4-05c2-4e32-89cb-96a7a0917fba","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":32,"box":{"x":70,"y":317,"width":807,"height":11}},{"id":"2ec44e3d-db4d-4fda-a064-574a3502247d","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":32,"box":{"x":69,"y":332,"width":784,"height":11}},{"id":"514a432c-c369-4369-a76a-be5eb0cf9d3e","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":32,"box":{"x":69,"y":347,"width":791,"height":11}},{"id":"fdc97766-234e-4bf3-b686-81b7b2d8a158","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":32,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"ec463576-6aad-41d5-ba7b-691f26177c0a","block_type":"box","text":"loans.","page_number":32,"box":{"x":70,"y":377,"width":40,"height":9}},{"id":"a8f9b147-93e6-4e3d-88b8-aa4d46c91710","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the board without shareholder","page_number":32,"box":{"x":102,"y":400,"width":767,"height":11}},{"id":"e533a9e8-35e8-48e2-8ed9-2f2ed760515b","block_type":"box","text":"approval, the Por tfolio may not:","page_number":32,"box":{"x":69,"y":415,"width":223,"height":11}},{"id":"5746c41d-f8c6-4ee1-9083-de75bb90f775","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":32,"box":{"x":102,"y":438,"width":742,"height":11}},{"id":"7be346dd-23f8-413c-b1b9-c4468e438281","block_type":"box","text":"Company Act. As a matter of policy, however, the Por tfolio will not purchase shares of any registered open-end","page_number":32,"box":{"x":69,"y":453,"width":785,"height":11}},{"id":"24c84ec7-24fc-442e-b63f-4030c4c076c1","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":32,"box":{"x":70,"y":468,"width":829,"height":11}},{"id":"0d1d45a7-2c88-4a8f-a2cd-9d1683813ece","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Por tfolio has knowledge that its shares are purchased by","page_number":32,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"1da61f59-4fcb-4fa4-b617-4e4146f003da","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1).","page_number":32,"box":{"x":69,"y":498,"width":763,"height":11}},{"id":"28c8d400-bece-4168-8410-6fb8673e21a9","block_type":"box","text":"b. Make shor t sales of securities or maintain a shor t position, except to the extent permitted by the Por tfolio’s","page_number":32,"box":{"x":102,"y":521,"width":791,"height":11}},{"id":"0ba0907c-1dac-427e-8292-bc36cc8d6fd4","block_type":"box","text":"Prospectus and Statement of Additional Information, as amended from time to time, and applicable law.","page_number":32,"box":{"x":69,"y":536,"width":741,"height":11}},{"id":"a28d2e43-f373-42f6-96e6-26f459b48247","block_type":"box","text":"Unless otherwise indicated, all limitations under the Por tfolio’s fundamental or non-fundamental investment","page_number":32,"box":{"x":102,"y":559,"width":770,"height":10}},{"id":"5cf66f67-2e9c-43b5-bfaf-09493d019bce","block_type":"box","text":"restrictions apply only at the time that a transaction is under taken. Any change in the percentage of the Por tfolio’s","page_number":32,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"8a4ae5b1-1180-42dd-a31f-05ba6472330e","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":32,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"1a049995-cc9e-4eb5-ab9f-3a5323183dad","block_type":"box","text":"Por tfolio’s total assets will not require the Por tfolio to dispose of an investment until BlackRock determines that it is","page_number":32,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"e9cc102b-29c7-44c6-8a4b-44445d130a65","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":32,"box":{"x":70,"y":619,"width":642,"height":11}},{"id":"914a1cad-7cf5-4eb3-97cd-2d62dad1b6eb","block_type":"box","text":"The Por tfolio is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":32,"box":{"x":101,"y":642,"width":803,"height":11}},{"id":"d04c5259-b550-4e81-a433-b0dfbd814592","block_type":"box","text":"Por tfolio may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":32,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"57e282f1-6390-43dc-9cc0-59c5d928d174","block_type":"box","text":"government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":32,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"36fbb83f-b5b5-4577-95da-f9e60a11b9b4","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Por tfolio’s total assets would be invested in securities of that issuer","page_number":32,"box":{"x":69,"y":687,"width":834,"height":11}},{"id":"d9df7e1e-06de-422f-bcab-e557bf17926e","block_type":"box","text":"or (b) the Por tfolio would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":32,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"20001994-726f-433b-8521-593c9544dca2","block_type":"box","text":"remaining 25% of its total assets, the Por tfolio can invest more than 5% of its assets in one issuer. Under the","page_number":32,"box":{"x":69,"y":717,"width":785,"height":12}},{"id":"6d5ab5a5-bd88-44de-92a8-df006b0d2383","block_type":"box","text":"Investment Company Act, the Por tfolio cannot change its classification from diversified to non-diversified without","page_number":32,"box":{"x":70,"y":732,"width":800,"height":12}},{"id":"c6e95ea1-6504-4b35-80ed-a092f39ab662","block_type":"box","text":"shareholder approval.","page_number":32,"box":{"x":69,"y":748,"width":153,"height":11}},{"id":"d132658d-fc53-492e-b0e2-f3ea9e3b5286","block_type":"box","text":"III. Information on Trustees and Officers","page_number":32,"box":{"x":69,"y":778,"width":290,"height":9}},{"id":"434ed413-2061-4f8a-9aaa-7217e2403e00","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":32,"box":{"x":101,"y":801,"width":789,"height":11}},{"id":"b8a7b308-9b27-446f-a50f-f0affc7ffd84","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":32,"box":{"x":68,"y":816,"width":779,"height":11}},{"id":"fa1784af-6108-495b-99d5-57fb9f3babf3","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":32,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"3efb2d39-c838-468f-a6a5-023e6ce34ded","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":32,"box":{"x":70,"y":846,"width":793,"height":11}},{"id":"c194009b-e6f1-40ef-b999-0c3d18280ff3","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":32,"box":{"x":69,"y":861,"width":822,"height":11}},{"id":"c42b53d6-9d73-4ac4-8bb9-0fded04a4caa","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":32,"box":{"x":68,"y":876,"width":837,"height":11}},{"id":"9b30acb6-8844-46ee-b189-53045c326e41","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":32,"box":{"x":70,"y":891,"width":335,"height":11}},{"id":"a4cca2cf-ff2d-4a26-83e1-e04f8fe57c77","block_type":"box","text":"I-7","page_number":32,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"64fe78a6-129b-4c6a-b24d-3f2bfa04e315","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"15985568-b804-400a-b6e8-468c811c180f","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Por tfolio. The Chair of the Board is an","page_number":33,"box":{"x":101,"y":45,"width":795,"height":11}},{"id":"3a83f192-6ed6-4e74-951d-7cb696bdb4fd","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":33,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"7ba99f47-5bf5-4d37-a0be-81c0e260538d","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":33,"box":{"x":70,"y":75,"width":821,"height":11}},{"id":"79e8008a-a46f-4d91-9f9a-699a61c3f56c","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":33,"box":{"x":69,"y":90,"width":835,"height":11}},{"id":"7ced559f-5c4a-4e98-9610-747a34937f8d","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":33,"box":{"x":70,"y":105,"width":830,"height":11}},{"id":"43845219-7f8d-48fc-bb30-3ee836215197","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":33,"box":{"x":68,"y":120,"width":789,"height":12}},{"id":"6ed0b022-da30-4d1a-b165-fef4119b92d7","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":33,"box":{"x":69,"y":135,"width":810,"height":11}},{"id":"f3032faa-2608-401b-8e28-5fd13626cd02","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":33,"box":{"x":69,"y":150,"width":809,"height":12}},{"id":"ee4e8351-da10-47ec-8228-56b25f6d4be4","block_type":"box","text":"presence of Por tfolio management, in executive session or with other service providers to the Por tfolio. The Board","page_number":33,"box":{"x":70,"y":166,"width":814,"height":11}},{"id":"bd8ea17a-caeb-4bc2-8a16-ee6dcde7d120","block_type":"box","text":"has regular meetings five times a year, and may hold special meetings if required before its next regular meeting.","page_number":33,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"a4354a6e-bd3e-4268-9437-01a9fd2b9919","block_type":"box","text":"Each Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and","page_number":33,"box":{"x":70,"y":196,"width":812,"height":11}},{"id":"c3545be5-e663-48db-99d2-39b855e1e428","block_type":"box","text":"repor ts its findings to the Board. The Board and each standing Committee conduct annual assessments of their","page_number":33,"box":{"x":69,"y":211,"width":800,"height":11}},{"id":"4c0b1f9b-ff23-493c-a10f-63e2d0f494b8","block_type":"box","text":"oversight function and structure. The Board has determined that the Board’s leadership structure is appropriate","page_number":33,"box":{"x":69,"y":226,"width":798,"height":11}},{"id":"4abfb479-d89f-4501-a096-d281cd8bedc4","block_type":"box","text":"because it allows the Board to exercise independent judgment over management and to allocate areas of","page_number":33,"box":{"x":69,"y":241,"width":753,"height":11}},{"id":"17f1ff84-b846-4a88-bfc5-fc35d5ef32e6","block_type":"box","text":"responsibility among Committees and the full Board to enhance effective oversight.","page_number":33,"box":{"x":69,"y":256,"width":593,"height":12}},{"id":"5d788fa9-095e-44e6-b02a-2b1157622baa","block_type":"box","text":"The Board has engaged the Manager to manage the Por tfolio on a day-to-day basis. The Board is responsible for","page_number":33,"box":{"x":101,"y":279,"width":803,"height":11}},{"id":"5c6b1e71-7b9b-4656-8c4a-b2b502ac058b","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Por tfolio and associated risks in accordance","page_number":33,"box":{"x":69,"y":294,"width":825,"height":11}},{"id":"85ea3351-c9eb-43d9-83c2-97c10a761f7f","block_type":"box","text":"with the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the","page_number":33,"box":{"x":68,"y":309,"width":802,"height":11}},{"id":"d2c0d25d-98db-49f4-8f2c-9ce8240939b2","block_type":"box","text":"Por tfolio’s investment objective and strategies. The Board reviews, on an ongoing basis, the Por tfolio’s per formance,","page_number":33,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"4a7d4dc4-25eb-406f-a9fa-6b38debed41f","block_type":"box","text":"operations and investment strategies and techniques. The Board also conducts reviews of the Manager and its role","page_number":33,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"9677e6c8-11d2-4a43-bfbf-dbe1b1668535","block_type":"box","text":"in running the operations of the Por tfolio.","page_number":33,"box":{"x":70,"y":355,"width":292,"height":11}},{"id":"5eb769ce-143b-4960-867d-8102729c642c","block_type":"box","text":"Day-to-day risk management with respect to the Por tfolio is the responsibility of the Manager or of sub-advisers","page_number":33,"box":{"x":102,"y":377,"width":791,"height":12}},{"id":"be17cbcd-8a57-425a-ab0c-50ac0951dfa2","block_type":"box","text":"or other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The","page_number":33,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"c547f1b4-64a1-4332-96f9-f2ec03098590","block_type":"box","text":"Por tfolio is subject to a number of risks, including investment, compliance, operational and valuation risks, among","page_number":33,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"c7b764c0-56f0-440e-a67a-931bd8771637","block_type":"box","text":"others. While there are a number of risk management functions per formed by the Manager and the sub-advisers or","page_number":33,"box":{"x":69,"y":423,"width":820,"height":11}},{"id":"38041bc2-c05b-4a44-ab24-6cbd2b2d71e1","block_type":"box","text":"other service providers, as applicable, it is not possible to eliminate all of the risks applicable to the Por tfolio. Risk","page_number":33,"box":{"x":69,"y":438,"width":822,"height":11}},{"id":"dd8e671b-1ca4-4cee-9829-2c63cee1ac27","block_type":"box","text":"oversight forms par t of the Board’s general oversight of the Por tfolio and is addressed as par t of various Board and","page_number":33,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"63637afa-0af4-488f-81a0-5731dd8a1c78","block_type":"box","text":"Committee activities. The Board, directly or through a Committee, also reviews repor ts from, among others,","page_number":33,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"5b9be76b-6cf6-43d0-89e9-46da0b89a919","block_type":"box","text":"management, the independent registered public accounting firm for the Por tfolio, sub-advisers and internal auditors","page_number":33,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"180ae275-b70d-41ac-9f71-74d34738c87b","block_type":"box","text":"for the investment adviser or its affiliates, as appropriate, regarding risks faced by the Por tfolio and management’s","page_number":33,"box":{"x":68,"y":498,"width":823,"height":11}},{"id":"2b181e8d-392d-4674-9ebc-027ed298bf1d","block_type":"box","text":"or the service provider’s risk functions. The Committee system facilitates the timely and efficient consideration of","page_number":33,"box":{"x":69,"y":513,"width":812,"height":11}},{"id":"b7d6770b-1d2d-49c1-9a2f-d4d7d2a58d48","block_type":"box","text":"matters by the Trustees, and facilitates effective oversight of compliance with legal and regulatory requirements and","page_number":33,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"d4f083a8-7fa6-4d0e-b8a7-0b68f5a9b21c","block_type":"box","text":"of the Por tfolio’s activities and associated risks. The Board has appointed a Chief Compliance Officer, who oversees","page_number":33,"box":{"x":69,"y":543,"width":831,"height":11}},{"id":"6b3908bd-b373-4682-aac3-95bda84d6ed2","block_type":"box","text":"the implementation and testing of the Trust’s compliance program and repor ts to the Board regarding compliance","page_number":33,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"397b162d-d091-4dfa-9d0a-742040e53674","block_type":"box","text":"matters for the Por tfolio and its service providers. The Independent Trustees have engaged independent legal","page_number":33,"box":{"x":69,"y":574,"width":782,"height":11}},{"id":"ea47c1e6-f564-4f59-a6dd-b301e984be1b","block_type":"box","text":"counsel to assist them in per forming their oversight responsibilities.","page_number":33,"box":{"x":69,"y":589,"width":487,"height":11}},{"id":"9759e1e7-5cf7-4be7-a022-4b04c7061681","block_type":"box","text":"Audit Committee.","page_number":33,"box":{"x":101,"y":612,"width":122,"height":9}},{"id":"4e3fe5ed-08f3-43b8-b49f-0e7d9faeeb35","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":33,"box":{"x":229,"y":612,"width":673,"height":11}},{"id":"53fc8768-f492-46bf-9231-0185317ccfdb","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":33,"box":{"x":68,"y":627,"width":814,"height":11}},{"id":"e5ea6352-b33e-4cd3-9b38-c86a5d18208c","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":33,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"e9db5f16-2afc-447a-adf4-8878cd0f7635","block_type":"box","text":"retention, termination and compensation of the Por tfolio’s independent registered public accounting firm (the","page_number":33,"box":{"x":69,"y":657,"width":779,"height":11}},{"id":"89ff258f-c9d5-4b66-b33d-ee77b9f99abe","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":33,"box":{"x":70,"y":672,"width":797,"height":11}},{"id":"c9bee82c-33c3-4fc4-9f8c-f6c8a6be8ddf","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":33,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"9d4e1b77-270b-4771-84bb-d33a8cb87f3a","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":33,"box":{"x":70,"y":702,"width":807,"height":12}},{"id":"3793ed4c-c6d0-44aa-860e-9329e88d2a3f","block_type":"box","text":"fees for the Por tfolio; (3) review the conduct and results of each independent audit of the Por tfolio’s annual financial","page_number":33,"box":{"x":68,"y":717,"width":833,"height":11}},{"id":"c6717d55-445d-4adc-9cff-4d16652f9279","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Por tfolio","page_number":33,"box":{"x":69,"y":732,"width":761,"height":12}},{"id":"16350a1a-6182-482b-b4a3-db232eeb6e86","block_type":"box","text":"management regarding the accounting or financial repor ting policies and practices of the Por tfolio and the internal","page_number":33,"box":{"x":69,"y":748,"width":814,"height":11}},{"id":"dcad2335-b486-4542-ab57-29156a2ef5cc","block_type":"box","text":"controls of the Por tfolio and cer tain service providers; (5) oversee the per formance of the Por tfolio’s Independent","page_number":33,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"1210b8a5-fc96-4045-b515-31e875bcc8f2","block_type":"box","text":"Registered Public Accounting Firm; (6) review and discuss with management and the Por tfolio’s Independent","page_number":33,"box":{"x":70,"y":778,"width":772,"height":11}},{"id":"44e26641-3907-4811-9cac-27562a1da1c5","block_type":"box","text":"Registered Public Accounting Firm the per formance and findings of the Por tfolio’s internal auditors; (7) discuss with","page_number":33,"box":{"x":70,"y":793,"width":824,"height":11}},{"id":"77ecda1b-81ea-476b-9d34-6f476c846760","block_type":"box","text":"Por tfolio management its policies regarding risk assessment and risk management as such matters relate to the","page_number":33,"box":{"x":69,"y":808,"width":806,"height":11}},{"id":"23bd205e-b33c-43bf-9e4d-db1e7f2969d0","block_type":"box","text":"Por tfolio’s financial repor ting and controls; (8) resolve any disagreements between Por tfolio management and the","page_number":33,"box":{"x":69,"y":823,"width":812,"height":12}},{"id":"50db9a7f-f1a1-4e06-8d81-1a0f84d3671b","block_type":"box","text":"Independent Registered Public Accounting Firm regarding financial repor ting; and (9) under take such other duties and","page_number":33,"box":{"x":70,"y":838,"width":837,"height":12}},{"id":"a2af3c94-47ab-4a6d-af1c-d88aeea4494c","block_type":"box","text":"responsibilities as may from time to time be delegated by the Board to the Audit Committee. The Board has adopted","page_number":33,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"ada3c46a-64f9-4ce8-b8ba-d73a0498fed3","block_type":"box","text":"a written char ter for the Audit Committee. During the fiscal year ended July 31, 2025, the Audit Committee met four","page_number":33,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"4446a1df-653f-4a85-8d9c-8fee38427c7c","block_type":"box","text":"times.","page_number":33,"box":{"x":68,"y":884,"width":43,"height":9}},{"id":"baad3720-ee84-4f77-9e06-4fa09fe041ab","block_type":"box","text":"I-8","page_number":33,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"e64ba926-36cb-492a-9e92-c24ada071d10","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aeb6fd7a-4bb8-4619-8c43-153c2803b8be","block_type":"box","text":"Governance and Nominating Committee.","page_number":34,"box":{"x":102,"y":45,"width":286,"height":11}},{"id":"c99a7d5f-8385-4f14-8bd2-ba355a080096","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":34,"box":{"x":394,"y":45,"width":464,"height":11}},{"id":"f3e6245a-ed16-4bc4-97b2-ea1b2fdb4c2d","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":34,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"3dad8510-6e26-4ba4-bf43-0e7cb8f43f89","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":34,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"46f4fe3e-505d-49ad-8172-a50d9e75fdf5","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":34,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"af1c4631-7a09-4880-8576-e6000eacf0ca","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":34,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"de9d620c-35a3-4fac-9c51-1681029685e3","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":34,"box":{"x":69,"y":120,"width":810,"height":11}},{"id":"208ff0fa-f17b-45ed-8898-d5e8751d759d","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":34,"box":{"x":69,"y":135,"width":824,"height":11}},{"id":"f8d7a4a4-18ab-4f71-9e68-e851eb87b483","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":34,"box":{"x":69,"y":151,"width":793,"height":11}},{"id":"fa695fae-e9ee-45ba-a9df-1a879cb564c2","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":34,"box":{"x":69,"y":166,"width":815,"height":11}},{"id":"63ad37f4-88f6-4625-9983-93f29f1d04dd","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":34,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"1e3f394b-333a-46f4-aa62-0a64150d9f36","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":34,"box":{"x":68,"y":196,"width":815,"height":11}},{"id":"f7d6693c-e654-4ce8-b7d8-d9da22e0d763","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":34,"box":{"x":68,"y":211,"width":841,"height":11}},{"id":"0ea1b693-97fc-4d6b-ae68-f51b94ae932c","block_type":"box","text":"for Trustees made by the Por tfolio’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":34,"box":{"x":68,"y":226,"width":835,"height":11}},{"id":"a62794ff-4de1-4c45-bf78-30cdf38f8c07","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for election as a","page_number":34,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"fef83100-ce02-453c-b7e6-1c206c310dfe","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":34,"box":{"x":68,"y":257,"width":792,"height":11}},{"id":"4f1567a8-a35f-495c-b31e-da7376fca3f1","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the","page_number":34,"box":{"x":69,"y":271,"width":798,"height":12}},{"id":"543733b8-3179-47f3-984b-86d13ea4ee62","block_type":"box","text":"principal executive offices of the Trust not later than the close of business on the fifth day following the day on which","page_number":34,"box":{"x":70,"y":286,"width":832,"height":12}},{"id":"64da34fa-762e-4b80-b5d2-c16a5b01b3f5","block_type":"box","text":"notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever","page_number":34,"box":{"x":69,"y":302,"width":812,"height":11}},{"id":"a488e4d7-bd0e-41ac-8cea-b916dfbacb11","block_type":"box","text":"first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about","page_number":34,"box":{"x":68,"y":317,"width":832,"height":11}},{"id":"f3abda43-1d64-41f9-9c8e-eb94937d48a7","block_type":"box","text":"the shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":34,"box":{"x":68,"y":332,"width":820,"height":11}},{"id":"cef2414d-2856-47fa-bdff-81b55422e425","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a","page_number":34,"box":{"x":69,"y":347,"width":801,"height":11}},{"id":"735b2d4e-078d-408d-bb40-f0b91a55ccba","block_type":"box","text":"written char ter for the Governance Committee. During the fiscal year ended July 31, 2025, the Governance","page_number":34,"box":{"x":68,"y":362,"width":762,"height":11}},{"id":"24a42e33-c6e7-417e-93f5-96a982290dbe","block_type":"box","text":"Committee met six times.","page_number":34,"box":{"x":69,"y":377,"width":182,"height":9}},{"id":"d002d7ff-3a9d-4ec4-bb86-590d3ddd6a68","block_type":"box","text":"Compliance Committee.","page_number":34,"box":{"x":102,"y":400,"width":168,"height":11}},{"id":"a54fe895-c40e-4520-9ac6-87eb9bf336d0","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":34,"box":{"x":276,"y":400,"width":629,"height":11}},{"id":"d83a3e32-52dc-4b7a-bad0-402ebf10db42","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":34,"box":{"x":68,"y":415,"width":789,"height":11}},{"id":"22b6b5ba-b6bd-409d-8777-eb3eaaf8da39","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":34,"box":{"x":70,"y":430,"width":812,"height":11}},{"id":"90e7dd92-b22c-496f-a597-66b402836690","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BlackRock and","page_number":34,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"296f2eef-82ee-4241-8f75-a814b3ebe26a","block_type":"box","text":"any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":34,"box":{"x":69,"y":460,"width":819,"height":12}},{"id":"ed0f9e46-c558-4022-b923-acb2eafb94d0","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":34,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"d602135d-7422-4105-ac05-2ac4edb80f02","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":34,"box":{"x":69,"y":491,"width":832,"height":11}},{"id":"c678fe07-60cb-4bd6-87a6-292320d53baa","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":34,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"2e12a71c-2c69-4497-a7f6-76c673044cfe","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Trust’s Chief","page_number":34,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"d788a6f1-9a5d-4185-81c2-7feac49624b5","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":34,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"7d86846c-ce88-4eb4-8c20-8ffea2ed550d","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":34,"box":{"x":69,"y":551,"width":799,"height":11}},{"id":"bb108444-29c9-445d-ad91-fa28eb44be40","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":34,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"7f66f124-71f5-4517-bbcd-f0ac5183c587","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended July 31, 2025,","page_number":34,"box":{"x":68,"y":581,"width":829,"height":12}},{"id":"67caf55a-877b-4c81-888d-5b4abda25e1a","block_type":"box","text":"the Compliance Committee met four times.","page_number":34,"box":{"x":68,"y":596,"width":307,"height":11}},{"id":"0a5a019e-0463-4f5d-846a-f13e0094ea97","block_type":"box","text":"Per formance Oversight Committee.","page_number":34,"box":{"x":102,"y":619,"width":248,"height":11}},{"id":"e58e41af-4180-46c7-afd8-d007db6f4db2","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":34,"box":{"x":356,"y":619,"width":531,"height":11}},{"id":"edae1f12-78c6-4a69-a4e8-d8b9fdaaafbc","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":34,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"4d16876d-dc72-470e-9c40-b5b932244368","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":34,"box":{"x":68,"y":649,"width":808,"height":12}},{"id":"577e19b1-ba9a-4e08-a21b-a5b200ace921","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Por tfolio’s investment per formance relative to its agreed-upon","page_number":34,"box":{"x":70,"y":664,"width":795,"height":12}},{"id":"6d7c1b08-397b-4863-a49d-29184310a7c0","block_type":"box","text":"per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":34,"box":{"x":70,"y":680,"width":775,"height":11}},{"id":"0043eb47-6dab-4eac-bbbd-eee32a79da99","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":34,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"a2a0c750-90c2-4479-ab21-30cb768cd6a1","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Por tfolio’s investment objective,","page_number":34,"box":{"x":70,"y":710,"width":795,"height":11}},{"id":"fbe9ce38-93b7-4167-ac21-b6ab2c676f27","block_type":"box","text":"policies and practices; (2) review information on the Por tfolio’s investment per formance; (3) review information on","page_number":34,"box":{"x":70,"y":725,"width":814,"height":11}},{"id":"d2d1bb5a-769f-4cb5-a59f-16e434e44909","block_type":"box","text":"appropriate benchmarks and competitive universes and unusual or exceptional investment matters; (4) review","page_number":34,"box":{"x":69,"y":740,"width":784,"height":11}},{"id":"742f1f0d-a696-49de-be8d-862869b8cdf8","block_type":"box","text":"personnel and other resources devoted to management of the Por tfolio and evaluate the nature and quality of","page_number":34,"box":{"x":70,"y":755,"width":783,"height":11}},{"id":"43e2188b-9a7d-4437-a3d3-c04ecb09805a","block_type":"box","text":"information furnished to the Per formance Oversight Committee; (5) recommend any required action regarding","page_number":34,"box":{"x":70,"y":770,"width":779,"height":12}},{"id":"363ea915-9728-40b2-8e26-e4afae6f1cf9","block_type":"box","text":"changes in fundamental and non-fundamental investment policies and restrictions, fund mergers or liquidations;","page_number":34,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"0dc2e09c-5cf9-4e39-9ac8-b845fd6f5d45","block_type":"box","text":"(6) request and review information on the nature, extent and quality of services provided to the shareholders;","page_number":34,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"b1b49225-e3e1-4dba-beae-1547e70a04a0","block_type":"box","text":"(7) make recommendations to the Board concerning the approval or renewal of investment advisory agreements; and","page_number":34,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"8e678d5a-f63b-4d8f-a84e-61b1d584beff","block_type":"box","text":"(8) under take such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":34,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"7ca636a1-db07-4c06-896b-a59b7a0239f0","block_type":"box","text":"Per formance Oversight Committee. The Board has adopted a written char ter for the Per formance Oversight","page_number":34,"box":{"x":69,"y":846,"width":763,"height":11}},{"id":"3160c3d7-1b99-423b-9dff-a0a8cb484ccf","block_type":"box","text":"Committee. During the fiscal year ended July 31, 2025, the Per formance Oversight Committee met five times.","page_number":34,"box":{"x":69,"y":861,"width":784,"height":11}},{"id":"112346d1-0271-460e-92db-2144fdc1d209","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":34,"box":{"x":101,"y":884,"width":186,"height":11}},{"id":"f3f3595c-77ce-4ac1-8fc4-b1f0769bdd53","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":34,"box":{"x":293,"y":884,"width":598,"height":11}},{"id":"a7d1f6f6-8907-4686-9fec-b2a05e909f90","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":34,"box":{"x":70,"y":899,"width":817,"height":11}},{"id":"153b97b3-e74b-4b0d-ba99-dc664ffdbc74","block_type":"box","text":"I-9","page_number":34,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"7baf39b0-9359-4d2d-8fdb-37f98048662d","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d8678c56-e48d-4bb4-a094-9e1f1787a0c1","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":35,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"e6c1ff17-624c-4b05-8aef-a508226908c3","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":35,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"da94fb82-a34b-4100-8554-14edb1696268","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":35,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"896d39a2-1559-40da-a9b4-0ba1aaba5595","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":35,"box":{"x":68,"y":90,"width":816,"height":11}},{"id":"b577bbbc-ed08-4da4-934d-fd61314e275e","block_type":"box","text":"the fiscal year ended July 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":35,"box":{"x":68,"y":105,"width":572,"height":11}},{"id":"2e9a02d0-1828-4997-86b6-8b510744fa3c","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":35,"box":{"x":101,"y":128,"width":771,"height":11}},{"id":"83cd235b-25b7-4221-ae55-298f325ae44b","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":35,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"8415bcf0-ada3-4ebd-a59d-fa9b32a94f9b","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":35,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"5fb8696c-98ae-4a31-a779-9ea1d973f662","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":35,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"e783a4c7-8823-41cb-b1f1-b4442055c1bc","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":35,"box":{"x":70,"y":188,"width":807,"height":12}},{"id":"a70973bd-ad12-4af6-8ea7-5386b3cd6c1e","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":35,"box":{"x":70,"y":203,"width":787,"height":12}},{"id":"00fba2cf-0c2f-4807-94a3-e2a4c7f3f323","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":35,"box":{"x":69,"y":218,"width":805,"height":12}},{"id":"8204aad2-4642-41b2-9b27-af6758e61dc1","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":35,"box":{"x":68,"y":234,"width":794,"height":11}},{"id":"5a1ded71-2073-4d4f-8046-b3c294c949e0","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":35,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"1069df7d-4ff7-4ef8-a936-6278947ed9f6","block_type":"box","text":"discuss information provided to them, to interact effectively with the Por tfolio’s investment adviser, sub-advisers,","page_number":35,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"82f3d464-92ad-40d8-83ef-369fcd379019","block_type":"box","text":"other service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":35,"box":{"x":69,"y":279,"width":813,"height":11}},{"id":"39bf3aab-4b45-47d0-9eef-7f4460a21b59","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":35,"box":{"x":69,"y":294,"width":473,"height":11}},{"id":"166df7d9-95ad-4fee-937c-89ed1660b9ae","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":35,"box":{"x":102,"y":317,"width":792,"height":11}},{"id":"a5ab4cdb-d0aa-40f9-8040-94fe1ec6d820","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":35,"box":{"x":69,"y":332,"width":807,"height":11}},{"id":"12131198-5e8a-42f0-b35d-530c9460b957","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":35,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"780e77f3-7314-467f-af26-9ef5cea95c58","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":35,"box":{"x":70,"y":362,"width":759,"height":11}},{"id":"4fbbffc8-54d5-4eeb-bf8d-d2832cbf40ae","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":35,"box":{"x":70,"y":377,"width":685,"height":12}},{"id":"a338271c-b36f-4df2-bead-5e893672958d","block_type":"box","text":"ad hoc","page_number":35,"box":{"x":762,"y":377,"width":47,"height":9}},{"id":"d18337e8-8dfb-44df-8cba-1fda302ab281","block_type":"box","text":"committees","page_number":35,"box":{"x":814,"y":377,"width":82,"height":9}},{"id":"a9154bd9-aa19-4abc-9956-8328bfd312c2","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":35,"box":{"x":68,"y":392,"width":395,"height":12}},{"id":"b1842eb7-b943-4f6c-8eb3-49c80b627cc5","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":35,"box":{"x":101,"y":415,"width":751,"height":11}},{"id":"81577730-eb80-486e-b475-53837477a7ea","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":35,"box":{"x":69,"y":430,"width":492,"height":11}},{"id":"54b230e5-5e63-4673-a5a8-b2afb45ded70","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":35,"box":{"x":68,"y":458,"width":409,"height":9}},{"id":"31015dc6-c2ad-40fc-b13f-78fb30277996","block_type":"box","text":"Independent Trustees","page_number":35,"box":{"x":70,"y":475,"width":154,"height":11}},{"id":"1d987666-a0bb-4784-af07-84199639a03b","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":35,"box":{"x":69,"y":490,"width":781,"height":11}},{"id":"1dc3c340-9b7f-4925-b9e4-8f131fba34b3","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":35,"box":{"x":265,"y":505,"width":604,"height":11}},{"id":"9850cf3a-8ee7-4d65-8fa3-7ca76f73b097","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":35,"box":{"x":265,"y":520,"width":623,"height":11}},{"id":"c439520c-798f-4908-8d7d-7d56cf0208c6","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":35,"box":{"x":265,"y":536,"width":637,"height":11}},{"id":"71af8c8a-6402-45f7-8f5c-da09eb07f6ad","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":35,"box":{"x":265,"y":550,"width":631,"height":12}},{"id":"1062902f-0a7f-471e-9a84-afc72c4be21b","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":35,"box":{"x":264,"y":566,"width":626,"height":10}},{"id":"b134c6d8-2665-43f1-ba91-088c6b27b0cb","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":35,"box":{"x":265,"y":581,"width":639,"height":11}},{"id":"d3deee25-a3c6-4973-a27b-673b4340e9f6","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":35,"box":{"x":264,"y":596,"width":637,"height":11}},{"id":"0d3b54ce-abdd-4ff3-8d93-b77e7a3384db","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":35,"box":{"x":265,"y":611,"width":586,"height":11}},{"id":"39be7c24-dc9b-4c01-bce5-4a1a0e59aa3f","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":35,"box":{"x":265,"y":626,"width":640,"height":11}},{"id":"4d723361-f3aa-4e0a-8599-0240ea2fd7e7","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":35,"box":{"x":265,"y":641,"width":389,"height":11}},{"id":"060db56a-c887-4ea9-ac50-bf4d22b8da5d","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":35,"box":{"x":69,"y":664,"width":806,"height":11}},{"id":"29e5b076-cc73-48b9-a8be-40d61f4f0e77","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":35,"box":{"x":265,"y":679,"width":604,"height":11}},{"id":"4920f927-3158-44f2-94a2-800aba8329a1","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":35,"box":{"x":265,"y":694,"width":632,"height":11}},{"id":"e3273035-c388-4a6d-b33f-40c31d4fff97","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":35,"box":{"x":265,"y":709,"width":562,"height":9}},{"id":"a879be76-abb7-468d-b922-fc56b1b40e71","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":35,"box":{"x":265,"y":724,"width":616,"height":11}},{"id":"c5c6149d-38c5-46b7-b336-530cfad93877","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":35,"box":{"x":264,"y":739,"width":591,"height":12}},{"id":"a44e92d0-8ca8-49bf-a1f3-b20b4c943e93","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":35,"box":{"x":265,"y":755,"width":641,"height":11}},{"id":"fb18af0e-520f-4654-a804-2ad4196ffdab","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":35,"box":{"x":264,"y":770,"width":638,"height":11}},{"id":"9ba7854c-833a-4f4a-be16-766e6a69e81e","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":35,"box":{"x":265,"y":785,"width":584,"height":11}},{"id":"c2d2abe2-4bf1-4046-9a7a-0913c8764b1c","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":35,"box":{"x":265,"y":800,"width":630,"height":11}},{"id":"c702fda5-141e-4664-866b-511bb544cd38","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":35,"box":{"x":265,"y":815,"width":634,"height":11}},{"id":"426b0ea6-514c-427a-88ed-577d19383a38","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":35,"box":{"x":265,"y":830,"width":599,"height":11}},{"id":"35c2d856-3c2a-49b6-bba8-717cf15024e4","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":35,"box":{"x":265,"y":846,"width":407,"height":11}},{"id":"04a6c7d8-b0ee-4579-b60a-aa280c54b57f","block_type":"box","text":"I-10","page_number":35,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"a8523bd0-91f1-4810-ad9e-c0fcc3044f03","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0f7e76f-b8e1-4b3a-b5d5-4eaf512da0c6","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":36,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"d83dda0a-919f-4923-808a-db9c98fba7b3","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":36,"box":{"x":69,"y":65,"width":837,"height":12}},{"id":"fddae476-05f2-4aeb-8a4c-aabcf3b53340","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":36,"box":{"x":265,"y":81,"width":638,"height":11}},{"id":"ba3f71cc-4571-4c7b-ac8e-3cac3a4f3706","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":36,"box":{"x":265,"y":96,"width":642,"height":11}},{"id":"22931f3b-e149-4fd6-b76a-d0f585a69584","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":36,"box":{"x":265,"y":110,"width":601,"height":12}},{"id":"bab84e3a-4312-4d8a-898e-a209475931e0","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":36,"box":{"x":265,"y":126,"width":595,"height":11}},{"id":"47d3e04c-25cf-4117-8ae6-053c6e030386","block_type":"box","text":"perspective on the markets and the economy.","page_number":36,"box":{"x":265,"y":141,"width":323,"height":11}},{"id":"2cd9d85f-9e31-4530-afc0-0bfbc5adf7f0","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":36,"box":{"x":70,"y":164,"width":798,"height":11}},{"id":"9283d822-9818-43aa-8e7f-ad83c88331cf","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":36,"box":{"x":265,"y":179,"width":631,"height":11}},{"id":"86c55bff-abdc-4b59-81d2-9a7d3871f0c2","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":36,"box":{"x":265,"y":194,"width":633,"height":11}},{"id":"6b13047c-96e8-47cc-a0b0-51704f73ce49","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":36,"box":{"x":265,"y":209,"width":628,"height":11}},{"id":"6ae3bdcd-3804-4954-bd01-921f7cadf9b3","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":36,"box":{"x":265,"y":224,"width":596,"height":11}},{"id":"7f67b4ff-43a5-4f78-8d64-8ae5a786603f","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":36,"box":{"x":265,"y":239,"width":616,"height":11}},{"id":"a1871cb0-2290-4941-9312-cacc1ff3b299","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":36,"box":{"x":264,"y":254,"width":368,"height":11}},{"id":"add2ef83-72aa-4acf-add2-f3b3ab44e388","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":36,"box":{"x":70,"y":277,"width":806,"height":11}},{"id":"2bc0801c-5a8b-4c47-ae88-e4a99fd84d5d","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":36,"box":{"x":264,"y":292,"width":584,"height":11}},{"id":"5057a332-480e-41ce-b3a1-7bdeee1a6cad","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":36,"box":{"x":265,"y":308,"width":622,"height":11}},{"id":"3477fbd2-8a88-49b3-a6ff-a001a1400b91","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":36,"box":{"x":265,"y":322,"width":638,"height":12}},{"id":"237f0258-a970-4080-bb95-4231a4992936","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":36,"box":{"x":265,"y":338,"width":570,"height":11}},{"id":"8da78de8-0d85-4cdf-876c-265d8254c6de","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":36,"box":{"x":265,"y":353,"width":642,"height":11}},{"id":"b59b1562-f87b-4ee7-a5bc-121737aaa538","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":36,"box":{"x":265,"y":368,"width":626,"height":11}},{"id":"f23f5c86-7b0f-42bc-af2f-f4d9f113d659","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":36,"box":{"x":265,"y":383,"width":630,"height":11}},{"id":"0941ae49-5cfb-41d5-82bc-dcd46201b72a","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":36,"box":{"x":265,"y":398,"width":602,"height":11}},{"id":"f5dbc91d-adea-4580-bfcb-7852faa93838","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":36,"box":{"x":264,"y":413,"width":643,"height":11}},{"id":"5d3fc23e-dea6-46d9-9a63-aee2f1968a87","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":36,"box":{"x":264,"y":428,"width":639,"height":11}},{"id":"a2918ae2-5248-408c-a141-48105a2e9d56","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":36,"box":{"x":264,"y":443,"width":641,"height":11}},{"id":"facc8079-d4f7-4c73-bb90-6c15065df7fc","block_type":"box","text":"applicable Commission rules.","page_number":36,"box":{"x":265,"y":459,"width":208,"height":10}},{"id":"d240a88e-606b-4c0b-8699-14b006d9ec5b","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":36,"box":{"x":69,"y":481,"width":769,"height":11}},{"id":"20baaa2f-d9d1-4138-aa39-3269fb7901bd","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":36,"box":{"x":265,"y":496,"width":621,"height":11}},{"id":"68578f6d-ba76-4964-9c84-49d8dd954cbc","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":36,"box":{"x":265,"y":511,"width":599,"height":12}},{"id":"953fa251-08f6-4b85-b563-d54aa94c003e","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":36,"box":{"x":265,"y":526,"width":641,"height":12}},{"id":"820037b9-9d02-441f-8c00-ec22916f1f43","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":36,"box":{"x":264,"y":542,"width":602,"height":11}},{"id":"47712701-84d1-42fb-832f-ee4a9a02cfc3","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":36,"box":{"x":264,"y":557,"width":617,"height":11}},{"id":"30dd83ef-7c93-4fc7-a3a1-fee43c19a20e","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":36,"box":{"x":265,"y":572,"width":629,"height":11}},{"id":"8208d556-bc65-403f-9cf8-599b3a6dde01","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":36,"box":{"x":264,"y":587,"width":628,"height":11}},{"id":"c9d8dc92-6a2e-432f-a262-ce3d55471f7e","block_type":"box","text":"ar ticles and books on these topics.","page_number":36,"box":{"x":265,"y":602,"width":251,"height":11}},{"id":"c1130d53-f650-4523-9265-1b0e667f3b48","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":36,"box":{"x":70,"y":625,"width":764,"height":11}},{"id":"6b05ddb0-d64e-42fe-aec6-fe712cae10e4","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":36,"box":{"x":265,"y":640,"width":642,"height":11}},{"id":"31e32031-9679-4edb-975a-862469f4aded","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":36,"box":{"x":264,"y":655,"width":593,"height":11}},{"id":"c1bf7726-2d2a-49f9-bde5-f844472d388d","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":36,"box":{"x":265,"y":670,"width":603,"height":11}},{"id":"e2d97bb9-c34d-472a-a6df-1eba1eacc305","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":36,"box":{"x":265,"y":685,"width":629,"height":12}},{"id":"e233784a-6b81-4d4a-8992-6531b457792d","block_type":"box","text":"I-11","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"b5449748-3dfe-4f5f-ad3d-f43fd95ded62","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c5115feb-e3fb-4b31-a3c0-6b4165ce6b7d","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":37,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"79edebae-9950-4ae0-afef-39e80c0806a3","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":37,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"3d8493a0-9835-4fb4-8814-d7cd917fae57","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":37,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"ee166419-5e60-48e0-bbc9-a3c96e5568ab","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":37,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"8142f2a1-ab79-4b23-8dbd-22784c155832","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":37,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"13410f1b-b779-426a-a549-21529fecdfe6","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":37,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"cc68660a-ac74-4381-8f1a-7b72dede3f16","block_type":"box","text":"exchanges, and other industry firms. 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None Over","page_number":42,"box":{"x":228,"y":641,"width":588,"height":9}},{"id":"84568f9f-1461-4c80-aa9c-ca0a1d9f428d","block_type":"box","text":"$100,000","page_number":42,"box":{"x":822,"y":640,"width":72,"height":11}},{"id":"938bb91e-2751-4b02-8e83-63f575ce678c","block_type":"box","text":"John M. Perlowski . .","page_number":42,"box":{"x":78,"y":656,"width":143,"height":9}},{"id":"b7448de5-1494-4f4f-8765-38b8d7bbbbb3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None Over","page_number":42,"box":{"x":228,"y":656,"width":588,"height":9}},{"id":"08d3e289-0ffb-4415-ab1e-f048074585c6","block_type":"box","text":"$100,000","page_number":42,"box":{"x":822,"y":655,"width":72,"height":11}},{"id":"cbef018f-e058-4c49-8cc9-e7ec93345243","block_type":"box","text":"As of November 4, 2025, the Trustees and officers of the Trust as a group directly or indirectly beneficially","page_number":42,"box":{"x":101,"y":680,"width":761,"height":11}},{"id":"b5c2d95d-63d4-4155-8dd4-867553c0726f","block_type":"box","text":"owned an aggregate of less than 1% of any class of the outstanding shares of the Por tfolio. 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The Chairs of the Audit Committee, Compliance Committee, Governance","page_number":42,"box":{"x":69,"y":884,"width":769,"height":11}},{"id":"bb471125-dd97-40f4-9faa-7aa7faa8d419","block_type":"box","text":"I-17","page_number":42,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"740d239d-0b96-4c19-bf4b-1d3cbb88421d","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12c63e1b-cc14-44d3-adaf-f8ce0db4a1a7","block_type":"box","text":"Committee and Per formance Oversight Committee are paid as compensation an additional annual retainer of","page_number":43,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"22962cca-2a71-4e80-b1e5-46671c1c08df","block_type":"box","text":"$45,000, respectively. The Chair of the Board is paid an additional annual retainer of $150,000.","page_number":43,"box":{"x":69,"y":59,"width":689,"height":12}},{"id":"79fad492-a2cd-4da5-960a-1ed7011e6db9","block_type":"box","text":"The following table sets for th the compensation the Trust paid to the Trustees, on behalf of the Por tfolio, for the","page_number":43,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"274af350-4a4f-4887-b09e-920128363664","block_type":"box","text":"fiscal year ended July 31, 2025 and the aggregate compensation paid to them by all BlackRock-advised Funds for the","page_number":43,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"e56c2625-6bac-4509-8464-c8b31291f30e","block_type":"box","text":"calendar year ended December 31, 2024.","page_number":43,"box":{"x":69,"y":113,"width":298,"height":11}},{"id":"73bcfa0e-1bf8-45ed-953b-0b9213ef21c1","block_type":"box","text":"Name","page_number":43,"box":{"x":69,"y":191,"width":32,"height":7}},{"id":"67045ae2-692e-4397-b923-cb07d3f8208c","block_type":"box","text":"Compensation","page_number":43,"box":{"x":552,"y":181,"width":82,"height":9}},{"id":"4e844459-24ff-42d9-8222-c583a8731779","block_type":"box","text":"from the Portfolio","page_number":43,"box":{"x":542,"y":191,"width":102,"height":7}},{"id":"b3ebf42c-3b6d-4cb0-bf7c-4cd80fd3e8cc","block_type":"box","text":"Estimated Annual","page_number":43,"box":{"x":675,"y":171,"width":101,"height":7}},{"id":"68b256cc-3409-4fce-8145-be8fe4c24809","block_type":"box","text":"Benefits upon","page_number":43,"box":{"x":686,"y":181,"width":79,"height":9}},{"id":"e8858b29-19fc-43c1-aaa1-5941f6c891c7","block_type":"box","text":"Retirement","page_number":43,"box":{"x":694,"y":191,"width":64,"height":7}},{"id":"1a91cf82-ad10-4986-85b7-7f90bbce13e4","block_type":"box","text":"Aggregate","page_number":43,"box":{"x":828,"y":141,"width":60,"height":9}},{"id":"6b48df16-2a40-4855-b2c5-6fa132276a9a","block_type":"box","text":"Compensation","page_number":43,"box":{"x":817,"y":151,"width":82,"height":9}},{"id":"2c3bb974-b988-4c0d-a748-bc25be7fe147","block_type":"box","text":"from the Portfolio","page_number":43,"box":{"x":807,"y":161,"width":102,"height":7}},{"id":"81cc283e-06f4-46f9-9f11-0f0d9fc29b28","block_type":"box","text":"and Other","page_number":43,"box":{"x":830,"y":171,"width":56,"height":7}},{"id":"0efc1878-74f4-4c51-80ac-ce5bd8383d56","block_type":"box","text":"BlackRock","page_number":43,"box":{"x":826,"y":181,"width":65,"height":7}},{"id":"7d7dfede-0fe9-4eef-91e6-edc8ce01ab01","block_type":"box","text":"Advised Funds","page_number":43,"box":{"x":814,"y":191,"width":84,"height":7}},{"id":"b912ac73-53f2-40dd-8860-356c5e7c1bf2","block_type":"box","text":"1","page_number":43,"box":{"x":898,"y":191,"width":4,"height":4}},{"id":"7a55e683-2f13-4482-ba97-1c60a928bb82","block_type":"box","text":"Independent Trustees","page_number":43,"box":{"x":70,"y":209,"width":154,"height":11}},{"id":"5275c783-d7b1-4c15-823a-d6cd66682830","block_type":"box","text":"Christopher J. 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Cotty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,299","page_number":43,"box":{"x":79,"y":269,"width":540,"height":12}},{"id":"3d958423-316a-4c04-97e9-2fb98e6db4c4","block_type":"box","text":"None $435,000","page_number":43,"box":{"x":708,"y":269,"width":186,"height":11}},{"id":"7e4b13ad-c659-49ab-aaa5-dfeb1cad45c9","block_type":"box","text":"Lena G. 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None","page_number":43,"box":{"x":199,"y":421,"width":412,"height":9}},{"id":"2ff9f89c-630d-4fb9-9b07-e9f9455cd16a","block_type":"box","text":"None None","page_number":43,"box":{"x":708,"y":421,"width":168,"height":9}},{"id":"b0205e17-d810-4e2d-ab68-38b0c3cdd209","block_type":"box","text":"John M. Perlowski","page_number":43,"box":{"x":78,"y":436,"width":127,"height":9}},{"id":"d1fdf038-12b8-4412-9cd3-0c80be9e4f46","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":43,"box":{"x":216,"y":436,"width":395,"height":9}},{"id":"33649f5c-ec96-4231-9343-aec3b0c57102","block_type":"box","text":"None None","page_number":43,"box":{"x":708,"y":436,"width":168,"height":9}},{"id":"cbd6d64c-92ea-427f-a127-bb78efe7c263","block_type":"box","text":"1","page_number":43,"box":{"x":69,"y":460,"width":3,"height":4}},{"id":"9b76d545-e237-4168-bcac-3836f152a34b","block_type":"box","text":"For the number of BlackRock-advised Funds from which each Trustee receives compensation, see “Biographical Information” beginning on","page_number":43,"box":{"x":94,"y":460,"width":786,"height":9}},{"id":"aabf98f7-80ec-4758-8664-9565d9e1f6d8","block_type":"box","text":"page I-13.","page_number":43,"box":{"x":94,"y":470,"width":55,"height":9}},{"id":"8783862f-82dc-49af-b776-2f0250b90799","block_type":"box","text":"2","page_number":43,"box":{"x":69,"y":483,"width":3,"height":4}},{"id":"e4d4ea5c-8d5e-49b7-9395-33f8589d473c","block_type":"box","text":"Mr. Ailman was appointed to serve as Trustee of the Trust effective September 1, 2024.","page_number":43,"box":{"x":94,"y":483,"width":504,"height":9}},{"id":"e43f3f39-ee7e-4702-ab4c-c4cf12d2d38d","block_type":"box","text":"3","page_number":43,"box":{"x":69,"y":496,"width":3,"height":3}},{"id":"a992cb9d-083e-4f48-9767-a429ff2d6ccf","block_type":"box","text":"Ms. Goldberg retired as Trustee of the Trust and Chair of the Compliance Committee effective December 31, 2024.","page_number":43,"box":{"x":94,"y":496,"width":658,"height":9}},{"id":"8f03c6b0-0390-4a2a-83ff-18649ed2bb29","block_type":"box","text":"4","page_number":43,"box":{"x":68,"y":508,"width":4,"height":4}},{"id":"d25693c4-cdcb-418d-a1cc-2a6ac98ca203","block_type":"box","text":"Chair of the Audit Committee.","page_number":43,"box":{"x":93,"y":508,"width":168,"height":7}},{"id":"75c61d20-c215-463b-9cd5-73f67a143019","block_type":"box","text":"5","page_number":43,"box":{"x":69,"y":521,"width":3,"height":3}},{"id":"54e93d37-9036-4191-b8d9-bf239499405c","block_type":"box","text":"Chair of the Governance Committee.","page_number":43,"box":{"x":93,"y":521,"width":206,"height":7}},{"id":"7e4421a9-cf49-4b7a-8e21-7aa6724852cb","block_type":"box","text":"6","page_number":43,"box":{"x":69,"y":533,"width":3,"height":4}},{"id":"7dfe4019-5791-4b70-bb36-0307da6bd315","block_type":"box","text":"Chair of the Per formance Oversight Committee.","page_number":43,"box":{"x":93,"y":533,"width":269,"height":9}},{"id":"faead9cf-d432-4b00-9389-1ea55e6bdc9d","block_type":"box","text":"7","page_number":43,"box":{"x":69,"y":546,"width":3,"height":4}},{"id":"e1b630ba-cdf4-44c2-9d20-c11017ee15d8","block_type":"box","text":"Ms. Richards was appointed to serve as Trustee of the Trust effective June 1, 2024.","page_number":43,"box":{"x":94,"y":546,"width":483,"height":9}},{"id":"dc4aed8e-8e73-46e1-bfbf-dfaf360b4042","block_type":"box","text":"8","page_number":43,"box":{"x":68,"y":559,"width":4,"height":3}},{"id":"f44f49a7-a11a-45e0-9e8e-a8fe613a38ad","block_type":"box","text":"Chair of the Board and Chair of the Ad Hoc Topics Committee.","page_number":43,"box":{"x":93,"y":559,"width":352,"height":8}},{"id":"4d71f6ed-b97c-4476-86c5-a1bde66f1288","block_type":"box","text":"9","page_number":43,"box":{"x":69,"y":571,"width":3,"height":4}},{"id":"b0083883-31c9-423e-9784-d999af801db6","block_type":"box","text":"Chair of the Compliance Committee.","page_number":43,"box":{"x":93,"y":571,"width":205,"height":9}},{"id":"1662f3e2-84ba-4ef8-84bd-591307536110","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":43,"box":{"x":69,"y":600,"width":432,"height":11}},{"id":"f9ba362b-a52b-4833-9bbd-111d791c37cc","block_type":"box","text":"Management Agreement","page_number":43,"box":{"x":102,"y":623,"width":179,"height":10}},{"id":"75ae9ca9-802b-4876-bcb7-1e0a8b26607a","block_type":"box","text":"The Trust, on behalf of the Por tfolio, has entered into a management agreement with the Manager (the","page_number":43,"box":{"x":101,"y":645,"width":734,"height":11}},{"id":"33c504f2-36f8-422d-9101-2e8bbe7a8552","block_type":"box","text":"“Management Agreement”), pursuant to which the Manager is entitled to receive fees for the services it provides.","page_number":43,"box":{"x":70,"y":660,"width":809,"height":11}},{"id":"05fc6d9b-81e4-4fa1-baaf-44dd37eaad31","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Por tfolio’s","page_number":43,"box":{"x":102,"y":683,"width":788,"height":11}},{"id":"97b24247-5491-4a89-a54a-4595d04277ae","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":43,"box":{"x":69,"y":698,"width":799,"height":11}},{"id":"ac239e1c-bee9-4b21-9489-f92dd5a4e169","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":43,"box":{"x":68,"y":713,"width":726,"height":11}},{"id":"36644e14-d4b9-4ccb-9fbf-0ec8082d18d3","block_type":"box","text":"June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of","page_number":43,"box":{"x":69,"y":728,"width":799,"height":11}},{"id":"36510029-8811-40ef-9d81-f924b040d434","block_type":"box","text":"investment advisory fees the Por tfolio pays to BlackRock indirectly through its investment in money market funds","page_number":43,"box":{"x":70,"y":743,"width":806,"height":12}},{"id":"fdfddac6-fc4c-4288-be0e-26d57adc1ce2","block_type":"box","text":"managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon","page_number":43,"box":{"x":69,"y":758,"width":835,"height":12}},{"id":"c850c8de-5207-48a3-9fca-9969e96eacaf","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":43,"box":{"x":69,"y":773,"width":774,"height":12}},{"id":"2e630e26-0db2-410c-8730-447156680043","block_type":"box","text":"securities of the Por tfolio.","page_number":43,"box":{"x":69,"y":789,"width":183,"height":9}},{"id":"81b93f1f-4a42-4246-8298-e3f10a51a4f7","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual","page_number":43,"box":{"x":102,"y":811,"width":778,"height":12}},{"id":"b2808324-7037-48b7-aa9b-0934a5351e23","block_type":"box","text":"Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest","page_number":43,"box":{"x":70,"y":826,"width":824,"height":12}},{"id":"160d505f-46e1-4e86-a5f4-59d6afa64cd3","block_type":"box","text":"Expense, Acquired Fund Fees and Expenses and cer tain other Por tfolio expenses (as defined in the Por tfolio’s","page_number":43,"box":{"x":70,"y":841,"width":786,"height":12}},{"id":"a880f1c9-f046-45b7-8c9e-9a04a9327749","block_type":"box","text":"Prospectuses)) to 0.90% for Investor A Shares, 1.65% for Investor C Shares, 0.65% for Institutional Shares and","page_number":43,"box":{"x":69,"y":857,"width":795,"height":11}},{"id":"4ee35b87-84f3-40bb-af31-57aacf2cbe35","block_type":"box","text":"0.60% for Class K Shares of average daily net assets through June 30, 2027. This contractual agreement may be","page_number":43,"box":{"x":69,"y":872,"width":811,"height":11}},{"id":"d54e5e69-88a9-4bb0-b9dc-ed4256540bb6","block_type":"box","text":"terminated upon 90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the","page_number":43,"box":{"x":68,"y":887,"width":761,"height":11}},{"id":"849ea469-8e72-4f9f-b8cb-6676bc17424b","block_type":"box","text":"outstanding voting securities of the Por tfolio.","page_number":43,"box":{"x":69,"y":902,"width":319,"height":11}},{"id":"09abd6bc-a6c7-4239-91c1-a563d21578bf","block_type":"box","text":"I-18","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ba1eeb97-0e8b-43d8-85cc-8f713599c77d","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58f412a2-3cee-42b2-aeaf-5b47128c2a46","block_type":"box","text":"Pursuant to the investment advisory agreement between BlackRock and the Trust, on behalf of the Por tfolio (the","page_number":44,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"aea87e08-d6ad-4a48-82bc-5ca310b705e7","block_type":"box","text":"“Investment Advisory Agreement”), BlackRock may from time to time, in its sole discretion to the extent permitted by","page_number":44,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"8a8e67a4-a840-42ca-9eda-ebbe7ad80754","block_type":"box","text":"applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BlackRock to per form","page_number":44,"box":{"x":69,"y":75,"width":802,"height":11}},{"id":"67b22596-d96d-420d-9bf7-dd5dd0d8d5b6","block_type":"box","text":"investment advisory services with respect to the Por tfolio. In addition, BlackRock may delegate cer tain of its","page_number":44,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"244c95e9-d982-4728-bb87-2e733027da00","block_type":"box","text":"investment advisory functions under the Investment Advisory Agreement to one or more of its affiliates to the extent","page_number":44,"box":{"x":70,"y":105,"width":829,"height":11}},{"id":"610e52dd-8b71-4135-a0a7-f6e5dde2774c","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":44,"box":{"x":70,"y":120,"width":827,"height":12}},{"id":"d4543fb6-a958-4684-9c23-5396bcd88661","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":44,"box":{"x":69,"y":136,"width":486,"height":10}},{"id":"ccdc0e62-ebf9-45a5-a5b0-a62de884b98e","block_type":"box","text":"BlackRock has entered into sub-advisory agreements with BlackRock International Limited (“BIL”), BlackRock","page_number":44,"box":{"x":102,"y":158,"width":778,"height":11}},{"id":"b042961b-535f-4a26-8e54-c6cb531fd9fd","block_type":"box","text":"Asset Management Nor th Asia Limited (“BNA”) and BlackRock (Singapore) Limited (“BRS”) (collectively, the “Sub","page_number":44,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"1f0baef4-09fd-4639-853e-e28291281516","block_type":"box","text":"Advisers”) pursuant to which each Sub-Adviser receives for the services for that por tion of the Por tfolio for which","page_number":44,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"c000d545-848e-45de-bf44-55e03dd848b0","block_type":"box","text":"each Sub-Adviser serves as sub-adviser a monthly fee at an annual rate equal to a percentage of the management","page_number":44,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"de2da117-8e7f-4f2e-b945-3b27ddd6612e","block_type":"box","text":"fee paid to BlackRock under the Investment Advisory Agreement. The Investment Advisory Agreement with BlackRock","page_number":44,"box":{"x":68,"y":218,"width":836,"height":12}},{"id":"0d0f8756-ec18-4267-b170-14760958db80","block_type":"box","text":"and the sub-advisory agreements between BlackRock and BIL, BlackRock and BNA, and BlackRock and BRS are","page_number":44,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"4f0dbce0-4696-4003-bc4d-07e09458d296","block_type":"box","text":"collectively referred to as the “Advisory Contracts.”","page_number":44,"box":{"x":69,"y":249,"width":363,"height":11}},{"id":"26e08588-5f70-49c4-b652-ee1b991c19b8","block_type":"box","text":"In rendering investment advisory services to the Por tfolio, BlackRock uses the por tfolio management, research","page_number":44,"box":{"x":102,"y":271,"width":793,"height":12}},{"id":"f27c10d1-9dbb-4abd-9947-cb134f1a85b6","block_type":"box","text":"and other resources of BlackRock Investment Management (Australia) Limited (“BlackRock Australia”), a foreign","page_number":44,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"91bc0906-804b-4419-b60a-24940a9f09fd","block_type":"box","text":"affiliate of BlackRock that is not registered under the Investment Advisers Act of 1940, as amended (the “Advisers","page_number":44,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"fa074036-c5a1-47ca-a005-62e331664227","block_type":"box","text":"Act”). BlackRock Australia provides services to the Por tfolio through a “par ticipating affiliate” arrangement, as that","page_number":44,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"c48959ad-2342-43e7-afcd-d34f8042c749","block_type":"box","text":"term is used in relief granted by the staff of the SEC allowing U.S. registered investment advisers to use por tfolio","page_number":44,"box":{"x":68,"y":332,"width":810,"height":11}},{"id":"2ccbd41e-41ad-405c-b772-58f9e44656f7","block_type":"box","text":"management or research resources of advisory affiliates subject to the regulatory supervision of the registered","page_number":44,"box":{"x":69,"y":347,"width":794,"height":11}},{"id":"90e163b4-6d60-405c-8fdc-52d189959952","block_type":"box","text":"investment adviser. Under the par ticipating affiliate arrangement, BlackRock Australia is considered a par ticipating","page_number":44,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"5e846f20-d76a-44d9-a38b-0a195b30f789","block_type":"box","text":"affiliate of BlackRock, and BlackRock Australia and cer tain designated employees are considered “associated","page_number":44,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"404218ff-9db6-4084-95f2-b84d56ffb205","block_type":"box","text":"persons” of BlackRock (as that term is defined in the Advisers Act) and investment professionals from BlackRock","page_number":44,"box":{"x":70,"y":392,"width":807,"height":11}},{"id":"3b5d34b9-1780-4fa9-b592-eed5ab3306d0","block_type":"box","text":"Australia may render por tfolio management, research and other services to the Por tfolio, subject to the supervision","page_number":44,"box":{"x":68,"y":407,"width":826,"height":12}},{"id":"31f1253f-1fd9-4ee6-9705-4827b88e388b","block_type":"box","text":"of BlackRock. The Por tfolio pays no additional fees and expenses as a result of such arrangement.","page_number":44,"box":{"x":69,"y":423,"width":705,"height":11}},{"id":"248b5f98-db5d-430e-bbe1-1e14f5518e7e","block_type":"box","text":"The table below sets for th information about the total management fees paid by the Trust, on behalf of the","page_number":44,"box":{"x":101,"y":445,"width":763,"height":12}},{"id":"e973c252-98ce-44f6-8140-1ff68f72c6c2","block_type":"box","text":"Por tfolio, to BlackRock (which includes amounts paid by BlackRock to the Sub-Advisers), and the amounts waived","page_number":44,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"9025ff96-6929-4383-b82d-85a658bd2b42","block_type":"box","text":"and/or reimbursed by BlackRock, for the periods indicated:","page_number":44,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"287f6b09-4347-4111-93ae-994faeceddf6","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":591,"y":504,"width":55,"height":7}},{"id":"3bdd77de-69b4-4db4-ba76-2b5f4139e91e","block_type":"box","text":"to BlackRock","page_number":44,"box":{"x":579,"y":514,"width":79,"height":7}},{"id":"dc1054bb-d455-4015-921a-c1afb3595f74","block_type":"box","text":"Fees Waived","page_number":44,"box":{"x":700,"y":504,"width":72,"height":7}},{"id":"7147a618-c683-4164-96ed-d6d579074746","block_type":"box","text":"by BlackRock","page_number":44,"box":{"x":696,"y":514,"width":80,"height":9}},{"id":"368a2b17-4a49-408b-af93-c2a941fd513d","block_type":"box","text":"Fees Reimbursed","page_number":44,"box":{"x":810,"y":504,"width":99,"height":7}},{"id":"7e226b45-7684-4c1a-86ab-53b951dbf19b","block_type":"box","text":"by BlackRock","page_number":44,"box":{"x":820,"y":514,"width":80,"height":9}},{"id":"2ae1932b-bb73-4af0-8275-1e50dbe5c9fa","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . .","page_number":44,"box":{"x":70,"y":532,"width":302,"height":11}},{"id":"2e10ccd4-3089-4719-863d-639293f0d1d6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $6,","page_number":44,"box":{"x":379,"y":531,"width":218,"height":11}},{"id":"1a3a3bdd-7a9c-4d32-af12-f92d82a73593","block_type":"box","text":"845,888 $1,468,805 $377,995","page_number":44,"box":{"x":599,"y":531,"width":296,"height":11}},{"id":"556401e2-2cf8-46f2-9953-72e2df72e892","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . .","page_number":44,"box":{"x":70,"y":547,"width":302,"height":11}},{"id":"16e06357-bb35-4586-9934-a7e7f9121bea","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $6,","page_number":44,"box":{"x":379,"y":546,"width":218,"height":11}},{"id":"35a4e62e-fde2-4689-b44a-bad5b5fededf","block_type":"box","text":"638,694 $1,484,617 $339,099","page_number":44,"box":{"x":600,"y":546,"width":295,"height":11}},{"id":"4c2cc6d5-fdaa-46ba-92d2-735087399d6d","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . . . . . .","page_number":44,"box":{"x":70,"y":562,"width":302,"height":11}},{"id":"ff3921e3-15bb-4ac3-ae98-b510d0a7d722","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $7,","page_number":44,"box":{"x":379,"y":561,"width":218,"height":11}},{"id":"c66cbee6-4848-4b95-aacd-b100c7e2bc9e","block_type":"box","text":"061,674 $1,577,491 $320,992","page_number":44,"box":{"x":599,"y":561,"width":296,"height":11}},{"id":"290256df-7ec0-486d-b588-e3f3c3eedec7","block_type":"box","text":"Under the Advisory Contracts, BlackRock, BIL, BNA and BRS are not liable for any error of judgment or mistake of","page_number":44,"box":{"x":102,"y":586,"width":808,"height":11}},{"id":"46035b3e-03c4-40a4-8a2d-f37144966347","block_type":"box","text":"law or for any loss suffered by the Trust or the Por tfolio in connection with the per formance of the Advisory","page_number":44,"box":{"x":70,"y":601,"width":763,"height":11}},{"id":"95c9be30-e026-4bc0-bbf5-367181b70063","block_type":"box","text":"Contracts. Under the Advisory Contracts, BlackRock, BIL, BNA and BRS are liable for a loss resulting from a breach of","page_number":44,"box":{"x":69,"y":616,"width":840,"height":11}},{"id":"4b516166-f40e-4da8-a282-24886ca45016","block_type":"box","text":"fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance,","page_number":44,"box":{"x":68,"y":631,"width":816,"height":11}},{"id":"c73f6faf-1bff-4806-b749-a8c02e32a99b","block_type":"box","text":"bad faith or gross negligence in the per formance of their respective duties or from reckless disregard of their","page_number":44,"box":{"x":69,"y":646,"width":779,"height":11}},{"id":"a6ea672f-04f8-4f70-b806-2695aa11b421","block_type":"box","text":"respective duties and obligations thereunder. Each Advisory Contract is terminable as to the Por tfolio by vote of the","page_number":44,"box":{"x":69,"y":661,"width":824,"height":12}},{"id":"458c53fb-3b32-43f0-af4e-87b858e980c5","block_type":"box","text":"Trust’s Board of Trustees or by the holders of a majority of the outstanding voting securities of the Por tfolio, at any","page_number":44,"box":{"x":68,"y":676,"width":820,"height":12}},{"id":"16f23a6b-6d7e-4504-b2cb-07335f2ef2dd","block_type":"box","text":"time without penalty, on 60 days’ written notice to BlackRock, BIL, BNA or BRS, as the case may be. BlackRock, BIL,","page_number":44,"box":{"x":68,"y":692,"width":832,"height":11}},{"id":"e23d2446-dae6-4478-a807-4581ec5a24bf","block_type":"box","text":"BNA and BRS may also terminate their advisory relationship with respect to the Por tfolio on 60 days’ written notice","page_number":44,"box":{"x":70,"y":707,"width":821,"height":11}},{"id":"2251bc0c-8099-4c5d-a122-e203985397b3","block_type":"box","text":"to the Trust. Each of the Advisory Contracts terminates automatically in the event of its assignment.","page_number":44,"box":{"x":68,"y":722,"width":714,"height":11}},{"id":"c0c74bd9-6b0f-4a84-93e1-0781deeec6f4","block_type":"box","text":"Administration Agreement","page_number":44,"box":{"x":68,"y":752,"width":191,"height":11}},{"id":"4064085f-8a89-42f4-8167-7858b9789cca","block_type":"box","text":"BlackRock serves as the Por tfolio’s administrator pursuant to an administration agreement (the “Administration","page_number":44,"box":{"x":102,"y":775,"width":797,"height":11}},{"id":"15c3c446-025c-4243-ae37-cd0c666011fd","block_type":"box","text":"Agreement”). BlackRock has agreed to maintain office facilities for the Por tfolio; furnish the Por tfolio with clerical,","page_number":44,"box":{"x":68,"y":790,"width":813,"height":11}},{"id":"e81aac83-b429-47e1-aac9-8433dd03abe0","block_type":"box","text":"bookkeeping and administrative services; oversee the determination and publication of the Por tfolio’s net asset","page_number":44,"box":{"x":69,"y":805,"width":799,"height":11}},{"id":"0286a15a-0d32-4d7e-aaf6-694d8c5da6a3","block_type":"box","text":"value; oversee the preparation and filing of Federal, state and local income tax returns; prepare cer tain repor ts","page_number":44,"box":{"x":68,"y":820,"width":793,"height":11}},{"id":"f8b2199f-5006-45c7-8009-c8d75713bb16","block_type":"box","text":"required by regulatory authorities; calculate various contractual expenses; determine the amount of dividends and","page_number":44,"box":{"x":69,"y":835,"width":812,"height":11}},{"id":"0567b5b7-bac5-496a-ba27-58f4b73b175b","block_type":"box","text":"distributions available for payment by the Por tfolio to its shareholders; prepare and arrange for the printing of","page_number":44,"box":{"x":69,"y":850,"width":781,"height":12}},{"id":"097697ad-fa3b-41f3-a98d-5662d4e3e82b","block_type":"box","text":"dividend notices to shareholders; provide Por tfolio service providers with such information as is required to effect the","page_number":44,"box":{"x":69,"y":865,"width":839,"height":11}},{"id":"ff9cd1e6-7531-4502-bc37-734643d4d560","block_type":"box","text":"payment of dividends and distributions; and serve as liaison with the Trust’s officers, independent accountants, legal","page_number":44,"box":{"x":70,"y":881,"width":836,"height":11}},{"id":"3d8fe9c1-bcc2-4d18-b8ff-93be4a0d8d43","block_type":"box","text":"counsel, custodian, accounting agent and transfer and dividend disbursing agent in establishing the accounting","page_number":44,"box":{"x":69,"y":896,"width":793,"height":11}},{"id":"7e7179f9-52da-42b1-892d-d30a2bdf3bc1","block_type":"box","text":"I-19","page_number":44,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"2bd974b3-774f-43b4-8fbf-7c702a59dfb1","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"382834cc-5cdc-491b-a6b7-c7417f662b2e","block_type":"box","text":"policies of the Por tfolio and monitoring financial and shareholder accounting services. BlackRock may from time to","page_number":45,"box":{"x":70,"y":45,"width":817,"height":11}},{"id":"b9fd550a-226c-4d59-bc4d-cf32bb3aed85","block_type":"box","text":"time voluntarily waive administration fees with respect to the Por tfolio and may voluntarily reimburse the Por tfolio for","page_number":45,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"0fe6207d-c159-4b92-a4c0-65071b8743c2","block_type":"box","text":"expenses.","page_number":45,"box":{"x":69,"y":77,"width":71,"height":9}},{"id":"4be40307-61c4-45ff-bce7-47e3afdd1403","block_type":"box","text":"Under the Administration Agreement with BlackRock, the Trust, on behalf of the Por tfolio, pays to BlackRock a","page_number":45,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"f36cda51-ede9-4abd-aae2-87ace267e3dd","block_type":"box","text":"fee, computed daily and payable monthly, at an aggregate annual rate of (i) 0.0425% of the first $500 million of the","page_number":45,"box":{"x":68,"y":112,"width":825,"height":12}},{"id":"2d5a1e67-8581-4e77-8233-412451bb68ff","block_type":"box","text":"Por tfolio’s average daily net assets, 0.040% of the next $500 million of the Por tfolio’s average daily net assets,","page_number":45,"box":{"x":69,"y":127,"width":800,"height":12}},{"id":"f21f7554-6c67-49ca-90c1-4b88d8593020","block_type":"box","text":"0.0375% of the next $1 billion of the Por tfolio’s average daily net assets, 0.035% of the next $2 billion of the","page_number":45,"box":{"x":69,"y":142,"width":784,"height":12}},{"id":"04b700bd-e4b5-4e11-ba68-b4e591978e35","block_type":"box","text":"Por tfolio’s average daily net assets, 0.0325% of the next $9 billion of the Por tfolio’s average daily net assets and","page_number":45,"box":{"x":69,"y":157,"width":813,"height":12}},{"id":"9fa28181-77d3-4cea-b432-527fab8b4cce","block_type":"box","text":"0.030% of the average daily net assets of the Por tfolio in excess of $13 billion and (ii) 0.020% of average daily net","page_number":45,"box":{"x":69,"y":172,"width":821,"height":12}},{"id":"689f321a-e6fc-42c7-a87e-8e201e963508","block_type":"box","text":"assets allocated to each class of shares of the Por tfolio.","page_number":45,"box":{"x":69,"y":188,"width":405,"height":9}},{"id":"2a7ddf23-15c8-461f-b374-caea5cf258ec","block_type":"box","text":"The table below sets for th information about the administration fees paid by the Trust, on behalf of the Por tfolio,","page_number":45,"box":{"x":101,"y":211,"width":804,"height":11}},{"id":"afb2f4f3-49ec-41c8-86e0-9432ac09e944","block_type":"box","text":"to BlackRock, and the amounts waived, for the past three fiscal years.","page_number":45,"box":{"x":68,"y":226,"width":501,"height":11}},{"id":"72c35b31-cef9-47eb-874c-ffc2af577e48","block_type":"box","text":"Fees Paid","page_number":45,"box":{"x":732,"y":254,"width":56,"height":7}},{"id":"416470d6-9afc-48bd-a310-80719428de3c","block_type":"box","text":"to BlackRock","page_number":45,"box":{"x":720,"y":265,"width":80,"height":7}},{"id":"dade6083-cde1-428f-a443-06907a27b9af","block_type":"box","text":"Fees Waived","page_number":45,"box":{"x":833,"y":254,"width":72,"height":7}},{"id":"2263097c-bad6-4fa1-ac33-7e78fad883f2","block_type":"box","text":"by BlackRock","page_number":45,"box":{"x":830,"y":265,"width":80,"height":8}},{"id":"132abb25-c223-4109-afe5-ef950bfbc1c1","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":45,"box":{"x":70,"y":282,"width":269,"height":11}},{"id":"80606ef0-1302-487c-823f-a59554369f61","block_type":"box","text":"...........................................","page_number":45,"box":{"x":345,"y":290,"width":345,"height":1}},{"id":"58fa8c28-35f7-43e0-a91f-7babe2dfc97e","block_type":"box","text":"$699,354 $230,155","page_number":45,"box":{"x":724,"y":281,"width":181,"height":12}},{"id":"6fd99164-39b3-47e7-bd05-b6acfd266a5e","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":45,"box":{"x":70,"y":297,"width":269,"height":11}},{"id":"1fbfb793-935b-43bc-a5fe-ca3b1fc87b31","block_type":"box","text":"...........................................","page_number":45,"box":{"x":345,"y":305,"width":345,"height":1}},{"id":"d1e5a1d0-9f9b-42d4-af2a-f9217dfe06a9","block_type":"box","text":"$678,079 $222,547","page_number":45,"box":{"x":724,"y":297,"width":181,"height":11}},{"id":"3811e25a-600c-4c0c-92ac-5f2d070d8789","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":45,"box":{"x":70,"y":312,"width":269,"height":12}},{"id":"1d9d59c0-7dd7-4bd3-b136-a73293fd1fcd","block_type":"box","text":"...........................................","page_number":45,"box":{"x":345,"y":320,"width":345,"height":1}},{"id":"ff8e22af-f6b5-4f75-bc62-af3500b60111","block_type":"box","text":"$721,511 $236,632","page_number":45,"box":{"x":724,"y":312,"width":181,"height":11}},{"id":"2c57b6d5-db5a-4a1f-b6c7-65b4a90139fb","block_type":"box","text":"The Trust and its service providers may engage third par ty plan administrators who provide trustee,","page_number":45,"box":{"x":101,"y":337,"width":708,"height":11}},{"id":"895ed7a4-7dfc-42ef-9bcb-7c60e778de32","block_type":"box","text":"administrative and recordkeeping services for cer tain employee benefit, profit-sharing and retirement plans as agents","page_number":45,"box":{"x":69,"y":351,"width":838,"height":12}},{"id":"2c05c050-28d7-46e4-b54c-e8145fc1c0fe","block_type":"box","text":"for the Trust with respect to such plans, for the purpose of accepting orders for the purchase and redemption of","page_number":45,"box":{"x":68,"y":366,"width":800,"height":12}},{"id":"b0c0a7cd-4d86-4765-b83a-bb7b80b13075","block_type":"box","text":"shares of the Por tfolio.","page_number":45,"box":{"x":69,"y":382,"width":163,"height":9}},{"id":"6ae253a9-2280-47fb-8c59-398f44a20f58","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides cer tain","page_number":45,"box":{"x":102,"y":404,"width":740,"height":12}},{"id":"e9f5d0ae-db93-48a4-b56c-e398a68c7008","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of the","page_number":45,"box":{"x":69,"y":419,"width":781,"height":11}},{"id":"4c755595-8ffa-4199-8077-cbf47533dd1c","block_type":"box","text":"Por tfolio, reimburses BlackRock for its costs in maintaining the service center, which costs include, among other","page_number":45,"box":{"x":69,"y":435,"width":805,"height":11}},{"id":"8a5eb1db-ca80-4b9a-8558-3cc37d5a0e38","block_type":"box","text":"things, employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":45,"box":{"x":68,"y":450,"width":585,"height":11}},{"id":"f2127038-2688-42c7-886c-775ab6fbc17e","block_type":"box","text":"For the periods shown, the Trust, on behalf of the Por tfolio, reimbursed to BlackRock fees for shareholder liaison","page_number":45,"box":{"x":102,"y":472,"width":805,"height":11}},{"id":"e99b71ed-c956-4f02-8970-1aed5cd2d128","block_type":"box","text":"services pursuant to such agreement as follows:","page_number":45,"box":{"x":69,"y":487,"width":346,"height":12}},{"id":"249227bf-84bf-43a2-a484-f5e2f905999e","block_type":"box","text":"Fees Paid","page_number":45,"box":{"x":732,"y":516,"width":56,"height":7}},{"id":"c13ef048-2e44-4263-9a37-4753ec5a6d41","block_type":"box","text":"to BlackRock","page_number":45,"box":{"x":720,"y":526,"width":80,"height":7}},{"id":"f843c7dd-8802-4241-ae7d-ca6b929c57a0","block_type":"box","text":"Fees Waived","page_number":45,"box":{"x":833,"y":516,"width":72,"height":7}},{"id":"0ee6769a-10a4-495d-9fed-d0d986b458e1","block_type":"box","text":"by BlackRock","page_number":45,"box":{"x":830,"y":526,"width":80,"height":9}},{"id":"539811f2-b32d-4e93-9b52-8b161b619b75","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":45,"box":{"x":70,"y":544,"width":269,"height":11}},{"id":"b072d9de-5c0b-489f-87c4-7b240ed270fa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,866 $3,708","page_number":45,"box":{"x":345,"y":543,"width":551,"height":11}},{"id":"c191e2ba-35da-4cd5-8ee8-77b905d65fb9","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":45,"box":{"x":70,"y":559,"width":269,"height":11}},{"id":"afeb4f54-c066-4211-8388-06ff515dde61","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,600 $2,966","page_number":45,"box":{"x":345,"y":558,"width":550,"height":11}},{"id":"59b874e8-cc08-47ba-977e-f2b2c4c5afc5","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":45,"box":{"x":70,"y":574,"width":269,"height":11}},{"id":"eb42bde6-cf66-4adb-a2a1-9e38e6dd12aa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,397 $5,594","page_number":45,"box":{"x":345,"y":573,"width":551,"height":11}},{"id":"6fed2294-77c5-4d61-8f24-cc9b69f6a1f6","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":45,"box":{"x":69,"y":605,"width":335,"height":11}},{"id":"b8b0e5e8-b927-4022-93f6-c4d551cbcae3","block_type":"box","text":"Justin Christofel, CFA, and Alex Shingler, CFA, are the por tfolio managers and are jointly and primarily","page_number":45,"box":{"x":101,"y":628,"width":722,"height":11}},{"id":"df680084-e0fd-4759-956b-b26fad99b707","block_type":"box","text":"responsible for the day-to-day management of the Por tfolio.","page_number":45,"box":{"x":69,"y":643,"width":421,"height":11}},{"id":"62785ff7-588c-4d09-b1e2-a9a576a6fd30","block_type":"box","text":"Other Funds and Accounts Managed","page_number":45,"box":{"x":70,"y":673,"width":265,"height":11}},{"id":"b5a36693-5465-49ee-91f2-2c4591860db9","block_type":"box","text":"The following table sets for th information about funds and accounts other than the Por tfolio for which the","page_number":45,"box":{"x":101,"y":696,"width":752,"height":11}},{"id":"95c6714b-ed98-4f1c-8756-f3d8aa2adf4b","block_type":"box","text":"Por tfolio’s por tfolio managers are primarily responsible for the day-to-day por tfolio management as of July 31, 2025.","page_number":45,"box":{"x":69,"y":711,"width":831,"height":11}},{"id":"0ede2dc3-31eb-47c2-b843-372e425a5aac","block_type":"box","text":"Number of Other Accounts Managed","page_number":45,"box":{"x":370,"y":739,"width":211,"height":9}},{"id":"691021cd-cb67-47aa-bb6d-317c930f8426","block_type":"box","text":"and Assets by Account Type","page_number":45,"box":{"x":393,"y":750,"width":164,"height":8}},{"id":"8d11d102-c4b3-4c10-bfd7-095c196700e3","block_type":"box","text":"Number of Other Accounts and Assets","page_number":45,"box":{"x":656,"y":739,"width":222,"height":8}},{"id":"3a8da13a-e406-416a-b5f6-34cce5c2cdc6","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":45,"box":{"x":634,"y":749,"width":265,"height":9}},{"id":"633fffad-428c-4924-8ea5-9cbc7be62844","block_type":"box","text":"Name of Portfolio Manager","page_number":45,"box":{"x":74,"y":792,"width":157,"height":9}},{"id":"4c515193-46e3-429e-b8fc-2d91c20bc9e0","block_type":"box","text":"Other","page_number":45,"box":{"x":361,"y":762,"width":31,"height":7}},{"id":"2f28683f-28f0-45ff-ab30-e3b0663408f8","block_type":"box","text":"Registered","page_number":45,"box":{"x":345,"y":772,"width":63,"height":9}},{"id":"51467b0d-9659-459b-a44f-9a0773f50bf4","block_type":"box","text":"Investment","page_number":45,"box":{"x":345,"y":782,"width":64,"height":7}},{"id":"cfa6bcc1-65c5-48ab-8932-ddd0b5e787d2","block_type":"box","text":"Companies","page_number":45,"box":{"x":345,"y":792,"width":63,"height":9}},{"id":"c9c8619a-790c-4f7e-ab14-c5c40a655b41","block_type":"box","text":"Other Pooled","page_number":45,"box":{"x":440,"y":772,"width":75,"height":7}},{"id":"de711ca9-28d8-464f-86fd-6840295cbbe4","block_type":"box","text":"Investment","page_number":45,"box":{"x":446,"y":782,"width":64,"height":7}},{"id":"9002eb58-102e-4691-9b71-4451badc9edb","block_type":"box","text":"Vehicles","page_number":45,"box":{"x":453,"y":792,"width":48,"height":7}},{"id":"3ecd4eab-c316-4790-90e8-642e957a4ba6","block_type":"box","text":"Other","page_number":45,"box":{"x":561,"y":782,"width":31,"height":7}},{"id":"3d23bf5b-b893-40fd-a5c5-cf623becde3b","block_type":"box","text":"Accounts","page_number":45,"box":{"x":549,"y":792,"width":54,"height":7}},{"id":"2728a0f6-afa5-4b6e-b6ca-a8717af2be24","block_type":"box","text":"Other","page_number":45,"box":{"x":656,"y":762,"width":32,"height":7}},{"id":"bfed11cb-f6b8-4d49-94c7-21c696c42717","block_type":"box","text":"Registered","page_number":45,"box":{"x":641,"y":772,"width":62,"height":9}},{"id":"554daadc-4972-4e68-bfb3-f587f4d7d9b8","block_type":"box","text":"Investment","page_number":45,"box":{"x":640,"y":782,"width":64,"height":7}},{"id":"f135172e-d407-41a4-a3fd-44d9f876deb2","block_type":"box","text":"Companies","page_number":45,"box":{"x":640,"y":792,"width":64,"height":9}},{"id":"b7a3bea9-304e-4b8f-9158-f0981f497dea","block_type":"box","text":"Other Pooled","page_number":45,"box":{"x":735,"y":772,"width":74,"height":7}},{"id":"8358d143-ba86-443e-be4f-417773f94058","block_type":"box","text":"Investment","page_number":45,"box":{"x":740,"y":782,"width":64,"height":7}},{"id":"4b3b9a02-c6a6-4d39-8873-81f0c2e14f4e","block_type":"box","text":"Vehicles","page_number":45,"box":{"x":748,"y":792,"width":48,"height":7}},{"id":"e5312aa7-524b-4694-8f59-540d32e46b0a","block_type":"box","text":"Other","page_number":45,"box":{"x":852,"y":782,"width":31,"height":7}},{"id":"a60a4cc9-38a0-4e10-93c7-c124038e9243","block_type":"box","text":"Accounts","page_number":45,"box":{"x":840,"y":792,"width":54,"height":7}},{"id":"b33cde95-ca7e-4cab-bff7-a5b516c55851","block_type":"box","text":"Justin Christofel, CFA 3 15 1 0 0 0","page_number":45,"box":{"x":73,"y":806,"width":798,"height":8}},{"id":"300bbb3b-305d-4ba0-b744-3a8a725aa52d","block_type":"box","text":"$11.21 Billion $14.13 Billion $7.54 Million $0 $0 $0","page_number":45,"box":{"x":336,"y":818,"width":538,"height":9}},{"id":"d7fa1939-d081-479f-9d40-b3fec97a3983","block_type":"box","text":"Alex Shingler, CFA 3 10 0 0 0 0","page_number":45,"box":{"x":73,"y":831,"width":798,"height":9}},{"id":"a7badab9-aaa2-45d1-a3dd-93fb76c5819d","block_type":"box","text":"$11.21 Billion $7.39 Billion $0 $0 $0 $0","page_number":45,"box":{"x":336,"y":843,"width":538,"height":9}},{"id":"2372da70-b506-46c1-b875-63b8f5a92992","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":45,"box":{"x":69,"y":878,"width":304,"height":11}},{"id":"aa121d50-d458-4af0-a62b-29b141d7f80d","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of July 31, 2025.","page_number":45,"box":{"x":101,"y":901,"width":653,"height":11}},{"id":"4708ff05-cea2-4fb1-aaa9-e9339cb4b554","block_type":"box","text":"I-20","page_number":45,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"9aac608e-ed3a-4f73-b9fa-e4dbc7187e79","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cae260b0-d422-4eb8-9181-a40cf5def327","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":46,"box":{"x":102,"y":45,"width":774,"height":11}},{"id":"d6b2653e-bf3f-4cb6-a608-658f2c78539b","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":46,"box":{"x":70,"y":60,"width":837,"height":11}},{"id":"22b08e7f-886c-41d6-b155-5018b14cd838","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":46,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"3c9c148a-f487-4cf8-8612-403ce187348e","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":46,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"6706a54d-afb8-4682-b80c-43bf63cc2d9c","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":46,"box":{"x":70,"y":105,"width":670,"height":11}},{"id":"0dce2cfb-9cef-42db-9610-c4e84f5c9b27","block_type":"box","text":"Base Compensation.","page_number":46,"box":{"x":102,"y":128,"width":148,"height":11}},{"id":"a93764ed-ef94-45bb-aae8-2685bad20ecc","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":46,"box":{"x":257,"y":128,"width":640,"height":11}},{"id":"c2c39555-e6a4-4c4e-a559-8f9fb09e2564","block_type":"box","text":"firm.","page_number":46,"box":{"x":68,"y":143,"width":32,"height":9}},{"id":"bb532a21-4be5-440e-bbfd-19090d796336","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":46,"box":{"x":102,"y":166,"width":281,"height":11}},{"id":"07478954-064c-4063-a0d9-dc17b79b37ca","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":46,"box":{"x":391,"y":166,"width":432,"height":11}},{"id":"828c386a-fc01-4c98-af0d-5729301b8422","block_type":"box","text":"components: the per formance of BlackRock, Inc., the per formance of the por tfolio manager’s group within","page_number":46,"box":{"x":69,"y":181,"width":759,"height":11}},{"id":"7ec6892b-412e-4543-8261-67f5ccd58872","block_type":"box","text":"BlackRock, the investment per formance, including risk-adjusted returns, of the firm’s assets under management or","page_number":46,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"f825134e-1891-4b10-9605-ff44990d7852","block_type":"box","text":"supervision by that por tfolio manager, and the individual’s per formance and contribution to the overall per formance","page_number":46,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"3d0f459b-fba3-4549-9a0b-6c81a8f9061f","block_type":"box","text":"of these por tfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":46,"box":{"x":69,"y":226,"width":805,"height":11}},{"id":"71ab6934-be68-4a4b-9dc2-75545d9e73f8","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Por tfolio and","page_number":46,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"45ce22bf-9ad4-4ad6-ad48-1ce649f93d0c","block_type":"box","text":"other accounts managed by each por tfolio manager. Per formance of multi-asset class funds is generally measured","page_number":46,"box":{"x":69,"y":256,"width":818,"height":12}},{"id":"d8624e63-c8d5-437b-9e5a-7cb063b6f26e","block_type":"box","text":"on a pre-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. The per formance of","page_number":46,"box":{"x":69,"y":271,"width":818,"height":12}},{"id":"fe99b40e-6967-4541-8650-b0c5f5431526","block_type":"box","text":"Messers. Christofel and Shingler is not measured against a specific benchmark.","page_number":46,"box":{"x":70,"y":286,"width":570,"height":12}},{"id":"2d4cbb56-67ff-4aea-b93e-3e0be4158cf9","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":46,"box":{"x":102,"y":309,"width":389,"height":11}},{"id":"f38a8faf-8613-405c-a216-fb6237d18d76","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":46,"box":{"x":499,"y":309,"width":383,"height":11}},{"id":"e55dd4d2-c3f0-414c-8b7c-ad79ad8ab944","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":46,"box":{"x":70,"y":324,"width":815,"height":12}},{"id":"ff595825-eaaf-4228-b244-863b6b4e0d63","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":46,"box":{"x":68,"y":339,"width":522,"height":12}},{"id":"98762582-19ad-4ba1-a129-1eed2caca490","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":46,"box":{"x":102,"y":362,"width":760,"height":11}},{"id":"6af9d544-f167-4a2b-ae5f-ab6c853b4fb8","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":46,"box":{"x":69,"y":377,"width":795,"height":12}},{"id":"377b3c76-164a-4c42-8a2f-0922099e731c","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":46,"box":{"x":69,"y":392,"width":805,"height":12}},{"id":"e0f1ec20-60f7-4137-ad54-c1b943b86508","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a por tfolio manager for a","page_number":46,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"a2eee638-a744-45e7-97d6-29cbfc619f9d","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its per formance over future periods. In some","page_number":46,"box":{"x":68,"y":423,"width":839,"height":11}},{"id":"200a27c9-1e22-4a59-bda4-d32e25c9f89d","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to cer tain key employees as par t of a long-term","page_number":46,"box":{"x":69,"y":438,"width":802,"height":11}},{"id":"c4745013-50c2-40c2-b2d5-3f6a06d4f6af","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":46,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"9f9768cc-9fad-4c02-9e19-f0b0bf0f9867","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":46,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"26649a6d-2c9a-4663-83ef-7689785efdcd","block_type":"box","text":"pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The por tfolio","page_number":46,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"eefd5474-f2a0-42b4-8893-c30e2f613317","block_type":"box","text":"managers of this Por tfolio have deferred BlackRock, Inc. stock awards.","page_number":46,"box":{"x":69,"y":498,"width":505,"height":11}},{"id":"de24349b-f577-4f81-8d64-8513933f4226","block_type":"box","text":"For cer tain por tfolio managers, a por tion of the discretionary incentive compensation is also distributed in the","page_number":46,"box":{"x":102,"y":521,"width":785,"height":11}},{"id":"f86e2722-1b9d-4ec4-99f7-b0c879b5fb6e","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":46,"box":{"x":68,"y":536,"width":836,"height":11}},{"id":"00fdebc6-1ce5-4cad-a7e2-88407b9f8c52","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":46,"box":{"x":68,"y":551,"width":821,"height":11}},{"id":"77bb1ad1-f43d-4321-a5e8-c3c74e9d503d","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":46,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"1cf031b4-7984-4849-94d5-e3ba2863b8cc","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":46,"box":{"x":70,"y":581,"width":835,"height":12}},{"id":"03af7ca5-0991-4d4b-96bd-c91b0f16fb16","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":46,"box":{"x":69,"y":596,"width":414,"height":12}},{"id":"e61b40d5-12d7-4a0a-8e0a-136d03b29c7a","block_type":"box","text":"Other Compensation Benefits.","page_number":46,"box":{"x":101,"y":619,"width":218,"height":11}},{"id":"7b20df19-15a5-4dea-bb60-b794d6ee15c7","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":46,"box":{"x":327,"y":619,"width":552,"height":11}},{"id":"249f2e20-acfa-4017-b5c3-1720b89aeefb","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":46,"box":{"x":69,"y":634,"width":582,"height":12}},{"id":"5a8a9f4b-9990-4aee-b2bc-94bf76bc34da","block_type":"box","text":"Incentive Savings Plans","page_number":46,"box":{"x":102,"y":657,"width":167,"height":11}},{"id":"5bc95008-4c5b-4371-91ce-6d00c1120f31","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":46,"box":{"x":274,"y":657,"width":614,"height":11}},{"id":"1c224ce5-9fb5-4085-9fc5-19be0fbac1a9","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":46,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"0c73a514-65e9-439c-a318-d7b0594f9b43","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":46,"box":{"x":70,"y":687,"width":785,"height":11}},{"id":"18def0ec-c88d-4435-83b4-b13a369dbddc","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":46,"box":{"x":69,"y":702,"width":830,"height":12}},{"id":"3f029164-7f1b-421f-9169-69f8986f31d8","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":46,"box":{"x":69,"y":717,"width":799,"height":12}},{"id":"57b66ca6-c6b4-4a5b-878a-864e65b06344","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":46,"box":{"x":69,"y":732,"width":831,"height":12}},{"id":"b4264f51-219c-4be7-b8f4-c0e1cf3c029e","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":46,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"36f1c578-b2b5-4e94-aae1-4c58037898f2","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":46,"box":{"x":70,"y":763,"width":809,"height":11}},{"id":"ccca13d7-5463-4f1e-8329-1de8ba069927","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":46,"box":{"x":68,"y":778,"width":793,"height":11}},{"id":"fe8370f6-0bbf-44c1-b533-60fab5d515a6","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":46,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"953418cc-9b76-4b23-a60e-b389d45408d0","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":46,"box":{"x":68,"y":808,"width":805,"height":11}},{"id":"c0f8f8e0-353b-407e-9f39-cd6c7fc4da64","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":46,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"74dea329-e6fc-444c-b62c-4846a05d9a13","block_type":"box","text":"par ticipate in these plans.","page_number":46,"box":{"x":70,"y":839,"width":185,"height":10}},{"id":"c546a7bd-e84c-4606-aefe-1add6c7869ef","block_type":"box","text":"I-21","page_number":46,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"edae4bf5-b9ea-4f07-8dfd-54ede0249eab","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4233ece0-caef-444a-add2-8535a1fec54a","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":47,"box":{"x":69,"y":45,"width":268,"height":11}},{"id":"716eb7d7-3d3e-45a7-abe0-12363a320ef5","block_type":"box","text":"As of July 31, 2025, the Por tfolio’s most recently completed fiscal year end, the dollar range of securities","page_number":47,"box":{"x":101,"y":67,"width":754,"height":12}},{"id":"21e5acf7-1410-4177-9a8c-3f5cb7728b73","block_type":"box","text":"beneficially owned by the por tfolio managers in the Por tfolio is shown below:","page_number":47,"box":{"x":69,"y":82,"width":545,"height":12}},{"id":"97202898-b00a-4099-989b-dde5c077e83d","block_type":"box","text":"Portfolio Manager","page_number":47,"box":{"x":69,"y":121,"width":105,"height":9}},{"id":"f2eff39d-6cd6-4ac7-879f-7343d5738634","block_type":"box","text":"Dollar Range of Equity","page_number":47,"box":{"x":757,"y":111,"width":129,"height":9}},{"id":"5d84addb-3618-4fc1-8f44-5a104fdf7195","block_type":"box","text":"Securities Beneficially Owned","page_number":47,"box":{"x":732,"y":121,"width":173,"height":9}},{"id":"95bb55d5-e89b-4555-b781-67b2370cf36a","block_type":"box","text":"1","page_number":47,"box":{"x":906,"y":121,"width":4,"height":3}},{"id":"463c63ce-f2e4-4252-84e7-c43e5c2114e4","block_type":"box","text":"Justin Christofel, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":47,"box":{"x":69,"y":138,"width":632,"height":11}},{"id":"af17143a-55d7-40ea-a639-647521045d3e","block_type":"box","text":"$100,001-$500,000","page_number":47,"box":{"x":747,"y":138,"width":148,"height":11}},{"id":"c739a0bb-0e3f-4f4c-b842-61d1eb8d204e","block_type":"box","text":"Alex Shingler, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":47,"box":{"x":68,"y":154,"width":633,"height":11}},{"id":"67a29db0-95da-4090-a251-1233d5f08263","block_type":"box","text":"$100,001-$500,000","page_number":47,"box":{"x":747,"y":153,"width":148,"height":11}},{"id":"726b448f-9683-4397-968d-464dedc7a7b1","block_type":"box","text":"1","page_number":47,"box":{"x":69,"y":178,"width":3,"height":4}},{"id":"7e437d38-99ca-46b2-bb79-3aaba2121248","block_type":"box","text":"Includes securities attributable to the por tfolio manager’s par ticipation in cer tain deferred compensation and retirement programs.","page_number":47,"box":{"x":94,"y":178,"width":746,"height":9}},{"id":"06c39120-2b73-4cee-90f0-933d6c0f8021","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":47,"box":{"x":69,"y":206,"width":403,"height":12}},{"id":"6ba3f25f-de51-43d9-a450-77b14d8a2400","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":47,"box":{"x":102,"y":229,"width":727,"height":11}},{"id":"813da0c8-c0df-4965-9f6d-09d58dce5af1","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":47,"box":{"x":70,"y":244,"width":814,"height":12}},{"id":"93a8f294-3a94-4b39-bf79-1b7490214de0","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":47,"box":{"x":70,"y":259,"width":837,"height":11}},{"id":"fc90e488-4164-4024-9fbb-9b177c14b64a","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":47,"box":{"x":70,"y":275,"width":810,"height":11}},{"id":"645f69ab-ad79-495e-9cdf-9c00ef6765d8","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":47,"box":{"x":69,"y":290,"width":782,"height":11}},{"id":"20a595c8-545d-4366-ae1c-ee5ef2147689","block_type":"box","text":"management and advisory services to numerous clients in addition to the Por tfolio, and BlackRock may, consistent","page_number":47,"box":{"x":69,"y":305,"width":823,"height":11}},{"id":"571dafc7-6735-4c0c-aeeb-33f9a82e5fa1","block_type":"box","text":"with applicable law, make investment recommendations to other clients or accounts (including accounts which are","page_number":47,"box":{"x":68,"y":320,"width":814,"height":11}},{"id":"aa642ded-39f6-4dfe-9032-cd09319cf3f6","block_type":"box","text":"hedge funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal","page_number":47,"box":{"x":69,"y":335,"width":821,"height":11}},{"id":"ea3001b5-d98c-48fb-b9e3-57719954ae31","block_type":"box","text":"interest in the receipt of such fees), which may be the same as or different from those made to the Por tfolio. In","page_number":47,"box":{"x":70,"y":350,"width":796,"height":11}},{"id":"f8edea7b-e80f-4e70-970b-bb6eb1ad66b7","block_type":"box","text":"addition, BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may","page_number":47,"box":{"x":69,"y":365,"width":836,"height":12}},{"id":"a31f5b3c-c3c1-497d-8118-cd935fb85bb5","block_type":"box","text":"or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Por tfolio.","page_number":47,"box":{"x":69,"y":380,"width":794,"height":12}},{"id":"50e1ef2d-2d8f-47be-9d67-9b2ba0b59e56","block_type":"box","text":"BlackRock, or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any","page_number":47,"box":{"x":70,"y":395,"width":814,"height":12}},{"id":"52f2a8f1-eecd-46fe-a1d3-5d2a3380e0c6","block_type":"box","text":"member of their families may take different actions than those recommended to the Por tfolio by BlackRock with","page_number":47,"box":{"x":69,"y":411,"width":798,"height":11}},{"id":"6498ad19-5554-4881-aea8-413d60fd3204","block_type":"box","text":"respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning","page_number":47,"box":{"x":69,"y":426,"width":816,"height":11}},{"id":"9b8e9f46-ec28-4ed1-bc7f-eeb23fbdd0c2","block_type":"box","text":"securities of companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors","page_number":47,"box":{"x":69,"y":441,"width":827,"height":11}},{"id":"13a2586a-99a9-4b07-98a1-4d045cc363cd","block_type":"box","text":"or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant","page_number":47,"box":{"x":69,"y":456,"width":792,"height":11}},{"id":"38d0fdda-0a0b-469f-9b97-18435effc00e","block_type":"box","text":"shareholders or the officers, directors and employees of any of them has any substantial economic interest or","page_number":47,"box":{"x":69,"y":471,"width":787,"height":11}},{"id":"b406299e-2e50-4926-a3a0-a3be9aa2497e","block_type":"box","text":"possesses material non-public information. Cer tain por tfolio managers also may manage accounts whose investment","page_number":47,"box":{"x":70,"y":486,"width":838,"height":11}},{"id":"83d2c9f1-0061-4bcf-ac7d-d323d6daaa1e","block_type":"box","text":"strategies may at times be opposed to the strategy utilized for the Por tfolio. It should also be noted that a por tfolio","page_number":47,"box":{"x":69,"y":501,"width":821,"height":12}},{"id":"8b0e0daf-3b68-401b-bcf0-98f478a7f8ae","block_type":"box","text":"manager may be managing hedge fund and/or long only accounts, or may be par t of a team managing hedge fund","page_number":47,"box":{"x":69,"y":516,"width":812,"height":12}},{"id":"95345e11-13e4-4402-add0-7626c8e8a7b6","block_type":"box","text":"and/or long only accounts, subject to incentive fees. Such por tfolio managers may therefore be entitled to receive a","page_number":47,"box":{"x":69,"y":532,"width":827,"height":11}},{"id":"d20f2095-59e0-43a5-ad59-d28e56e18bef","block_type":"box","text":"por tion of any incentive fees earned on such accounts. Currently, the por tfolio managers of this Por tfolio are not","page_number":47,"box":{"x":70,"y":547,"width":802,"height":11}},{"id":"b399bd6c-16b3-4cbf-a780-fbc54694f89b","block_type":"box","text":"entitled to receive a por tion of incentive fees of other accounts.","page_number":47,"box":{"x":69,"y":562,"width":453,"height":11}},{"id":"52e36874-8d13-409c-8068-6c0c18938865","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":47,"box":{"x":101,"y":584,"width":788,"height":12}},{"id":"9473557d-4a74-44f9-af6d-57ec147c27d2","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":47,"box":{"x":70,"y":600,"width":839,"height":11}},{"id":"bedd0697-02c3-460d-9a47-a8a8ce6c656d","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":47,"box":{"x":68,"y":615,"width":823,"height":11}},{"id":"0bea1ee5-2613-4507-80e6-5a87e7b8fd69","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":47,"box":{"x":68,"y":630,"width":812,"height":11}},{"id":"b870eebc-3484-4652-89a9-e88198ab52fc","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":47,"box":{"x":69,"y":645,"width":777,"height":11}},{"id":"79a3bc0d-9cad-40a3-9a18-b3dcf65003dd","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":47,"box":{"x":70,"y":660,"width":826,"height":11}},{"id":"0b2e06a9-6f10-4b79-aec7-f80bb99433ae","block_type":"box","text":"Accounting Services","page_number":47,"box":{"x":68,"y":690,"width":150,"height":11}},{"id":"82560da5-c61d-47be-997e-47735c43f564","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”), which has its principal offices at 383 Madison Avenue, New York, New York","page_number":47,"box":{"x":101,"y":713,"width":804,"height":11}},{"id":"37141342-72c7-4309-8d08-d739b297eff8","block_type":"box","text":"10179, serves as the accounting services provider for the Por tfolio. JPM records investment, capital share and","page_number":47,"box":{"x":70,"y":728,"width":794,"height":11}},{"id":"7f8498cb-c0f4-4905-8d15-5bee46e1eb47","block_type":"box","text":"income and expense activities; verifies and transmits trade tickets; maintains accounting ledgers for investment","page_number":47,"box":{"x":70,"y":743,"width":799,"height":12}},{"id":"e1634af3-e128-462b-b9bc-c6f8ed52de25","block_type":"box","text":"securities; maintains tax lots; reconciles cash with the Por tfolio’s custodian; repor ts cash balances to BlackRock;","page_number":47,"box":{"x":69,"y":758,"width":812,"height":11}},{"id":"74017549-9e9c-4073-ab08-da9170717743","block_type":"box","text":"prepares cer tain financial statements; calculates expenses, gains, losses and income; controls disbursements;","page_number":47,"box":{"x":70,"y":773,"width":796,"height":12}},{"id":"7f15a93d-fc79-4cad-ab41-73edc3133dd6","block_type":"box","text":"works with independent pricing sources; and computes and repor ts net asset value. In connection with its accounting","page_number":47,"box":{"x":68,"y":789,"width":839,"height":11}},{"id":"b0b09657-68d2-4f4c-9638-eee8944f33b3","block_type":"box","text":"services, JPM also provides cer tain administration services.","page_number":47,"box":{"x":69,"y":804,"width":429,"height":11}},{"id":"2594b943-b3b9-496e-8def-bac7feca01b0","block_type":"box","text":"I-22","page_number":47,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"f1f3c4df-f98a-44a3-af30-3bcdbbfbea9e","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"77427b0d-5bdf-4885-a78c-2dd38595142d","block_type":"box","text":"The table below shows the amounts paid by the Trust, on behalf of the Por tfolio, to JPM for accounting services","page_number":48,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"98c02ed0-95b0-4884-a2fb-1767d5d9faf1","block_type":"box","text":"for the past three fiscal years:","page_number":48,"box":{"x":68,"y":60,"width":214,"height":11}},{"id":"e546aa92-4cd2-4f00-bd5b-e4de988c594c","block_type":"box","text":"Fees Paid","page_number":48,"box":{"x":845,"y":88,"width":56,"height":7}},{"id":"19870d2f-3ffb-4c7d-89d2-54398701c3e4","block_type":"box","text":"to JPM","page_number":48,"box":{"x":853,"y":98,"width":39,"height":7}},{"id":"c3223632-7222-402f-b609-3df0e9313990","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":116,"width":442,"height":11}},{"id":"ce3abf2d-71b8-48de-ac22-3b521d9db6b7","block_type":"box","text":"....................................","page_number":48,"box":{"x":518,"y":123,"width":287,"height":2}},{"id":"eca44f8d-050a-4f63-b8e0-82f65c0cad19","block_type":"box","text":"$465,324","page_number":48,"box":{"x":837,"y":115,"width":72,"height":11}},{"id":"51880a61-3721-4eb7-86aa-f48a26cf9272","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":131,"width":442,"height":11}},{"id":"b315ee8f-f3fa-4ecf-8c31-c8c578b01de6","block_type":"box","text":"....................................","page_number":48,"box":{"x":518,"y":138,"width":287,"height":2}},{"id":"105c3c55-876e-489a-b882-8a228fb7d354","block_type":"box","text":"$502,726","page_number":48,"box":{"x":837,"y":130,"width":72,"height":11}},{"id":"34d70cf1-adc1-403c-9bc0-a9914b418801","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":48,"box":{"x":70,"y":146,"width":442,"height":11}},{"id":"5917ed33-33d2-4a35-9c43-b4955170fc4b","block_type":"box","text":"....................................","page_number":48,"box":{"x":518,"y":154,"width":287,"height":1}},{"id":"872d5ddd-272e-4b1d-b247-d8eb58b69610","block_type":"box","text":"$522,549","page_number":48,"box":{"x":837,"y":145,"width":72,"height":12}},{"id":"42960b56-8a06-4a39-b64e-263a6b697734","block_type":"box","text":"Custodian","page_number":48,"box":{"x":69,"y":178,"width":72,"height":9}},{"id":"5416fce3-3359-4abd-8296-f6f268533a71","block_type":"box","text":"JPM serves as the custodian for the Por tfolio. Among other responsibilities, JPM maintains a custody account or","page_number":48,"box":{"x":101,"y":200,"width":803,"height":12}},{"id":"53b9b462-6ada-4829-969a-cfc9f8b71a56","block_type":"box","text":"accounts in the name of the Por tfolio, receives and delivers all assets for the Por tfolio upon purchase and upon sale","page_number":48,"box":{"x":69,"y":215,"width":833,"height":11}},{"id":"e75c6733-1cc5-4817-bda2-94f78ff4555b","block_type":"box","text":"or maturity, and collects and receives all income and other payments and distributions on account of the assets of","page_number":48,"box":{"x":69,"y":230,"width":817,"height":12}},{"id":"e8b217fb-c844-402b-b2ec-c4ea9d1cf1aa","block_type":"box","text":"the Por tfolio.","page_number":48,"box":{"x":68,"y":246,"width":92,"height":9}},{"id":"2bfb7670-83da-471c-9632-50fd8053202e","block_type":"box","text":"Transfer Agent","page_number":48,"box":{"x":68,"y":276,"width":107,"height":11}},{"id":"a20f21c8-a1f3-4f31-b330-a0aa7d552b08","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) , which has its principal place of business at 301","page_number":48,"box":{"x":102,"y":298,"width":770,"height":12}},{"id":"00d69c3b-2fbb-474c-81bc-2eed03e1a7bd","block_type":"box","text":"Bellevue Parkway, Wilmington, Delaware 19809, serves as the transfer agent and dividend disbursement agent for","page_number":48,"box":{"x":70,"y":314,"width":817,"height":11}},{"id":"abffc4c2-1d77-46bc-babb-dc3214b10210","block_type":"box","text":"the Por tfolio.","page_number":48,"box":{"x":68,"y":329,"width":92,"height":9}},{"id":"22d88086-ea6a-4294-a137-4cc72e96a2e9","block_type":"box","text":"Credit Agreement","page_number":48,"box":{"x":69,"y":359,"width":129,"height":11}},{"id":"2f0e15de-4eae-40b5-830a-d0f1018f8957","block_type":"box","text":"The Trust, on behalf of the Por tfolio, along with cer tain other funds managed by the Manager and its affiliates","page_number":48,"box":{"x":101,"y":382,"width":783,"height":11}},{"id":"8a5a9599-54ec-41f3-bd9a-6490fece731c","block_type":"box","text":"(“Par ticipating Funds”), is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":48,"box":{"x":69,"y":396,"width":817,"height":12}},{"id":"bf758444-398c-407d-8a84-cda6808da844","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":48,"box":{"x":68,"y":412,"width":743,"height":11}},{"id":"4e52498a-448e-43ae-a8f0-84a2bccf9e35","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Por tfolio, can borrow","page_number":48,"box":{"x":69,"y":427,"width":828,"height":11}},{"id":"af779e7d-8b2d-4536-9a0f-415b601ca58f","block_type":"box","text":"up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":48,"box":{"x":69,"y":441,"width":840,"height":12}},{"id":"79a055e3-0d2a-4ec3-9be2-552fd1381605","block_type":"box","text":"limitations as specified in the Credit Agreement. The Por tfolio may borrow under the Credit Agreement to meet","page_number":48,"box":{"x":70,"y":457,"width":787,"height":12}},{"id":"45002742-c167-4218-b081-d6d486f3800b","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Por tfolio may not borrow under the Credit","page_number":48,"box":{"x":69,"y":472,"width":794,"height":12}},{"id":"cfa71082-21f1-4c32-bc38-6b7f2752bc4d","block_type":"box","text":"Agreement for leverage. The Por tfolio may borrow up to the maximum amount allowable under the Por tfolio’s current","page_number":48,"box":{"x":68,"y":487,"width":833,"height":12}},{"id":"c4040324-4b85-4194-81e7-593f2f3a7ad0","block_type":"box","text":"Prospectuses and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest","page_number":48,"box":{"x":69,"y":503,"width":812,"height":11}},{"id":"5c4358ce-2c6c-4182-9e30-6d0e6a70943b","block_type":"box","text":"expense and other fees and expenses for the Por tfolio which may impact the Por tfolio’s net expenses. The costs of","page_number":48,"box":{"x":69,"y":518,"width":826,"height":11}},{"id":"90c3f856-45c8-4b6b-a512-e0c14e141cf8","block_type":"box","text":"borrowing may reduce the Por tfolio’s return. The Por tfolio is charged its pro rata share of upfront fees and","page_number":48,"box":{"x":69,"y":533,"width":758,"height":11}},{"id":"35353e2e-462b-432a-879b-004798f1ca32","block_type":"box","text":"commitment fees on the aggregate commitment amount based on its net assets. If the Por tfolio borrows pursuant to","page_number":48,"box":{"x":69,"y":548,"width":835,"height":11}},{"id":"7ea3465f-bad2-413c-b68c-24e13bc3f6df","block_type":"box","text":"the Credit Agreement, the Por tfolio will be charged interest at a variable rate.","page_number":48,"box":{"x":68,"y":563,"width":550,"height":11}},{"id":"692c39eb-8fd6-40c8-aa48-3d79b9371902","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":48,"box":{"x":68,"y":593,"width":491,"height":11}},{"id":"3837e658-e4c8-47b7-a5a7-510562a9aec8","block_type":"box","text":"Distribution Agreement and Distribution and Service Plan","page_number":48,"box":{"x":102,"y":616,"width":416,"height":11}},{"id":"d40abef0-65fb-4bcf-a268-48e15de46f59","block_type":"box","text":". The Trust has entered into a distribution agreement","page_number":48,"box":{"x":521,"y":616,"width":376,"height":11}},{"id":"f30fd976-f5e2-4940-8300-8284768fca56","block_type":"box","text":"with BlackRock Investments, LLC (“BRIL” or the “Distributor”) under which BRIL, as agent, offers shares of the","page_number":48,"box":{"x":68,"y":631,"width":790,"height":11}},{"id":"093a9b59-b61d-434f-90ab-fa8817507856","block_type":"box","text":"Por tfolio on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is not","page_number":48,"box":{"x":69,"y":646,"width":839,"height":11}},{"id":"379ed0c9-2496-4b50-89e5-78f8713ca05d","block_type":"box","text":"obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New York,","page_number":48,"box":{"x":69,"y":661,"width":822,"height":12}},{"id":"8bea99a4-702c-408c-b535-c2ded3cc81a4","block_type":"box","text":"NY 10001. BRIL is an affiliate of BlackRock.","page_number":48,"box":{"x":70,"y":676,"width":314,"height":9}},{"id":"ec49fb77-05c4-4bd5-afa0-c8bdd9465dc0","block_type":"box","text":"The Trust may also pay shareholder servicing fees (also referred to as general shareholder liaison services fees)","page_number":48,"box":{"x":101,"y":699,"width":805,"height":11}},{"id":"47fca92d-da8d-4e5d-b306-2a3f344f4352","block_type":"box","text":"to affiliated and unaffiliated brokers, dealers, financial institutions, insurance companies, retirement plan record","page_number":48,"box":{"x":68,"y":714,"width":808,"height":11}},{"id":"7f2cbd8c-f1ab-40c9-af91-b763617b959d","block_type":"box","text":"keepers and other financial intermediaries (including BlackRock, BRIL and their affiliates) (collectively, “Service","page_number":48,"box":{"x":69,"y":729,"width":791,"height":12}},{"id":"ecd4adc6-dbfb-494c-b14a-4f86c8245f88","block_type":"box","text":"Organizations”) for cer tain suppor t services rendered by Service Organizations to their customers who are the","page_number":48,"box":{"x":69,"y":744,"width":786,"height":12}},{"id":"556f8dff-72ec-4ce5-8d5a-8debae04c678","block_type":"box","text":"beneficial owners of Investor A and Investor C Shares of the Por tfolio.","page_number":48,"box":{"x":69,"y":760,"width":496,"height":9}},{"id":"02dbc26a-b07d-4f59-93a9-b312c1957be4","block_type":"box","text":"Set for th below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":48,"box":{"x":102,"y":782,"width":773,"height":12}},{"id":"be7fe903-ea81-45d4-893d-eb40708983f3","block_type":"box","text":"received by the Por tfolio, including the amounts paid to affiliates of BlackRock, for the periods indicated. BRIL, an","page_number":48,"box":{"x":69,"y":797,"width":811,"height":12}},{"id":"abcdd5d4-f6c7-460c-bdf2-a633c6674ac8","block_type":"box","text":"affiliate of BlackRock, acts as the Por tfolio’s sole distributor.","page_number":48,"box":{"x":69,"y":812,"width":434,"height":11}},{"id":"5d8f7c23-1bea-466f-aacb-85e73dff7376","block_type":"box","text":"I-23","page_number":48,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"89648062-f4f2-4612-a465-62b6eac0e68b","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"524c00d7-70b0-4457-99b8-8ff50f8d192f","block_type":"box","text":"Investor A Shares","page_number":49,"box":{"x":652,"y":49,"width":102,"height":7}},{"id":"e3dae996-1095-4794-96a9-a88e0bd7a281","block_type":"box","text":"Gross 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.","page_number":49,"box":{"x":70,"y":138,"width":257,"height":11}},{"id":"f1ded704-48ee-49d7-89b0-2479e43fc888","block_type":"box","text":".................","page_number":49,"box":{"x":333,"y":145,"width":132,"height":2}},{"id":"13416446-8037-4c29-a0a9-a9003378854f","block_type":"box","text":"$45,918 $2,992 $2,992 $17,222","page_number":49,"box":{"x":500,"y":137,"width":396,"height":11}},{"id":"1a7426fb-2bb9-48dc-85a8-942f8213964c","block_type":"box","text":"Fiscal Year Ended July 31, 2023. . . .","page_number":49,"box":{"x":70,"y":153,"width":257,"height":11}},{"id":"95254d67-676f-4cd8-b396-6a0e90c3a701","block_type":"box","text":".................","page_number":49,"box":{"x":333,"y":160,"width":132,"height":2}},{"id":"30c3c20c-6a7d-40be-a903-91e807d1d032","block_type":"box","text":"$76,353 $5,196 $5,196 $ 7,007","page_number":49,"box":{"x":500,"y":152,"width":396,"height":11}},{"id":"2a03f881-3d8e-456d-a0d1-c35e1092296c","block_type":"box","text":"Investor C Shares","page_number":49,"box":{"x":752,"y":183,"width":103,"height":7}},{"id":"a55440f5-c15f-48be-b715-dffe1f2504d0","block_type":"box","text":"CDSCs Received","page_number":49,"box":{"x":698,"y":198,"width":96,"height":7}},{"id":"75a1ad9e-9860-49cc-b9e1-873f1776cc22","block_type":"box","text":"BRIL","page_number":49,"box":{"x":733,"y":208,"width":27,"height":7}},{"id":"f43bc10c-3484-447d-81ee-65dd6bb3d24c","block_type":"box","text":"CDSCs Paid to","page_number":49,"box":{"x":824,"y":198,"width":85,"height":7}},{"id":"c6a55da7-69a3-4d45-8e54-5b9f98d6c273","block_type":"box","text":"Affiliates","page_number":49,"box":{"x":841,"y":208,"width":52,"height":7}},{"id":"5cbf034c-0c85-4b29-be1d-c457e4d44fee","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":49,"box":{"x":70,"y":226,"width":270,"height":11}},{"id":"ab88a7f1-df7c-4c84-8335-d346a91b44c1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 77 $ 77","page_number":49,"box":{"x":347,"y":225,"width":546,"height":11}},{"id":"4899dff3-dafe-480b-9027-4718cda21dcd","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":49,"box":{"x":70,"y":241,"width":270,"height":11}},{"id":"0554ebe4-f0ac-408e-ac0f-ca9046753b1c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,786 $1,786","page_number":49,"box":{"x":347,"y":241,"width":546,"height":11}},{"id":"c479c47c-fb0c-49bb-a735-b9efb53b147e","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":49,"box":{"x":70,"y":256,"width":270,"height":11}},{"id":"09252a76-e892-4d17-8000-c6970c8e8165","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,665 $1,665","page_number":49,"box":{"x":347,"y":256,"width":546,"height":11}},{"id":"260d3233-f1d0-48d9-8cd4-21179f3b3ac3","block_type":"box","text":"The table below provides information for the fiscal year ended July 31, 2025 about the 12b-1 fees the Por tfolio","page_number":49,"box":{"x":101,"y":280,"width":793,"height":11}},{"id":"fd5c1873-23f7-4c67-b5c8-d53b56657c36","block_type":"box","text":"paid to BRIL under the Trust’s 12b-1 plans. A por tion of the fees collected by BRIL were paid to affiliates for providing","page_number":49,"box":{"x":70,"y":295,"width":839,"height":12}},{"id":"73bfd5be-2bde-4383-89e0-c85162033464","block_type":"box","text":"shareholder servicing activities for Investor A Shares and for providing shareholder servicing and distribution-related","page_number":49,"box":{"x":69,"y":310,"width":826,"height":12}},{"id":"49d470c8-29f8-45b4-9e53-5583d43508fe","block_type":"box","text":"activities and services for Investor C Shares.","page_number":49,"box":{"x":69,"y":326,"width":318,"height":9}},{"id":"da9b14be-1158-4759-92b5-ebc50d3c26f4","block_type":"box","text":"Class Name","page_number":49,"box":{"x":69,"y":380,"width":68,"height":7}},{"id":"1da17b45-405a-49a0-90d3-39762c072739","block_type":"box","text":"Fees Paid","page_number":49,"box":{"x":845,"y":370,"width":56,"height":7}},{"id":"e192568f-f2d1-4fa0-ae25-30deef01d626","block_type":"box","text":"to BRIL","page_number":49,"box":{"x":851,"y":380,"width":44,"height":7}},{"id":"172b52ed-7c63-4136-8680-d2cceb4e5f79","block_type":"box","text":"Investor A Shares . .","page_number":49,"box":{"x":70,"y":398,"width":140,"height":8}},{"id":"854f6df6-544a-4046-a5b9-c687c1ad208e","block_type":"box","text":".........................................................................","page_number":49,"box":{"x":217,"y":405,"width":588,"height":1}},{"id":"7133b369-8dcb-4b33-8c82-5201042ff972","block_type":"box","text":"$289,286","page_number":49,"box":{"x":837,"y":397,"width":72,"height":11}},{"id":"010bd5e8-9da5-40c3-9565-92de9c7d8fb5","block_type":"box","text":"Investor C Shares","page_number":49,"box":{"x":70,"y":413,"width":125,"height":9}},{"id":"da5f9994-a46d-425d-a10b-9fde6f4931b0","block_type":"box","text":"...........................................................................","page_number":49,"box":{"x":200,"y":420,"width":605,"height":1}},{"id":"95ce153f-45e3-4379-ad2a-e2040fad8c84","block_type":"box","text":"$212,191","page_number":49,"box":{"x":837,"y":412,"width":72,"height":11}},{"id":"0791cba9-1432-486a-93bb-17c26247badf","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":49,"box":{"x":68,"y":444,"width":318,"height":11}},{"id":"8d9658f7-7595-4078-b979-4c1626f9b8af","block_type":"box","text":"An illustration of the computation of the public offering price of the Investor A Shares of the Por tfolio based on","page_number":49,"box":{"x":101,"y":467,"width":788,"height":11}},{"id":"e47990a3-a2bf-475a-ac8c-97c436c7bb3d","block_type":"box","text":"the value of the Por tfolio’s Investor A Shares’ net assets and the number of Investor A Shares outstanding on","page_number":49,"box":{"x":68,"y":482,"width":784,"height":11}},{"id":"602589ac-fb71-4a2f-b885-afc18a4dce19","block_type":"box","text":"July 31, 2025 is set for th below:","page_number":49,"box":{"x":69,"y":497,"width":232,"height":11}},{"id":"97c09521-d9ce-4f5d-9885-e25b9391e827","block_type":"box","text":"Investor A Shares","page_number":49,"box":{"x":805,"y":525,"width":102,"height":7}},{"id":"299c6b2f-33fe-4d8c-a8fc-9ea31d9598f1","block_type":"box","text":"Net Assets","page_number":49,"box":{"x":70,"y":543,"width":76,"height":9}},{"id":"26fe51b2-e149-49bc-b854-a8074ce365f0","block_type":"box","text":".............................................................................","page_number":49,"box":{"x":150,"y":550,"width":621,"height":2}},{"id":"7ec81724-9233-4bc5-bf76-63e22dc0cd54","block_type":"box","text":"$115,274,961","page_number":49,"box":{"x":803,"y":542,"width":106,"height":11}},{"id":"2c2f156c-5f15-4e84-9166-e22e0f6ee702","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":49,"box":{"x":70,"y":558,"width":245,"height":11}},{"id":"52d5c663-0033-4e7a-887e-97b2d63414ce","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,","page_number":49,"box":{"x":321,"y":558,"width":524,"height":11}},{"id":"876e265d-2c2d-4e29-83b6-ead9c116dc7f","block_type":"box","text":"123,761","page_number":49,"box":{"x":847,"y":558,"width":62,"height":11}},{"id":"bf8ea975-daed-4248-8d87-d0072297f9ae","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":49,"box":{"x":70,"y":573,"width":571,"height":11}},{"id":"ffa30da9-e179-4676-9e31-6d43ccb802cf","block_type":"box","text":". . . . . . . . . . . . . . . . $8.78","page_number":49,"box":{"x":647,"y":572,"width":262,"height":11}},{"id":"658eac3b-8a3d-4225-a3e1-6dd5cc274d8d","block_type":"box","text":"Sales Charge (5.25% of offering price; 5.54% of net asset value per share)","page_number":49,"box":{"x":69,"y":588,"width":534,"height":12}},{"id":"50ed7b78-aad7-4477-9df0-47b915ccfe70","block_type":"box","text":"1","page_number":49,"box":{"x":604,"y":589,"width":4,"height":4}},{"id":"5c7627ec-8378-47bb-8822-a663618e52d2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $0.49","page_number":49,"box":{"x":615,"y":588,"width":294,"height":10}},{"id":"ce239512-fc3a-4f90-9de4-155aa861f8a7","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9.27","page_number":49,"box":{"x":69,"y":607,"width":839,"height":12}},{"id":"3842d30f-b8c2-4655-86a6-7531dcf06044","block_type":"box","text":"1","page_number":49,"box":{"x":69,"y":640,"width":3,"height":3}},{"id":"7b474330-8b9e-4073-84ba-aef2c10b15ec","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":49,"box":{"x":94,"y":640,"width":541,"height":9}},{"id":"d82de8a4-f18e-4999-8b53-ee61a98b2ac8","block_type":"box","text":"The offering price for the Por tfolio’s other share classes is equal to the share class’ net asset value computed","page_number":49,"box":{"x":101,"y":661,"width":791,"height":11}},{"id":"8f9627c3-5d46-49f2-b427-91b594b7d621","block_type":"box","text":"as set for th above for Investor A Shares. Though not subject to a sales charge, cer tain share classes may be subject","page_number":49,"box":{"x":69,"y":676,"width":837,"height":11}},{"id":"654ce5dc-791e-4c4a-8a22-a38436a6e468","block_type":"box","text":"to a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":49,"box":{"x":68,"y":691,"width":833,"height":11}},{"id":"511030fd-a08e-446c-8874-becc23567a3c","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":49,"box":{"x":69,"y":706,"width":377,"height":11}},{"id":"1662cd2d-fae8-4acf-9b2f-2c1134a7a2b5","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":49,"box":{"x":68,"y":736,"width":302,"height":11}},{"id":"8cbe0198-6b14-4715-98fa-f213422423ad","block_type":"box","text":"See Par t II “Por tfolio Transactions and Brokerage” of this SAI for more information.","page_number":49,"box":{"x":102,"y":759,"width":591,"height":11}},{"id":"13974455-5696-43b5-a677-f652aea8eeaa","block_type":"box","text":"Information about the brokerage commissions paid by the Por tfolio, including commissions paid to Affiliates, for","page_number":49,"box":{"x":102,"y":782,"width":800,"height":11}},{"id":"aa4f4d1f-50bf-4530-a586-966de88a2291","block_type":"box","text":"the last three fiscal years is set for th in the following table:","page_number":49,"box":{"x":68,"y":797,"width":422,"height":11}},{"id":"f4c53792-8009-405f-b97b-2fe3388d92d9","block_type":"box","text":"Aggregate Brokerage","page_number":49,"box":{"x":613,"y":825,"width":125,"height":9}},{"id":"7e7a010d-d5e6-40b1-bc37-5480173afac4","block_type":"box","text":"Commissions Paid","page_number":49,"box":{"x":623,"y":835,"width":106,"height":7}},{"id":"0e6f5618-a698-46e0-b547-4e92216e8401","block_type":"box","text":"Brokerage Commissions","page_number":49,"box":{"x":769,"y":825,"width":140,"height":9}},{"id":"f9d78cb4-ca50-4abf-b846-707dd0adbd52","block_type":"box","text":"Paid to Affiliates","page_number":49,"box":{"x":791,"y":835,"width":96,"height":7}},{"id":"d4828452-79ac-4f95-ae9e-3b7dd26949f6","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":49,"box":{"x":70,"y":853,"width":268,"height":11}},{"id":"249a4024-5373-41b0-982e-5c23afc03ca5","block_type":"box","text":"..............................","page_number":49,"box":{"x":344,"y":860,"width":238,"height":2}},{"id":"aa803a83-bd16-4835-9be8-13de16de4a04","block_type":"box","text":"$428,449 $0","page_number":49,"box":{"x":640,"y":852,"width":208,"height":11}},{"id":"56c38ac8-8bf1-431f-8c74-59b3470e714b","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":49,"box":{"x":70,"y":868,"width":268,"height":11}},{"id":"ee658afb-565f-414a-b8e8-73fbeb20d3ce","block_type":"box","text":"..............................","page_number":49,"box":{"x":344,"y":875,"width":238,"height":2}},{"id":"e9942834-263e-4c7b-819c-e01689690012","block_type":"box","text":"$355,098 $0","page_number":49,"box":{"x":640,"y":867,"width":208,"height":11}},{"id":"f8c32b6c-8780-43b7-a0fa-c4ad17da4f04","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":49,"box":{"x":70,"y":883,"width":268,"height":11}},{"id":"bef2817f-49d8-468b-99c5-5ec891079fb0","block_type":"box","text":"..............................","page_number":49,"box":{"x":344,"y":891,"width":238,"height":1}},{"id":"f6ebdf58-a7c9-4fa1-9312-e6625cbaa55a","block_type":"box","text":"$232,359 $0","page_number":49,"box":{"x":640,"y":882,"width":208,"height":12}},{"id":"7b2e3495-f72a-4702-b015-9506df8d0225","block_type":"box","text":"I-24","page_number":49,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"fc28d5ff-1f9c-4b1e-ab81-8a311b569f07","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c7a0ff15-b3d2-4258-b6f8-1866a5644184","block_type":"box","text":"For the fiscal year ended July 31, 2025, the brokerage commissions paid to affiliates by the Por tfolio","page_number":50,"box":{"x":102,"y":45,"width":721,"height":11}},{"id":"a6a8ddd8-64a5-4ec9-9ec8-f056157a5fa5","block_type":"box","text":"represented 0.00% of the aggregate brokerage commissions paid and involved 0.00% of the dollar amount of","page_number":50,"box":{"x":69,"y":60,"width":780,"height":11}},{"id":"52236881-e1d6-4b99-a3d3-db0fb2ef9141","block_type":"box","text":"transactions involving payment of commissions during the year.","page_number":50,"box":{"x":68,"y":75,"width":451,"height":11}},{"id":"2598e1fc-9b9b-498f-a064-06a79f3ccd3b","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":50,"box":{"x":101,"y":98,"width":770,"height":11}},{"id":"27f9ab1d-f6bb-4f5f-93f4-8dde84df8945","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":50,"box":{"x":69,"y":113,"width":814,"height":11}},{"id":"540f3646-87d7-44d0-9c91-3b05f82df546","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended July 31, 2025. The provision of","page_number":50,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"8a450dee-a767-4db7-9717-f1af210292aa","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":50,"box":{"x":69,"y":143,"width":822,"height":11}},{"id":"a9ee1746-b693-45ad-9c72-672df0566ef7","block_type":"box","text":"with such brokers.","page_number":50,"box":{"x":68,"y":158,"width":130,"height":9}},{"id":"01223f1c-acc9-4b1f-81d0-2864fd77cb83","block_type":"box","text":"Amount of Commissions Paid","page_number":50,"box":{"x":268,"y":186,"width":170,"height":7}},{"id":"09e524bc-bc5d-44bd-8a45-4b2537206ac2","block_type":"box","text":"to Brokers for Providing 28(e)","page_number":50,"box":{"x":264,"y":196,"width":174,"height":9}},{"id":"aaa5fefd-51cd-418e-8dfb-021b59bed4a8","block_type":"box","text":"Eligible Research Services","page_number":50,"box":{"x":277,"y":207,"width":154,"height":8}},{"id":"beb023c5-97ee-48f4-a07f-1ac1c6cbbf78","block_type":"box","text":"Amount of Brokerage","page_number":50,"box":{"x":588,"y":196,"width":124,"height":9}},{"id":"043a6bd5-0bc4-46ed-ba61-6b87ad29b8d5","block_type":"box","text":"Transactions Involved","page_number":50,"box":{"x":587,"y":207,"width":126,"height":7}},{"id":"da152b72-4980-42b0-ad03-ad8593602d3f","block_type":"box","text":"$72,163 $117,304,092","page_number":50,"box":{"x":323,"y":224,"width":380,"height":11}},{"id":"76e03cc6-efac-4e1b-9887-1ebc3363121b","block_type":"box","text":"As of July 31, 2025, the value of the Por tfolio’s aggregate holdings of the securities of its regular brokers or","page_number":50,"box":{"x":101,"y":248,"width":773,"height":11}},{"id":"6dc9a05a-bf8f-4292-ac54-2de442dc5e97","block_type":"box","text":"dealers (as defined in Rule 10b-1 under the Investment Company Act) or their parents if any por tion of such holdings","page_number":50,"box":{"x":69,"y":263,"width":832,"height":12}},{"id":"20bdde88-b073-4ae9-aee1-02f7618adb66","block_type":"box","text":"were purchased during the fiscal year ended July 31, 2025 is as follows:","page_number":50,"box":{"x":68,"y":278,"width":518,"height":12}},{"id":"646cf43d-16d4-4212-ae02-b3f4f1469f1b","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000s)","page_number":50,"box":{"x":69,"y":307,"width":840,"height":8}},{"id":"65cddc8f-1d6c-470a-a6fd-33d3e084067a","block_type":"box","text":"J.P. Morgan Securities LLC . .","page_number":50,"box":{"x":69,"y":324,"width":204,"height":12}},{"id":"8300c8a0-fdf2-4929-85ee-3a7f42fbd025","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $7,121","page_number":50,"box":{"x":280,"y":324,"width":576,"height":11}},{"id":"59b5f89e-775c-485f-9883-7ea54d9debe6","block_type":"box","text":"Goldman Sachs & Co. LLC .","page_number":50,"box":{"x":69,"y":340,"width":196,"height":8}},{"id":"2b14c6b5-16b2-43a6-b0ea-8ff909e592f8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $5,188","page_number":50,"box":{"x":271,"y":339,"width":585,"height":11}},{"id":"c4f26ea8-f205-47e2-8f00-93a377d30d99","block_type":"box","text":"Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $3,106","page_number":50,"box":{"x":70,"y":354,"width":786,"height":12}},{"id":"c1824f22-b88e-4a29-afad-7ef8059b7c08","block_type":"box","text":"BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $1,993","page_number":50,"box":{"x":70,"y":369,"width":786,"height":11}},{"id":"5126d95b-e300-474e-9d57-d57522013894","block_type":"box","text":"UBS Securities LLC","page_number":50,"box":{"x":70,"y":385,"width":135,"height":9}},{"id":"475bf99b-d737-4113-ad2a-ec6175fd546b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $1,073","page_number":50,"box":{"x":214,"y":384,"width":642,"height":11}},{"id":"cc2681bc-06cb-465e-9ec4-466d912f227e","block_type":"box","text":"Citigroup Global Markets Inc. . . .","page_number":50,"box":{"x":69,"y":400,"width":229,"height":11}},{"id":"41e71861-fe70-4178-9af2-7dae6b01fe9f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 420","page_number":50,"box":{"x":304,"y":399,"width":552,"height":11}},{"id":"29d5196a-180a-4cf9-a61e-6e84bf991aed","block_type":"box","text":"Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 325","page_number":50,"box":{"x":69,"y":414,"width":787,"height":11}},{"id":"c1f46e56-5cba-4aa8-b02e-1d26303fb0cf","block_type":"box","text":"Barclays Capital, Inc. . . . . . . .","page_number":50,"box":{"x":70,"y":430,"width":203,"height":11}},{"id":"2791ecd4-cf0b-42d2-92f4-603532d0aedf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 190","page_number":50,"box":{"x":280,"y":429,"width":576,"height":11}},{"id":"1a0274ce-9397-4d32-8f29-188338946359","block_type":"box","text":"Citigroup Global Markets Inc. . . .","page_number":50,"box":{"x":69,"y":445,"width":229,"height":12}},{"id":"4ab492f3-75c4-419d-b0d8-29ee83ce8d74","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $1,791","page_number":50,"box":{"x":304,"y":445,"width":552,"height":11}},{"id":"a6110dfc-fd74-4b0c-8ea9-3bdc8b77bcc6","block_type":"box","text":"BofA Securities, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $1,504","page_number":50,"box":{"x":70,"y":460,"width":786,"height":11}},{"id":"d4e9679c-5d30-45b1-8aa5-398bd8a9734b","block_type":"box","text":"J.P. Morgan Securities LLC . .","page_number":50,"box":{"x":69,"y":476,"width":204,"height":11}},{"id":"1e41b015-cfcb-45cc-aa30-e883cafb8424","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 483","page_number":50,"box":{"x":280,"y":475,"width":576,"height":10}},{"id":"bf144e19-1225-4514-933a-979131090da4","block_type":"box","text":"BNP Paribas Securities Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":50,"box":{"x":70,"y":491,"width":456,"height":11}},{"id":"e0019a0b-616c-410c-bcfe-3df03a6bad59","block_type":"box","text":". . . . . . E $ 463","page_number":50,"box":{"x":532,"y":490,"width":324,"height":10}},{"id":"52f278b6-563e-4cbf-ae90-6303cc1bc417","block_type":"box","text":"Morgan Stanley & Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 248","page_number":50,"box":{"x":70,"y":505,"width":786,"height":12}},{"id":"fcc8c2f9-12df-40ef-a627-1e65b4c0e69f","block_type":"box","text":"Goldman Sachs & Co. LLC .","page_number":50,"box":{"x":69,"y":521,"width":196,"height":9}},{"id":"3cdb2234-214a-487b-a0d1-ae4ff0a614bf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 204","page_number":50,"box":{"x":271,"y":520,"width":585,"height":11}},{"id":"3d67bcf5-1f71-40f1-847d-4b7337b14692","block_type":"box","text":"Securities Lending","page_number":50,"box":{"x":68,"y":552,"width":135,"height":11}},{"id":"5310c5aa-b67f-4a73-84f3-9d447fdf5611","block_type":"box","text":"To the extent that the Por tfolio engages in securities lending, the Por tfolio conducts its securities lending","page_number":50,"box":{"x":101,"y":575,"width":751,"height":11}},{"id":"70bbb14a-61a5-4e56-9196-b0da34d44047","block_type":"box","text":"pursuant to an exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated","page_number":50,"box":{"x":70,"y":590,"width":825,"height":11}},{"id":"0701cc9c-0de8-4cf6-a4bf-ad9b10842c92","block_type":"box","text":"with the Por tfolio and to retain an affiliate of the Por tfolio as securities lending agent. To the extent that the Por tfolio","page_number":50,"box":{"x":68,"y":605,"width":835,"height":12}},{"id":"c632f424-d32d-4daa-9375-1cec7a518e81","block_type":"box","text":"engages in securities lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for","page_number":50,"box":{"x":69,"y":620,"width":822,"height":12}},{"id":"9e77177f-68ff-456b-860b-4aa265eda941","block_type":"box","text":"the Por tfolio, subject to the overall supervision of the Manager, pursuant to a written agreement (the “Securities","page_number":50,"box":{"x":68,"y":635,"width":802,"height":12}},{"id":"ced20dab-1111-44cd-a3a9-d7841d36d9a9","block_type":"box","text":"Lending Agency Agreement”). BIM administers the lending program in accordance with guidelines approved by the","page_number":50,"box":{"x":70,"y":651,"width":808,"height":11}},{"id":"abfdf65b-9565-4466-8ed8-7105d45511f8","block_type":"box","text":"Board.","page_number":50,"box":{"x":70,"y":666,"width":44,"height":9}},{"id":"3d15d26a-80ff-44c5-9d6b-1bb3e21c1657","block_type":"box","text":"The Por tfolio retains a por tion of the securities lending income and remits the remaining por tion to BIM as","page_number":50,"box":{"x":101,"y":688,"width":761,"height":12}},{"id":"7dc1fac5-090b-44b2-b546-f0d1f5aba78f","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":50,"box":{"x":69,"y":703,"width":834,"height":12}},{"id":"67619c0f-b66a-4211-a5e2-99303e323474","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":50,"box":{"x":70,"y":719,"width":822,"height":11}},{"id":"973dcd42-7a45-4781-b690-3879d517e84e","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":50,"box":{"x":69,"y":734,"width":787,"height":11}},{"id":"2db7d5ca-e63e-4c92-b9d4-f4e3c7baa961","block_type":"box","text":"operational costs directly related to securities lending. The Por tfolio is responsible for fees in connection with the","page_number":50,"box":{"x":69,"y":749,"width":809,"height":11}},{"id":"b40402f6-e054-4a08-81c0-d3fddfc02b45","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":50,"box":{"x":70,"y":764,"width":800,"height":11}},{"id":"b2766823-9cac-4c96-9cab-da7cc1923824","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":50,"box":{"x":70,"y":779,"width":813,"height":11}},{"id":"540fd7e7-8cc9-40e5-9e66-b29840f6d6ee","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees the Por tfolio bears to an annual","page_number":50,"box":{"x":70,"y":794,"width":823,"height":12}},{"id":"0cbd5ecf-1190-445d-88f0-4758b2332129","block_type":"box","text":"rate of 0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":50,"box":{"x":69,"y":809,"width":806,"height":12}},{"id":"10bea7f7-7047-4d2f-9d6c-30c95a0b2733","block_type":"box","text":"To the extent that the Por tfolio invests cash collateral in a non-government money market fund, the Por tfolio may","page_number":50,"box":{"x":101,"y":832,"width":806,"height":11}},{"id":"f324d1af-fd79-44a2-b698-c16a151eb81c","block_type":"box","text":"be subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed","page_number":50,"box":{"x":69,"y":847,"width":834,"height":11}},{"id":"7894791f-ab2d-49aa-a991-2e56d758dd03","block_type":"box","text":"or 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":50,"box":{"x":69,"y":862,"width":830,"height":12}},{"id":"bb535ee2-dcdc-4d99-8826-172bf7dfc098","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":50,"box":{"x":69,"y":877,"width":799,"height":12}},{"id":"48bd5eec-4725-424f-951c-29add20fe64d","block_type":"box","text":"Additionally, the Por tfolio will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions","page_number":50,"box":{"x":68,"y":892,"width":839,"height":12}},{"id":"05e11efb-8742-499a-9cf4-a2cecb82dad6","block_type":"box","text":"on a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e.,","page_number":50,"box":{"x":69,"y":908,"width":805,"height":11}},{"id":"92631fc5-71f0-433e-a773-8e4d211e456c","block_type":"box","text":"I-25","page_number":50,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"dc084ea7-78c6-443f-9f44-88ba61e28204","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5a09b1ff-7706-45a8-82f4-65ce491218f2","block_type":"box","text":"less than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":51,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"cd7f9521-d59d-4ba5-895a-251c97622917","block_type":"box","text":"making a good faith estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount","page_number":51,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"63d1b4ce-af3a-4966-a4ca-2be7b0f95e34","block_type":"box","text":"of each security in the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":51,"box":{"x":69,"y":75,"width":839,"height":11}},{"id":"8ae9979f-d5bb-4e67-83c5-e466ec461de0","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":51,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"c8f0cdf9-fcfd-4c00-9c97-e3e2b5b7a8c2","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":51,"box":{"x":70,"y":105,"width":830,"height":11}},{"id":"1558ea53-efa7-4cdc-9b25-b941d12e515e","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":51,"box":{"x":69,"y":120,"width":838,"height":11}},{"id":"e41e6f88-7fe9-4be8-892b-670a7e55e733","block_type":"box","text":"Por tfolio’s returns on securities lending.","page_number":51,"box":{"x":69,"y":135,"width":285,"height":12}},{"id":"4add32f4-bee5-4906-8f04-add7179bd12c","block_type":"box","text":"Under the securities lending program, the Por tfolio is categorized into one of several specific asset classes. The","page_number":51,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"c5387346-ff04-41d2-a467-c616bc37c535","block_type":"box","text":"determination of the Por tfolio’s asset class category (fixed-income, domestic equity, international equity or fund of","page_number":51,"box":{"x":69,"y":173,"width":816,"height":11}},{"id":"1166b130-5124-4379-bd14-0ae537d7bc44","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":51,"box":{"x":68,"y":188,"width":809,"height":12}},{"id":"f11e5e81-dc8e-4695-9a59-caa53e99d183","block_type":"box","text":"Trust and BIM.","page_number":51,"box":{"x":68,"y":204,"width":103,"height":8}},{"id":"9681aeb8-45d4-449d-b487-c770edca76cc","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Por tfolio retains 82% of securities lending income","page_number":51,"box":{"x":102,"y":226,"width":787,"height":11}},{"id":"346708c5-f8a2-4d36-9096-23971bd98637","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":51,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"0ffa3737-dfeb-432d-b239-2ae2d3e265c7","block_type":"box","text":"lending income plus collateral investment fees.","page_number":51,"box":{"x":70,"y":256,"width":334,"height":12}},{"id":"3c7ff014-6f41-4525-bede-b29e795b33b9","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":51,"box":{"x":102,"y":279,"width":753,"height":11}},{"id":"4088418e-78e4-4c29-9787-29cabb49b91e","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Por tfolio,","page_number":51,"box":{"x":69,"y":294,"width":804,"height":11}},{"id":"d965d549-0d57-474f-985d-c0f8d7fa8a1a","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":51,"box":{"x":70,"y":309,"width":817,"height":11}},{"id":"46d97d5d-3e54-434b-84b4-6f71540cf98d","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment fees); and","page_number":51,"box":{"x":70,"y":324,"width":794,"height":12}},{"id":"5341fd97-acec-42c0-8ea0-1198f764beb9","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":51,"box":{"x":69,"y":339,"width":825,"height":12}},{"id":"edd25ad3-8c0b-48a7-b882-22e7c91cc89e","block_type":"box","text":"The services provided to the Por tfolio by BIM, in the most recent fiscal year ended July 31, 2025, primarily","page_number":51,"box":{"x":101,"y":362,"width":762,"height":11}},{"id":"82109e19-793b-46e5-a663-e9e54c3eb49c","block_type":"box","text":"included the following:","page_number":51,"box":{"x":70,"y":377,"width":156,"height":12}},{"id":"a58bd39d-5a6b-4320-b2b9-276697beb2da","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":51,"box":{"x":69,"y":397,"width":818,"height":12}},{"id":"54f96b62-d2c4-4df8-86b5-0544ce741467","block_type":"box","text":"on behalf of the Por tfolio with each such borrower;","page_number":51,"box":{"x":102,"y":412,"width":359,"height":11}},{"id":"6da63313-9ce4-4a35-875e-d335b14772ef","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":51,"box":{"x":69,"y":433,"width":538,"height":11}},{"id":"de823ccd-9db8-41c9-8863-bdf27c51b151","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":51,"box":{"x":69,"y":453,"width":330,"height":11}},{"id":"2584dcbf-eed8-4e10-b1b8-bc9e832f28ec","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":51,"box":{"x":69,"y":473,"width":834,"height":11}},{"id":"9c0dbd90-572d-4ca5-84c7-7557fdb17742","block_type":"box","text":"of excess collateral, as necessary;","page_number":51,"box":{"x":102,"y":488,"width":246,"height":11}},{"id":"49765ef9-dd0e-49de-af86-3309d2b7669f","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":51,"box":{"x":69,"y":508,"width":562,"height":12}},{"id":"05c10d55-9b9e-4a5f-a849-88e768375d0b","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":51,"box":{"x":69,"y":528,"width":665,"height":12}},{"id":"2be747e1-6106-43b9-9288-912673275b1c","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":51,"box":{"x":69,"y":549,"width":822,"height":11}},{"id":"93d123b6-90c7-4e87-a9f2-07a928506415","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":51,"box":{"x":101,"y":564,"width":803,"height":11}},{"id":"073af247-3f47-41d9-8032-a8a6a1738be3","block_type":"box","text":"of the loaned securities; and","page_number":51,"box":{"x":102,"y":579,"width":203,"height":10}},{"id":"648a9abb-b775-4e18-bfec-560f0430f0f0","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Por tfolio at loan termination.","page_number":51,"box":{"x":69,"y":599,"width":834,"height":11}},{"id":"31c081a4-19a3-40d7-8d39-1c6c99f2c379","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":51,"box":{"x":101,"y":622,"width":805,"height":11}},{"id":"feb3789d-ce23-404d-8d07-7700b883ba27","block_type":"box","text":"activities of the Por tfolio during its most recent fiscal year ended July 31, 2025.","page_number":51,"box":{"x":69,"y":637,"width":569,"height":11}},{"id":"0fb2ffe8-31ad-4a6c-a9f0-d7cd512c9149","block_type":"box","text":"Gross income from securities lending activities","page_number":51,"box":{"x":69,"y":665,"width":343,"height":11}},{"id":"39dafe83-127d-43fc-8252-77b34af13668","block_type":"box","text":"..................................................","page_number":51,"box":{"x":414,"y":672,"width":401,"height":1}},{"id":"e34f65a5-bef4-477f-9387-309bdf966f38","block_type":"box","text":"$332,006","page_number":51,"box":{"x":837,"y":664,"width":72,"height":11}},{"id":"b97ab0fc-5cc1-46d0-8f11-e751c458777a","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":51,"box":{"x":70,"y":684,"width":565,"height":11}},{"id":"bd3ccdbd-8c98-43d8-b4bc-3a9e68ba0105","block_type":"box","text":"Securities lending income paid to BIM for services as securities lending agent .","page_number":51,"box":{"x":79,"y":699,"width":565,"height":11}},{"id":"1cfd16a6-df21-4c8f-869d-ac87fdec50ad","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . $ 3,887","page_number":51,"box":{"x":650,"y":698,"width":258,"height":12}},{"id":"71fe5f71-c36e-4dfd-8ebc-10585274eb11","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BIM . .","page_number":51,"box":{"x":79,"y":714,"width":679,"height":12}},{"id":"f94011e8-9469-40bb-aa6c-4a8ef21cabb5","block_type":"box","text":". . . . . . . $ 2,913","page_number":51,"box":{"x":765,"y":714,"width":144,"height":11}},{"id":"2254a959-93cb-4701-a8e9-1d3110cf8282","block_type":"box","text":"Administrative fees not included in securities lending income paid to BIM","page_number":51,"box":{"x":78,"y":729,"width":519,"height":12}},{"id":"17b4dd9a-7c6e-48b7-8c72-a4adf1610ec9","block_type":"box","text":"........................... $ 0","page_number":51,"box":{"x":602,"y":729,"width":307,"height":10}},{"id":"cc74bfae-60da-4c62-b1b7-19de2d38e4c5","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BIM","page_number":51,"box":{"x":79,"y":744,"width":526,"height":12}},{"id":"cf1fc9b9-3f35-4556-b684-909f51abc780","block_type":"box","text":".......................... $ 0","page_number":51,"box":{"x":610,"y":744,"width":299,"height":10}},{"id":"f3f71d6d-48a9-499a-abf5-c337f41b2ef9","block_type":"box","text":"Rebates (paid to borrowers)","page_number":51,"box":{"x":79,"y":760,"width":197,"height":11}},{"id":"2d22bf86-f7f3-45a6-b65c-4844d6a1bc02","block_type":"box","text":"..................................................................","page_number":51,"box":{"x":284,"y":767,"width":531,"height":1}},{"id":"b2da7ee3-ea5f-4070-b170-f7316b5cb430","block_type":"box","text":"$307,131","page_number":51,"box":{"x":837,"y":759,"width":72,"height":11}},{"id":"30e4633a-0e26-4460-9bdd-acd6f068ff46","block_type":"box","text":"Other fees not included in securities lending income paid to BIM . . . . . . . . .","page_number":51,"box":{"x":79,"y":775,"width":532,"height":11}},{"id":"f31f4599-6fd7-4faf-bbda-c4b5644c5ee8","block_type":"box","text":"......................... $ 0","page_number":51,"box":{"x":618,"y":774,"width":291,"height":11}},{"id":"b9eaf918-a054-4198-9953-82229fced4f3","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":51,"box":{"x":68,"y":790,"width":455,"height":11}},{"id":"354263a0-d2a6-4e9c-a60a-d6812d23186d","block_type":"box","text":"....................................","page_number":51,"box":{"x":528,"y":797,"width":287,"height":2}},{"id":"5fffadd5-6fec-4c5a-af49-2f2cd9e03658","block_type":"box","text":"$313,931","page_number":51,"box":{"x":837,"y":789,"width":72,"height":12}},{"id":"67ed8b26-aa54-4d5c-abf3-e32b3b8c9b6d","block_type":"box","text":"Net income from securities lending activities","page_number":51,"box":{"x":69,"y":809,"width":327,"height":11}},{"id":"bad81ada-571f-43b1-9813-924b375bc528","block_type":"box","text":"...................................................","page_number":51,"box":{"x":406,"y":817,"width":409,"height":1}},{"id":"b27d15cb-9190-4dcd-9532-734d8296d809","block_type":"box","text":"$ 18,075","page_number":51,"box":{"x":837,"y":809,"width":72,"height":11}},{"id":"c676d205-ff97-492b-a34d-cdd064964ace","block_type":"box","text":"VIII. Additional Information","page_number":51,"box":{"x":68,"y":845,"width":195,"height":9}},{"id":"08103ded-22c8-44ab-8042-1eb367f21a65","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on April 26, 2007 and is registered under the","page_number":51,"box":{"x":101,"y":868,"width":760,"height":11}},{"id":"415bfbf4-94c1-4ad8-9b46-62cc1b618cd6","block_type":"box","text":"Investment Company Act as an open-end, management investment company.","page_number":51,"box":{"x":70,"y":883,"width":546,"height":11}},{"id":"e46af604-d6d1-4216-8edc-bd9581d10687","block_type":"box","text":"I-26","page_number":51,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"f2eefcd9-7b0a-41ee-9e96-5c298c338218","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6b3aedd-6607-4bb2-9227-88a0b20f232e","block_type":"box","text":"Shares of each class of the Por tfolio of the Trust bear their pro-rata por tion of all operating expenses paid by the","page_number":52,"box":{"x":102,"y":45,"width":804,"height":11}},{"id":"5e1ea13b-adf8-4a8b-9d3f-e5bf2b1e89ea","block_type":"box","text":"Por tfolio, except transfer agency fees, cer tain administrative/servicing fees and amounts payable under the Trust’s","page_number":52,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"1d6218d7-d9bc-4330-a3b0-750437e08998","block_type":"box","text":"Amended and Restated Distribution and Service Plan. Each share of the Por tfolio has a par value of $.001,","page_number":52,"box":{"x":68,"y":74,"width":766,"height":12}},{"id":"300cb2f4-9557-4968-9b42-e38b3de7aa76","block_type":"box","text":"represents an interest in the Por tfolio and is entitled to the dividends and distributions earned on the Por tfolio’s","page_number":52,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"57e801f1-d226-4638-ac7c-cb8a83205442","block_type":"box","text":"assets that are declared in the discretion of the Board of Trustees. The number of shares of each series of the Trust,","page_number":52,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"53c3dbce-1d95-462c-aa8e-37d3cad4a81f","block_type":"box","text":"and class thereof, is unlimited. The Trust’s shareholders are entitled to one vote for each full share held and","page_number":52,"box":{"x":69,"y":120,"width":775,"height":11}},{"id":"31f7ea65-6008-4912-bd5a-c2db04906880","block_type":"box","text":"propor tionate fractional votes for fractional shares held, and shares of each series will be voted in the aggregate and","page_number":52,"box":{"x":70,"y":135,"width":834,"height":12}},{"id":"b467081f-2142-4d68-a5d1-3f41a13840e1","block_type":"box","text":"not by class, except where otherwise required by law or as determined by the Board of Trustees.","page_number":52,"box":{"x":69,"y":150,"width":688,"height":12}},{"id":"e5f813ed-4623-4b51-966f-79cc50be5cd1","block_type":"box","text":"Shares of the Trust have non-cumulative voting rights and, accordingly, the holders of more than 50% of the","page_number":52,"box":{"x":102,"y":173,"width":765,"height":11}},{"id":"b8580fc2-9435-42e6-b924-5eba397c2f8a","block_type":"box","text":"Trust’s outstanding shares (irrespective of class) may elect all of the Trustees. Shares have no preemptive rights and","page_number":52,"box":{"x":68,"y":188,"width":838,"height":12}},{"id":"9e5f8eff-dca9-4f68-8464-3a89de4374b3","block_type":"box","text":"only such conversion and exchange rights as the Board may grant in its discretion. When issued for payment, shares","page_number":52,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"3d22c38f-4646-4f7e-aee8-aee401638582","block_type":"box","text":"will be fully paid and non-assessable by the Trust.","page_number":52,"box":{"x":68,"y":218,"width":354,"height":12}},{"id":"b183d405-d8d4-456f-927b-b9a08a0e5c40","block_type":"box","text":"There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such","page_number":52,"box":{"x":101,"y":241,"width":781,"height":11}},{"id":"60e53c74-2eb4-4db3-9215-4bc6c2cc5460","block_type":"box","text":"time as required by law. At that time, the Trustees then in office will call a shareholders meeting to elect Trustees.","page_number":52,"box":{"x":68,"y":256,"width":816,"height":12}},{"id":"55c06ce2-70dd-4d88-89a0-2a77daa034e0","block_type":"box","text":"Except as set for th above, the Trustees shall continue to hold office and may appoint successor Trustees. The","page_number":52,"box":{"x":70,"y":271,"width":787,"height":12}},{"id":"9457a3e4-da4b-4682-bbf0-3e116f4bb7e7","block_type":"box","text":"Trust’s Declaration of Trust provides that meetings of the shareholders of the Trust shall be called by the Trustees","page_number":52,"box":{"x":68,"y":286,"width":817,"height":12}},{"id":"aa65d53f-65bb-465a-b02a-112add2ef635","block_type":"box","text":"upon the written request of shareholders owning at least 10% of the outstanding shares entitled to vote.","page_number":52,"box":{"x":69,"y":302,"width":744,"height":11}},{"id":"fddb1533-6393-44ef-81d1-9226fab3738f","block_type":"box","text":"Rule 18f-2 under the 1940 Act provides that any matter required by the provisions of the 1940 Act or applicable","page_number":52,"box":{"x":102,"y":324,"width":799,"height":11}},{"id":"ef4845e7-0135-4914-85a4-c01e3bf6c687","block_type":"box","text":"state law, or otherwise, to be submitted to the holders of the outstanding voting securities of an investment company","page_number":52,"box":{"x":69,"y":339,"width":838,"height":12}},{"id":"ecfe697d-4e88-491e-ab75-8e7ba0bceac5","block_type":"box","text":"such as the Trust shall not be deemed to have been effectively acted upon unless approved by the holders of a","page_number":52,"box":{"x":69,"y":355,"width":794,"height":11}},{"id":"97ca2a74-31b3-47d9-86b9-e6bb31e3906d","block_type":"box","text":"majority of the outstanding shares of each investment por tfolio affected by such matter. Rule 18f-2 fur ther provides","page_number":52,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"de33fc3f-e8f7-4b80-aa0e-cfd63d37ca1a","block_type":"box","text":"that an investment por tfolio shall be deemed to be affected by a matter unless the interests of each investment","page_number":52,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"1915dc7c-f390-4a8b-968b-3d9d4c47838d","block_type":"box","text":"por tfolio in the matter are substantially identical or the matter does not affect any interest of the investment","page_number":52,"box":{"x":70,"y":400,"width":773,"height":11}},{"id":"5267e0dd-cf91-40d7-8f24-b290bc2dc11b","block_type":"box","text":"por tfolio. Under Rule 18f-2, the approval of a management agreement, a distribution plan subject to Rule 12b-1","page_number":52,"box":{"x":70,"y":415,"width":795,"height":11}},{"id":"b34767ac-044e-45e7-8f1e-221b9076962c","block_type":"box","text":"under the 1940 Act or any change in a fundamental investment policy would be effectively acted upon with respect to","page_number":52,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"e8b6d145-12f3-4b77-bfd4-6019628360a4","block_type":"box","text":"an investment por tfolio only if approved by a majority of the outstanding shares of such investment por tfolio.","page_number":52,"box":{"x":69,"y":445,"width":775,"height":12}},{"id":"8fa46803-59fd-48bc-891b-738f8a72de5f","block_type":"box","text":"However, Rule 18f-2 also provides that the ratification of the appointment of independent accountants, the approval","page_number":52,"box":{"x":70,"y":460,"width":824,"height":11}},{"id":"3af1dad2-7d2c-488f-8d73-6e70e775f87c","block_type":"box","text":"of principal underwriting contracts and the election of Trustees may be effectively acted upon by shareholders of the","page_number":52,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"12a6e6fe-fbdd-40a3-85d7-0386d9000af2","block_type":"box","text":"Trust voting together in the aggregate without regard to a par ticular investment por tfolio.","page_number":52,"box":{"x":68,"y":491,"width":631,"height":11}},{"id":"20fc7ef6-cabf-48f6-addb-9c507dabf608","block_type":"box","text":"The proceeds received by the Por tfolio for each issue or sale of its shares, and all net investment income,","page_number":52,"box":{"x":101,"y":513,"width":758,"height":11}},{"id":"2f158d76-97b5-48c9-962a-7ca075cb7bc6","block_type":"box","text":"realized and unrealized gain and proceeds thereof, subject only to the rights of creditors, will be specifically allocated","page_number":52,"box":{"x":69,"y":528,"width":834,"height":12}},{"id":"e525764b-ccb0-4fdf-9290-a67e1aa6be3a","block_type":"box","text":"to and constitute the underlying assets of the Por tfolio. The underlying assets of the Por tfolio will be segregated on","page_number":52,"box":{"x":68,"y":543,"width":823,"height":12}},{"id":"74c889c5-c4fc-42d3-9c4c-d56c8ebd78df","block_type":"box","text":"the books of account, and will be charged with the liabilities in respect to that Por tfolio and with a share of the","page_number":52,"box":{"x":68,"y":559,"width":790,"height":11}},{"id":"c976264b-c289-40fb-ba77-effd0093c25b","block_type":"box","text":"general liabilities of the Trust. As stated herein, cer tain expenses of the Por tfolio may be charged to a specific class","page_number":52,"box":{"x":68,"y":574,"width":831,"height":11}},{"id":"ffd8ba25-d62d-4b44-8cf3-379a904c6e54","block_type":"box","text":"of shares representing interests in that Por tfolio.","page_number":52,"box":{"x":69,"y":589,"width":348,"height":11}},{"id":"b05e5f1c-51e2-40fe-9ba8-5347ebdd3acd","block_type":"box","text":"The Trust’s Declaration of Trust authorizes the Board of Trustees, without shareholder approval (unless","page_number":52,"box":{"x":101,"y":612,"width":736,"height":11}},{"id":"7a4b5838-8a18-4d67-a2f0-1e528db805e6","block_type":"box","text":"otherwise required by applicable law), to: (i) sell and convey the assets belonging to a class of shares to another","page_number":52,"box":{"x":69,"y":627,"width":806,"height":11}},{"id":"2b3d49f4-172a-45c7-af5b-aec98e1e1b9d","block_type":"box","text":"management investment company for consideration which may include securities issued by the purchaser and, in","page_number":52,"box":{"x":69,"y":642,"width":807,"height":11}},{"id":"6894b073-b0d7-43e5-ade7-f26d34152792","block_type":"box","text":"connection therewith, to cause all outstanding shares of such class to be redeemed at a price which is equal to their","page_number":52,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"bf658a5f-766c-4d45-a6ba-4c05e48e428a","block_type":"box","text":"net asset value and which may be paid in cash or by distribution of the securities or other consideration received","page_number":52,"box":{"x":69,"y":672,"width":803,"height":11}},{"id":"418bc510-5f7b-4445-abad-752f335456f8","block_type":"box","text":"from the sale and conveyance; (ii) sell and conver t the assets belonging to one or more class of shares into money","page_number":52,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"a8367393-7218-4c8f-9228-d1d930de4350","block_type":"box","text":"and, in connection therewith, to cause all outstanding shares of such classes to be redeemed at their net asset","page_number":52,"box":{"x":69,"y":702,"width":800,"height":12}},{"id":"e7d1b3ba-6be9-44e9-be72-d7ceafe709cf","block_type":"box","text":"value; or (iii) combine the assets belonging to a class of shares with the assets belonging to one or more other class","page_number":52,"box":{"x":68,"y":717,"width":836,"height":12}},{"id":"71b8add7-70dd-4521-bb70-5cb013aab44c","block_type":"box","text":"of shares, if the Board of Trustees reasonably determines that such combination will not have a material adverse","page_number":52,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"fba15ea8-2133-40f2-8f07-1e189eebb64a","block_type":"box","text":"effect on the shareholders of any class par ticipating in such combination and, in connection therewith, to cause all","page_number":52,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"3c276708-71ab-4329-b2bd-b21b394fff12","block_type":"box","text":"outstanding shares of any such class to be redeemed or conver ted into shares of another class of shares at their net","page_number":52,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"366aea30-ae29-45d0-b4e4-5f3f2dd52702","block_type":"box","text":"asset value. The Board of Trustees may authorize the liquidation and termination of the Por tfolio or any class of","page_number":52,"box":{"x":69,"y":778,"width":798,"height":11}},{"id":"7c2ac8b7-fdaa-46e3-8897-f9aa27e1ca3c","block_type":"box","text":"shares. Upon liquidation of the Por tfolio, shareholders of each class of the Por tfolio are entitled to share pro-rata in","page_number":52,"box":{"x":69,"y":793,"width":826,"height":11}},{"id":"d590fa63-b0f8-4874-a87d-16f6b66a3c54","block_type":"box","text":"the net assets belonging to that class available for distribution.","page_number":52,"box":{"x":68,"y":808,"width":451,"height":11}},{"id":"72c399c3-0eb1-4d83-9062-ef2cb057de4d","block_type":"box","text":"Shareholder and Trustee Liability of the Trust","page_number":52,"box":{"x":70,"y":838,"width":321,"height":11}},{"id":"15604f2e-9366-49fa-9e03-8e51a340d273","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":52,"box":{"x":102,"y":861,"width":734,"height":11}},{"id":"8e5937da-3405-4627-ae11-e4cfee00462a","block_type":"box","text":"personally liable as par tners for the obligations of the Trust. However, the Trust’s Declaration of Trust provides that","page_number":52,"box":{"x":70,"y":876,"width":822,"height":11}},{"id":"cb8a85c2-e249-4320-9be7-81a52ac2f0cd","block_type":"box","text":"shareholders shall not be subject to any personal liability in connection with the assets of the Trust for the acts or","page_number":52,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"71ea5637-e3b9-49ff-8020-0d81fbb14bf8","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other under taking made by the Trust shall","page_number":52,"box":{"x":69,"y":906,"width":794,"height":12}},{"id":"ab71684b-eafe-4d82-9068-a1ac0f34a0f7","block_type":"box","text":"I-27","page_number":52,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"9637ecca-78ee-4c1c-adf7-a6bde8a744b2","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"49b49284-356b-4beb-8ed1-968776e8ab7d","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":53,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"2c4c5196-32f2-473a-9742-124492e37292","block_type":"box","text":"provides for indemnification out of Trust proper ty of any shareholder held personally liable solely by reason of his","page_number":53,"box":{"x":70,"y":60,"width":804,"height":11}},{"id":"75e32c38-b101-41ac-841a-e43c9f90eac5","block_type":"box","text":"being or having been a shareholder and not because of such shareholder’s acts or omissions or some other reason.","page_number":53,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"849f6c55-f79a-4149-b7bc-ad48397e2899","block_type":"box","text":"The Declaration of Trust also provides that the Trust shall, upon request, assume the defense of any claim made","page_number":53,"box":{"x":68,"y":90,"width":807,"height":11}},{"id":"133e8db8-6bee-4d8a-8a4c-956925aadf64","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":53,"box":{"x":69,"y":105,"width":719,"height":11}},{"id":"aaa3f78e-aff7-4626-bef2-3df0a9735b26","block_type":"box","text":"The Declaration of Trust fur ther provides that all persons having any claim against the Trustees or Trust shall","page_number":53,"box":{"x":101,"y":128,"width":777,"height":11}},{"id":"1f921c81-8626-4fd5-8324-8b760d5679b0","block_type":"box","text":"look solely to the Trust proper ty for payment; that no Trustee of the Trust shall be personally liable for or on account","page_number":53,"box":{"x":70,"y":143,"width":828,"height":11}},{"id":"8129795f-3e7d-4476-ad9c-f7ad30549784","block_type":"box","text":"of any contract, debt, tor t, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":53,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"daee9293-71e1-431d-b11a-af330bbd0566","block_type":"box","text":"preservation of the Trust proper ty or the conduct of any business of the Trust; and that no Trustee shall be","page_number":53,"box":{"x":70,"y":173,"width":762,"height":11}},{"id":"05d03dd8-681b-41c4-aef9-0bc4999093ce","block_type":"box","text":"personally liable to any person for any action or failure to act except by reason of such Trustee’s own bad faith, willful","page_number":53,"box":{"x":70,"y":188,"width":836,"height":11}},{"id":"9d06805f-b890-44da-8939-ea2a29cb693e","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":53,"box":{"x":69,"y":203,"width":567,"height":12}},{"id":"faa147b6-472a-4a09-bb13-23881555d1f4","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":53,"box":{"x":101,"y":226,"width":792,"height":11}},{"id":"de7b1bec-cffe-464a-b049-370538c58a30","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection with the defense or disposition of any","page_number":53,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"8bcaa36e-5f60-41ec-ae0d-2419f2d5d963","block_type":"box","text":"proceeding in which he may be involved or with which he may be threatened by reason of his being or having been a","page_number":53,"box":{"x":70,"y":256,"width":824,"height":12}},{"id":"b4e91f79-44f4-4a4f-9785-957ffbf42d96","block_type":"box","text":"Trustee, and that the Trust will indemnify officers, representatives and employees of the Trust to the same extent","page_number":53,"box":{"x":68,"y":271,"width":811,"height":12}},{"id":"968aefa4-abb4-4e4b-ad35-6fbfb0776385","block_type":"box","text":"that trustees are entitled to indemnification.","page_number":53,"box":{"x":68,"y":286,"width":315,"height":10}},{"id":"0368fd66-b97f-4964-8ce8-813d294d6cfc","block_type":"box","text":"Counsel.","page_number":53,"box":{"x":101,"y":309,"width":62,"height":9}},{"id":"d99d941c-a272-4a40-abf9-a730803a3c6d","block_type":"box","text":"Sidley Austin LLP, with offices at 787 Seventh Avenue, New York, New York 10019, serves as the","page_number":53,"box":{"x":170,"y":309,"width":694,"height":11}},{"id":"b4329fc6-e885-4e68-84a2-c828c38bd228","block_type":"box","text":"Por tfolio’s counsel.","page_number":53,"box":{"x":69,"y":324,"width":137,"height":9}},{"id":"043cd3f4-791b-44fd-a461-af43a6cffebe","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":53,"box":{"x":102,"y":347,"width":352,"height":11}},{"id":"83a17372-c372-457f-b148-95cdf8ad6118","block_type":"box","text":"PricewaterhouseCoopers LLP, with offices located at 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Additional copies of the Por tfolio’s annual and semi","page_number":54,"box":{"x":68,"y":703,"width":829,"height":11}},{"id":"69e4aedc-185f-4805-85f8-6da0e48653b8","block_type":"box","text":"annual repor ts to shareholders and the Por tfolio’s Annual and Semi-Annual Financial Statements and Additional","page_number":54,"box":{"x":69,"y":718,"width":796,"height":11}},{"id":"d8868bd4-b756-4845-9429-4591522b87fa","block_type":"box","text":"Information may be obtained at no charge by telephoning the Distributor at the telephone number appearing on the","page_number":54,"box":{"x":70,"y":733,"width":818,"height":11}},{"id":"4ce42375-a832-4a4a-9417-e6f2e666b778","block_type":"box","text":"front page of this SAI.","page_number":54,"box":{"x":68,"y":748,"width":155,"height":12}},{"id":"56e5a653-8527-4ce2-9fa0-d0fd8077adff","block_type":"box","text":"I-29","page_number":54,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"d32efd8a-5fe5-4f50-9bfa-fa897f3c898f","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f9432c63-03e3-4457-92da-0fcb5b37dd38","block_type":"box","text":"PART II","page_number":55,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"923e7a0b-7707-4c08-ba31-a1ca81de5563","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":55,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"b9c6df6a-1318-4bea-b601-73154d2d412c","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Cer tain Funds may also be referred to as “Municipal Funds” if","page_number":55,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"36feada1-0075-41ec-91a4-78afb913fbad","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":55,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"65e99c01-e3d8-4e55-99aa-00b3e1cb458d","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":55,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"999724d2-ba31-4cd1-a5f8-f550fa27e29d","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":55,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"fa4cdf60-eb45-4d3c-9c9f-de841e3f14b2","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":55,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"8fa79fa3-b000-4f25-8fb9-f5e547beb4c4","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":55,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"40cee0dd-4b82-4fba-8b41-06abbcf1dbe3","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":55,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"bc49d099-ddba-4df9-a863-405cc69717d6","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":55,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"48a48f84-2c76-4c26-b414-fb2d7528e7de","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":55,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"c1097aaa-e632-4104-a0f5-291b762474ee","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":55,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"7f24a523-715c-4685-b135-8d4a82146cdd","block_type":"box","text":"Ar ticles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “char ter.”","page_number":55,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"98798c34-53d7-40ee-824c-2ae828e5416c","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":55,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"1c25db30-c3a7-49e1-8e0d-7b6bba814ce0","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":55,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"8e8bb993-f2b8-4e67-85c1-24b62b3bd42a","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":55,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"26fa4d25-62c9-44c0-a1d8-f6518e64ee9f","block_type":"box","text":"Cer tain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a por tion of their assets in a","page_number":55,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"a086a138-4b1d-4be7-a56e-cf731ec599c8","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":55,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"5505406a-c126-455c-9315-e5679a295f42","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":55,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"dd2da314-e850-418a-98e0-a0e6b1d8cb75","block_type":"box","text":"made at the level of the Master Por tfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":55,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"53f12fef-4b8a-4ae1-adb6-208d0c7aa0cb","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":55,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"831213db-6ac4-48fb-a0ce-c8b64f85dd1f","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":55,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"c99a8a2f-fe6b-42da-ace0-897ba93d2489","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":55,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"bce03953-d5e4-4da8-a12d-ddb31b29b5ac","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":55,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"f29b3799-488f-4ad6-9a74-678dbe24735b","block_type":"box","text":"par ticular Fund.","page_number":55,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"c3aa5f34-b1d6-4294-ae8f-f4dca8a50d2c","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":55,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"fda28cc0-743d-4f34-b7ed-b16c15040645","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":55,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"6a856a15-ef84-4b0b-9910-a661ec529913","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":55,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"c3fabc08-3b88-4c02-a6cd-f311822f9ff5","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":55,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"19fadb01-3335-464e-9cf7-2fe2c521aca2","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":55,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"ec5d55b7-44ec-4f80-bf4c-bf145d4bf88e","block_type":"box","text":"I of this SAI for fur ther information on each Fund’s investment policies and risks. Information contained in this","page_number":55,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"665d46cd-b0b1-4a08-bd30-897a8519a8ed","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":55,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"44a56180-5185-4757-8486-0e7d4ee05b2c","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":55,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"0d7aac45-479b-47d4-aa57-24bb33017411","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":55,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"7f6b0a42-4876-4bd9-81ad-8c660e395bca","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":55,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"0b8b21f8-6548-4927-a00c-2880e0c1b6f1","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":55,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"54398893-0c86-45c4-bf46-b227f098c280","block_type":"box","text":"Asset-Backed Securities.","page_number":55,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"6ff025df-e189-4d53-881f-c6867066f901","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":55,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"50256eb0-78a0-4701-8233-8ba0fdd862e6","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":55,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"b29da15d-d51c-4799-8586-35ea7ca0438b","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":55,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"049c811f-da26-4a83-9860-05737e02d7ce","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":55,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"70c5efe6-3199-438c-91ee-602750d668d0","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":55,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"a531eb5b-236a-4de2-84dd-d861f2a4e464","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":55,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"5a6f5746-3f3c-49bd-8ea0-eefe44970899","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":55,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"26d99877-0caa-4a01-8f41-0ac77f018103","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":55,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"d582456e-61a3-4c1e-92de-3ccb423ab9a5","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":55,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"0ec9a781-b3b3-4192-8bdb-fb22b9c25fb0","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":55,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"0c99b6e4-34d4-46e3-8633-c10529d27f5c","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":55,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"63c8df87-7c7b-462f-825d-737934dc1994","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":55,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"f3c237c0-d28b-4294-b9d9-3abe0236d1aa","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":55,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"03b29a3a-b7c7-4d61-a24b-f257cd102688","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":55,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"8c779859-65c0-4a2b-b72e-38186ba1a0d2","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":55,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"b039940b-bfd0-47e3-97dc-f4252072d0b8","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":55,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"0040ca29-d51c-4b30-b4ea-451373b8be5c","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":55,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"d3ef8d9b-eaeb-4dee-a35a-ef7515e34425","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":55,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"5224e76b-6077-415f-900e-21f6c6364ea8","block_type":"box","text":"II-1","page_number":55,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"efca3229-fff2-4ddb-b450-71bd37138991","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d2eb605-1ccb-45fc-9796-463036695249","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":56,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"8480605c-e392-4667-9486-f984f2b93906","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":56,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"455277c5-cfc4-4152-a1d9-ba5e1f8adf9e","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":56,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"4fe2ddff-8745-404e-b221-d55bee485023","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":56,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"2d45f8c8-f01f-4061-b9fd-58a99714cfd1","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":56,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"76472ecd-00fd-41cf-8101-fb5d7862fcd8","block_type":"box","text":"Asset-Based Securities.","page_number":56,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"f098188a-a3d9-449f-b03a-2b696241c41b","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":56,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"f701a3d5-76cb-4f08-8d3d-42a4626ff36c","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":56,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"0dc3a010-8ee3-462e-91f8-68f74f6bcb5d","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":56,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"2ba6f03a-e95e-4b60-ae2a-bcb273ffded3","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":56,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"359957a1-47a1-45c5-a931-fdcc021592d8","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":56,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"9235d1dc-6d4c-4975-bdcd-a1412ed03a64","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":56,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"a74857d4-1f4f-459e-b91f-397ad71b9517","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":56,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"966bff98-fdc2-420d-9c14-db088aad3485","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":56,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"94dea591-b9f0-4110-9f9f-05d3bff05980","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":56,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"11ab4c6a-8cc8-4659-8f3e-b5c4435b2ad2","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":56,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"32251fed-48d8-403d-b11e-0fa8d302c721","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":56,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"d471609b-940f-4fda-8d0f-1b561afb0182","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":56,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"5b75c33a-b6f8-45bd-b5a6-7d97171937f0","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":56,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"047f0200-3cbb-4e03-8af9-76e9eca972c0","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":56,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"fd7c1392-f2c3-4b13-a8f2-2ab9cd220d11","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":56,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"8a45a412-f1c9-4230-9055-87d14f2d51da","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":56,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"3889fa82-196f-4066-b0b3-169c06af9508","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":56,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"da20b485-c5b1-4ab5-9b85-c99ae2227573","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":56,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"279643c9-5a1f-47ff-b9da-2c714bc9b7ef","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":56,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"39f16d8b-ea16-4ee5-a020-35fb4cb6e20f","block_type":"box","text":"appreciation in the underlying asset.","page_number":56,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"ce2cbe37-cb4e-427c-8d5b-bf79a45834be","block_type":"box","text":"Precious Metal-Related Securities.","page_number":56,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"5aafb7be-c7cb-40d1-a26b-dd8b365a17c3","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":56,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"9b1572d7-b9f1-4556-bf1f-0a0a198d71de","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":56,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"350070ee-8d9d-44d6-940a-b60f5605e9a4","block_type":"box","text":"e.g.","page_number":56,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"4d364cc6-de14-448c-92ed-5aad503765e6","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":56,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"2487ec13-3cb7-40cd-b941-e8ce1dba6521","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":56,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"f74cb003-279c-4d9a-b0ff-766070bcabf1","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":56,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"3f427a19-0d29-4757-93c7-656c364a5b4d","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":56,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"6e91805d-a3b9-479f-9401-43d40238476b","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":56,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"bf507e76-0321-4e1e-b6da-b9ba268e40f4","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":56,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"1878e281-9885-4ce5-b5eb-806f4cc6d74a","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":56,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"30052d98-ecd8-4d98-8524-9c4b9e00f339","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":56,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"19305e8c-c68f-4a90-8347-3ab1b2e9a7b4","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":56,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"ffadfb99-49f1-4cc1-8772-b2e20aa9cf2a","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":56,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"31ddd280-67db-4ca4-a137-25dbf6e45498","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":56,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"65c4fd94-1e77-4895-b458-913f375e5a4a","block_type":"box","text":"South African gold production.","page_number":56,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"e397f7ac-0e24-4403-8387-5e4bc9918ff0","block_type":"box","text":"Borrowing and Leverage.","page_number":56,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"6c1b7468-5020-4c15-816c-52275b9fb87a","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":56,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"eba286bb-32cf-42bd-ac94-380c724d04aa","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":56,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"c0d83b99-63c8-4549-be49-6caaab015e79","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":56,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"7c2a83e9-5adb-48e6-be05-f1d39981914f","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":56,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"0387b1cc-4ad6-4b13-bf33-1660c064da3c","block_type":"box","text":"other securities transactions.","page_number":56,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"9dc1f816-ecd2-46ee-a2ff-c033d7054edd","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":56,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"d86bf2bf-e7e0-4432-b86a-a30870eeed61","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":56,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"db875f99-c7ee-4d74-903c-4343a1711738","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":56,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"523d1f63-bf6f-4701-bc1e-ccc692d2ed11","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":56,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"49dc6d13-13c1-4095-b165-5181355bd0f0","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":56,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"5087e8e3-b692-4b90-afd2-3aa9b93577e1","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":56,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"4a532f72-bda3-4c2d-a219-bd268b889da1","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":56,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"302b9071-94d4-4e49-b839-92ee7cded921","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":56,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"3b212fb0-938c-4647-bb09-1b24a8f38830","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":56,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"dc775801-e45a-4c17-9c42-15813e93a74b","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":56,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"fb9c098d-96f8-42e0-976e-641ec454c4fb","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":56,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"5f71f9c5-238c-4b13-b89f-fc0d5389db98","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":56,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"1abe360a-8a0d-440c-b3d5-ae5ad4e98654","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":56,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"d7d68235-259d-4f43-a8ab-9a2cf697e2d0","block_type":"box","text":"II-2","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"3cb2803d-9e52-484f-8340-55590368496b","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23057878-8c97-4212-91bb-a96515dc5970","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":57,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"1f85ed57-1914-49a4-9095-68f8f922c071","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":57,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"066aeff0-365d-4b24-8468-7d40f462162a","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":57,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"278cdb6b-f938-4bd2-83f0-0489cfeede4e","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":57,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"aa095283-f3a1-4868-a700-36852bdbb4be","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":57,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"638b52f7-aade-4a08-afa0-ba12f5077c04","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":57,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"1341f7b6-4010-4264-bf76-ca63fe3ceaad","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":57,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"3dd4a8ab-fd10-4a94-9957-35d754522cf4","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":57,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"85271659-52d7-41e7-8e90-50a60977eb80","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":57,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"9de5d0e1-bf18-4ecb-a18d-87da4afdeb7c","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":57,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"8ee29e55-5624-415a-9646-6bdfd34b1cf8","block_type":"box","text":"Cash Management.","page_number":57,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"0afb8aab-9222-4564-9e1e-2d273ed1ebcd","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":57,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"90b459ba-6358-4593-9f74-a2341484b107","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":57,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"4ba6782e-d8f1-48a4-9a3e-fc151a338d3d","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":57,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"e9d3f4b6-1cbc-454a-9053-0aaef973b60a","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":57,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"f0c0a84d-25ee-4121-828f-364e206bfe41","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":57,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"ac9d4856-b6a1-4dd6-8092-510c7d0890f5","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":57,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"ee9ff0eb-b3ff-4f73-a798-c6e88e3ca2dc","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":57,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"d06cc7d0-530d-4e3a-9f4a-534d6b81b854","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":57,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"1a855272-b745-4d1d-a7ca-da78758749c8","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":57,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"2c9f184b-a27f-4634-8342-21fe8cee3ec7","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":57,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"a020adda-333f-4cb1-8bf4-c8c398afe540","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":57,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"5ff86893-c252-413e-976e-c0e660a46ef1","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":57,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"715575fe-1343-4333-89bc-ea7b4cb99286","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":57,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"0e3acbaa-260e-454a-aeee-2404c003e7a7","block_type":"box","text":"Collateralized Debt Obligations.","page_number":57,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"3a4e4629-0805-46a3-b7f7-d038a3d6d3f1","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":57,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"c899316f-79e5-4e80-82c5-579796f6283a","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":57,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"60cdde90-7f7d-49f7-b207-262015b59a88","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":57,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"0ff43a66-fd9f-46bc-99c1-17b41465e06e","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":57,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"7cb0428f-564e-4cf5-9bbd-34de4d352cab","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":57,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"e5ad2b1b-f5ad-446c-9c85-63690a13e6a9","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":57,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"fe84662e-2dbf-4e8f-9c07-610da339dde6","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":57,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"d5b07700-3b30-4e79-955d-8f29ae5a1fa1","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":57,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"5da06029-68f0-4bf5-8d56-2180f8429de5","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":57,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"8666f0f3-ca52-4e12-9d9a-acaa2ed6e057","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":57,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"ee8b175f-aff5-4102-aa75-2babababddd7","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":57,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"e6929f64-d773-421b-8add-155d0861c53e","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":57,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"56469bac-5e57-4ef3-a726-3f635bc9978c","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":57,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"f29e2868-f035-441d-8392-374782c0be74","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":57,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"bd5a804a-cfa0-4a1c-804f-569443ac67e3","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":57,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"992a7f88-ff35-4f79-90e0-aec5c2b61b8f","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":57,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"17b0eb7b-856f-4c60-9c15-53cf429df0a7","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":57,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"f6530671-2d38-4e65-ac88-8fc176c9bbae","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":57,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"a9c2ae26-dacf-49ff-bd34-75ec70a380ce","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":57,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"54120887-8733-4dfb-9769-68802b62c8f7","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":57,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"354a3ad6-fbee-4990-aa0a-3dea14fd0399","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":57,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"694229db-e0fd-4ff9-a6ba-8586a7cfb03b","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":57,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"df038461-4c76-4116-9e0d-65941e261ec1","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":57,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"bfc5f9df-ccf2-441e-9990-059d7d7c27ff","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":57,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"0e6637b7-869e-49cd-9ba8-27fbb369b294","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":57,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"c484bc0e-5f43-47de-ab17-d3e33ce7b928","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":57,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"c9f1396f-ee70-4bd2-925b-40642c98c2c5","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":57,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"16e74b51-d8fe-49e8-9cb8-7c7435a106af","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":57,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"982be493-9714-4cbd-bafa-a337d6072d9e","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":57,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"9918a5a0-b2d4-4082-8a5e-962900634f7f","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":57,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"c7c2b05b-6d4f-4f7b-b839-fcfb4d1d513b","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":57,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"91fdc963-80ce-40e9-b0e5-8d97492ff21a","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":57,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"9894ee68-396e-49c1-beea-be2189e68723","block_type":"box","text":"II-3","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"ff6566ab-cd50-49ec-9927-85751a6f083e","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53494518-5745-41ae-a4b8-d88414cdd85a","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":58,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"b0761274-523d-4176-9bd8-d4002d73bb0f","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":58,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"6d2d7bb4-ce00-48b1-b172-0167c26b601c","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":58,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"27ee9ab5-5e10-4f6a-b39f-94e0922bb892","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":58,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"a1768c7f-3c55-4903-a60d-38a4c16437f0","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":58,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"84fd3e46-950b-4ee0-9321-75d8a2866b6d","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":58,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"1422b629-77a8-4680-974e-e8bd4896fb8b","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":58,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"a2dd670e-07fa-4a83-ad96-3e66e10a9e43","block_type":"box","text":"Commercial Paper.","page_number":58,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"cd3fe6b9-ed34-406e-80f6-a78b77666103","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":58,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"e0c54c7a-6f70-41cc-93f9-ac02dd0ffb6a","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":58,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"9139da40-565c-4595-8e98-03dbfdaf1ea9","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":58,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"4b6598e6-a299-484a-96d1-8415a2866b8e","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":58,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"b60128ec-5077-45da-8428-4b72b819c6df","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":58,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"01bbddc6-0c6a-4e07-8513-151c53286122","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":58,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"cdc3bbbe-d113-43df-b451-6bceed3ff9a8","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":58,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"0d8a1bc9-d405-4365-ab5f-64cfc5fd0e8c","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":58,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"f5c44b65-a582-4c87-85ac-4e8ef380545a","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":58,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"a6c60dd9-133a-420c-93a5-4ba34918b28e","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":58,"box":{"x":102,"y":302,"width":483,"height":11}},{"id":"f0e8c59d-ede7-44ee-8fb1-c670cb67afa1","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":58,"box":{"x":591,"y":302,"width":308,"height":11}},{"id":"5b76584d-f4cf-4619-87ed-335f532ef9a7","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":58,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"b6cadc3f-06ec-4b74-971a-45a760459030","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":58,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"502348f0-90d9-440c-9a07-b495119b26ac","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":58,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"3c529268-183c-4bb8-9d37-e276ff49ba21","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":58,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"3757509f-c724-4d2e-aaa9-b311d08c53c4","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":58,"box":{"x":69,"y":377,"width":801,"height":11}},{"id":"940b4f68-287b-485e-8c12-67114b0e7844","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":58,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"d9458573-a441-4686-b169-706a905e48e9","block_type":"box","text":"variable.","page_number":58,"box":{"x":68,"y":408,"width":59,"height":8}},{"id":"cbc283d5-bf79-49f1-bcfa-c79eceb8c070","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":58,"box":{"x":101,"y":430,"width":763,"height":11}},{"id":"9a01545d-11ac-44cc-8171-6dd1ad05b1a0","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":58,"box":{"x":68,"y":445,"width":783,"height":12}},{"id":"94aa7ae8-1e7e-4588-8ab7-fc65e4a74610","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":58,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"9841133c-bcc1-44f1-a0db-88b4cadf35c8","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":58,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"10702b48-059e-41a4-aca3-10cbfe1eafe6","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":58,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"c8110b78-9cbc-41d4-826e-22f3ed5f7a73","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":58,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"a8463cc9-6a4a-44f9-901a-890caaae6d9e","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":58,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"a22d7f77-127b-4144-b681-f93275f47a5e","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":58,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"a15a45f5-fda8-410f-af65-3b74e29f368c","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":58,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"8526f7f5-c061-4d21-a99c-24a3d3d1e6fb","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":58,"box":{"x":68,"y":566,"width":797,"height":11}},{"id":"ac5833b5-378c-4fe7-bcba-3726163e98c5","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":58,"box":{"x":69,"y":581,"width":772,"height":11}},{"id":"34ac3b56-ecd0-4247-85b3-433ba4c5dd05","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":58,"box":{"x":69,"y":597,"width":773,"height":11}},{"id":"855ec031-d070-4d70-b17e-2efb4ac4aa8b","block_type":"box","text":"correlation with stocks and bonds.","page_number":58,"box":{"x":69,"y":612,"width":244,"height":9}},{"id":"506a2950-19b1-4e1b-8392-3f65e660d2dd","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":58,"box":{"x":102,"y":634,"width":212,"height":12}},{"id":"35fd9577-1be9-4fb1-8801-df59d085cb31","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":58,"box":{"x":320,"y":634,"width":552,"height":11}},{"id":"e1c2f612-e243-42d7-9d51-d31a7142bf01","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":58,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"e6d2bcf9-cfb6-4933-905e-b7d42ce9402d","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":58,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"64e1cd43-0b9d-44f8-a188-90abed229127","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":58,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"abaf89c7-8ad8-4066-9483-78ebc0deaf3c","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":58,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"3f892461-d343-45ae-b1f8-ac2aed24674d","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":58,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"51545e7c-eaaf-43ff-9a6a-0ca4744f6972","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":58,"box":{"x":70,"y":725,"width":793,"height":11}},{"id":"75202911-c533-4e72-9239-1baac6a5a0eb","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":58,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"53ab153a-f3fa-451f-9fc9-38bd769cf8f4","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":58,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"62db3cc6-f02d-4f7e-8e36-95729c62f76d","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":58,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"45079bc6-b310-4daa-8397-56ebf8f7c1f8","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":58,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"041c73b4-d314-4cd5-a7eb-b04e82c09d41","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":58,"box":{"x":70,"y":801,"width":791,"height":11}},{"id":"3cc78272-c180-4665-9e7d-8230ff1ad954","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":58,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"fa377167-c911-482e-b44c-63df3eb54686","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":58,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"1e6b47c1-a505-4ce5-a83f-90225755374b","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":58,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"435811e4-3c1f-4d8a-9f9c-01717f8b2496","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":58,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"78f5630d-2d71-4105-8fa6-7d66293dec32","block_type":"box","text":"level of the underlying commodity. The Manager’s decision whether to use principal protection depends in par t on the","page_number":58,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"b4038ffa-33df-4654-a6f3-bd4a063db764","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":58,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"0a4a3b34-8abb-42ee-ab74-3f3ff586733b","block_type":"box","text":"to buy back the security, and, therefore, depends on the creditwor thiness of the issuer. With full principal protection,","page_number":58,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"4458f28b-280d-4990-a1ff-2d93f4f67234","block_type":"box","text":"II-4","page_number":58,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"69a7926b-034c-4b4c-8542-3f6289f1cf14","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b5218f9-b3ad-42a7-b00e-82f4b5af1d27","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":59,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"ab8e565e-8ae2-430c-8326-c4b4e0c4c00a","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":59,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"0ef100c5-a0e4-4fc7-ac33-782be8964204","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":59,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"949445a1-b29d-4089-804d-c90e49c30019","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":59,"box":{"x":70,"y":90,"width":788,"height":11}},{"id":"1a7a92b0-97ad-4209-8017-a5c700831a9f","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":59,"box":{"x":68,"y":105,"width":828,"height":11}},{"id":"68241f2a-58d0-407f-9ef1-fa9e76f99c8d","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":59,"box":{"x":70,"y":120,"width":773,"height":11}},{"id":"d8414cbf-3a33-4659-8b66-48387c44d009","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":59,"box":{"x":102,"y":143,"width":339,"height":11}},{"id":"0e823032-3935-4080-9ab3-b28482cd139f","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":59,"box":{"x":448,"y":143,"width":429,"height":11}},{"id":"fe3cf498-ed73-421d-b96f-3e5f30be85a4","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":59,"box":{"x":70,"y":158,"width":818,"height":11}},{"id":"838f1e02-9f06-4025-971d-5324423e122e","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":59,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"84018b05-67e8-48c9-8122-af6a7c33e425","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":59,"box":{"x":70,"y":188,"width":773,"height":12}},{"id":"9745749d-f6c0-4a9e-816c-57ee512ccc56","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":59,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"e3bb4405-78ae-4aa2-ab48-101297768229","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":59,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"a911b896-4248-4611-9d5a-a7d48c38613f","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":59,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"0b77d407-abf9-42d2-962f-882de7137134","block_type":"box","text":"the Manager believes are relevant.","page_number":59,"box":{"x":68,"y":249,"width":247,"height":11}},{"id":"3a6af706-0310-4bbc-bf24-fbee952665dc","block_type":"box","text":"Limitations on Leverage.","page_number":59,"box":{"x":102,"y":272,"width":173,"height":11}},{"id":"73858e39-2379-4c0d-ab52-0f874b2e393c","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":59,"box":{"x":281,"y":271,"width":598,"height":12}},{"id":"f4cda9e0-e93d-452a-97fa-5151b567f333","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":59,"box":{"x":69,"y":286,"width":840,"height":12}},{"id":"bb7c6536-cc33-4ba7-89a4-173ef58a69c8","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":59,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"8dbb05b1-7756-4cba-9125-1c549d4323cb","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":59,"box":{"x":70,"y":317,"width":812,"height":11}},{"id":"5b192a9e-2d65-4d41-b11c-739f57746514","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":59,"box":{"x":68,"y":332,"width":803,"height":11}},{"id":"d04a6498-14d3-4391-b1fc-d0e5777a4253","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":59,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"a530b2c9-b615-40c3-9202-4cd0bec8419a","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":59,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"1942763c-13da-49cb-b46a-11f1c6921b22","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":59,"box":{"x":69,"y":377,"width":783,"height":12}},{"id":"dfdcb33d-9a1a-476e-925b-4b76b0d89990","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":59,"box":{"x":69,"y":392,"width":758,"height":12}},{"id":"a0b49b18-793a-4ffd-89a3-761d248f62dd","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":59,"box":{"x":69,"y":407,"width":818,"height":12}},{"id":"9518a3fa-5dbe-419a-8429-12b67ec7076e","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":59,"box":{"x":68,"y":423,"width":763,"height":11}},{"id":"068f6686-831a-46d5-9a58-2dc44f83e181","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":59,"box":{"x":70,"y":438,"width":787,"height":11}},{"id":"a932f9e9-d149-4db4-bd70-0bdda6821070","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":59,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"7d807205-b8c1-4ea3-8bc2-123134f31adb","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":59,"box":{"x":70,"y":468,"width":477,"height":11}},{"id":"b124ba07-5fd3-4016-9e8c-2c4200e71b73","block_type":"box","text":"Counterpar ty Risk.","page_number":59,"box":{"x":102,"y":491,"width":130,"height":11}},{"id":"201cd969-564a-417d-ad13-78fbf9cea6d5","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":59,"box":{"x":238,"y":491,"width":646,"height":11}},{"id":"9105a4a2-0a8d-4a4b-90f1-9f5b3091538f","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":59,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"6b742224-1e70-46c7-83b2-89feffb176bb","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":59,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"3270f64a-99ce-42db-a33e-93702d8ecb72","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":59,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"1727be2a-3e10-4a77-b08a-2030e10ef772","block_type":"box","text":"e.g.","page_number":59,"box":{"x":834,"y":537,"width":25,"height":10}},{"id":"8c911303-a14d-4f15-a8cc-09b365e66b34","block_type":"box","text":",","page_number":59,"box":{"x":861,"y":543,"width":2,"height":3}},{"id":"0daf9c83-17a4-4d29-9e2d-d785a9a0a453","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":59,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"96e37aa2-cdcb-4117-bb4c-be6cf93517e8","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":59,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"f20affde-7233-4761-b894-e3ca5bcd7b36","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":59,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"0a64338a-0ff4-4fd0-8731-8fc370d2acff","block_type":"box","text":"obligations under the structured note.","page_number":59,"box":{"x":69,"y":597,"width":268,"height":11}},{"id":"ec6799a6-176a-44e0-a414-4c4ccbb83ef8","block_type":"box","text":"Convertible Securities.","page_number":59,"box":{"x":102,"y":619,"width":165,"height":9}},{"id":"ad30f538-9008-401d-8ecc-0917c5e0ff6a","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":59,"box":{"x":273,"y":619,"width":619,"height":11}},{"id":"e8e7a52e-91ef-49a2-8aad-7f0fbf6adb8b","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":59,"box":{"x":69,"y":634,"width":839,"height":12}},{"id":"3a7ac199-d0f9-4704-a42f-b42417e24719","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":59,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"5e239d17-34c1-4c2a-a76f-9a67ca3199f7","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":59,"box":{"x":69,"y":664,"width":781,"height":11}},{"id":"a8ed7c19-74ca-4094-9f22-3c8d33a25bf2","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":59,"box":{"x":69,"y":680,"width":750,"height":11}},{"id":"8ac5b4a9-b3a3-406c-ba87-089c5dfef939","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":59,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"ac849826-b3ab-4edf-b412-ce40d360aa47","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":59,"box":{"x":68,"y":710,"width":784,"height":11}},{"id":"2f7b83b8-ef52-43d9-9dcb-7f3c3bbc614d","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":59,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"bc61a6f0-569e-4f08-a0c0-91e21318e7f5","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":59,"box":{"x":68,"y":740,"width":780,"height":11}},{"id":"c351b5f8-ad61-4df2-b9b0-4fa1e22484ca","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":59,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"dab803a1-d94d-4ed2-a856-5369c7614a4d","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":59,"box":{"x":69,"y":770,"width":826,"height":11}},{"id":"fd6ece1f-18cb-4753-901e-769a09001315","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":59,"box":{"x":68,"y":785,"width":811,"height":12}},{"id":"64735ad0-2073-4ac5-a9b8-c302532cd949","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":59,"box":{"x":70,"y":801,"width":563,"height":11}},{"id":"bd936d70-74b6-4203-95fe-f9e31e6d13f4","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":59,"box":{"x":101,"y":823,"width":767,"height":11}},{"id":"1dffc519-ca71-4bfc-909c-1cf1058b4369","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":59,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"9de7ee13-3789-486d-be82-5a03eda2a203","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":59,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"0bfbcfc1-b44b-4b80-b982-cf3c06a25775","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":59,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"a688c5c6-cb77-4587-ac9c-173d0798b26d","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":59,"box":{"x":70,"y":884,"width":788,"height":11}},{"id":"6f0721b3-6b1b-4c85-be3e-b559d8544983","block_type":"box","text":"II-5","page_number":59,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"210e4df1-5de4-4e90-a748-2a852a00d124","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60f498bd-94c8-49ab-93a0-9b9309f9e58f","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":60,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"8b9b8563-572d-4bd2-8d55-dd3d5f4c82fe","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":60,"box":{"x":69,"y":60,"width":409,"height":9}},{"id":"5b2caf6f-5fdb-48c3-a396-9a04e6fe6156","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":60,"box":{"x":102,"y":83,"width":802,"height":11}},{"id":"70763002-c6c7-4772-abde-e0d6bb66de8a","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":60,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"88391957-63a0-4c62-9296-0a92b5ad4688","block_type":"box","text":"things.","page_number":60,"box":{"x":68,"y":113,"width":47,"height":11}},{"id":"591cf2f8-ff52-4d71-89f6-8a3fca534da4","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":60,"box":{"x":102,"y":135,"width":731,"height":9}},{"id":"9d0f6fb5-489d-430a-a703-84e78214b83d","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":60,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"4d9b6525-8f7c-43f1-91d2-aa408f9ba7ba","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":60,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"1aa22307-e47c-4d0e-8f7f-2c6ccea0d4ea","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":60,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"7dd8de07-2f02-4bfa-9889-f292c71457ff","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":60,"box":{"x":70,"y":196,"width":828,"height":11}},{"id":"53a1eb99-db03-4850-80e5-a8783c33655b","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":60,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"df024700-220f-43ae-80f8-f1b0d39a89a7","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":60,"box":{"x":69,"y":226,"width":800,"height":11}},{"id":"b15e89d5-2087-42e6-9900-16f4ff549f4a","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":60,"box":{"x":69,"y":241,"width":800,"height":11}},{"id":"b726419b-54c5-450e-b3d5-8a067bc871a5","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":60,"box":{"x":69,"y":256,"width":337,"height":12}},{"id":"1262c1e9-07ef-4877-89d7-e6c92485119b","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":60,"box":{"x":101,"y":279,"width":741,"height":11}},{"id":"e056c04a-7578-4ae8-98b3-487deedc83ec","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":60,"box":{"x":69,"y":294,"width":806,"height":11}},{"id":"df3d4948-402f-437e-8b4b-e4502032d4e8","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":60,"box":{"x":69,"y":309,"width":485,"height":11}},{"id":"ebf19acd-0433-4cb8-8216-b1a06b1c65a7","block_type":"box","text":"i.e.","page_number":60,"box":{"x":557,"y":309,"width":20,"height":9}},{"id":"b529ab02-d226-4d47-825d-1310b21dd4cd","block_type":"box","text":", strictly on the basis of its yield) is","page_number":60,"box":{"x":579,"y":309,"width":248,"height":11}},{"id":"bb3a6abe-a543-4f35-8d51-d423e08da7ed","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":60,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"f05720f3-cabb-4557-8d08-c1bb8d8cfbf1","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":60,"box":{"x":69,"y":339,"width":807,"height":12}},{"id":"95abb756-294e-45a8-8584-19f3f34ad6f8","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":60,"box":{"x":70,"y":355,"width":778,"height":11}},{"id":"d35be8cf-d546-4a0c-bcb8-9ee4414b50b4","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":60,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"f36f9907-4511-41d8-98ab-af131ae5b275","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":60,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"8e28be0e-57de-42de-975e-a2d064ba5aac","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":60,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"d4fe1de0-e9d0-4ca2-b361-3fe58d336f2f","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":60,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"d4ba4c69-601c-4787-83d7-47d7cbe36759","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":60,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"1a222c88-bfcd-4921-8e95-2022d75d8298","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":60,"box":{"x":69,"y":446,"width":808,"height":11}},{"id":"3186e7e5-06ab-4611-a1cb-c09314509f51","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":60,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"86888600-f1a3-417c-9450-846f4614f228","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":60,"box":{"x":68,"y":475,"width":836,"height":12}},{"id":"04fff1a7-0fb6-41d9-8ce7-d9d15c6acd55","block_type":"box","text":"than the securities’ investment value.","page_number":60,"box":{"x":68,"y":491,"width":268,"height":9}},{"id":"b728b0a3-e35e-4eab-901b-4ecf3e77192b","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":60,"box":{"x":102,"y":513,"width":740,"height":12}},{"id":"522b6e05-3c1a-4e8b-a889-57dce1fc2020","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":60,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"4cdbd8a1-88eb-4c54-ae06-67187f59b184","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":60,"box":{"x":69,"y":543,"width":800,"height":12}},{"id":"38e41481-f8dd-46e8-845e-2a4399dde403","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":60,"box":{"x":68,"y":559,"width":840,"height":11}},{"id":"b5a423d6-7679-48be-ab8b-932fedbe0a6a","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":60,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"7237ab94-5619-4c7c-b9e5-6eccc2e350c6","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":60,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"e40c250b-78f8-432d-a15b-7dbb8532395b","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":60,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"f06da42c-0432-4bb0-a9ef-9930381b8c4b","block_type":"box","text":"security under cer tain circumstances.","page_number":60,"box":{"x":69,"y":619,"width":267,"height":11}},{"id":"fc153ff6-282e-4e63-b31c-d95154a0c94a","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":60,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"0b11f4fe-007f-44cf-91d0-e435919c494d","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":60,"box":{"x":69,"y":657,"width":789,"height":9}},{"id":"a52a266e-c065-420b-a4f9-41ef16ed6dc4","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":60,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"e5ac4712-2b49-4ef5-a980-754ef73839c1","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":60,"box":{"x":70,"y":687,"width":819,"height":11}},{"id":"eb10777e-a92a-4c56-91c0-c506aa02b93b","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":60,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"5ba98df0-2ab1-42a5-9adc-19e7f3802e2c","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":60,"box":{"x":70,"y":717,"width":769,"height":12}},{"id":"f466a1db-1c32-4a3c-beb8-3749387cbc1a","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":60,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"316db05b-ee4c-43c7-a013-f0fb074d4078","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":60,"box":{"x":69,"y":748,"width":627,"height":11}},{"id":"862b95b1-dbd8-431b-b8ae-efbb0ca0f86e","block_type":"box","text":"i.e.","page_number":60,"box":{"x":703,"y":748,"width":20,"height":9}},{"id":"1e7bff54-9f0d-48bd-b7ef-b7f137cfcfcc","block_type":"box","text":", fixed-income (“fixed","page_number":60,"box":{"x":726,"y":748,"width":151,"height":11}},{"id":"5c4c9376-1c24-4e54-86dc-30bd819e9cb1","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":60,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"c9668509-6cf4-47d4-a2eb-bb7fc8383c9e","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":60,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"fd73a05b-8068-4c6f-bd09-65d62086af65","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":60,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"d7918dc9-41d7-4f3d-9078-f18b162e1e3e","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":60,"box":{"x":69,"y":808,"width":779,"height":11}},{"id":"2f52aa7e-ddf4-4757-89c8-09d935df5732","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":60,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"cd7377dd-2b8d-404f-a01f-834904d30f35","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":60,"box":{"x":69,"y":838,"width":744,"height":12}},{"id":"553604ab-c234-47d8-ad00-57f096ead567","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":60,"box":{"x":101,"y":861,"width":804,"height":11}},{"id":"648ede07-ed59-493a-808a-b39cfd23fcaf","block_type":"box","text":"conver tible security, which is a single security that has a unitary market value, a Manufactured Conver tible is","page_number":60,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"3d3cfe1f-ee64-44c1-b05f-afc6ee964af6","block_type":"box","text":"II-6","page_number":60,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c3292a38-e4fd-4803-9390-d33d6500878f","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"06f30f76-1fa7-4bee-ae7b-e5708aaeebed","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":61,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"d5639c99-e422-4408-9838-188189581f59","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":61,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"5a2c6ddb-c338-4ead-8957-7cb9e82b8bc0","block_type":"box","text":"component.","page_number":61,"box":{"x":69,"y":76,"width":82,"height":10}},{"id":"80743332-fc90-4732-bbb6-297747e17d79","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":61,"box":{"x":102,"y":98,"width":773,"height":11}},{"id":"b957af34-0521-4f96-b13f-05fab0f86a28","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":61,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"76be6a5c-4f2a-4d80-9e59-57088b00398e","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":61,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"71946682-f90a-48e0-8a2f-02fde75943cd","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":61,"box":{"x":68,"y":143,"width":800,"height":11}},{"id":"437bc5c5-d361-4ef2-919a-cb8c73739c37","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":61,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"99532b57-097c-4176-8943-94b0401699f7","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":61,"box":{"x":70,"y":173,"width":772,"height":11}},{"id":"3380060f-62eb-4ba1-af8c-c5371fab7dcd","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":61,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"b3862a2c-b80a-43bd-8bc6-92a1b42b3a71","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":61,"box":{"x":70,"y":203,"width":790,"height":12}},{"id":"fb53178d-d8c5-4318-b84b-35640b8ab968","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":61,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"c113a602-4dab-4983-81d2-5054b8d31339","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":61,"box":{"x":69,"y":234,"width":764,"height":11}},{"id":"b0920ab1-9f30-4820-9532-18c5aacb905f","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":61,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"b4ffe65b-f5c3-4e49-8f5e-5ca5e910b2f4","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":61,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"7fa69018-9a88-4729-a6a9-25c75f0bfe18","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":61,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"235b9e22-8256-4d0c-b94b-93e86542f97c","block_type":"box","text":"favorable market conditions.","page_number":61,"box":{"x":68,"y":294,"width":202,"height":9}},{"id":"5a657e52-ba47-46d8-aa29-3010cad4fb29","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":61,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"10fbec3a-1a51-45c6-821c-6516c39a9d00","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":61,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"2df82c88-87c1-4d9e-95dc-79a0e0c630f4","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":61,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"12a98181-495f-41ca-bf8f-2009a023f22c","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":61,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"75358f81-91d1-4b5f-be7f-2a2b2dda9d72","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":61,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"d72ca64d-4eeb-4d6b-be9e-f79a4c485d76","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":61,"box":{"x":68,"y":392,"width":523,"height":12}},{"id":"1bd60c61-b546-49f3-83b5-79c185bf8142","block_type":"box","text":"Corporate Loans.","page_number":61,"box":{"x":102,"y":415,"width":123,"height":11}},{"id":"9983cd18-f0b3-4d5f-8093-691231db2456","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":61,"box":{"x":231,"y":415,"width":647,"height":11}},{"id":"c9b0cd97-1979-4e98-918f-15f514c55ba8","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":61,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"ceb1b7c5-b62d-4292-890a-b91b8f45e222","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":61,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"33d8cdc4-fd43-4aa5-89a1-a77d523a7893","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":61,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"1cf6d7fc-965b-4d7d-b8f8-e8d66be7b353","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":61,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"d5225cf1-e8f0-47b6-bcb1-eb7805ef3b59","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":61,"box":{"x":68,"y":491,"width":801,"height":11}},{"id":"188ec8f9-9342-403c-85be-14233747eb55","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":61,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"1ce1d6e5-5f17-45b5-8ac4-6289d5080c05","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":61,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"4e6b1d08-2098-49fd-82bf-7003040d0aff","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":61,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"2a52f77e-1f8f-47ce-8209-4e04e298e57b","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":61,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"19688dba-8975-4437-9f3b-5225e768f91b","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":61,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"e0693f03-bee2-4242-b3f6-71c279cc1e54","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":61,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"b9fd02ab-21f9-4103-bf36-7027eabf938a","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":61,"box":{"x":70,"y":596,"width":809,"height":11}},{"id":"d7665112-4472-49ce-b4ce-a46004f2c097","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":61,"box":{"x":68,"y":612,"width":838,"height":11}},{"id":"fe82880e-808d-46b4-b04d-0f66fde45609","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":61,"box":{"x":68,"y":627,"width":772,"height":11}},{"id":"d067c47b-8440-4bd3-a7f9-266b26556f1f","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":61,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"68bad22d-57c4-4320-8839-f4cba7b2fadb","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":61,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"d6552b4c-3dc1-4796-82d2-71edf7239548","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":61,"box":{"x":70,"y":672,"width":834,"height":11}},{"id":"96409b4d-1600-4591-ae5d-6d05fb2d536a","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":61,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"80be46b1-9844-4da6-bc58-7c383257803d","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":61,"box":{"x":68,"y":702,"width":764,"height":12}},{"id":"047841f2-10e5-4852-862d-7cbf9f59f12d","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":61,"box":{"x":70,"y":717,"width":805,"height":12}},{"id":"a586695b-6277-45a1-a751-4a5168d904bc","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":61,"box":{"x":69,"y":733,"width":324,"height":9}},{"id":"c00bd48d-1f26-4d51-bb90-478b4a628cac","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":61,"box":{"x":101,"y":755,"width":782,"height":11}},{"id":"dc8c4a35-00c3-45de-82bc-07cdae6e8d18","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":61,"box":{"x":70,"y":770,"width":803,"height":11}},{"id":"f2125390-790a-4f5a-a968-4f042120d277","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":61,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"07cfd670-071c-46c6-93f3-4d095513fe4f","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":61,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"ca91e689-cb49-43f1-9e82-ab69b20ba76d","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":61,"box":{"x":68,"y":816,"width":841,"height":11}},{"id":"ab67aec3-4dfb-4c97-9e72-dd147589e8ed","block_type":"box","text":"of the borrower.","page_number":61,"box":{"x":69,"y":831,"width":111,"height":9}},{"id":"e11edc56-6dcb-4d07-9125-ab88dedbd4d3","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":61,"box":{"x":102,"y":853,"width":750,"height":12}},{"id":"d8104bc0-40d6-45a6-a8bc-1beac71e4ee5","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":61,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"dbd75ca3-48c3-4db3-8ed5-91cfebae26c2","block_type":"box","text":"If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.","page_number":61,"box":{"x":70,"y":884,"width":770,"height":11}},{"id":"7033f8ee-f5c1-4a88-b4d9-8a9fce31b24b","block_type":"box","text":"II-7","page_number":61,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"10effb78-a144-48ac-ad37-33a94a6babc0","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2d6e5dc-7ca3-4648-b0d9-eebb405dc9ed","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":62,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"65524ada-8b19-4dde-892d-88e2ef5ef4cb","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":62,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"1bf6bf5c-bd93-4e19-98fd-71ffd360b259","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":62,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"8a44d346-85dc-4241-9ecc-76ef99bb18bd","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":62,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"18820cc5-4941-48ba-8f38-afbc6cae733c","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":62,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"61163357-8c69-4bc4-8326-175581307521","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":62,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"e16f5ddc-9e24-419b-8d9a-6960001af37c","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":62,"box":{"x":70,"y":136,"width":406,"height":11}},{"id":"af27d670-a39e-490b-9522-6b25d69ab49b","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":62,"box":{"x":101,"y":158,"width":752,"height":11}},{"id":"38e2fd1a-1bfe-4da8-8129-7730b8305154","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":62,"box":{"x":69,"y":173,"width":773,"height":11}},{"id":"55b3aafc-7850-4396-b88a-ff5c9d41865c","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":62,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"ced635da-8903-4d2d-a3e0-4836c2a37343","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":62,"box":{"x":69,"y":203,"width":610,"height":12}},{"id":"dcc06d05-2944-490f-9b88-8209400070a0","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":62,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"8a38671e-6eef-4875-acbb-0030d6508cc3","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":62,"box":{"x":68,"y":241,"width":784,"height":11}},{"id":"f5fef7e7-f5c2-4f53-bdf4-b08a97f42e31","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":62,"box":{"x":70,"y":256,"width":772,"height":11}},{"id":"b7162683-f732-4866-b3cb-8bc28fbb3ca8","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":62,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"200eb102-34e8-42c5-9e8f-61fd65d51a6d","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":62,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"39eab38e-f184-425c-bdd1-8ebf01242336","block_type":"box","text":"state law.","page_number":62,"box":{"x":69,"y":302,"width":67,"height":9}},{"id":"b07e4365-0ca3-4081-8914-ebebeb7076f0","block_type":"box","text":"Direct Lending.","page_number":62,"box":{"x":102,"y":325,"width":105,"height":11}},{"id":"73b6b088-a58c-4db8-823c-08e5bf75ad61","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":62,"box":{"x":213,"y":324,"width":660,"height":12}},{"id":"2f72b534-949a-4c23-9f6b-9ddac8cf3cf5","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":62,"box":{"x":69,"y":340,"width":817,"height":11}},{"id":"75866a77-4673-44b7-b3d7-23c0d979d7da","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":62,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"20f9de00-14ee-4fee-a6e4-fe48207d29ac","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":62,"box":{"x":69,"y":370,"width":764,"height":11}},{"id":"3d43ab07-139c-4d26-bbf4-bf89a7b8b714","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":62,"box":{"x":70,"y":385,"width":405,"height":11}},{"id":"d587c78c-abae-4af3-99e6-a31f086a307f","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":62,"box":{"x":102,"y":407,"width":750,"height":12}},{"id":"d070b01d-74bf-43ed-b1f9-75a9c93d1f19","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":62,"box":{"x":69,"y":423,"width":813,"height":11}},{"id":"5b536b00-48a5-4b5b-85dc-44b950448594","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":62,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"d723d81a-ce15-44ee-8d17-223c935500c8","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":62,"box":{"x":70,"y":453,"width":818,"height":11}},{"id":"38869759-3ba0-4d06-9731-f9f23528112a","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":62,"box":{"x":69,"y":468,"width":798,"height":11}},{"id":"9043f84b-a741-43cb-9b35-a0c85a0df1d6","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":62,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"68d94e78-3d65-4b15-b121-dfa686338256","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":62,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"5cbbb163-4137-4101-af48-931e7a532c4c","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":62,"box":{"x":69,"y":514,"width":301,"height":10}},{"id":"3d3614f4-c8c9-4024-bd6d-99417e394def","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":62,"box":{"x":101,"y":536,"width":762,"height":11}},{"id":"bfcbecfb-fe84-4d4d-9efb-ba8ac075fe64","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":62,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"7e323fa8-64ce-4f5c-a436-316aae1a5cf0","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":62,"box":{"x":70,"y":566,"width":836,"height":11}},{"id":"96f4f475-ab74-422b-8ba8-a3f236082afd","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":62,"box":{"x":69,"y":581,"width":362,"height":11}},{"id":"e023fe3d-9179-4c2c-a856-6c968e309f96","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":62,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"b8c81cb3-af41-4873-be11-d0ec5750f7c3","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":62,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"46bff376-398b-47be-a148-194a8b66f828","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":62,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"b7eebde5-2dd6-4c9b-9815-4c2114a038f0","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":62,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"0ca052da-a336-491b-a3c3-38fbee21d1ef","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":62,"box":{"x":68,"y":664,"width":709,"height":12}},{"id":"4c2319c6-3ff5-476c-b7e4-b273cb55e997","block_type":"box","text":"Credit Linked Securities.","page_number":62,"box":{"x":102,"y":687,"width":179,"height":9}},{"id":"4662cb2a-a8fe-432a-947e-ec64b5e465a9","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":62,"box":{"x":287,"y":687,"width":596,"height":11}},{"id":"2748d021-9ff1-4e92-a55b-fc0035fd9088","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":62,"box":{"x":69,"y":703,"width":837,"height":10}},{"id":"aca5566b-81d2-486f-a3d0-15be66819d87","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":62,"box":{"x":69,"y":717,"width":823,"height":11}},{"id":"cf9484fc-231a-44f9-b946-62477db49577","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":62,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"fc9e848c-0fc9-491c-a689-f2d33b40dd55","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":62,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"f7f6d0cb-09c5-49c0-a08d-b7bf37e6375c","block_type":"box","text":"traditional income producing securities are not available.","page_number":62,"box":{"x":68,"y":763,"width":404,"height":11}},{"id":"d9e1e759-8a96-47c9-930f-db3ef50a4b0f","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":62,"box":{"x":102,"y":786,"width":804,"height":11}},{"id":"d0ceddb6-ab1a-4b69-8740-562cd3b65a5a","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":62,"box":{"x":70,"y":801,"width":780,"height":11}},{"id":"3c7f7211-ab4f-4ce9-86e7-8956565e73e5","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":62,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"01d7bffe-3a18-4bfb-bf4c-1c8a3ffcacd1","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":62,"box":{"x":69,"y":839,"width":821,"height":11}},{"id":"f16d2dd8-57fe-4bbe-85a7-b7375beb66b7","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":62,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"bae73a11-9fdb-435b-8260-308711f0fa3f","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":62,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"9d923a8d-587e-4fbb-8598-59151af1be16","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":62,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"43df3921-abad-4552-9520-c6e6a484a5d0","block_type":"box","text":"the issuer would be obligated to pay the counterpar ty the par (or other agreed upon value) of the referenced debt","page_number":62,"box":{"x":68,"y":899,"width":807,"height":11}},{"id":"2e8c31ca-2854-4d83-8ae7-ae45076e33fc","block_type":"box","text":"II-8","page_number":62,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"9512d15a-fb7c-455d-be8b-6ad0017259dc","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32aea272-f3bf-4274-989e-b203f9ab0a54","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":63,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"b2f458db-8e4a-4b52-a88b-38bd950527af","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":63,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"d98a2320-002b-433c-992a-27460d4c15bc","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":63,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"43416ce8-6456-4bef-9fe9-d2b6f17208ca","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":63,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"c3c834a9-8538-4cc3-b99e-247196aba73e","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":63,"box":{"x":68,"y":105,"width":752,"height":11}},{"id":"c9851c2c-eff7-49e8-90eb-d2c8d57f6efb","block_type":"box","text":"investments.","page_number":63,"box":{"x":70,"y":120,"width":89,"height":9}},{"id":"86084ecf-c84e-40a1-8d99-533227717cd2","block_type":"box","text":"Cyber Security Issues.","page_number":63,"box":{"x":102,"y":143,"width":162,"height":11}},{"id":"1c7563c3-d0a9-4a65-af25-d6fe996a681f","block_type":"box","text":"With the increased use of technologies such as the Internet to conduct business, each","page_number":63,"box":{"x":269,"y":143,"width":620,"height":11}},{"id":"28edeb03-4cbe-4a1a-adfd-3745f65deac6","block_type":"box","text":"Fund, Authorized Par ticipants, service providers and the relevant listing exchange are susceptible to operational,","page_number":63,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"4dccc5cf-3735-403f-88ec-e0259cc859b6","block_type":"box","text":"information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional","page_number":63,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"2c7d5e78-d542-4ca3-9cb8-ed887e178aac","block_type":"box","text":"events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (","page_number":63,"box":{"x":69,"y":188,"width":721,"height":12}},{"id":"2011c7e6-82be-4730-9f03-012ef479837b","block_type":"box","text":"e.g.","page_number":63,"box":{"x":792,"y":190,"width":25,"height":10}},{"id":"992d84b6-9a16-4b78-9d4d-82dcbfa70c46","block_type":"box","text":", through","page_number":63,"box":{"x":819,"y":188,"width":62,"height":12}},{"id":"52dd3bc4-be16-4216-bc20-ffca9f0a8c6e","block_type":"box","text":"“hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting","page_number":63,"box":{"x":70,"y":203,"width":827,"height":12}},{"id":"e184def1-2064-4ef8-9c82-dd0a029ec5dc","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":63,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"c0dd7734-e184-4006-b71c-41d5f2e8ecb7","block_type":"box","text":"gaining unauthorized access, such as causing denial-of-service attacks on websites (","page_number":63,"box":{"x":68,"y":234,"width":605,"height":11}},{"id":"96da9795-0d33-4351-a93a-a77472dc7269","block_type":"box","text":"i.e.","page_number":63,"box":{"x":676,"y":234,"width":20,"height":9}},{"id":"21695a64-835b-45cf-87e9-53f14ec370c9","block_type":"box","text":", effor ts to make network","page_number":63,"box":{"x":698,"y":234,"width":181,"height":10}},{"id":"9262d71c-ce17-490e-b47a-ea0b4e0e8b00","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":63,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"81183aaf-3ab5-4c5b-b5e6-38f9cd595eb1","block_type":"box","text":"other service providers (including, but not limited to, index providers, Fund accountants, custodians, transfer agents","page_number":63,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"2982b9d4-afef-425a-a37f-f2db76211b92","block_type":"box","text":"and administrators), market makers, Authorized Par ticipants or the issuers of securities in which the Funds invest,","page_number":63,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"87eb07f9-1a9f-4033-a01b-bc234f8c9050","block_type":"box","text":"have the ability to cause disruptions and impact business operations, potentially resulting in financial losses,","page_number":63,"box":{"x":69,"y":294,"width":779,"height":11}},{"id":"6f418c30-4cb4-4362-94c4-dfa7254ded09","block_type":"box","text":"inter ference with a Fund’s ability to calculate its NAV, disclosure of confidential trading information, impediments to","page_number":63,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"c717ba82-5727-4dd5-b475-610c915c0090","block_type":"box","text":"trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of Fund","page_number":63,"box":{"x":68,"y":324,"width":749,"height":12}},{"id":"d5644471-83d2-4468-8471-21d33e71ecd1","block_type":"box","text":"shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,","page_number":63,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"5fb63dce-e582-4d07-8737-06db455c4c00","block_type":"box","text":"reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,","page_number":63,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"4843844b-0d7a-46ff-aaf9-f95df0c4c14e","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":63,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"767f3a94-1045-4a52-88c2-3366d6d213aa","block_type":"box","text":"established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks,","page_number":63,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"561e8503-d4c3-4f31-b9ce-087e65d54fbd","block_type":"box","text":"there are inherent limitations in such plans and systems including the possibility that cer tain risks have not been","page_number":63,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"65c09d72-891a-488a-aae3-1d784993dd1a","block_type":"box","text":"identified. Fur thermore, the Funds cannot control the cyber security plans and systems put in place by service","page_number":63,"box":{"x":70,"y":415,"width":784,"height":11}},{"id":"028b4ca4-1664-4fab-87ae-2a07c203e1f9","block_type":"box","text":"providers to the Funds and issuers in which the Funds invest, market makers or Authorized Par ticipants. The Funds","page_number":63,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"cf86315c-16e0-4988-98cb-3d6e6426212e","block_type":"box","text":"and their shareholders could be negatively impacted as a result.","page_number":63,"box":{"x":69,"y":446,"width":457,"height":11}},{"id":"11df9562-7b7a-48ef-b838-982ac068cf7c","block_type":"box","text":"Debt Securities.","page_number":63,"box":{"x":102,"y":468,"width":116,"height":9}},{"id":"bd872b0c-b01b-43e0-9afb-21e9eb09f0c0","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":63,"box":{"x":225,"y":468,"width":677,"height":10}},{"id":"f3306114-a1b8-4ac8-9891-cc962d36e51f","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":63,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"bc985118-56a9-4c25-a38d-74721feb49bf","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":63,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"cb56afdf-0fa9-4de0-a4b1-7ca6cd89af16","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":63,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"ad1bff92-6d8c-4c68-b69f-28aded63f682","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":63,"box":{"x":69,"y":529,"width":466,"height":8}},{"id":"8f4208a5-40b6-43ad-8f38-6c247976616e","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":63,"box":{"x":101,"y":551,"width":784,"height":11}},{"id":"80cd2a84-d644-4cea-b746-a4339eddbf6a","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":63,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"4ee4e4b7-0d6b-4fdc-adb3-548059e9dabc","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":63,"box":{"x":70,"y":581,"width":806,"height":12}},{"id":"c3b87460-d9b8-419d-9332-aba2ae1480be","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":63,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"3fdac94c-49de-493f-aa7f-e48351a15ed5","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":63,"box":{"x":69,"y":612,"width":448,"height":11}},{"id":"afd45644-860b-4c0d-ba09-a8aa83fa0ea8","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":63,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"3bec5f7a-add1-459a-8961-b8c5db72f83f","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":63,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"6f33b188-3dc2-494f-8ab7-70614b788129","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":63,"box":{"x":68,"y":664,"width":801,"height":12}},{"id":"ffadc19b-764c-41dc-a6ac-f37913ddba46","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":63,"box":{"x":70,"y":680,"width":806,"height":11}},{"id":"4fe63f97-2b2a-4a8f-8c6c-0b66d67752da","block_type":"box","text":"lose value. This is known as extension risk.","page_number":63,"box":{"x":70,"y":695,"width":307,"height":9}},{"id":"94de6132-e08a-46e1-926c-6ba137eba18a","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":63,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"8ece8295-dcd5-4681-875b-808a6a160ba3","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":63,"box":{"x":70,"y":733,"width":798,"height":11}},{"id":"2f2b6603-8b28-42d1-8836-2f4a0f93c212","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":63,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"dcf959e2-7038-491a-9b9a-1ad165857b27","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":63,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"97f4cbb1-e833-419d-b9ab-1664c3f98c38","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":63,"box":{"x":69,"y":778,"width":259,"height":11}},{"id":"e307fe77-9c57-4f67-a063-56925a83527c","block_type":"box","text":"Floating and Variable Rate Securities","page_number":63,"box":{"x":102,"y":801,"width":260,"height":11}},{"id":"5e7f19a4-6257-4015-92cb-5560bcc686f3","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":63,"box":{"x":364,"y":801,"width":526,"height":11}},{"id":"504f378b-d5fa-4a32-a6f8-b4f5c76e9cf0","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":63,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"a175ebe6-7a33-4a1a-86e3-57fc2fa14921","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":63,"box":{"x":68,"y":831,"width":834,"height":11}},{"id":"ed19332b-66cf-4760-bab4-9eb66ae6c701","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":63,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"09138bb4-1c9b-4bdb-9b70-f963b06f8be5","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":63,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"e406e442-4ee1-4194-84b8-d6b07f57d560","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":63,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"2d86549d-aef8-4cb2-a637-5921520bfafd","block_type":"box","text":"market interest rates.","page_number":63,"box":{"x":69,"y":891,"width":153,"height":9}},{"id":"8eedd889-f80e-4c4e-ba6c-9fc720110beb","block_type":"box","text":"II-9","page_number":63,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"ae17a5ec-1029-44d3-9a23-9a1a2332b05f","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a5be1146-0ff7-4de6-8872-887793939943","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":64,"box":{"x":102,"y":45,"width":169,"height":9}},{"id":"a8f6b93c-7bf2-4dd6-8e85-4f158a2ff51b","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":64,"box":{"x":278,"y":45,"width":632,"height":11}},{"id":"719b83b7-6218-403f-8da9-36270169748e","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":64,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"d9cbf93a-f5da-455a-9933-d1839541735d","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":64,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"fb9b4dc4-9945-41bd-ac0e-369bae3008f1","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":64,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"ef88bb5c-32b1-4e36-8825-935bf1090470","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":64,"box":{"x":102,"y":113,"width":792,"height":11}},{"id":"6d935c53-dbed-42f3-a2ca-db36d423c418","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":64,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"d965f8c8-847e-4567-8976-1f42f7691bb4","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":64,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"ff3f0df3-8d85-47b6-b6ae-db3ce72de0f9","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":64,"box":{"x":70,"y":157,"width":814,"height":12}},{"id":"c91fdd6f-e1bb-40ed-9e84-aba7b9155ecd","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":64,"box":{"x":69,"y":172,"width":816,"height":12}},{"id":"9f4076ea-d5c1-4ecd-9325-c4780e9885cc","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":64,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"290cc3df-1206-4b22-88ed-c1a59279d86a","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":64,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"fd575eb2-3a6f-41df-ab1b-dfca4ac1bbed","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":64,"box":{"x":69,"y":218,"width":610,"height":12}},{"id":"63310a46-1cca-405a-bec9-9f3f2547f486","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":64,"box":{"x":102,"y":241,"width":767,"height":11}},{"id":"e91365d6-f2eb-4f65-9e07-5edcda7361d3","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":64,"box":{"x":69,"y":257,"width":833,"height":10}},{"id":"0336403d-0cb9-40e5-bc79-c58ab7ed7e41","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":64,"box":{"x":70,"y":271,"width":834,"height":12}},{"id":"9e8970a7-9c22-4b28-b2d8-c8d41c3d2085","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":64,"box":{"x":68,"y":286,"width":795,"height":12}},{"id":"a625e539-aa91-4576-8f95-167a154abde8","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":64,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"e0ca589e-b632-4702-a6d4-8344241a036b","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":64,"box":{"x":70,"y":317,"width":823,"height":11}},{"id":"1492327a-cae5-46bb-ab16-20a65591c76e","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":64,"box":{"x":68,"y":332,"width":821,"height":11}},{"id":"f315351b-668b-469c-85b1-87b8af02499d","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":64,"box":{"x":70,"y":347,"width":792,"height":11}},{"id":"ef51308a-6510-489b-9e8b-4ba56faf704d","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":64,"box":{"x":70,"y":362,"width":570,"height":11}},{"id":"7c565eb2-cb26-4c53-ac8a-60c1d884d7bf","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":64,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"a2bab1a5-3fd8-4cdc-b3da-c287c07d7fb3","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":64,"box":{"x":70,"y":400,"width":831,"height":11}},{"id":"fc1b7058-1c7d-49ee-a3eb-020bf272aed8","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":64,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"a5d86270-b6f1-4552-81a0-d27edee4c1f4","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":64,"box":{"x":70,"y":430,"width":796,"height":11}},{"id":"b857609a-94c7-483c-96de-b2422c2788b0","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":64,"box":{"x":70,"y":445,"width":805,"height":12}},{"id":"16ac1923-a255-40a6-ab05-9f3ba05b2a8c","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":64,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"55fc46e0-833a-4dab-80e3-4f977830dca7","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":64,"box":{"x":101,"y":483,"width":788,"height":11}},{"id":"95f92c3b-66e7-4ea3-a3ac-9311fa47393e","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":64,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"64493db1-b700-4377-b477-f7a7f305551b","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":64,"box":{"x":69,"y":514,"width":784,"height":11}},{"id":"a67c4d5b-4c2b-40d4-abe1-b288e72fbf3a","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":64,"box":{"x":70,"y":528,"width":403,"height":9}},{"id":"5ea903ac-468b-448e-8a56-5734e723e1d9","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":64,"box":{"x":102,"y":551,"width":746,"height":11}},{"id":"a5ea5cd5-d60b-4bed-9379-f31d05f11dab","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":64,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"6e3b9d74-03fd-4d63-bf78-b6d3884c4be3","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":64,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"976ba6c2-e19d-4348-a063-5997c92c58dc","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":64,"box":{"x":68,"y":596,"width":809,"height":12}},{"id":"708a70cf-9104-4b0c-95c2-72e4970f7515","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":64,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"ccd0fc95-4dbd-42b2-bef2-636bd48d6b6d","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":64,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"3212ad7e-0355-4f37-bc35-f76d4966facc","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":64,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"9d840d13-7c90-470a-ad2e-293da42080b6","block_type":"box","text":"United States.","page_number":64,"box":{"x":70,"y":657,"width":99,"height":9}},{"id":"6e374ba8-5383-4634-a1c7-19404ce558da","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":64,"box":{"x":101,"y":680,"width":774,"height":11}},{"id":"5a8c6be4-979f-4832-990e-94065ee6f3b8","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":64,"box":{"x":69,"y":695,"width":464,"height":11}},{"id":"8490e2f8-7cc9-4cd1-becd-f5d740a1dc6a","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":64,"box":{"x":102,"y":718,"width":252,"height":11}},{"id":"6adb7103-0da6-41ed-b415-d1f5b3858154","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":64,"box":{"x":360,"y":718,"width":493,"height":11}},{"id":"cb983d26-2445-4d2a-b9c4-18d816fe5e34","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":64,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"ef2bd0b3-f791-4e94-91bd-ff2f708110e6","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":64,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"8a6b6b4c-b5d9-4488-ae02-e5e0f8b74e92","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":64,"box":{"x":69,"y":763,"width":420,"height":11}},{"id":"63439f0e-2997-469d-ac7d-8dd9906be1c6","block_type":"box","text":"i.e.","page_number":64,"box":{"x":492,"y":763,"width":20,"height":9}},{"id":"3e27365a-2186-4e19-be5e-86259d781b76","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":64,"box":{"x":514,"y":763,"width":377,"height":11}},{"id":"4db33405-97df-46e0-957c-f72ef5f032f7","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":64,"box":{"x":68,"y":778,"width":829,"height":11}},{"id":"773be3ab-525a-406d-aa10-105430afd26a","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":64,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"a0b4947d-d2eb-4e04-902e-094fe2f8d529","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":64,"box":{"x":69,"y":808,"width":763,"height":11}},{"id":"74886c1f-5803-4620-af1d-aa862c03c73d","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":64,"box":{"x":70,"y":823,"width":731,"height":12}},{"id":"045f423b-9c29-42ec-bdda-31214f1c64e6","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":64,"box":{"x":102,"y":846,"width":536,"height":11}},{"id":"e19111df-678d-4d9a-8762-a9b83a1b68fd","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":64,"box":{"x":102,"y":869,"width":278,"height":11}},{"id":"9d81eab4-a78e-4332-9340-9554c8ab9548","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":64,"box":{"x":102,"y":891,"width":767,"height":12}},{"id":"3a060eac-bc40-418b-ba49-e618054d0454","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":64,"box":{"x":70,"y":907,"width":834,"height":11}},{"id":"bd8a68d3-6bf9-4c10-b54b-711c03d58b87","block_type":"box","text":"II-10","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8f2fce5e-0dc5-4080-a75b-d75f2e9f00b4","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c5af7563-ecda-4480-90a8-e7547b274f87","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":65,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"ab4a1c5c-8840-44a9-bfac-74e6349ee0b0","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":65,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"81b7ca2d-9c95-457d-9ec5-4ea6d5184005","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":65,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"e568a965-4a46-43df-a367-894a4c9ef348","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":65,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"7c8e7a4f-0b5c-4907-b406-4aa38e384ce7","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":65,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"45ce13bf-4fe4-4b92-8081-8a1dcf399bc5","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":65,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"3b87c5c1-475b-4ef1-b7ee-05483bd747d8","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":65,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"aa7e8008-3aca-4956-9f62-10a70531d125","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":65,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"17c606c3-7e83-4612-a4c5-5c176ba6f610","block_type":"box","text":"risk than higher rated securities.","page_number":65,"box":{"x":69,"y":166,"width":230,"height":11}},{"id":"53e86bbc-965b-4451-910b-45e0d52b6993","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":65,"box":{"x":101,"y":188,"width":447,"height":12}},{"id":"984598de-0769-4cfb-87d0-0d8cea1447b8","block_type":"box","text":"•","page_number":65,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"ad577b9b-7c3b-4e92-be39-31b517e8c92c","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":65,"box":{"x":101,"y":209,"width":796,"height":11}},{"id":"1dae0c93-11f6-4307-9d29-bc6aabca47d2","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":65,"box":{"x":102,"y":223,"width":792,"height":12}},{"id":"401de098-6b3b-4ae2-8500-b7b00b02f3e5","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":65,"box":{"x":102,"y":239,"width":799,"height":11}},{"id":"2caa6aa8-6388-4287-9333-f45848a29b4e","block_type":"box","text":"unavailability of additional financing.","page_number":65,"box":{"x":102,"y":254,"width":256,"height":11}},{"id":"6d6b9b93-2505-4348-bfd4-60b7f76fae7d","block_type":"box","text":"•","page_number":65,"box":{"x":69,"y":277,"width":6,"height":4}},{"id":"e74da2a0-4362-4653-8990-aad75a560921","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":65,"box":{"x":101,"y":274,"width":797,"height":11}},{"id":"891b6fb9-9fdb-48fe-ac03-3538f6c22e84","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":65,"box":{"x":102,"y":289,"width":804,"height":11}},{"id":"ee429d41-6b9d-4027-800a-f600a97d9af3","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":65,"box":{"x":101,"y":304,"width":769,"height":11}},{"id":"cf28f1a3-7911-47e8-9763-3ce916b2594c","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":65,"box":{"x":102,"y":319,"width":746,"height":12}},{"id":"a237ad1c-27a9-44a5-a6f9-0d48299050fe","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":65,"box":{"x":101,"y":335,"width":432,"height":11}},{"id":"96f695d0-1ebe-46c9-bfbc-3258bbe0ece8","block_type":"box","text":"•","page_number":65,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"6efdfab2-b141-43bd-905a-c57ce79e9de9","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":65,"box":{"x":101,"y":355,"width":808,"height":11}},{"id":"f46cf1d0-eef0-46c9-bd3a-c40691a88914","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":65,"box":{"x":102,"y":370,"width":789,"height":11}},{"id":"9352bd1c-2a81-45c2-8827-c9286b9efecf","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":65,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"256cfbb6-9e06-4a5f-b713-8d3393b648d9","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":65,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"b511bfca-f158-4bff-bca7-d932e7c854c2","block_type":"box","text":"investors in higher rated securities.","page_number":65,"box":{"x":102,"y":415,"width":249,"height":11}},{"id":"31fe8f56-9afa-458d-8d12-5ce5daf1253a","block_type":"box","text":"•","page_number":65,"box":{"x":69,"y":438,"width":6,"height":5}},{"id":"159466f0-9f45-4f01-a56f-38f3188d17e4","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":65,"box":{"x":101,"y":435,"width":780,"height":11}},{"id":"202f6e55-d396-46ad-94e9-a35d7c05343c","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":65,"box":{"x":102,"y":450,"width":784,"height":11}},{"id":"b8177422-0e8e-4a23-8cfe-db3c00a1761f","block_type":"box","text":"lower yields and may lose income.","page_number":65,"box":{"x":102,"y":466,"width":242,"height":11}},{"id":"bbfad9fa-f527-4c01-a43e-4461f3fea06e","block_type":"box","text":"•","page_number":65,"box":{"x":69,"y":489,"width":6,"height":4}},{"id":"6ac72e56-190f-400d-ad80-ee5d8441b4b0","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":65,"box":{"x":102,"y":486,"width":772,"height":11}},{"id":"bcf75c90-a4a9-4589-b657-a2dfcb26fffa","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":65,"box":{"x":101,"y":501,"width":729,"height":11}},{"id":"01ea8fb0-8f73-411e-99e1-9c1b36107608","block_type":"box","text":"•","page_number":65,"box":{"x":69,"y":524,"width":6,"height":4}},{"id":"b979985a-2bfe-4ffa-be64-4a9cf7721903","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":65,"box":{"x":101,"y":521,"width":802,"height":11}},{"id":"584470b4-2692-4bc4-9823-45771f02150b","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":65,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"8f29b0c9-44fc-45ae-9752-26167f4227e6","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":65,"box":{"x":102,"y":551,"width":805,"height":11}},{"id":"4a09dcaf-bccb-48b3-b2ea-04de4f4a625e","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":65,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"699941ba-4ac7-4ddd-aeda-fbb51a937bc3","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":65,"box":{"x":102,"y":581,"width":767,"height":11}},{"id":"c452cb2f-655c-43cb-8d34-d127642cc20e","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":65,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"00f388fc-7c13-421f-8c7e-0e7689d2afc6","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":65,"box":{"x":101,"y":612,"width":436,"height":11}},{"id":"0114209c-d97f-422a-9fe9-160a26e12132","block_type":"box","text":"•","page_number":65,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"f6ed45fa-6502-4a0d-ad53-71784576546b","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":65,"box":{"x":101,"y":632,"width":763,"height":11}},{"id":"684e4dcd-d2a9-44e9-83ed-574b3eb1dec7","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":65,"box":{"x":102,"y":647,"width":798,"height":11}},{"id":"9b48aa83-455e-41c5-983a-a338f0cf23fc","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":65,"box":{"x":102,"y":662,"width":759,"height":11}},{"id":"99fa6271-9650-4333-af87-da19dfbd5f4e","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":65,"box":{"x":101,"y":677,"width":798,"height":11}},{"id":"fd9c71db-5408-4788-8a5a-d46418cd0113","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":65,"box":{"x":101,"y":692,"width":739,"height":11}},{"id":"45c6d986-c030-460d-96d3-8dfc019ef080","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":65,"box":{"x":101,"y":707,"width":792,"height":12}},{"id":"62f37430-8d37-470c-93bc-81788606b735","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":65,"box":{"x":101,"y":722,"width":797,"height":12}},{"id":"4b0ba5d1-3ea2-459a-a2db-f10ae02e41bd","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":65,"box":{"x":101,"y":738,"width":791,"height":11}},{"id":"b5c84fd4-5915-4e74-9d1c-d2fa059a0955","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":65,"box":{"x":102,"y":753,"width":777,"height":11}},{"id":"f74d1668-e93b-4514-a7a4-03bcbd05a7d7","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":65,"box":{"x":102,"y":768,"width":788,"height":11}},{"id":"24928331-974b-4eb4-8d8a-2ba7b5b90af3","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":65,"box":{"x":102,"y":783,"width":797,"height":11}},{"id":"7f7f6334-f789-4ffa-8a55-8fac2ba15fa6","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":65,"box":{"x":102,"y":798,"width":769,"height":11}},{"id":"b2961b83-d32f-49b9-a846-7912899a3795","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":65,"box":{"x":102,"y":813,"width":772,"height":11}},{"id":"4b2e4a2a-482c-44fe-a336-fa571e6870a8","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":65,"box":{"x":102,"y":828,"width":801,"height":12}},{"id":"93322927-9d8c-4c50-abde-77158927f2bd","block_type":"box","text":"role in determining such valuations.","page_number":65,"box":{"x":102,"y":844,"width":252,"height":11}},{"id":"c7e725c3-cfed-48b6-addc-3e567ce45822","block_type":"box","text":"•","page_number":65,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"b89aa5d9-8852-44e7-b83e-f1a946e2a036","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":65,"box":{"x":101,"y":863,"width":808,"height":12}},{"id":"65afebc6-45a6-458c-acd9-a351cb72f025","block_type":"box","text":"a defaulting issuer.","page_number":65,"box":{"x":102,"y":879,"width":134,"height":11}},{"id":"25f67e8b-e0ba-415a-908d-af8b1be8f126","block_type":"box","text":"II-11","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7a5d72cf-f747-4d37-96d3-dfd8aa66fad4","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8fb5c69e-576f-48ee-8c1d-7d9a4343118d","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"24e8fcef-7c67-433e-936f-2e4b9bce4f75","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":66,"box":{"x":101,"y":45,"width":800,"height":11}},{"id":"63e86f60-1ea0-42dd-ac4f-a3bb6e852c9e","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":66,"box":{"x":102,"y":60,"width":793,"height":11}},{"id":"927bc2c9-fd9d-4a33-8310-3b90bd909c42","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":66,"box":{"x":101,"y":75,"width":808,"height":11}},{"id":"0a1c44d8-9689-4690-876b-5b93eb988ab5","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":66,"box":{"x":102,"y":90,"width":756,"height":11}},{"id":"d9d16c24-3e2a-456d-8b0f-1f24b5cf54e5","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":66,"box":{"x":101,"y":105,"width":803,"height":11}},{"id":"90b5e3bc-32d7-4144-9b66-57e22dd39dfd","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":66,"box":{"x":102,"y":120,"width":781,"height":12}},{"id":"118a69fa-b03b-4f50-ad3c-92d21fafc503","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":66,"box":{"x":102,"y":135,"width":798,"height":12}},{"id":"30178522-c73a-48bc-9a22-f159ec466723","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":66,"box":{"x":101,"y":150,"width":566,"height":12}},{"id":"54655323-85b9-41c1-9bc1-bc1942a87c61","block_type":"box","text":"•","page_number":66,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"8373bc7f-d228-4179-825e-06147ca478c1","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":66,"box":{"x":101,"y":171,"width":751,"height":11}},{"id":"47fc06ef-96c7-4120-9fb5-03ff9917a76d","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":66,"box":{"x":102,"y":186,"width":786,"height":11}},{"id":"af296ceb-1446-4eee-bca1-0e1c47c2238b","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":66,"box":{"x":102,"y":201,"width":782,"height":11}},{"id":"bd2eb5bf-78e3-45bb-b8e1-01c8445f2577","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":66,"box":{"x":102,"y":216,"width":762,"height":11}},{"id":"6ba79198-7f43-48d6-b0d1-d13400da46cb","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":66,"box":{"x":102,"y":231,"width":767,"height":11}},{"id":"c0f90119-05cd-4b7f-858e-c8c9ffb2d971","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":66,"box":{"x":101,"y":246,"width":806,"height":11}},{"id":"10b2e2e0-06a0-47d5-9d42-2415b99cc89d","block_type":"box","text":"higher-rated securities.","page_number":66,"box":{"x":102,"y":262,"width":161,"height":11}},{"id":"80c6f8c2-8c5f-428f-bc9a-7cb4171d50d6","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":66,"box":{"x":102,"y":284,"width":751,"height":11}},{"id":"64f3b76d-e48e-4e5e-80fd-c7bd7a46ca4c","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":66,"box":{"x":69,"y":299,"width":814,"height":11}},{"id":"b831c48c-8656-4525-a270-d9bc7aeb3387","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":66,"box":{"x":68,"y":314,"width":812,"height":12}},{"id":"7ec633f0-a4df-4ca1-adc6-90a5e3f17259","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":66,"box":{"x":70,"y":329,"width":808,"height":12}},{"id":"6477dd48-2628-4833-bc81-1aa23f5a6396","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":66,"box":{"x":68,"y":344,"width":825,"height":12}},{"id":"d9b7b0c7-62fc-4c01-9f1f-4991ed383a77","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":66,"box":{"x":70,"y":360,"width":779,"height":11}},{"id":"36c9bf5f-0204-4aba-908d-ec42ab3d5c05","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":66,"box":{"x":69,"y":375,"width":451,"height":11}},{"id":"2daea350-6772-470e-9127-f0233cfd442d","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":66,"box":{"x":102,"y":397,"width":782,"height":12}},{"id":"fb323a51-12f7-4b3b-98d7-a4f02a4f2a2b","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":66,"box":{"x":68,"y":412,"width":825,"height":12}},{"id":"50f8d01d-49b8-4e72-8e41-911937d511e0","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":66,"box":{"x":69,"y":428,"width":328,"height":11}},{"id":"0b39c52b-1828-4662-9038-418a4e22ec64","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":66,"box":{"x":101,"y":450,"width":764,"height":12}},{"id":"1d27710b-7b7e-4f24-96f1-603785b16e7c","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":66,"box":{"x":69,"y":466,"width":455,"height":11}},{"id":"77daf213-6695-415f-bf23-222b258c7152","block_type":"box","text":"Mezzanine Investments.","page_number":66,"box":{"x":102,"y":488,"width":170,"height":9}},{"id":"2a004c3c-7f52-458c-9941-6bffe9e4403a","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":66,"box":{"x":279,"y":488,"width":612,"height":11}},{"id":"88c9e414-19af-483d-a08c-e35b4e20851d","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":66,"box":{"x":69,"y":503,"width":813,"height":12}},{"id":"84ea8e87-97c0-4083-8210-4e4aa2dd6e4a","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":66,"box":{"x":69,"y":519,"width":729,"height":11}},{"id":"218d7365-e3e5-45d2-8114-288032183ec4","block_type":"box","text":"e.g.","page_number":66,"box":{"x":800,"y":520,"width":24,"height":10}},{"id":"f1c19a9e-694a-4b50-a06d-59f00eb8777e","block_type":"box","text":", with","page_number":66,"box":{"x":827,"y":519,"width":36,"height":10}},{"id":"ea733319-7136-4e3c-af7e-79fe5948b0f1","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":66,"box":{"x":69,"y":534,"width":818,"height":11}},{"id":"6b2d7a4f-5fb5-4507-b303-c5d36070a7aa","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":66,"box":{"x":69,"y":549,"width":827,"height":11}},{"id":"3efd739f-0c49-450e-9ece-c996feeb7138","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":66,"box":{"x":70,"y":564,"width":813,"height":11}},{"id":"8762799d-9c6d-4309-8683-382ff87c90ee","block_type":"box","text":"other obligations of the issuer.","page_number":66,"box":{"x":69,"y":579,"width":216,"height":11}},{"id":"66adb951-f14a-4cdf-bf17-1e630e5e816a","block_type":"box","text":"Pay-in-kind Bonds.","page_number":66,"box":{"x":102,"y":602,"width":127,"height":11}},{"id":"c92e3054-fdfc-4e88-b0eb-95b1cbe62bcd","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":66,"box":{"x":236,"y":602,"width":615,"height":11}},{"id":"3ff66cef-97cb-48a1-93fa-f95330b3aeee","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":66,"box":{"x":70,"y":617,"width":813,"height":11}},{"id":"aad2d04e-baba-4dd4-bcc3-dad2cc8dbdad","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":66,"box":{"x":69,"y":632,"width":820,"height":11}},{"id":"d8051a15-e53f-40d9-a056-e5383cf6dbd9","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":66,"box":{"x":69,"y":647,"width":784,"height":11}},{"id":"bc470273-e041-421f-baf3-7985b569d0bb","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":66,"box":{"x":70,"y":662,"width":783,"height":11}},{"id":"a0381535-bc87-4fa2-8c02-3f3dd0a8c0a6","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":66,"box":{"x":68,"y":677,"width":790,"height":11}},{"id":"738728e6-afad-4b5e-85a7-854a28876892","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":66,"box":{"x":68,"y":692,"width":831,"height":11}},{"id":"5cdd5c49-e478-4c07-b974-57608d87c39a","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":66,"box":{"x":69,"y":707,"width":830,"height":12}},{"id":"90d98060-e580-4fb5-8a35-f40413723b73","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":66,"box":{"x":68,"y":722,"width":798,"height":12}},{"id":"4940ccd8-0d53-417e-b688-0a1e2269b44e","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":66,"box":{"x":69,"y":738,"width":835,"height":11}},{"id":"04fa1759-61ef-4e8a-98e7-d05a1ac38e9d","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":66,"box":{"x":69,"y":753,"width":336,"height":11}},{"id":"5107c636-56ea-47d7-ad75-133856ee7b03","block_type":"box","text":"Supranational Entities.","page_number":66,"box":{"x":102,"y":775,"width":160,"height":11}},{"id":"b3b0fc2b-24ff-4757-872b-fdc1ffa0c47d","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":66,"box":{"x":268,"y":775,"width":629,"height":11}},{"id":"1fcd8d37-a251-42d9-9682-d8ec2952834b","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":66,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"d4d93bd4-957e-4e37-9a8e-19730106a6f4","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":66,"box":{"x":69,"y":806,"width":817,"height":11}},{"id":"a591e57f-10e6-4fa2-a185-eecab6875e74","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":66,"box":{"x":70,"y":821,"width":759,"height":11}},{"id":"a4f739d4-18d7-420d-99bb-2f1982022e01","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":66,"box":{"x":69,"y":836,"width":836,"height":11}},{"id":"211c5005-7e6f-4349-9c5c-459b7992116b","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":66,"box":{"x":70,"y":851,"width":772,"height":11}},{"id":"205c236c-1c62-4546-adeb-3b8b1925ac35","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":66,"box":{"x":69,"y":866,"width":830,"height":11}},{"id":"801b83c0-c0dd-4830-8be6-d3a93cadbbe8","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":66,"box":{"x":70,"y":881,"width":580,"height":11}},{"id":"68e589a9-edc2-4b4d-8260-c9cb06eada86","block_type":"box","text":"II-12","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4fcc0f48-dc6a-4dca-b2e6-6de176548f07","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd66b0ad-1fc7-47b9-ae1c-e1985688f091","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":67,"box":{"x":102,"y":45,"width":334,"height":11}},{"id":"5fc06c7b-1464-4a6a-b2c4-67cf9a6d4a0b","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":67,"box":{"x":442,"y":45,"width":446,"height":11}},{"id":"d5b26626-ed38-4837-827b-83f8997595f2","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":67,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"a44f54c7-957d-49ae-95ca-8dcdc373c089","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":67,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"8798f279-d9fa-45ca-9430-7d92319ba8a5","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":67,"box":{"x":69,"y":90,"width":781,"height":11}},{"id":"d7bbd029-bee8-49e7-9f64-d319ee3727e0","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":67,"box":{"x":70,"y":105,"width":823,"height":11}},{"id":"d6c2e7f4-5d34-4837-8b61-57c3a18829ba","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":67,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"a9648fee-ee58-4392-bafb-537b8968a992","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":67,"box":{"x":70,"y":135,"width":799,"height":12}},{"id":"3273af15-039c-44e3-94d5-3a7d689a852b","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":67,"box":{"x":69,"y":150,"width":821,"height":12}},{"id":"067ef3b2-00f4-4f67-837d-b5dbc3c3860d","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":67,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"35e8e3ff-f8f1-4201-9209-3b9db9638985","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":67,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"99f4d441-65d4-4659-ad90-4467266f22b1","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":67,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"f9f4e921-c6fb-47d4-8f32-2701ee8a7154","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":67,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"51d1a3d8-9487-455e-a4fd-a1c8c0058ae8","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":67,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"7d7d8d36-c07a-4bf2-b122-97730ebf35ad","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":67,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"f2f5c738-d05e-48e9-a631-b81a562ed54f","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":67,"box":{"x":69,"y":257,"width":822,"height":11}},{"id":"454cb01e-cc08-4531-b74d-37520bc1aa54","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":67,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"fea7e1e1-4399-4496-8fb5-785864c65578","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":67,"box":{"x":68,"y":286,"width":827,"height":12}},{"id":"e1be5b98-f634-4d70-ad59-cf3d3e92f92d","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":67,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"734b1cb7-4e86-4c21-bf5f-b02127a10561","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":67,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"f695b986-f3ad-422e-9819-26907c470194","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":67,"box":{"x":70,"y":332,"width":737,"height":11}},{"id":"c0e7310e-e1d8-4b7e-8fe0-17332005ed84","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":67,"box":{"x":69,"y":347,"width":449,"height":11}},{"id":"6638f55b-3c31-41f7-9bb1-8fd04ca6e368","block_type":"box","text":"Derivatives.","page_number":67,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"68a439b2-a01d-48cc-891c-43bf4c7eef24","block_type":"box","text":"General.","page_number":67,"box":{"x":102,"y":392,"width":58,"height":9}},{"id":"194a88d6-dd18-4975-ac7f-a5174d0ed508","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":67,"box":{"x":167,"y":392,"width":725,"height":12}},{"id":"b886be9c-4562-41ca-8ae8-5fc0db0d58b5","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":67,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"e25db7fc-02e1-4f98-b090-43bb37e18e62","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":67,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"f3a69c43-4e44-44b9-87cb-bf4346a8925d","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":67,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"99b2d622-96bc-467d-a380-c37621fdaa65","block_type":"box","text":"other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and shor t positions. Unless","page_number":67,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"cd90cb70-fd3a-471c-bb4b-10e6d60ff9a3","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":67,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"60f9c022-edac-4bbd-81a4-9de015d7340e","block_type":"box","text":"investment restrictions from purchasing directly. As described below, derivatives can be used for hedging or","page_number":67,"box":{"x":70,"y":483,"width":765,"height":11}},{"id":"4807d9ee-0014-4385-ad5d-5c83100c495b","block_type":"box","text":"speculative purposes. Funds will engage in transaction-level payment netting,","page_number":67,"box":{"x":69,"y":498,"width":549,"height":11}},{"id":"73bbb831-d1bd-4e07-aede-93f83161de95","block_type":"box","text":"i.e.","page_number":67,"box":{"x":625,"y":498,"width":20,"height":9}},{"id":"c94e96ff-092a-4933-a768-0c2e8b58896d","block_type":"box","text":", the payment obligations of","page_number":67,"box":{"x":648,"y":498,"width":198,"height":11}},{"id":"997179f6-c203-49d7-af30-60434206670e","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":67,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"6d141295-5580-45d3-acc6-a615a4f092d9","block_type":"box","text":"net amount of the two payment streams.","page_number":67,"box":{"x":69,"y":528,"width":289,"height":12}},{"id":"65a34387-2061-4b3d-99ae-95c5bc02c94c","block_type":"box","text":"Hedging.","page_number":67,"box":{"x":102,"y":551,"width":60,"height":11}},{"id":"bae9b5c8-4239-4522-aa5c-201061267171","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":67,"box":{"x":169,"y":551,"width":717,"height":11}},{"id":"e5bf5aaa-ff8b-4e8b-a775-9a5ac8160b31","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":67,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"a9a11e94-20f5-486c-827e-d4cdf5c7e284","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":67,"box":{"x":69,"y":582,"width":834,"height":11}},{"id":"a28e3b09-7faf-46be-ae72-8fe1506fdf0b","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":67,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"aec44a44-4668-48ef-a207-039d3f42b03b","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":67,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"0f7793ce-f653-4f9d-aab1-41f7c4902002","block_type":"box","text":"correlation risk,","page_number":67,"box":{"x":69,"y":627,"width":109,"height":10}},{"id":"0f110005-296a-468a-9447-73190e13cc75","block_type":"box","text":"i.e.","page_number":67,"box":{"x":186,"y":627,"width":20,"height":9}},{"id":"e7ea58f6-f40c-4925-8887-d9b300d6f4d9","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":67,"box":{"x":209,"y":627,"width":669,"height":11}},{"id":"dd438d06-0fa6-42bc-b720-93a3a88f0db2","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":67,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"ecb168ab-2893-448c-a4c2-4fd72893242a","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":67,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"0c935736-bc13-4b76-83a0-65300179341b","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":67,"box":{"x":69,"y":672,"width":434,"height":11}},{"id":"baf82fd0-4518-4a72-99a7-cd61792c4073","block_type":"box","text":"Speculation.","page_number":67,"box":{"x":102,"y":695,"width":86,"height":11}},{"id":"147e2d0d-d913-4de8-8bab-0d20c6e20f97","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":67,"box":{"x":195,"y":695,"width":694,"height":11}},{"id":"00d6a582-0bba-495b-bc75-dae2cdb38f5e","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":67,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"187fc10d-036e-4a91-a13e-aea90c88ced2","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":67,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"50de9056-beed-4e7f-87a1-1dd8c8777559","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":67,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"5ca35069-afee-49bc-a45f-becd3c97d43d","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":67,"box":{"x":70,"y":755,"width":243,"height":11}},{"id":"6ffd0fb2-69fc-4d62-96b6-0fddf3a3793f","block_type":"box","text":"Regulation of Derivatives.","page_number":67,"box":{"x":102,"y":778,"width":180,"height":11}},{"id":"d44c5f92-7df2-4198-9acb-89246d0ede00","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":67,"box":{"x":102,"y":801,"width":333,"height":11}},{"id":"7c9b1744-3b56-4b9a-a850-e29d228a86c1","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":67,"box":{"x":442,"y":801,"width":458,"height":11}},{"id":"b0dbaaab-a15f-4572-937f-acebdacda8ff","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":67,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"e7b80bc9-74d6-43d9-aa49-c9fe3c13487c","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":67,"box":{"x":69,"y":831,"width":759,"height":11}},{"id":"3f6924aa-3f02-420c-b752-10d58c682682","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":67,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"b114029a-1b07-4c9f-b914-54ffa1b37fcc","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":67,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"0aa93856-7002-4c2e-a563-0f82d7be5f3c","block_type":"box","text":"coverage”).","page_number":67,"box":{"x":69,"y":876,"width":79,"height":11}},{"id":"c7584c37-8292-4549-8724-e8791db57bd3","block_type":"box","text":"II-13","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d59acf86-9432-4b95-b9e0-fa966517eb46","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"20f617f7-26c1-4544-8f34-e8864457e440","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":68,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"201263cd-78f2-4645-9a03-d8503fe0f660","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":68,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"29be4f44-f5fa-4a57-aefe-d1ae5dd3479d","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":68,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"1f616752-1c10-4f78-b55e-33f8da8962b8","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":68,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"ab2d4dee-a207-4069-a821-2c9a02027f83","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":68,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"14918f26-b72e-4ce9-a3f8-d49e0dc3754e","block_type":"box","text":"financing transactions (","page_number":68,"box":{"x":68,"y":120,"width":166,"height":12}},{"id":"a06c31a7-82ec-42e8-848a-bbcb61d45548","block_type":"box","text":"e.g.","page_number":68,"box":{"x":236,"y":122,"width":25,"height":10}},{"id":"5c5fce07-bca8-41ef-b4f3-89620b888245","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":68,"box":{"x":263,"y":120,"width":646,"height":11}},{"id":"50ea0496-9e27-45ab-a295-9d6964d53952","block_type":"box","text":"treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":68,"box":{"x":68,"y":135,"width":785,"height":12}},{"id":"60678e42-a990-4654-b0e1-abd8bc234014","block_type":"box","text":"securities (","page_number":68,"box":{"x":69,"y":151,"width":78,"height":10}},{"id":"200590a2-394f-472d-ba62-50ceea45b22f","block_type":"box","text":"e.g.","page_number":68,"box":{"x":148,"y":152,"width":25,"height":10}},{"id":"a92dcd3a-7c8e-4dd5-afb6-e62a20d54b5b","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":68,"box":{"x":176,"y":150,"width":704,"height":12}},{"id":"334b8dd1-5a18-4cba-9620-328183ae8916","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":68,"box":{"x":69,"y":166,"width":796,"height":11}},{"id":"c3f593c1-ee50-4a77-98da-48dd63d791ee","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":68,"box":{"x":69,"y":181,"width":732,"height":11}},{"id":"563970b9-1fd6-441a-a5b7-26d12736fe3a","block_type":"box","text":"Commitments”).","page_number":68,"box":{"x":69,"y":196,"width":115,"height":11}},{"id":"089084f1-f64c-4670-997c-faa8cc00faee","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":68,"box":{"x":102,"y":218,"width":805,"height":12}},{"id":"1a4eed0f-ea37-4f4a-82eb-a96d2496dae7","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":68,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"49c81ff5-34d8-4bb1-aa15-796859b47cdf","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":68,"box":{"x":70,"y":249,"width":808,"height":11}},{"id":"a3113563-8cb1-4881-989d-c075f512c95e","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":68,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"f3f02130-dcc2-430b-8b64-38b123c49168","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":68,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"5866600c-f7ad-4298-95b7-aea20313c3b2","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":68,"box":{"x":69,"y":294,"width":482,"height":11}},{"id":"20a64c1c-fa93-4e48-98c4-3c1593d600c9","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":68,"box":{"x":102,"y":317,"width":724,"height":11}},{"id":"6ce7d781-6b17-4624-9ddb-f157b888525f","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":68,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"3fe91658-9d7b-40e7-b897-1b8a3eeda055","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":68,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"f47d9554-4ad6-4d1b-b24e-ea05b3a25b2a","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":68,"box":{"x":70,"y":362,"width":268,"height":11}},{"id":"8404a571-d908-43f4-bf0b-b9cb282b8252","block_type":"box","text":"Dodd-Frank Regulations.","page_number":68,"box":{"x":102,"y":385,"width":171,"height":11}},{"id":"e1de3fa9-4c2a-4dfe-b0fc-4577c295da40","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":68,"box":{"x":279,"y":385,"width":575,"height":11}},{"id":"a13a5954-aefd-4a5c-8a1d-86cc2732d913","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":68,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"282f9224-d93a-49fa-9908-aad2e618b424","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":68,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"a0565639-2538-402e-ad6a-bda932f6dec3","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":68,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"efc3d100-5c01-4a32-be67-bb0dab200b15","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":68,"box":{"x":69,"y":445,"width":733,"height":12}},{"id":"72cc69e5-8473-4a81-aea6-e4027606910a","block_type":"box","text":"OTC derivatives dealers are now required to register with the CFTC as “swap dealers” and will ultimately be","page_number":68,"box":{"x":102,"y":468,"width":763,"height":11}},{"id":"55f3e1e6-5eaf-4437-989f-1acab327c029","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers are subject to various","page_number":68,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"acf1825e-d1d7-477f-807a-b3afd68c1aeb","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":68,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"3b15a804-69ef-4d7b-bc59-ccdaa356c4f4","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":68,"box":{"x":70,"y":513,"width":826,"height":12}},{"id":"93997252-03e6-48f9-840e-1beda1c33f3d","block_type":"box","text":"requirements.","page_number":68,"box":{"x":69,"y":529,"width":97,"height":10}},{"id":"00d36948-8b4c-477e-b56e-3302cf56f254","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":68,"box":{"x":101,"y":551,"width":745,"height":11}},{"id":"8883d4d4-7c55-46da-895c-6f7d1ef4a031","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":68,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"aa44ae88-3cc6-46bd-833c-80bf6beeafd5","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":68,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"f9549c17-2cd3-4242-88cd-ac9af0417421","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":68,"box":{"x":69,"y":597,"width":837,"height":11}},{"id":"1f5a514a-e725-4b2b-8edb-3048a3642b44","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":68,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"e173e9cc-2911-41d8-a7bf-0f0a51cfa329","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":68,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"a10f18d1-9e04-4905-9907-f20463930316","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":68,"box":{"x":69,"y":642,"width":770,"height":11}},{"id":"6714d5af-5fe5-423e-9e8f-b2b4da9c30ef","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":68,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"eb43c798-7217-4cd1-956b-e23639b46b5f","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":68,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"2dc86ffa-924a-4e29-8a38-70be084eb1d0","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":68,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"8a3b5a84-7328-43e9-8d86-494ba382d82b","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":68,"box":{"x":69,"y":702,"width":814,"height":11}},{"id":"cb1c3165-a8e3-4365-a9fa-3df47f6650e7","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":68,"box":{"x":68,"y":717,"width":796,"height":12}},{"id":"ad4d03cb-76e4-4bc2-8dd8-24ece130a939","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":68,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"45362ad9-bbf5-4ff7-9436-ed510a09a13f","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":68,"box":{"x":69,"y":748,"width":370,"height":11}},{"id":"f0b1e727-bc32-48a0-b3e7-5aed8dd83fa1","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":68,"box":{"x":101,"y":770,"width":766,"height":11}},{"id":"426bc384-66aa-4b71-9b61-0deed5f7ce33","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":68,"box":{"x":69,"y":786,"width":826,"height":11}},{"id":"15bc8e81-1f62-4bf2-9861-e5c09144b532","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":68,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"8a397450-7a78-467a-9f20-6333f06944ce","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":68,"box":{"x":70,"y":816,"width":791,"height":11}},{"id":"601d6d29-f9c6-4157-9114-afee4c58d3c8","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":68,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"1acb904c-c394-4cad-9630-ad2a967b0d43","block_type":"box","text":"member.","page_number":68,"box":{"x":69,"y":846,"width":60,"height":9}},{"id":"9e29d2d7-b17b-4bd3-baf3-6904d55b2d18","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":68,"box":{"x":102,"y":869,"width":782,"height":11}},{"id":"12d2937c-5a99-4008-bb30-eeb4e9114f77","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":68,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"303f4e1f-d48f-4d77-8b2c-0b0e7123dfd5","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":68,"box":{"x":68,"y":899,"width":818,"height":11}},{"id":"97e9f391-5f5f-484a-b421-bf74b20806b8","block_type":"box","text":"II-14","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ed046322-c259-4283-934a-4a936f078ab1","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4169b2ed-3b8d-420b-ac81-f933e749e976","block_type":"box","text":"clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on initial margin with","page_number":69,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"e568f6fe-db95-4527-98bd-9fd5133c0e7f","block_type":"box","text":"their clearing members, some por tion of the initial margin that is passed through to the clearinghouse does not","page_number":69,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"69268ae0-2abd-4f6e-9027-71295b1b2e29","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":69,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"73cc56ab-a418-418c-93eb-d66d87ec38b0","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":69,"box":{"x":69,"y":90,"width":806,"height":11}},{"id":"2b791d61-7ed9-436e-9de6-3d1c4f7ef380","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":69,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"e24c06e4-5b5e-4edc-9ede-bae43be07654","block_type":"box","text":"derivatives. Fur thermore, customers, including the Funds, are subject to additional fees payable to FCMs with respect","page_number":69,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"837de62c-6c6c-4f65-8c48-ab1c9d7ca2bb","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":69,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"c8359e3d-a2ea-48f9-8eee-b3301f88d778","block_type":"box","text":"derivatives bilaterally.","page_number":69,"box":{"x":69,"y":151,"width":151,"height":11}},{"id":"2e145d2d-6318-4c0c-9466-ef1311be82d2","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":69,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"067aef2d-2f8e-41a6-b288-0a62553e0b83","block_type":"box","text":"required by applicable regulations to collect initial margin from a Fund. Both initial and variation margin may be","page_number":69,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"85319a63-8376-4a26-94cb-4645dd68462a","block_type":"box","text":"comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies","page_number":69,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"0a7cd728-791c-4ae3-b8f8-f3503a472a64","block_type":"box","text":"(other than cer tain money market funds) may not be posted as collateral under applicable regulations.","page_number":69,"box":{"x":69,"y":218,"width":728,"height":12}},{"id":"6670dc5f-4db2-4eb7-a736-6bb77fc4aedc","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits on the maximum net long or net shor t speculative","page_number":69,"box":{"x":101,"y":241,"width":799,"height":11}},{"id":"de6da058-9ae3-47f2-9437-cff1e00bc958","block_type":"box","text":"positions that any person may hold or control in any par ticular futures or options contracts traded on U.S.","page_number":69,"box":{"x":70,"y":256,"width":751,"height":11}},{"id":"e6e4b41b-2d50-41e0-af8d-def4f7c4cf15","block_type":"box","text":"commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of","page_number":69,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"ba8b52fb-96ea-443f-b05f-1a2a2e96570a","block_type":"box","text":"agricultural commodities (","page_number":69,"box":{"x":69,"y":287,"width":183,"height":11}},{"id":"b7a9f49c-2b88-412f-a40b-ab133485f0db","block_type":"box","text":"e.g.","page_number":69,"box":{"x":254,"y":288,"width":24,"height":10}},{"id":"1a39118c-77ec-4f4e-97f3-ca21957ac284","block_type":"box","text":", corn, oats, wheat, soybeans and cotton) and United States commodities exchanges","page_number":69,"box":{"x":281,"y":287,"width":606,"height":11}},{"id":"72906c88-0428-45c0-8a23-3a0ccc74800b","block_type":"box","text":"currently impose speculative position limits on many other commodities. A Fund could be required to liquidate","page_number":69,"box":{"x":69,"y":302,"width":783,"height":11}},{"id":"12c5f132-3408-4cbd-ac79-72dcfedf3f72","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":69,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"f1d6da35-321a-4b1a-845f-af34169d382d","block_type":"box","text":"generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation","page_number":69,"box":{"x":68,"y":332,"width":840,"height":11}},{"id":"07c33da8-c693-4f6c-aa0b-3c0acebbb444","block_type":"box","text":"could result in substantial costs to a Fund.","page_number":69,"box":{"x":69,"y":347,"width":304,"height":9}},{"id":"f2a52149-5e30-44f8-a893-6c829a0b25c3","block_type":"box","text":"Dodd-Frank significantly expanded the CFTC’s authority to impose position limits with respect to agricultural","page_number":69,"box":{"x":102,"y":370,"width":763,"height":11}},{"id":"5215bd26-b1c5-4c63-9364-118fe67e069c","block_type":"box","text":"commodities and other physical commodity futures contracts, options on these futures contracts and economically","page_number":69,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"cb789bd8-e255-4822-bec6-69e4120e3f5e","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":69,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"2c08054e-c15c-4a0f-ac15-9351f32364bf","block_type":"box","text":"agricultural commodities and other physical commodity futures contracts, options on these futures contracts (“core","page_number":69,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"ae4c4a6c-9627-44ba-a370-8d4d3b6270ba","block_type":"box","text":"referenced futures contracts”) and economically equivalent swaps. An economically equivalent swap is a swap with","page_number":69,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"8fbc9768-ecc4-4cf0-9134-805e9d8d2dbc","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract, disregarding","page_number":69,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"04fc3fc4-7c7e-44d5-a9f1-c82e8616a032","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":69,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"d4f824f0-b4e2-470e-8baf-d4b781d1f288","block_type":"box","text":"management arrangements and (3) delivery dates for physically-settled swaps as long as these delivery dates","page_number":69,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"19e2a356-5d03-4944-8d34-068c2fef2b4f","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":69,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"6adce4f4-427a-46f1-b4b3-c655a6ca2629","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":69,"box":{"x":69,"y":506,"width":838,"height":11}},{"id":"5abac9ac-08d8-4c88-ae44-2e824e162513","block_type":"box","text":"and a physically-settled swap could only be deemed to be economically equivalent to a physically-settled referenced","page_number":69,"box":{"x":69,"y":521,"width":823,"height":11}},{"id":"d0d8d805-a29a-4b86-ab51-5b779074f0f6","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":69,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"85855f53-94df-43f9-bacc-c3989f538f5d","block_type":"box","text":"there was no corresponding cash-settled core referenced futures contract could subsequently become an","page_number":69,"box":{"x":68,"y":551,"width":751,"height":11}},{"id":"f2e20521-6673-4d7c-9d16-2b906b0311ef","block_type":"box","text":"economically equivalent swap if a cash-settled futures contract market were to subsequently be developed. The","page_number":69,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"371bcc62-32cc-4445-abc7-d7db551e7839","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":69,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"37aef13a-b97e-4837-84de-1fc0b280b0cb","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":69,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"c01a3b19-65f2-4606-b02b-892caad663ec","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":69,"box":{"x":70,"y":612,"width":810,"height":11}},{"id":"95fc1605-2cb4-4864-b043-07f3fd6de7e8","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":69,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"6f9b0899-989f-448c-9d58-583267d23c82","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":69,"box":{"x":69,"y":642,"width":783,"height":11}},{"id":"3d5ceb5f-aaca-417e-8c10-964d5d9924e6","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or","page_number":69,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"b0b8327f-53e2-4cc7-9d18-7800a2401806","block_type":"box","text":"merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or","page_number":69,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"a9832f51-7e7a-46f5-b865-90dfa29f2232","block_type":"box","text":"purchases, or anticipates providing or purchasing. The CFTC’s new position rules set for th a list of enumerated bona","page_number":69,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"00cebc7e-ca50-49c0-8462-e0196f17ae59","block_type":"box","text":"fide hedges for which a market par ticipant is not required to request prior approval from the CFTC in order to hold a","page_number":69,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"6048b2f3-50fc-4099-8e6f-6d37dda8f87b","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market par ticipant holding an enumerated bona","page_number":69,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"b0c53d5d-3548-46ec-b176-a98db1927d06","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":69,"box":{"x":68,"y":732,"width":829,"height":12}},{"id":"1fed7b36-b993-43ce-956b-11c96a7bf274","block_type":"box","text":"non-enumerated bona fide hedge positions, a market par ticipant may request CFTC approval which must be granted","page_number":69,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"3b4699be-05ce-4b12-a9b8-c35cff305d8b","block_type":"box","text":"prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen","page_number":69,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"13119539-7910-4cd7-942a-fa2e5212ae0f","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":69,"box":{"x":70,"y":778,"width":834,"height":11}},{"id":"a781362b-298b-4f4d-bc4c-2a1d4695dac6","block_type":"box","text":"the market par ticipant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative","page_number":69,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"12fd42a1-ed83-4b6c-ad3f-f6e79b4bc8bd","block_type":"box","text":"position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically","page_number":69,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"e1cd927a-3cff-4c03-ade0-6e817215b927","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":69,"box":{"x":69,"y":823,"width":820,"height":11}},{"id":"bcd219e5-1c4f-4255-846f-5cd5f80dda15","block_type":"box","text":"restrict the ability of many market par ticipants to trade in the commodities markets to the same extent as they have","page_number":69,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"8601ea30-4b1b-4dd0-8aaf-e9c3631794e9","block_type":"box","text":"in the past. These rules may, among other things, reduce liquidity, increase market volatility, limit the size and","page_number":69,"box":{"x":70,"y":854,"width":783,"height":11}},{"id":"edebb330-03c0-4371-b4fe-f879eae29310","block_type":"box","text":"duration of positions available to market par ticipants, and increase costs in these markets, which could adversely","page_number":69,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"0d11948b-0be9-43ce-9daa-9692c5ec412e","block_type":"box","text":"affect a Fund.","page_number":69,"box":{"x":69,"y":884,"width":97,"height":9}},{"id":"cc0770c6-c705-4b74-9d27-d67d79e8cfdb","block_type":"box","text":"II-15","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c73764a2-097a-4a9b-ba12-1db822070942","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8d8f453-4ab8-4603-aed8-f3624335df2a","block_type":"box","text":"These new regulations and the resulting increased costs and regulatory oversight requirements may result in","page_number":70,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"d54296af-1116-45ab-918e-e7a1f6e5f05c","block_type":"box","text":"market par ticipants being required or deciding to limit their trading activities, which could lead to decreased market","page_number":70,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"bb681f71-4e58-41e4-aea0-23b27c3526f4","block_type":"box","text":"liquidity and increased market volatility. In addition, transaction costs incurred by market par ticipants are likely to be","page_number":70,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"d707b505-0766-491a-98a6-e936dbbf5eb8","block_type":"box","text":"higher due to the increased costs of compliance with the new regulations. These consequences could adversely","page_number":70,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"a7fb21f2-7dd9-4ee6-9970-294d21d7b6a9","block_type":"box","text":"affect a Fund’s returns.","page_number":70,"box":{"x":69,"y":105,"width":167,"height":9}},{"id":"34313fa5-9448-4c0d-a7fd-54767ba19e61","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":70,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"76197411-7972-452b-a7be-981a05dfb2bd","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":70,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"4bf2ff57-6b03-40bc-bd41-ec5f93e1f0ec","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":70,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"53f928cc-14f9-4a62-820d-e8dda7063521","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":70,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"ec01475e-6248-48b6-8d7c-8e73258cc318","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":70,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"88297d76-c149-44d1-8c30-d945ec7add02","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":70,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"4ef7b9a2-4684-4a2a-969d-8dd4e7dc9dae","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":70,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"5a9d9e1d-4c72-4865-beef-127f88abd1c0","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":70,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"2a9b0267-4299-4c75-ab8a-1e16632796fc","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":70,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"6b823c0a-3df9-461b-a38a-e5f0ff378a9c","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":70,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"4d15c080-b8cb-4192-b79c-e6ee39d4ebc1","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":70,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"e7c7cddc-97b8-4969-ba43-974d5490aade","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":70,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"4bca969c-6099-41f5-916e-66bc769e3e46","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":70,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"d9e055ff-3f0c-4a24-b732-388d20000394","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":70,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"bee23567-6d9d-4f5a-9e46-a31f33f16ddc","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":70,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"be333a92-5cb3-4478-89e1-fef66f29c22f","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":70,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"436cec94-b21a-4a48-b69b-cd762e3dc7df","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":70,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"a4acd3d2-0d70-40ec-a399-fd0627db3022","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":70,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"926f13ea-db44-411c-8815-e7e77fe05edc","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":70,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"0433616d-45ee-4f9d-8603-d1fe94d720a3","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":70,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"48689f56-0565-405f-9e9e-d1a437a6154b","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":70,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"d8a848e6-f4c7-4f95-83ff-9422bc5e2fea","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":70,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"e8819c4a-ad4d-44f9-9052-42b85e6aa12f","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. It is possible that these new","page_number":70,"box":{"x":67,"y":453,"width":813,"height":11}},{"id":"97d5eb36-c2e5-44a3-a91f-73ea0ad393d3","block_type":"box","text":"requirements, as well as potential additional related government regulation, could adversely affect a Fund’s ability to","page_number":70,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"2b18ddd9-db59-4214-aee2-3d4ec22390ba","block_type":"box","text":"terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral","page_number":70,"box":{"x":68,"y":483,"width":779,"height":11}},{"id":"b383bf1d-be70-4ccc-8499-a86e6671f0b1","block_type":"box","text":"received under such contracts.","page_number":70,"box":{"x":69,"y":498,"width":217,"height":9}},{"id":"38e7b51f-fddd-4755-82b3-cc2f197408c6","block_type":"box","text":"Risk Factors in Derivatives.","page_number":70,"box":{"x":102,"y":521,"width":191,"height":9}},{"id":"51742756-f350-4a51-8663-33a68ae21c35","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":70,"box":{"x":101,"y":543,"width":597,"height":12}},{"id":"e794749a-fadd-40df-8a22-dca6a39cf797","block_type":"box","text":"Correlation Risk","page_number":70,"box":{"x":102,"y":566,"width":114,"height":9}},{"id":"ce10a7bd-abce-4300-8ef7-e303046421c8","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":70,"box":{"x":220,"y":566,"width":668,"height":11}},{"id":"2761362d-608f-47b7-9da6-8f04c2e60f4d","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":70,"box":{"x":68,"y":581,"width":837,"height":12}},{"id":"05f8dc9e-5f73-4ffc-be70-649c93dbb9a0","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":70,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"8db41c01-6de6-4ca5-86ec-0f4a7d206bcc","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":70,"box":{"x":70,"y":612,"width":806,"height":11}},{"id":"19909eb7-e37f-4b58-809a-bcc528956e6b","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":70,"box":{"x":69,"y":627,"width":725,"height":11}},{"id":"77e7eb9c-21de-465e-96ea-17f60f936506","block_type":"box","text":"Counterpar ty Risk","page_number":70,"box":{"x":102,"y":649,"width":128,"height":12}},{"id":"242390ee-561b-4046-8d9b-c680009b744f","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":70,"box":{"x":233,"y":650,"width":632,"height":11}},{"id":"064f3742-47d0-40a5-98e8-f31aec12727a","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":70,"box":{"x":70,"y":664,"width":830,"height":12}},{"id":"d384346e-0811-4cdd-8160-7cfe3bf54e3f","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":70,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"3a4a4e4b-a0f5-42c0-9793-9e6596b89d71","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":70,"box":{"x":69,"y":695,"width":834,"height":11}},{"id":"3a70a01f-a599-4b46-9bc7-3ca874efb085","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":70,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"dbd1f8b7-cad1-4aed-ba09-c986450ac679","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":70,"box":{"x":69,"y":725,"width":806,"height":11}},{"id":"c6e43d0f-a68c-4427-a934-6f2b9a1078d7","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":70,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"79346628-c7eb-40c6-a6c1-2a047df6fc66","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t.","page_number":70,"box":{"x":70,"y":755,"width":485,"height":11}},{"id":"63989d35-49ac-4b81-9797-fbaa682eb628","block_type":"box","text":"Credit Risk","page_number":70,"box":{"x":102,"y":778,"width":78,"height":9}},{"id":"024dccab-c896-41fc-8b8e-a69ebf10bad8","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":70,"box":{"x":184,"y":778,"width":698,"height":11}},{"id":"4c8dd935-880e-4dec-bf6a-8552049f9d10","block_type":"box","text":"honor its financial obligations.","page_number":70,"box":{"x":69,"y":793,"width":213,"height":11}},{"id":"8a21e499-934c-42df-bea4-f0649f412be0","block_type":"box","text":"Currency Risk","page_number":70,"box":{"x":102,"y":816,"width":98,"height":11}},{"id":"ce5d9d48-b09d-49f1-9aac-59e92e872a49","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":70,"box":{"x":204,"y":816,"width":669,"height":11}},{"id":"92dbf979-588d-482d-ba02-dad9f3091109","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":70,"box":{"x":68,"y":831,"width":300,"height":11}},{"id":"696516c2-5c23-4554-9004-08b9719753b2","block_type":"box","text":"Illiquidity Risk","page_number":70,"box":{"x":102,"y":854,"width":98,"height":11}},{"id":"9fa335c5-3c09-4a80-8b4f-23cbfe71b242","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":70,"box":{"x":204,"y":853,"width":693,"height":12}},{"id":"267449a9-44d2-41a0-ae77-757f1ecab028","block_type":"box","text":"or at the price desired by the counterpar ty in connection with payments of margin, collateral, or settlement payments.","page_number":70,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"baabea85-c747-4f11-aa41-fc2e5079c4c9","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":70,"box":{"x":68,"y":884,"width":766,"height":11}},{"id":"5c4fcccb-9ee5-4dc0-919d-21b51b659e4a","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":70,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"7e898827-10d0-4531-bef0-afe44c41c53b","block_type":"box","text":"II-16","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0803af38-612c-457a-bf72-e077920a8db9","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d04c0b66-931f-4db7-bed9-4b4ff9ad0d05","block_type":"box","text":"without incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve","page_number":71,"box":{"x":68,"y":45,"width":798,"height":11}},{"id":"5356ed0a-9536-4cee-b0de-d194c57e79d6","block_type":"box","text":"substantial illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such","page_number":71,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"c2ff6739-cddf-4f1d-9d42-b6b7b5966791","block_type":"box","text":"derivatives. A Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the","page_number":71,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"593d9bd2-ab47-4804-8b3a-eb110f2ee751","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":71,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"31ac73ad-f947-4e84-8011-52f803ac9e85","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":71,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"0a6df14e-3c63-4a70-9cee-e118314d7f73","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":71,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"9e3dbe1c-fb3b-4a5d-a1a5-cca0785be3f9","block_type":"box","text":"derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable","page_number":71,"box":{"x":69,"y":135,"width":840,"height":12}},{"id":"e3c949be-9907-4825-b336-f6dbcfc3b671","block_type":"box","text":"supplies, the par ticipation of speculators, government regulation and intervention, and technical and operational or","page_number":71,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"aa612615-2fa1-44f2-95e0-2e8bc520b7fe","block_type":"box","text":"system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be","page_number":71,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"35a98e45-c1b4-4d53-bc3f-dce7744ce647","block_type":"box","text":"adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of","page_number":71,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"5611121b-3f70-42d6-a49e-fbf608a4d76b","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":71,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"646cf269-b4c6-4e76-bd91-fdc500935983","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":71,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"d160fe5c-4932-4126-b3da-5da02c8d89b7","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":71,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"e9bbb4a1-050d-4a2c-873b-9993c6b808ea","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":71,"box":{"x":70,"y":241,"width":802,"height":11}},{"id":"ae6af60d-21ea-4e51-b70a-424d857f3bf8","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":71,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"643b6d6a-ccd7-44c1-80e5-b2d9d6fc24a3","block_type":"box","text":"Fund has insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a","page_number":71,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"8dafaba3-e4f2-4628-b2bf-4c36220fe395","block_type":"box","text":"time when it may be disadvantageous to do so.","page_number":71,"box":{"x":68,"y":287,"width":337,"height":11}},{"id":"7cb8a198-e692-4e69-8509-0198f5131b10","block_type":"box","text":"Index Risk","page_number":71,"box":{"x":102,"y":309,"width":73,"height":9}},{"id":"6c714f4a-60e1-4340-bc45-6d43309697db","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":71,"box":{"x":179,"y":309,"width":714,"height":11}},{"id":"2a1b9849-931e-4918-90c5-7ebac5d388cf","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":71,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"1a30f55f-aa5d-4765-a9ea-528c59e24d96","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":71,"box":{"x":69,"y":339,"width":678,"height":11}},{"id":"b854e2ba-c68e-4e65-aa79-ee4afc187019","block_type":"box","text":"Legal Risk","page_number":71,"box":{"x":102,"y":362,"width":73,"height":11}},{"id":"27dfa5ff-a6d2-40ab-8548-0715d274d15b","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":71,"box":{"x":179,"y":362,"width":717,"height":11}},{"id":"1d46468f-bfb6-4ea8-86cd-7e0677962bba","block_type":"box","text":"or enforceability of a contract.","page_number":71,"box":{"x":69,"y":377,"width":211,"height":11}},{"id":"cd938119-a9d9-4b80-a35c-956d2231ddd7","block_type":"box","text":"Leverage Risk","page_number":71,"box":{"x":102,"y":400,"width":99,"height":11}},{"id":"e3a2b1d4-d8c1-47a8-8947-87aaca2a9afd","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":71,"box":{"x":205,"y":400,"width":648,"height":11}},{"id":"ae79a289-a555-426a-a835-936f50bfe362","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":71,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"a56edf5d-ce9d-49c9-99d4-b32d20a52af6","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":71,"box":{"x":70,"y":430,"width":425,"height":11}},{"id":"a5e329c2-d735-4a05-a600-3994250c4685","block_type":"box","text":"Market Risk","page_number":71,"box":{"x":102,"y":453,"width":85,"height":9}},{"id":"d3dcd3a9-4ecc-429d-88c9-75684003dc34","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":71,"box":{"x":191,"y":453,"width":716,"height":11}},{"id":"bcd91911-bd83-4d01-8bd3-74a6bf44a6da","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":71,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"1a91e04f-2ea0-4ba6-a589-a4e97a43cdb3","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":71,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"098a1564-2156-4847-a0e1-884d08384ff1","block_type":"box","text":"affected.","page_number":71,"box":{"x":69,"y":498,"width":62,"height":9}},{"id":"2bf815e1-f35e-4174-9c97-795dbeceb84c","block_type":"box","text":"Operational Risk","page_number":71,"box":{"x":102,"y":521,"width":117,"height":11}},{"id":"fc46bd01-955b-4834-b53b-1b9fb6a7b460","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":71,"box":{"x":223,"y":521,"width":674,"height":11}},{"id":"a27b8ed2-a661-4420-a026-9c2f7be8d8ec","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":71,"box":{"x":70,"y":536,"width":451,"height":11}},{"id":"03b31c60-72e1-463f-936f-48b19f229119","block_type":"box","text":"Valuation Risk","page_number":71,"box":{"x":103,"y":559,"width":99,"height":9}},{"id":"21c4396a-30e8-4470-a14c-067b1d820d6f","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":71,"box":{"x":206,"y":559,"width":701,"height":11}},{"id":"3dcd83eb-d48a-46be-95cb-9e286f0655f1","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":71,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"6b58ffe5-0999-432b-9897-e8a2345d9f1b","block_type":"box","text":"complex instruments or quote prices for them.","page_number":71,"box":{"x":69,"y":589,"width":329,"height":11}},{"id":"5f4a0fd7-6fbe-4756-8e0a-442fa7ca7a59","block_type":"box","text":"Volatility Risk","page_number":71,"box":{"x":103,"y":612,"width":93,"height":11}},{"id":"5259a46d-e3ea-465d-b646-064777f714bc","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":71,"box":{"x":200,"y":612,"width":652,"height":11}},{"id":"6d6df322-d485-4185-8df3-7c5819a141ee","block_type":"box","text":"Types of Derivatives Transactions.","page_number":71,"box":{"x":103,"y":634,"width":240,"height":11}},{"id":"e69b9026-20d9-4b4b-8206-1346e6a0e60a","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":71,"box":{"x":101,"y":657,"width":771,"height":11}},{"id":"2d59b5fa-276c-43cb-949b-fe343e3173b4","block_type":"box","text":"including the following:","page_number":71,"box":{"x":70,"y":672,"width":159,"height":11}},{"id":"2730f60f-98b9-490f-8508-89bf78f7b9c6","block_type":"box","text":"Futures.","page_number":71,"box":{"x":102,"y":695,"width":56,"height":9}},{"id":"f92bae07-bd9a-4f91-af7c-798059a67165","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":71,"box":{"x":101,"y":717,"width":791,"height":12}},{"id":"a201f02b-c718-43c3-b36e-d26351a6b0a8","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":71,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"a73ba725-ef4e-4945-a01b-c63f07229bb9","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":71,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"b6296433-fdfb-48fe-af6e-f54ce91b2581","block_type":"box","text":"required to deposit initial margin equal to a percentage (generally less than 10%) of the contract value. Futures","page_number":71,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"ca57f456-2fd1-4c1d-a120-fb743c29de95","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":71,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"1ea24fa2-3bfb-4836-a590-d83d1ebffe66","block_type":"box","text":"or be entitled to a payment, as applicable, based on the mark-to-market movement of the contract.","page_number":71,"box":{"x":69,"y":793,"width":703,"height":11}},{"id":"32c10fc4-4e77-40ea-b4b8-5fa081c5118a","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":71,"box":{"x":101,"y":816,"width":801,"height":11}},{"id":"68d9c8c5-a43b-4ebd-9203-74f9085b2348","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":71,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"3e4e9bc2-617f-41e4-9d23-b90965d671c7","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":71,"box":{"x":70,"y":846,"width":822,"height":11}},{"id":"1c58933f-9f19-4a63-8fb5-0bf9441577de","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":71,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"3ad4d010-ff0e-4a42-8984-972a0f083867","block_type":"box","text":"of the futures contract.","page_number":71,"box":{"x":69,"y":876,"width":162,"height":9}},{"id":"33827eb7-b137-44f3-9407-ff1a7a069a9d","block_type":"box","text":"II-17","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a963e186-59bb-4933-8c0d-88e02e2171de","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c427949f-7068-4148-b8dc-c036f0e8177e","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":72,"box":{"x":101,"y":45,"width":756,"height":11}},{"id":"b6019022-58fe-4744-b586-f569875fe87c","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":72,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"c81771c3-f213-4162-8f30-a630d8a3515d","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":72,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"24cddfd3-d3e1-4bb3-af11-957150e81d38","block_type":"box","text":"relating to the futures position.","page_number":72,"box":{"x":69,"y":90,"width":219,"height":11}},{"id":"a923842a-32b4-4d87-bd23-15541524dd32","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":72,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"d6bc2dda-60d9-4396-b0c6-93ca8f4aeb62","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":72,"box":{"x":69,"y":128,"width":797,"height":11}},{"id":"799eaa51-eb4c-4283-8ad5-a8cfc461619b","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":72,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"d19a2d8a-673b-4d7a-8619-8935278c99a5","block_type":"box","text":"Regulations” above.","page_number":72,"box":{"x":70,"y":158,"width":140,"height":11}},{"id":"d1435344-85c6-4710-bc76-3e72a484c492","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":72,"box":{"x":101,"y":181,"width":799,"height":11}},{"id":"72065840-ea8c-41dc-9eb7-954c74208104","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":72,"box":{"x":69,"y":196,"width":818,"height":11}},{"id":"d0fd596f-8b8c-4bb7-9a65-3dff554228bc","block_type":"box","text":"(","page_number":72,"box":{"x":69,"y":211,"width":3,"height":11}},{"id":"5a351ff3-7a93-44d5-a8bf-8d2315ef7455","block_type":"box","text":"i.e.","page_number":72,"box":{"x":74,"y":211,"width":21,"height":9}},{"id":"ad3de712-f926-4bba-9684-c359087a2c47","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":72,"box":{"x":97,"y":211,"width":803,"height":11}},{"id":"c6b4a09e-e82f-4904-bc24-6344ca40c3c8","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":72,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"47f46c1f-2039-4042-933e-ab7023535e01","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":72,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"113977a1-1725-4602-8444-8a321ee09054","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":72,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"da17f871-fa96-4ad2-91a6-a382e22230b7","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":72,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"5cfd2612-fcfe-4db8-81a2-2d0d83443d4a","block_type":"box","text":"Fund intends to purchase.","page_number":72,"box":{"x":70,"y":287,"width":183,"height":10}},{"id":"b9739853-56f4-4017-87fd-dc59e1891bf3","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":72,"box":{"x":101,"y":309,"width":768,"height":11}},{"id":"b5bf562c-4f9f-4f71-812a-81af67214a11","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":72,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"62ae0df5-5655-4667-97d1-a08bade2e4cb","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":72,"box":{"x":69,"y":339,"width":839,"height":12}},{"id":"f986a940-d418-4b9c-bb64-4812f50bcd5c","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":72,"box":{"x":69,"y":355,"width":773,"height":11}},{"id":"0c010eca-2d8d-47ec-98e5-aa67ab951f5d","block_type":"box","text":"illiquidity.","page_number":72,"box":{"x":70,"y":370,"width":63,"height":11}},{"id":"3fd3daae-938d-4052-9d3a-4ee9f4a9b08a","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":72,"box":{"x":102,"y":392,"width":757,"height":12}},{"id":"bdcfafa9-cd21-45de-8ce8-a9dfa312e208","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":72,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"2cc892f8-bca3-4dad-8c5e-8778a569ede6","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":72,"box":{"x":70,"y":423,"width":269,"height":9}},{"id":"36959eee-dd8b-40ea-9512-5565d5f2d9f3","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":72,"box":{"x":102,"y":445,"width":791,"height":12}},{"id":"b87143d1-4158-4ffe-b3b5-dab6013b6e08","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":72,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"88453ae1-55cd-4286-98ce-aa938188fd1a","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":72,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"1ae9534b-891f-4d3a-82dc-7f4dcbc59b3c","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":72,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"bc05f619-e1f3-4621-ace8-0519804819ae","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":72,"box":{"x":68,"y":506,"width":657,"height":9}},{"id":"fe907478-1c91-4bc5-bd8d-5a53d7dbdf63","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":72,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"d5b81c9f-f429-4373-b9b8-3428842089fd","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":72,"box":{"x":68,"y":543,"width":826,"height":11}},{"id":"24ff692d-8227-40f1-b044-2edf22d7214b","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":72,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"0d820d83-15ca-484b-bc93-b28a31e0a71c","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":72,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"5766052e-d1ae-401e-9c32-1c9462716447","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":72,"box":{"x":70,"y":589,"width":817,"height":11}},{"id":"e30b509e-c98c-45c5-8c94-e50aeb0ab8d9","block_type":"box","text":"find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":72,"box":{"x":68,"y":604,"width":561,"height":11}},{"id":"fc6888a4-adf1-4048-b82c-9f8d242975b0","block_type":"box","text":"Swap Agreements.","page_number":72,"box":{"x":102,"y":627,"width":131,"height":11}},{"id":"745a03ba-52ae-47c8-93be-1eaf19f20486","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":72,"box":{"x":101,"y":649,"width":782,"height":12}},{"id":"7ed96d38-ee03-4ae4-8031-7947f7822c63","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":72,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"5ecf7b57-bac9-4f58-9431-dee47a3e5512","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":72,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"ee8b6c1e-e550-484e-a529-1986faed73d3","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":72,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"68ee4aa4-f933-422f-969b-9da5c53e7346","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":72,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"211ff018-b278-4e32-a648-86c470c0ee1e","block_type":"box","text":"a “notional amount,”","page_number":72,"box":{"x":69,"y":725,"width":147,"height":10}},{"id":"3c48d619-e64b-4d7e-9c3a-45e153d51d43","block_type":"box","text":"e.g.","page_number":72,"box":{"x":223,"y":726,"width":25,"height":10}},{"id":"1ffde8e3-a495-4cb5-84c6-093ee05cb9a4","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":72,"box":{"x":251,"y":725,"width":602,"height":11}},{"id":"8825a4dc-0c50-4d48-a879-7e3761a10753","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":72,"box":{"x":70,"y":740,"width":787,"height":11}},{"id":"31ebe0c8-6427-4a2a-af3f-8746de41ef94","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":72,"box":{"x":69,"y":755,"width":762,"height":11}},{"id":"1a329aae-cdae-462f-8395-022e65ac0810","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":72,"box":{"x":69,"y":771,"width":828,"height":11}},{"id":"c74a3aed-1ad3-42cc-b617-594102255183","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":72,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"f7213690-ad74-4ba6-98d7-908b49fa6058","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":72,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"541727fc-4111-4f96-8396-2d591900c1ca","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":72,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"06723503-2f6e-47df-810f-7c1b2f37d9ac","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":72,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"9c04a21f-7076-4d9e-9383-6f8177ada38f","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":72,"box":{"x":68,"y":846,"width":763,"height":11}},{"id":"15838fa3-11f6-4ad7-8e85-57658c92fb33","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":72,"box":{"x":102,"y":869,"width":329,"height":11}},{"id":"5a141e9a-e5a0-4890-bf66-01522ce7265d","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":72,"box":{"x":438,"y":869,"width":439,"height":11}},{"id":"d65d4521-1c4d-4257-b849-84b8ff673471","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":72,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"1f92b58d-48e1-4e4c-9ed1-fe8d704cd9aa","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":72,"box":{"x":70,"y":899,"width":831,"height":11}},{"id":"4dfa7404-707e-42d3-af0c-3fd745c8f349","block_type":"box","text":"II-18","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"303ae878-f7d8-4d0c-9c0f-b0b2751b85e0","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"796fc2fa-c637-4b15-bfab-341a0b26d4d0","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":73,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"9a2e401e-3bc6-4b70-85f3-dd4dca8e8f70","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":73,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"b2e173e5-9be7-467e-acce-b7855f9a2ded","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":73,"box":{"x":68,"y":75,"width":798,"height":11}},{"id":"db04594b-9f85-45a2-a76d-d3f61ccaee5b","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":73,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"8ae2183d-9299-4a18-8f85-d03019d6dd9f","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":73,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"6193ce9f-d32c-4eea-afff-e57077f787ce","block_type":"box","text":"index CDS.","page_number":73,"box":{"x":70,"y":120,"width":75,"height":9}},{"id":"571cad73-56ee-4de7-9cf8-c469497df6c3","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":73,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"7583d0c0-9fb4-449f-b8f7-c5c1fdeb31f8","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":73,"box":{"x":69,"y":158,"width":806,"height":9}},{"id":"8d0a2c40-2c68-4b28-94d2-502544282eee","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":73,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"b62ea2fc-3bbf-4cc3-b271-bdfb5ec8d19d","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":73,"box":{"x":69,"y":188,"width":804,"height":11}},{"id":"9fa7cbf0-7900-4101-98ab-8234e2a0097b","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":73,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"e14ccc9e-8e9c-419f-ac83-7e3693350632","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":73,"box":{"x":69,"y":219,"width":798,"height":11}},{"id":"fbc09ba8-c056-4670-8331-6a996669a2d4","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":73,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"054516c8-40b6-4ba6-8ded-47e8d72b31a6","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":73,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"d232a9c3-3600-4f9c-b5e4-6e0c426fe661","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":73,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"f0416c5d-fda3-4233-927d-953b71534c7a","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":73,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"f17f108d-3898-4a56-98f2-1433839190b3","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":73,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"92ee4dd2-2a99-4f5c-b033-2a6251c6e3ea","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":73,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"285b970a-8a92-431e-8d7b-7a215d01bef8","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":73,"box":{"x":70,"y":324,"width":834,"height":11}},{"id":"75e20dcf-7be6-4894-93da-c91bbefb6bf6","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":73,"box":{"x":69,"y":339,"width":778,"height":12}},{"id":"7d1a2e9c-ee7a-4454-8faf-1f9b917f0514","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":73,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"0b4c0ac5-5e02-45d2-a908-3a6aa68d9894","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":73,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"0be30108-d79a-42d1-ae98-08425c4ee5ac","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":73,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"cc515e7f-58a0-4c2b-9067-14fc7b5ff83a","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":73,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"2f498ea2-648c-40d9-bacf-33ce93810a54","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":73,"box":{"x":70,"y":415,"width":711,"height":11}},{"id":"1f6114f2-2a47-409b-be4c-c6d0301902fe","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":73,"box":{"x":102,"y":438,"width":757,"height":11}},{"id":"297ab963-590b-472c-9368-942481f7cb82","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":73,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"2e144c26-0241-46e1-9c17-380051fa17bb","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":73,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"7b8b1e9a-1ceb-4728-be60-c55f3decaf6c","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":73,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"130f94dc-758e-4bc9-9e5a-92a0ec9c8ccb","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":73,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"d2f53e11-d4d3-4e51-91bf-6d4f06e9ab21","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":73,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"d7e8cff9-d1fd-4cf7-9e92-7a547f522668","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":73,"box":{"x":68,"y":528,"width":833,"height":12}},{"id":"3499d089-5507-489a-8ecc-6cab8a19001c","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":73,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"8d731878-29b6-4fff-a10e-c436c32bb975","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":73,"box":{"x":68,"y":559,"width":820,"height":9}},{"id":"3b71e1d5-e389-4836-907d-59b5691751e2","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":73,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"d9b0ec05-1bb6-4250-a523-d9901a682eab","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":73,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"e0b83a86-babd-4991-bf02-7aea4eae79b2","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":73,"box":{"x":68,"y":604,"width":814,"height":11}},{"id":"80188ab9-dd10-45c4-92d9-17e3a9a43f5b","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":73,"box":{"x":69,"y":619,"width":766,"height":11}},{"id":"e73f6cf9-0137-49e9-b52f-36305d63e1e6","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":73,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"a0f76e1a-f1f6-4082-852a-223c7359c550","block_type":"box","text":"conditions.","page_number":73,"box":{"x":69,"y":650,"width":76,"height":8}},{"id":"dea0cb8a-355c-425e-8b6e-f2c13ab7fea6","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":73,"box":{"x":102,"y":672,"width":762,"height":11}},{"id":"9ca7677e-e881-4f94-bd10-a60dfefe3e86","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":73,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"fa511ead-ec0c-4591-9905-bcbd350d9f69","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":73,"box":{"x":69,"y":702,"width":727,"height":12}},{"id":"88ae8b08-19f6-41c5-be97-a0957dca8bc1","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":73,"box":{"x":69,"y":717,"width":819,"height":12}},{"id":"9824e0a7-d3fa-40cc-9b52-2da63ff05c73","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":73,"box":{"x":69,"y":732,"width":764,"height":12}},{"id":"bbeaa101-a916-4f7c-852b-6db07f065a4e","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":73,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"3d6721c1-1c6b-445b-af17-55e47131e879","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":73,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"edfa84d3-5a3f-4ea1-92a4-df221587de26","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":73,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"e4fea4cf-d917-441a-9763-34197515c36c","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":73,"box":{"x":70,"y":793,"width":828,"height":11}},{"id":"74277bca-50b9-4413-9cae-3cdb0776f9eb","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":73,"box":{"x":68,"y":808,"width":355,"height":11}},{"id":"1e10d8db-0859-4a4b-9917-8aea710e8b7d","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":73,"box":{"x":102,"y":831,"width":750,"height":11}},{"id":"5e766f42-e41d-4648-8862-4636f926d5fd","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":73,"box":{"x":70,"y":846,"width":836,"height":11}},{"id":"c28e5203-3ce9-4bc9-af69-1615093b35bb","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":73,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"018ecef8-3888-4407-83e8-c328ec6a16b3","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":73,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"9df91551-c79a-465a-9ae4-450ff4171a95","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":73,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"e9d2a342-cdba-449c-ae2d-47033ab4d2fd","block_type":"box","text":"II-19","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65ea6780-0cb1-4f3c-b61f-0abda5338d18","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b28e92b0-15fe-4135-84c0-532620118dc8","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":74,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"d57e1ba2-e347-4450-be76-95719eb3d1b1","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":74,"box":{"x":69,"y":60,"width":495,"height":11}},{"id":"6919b51b-22f7-4b92-9e58-bf4f27b35757","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":74,"box":{"x":102,"y":82,"width":752,"height":12}},{"id":"25cf264f-19bf-420a-810c-d3ba83990aeb","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":74,"box":{"x":70,"y":98,"width":814,"height":11}},{"id":"48d7d7e4-7662-4b66-af5a-3bc7565fa7ec","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":74,"box":{"x":70,"y":113,"width":520,"height":11}},{"id":"e299d5db-18e2-4d6e-880d-e826b90b17d4","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":74,"box":{"x":102,"y":135,"width":273,"height":11}},{"id":"8b2bbe94-f4c6-43cf-9719-a6a3676e1774","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":74,"box":{"x":381,"y":135,"width":515,"height":11}},{"id":"3d1048a2-50b6-4f4d-84b4-534236426d15","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":74,"box":{"x":69,"y":150,"width":755,"height":12}},{"id":"c6807f19-c8a7-4ec0-8a53-48adb1e506b5","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":74,"box":{"x":68,"y":166,"width":788,"height":11}},{"id":"ff7d0932-96b3-426c-bb32-cbad723a58d4","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":74,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"1fc3e30e-6fc4-4b13-af84-a78334555fff","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":74,"box":{"x":70,"y":196,"width":461,"height":11}},{"id":"e0b3a26a-b4e4-4334-85a3-47d957517aaa","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":74,"box":{"x":102,"y":218,"width":748,"height":12}},{"id":"4e1a63c9-b366-4ccb-85a1-b8572e79c541","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":74,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"98a34641-1ed1-48bf-9979-6e90aad81e21","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":74,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"76bba287-4a87-4f4f-b3d0-4c4fab5b4768","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":74,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"c00a345f-5698-4f4a-a726-c14586588802","block_type":"box","text":"cleared interest rate swaps.","page_number":74,"box":{"x":69,"y":279,"width":198,"height":11}},{"id":"7b4d8c4c-5623-4c31-a5a4-8fac665f86ee","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":74,"box":{"x":101,"y":302,"width":766,"height":11}},{"id":"48c16f2d-10dc-47ce-a202-5e1bcf27bec4","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":74,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"9bc49999-779b-45c9-9aa8-52d004ecaa54","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":74,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"608ceb3a-9771-4dc3-b594-b0192157988f","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":74,"box":{"x":70,"y":347,"width":822,"height":11}},{"id":"e8bd460c-b280-450a-8ab2-fb1b983a8ee6","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction. The market for interest rate swaps is relatively","page_number":74,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"593aaf8c-1adb-4dc8-8e61-fe0ce82f9663","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":74,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"1ef5a428-437a-4e73-a1ef-c4a14ea86998","block_type":"box","text":"to enter into cer tain interest rate derivatives due to applicable income tax requirements.","page_number":74,"box":{"x":68,"y":393,"width":629,"height":10}},{"id":"77dde78e-3c60-44cf-957a-68881ba1be8d","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":74,"box":{"x":102,"y":415,"width":790,"height":11}},{"id":"1bcc7446-5d3f-42ef-bd30-3e88396a2cb3","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":74,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"bf5c26d0-3307-400a-a86b-82eedbcbda20","block_type":"box","text":"or variable interest rate, index or asset.","page_number":74,"box":{"x":69,"y":446,"width":280,"height":10}},{"id":"6a8a292a-1bc4-45c7-8d2b-d3730a54eae9","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":74,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"58e1f5fe-8968-4199-9b74-06eec638db30","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":74,"box":{"x":70,"y":483,"width":805,"height":11}},{"id":"deb3bfab-570e-41a4-8c9d-4c6a2b649426","block_type":"box","text":"such interest rate floor.","page_number":74,"box":{"x":69,"y":498,"width":165,"height":9}},{"id":"2937703e-d2fa-450c-9854-6c0ec1708902","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":74,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"6b24ff47-c568-421d-8c81-7712fa717ad1","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":74,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"286d9de6-c017-4672-b249-2235065205de","block_type":"box","text":"such interest rate cap.","page_number":74,"box":{"x":69,"y":551,"width":159,"height":11}},{"id":"e0d9931d-84a5-4523-9103-77bf926ddab7","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":74,"box":{"x":101,"y":574,"width":729,"height":11}},{"id":"9ed48955-23da-4add-82f8-fbd3f7e6fec3","block_type":"box","text":"commitments to pay or receive interest,","page_number":74,"box":{"x":69,"y":589,"width":282,"height":11}},{"id":"598f2440-f9e9-4835-a5ea-109ec17662ce","block_type":"box","text":"e.g.","page_number":74,"box":{"x":359,"y":590,"width":24,"height":10}},{"id":"d2d87045-6be3-4906-afde-3ae733021434","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":74,"box":{"x":386,"y":589,"width":482,"height":11}},{"id":"ed2c1780-7984-48f0-b067-4fe26dab698a","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":74,"box":{"x":69,"y":604,"width":814,"height":11}},{"id":"83ce050b-155a-470f-a5ad-c4277e4ab623","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":74,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"a6f97ff5-7d2b-4a2b-83e8-94e0178e5d19","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":74,"box":{"x":68,"y":634,"width":832,"height":12}},{"id":"22725164-e466-430a-bce9-e6eb9daec591","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":74,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"2626aa80-3b27-44f5-bc57-9f380563dea7","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":74,"box":{"x":69,"y":665,"width":836,"height":11}},{"id":"7fac0a80-7be2-451e-9b6f-194a3afd12c0","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":74,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"ea9caaa5-e5b2-46ee-b059-423d978b2f5f","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":74,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"ef5ba0e0-ca4a-4469-8d13-f98206b3b50f","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":74,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"1d0c9465-3b48-4d88-be37-db78ce6a4c4e","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":74,"box":{"x":68,"y":725,"width":646,"height":11}},{"id":"c6fcad06-c146-465b-9964-76b2b5606499","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":74,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"b90d1ffb-5a80-43c4-9aa2-2f8010308aee","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":74,"box":{"x":70,"y":763,"width":490,"height":11}},{"id":"49d70a5e-4903-4101-9551-c5fc2f634b15","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":74,"box":{"x":102,"y":785,"width":791,"height":12}},{"id":"8b12107f-42cb-448b-8727-ee8699f5a66d","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":74,"box":{"x":69,"y":801,"width":454,"height":9}},{"id":"0c50947a-af72-45b3-b45b-6642c996dce3","block_type":"box","text":"Total Return Swaps.","page_number":74,"box":{"x":103,"y":823,"width":139,"height":11}},{"id":"7e9d2143-a58c-46da-a462-6e2afb9664ce","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":74,"box":{"x":249,"y":823,"width":634,"height":12}},{"id":"54c91806-0a41-41e3-9d0a-586cf7678de6","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":74,"box":{"x":68,"y":838,"width":838,"height":12}},{"id":"244b222b-6173-4990-b378-2654496ef75c","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":74,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"dace08aa-b0de-4f55-b794-5af9fc1673ae","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":74,"box":{"x":69,"y":869,"width":791,"height":11}},{"id":"6d33bdef-4d56-4790-aea0-742983b55bef","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":74,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"7b658140-493f-4962-8192-a0d2db8154c3","block_type":"box","text":"II-20","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9f633816-4eb6-492b-a1b7-ede5df94a2f3","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2d7c570-3c26-4a9d-8b43-0a17bac4d087","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":75,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"798197d7-4e1a-4994-ae3c-711c77119c8b","block_type":"box","text":"“contracts for difference.”","page_number":75,"box":{"x":70,"y":60,"width":184,"height":9}},{"id":"d9466d58-7499-428e-89ec-bf802e673172","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":75,"box":{"x":101,"y":83,"width":770,"height":11}},{"id":"bea9a026-e568-4e44-a1c5-b352831d8649","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":75,"box":{"x":69,"y":98,"width":780,"height":11}},{"id":"f6ef2c94-67ef-4ae6-800a-5fc70fda6b7a","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":75,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"970c2495-43b1-4477-a8a1-073b8a8b59da","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":75,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"60c5a58d-7252-4295-afbb-0370154b4f82","block_type":"box","text":"the notional amount of the swap.","page_number":75,"box":{"x":68,"y":143,"width":235,"height":11}},{"id":"a0361ebb-e4eb-481a-8c58-bddbc8dbb594","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":75,"box":{"x":101,"y":166,"width":746,"height":11}},{"id":"1fd8bc0a-4029-4627-a6c7-abc00f76b6d3","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":75,"box":{"x":69,"y":181,"width":433,"height":11}},{"id":"8858a20e-c562-4c81-9629-161c416b54f4","block_type":"box","text":"Options.","page_number":75,"box":{"x":102,"y":203,"width":57,"height":11}},{"id":"66779fe4-8e3e-4a91-a468-20c4ba885e80","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":75,"box":{"x":102,"y":226,"width":319,"height":11}},{"id":"d94ab8d5-29e0-4630-8805-abbcbc6ba79c","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":75,"box":{"x":427,"y":226,"width":418,"height":11}},{"id":"9299d3ff-bf2d-48e2-a68b-dcd560cb2212","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":75,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"49c5e41a-44ac-4fe5-bdd4-2b795d2bc814","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":75,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"2ef44b82-eca2-418e-9b7e-fe394c44de24","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":75,"box":{"x":69,"y":272,"width":826,"height":11}},{"id":"2cec7ce3-2f15-4868-938b-71962549edd8","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":75,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"330cc856-7aa9-4b42-bbf8-3aeb32eb764d","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":75,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"4b7263d6-2819-4489-82cd-5a537e66a73e","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":75,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"749e5de0-f578-49cc-8e7c-fceb9c5a4d22","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":75,"box":{"x":69,"y":332,"width":366,"height":11}},{"id":"d0afcb91-45cf-4af6-8f94-3c844f3b8e26","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":75,"box":{"x":101,"y":355,"width":743,"height":11}},{"id":"98822399-1bb0-4bff-aae4-35d690331142","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":75,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"9afa45fd-952f-4fd6-af6b-28965890c125","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":75,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"a8c7c6b6-0542-44dd-bece-5da762788005","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":75,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"32a987dd-c609-45d8-b337-dbfdc2ce1478","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":75,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"fd971986-6dba-4d90-8b95-db3673caeb43","block_type":"box","text":"OTC markets.","page_number":75,"box":{"x":69,"y":430,"width":95,"height":9}},{"id":"e634b528-b173-4017-b0e7-96163b1fe4f6","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":75,"box":{"x":101,"y":453,"width":806,"height":11}},{"id":"a29ce593-27ed-4f0e-80b3-1c9fb66c68f1","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":75,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"3d1e01f2-2e1a-436f-b61b-ab05af84438a","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary","page_number":75,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"3a2a1d5e-2d9f-4506-a7d7-1beafe0e4f02","block_type":"box","text":"market for par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent","page_number":75,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"8cd16a06-8a49-4056-97a9-9d1a6b37c81a","block_type":"box","text":"for reasons which include the following: there may be insufficient trading interest in cer tain options; restrictions may","page_number":75,"box":{"x":68,"y":513,"width":832,"height":12}},{"id":"ab927def-fe9d-43d7-b14f-36803da752fb","block_type":"box","text":"be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or","page_number":75,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"12b9e109-d084-428d-b8d5-4a1d5ea19a1f","block_type":"box","text":"other restrictions may be imposed with respect to par ticular classes or series of options or underlying securities;","page_number":75,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"3d3f7667-7c70-427d-bf3e-0828feb12067","block_type":"box","text":"unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange","page_number":75,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"2bcf135f-b4dd-4533-b2b9-d8948f500b8c","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":75,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"59a08b57-cae2-415c-8412-123867bcdcf2","block_type":"box","text":"more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue","page_number":75,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"c0160c10-cb37-4783-8fec-cfbd99feae61","block_type":"box","text":"the trading of options (or a par ticular class or series of options), in which event the secondary market on that","page_number":75,"box":{"x":68,"y":604,"width":782,"height":11}},{"id":"b01f0e0e-4411-4d63-92c3-2b8241227b03","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":75,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"6c9c7297-dd32-4f2f-89f2-31adda776277","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":75,"box":{"x":70,"y":634,"width":837,"height":12}},{"id":"a37b0a59-6773-471f-84b5-ed7329bc3690","block_type":"box","text":"accordance with their terms.","page_number":75,"box":{"x":69,"y":650,"width":201,"height":8}},{"id":"9bcf4841-7339-4cf9-8785-9cec2b064717","block_type":"box","text":"Call Options.","page_number":75,"box":{"x":102,"y":672,"width":89,"height":11}},{"id":"520efe37-e6b3-4d83-8286-ac7f86d72a46","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":75,"box":{"x":197,"y":672,"width":694,"height":11}},{"id":"3913d3be-2dd4-4c04-8735-55893dbe6dbd","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":75,"box":{"x":70,"y":687,"width":838,"height":11}},{"id":"59ce43ae-9ef8-479b-92ac-45fa0e617208","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":75,"box":{"x":68,"y":703,"width":813,"height":11}},{"id":"96c4091c-0480-474f-b02c-c5ab1ba095f9","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":75,"box":{"x":70,"y":717,"width":795,"height":12}},{"id":"cc2606c3-22ce-4d5c-abef-bdbf43653487","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":75,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"12046bfa-6c21-4020-ba03-ca1865886ba6","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":75,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"c9549cbf-8e2a-4a48-bd88-dbf7c0b8c880","block_type":"box","text":"of the option.","page_number":75,"box":{"x":69,"y":763,"width":93,"height":11}},{"id":"48103709-925c-40f1-9003-87b934a401ee","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":75,"box":{"x":101,"y":785,"width":794,"height":12}},{"id":"b4f3d6f0-8fe2-4d04-a072-6cf73bd46730","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":75,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"eb8f35bb-de15-4600-8978-0503832581e6","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":75,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"9c6273ce-0fda-423a-86d2-1a9e262ebad9","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":75,"box":{"x":70,"y":831,"width":778,"height":11}},{"id":"e8060da2-00c1-4691-b697-ffcf4f620504","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":75,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"eddf3610-76c3-4c11-8aaa-676e451b7909","block_type":"box","text":"A Fund may write (","page_number":75,"box":{"x":101,"y":869,"width":130,"height":11}},{"id":"aa5b3878-122b-49f7-9d0a-1ddeb6564397","block_type":"box","text":"i.e.","page_number":75,"box":{"x":233,"y":869,"width":20,"height":9}},{"id":"3366bad2-087f-459f-96c6-bbfac9eea495","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":75,"box":{"x":256,"y":869,"width":627,"height":11}},{"id":"4fead7dc-cd4c-452c-b683-4f71e412f576","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":75,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"3982d393-c9bd-4a4d-ae68-c6b2124eabb2","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":75,"box":{"x":68,"y":899,"width":827,"height":11}},{"id":"556b4dcb-b9d1-4676-9484-c0f9c2aec6f5","block_type":"box","text":"II-21","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4f7a5f75-0a37-43df-9696-7c86c858368d","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9a56f5f-0328-4f91-85a0-970e66474af5","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":76,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"547bfda3-1394-484d-ac92-92e9ce2de5a5","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":76,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"a4ba0f10-12e7-4649-8a12-4551b5f291d3","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":76,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"c497f273-e6c0-41fe-b0b6-a7437aa8fa8c","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":76,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"0ca8752f-84f7-4db2-aae5-d79843ba5a92","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":76,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"3af2c64b-2526-488d-a9eb-9bd603b169c3","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":76,"box":{"x":69,"y":120,"width":792,"height":12}},{"id":"97343865-290b-4cba-8e52-bb8008b57e30","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":76,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"8445c1a0-fe31-45c2-9de5-e5ec799b11c0","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":76,"box":{"x":69,"y":150,"width":760,"height":12}},{"id":"b35e0913-0d9e-48cb-b758-483829bbdcf8","block_type":"box","text":"A Fund may write","page_number":76,"box":{"x":101,"y":173,"width":120,"height":11}},{"id":"d9a1e18d-3365-4a63-ab4b-fa6393b5cbf1","block_type":"box","text":"(i.e.","page_number":76,"box":{"x":228,"y":173,"width":25,"height":11}},{"id":"e591eee4-409b-4307-824f-583d12a607ec","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":76,"box":{"x":256,"y":173,"width":628,"height":11}},{"id":"b2b0075a-ab41-4fac-b947-42d76c555668","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":76,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"a14b33d0-abe7-451f-9071-2785545580e6","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":76,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"fa82e45d-d387-4d37-9420-e3f99f6ce08b","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":76,"box":{"x":69,"y":218,"width":825,"height":12}},{"id":"292f74f5-7432-4124-adef-5e28f185bd87","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":76,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"a625b883-4a06-4c1b-84d1-641409fe2faa","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":76,"box":{"x":70,"y":249,"width":806,"height":11}},{"id":"7983410c-079a-44a5-9e8c-36f64c4078c5","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":76,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"33f9a0b2-9794-4154-b62e-46dd8e90dbbe","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":76,"box":{"x":68,"y":279,"width":793,"height":11}},{"id":"92746fb5-35a0-4010-a808-eecc5a262d14","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":76,"box":{"x":69,"y":294,"width":814,"height":11}},{"id":"5992a87b-e673-4937-a447-5fe17c754fd2","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":76,"box":{"x":68,"y":309,"width":818,"height":11}},{"id":"4dd297fa-689c-4724-a7c1-63e7002d4480","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":76,"box":{"x":68,"y":324,"width":825,"height":11}},{"id":"faf85661-c02a-4943-b98d-d608bf21cb14","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":76,"box":{"x":69,"y":339,"width":326,"height":11}},{"id":"6e4da967-c602-48cb-adcd-d2b6008854e7","block_type":"box","text":"Put Options.","page_number":76,"box":{"x":102,"y":362,"width":85,"height":11}},{"id":"33df1089-fd78-4314-9377-4f5a9363e7d9","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":76,"box":{"x":194,"y":362,"width":712,"height":11}},{"id":"49360eef-78e2-4538-8925-45e978702c72","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":76,"box":{"x":68,"y":377,"width":828,"height":12}},{"id":"8ca4a0a5-7fab-40b0-960c-c3db1ba89492","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":76,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"6f7a2f64-ff52-46a3-a89c-1e8acfc82176","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":76,"box":{"x":70,"y":407,"width":820,"height":12}},{"id":"8bd95217-4b83-4bad-b60c-383b1efe973e","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":76,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"224d7e52-4402-4f48-a3f2-80fcb81f77b7","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":76,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"97319db0-332b-4dd7-9ec4-35f6179fbe89","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":76,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"a307feeb-2c3b-45a0-b18f-d09f363547d7","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":76,"box":{"x":68,"y":468,"width":841,"height":11}},{"id":"edb75601-a769-4c0e-b0c7-e5c3ad71c537","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":76,"box":{"x":69,"y":483,"width":785,"height":11}},{"id":"9b08abb3-8be9-415d-9c16-efe058d7ac10","block_type":"box","text":"purchase uncovered put options.","page_number":76,"box":{"x":70,"y":498,"width":231,"height":11}},{"id":"eeaf69fa-74df-401f-9647-e627c76aaf85","block_type":"box","text":"A Fund also may write (","page_number":76,"box":{"x":101,"y":521,"width":165,"height":11}},{"id":"c55b2865-78b5-413a-a07c-a770de85bfa9","block_type":"box","text":"i.e.","page_number":76,"box":{"x":268,"y":521,"width":20,"height":9}},{"id":"e053e625-ab44-4081-acb3-258b2340979a","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":76,"box":{"x":291,"y":521,"width":591,"height":11}},{"id":"67b6ef58-894c-45d2-ad9e-8e7d7545ba67","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":76,"box":{"x":70,"y":536,"width":675,"height":11}},{"id":"047e6530-b968-4264-9b33-2170a542561f","block_type":"box","text":"A Fund also may write (","page_number":76,"box":{"x":101,"y":559,"width":165,"height":11}},{"id":"e0bf6c97-88d5-4d8b-9223-629ce092c267","block_type":"box","text":"i.e.","page_number":76,"box":{"x":268,"y":559,"width":20,"height":9}},{"id":"a262b790-d186-4ff9-9378-e9fe6325a12d","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":76,"box":{"x":291,"y":559,"width":593,"height":11}},{"id":"4abfb695-2109-4ea9-a916-675b7b5a67ba","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":76,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"7331827d-3bdf-41f3-b961-a9de2b7acca3","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":76,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"73f62ca4-b861-401b-a1f5-32aaba86544c","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":76,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"74ca194b-6158-4faa-86c0-d8d8826e44ef","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":76,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"509b6589-5d9c-432b-b025-d6abc274acc3","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":76,"box":{"x":68,"y":634,"width":818,"height":12}},{"id":"1c8160db-c787-4aef-8e99-5cf28a5a1ddb","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":76,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"ff88617b-972b-4986-b129-5e60e8bcb37f","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":76,"box":{"x":69,"y":665,"width":814,"height":10}},{"id":"fd3ed460-9b2d-4f66-99b3-f9584cd390d5","block_type":"box","text":"the exercise price.","page_number":76,"box":{"x":68,"y":680,"width":130,"height":11}},{"id":"953df65d-0a43-459b-9d59-598666e9c68c","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":76,"box":{"x":102,"y":702,"width":556,"height":12}},{"id":"f2fb059b-9d5a-4bfd-9541-768f2e52b499","block_type":"box","text":"The following information relates","page_number":76,"box":{"x":664,"y":702,"width":232,"height":12}},{"id":"f724b326-100a-448c-8257-d7542dba179d","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":76,"box":{"x":68,"y":717,"width":784,"height":12}},{"id":"077a95c2-9ef8-4d63-92cb-48f0ebf64226","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":76,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"5eebf59e-4578-42bc-8a02-4b950543bc2b","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":76,"box":{"x":69,"y":748,"width":827,"height":11}},{"id":"35fb8bbc-3bd5-4674-a5a6-db7ac2013175","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":76,"box":{"x":70,"y":763,"width":781,"height":11}},{"id":"65850c86-5bae-44c0-9cc1-fec596ea2da5","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":76,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"4c408975-0823-44ff-bf5d-8f25583bb36f","block_type":"box","text":"market in order to maintain its “cover.”","page_number":76,"box":{"x":69,"y":793,"width":277,"height":9}},{"id":"78d5eb20-b644-4eda-a58f-8d3a21cae7df","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":76,"box":{"x":101,"y":816,"width":807,"height":11}},{"id":"dbdedb46-3d58-47c2-b44b-aa7e744ccf12","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":76,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"6c639ba1-79c9-43bd-b874-3421115c2881","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":76,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"45e2f852-3a61-492e-9d4a-f70d018263d3","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":76,"box":{"x":68,"y":861,"width":784,"height":11}},{"id":"7b354bdb-aa5b-462c-9388-c867f63c3794","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":76,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"4733e8fa-ce81-4be3-96b1-d69c69ab3b21","block_type":"box","text":"and incur transaction costs.","page_number":76,"box":{"x":69,"y":891,"width":197,"height":9}},{"id":"0cc5909b-a556-4538-b3bc-d369f4ec43f3","block_type":"box","text":"II-22","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c857c51a-c398-4fae-af0a-7f1c5ef3aeab","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83a27ad6-92a0-4ea1-88b3-af34e1d5a6b7","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":77,"box":{"x":102,"y":45,"width":235,"height":11}},{"id":"5f70820b-0644-4516-8f8d-b598c4483ae0","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":77,"box":{"x":343,"y":45,"width":563,"height":11}},{"id":"13559493-b903-4a39-a546-b3fc282d969b","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":77,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"0a3449c3-1c29-4208-900d-3e1410c94340","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":77,"box":{"x":69,"y":75,"width":439,"height":11}},{"id":"63ac198d-54bb-4d72-a52e-6611002503f5","block_type":"box","text":"i.e.","page_number":77,"box":{"x":510,"y":75,"width":20,"height":9}},{"id":"fc61267d-4845-44af-8843-f9800e150016","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":77,"box":{"x":533,"y":75,"width":309,"height":11}},{"id":"097c1c5e-67f4-4bda-8add-dcf8cbd4b521","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":77,"box":{"x":70,"y":90,"width":826,"height":11}},{"id":"ea22fa51-b391-4256-ac44-642b8f56a78a","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":77,"box":{"x":70,"y":105,"width":793,"height":11}},{"id":"db09f4ec-d5d7-4890-9841-a064101924fc","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":77,"box":{"x":70,"y":120,"width":802,"height":12}},{"id":"7f4b33c2-7abc-4192-b799-bc2275f0603a","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":77,"box":{"x":68,"y":135,"width":836,"height":12}},{"id":"c57492cc-9068-4b19-ad28-1aec902601de","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":77,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"85011ddb-c939-407f-be61-d520d5456bdb","block_type":"box","text":"required, to be cleared.","page_number":77,"box":{"x":69,"y":166,"width":165,"height":11}},{"id":"d36ee4c2-0881-4814-aaed-1ec4d1c4e6d1","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":77,"box":{"x":101,"y":188,"width":760,"height":11}},{"id":"a50766c5-50e8-47dc-916c-68b11163b492","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":77,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"a3fa86a6-e559-44fb-b13a-f49b3900187e","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":77,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"d5ded5a9-b5e7-4ef0-a918-17f6f9967a8c","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":77,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"b33e599c-81dd-479b-82cc-c49de49b86cb","block_type":"box","text":"Derivatives” above.","page_number":77,"box":{"x":70,"y":257,"width":135,"height":8}},{"id":"5db78027-65b1-4618-9591-10be43574d04","block_type":"box","text":"FLEX Options.","page_number":77,"box":{"x":102,"y":279,"width":96,"height":11}},{"id":"a7012b86-d021-48e7-9e0c-bef3d0974e1e","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":77,"box":{"x":206,"y":279,"width":702,"height":11}},{"id":"218ec8b1-00d6-42c8-bc7b-2b101c6f72dc","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":77,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"9b72cf17-0825-4805-b82e-368eaea3554b","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":77,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"2c01ec7e-14a8-4fec-823c-dd37eac61eb3","block_type":"box","text":"exercise prices, exercise styles (","page_number":77,"box":{"x":69,"y":325,"width":231,"height":10}},{"id":"89870741-db74-47bc-90c3-4d3be670b641","block_type":"box","text":"i.e.","page_number":77,"box":{"x":302,"y":325,"width":20,"height":8}},{"id":"1646c34e-c407-43e0-8e0a-43e4e50e56dc","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":77,"box":{"x":325,"y":325,"width":561,"height":10}},{"id":"6cdc17ad-6a7d-49e3-8cdd-156b0c3d5727","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":77,"box":{"x":69,"y":340,"width":768,"height":11}},{"id":"c229ceec-323e-4c18-b1e0-52df343e8c60","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":77,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"fca07fb9-e3a6-4853-88b6-adfa7e06aac7","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":77,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"889c4fa5-91ed-47ea-8d02-dcf641a93ee8","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":77,"box":{"x":69,"y":385,"width":792,"height":11}},{"id":"e92fc63a-d19c-49ab-bb27-7972827d2d77","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":77,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"d1e84a19-8295-4aaf-9772-d78a0c26ac84","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":77,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"1162732c-d6ec-4bad-9794-0ad796e4fa10","block_type":"box","text":"FLEX Option’s expiration date.","page_number":77,"box":{"x":70,"y":430,"width":211,"height":11}},{"id":"142454ae-8c78-4007-9ffb-908cc012d8ca","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":77,"box":{"x":101,"y":453,"width":783,"height":11}},{"id":"22d4fe75-8314-4598-a446-157c6ee6398e","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":77,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"e98538f0-1f9d-4702-a397-f538db104ef7","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":77,"box":{"x":68,"y":483,"width":826,"height":11}},{"id":"879ed549-6024-43d5-8e72-c634a6931af9","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":77,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"774e9725-8afe-4c1b-af20-93a9e903870b","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":77,"box":{"x":69,"y":513,"width":822,"height":12}},{"id":"67441561-dcc5-4212-a6bc-eb1f1d8997bd","block_type":"box","text":"FLEX Options contracts.","page_number":77,"box":{"x":70,"y":529,"width":166,"height":10}},{"id":"3ac85db4-fc60-41e4-9c03-4eec22a43a41","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":77,"box":{"x":102,"y":551,"width":748,"height":11}},{"id":"264feafc-fdb3-4768-8e90-b91cab423e80","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":77,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"073d6bb7-1873-45bf-bf3b-7759f694e226","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":77,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"c38ffb5d-47fa-4e8e-b466-03fdebe099b1","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":77,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"6ce185b1-344f-4f0f-bd41-fa5d66a7b6b3","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":77,"box":{"x":70,"y":612,"width":829,"height":11}},{"id":"3e035b65-46fb-4660-a941-37feb16a950e","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":77,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"833e0fbf-934b-4bfb-99fd-a6edebdefbdd","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":77,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"4cb9cdbd-f5b9-44f1-b382-3313c21ccd91","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":77,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"0a1c8a3a-3edb-454a-9d98-c68ec8eeec6c","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":77,"box":{"x":68,"y":672,"width":753,"height":11}},{"id":"f221b8f2-a2e3-421d-9f58-3e75cb4813ce","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":77,"box":{"x":70,"y":687,"width":806,"height":11}},{"id":"80980cbb-6475-4988-ac2d-edd72ef6cec0","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":77,"box":{"x":69,"y":702,"width":593,"height":12}},{"id":"c24bb143-55cd-4e5d-8c68-18904ade1093","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":77,"box":{"x":135,"y":725,"width":298,"height":11}},{"id":"ef8a8b69-a70b-4a24-aeec-226f5d349f0d","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":77,"box":{"x":435,"y":725,"width":461,"height":11}},{"id":"37330fde-461b-44fd-8498-886010a9fad4","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":77,"box":{"x":102,"y":740,"width":768,"height":11}},{"id":"6ca6d838-d7d9-4714-867f-b1a005d6514b","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":77,"box":{"x":102,"y":755,"width":775,"height":11}},{"id":"82237877-4fa5-4f1b-883e-baf6836fd487","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":77,"box":{"x":102,"y":770,"width":777,"height":12}},{"id":"bd00e3e8-90b2-458b-b66e-df0fe0ac5ec6","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":77,"box":{"x":102,"y":785,"width":799,"height":12}},{"id":"53c5447c-6964-418a-ae11-571e50989b3d","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":77,"box":{"x":102,"y":801,"width":777,"height":11}},{"id":"8f219753-b3f7-4a50-98eb-9a3704e04346","block_type":"box","text":"expire unexercised have no value.","page_number":77,"box":{"x":101,"y":816,"width":240,"height":11}},{"id":"56dfda59-5d16-4207-a95b-3d62059eac57","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put","page_number":77,"box":{"x":135,"y":838,"width":743,"height":12}},{"id":"fe049c44-3b7d-440d-812c-fdfb87d40072","block_type":"box","text":"options on the same asset that may be bought or written by a single investor, whether acting alone or in concer t","page_number":77,"box":{"x":102,"y":854,"width":800,"height":11}},{"id":"19ff006b-930e-4040-bea8-d3fdcb7eb4f8","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":77,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"b7fbd076-93cd-49ed-9bab-96afdaf1ee24","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":77,"box":{"x":101,"y":884,"width":803,"height":11}},{"id":"5853f33d-4a4f-41fa-8aec-2a3c2ed9cb53","block_type":"box","text":"investment companies advised by the Manager are combined for purposes of these limits. Pursuant to these","page_number":77,"box":{"x":102,"y":899,"width":775,"height":11}},{"id":"b36d4855-cf9b-42ed-9b9a-5ff0efaa5633","block_type":"box","text":"II-23","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5fc573de-d4dc-41f9-a698-6b1f0c785410","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0228d67b-2075-42a8-8421-fc1a1113c657","block_type":"box","text":"limitations, an exchange may order the liquidation of positions and may impose other sanctions or restrictions.","page_number":78,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"3f374653-3b94-48dd-8221-7eb6e4895e70","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":78,"box":{"x":101,"y":60,"width":809,"height":11}},{"id":"815b5c0f-4a5b-4670-bd50-a25623066ab0","block_type":"box","text":"national securities exchanges have no position limits for the instruments in which the Funds expect to invest.","page_number":78,"box":{"x":102,"y":75,"width":778,"height":11}},{"id":"613873c2-560c-4e2d-93d0-442e6bd3560f","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":78,"box":{"x":134,"y":98,"width":747,"height":11}},{"id":"754f2484-c2bb-43bd-80d5-5b4b75d3ff30","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":78,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"e3f83d60-91c3-4ad4-bead-c03149263943","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":78,"box":{"x":101,"y":128,"width":786,"height":11}},{"id":"c6d7fca4-0047-4074-bb8f-c111787981ce","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":78,"box":{"x":101,"y":143,"width":798,"height":11}},{"id":"fb43f042-adb0-4e92-8eb8-7e5b622f67f8","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":78,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"ef7dd33e-8a49-4f4a-90a9-c2b4e4bc22c2","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":78,"box":{"x":102,"y":173,"width":800,"height":11}},{"id":"88b4a38b-a82f-4249-b73a-1a65f50319d3","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":78,"box":{"x":102,"y":188,"width":774,"height":12}},{"id":"090dcded-5674-4eb6-bf4b-f449826bfcf7","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":78,"box":{"x":102,"y":203,"width":793,"height":12}},{"id":"edd70a33-630a-4660-99da-8c42b08b6326","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":78,"box":{"x":102,"y":218,"width":764,"height":12}},{"id":"e83b38eb-d00c-466f-85b0-fb72c4a8ed68","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":78,"box":{"x":102,"y":234,"width":430,"height":11}},{"id":"956ac315-8179-4304-ba00-e08022d53b54","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":78,"box":{"x":134,"y":256,"width":740,"height":12}},{"id":"ff04619a-4bb3-4259-a7da-9894dbac3a41","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":78,"box":{"x":102,"y":272,"width":787,"height":11}},{"id":"c7cfdf51-7fb9-4613-84a4-7a0f3936adf7","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":78,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"2c93789d-22fd-4e14-ab16-068380a1b15a","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":78,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"00c3494c-5099-4ae8-b1ec-d7f4059fc07c","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":78,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"a1d4ba22-81b9-4df4-9d98-a16546b9727c","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":78,"box":{"x":102,"y":332,"width":635,"height":11}},{"id":"3c68d501-2023-4fd7-ba92-80e4c0d90213","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":78,"box":{"x":135,"y":355,"width":297,"height":11}},{"id":"bd0b453f-c807-4c0a-ac40-0c1a256fce9f","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":78,"box":{"x":433,"y":355,"width":448,"height":11}},{"id":"4c768197-d48b-41d4-9691-d654af1f6340","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":78,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"2851fd88-f2b8-4612-8782-c8889b12b133","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":78,"box":{"x":101,"y":385,"width":753,"height":11}},{"id":"a1961b02-db8c-427b-9d24-e2153ef22d48","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":78,"box":{"x":102,"y":400,"width":780,"height":11}},{"id":"363ddef6-c9dd-46a5-9c0a-2617c3e187ae","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":78,"box":{"x":102,"y":415,"width":387,"height":11}},{"id":"ea622b9e-fb80-416f-a0ae-8a29eb0ed8c2","block_type":"box","text":"Foreign Exchange Transactions.","page_number":78,"box":{"x":102,"y":438,"width":222,"height":11}},{"id":"1ff87d23-71b5-4a6e-bc2c-e6a3d9c97ad2","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":78,"box":{"x":101,"y":460,"width":807,"height":12}},{"id":"52c6a233-8eb9-450e-abef-5ebb5c381995","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":78,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"6a251757-0342-4eb0-9149-82f7759b74b4","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":78,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"9d4e05b8-7255-4e1a-93b7-d6e7e2e63b62","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":78,"box":{"x":69,"y":506,"width":792,"height":11}},{"id":"242e8092-cd9e-4142-85dd-6686961e20ca","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":78,"box":{"x":102,"y":528,"width":790,"height":12}},{"id":"df5afc5b-0fa0-4d73-86b6-206e24fdb203","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":78,"box":{"x":70,"y":544,"width":830,"height":11}},{"id":"b409fabf-b1ce-4efd-bac3-d148a1dd743e","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":78,"box":{"x":69,"y":559,"width":808,"height":11}},{"id":"7f9bd751-9176-4f80-8655-c01d9c6bf7bd","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":78,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"3c5b5158-ea19-4d21-b4e9-895bca8a1e74","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":78,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"1702adf8-ba6e-4933-8998-9de8b2bd888e","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":78,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"eba4d9d0-92e6-4866-ac21-5cae1eff9f69","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":78,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"98573470-2b4b-4bb0-ad82-5aeff95b646e","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":78,"box":{"x":69,"y":634,"width":813,"height":11}},{"id":"c3db7806-b3ad-4a7b-99bd-e57ceca5d433","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":78,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"fafa29f0-7f14-4115-bd78-8b58df87fab7","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":78,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"cebdc5ff-c089-4ed3-b007-6e6c8d3d53db","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":78,"box":{"x":68,"y":680,"width":794,"height":11}},{"id":"af261837-f406-487c-aae1-f131765dc5a9","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":78,"box":{"x":102,"y":702,"width":805,"height":12}},{"id":"6fbda5dd-43f9-4127-ae1a-c5e65a64c2e0","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":78,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"af92b2c9-83d0-40b5-bf3b-00267f12a3d5","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":78,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"c698a591-947b-4381-8ea8-91ffe6ad8bad","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":78,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"5e9d2771-6e7d-47c9-9d9b-bb584cb21a65","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":78,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"584a848d-e1f8-43e3-9c42-1fa4b19471f7","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":78,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"78ff6dbf-bcd5-4f0a-b226-810886c796f6","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":78,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"4ff8f5c2-33a9-4a28-830b-d096d143e446","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":78,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"09a2a4d7-586f-4344-a155-f597e75400db","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":78,"box":{"x":69,"y":823,"width":493,"height":12}},{"id":"a417de69-1911-4ed8-aebb-a7e88651befc","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":78,"box":{"x":102,"y":846,"width":738,"height":11}},{"id":"56e1d09c-49f4-4ae2-9275-4578fc6f08fa","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":78,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"1b7cd488-e5c8-4f31-b2ea-1550d40fbbd3","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":78,"box":{"x":70,"y":876,"width":819,"height":11}},{"id":"f174956c-d4e7-4bde-b09d-4d17047c11a8","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":78,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"6443d032-0c9a-4439-8241-c8841345cd4d","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":78,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"aa348431-901f-44ee-98fd-fceb2a052280","block_type":"box","text":"II-24","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"eb8ee465-d6d0-4931-a536-de496fbd8ec7","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ddc25423-b72d-433b-9540-1b2564324315","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":79,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"f3936434-e153-46b4-827a-ef8e173f904e","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":79,"box":{"x":69,"y":60,"width":841,"height":11}},{"id":"b106cf43-fcd4-4576-b003-8e39a7dd0d46","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":79,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"ce3611f6-1815-41e6-b47f-527cee28db73","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":79,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"df845c29-4069-4b42-b139-ba5cf57b294a","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":79,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"cdde89d0-ee1f-43ed-a4f0-7f5478481ec3","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":79,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"09d42901-0a06-4957-8861-5be0af26ef57","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":79,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"584b9028-b9fb-4ba1-938d-422a7d15d088","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":79,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"f471ee6e-ce3e-44ff-8fa4-a950cb882dfa","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":79,"box":{"x":69,"y":173,"width":800,"height":11}},{"id":"40392574-ace8-4827-bd9d-7b5d931b6619","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":79,"box":{"x":68,"y":188,"width":829,"height":12}},{"id":"6e6eed66-ec58-4a21-8a26-d95f744ed03e","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":79,"box":{"x":68,"y":203,"width":753,"height":12}},{"id":"6bd95d6b-12fd-4d27-9c9a-c9025182a8ad","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":79,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"7b8d8a54-8c75-4538-845a-aea4d2cff20d","block_type":"box","text":"involved.","page_number":79,"box":{"x":70,"y":234,"width":59,"height":9}},{"id":"2bdcc2c8-4452-456d-8e19-fd0329e27dc5","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":79,"box":{"x":101,"y":256,"width":803,"height":12}},{"id":"1d12dfb3-3306-4655-89b1-facb8188250c","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":79,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"91b6307d-986e-461c-b4ee-c040b4c5e964","block_type":"box","text":"denominated in such currency.","page_number":79,"box":{"x":69,"y":287,"width":216,"height":11}},{"id":"539da6cd-b979-4edc-93d4-1d978b490679","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":79,"box":{"x":102,"y":309,"width":254,"height":11}},{"id":"565f3949-ad26-4e09-83f0-c660c1358559","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":79,"box":{"x":364,"y":309,"width":527,"height":11}},{"id":"341f5c5e-f770-4893-9b64-2d4b07376dea","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":79,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"76b28a6d-617d-44f8-b962-d230b7962d4f","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":79,"box":{"x":68,"y":339,"width":798,"height":12}},{"id":"923e43c0-7b31-4f5f-9af9-d668a4b62ee9","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":79,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"d2a71bb1-0a8f-477f-bd1c-f92c968a286a","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":79,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"566a9a53-37ac-4dc5-8a13-fd532984dad7","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":79,"box":{"x":69,"y":385,"width":774,"height":11}},{"id":"aa96fae8-25ae-4ad7-9e5a-b3ed04d302b7","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":79,"box":{"x":70,"y":400,"width":828,"height":11}},{"id":"12d0c703-9bd6-4141-a579-dada5b6e13d8","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":79,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"55c9e765-17b4-4897-af63-4bcac086b990","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":79,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"48f8aed4-4fcc-4dcb-b345-388c4372014f","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":79,"box":{"x":69,"y":445,"width":819,"height":12}},{"id":"ecd7e8b2-cd62-40ad-bbe2-a85a9729ec72","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":79,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"4248a432-85cc-4405-a1af-fa76c4377b4d","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":79,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"79558ba0-f1ae-495a-bf44-b10b8aee3b6d","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":79,"box":{"x":69,"y":491,"width":814,"height":11}},{"id":"60ab344b-50fb-4baa-bc7d-ff94b5b49308","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":79,"box":{"x":69,"y":506,"width":745,"height":11}},{"id":"cd944f8c-9555-47ba-8a4e-7dd6f7c24734","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":79,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"58992aab-061f-4ad6-a3b1-f05a9d071f38","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":79,"box":{"x":69,"y":536,"width":428,"height":11}},{"id":"43ab8831-b273-4e77-b73e-3c98b71a25d6","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":79,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"02325519-6bc5-49cc-907c-ea013849e032","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":79,"box":{"x":69,"y":574,"width":829,"height":11}},{"id":"3b3fd8db-a803-4e7e-8341-1040369ba89c","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":79,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"bef9b9c2-297e-4157-b12a-8e00d0365ee8","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":79,"box":{"x":69,"y":604,"width":823,"height":11}},{"id":"c3cbfb9b-f684-4d89-8e66-6d253df8a144","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":79,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"a9e76877-2c83-440e-915c-701d1a37db42","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":79,"box":{"x":69,"y":634,"width":838,"height":12}},{"id":"85182fab-0c5f-426c-9a4d-624c8571fae9","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":79,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"9ea1bd4b-b613-4ad4-9691-c4737a7fd622","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":79,"box":{"x":69,"y":665,"width":819,"height":11}},{"id":"59fb4a45-ccc3-492c-9d52-68e379bcba2b","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":79,"box":{"x":69,"y":680,"width":691,"height":11}},{"id":"8c955530-1ec9-4dce-b5bb-c0dd3baeefc4","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":79,"box":{"x":101,"y":702,"width":785,"height":12}},{"id":"c6a952f0-cc18-4c94-8544-4f6704bc9c90","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":79,"box":{"x":69,"y":718,"width":811,"height":10}},{"id":"8deae769-72b2-4404-a2cb-9203111d9e17","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":79,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"c455084c-76c2-40ab-ad4a-7c0299e5f224","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":79,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"77603b52-04b0-4f84-a969-e417026046a7","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":79,"box":{"x":70,"y":763,"width":823,"height":11}},{"id":"7258df95-b920-4553-a527-887f0962a0a9","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":79,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"08dfbd62-7589-4d5c-8f5e-2c135396a88d","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":79,"box":{"x":68,"y":793,"width":372,"height":11}},{"id":"d5f9602e-2763-4c9c-996e-b23eb84fd33d","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":79,"box":{"x":102,"y":816,"width":768,"height":11}},{"id":"bb7df034-4022-4bd2-ba79-73e76bc871ca","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":79,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"2db708e5-aae6-4fc2-8720-8dcf44c91dbb","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":79,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"8ccaebc9-0a5d-4746-9ad9-9051b0325ef2","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":79,"box":{"x":68,"y":861,"width":806,"height":11}},{"id":"721487e1-1ec4-4bd7-ba8a-acb55e00a1e9","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":79,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"07726dce-570e-4a3d-ab1b-497d42646ccb","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":79,"box":{"x":68,"y":891,"width":812,"height":12}},{"id":"255c113c-d2ca-4351-bbfd-3d4a9096c059","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":79,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"b4e5cb86-c733-4b3a-97d9-10fe0ed923d8","block_type":"box","text":"II-25","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3d1bacfc-1b73-42d8-bd6f-daf812895292","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4005c2ab-2277-4c29-9260-2f4bf814cacc","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":80,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"da7000d0-7123-401c-ab27-e84ea1312910","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":80,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"527f2d36-d4a1-476a-b01a-5133f33283e5","block_type":"box","text":"traded.","page_number":80,"box":{"x":68,"y":75,"width":49,"height":9}},{"id":"23f6afbf-1729-4f77-9e03-1d4ef3348ea7","block_type":"box","text":"Currency Futures.","page_number":80,"box":{"x":102,"y":98,"width":123,"height":11}},{"id":"273742d6-b203-45c6-8b13-31d8c285910b","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":80,"box":{"x":232,"y":98,"width":654,"height":11}},{"id":"e08d3728-edd0-4d06-8d90-e1a5f41b4c81","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":80,"box":{"x":68,"y":113,"width":782,"height":11}},{"id":"8d223e8d-bff0-4967-9dbd-f956b5eaa63d","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":80,"box":{"x":69,"y":128,"width":774,"height":11}},{"id":"55c9f7b9-a20d-472f-a6e2-d4920021820a","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":80,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"722f8e18-ab2a-44a7-b143-f7b21d4a6436","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":80,"box":{"x":69,"y":158,"width":269,"height":9}},{"id":"57aa95fc-7540-4087-9f56-e31206605a3c","block_type":"box","text":"Currency Options.","page_number":80,"box":{"x":102,"y":181,"width":125,"height":11}},{"id":"273b2d9f-07c0-4596-94e2-6dfb14b156d8","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":80,"box":{"x":233,"y":181,"width":654,"height":11}},{"id":"0dc80faf-ccec-4251-a978-b448095604e0","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":80,"box":{"x":68,"y":196,"width":776,"height":11}},{"id":"fd38e6b7-6822-438e-a70f-5f51aba11e75","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":80,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"1ecdeb87-fc73-47c9-8ea8-5b0aa283f1af","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":80,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"210c3d08-02e8-43c4-9e1d-ff270ec4f876","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":80,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"9063826c-57a5-48da-813d-58434e3cef69","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":80,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"5fd08cae-dea7-4407-a630-c516a37add20","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":80,"box":{"x":69,"y":272,"width":790,"height":11}},{"id":"59490052-558f-4236-925d-b8dab21114af","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":80,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"9e1d4252-c76e-4f3c-bd58-185374180eff","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":80,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"abe062bf-20a9-4441-8738-6563dd30f488","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":80,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"168af327-27c0-486e-9b1c-8cac119502cb","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":80,"box":{"x":69,"y":332,"width":483,"height":11}},{"id":"d22c1994-975a-455c-886e-5e53a03d501d","block_type":"box","text":"Currency Swaps.","page_number":80,"box":{"x":102,"y":355,"width":117,"height":11}},{"id":"b475ceb5-63de-4c52-bc90-395b195e05a4","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":80,"box":{"x":225,"y":355,"width":652,"height":11}},{"id":"8d089787-2704-4a8c-8127-847e994da94d","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":80,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"e78624b8-09c6-4a23-b970-922407604ed0","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":80,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"bde7dda5-45b2-48c1-a90e-6fc6a86e9d4c","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":80,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"a78fd5ee-7aff-48db-83e1-07d37452247e","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":80,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"87fc157a-40cf-4cb8-bab0-55886733904f","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":80,"box":{"x":69,"y":430,"width":810,"height":11}},{"id":"053f5433-4e27-40d2-834c-326414257a34","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":80,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"d5b9a19b-a5b0-4d2a-a22e-f5b6e791a46e","block_type":"box","text":"Distressed Securities.","page_number":80,"box":{"x":102,"y":468,"width":159,"height":9}},{"id":"679e79ce-4df9-49ba-a246-a1af4c0658e6","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":80,"box":{"x":267,"y":468,"width":633,"height":11}},{"id":"1af9b59a-af4b-4d6a-a4ca-00e7b30b228e","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":80,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"fe407d0d-cef5-44fc-8eb8-31bdff79e81b","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":80,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"5028acc9-832a-493d-adaa-c3b9cfd5ebd1","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":80,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"354d2999-f4f5-4f3b-9120-e11da46f010a","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":80,"box":{"x":69,"y":528,"width":784,"height":12}},{"id":"7c428567-ee25-41b4-a868-25d15a22cb2a","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":80,"box":{"x":70,"y":543,"width":569,"height":12}},{"id":"9afdcde9-96f6-48fc-ac54-429b7935ca23","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":80,"box":{"x":101,"y":566,"width":766,"height":11}},{"id":"687f048f-4acd-4a4f-8099-86aa8cf572e3","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":80,"box":{"x":70,"y":581,"width":795,"height":12}},{"id":"4e0a488f-e5d0-47e2-ada4-64836f118a51","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":80,"box":{"x":70,"y":596,"width":826,"height":11}},{"id":"d4122a2b-ee96-420e-924a-83b2c1096c85","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":80,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"50cbb70f-231a-4f73-8c4f-bdd7b6a36589","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":80,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"3c210d50-d009-4451-a414-ca9223b67df3","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":80,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"87faf73b-6c1f-45b2-a163-9859d465fa8d","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":80,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"dae57235-bc31-40f4-8121-96e0432505d8","block_type":"box","text":"significant uncer tainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":80,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"c12f84a6-7cad-4414-9c33-f2b2aed1ee3c","block_type":"box","text":"Fund may be required to bear cer tain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":80,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"ed5ffbd2-d070-41ef-9e63-7d108debced4","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":80,"box":{"x":69,"y":703,"width":826,"height":11}},{"id":"4333ffb0-f165-4ace-9cce-9fabb7bd9fb6","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncer tainty as to","page_number":80,"box":{"x":69,"y":717,"width":827,"height":12}},{"id":"89521e70-3c96-4968-9029-b2fcb816a0cb","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":80,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"d80467b6-6ac9-4efd-9097-1c25cbcd9911","block_type":"box","text":"satisfied (","page_number":80,"box":{"x":69,"y":748,"width":70,"height":11}},{"id":"49fbfac7-e03b-43fd-a187-4892401507c1","block_type":"box","text":"e.g.","page_number":80,"box":{"x":140,"y":749,"width":25,"height":10}},{"id":"3535d679-828a-419f-82b1-982283a458a3","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":80,"box":{"x":168,"y":748,"width":729,"height":11}},{"id":"76e254c1-4680-4d47-a6fd-e8957b17d342","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":80,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"e9e2765f-b2e5-418b-9f74-621ed37ff61c","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":80,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"c530cff4-6920-4f14-a478-c4a23ad02fa4","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":80,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"6b9f6ed8-3b1a-475b-a099-ff102af55ed9","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":80,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"ac3785bd-86fc-4081-a197-385c93524add","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":80,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"89fd85f4-a417-4306-8bd3-d2355ecdd614","block_type":"box","text":"reorganization may be restricted as to resale. Similarly, if a Fund par ticipates in negotiations with respect to any","page_number":80,"box":{"x":69,"y":838,"width":800,"height":12}},{"id":"9ebd67b3-1955-4743-9e2b-9ba099f6404f","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":80,"box":{"x":69,"y":853,"width":770,"height":12}},{"id":"07344489-c739-404c-8abe-788ae79a8302","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":80,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"769fae3f-f183-4207-bb0f-8e2d38488802","block_type":"box","text":"II-26","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c5df8b60-21db-47f0-a471-4de7f9c7b17f","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c78b830-0950-49fc-9179-e5b497d33714","block_type":"box","text":"Fund may have a more active par ticipation in the affairs of the issuer than that assumed generally by an investor. The","page_number":81,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"0b84ea00-4837-4e73-a39a-c069350f94d8","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":81,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"29b3c471-593f-4987-9a98-cb3d0aac66ed","block_type":"box","text":"affairs.","page_number":81,"box":{"x":69,"y":75,"width":49,"height":9}},{"id":"51d6effb-9bd9-4c3b-bc37-0f1787218079","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":81,"box":{"x":102,"y":98,"width":428,"height":11}},{"id":"ed0609ac-95f6-4390-bd38-856195fda72d","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":81,"box":{"x":531,"y":98,"width":341,"height":11}},{"id":"72b7e8e5-e37d-41bc-b158-648ae9837207","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":81,"box":{"x":69,"y":113,"width":785,"height":11}},{"id":"a78bbe99-f7c8-48e5-b521-69c1cd63095b","block_type":"box","text":"consider ESG factors as par t of the investment process for the Fund. Fund management views ESG integration as the","page_number":81,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"d8e664d5-1a48-4f1a-983f-8c255732ac90","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":81,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"b807a779-7bea-4055-b551-6124ea3a6617","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":81,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"b1a8d873-796c-40aa-9f86-30d6a41bc2a4","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":81,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"06b31a82-dc7a-481a-ad02-f368eafb473c","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":81,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"7693bdc0-e2e0-48cc-884e-acc6235b7b43","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":81,"box":{"x":70,"y":204,"width":800,"height":11}},{"id":"759bf969-e5f1-4dcc-8447-f753166df57b","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":81,"box":{"x":69,"y":218,"width":377,"height":12}},{"id":"2506837d-d432-433c-b3fe-44f5a6f5d56e","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":81,"box":{"x":102,"y":241,"width":778,"height":11}},{"id":"f9ea09c0-dd30-4259-b663-b06e63582984","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":81,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"1f731dc0-5182-4fee-ae2f-f626ec2224c4","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":81,"box":{"x":68,"y":272,"width":400,"height":11}},{"id":"b77cf889-c7f4-43d5-b5be-b3937cf03119","block_type":"box","text":"Equity Securities.","page_number":81,"box":{"x":102,"y":294,"width":127,"height":11}},{"id":"51a6b68b-ad21-448c-bd12-d85609ed9a7f","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":81,"box":{"x":235,"y":294,"width":648,"height":11}},{"id":"a6037632-2869-4594-9b56-ed8429b7b33a","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":81,"box":{"x":70,"y":309,"width":802,"height":11}},{"id":"69c7818d-e262-4787-9403-2a2bb2882327","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":81,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"2fedccc7-6941-4787-a1c3-b66e8760f61e","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a por tfolio","page_number":81,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"388f3308-04bd-42cf-a496-826392a91ded","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":81,"box":{"x":70,"y":355,"width":813,"height":11}},{"id":"d57ab5c1-d384-436d-b152-b6afc34a22e8","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":81,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"ae71d3d7-7b0a-4e02-b6f5-75d30c9bece5","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":81,"box":{"x":68,"y":385,"width":775,"height":11}},{"id":"b03a242e-d976-49a7-b404-dbdd886ead91","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a par ticular industry or industries, such as labor","page_number":81,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"e41527d0-2b9f-4591-a0bc-f928fa0e4ae7","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":81,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"b15900c1-bf38-41aa-b780-f63a996900a5","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":81,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"5f096ac7-a166-42ab-b859-778ff732fea6","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":81,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"727d8dae-9ffc-45a6-a368-e119c212da64","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":81,"box":{"x":69,"y":461,"width":325,"height":11}},{"id":"8f88dc8e-3660-4051-afc0-c8e58a66c2af","block_type":"box","text":"From time to time cer tain of the Funds may invest in shares of companies through initial public offerings","page_number":81,"box":{"x":102,"y":483,"width":745,"height":11}},{"id":"2b0dd104-d9e8-4237-9947-6a8cf364a926","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for cer tain Funds. There is","page_number":81,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"57c7e6e3-97c5-4f33-9e56-50a6d1355e37","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":81,"box":{"x":69,"y":513,"width":824,"height":11}},{"id":"79dfc2b2-75c9-4645-8797-535881376cfa","block_type":"box","text":"these past gains as an indication of future per formance. The investment per formance of a Fund during periods when","page_number":81,"box":{"x":68,"y":528,"width":834,"height":12}},{"id":"d9f36155-5cc2-49ce-b60b-d2a216a4af8e","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":81,"box":{"x":70,"y":543,"width":782,"height":12}},{"id":"6961eced-504d-43d2-a8cc-d22c3fd2eddf","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":81,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"6b212749-25b6-440a-bb38-0a2540d8ee2a","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":81,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"52f77953-95d8-48e0-855b-351f531d9eec","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":81,"box":{"x":69,"y":589,"width":805,"height":11}},{"id":"4e70e566-5716-4f8e-9a57-97b7b98ee7ef","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the","page_number":81,"box":{"x":70,"y":604,"width":836,"height":11}},{"id":"12f6acbf-6754-414c-87bb-02e1ef92c88a","block_type":"box","text":"initial public offering.","page_number":81,"box":{"x":70,"y":619,"width":147,"height":11}},{"id":"4b6f0fed-41b3-4bcd-95d9-caa63bffece5","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":81,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"bb0890fe-2129-43a3-8f39-6145276e85f2","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":81,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"c58a9da9-114a-43e6-b856-f737865eeb2f","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":81,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"bec9156c-3a89-41bc-a5de-d9798008467b","block_type":"box","text":"companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by","page_number":81,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"41036857-2899-4266-8afa-9a74d0ac0cdd","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":81,"box":{"x":70,"y":702,"width":831,"height":12}},{"id":"cf87690f-5945-4c6d-939b-091f3bcf98ab","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":81,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"4cccee70-76a9-4eeb-84f3-3b46a7857015","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":81,"box":{"x":68,"y":732,"width":810,"height":12}},{"id":"b15b726c-6a7e-48aa-ae4a-067431e172b6","block_type":"box","text":"more established companies.","page_number":81,"box":{"x":69,"y":748,"width":209,"height":11}},{"id":"cbe30888-a36c-47c9-a302-18e6244d2e7d","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":81,"box":{"x":102,"y":770,"width":776,"height":11}},{"id":"57512455-1553-4a3c-bfaf-ba96e22e5196","block_type":"box","text":"investing in such equity securities, see your Fund’s Prospectus. Cer tain of the Funds may also invest in shares of","page_number":81,"box":{"x":70,"y":785,"width":810,"height":12}},{"id":"1fe9fef1-ee39-4940-a10f-85eec532a29f","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":81,"box":{"x":70,"y":801,"width":799,"height":11}},{"id":"0d40f283-e0b5-4638-9dbd-a2d9daabfbbb","block_type":"box","text":"below.","page_number":81,"box":{"x":69,"y":816,"width":43,"height":9}},{"id":"5e4b1e1d-22e5-4c21-a41b-e0a00b17b285","block_type":"box","text":"Real Estate-Related Securities.","page_number":81,"box":{"x":102,"y":838,"width":219,"height":9}},{"id":"4edb0a00-4318-4716-a512-5e20ece09f6f","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":81,"box":{"x":327,"y":839,"width":565,"height":11}},{"id":"6d09423a-efb9-4805-9d4c-d0d8bb833258","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":81,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"1e671cc0-e60e-4dd9-827b-a5b86d37dd9d","block_type":"box","text":"cer tain risks associated with the ownership of real estate and with the real estate industry in general. These risks","page_number":81,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"75560241-6351-4739-b909-8c9bf3e238f2","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":81,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"77e8056c-c6ad-488a-be03-2d8ede580184","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":81,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"0471be11-8f0a-4b68-998a-e419303c19e2","block_type":"box","text":"II-27","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cee62aa2-9c12-43ae-a415-4a75527909ef","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93e3256b-1e04-4c31-b1f6-aec2aa7788aa","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":82,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"3b92c765-a2c1-4a98-bf23-8ccb8aa03f9d","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":82,"box":{"x":68,"y":60,"width":828,"height":11}},{"id":"95f063e2-48e1-4792-8d65-ae98b436bbac","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":82,"box":{"x":69,"y":75,"width":794,"height":11}},{"id":"9ba0d9e9-66e0-421c-956b-8477f9e4cb69","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":82,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"e9f2c59c-7566-4f9e-b840-20cbc04070b7","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":82,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"b8312701-5f31-4674-9a6f-37e47010f190","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":82,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"3401de93-ae3a-4b31-8967-a578529c8027","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":82,"box":{"x":70,"y":136,"width":838,"height":11}},{"id":"33492613-e4b0-4438-b5b2-bdbed553fbbe","block_type":"box","text":"type or in cer tain other respects, the Fund may be subject to cer tain of the foregoing risks to a greater extent.","page_number":82,"box":{"x":68,"y":150,"width":785,"height":12}},{"id":"13c70ad2-8752-453e-912e-af1b00521671","block_type":"box","text":"Investments by a Fund in securities of companies providing mor tgage servicing will be subject to the risks associated","page_number":82,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"202a56b7-d425-405a-b95b-849ca64ddd9f","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":82,"box":{"x":68,"y":181,"width":381,"height":11}},{"id":"14f60787-97c8-4095-bf46-21ecedc74f58","block_type":"box","text":"In addition, if a Fund receives rental income or income from the disposition of real proper ty acquired as a result","page_number":82,"box":{"x":102,"y":203,"width":797,"height":12}},{"id":"dc7f7277-155a-41f0-af02-7e6ce237349d","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":82,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"029b711a-1d7f-4202-b219-8a5bb98f451b","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":82,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"609c9bda-a607-4da1-9c52-b43b91b6eeaa","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":82,"box":{"x":69,"y":249,"width":730,"height":11}},{"id":"6faa8c62-2625-49b2-8d53-d7c1425ee526","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":82,"box":{"x":102,"y":271,"width":381,"height":12}},{"id":"17c176b3-bcd1-4bc4-917b-9893124d0416","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":82,"box":{"x":490,"y":272,"width":376,"height":11}},{"id":"197985b1-916a-487d-b3b9-830374715991","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":82,"box":{"x":70,"y":287,"width":828,"height":11}},{"id":"4aca03d8-2d75-4e5e-8aa9-f3d53abd5b42","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":82,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"5de1ebf4-af18-44ce-95fc-ca4c616f91ca","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":82,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"509b51b9-6c3e-4c4a-aa89-f52f96b579da","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":82,"box":{"x":69,"y":332,"width":647,"height":11}},{"id":"b2ee09d1-8509-42c1-b41f-e9d0eede0582","block_type":"box","text":"While smaller or emerging growth company issuers may offer greater oppor tunities for capital appreciation than","page_number":82,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"73892fcd-db1d-4d6b-9a62-8d3c210168cd","block_type":"box","text":"large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":82,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"0de1c2f3-b45d-463b-be05-dc6286cf2b44","block_type":"box","text":"considered speculative. Fund management believes that properly selected companies of this type have the potential","page_number":82,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"0eb0c809-48e4-4a7a-91fa-3221a89330f1","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":82,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"1d7fb555-b8e1-428b-a3c2-068989729127","block_type":"box","text":"Full development of these companies and trends frequently takes time.","page_number":82,"box":{"x":70,"y":415,"width":506,"height":11}},{"id":"9604cfad-7b5c-4b04-8433-deb5a9d3740d","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":82,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"33c342f7-08e9-4bbb-8075-0665f1180eab","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":82,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"8f626975-24a9-4ed1-9b19-12fe047a7c77","block_type":"box","text":"result, the disposition by a Fund of por tfolio securities to meet redemptions or otherwise may require the Fund to","page_number":82,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"a53ae5ec-2caf-47b5-b66c-38e71b81a7c4","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":82,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"7b186437-d313-4621-af56-7e37789ea545","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":82,"box":{"x":69,"y":498,"width":631,"height":11}},{"id":"b71866fb-9836-4172-b58e-1a8084c06c27","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not, of course, guarantee","page_number":82,"box":{"x":101,"y":521,"width":759,"height":11}},{"id":"c9dcb61f-e98f-49ff-89c8-e7232c99b05f","block_type":"box","text":"successful investment results; however, it does provide access to an asset class not available to the average","page_number":82,"box":{"x":69,"y":536,"width":781,"height":11}},{"id":"8e46c25b-75af-47c0-8f0d-ed759a8a98f6","block_type":"box","text":"individual due to the time and cost involved. Careful initial selection is par ticularly impor tant in this area as many","page_number":82,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"5ca6a1b3-0770-41f7-add7-4efa03c70227","block_type":"box","text":"new enterprises have promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small","page_number":82,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"9a2bac00-a394-4811-b15f-93babb90902a","block_type":"box","text":"cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot","page_number":82,"box":{"x":69,"y":582,"width":825,"height":11}},{"id":"711c986c-c6ee-4443-a526-ad4f2d887cdd","block_type":"box","text":"invest sufficient assets in such companies to provide wide diversification.","page_number":82,"box":{"x":70,"y":596,"width":524,"height":11}},{"id":"d3ffb891-b8b9-4c48-8ed7-ae1ce082c029","block_type":"box","text":"Small companies are generally little known to most individual investors although some may be dominant in their","page_number":82,"box":{"x":102,"y":619,"width":798,"height":11}},{"id":"4b332634-3065-46c8-96b1-0270c43ed63b","block_type":"box","text":"respective industries. Fund management believes that relatively small companies will continue to have the","page_number":82,"box":{"x":69,"y":634,"width":757,"height":12}},{"id":"f1438f97-9999-439f-91c7-223b16c17550","block_type":"box","text":"oppor tunity to develop into significant business enterprises. A Fund may invest in securities of small issuers in the","page_number":82,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"99f8887b-e8d7-4de5-b28a-cbc326586eec","block_type":"box","text":"relatively early stages of business development that have a new technology, a unique or proprietary product or","page_number":82,"box":{"x":69,"y":664,"width":786,"height":12}},{"id":"7479958e-efe1-4c7e-9c3b-1cc4a34a8b1e","block_type":"box","text":"service, or a favorable market position. Such companies may not be counted upon to develop into major industrial","page_number":82,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"8f0f1082-b25d-40a8-bc62-75747c589cda","block_type":"box","text":"companies, but Fund management believes that eventual recognition of their special value characteristics by the","page_number":82,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"e49b85d0-9609-456c-a650-c653a93ae926","block_type":"box","text":"investment community can provide above-average long-term growth to the por tfolio.","page_number":82,"box":{"x":70,"y":710,"width":590,"height":11}},{"id":"287a6448-1901-4ed9-b1b4-04ee50865b9d","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":82,"box":{"x":102,"y":732,"width":729,"height":12}},{"id":"a4673164-fe58-4a00-bfbf-e640741e0c9b","block_type":"box","text":"appreciation during varying por tions of economic or securities market cycles, as well as during varying stages of their","page_number":82,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"66361288-3f59-4c5a-88a6-2aa3df732802","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":82,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"f8d4987f-e9ac-467b-bb6d-000aafba24c8","block_type":"box","text":"cycles, presenting attractive investment oppor tunities at various points during these cycles.","page_number":82,"box":{"x":69,"y":778,"width":652,"height":11}},{"id":"31ace1a1-485b-4967-bb6a-5b70af6cc58d","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":82,"box":{"x":102,"y":801,"width":778,"height":11}},{"id":"9849d900-5c98-4ec1-9478-3f04d926186a","block_type":"box","text":"companies to intervention from the Federal government by means of price controls, regulations or litigation.","page_number":82,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"88044550-4c11-4eb4-9105-d70f61ec1e65","block_type":"box","text":"Tracking Stocks","page_number":82,"box":{"x":103,"y":838,"width":110,"height":12}},{"id":"62ee7d38-f5c1-4ba6-b9d5-058d1e93c962","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":82,"box":{"x":214,"y":838,"width":640,"height":12}},{"id":"4b224d50-a07f-41d7-a481-027340951216","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the per formance of such","page_number":82,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"062a401e-e742-4123-83d4-908112648cd4","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":82,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"7e28220a-b3fc-4f1a-910b-a96f8ea93f3d","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":82,"box":{"x":68,"y":884,"width":801,"height":11}},{"id":"43e84d44-88c4-46c5-983f-807c3ca71119","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":82,"box":{"x":69,"y":899,"width":740,"height":11}},{"id":"a2831c29-d137-4e99-9de3-41cb7e2bbd54","block_type":"box","text":"II-28","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2a73e903-ac6d-4b7f-aa4b-44a2600705fd","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bad39131-2ded-419f-ac0d-005d6c8b996b","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":83,"box":{"x":102,"y":45,"width":245,"height":11}},{"id":"53fd0397-bd7b-4ad2-86fa-7762d1e852a3","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":83,"box":{"x":354,"y":45,"width":521,"height":11}},{"id":"7009affe-97a4-4a86-a2f1-fdfaf1eac875","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":83,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"0a4f333c-db19-4afc-a316-38c52286334d","block_type":"box","text":"are based on the per formance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":83,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"028f772e-1447-4d92-8da8-e1c10c9a15bd","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":83,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"d8ddf2a3-ecdc-473f-a442-a408128d8513","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the per formance","page_number":83,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"e9e280e3-e854-4444-9f9f-b3fae3883471","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus cer tain fees. Unlike","page_number":83,"box":{"x":69,"y":120,"width":805,"height":11}},{"id":"afebc0dd-ab3e-4ed5-9baa-5d565eb7a5c2","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":83,"box":{"x":69,"y":136,"width":654,"height":11}},{"id":"10b24175-97c9-4be9-825a-563dbd7932e3","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":83,"box":{"x":101,"y":158,"width":794,"height":11}},{"id":"eb64ea4a-521e-4ae0-82ba-527bdc2900f6","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":83,"box":{"x":68,"y":173,"width":748,"height":11}},{"id":"2c3a205a-2707-4a0c-a2ed-878d749d9767","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":83,"box":{"x":70,"y":188,"width":789,"height":12}},{"id":"35ee409e-34a6-47e2-ac68-d3ac83311c87","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":83,"box":{"x":68,"y":203,"width":783,"height":12}},{"id":"54100e54-6025-42b0-9feb-6e52d80d54ed","block_type":"box","text":"replicate the per formance of the reference instrument. ETNs also incur cer tain expenses not incurred by their","page_number":83,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"51049f24-8b35-4a6b-8bb8-6155dede8c64","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":83,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"3e8932b0-b506-4727-8fd7-ce94df9c7799","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":83,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"7b98cf44-7b19-4866-86aa-706d18322385","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":83,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"38761b19-bb76-4581-9fc8-cfd33e727782","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":83,"box":{"x":70,"y":279,"width":820,"height":11}},{"id":"363fa594-a7f0-4233-8317-69d5e45f7fce","block_type":"box","text":"loan still needs to be repaid.","page_number":83,"box":{"x":70,"y":294,"width":202,"height":11}},{"id":"c96dfd9b-3e8b-4d98-8a78-9c207293747c","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":83,"box":{"x":102,"y":317,"width":774,"height":11}},{"id":"b97b0287-e50f-4aaa-9828-522b60ce6079","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":83,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"2b726e6b-61ee-4792-bc7d-fda51386b917","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":83,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"88a69756-09ae-42e6-9edd-778ad6a84db2","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":83,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"093813eb-74d2-4003-af10-a1c7eaea52df","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":83,"box":{"x":68,"y":377,"width":766,"height":12}},{"id":"240dc46d-66ab-4254-a061-048b96bc5253","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":83,"box":{"x":70,"y":393,"width":279,"height":8}},{"id":"b2e59e70-8d53-4d3b-ac85-970f7ac4324a","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":83,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"3f805e22-3fbe-4821-b80b-450e7ad190dd","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":83,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"dd5ca7da-7e23-421e-b0da-33a271ce98aa","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":83,"box":{"x":69,"y":445,"width":547,"height":9}},{"id":"ed5b2d04-ddcf-4998-af0d-a19c3ecfbde8","block_type":"box","text":"Foreign Investments.","page_number":83,"box":{"x":102,"y":468,"width":152,"height":11}},{"id":"37d30103-16ed-4b34-80bf-191cd7945ec9","block_type":"box","text":"Foreign Investment Risks.","page_number":83,"box":{"x":102,"y":491,"width":182,"height":11}},{"id":"818f17a7-0bdf-4152-8eed-ada6fdeb4331","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":83,"box":{"x":291,"y":491,"width":567,"height":11}},{"id":"6fb96ee0-d5a6-4083-8b86-a3b93c01627c","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":83,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"3358e67a-8180-44f1-8e7e-e1c2710aea41","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":83,"box":{"x":70,"y":521,"width":774,"height":11}},{"id":"f06776a8-3ba1-433f-9f30-7bd929fbc015","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":83,"box":{"x":69,"y":536,"width":738,"height":11}},{"id":"c4b1ebd5-1c9d-423f-859a-7202c3b797d5","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":83,"box":{"x":102,"y":559,"width":782,"height":11}},{"id":"be752eab-9598-4fe6-b5c9-ce016f3d30ab","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":83,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"bf5765e4-8775-4864-b8e5-040aa8cb9eb0","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":83,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"b6b2c781-f276-4d5d-8227-3a017c33f5cd","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":83,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"3f3330e8-1fae-486e-b54c-d7cccf30c84a","block_type":"box","text":"benchmark index.","page_number":83,"box":{"x":69,"y":619,"width":124,"height":9}},{"id":"385c2140-2002-4f9d-953c-ae25713a1c7c","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":83,"box":{"x":102,"y":642,"width":767,"height":11}},{"id":"1b816836-1430-4b60-8949-674e081f25c0","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":83,"box":{"x":68,"y":657,"width":742,"height":11}},{"id":"1f33b330-3be0-4c75-ba1c-aca9e667f7b9","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":83,"box":{"x":69,"y":672,"width":818,"height":11}},{"id":"5e244e30-1a27-43cb-8650-8ff36e497053","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":83,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"aa5c726f-92b6-4fb7-9954-5cdd4945e7c3","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":83,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"3fcd5c58-044d-481f-b155-b529e602e520","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":83,"box":{"x":69,"y":718,"width":794,"height":11}},{"id":"1c9d7d01-d5dc-4100-a1a2-a0efdcaab553","block_type":"box","text":"securities and zero-coupon securities.","page_number":83,"box":{"x":69,"y":733,"width":268,"height":10}},{"id":"344909e5-afbd-41ac-943d-3a27e3625d09","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":83,"box":{"x":102,"y":755,"width":785,"height":11}},{"id":"c396a5c5-9605-482a-9c6f-2316d7206e7f","block_type":"box","text":"taxes.","page_number":83,"box":{"x":68,"y":771,"width":42,"height":8}},{"id":"b33bac83-8bd8-434d-ac42-9b553c7dea79","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":83,"box":{"x":101,"y":793,"width":798,"height":11}},{"id":"b445971b-cdb4-472a-bd8c-899e80efd3ae","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":83,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"0b2f4b75-e8a9-44b2-8814-9a286c26cf2a","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":83,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"d6e4333a-f28d-4a7f-8910-e382914b8dae","block_type":"box","text":"underlying security (","page_number":83,"box":{"x":69,"y":839,"width":140,"height":11}},{"id":"658138db-92c2-47e4-a5e3-ef169689b144","block_type":"box","text":"i.e.","page_number":83,"box":{"x":211,"y":839,"width":20,"height":8}},{"id":"b04598f3-d348-4cad-916c-90910b213fe8","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":83,"box":{"x":234,"y":838,"width":675,"height":12}},{"id":"9849d9b6-af80-4606-bf60-df862e41c71c","block_type":"box","text":"Fund is likely to be greater where a large por tion of the Fund’s underlying securities or other instruments trade on","page_number":83,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"8d70dbf0-7dc5-49ea-9b11-b4fbd83dac05","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":83,"box":{"x":68,"y":869,"width":800,"height":11}},{"id":"ca20de98-1cec-442d-afb2-228b6b0bfd31","block_type":"box","text":"result in premiums or discounts to cer tain Funds’ NAVs that may be greater than those experienced by other ETFs.","page_number":83,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"ffb58ad6-d47b-4cd8-b721-66c779c88345","block_type":"box","text":"II-29","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e3975460-70d7-4f2e-bc9e-2a06bd7ce4b0","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81351bda-920d-4129-8f14-24375f3edfde","block_type":"box","text":"Foreign Market Risk.","page_number":84,"box":{"x":102,"y":45,"width":144,"height":11}},{"id":"da54eddb-b536-457b-a164-0b849d51fdad","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":84,"box":{"x":254,"y":45,"width":652,"height":11}},{"id":"12a04e32-61b9-436d-89e5-1cdccd7dcfa1","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":84,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"cfeee4f6-0958-45c0-8c09-1cf2ad3fdcf9","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":84,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"90b88671-2226-41a9-b4ea-ecd9ba4cdcc8","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In par ticular, a Fund","page_number":84,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"76b0411e-ba2d-4be4-b128-df3d389e9019","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":84,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"841f7e93-4a37-424d-a625-e6032638a3f7","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":84,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"a2e8a065-260a-43bf-9bb8-cbb9ac6d78a4","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":84,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"92a6589c-9acf-490d-a1b9-369285db9ce3","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In","page_number":84,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"d4edf11d-0782-4ea9-b5bc-4993b70bc885","block_type":"box","text":"addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military","page_number":84,"box":{"x":69,"y":166,"width":824,"height":11}},{"id":"d083d4a3-5778-4a92-9e70-cb7e27cbb0e9","block_type":"box","text":"action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the U.S.","page_number":84,"box":{"x":69,"y":181,"width":798,"height":11}},{"id":"87ae831d-d31d-488c-865b-d13152143ce3","block_type":"box","text":"Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital controls","page_number":84,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"65e1c874-73b6-4942-98d8-473042c1da4d","block_type":"box","text":"and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital controls","page_number":84,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"5de8604d-30ee-4d8d-b88a-ba57d3ba9657","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":84,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"5d54af59-4f46-40e4-a8c4-f3527309503c","block_type":"box","text":"derivatives or other assets and may also include retaliatory actions of one government against another government,","page_number":84,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"25c35cea-8f2f-4822-b1f0-ef34ab7412a1","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":84,"box":{"x":69,"y":256,"width":798,"height":11}},{"id":"2e9e25c9-a5ab-42dd-86cf-61a031d3ce3a","block_type":"box","text":"receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the","page_number":84,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"66ed9f74-bc95-47dc-8d32-113aa0e77efa","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":84,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"dd55422a-8b2a-458c-a33d-f4c78f2c4388","block_type":"box","text":"assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other potential","page_number":84,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"1b766d80-b0b6-4398-acab-9fb1c73c305a","block_type":"box","text":"foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government","page_number":84,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"63646d8f-2ff9-4bd5-ab6b-2402e7c57f1f","block_type":"box","text":"securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social conditions,","page_number":84,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"eb687f17-bc37-4bae-9bec-05ca76f64d9f","block_type":"box","text":"such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets, or","page_number":84,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"5aaeb799-1624-4d98-ab30-52d8df0e8952","block_type":"box","text":"imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain foreign","page_number":84,"box":{"x":70,"y":362,"width":804,"height":11}},{"id":"bca6440b-343a-4164-8be2-1db7f3c85c32","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":84,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"58b3391c-4481-4797-a32f-984e349c4c63","block_type":"box","text":"addition, changes in government administrations or economic or monetary policies in the United States or abroad","page_number":84,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"c1c119a6-1f95-41fd-8945-e885f1863452","block_type":"box","text":"could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a Fund’s","page_number":84,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"34a300c7-337d-4320-9d84-8d0240d987ed","block_type":"box","text":"operations.","page_number":84,"box":{"x":69,"y":423,"width":78,"height":11}},{"id":"c5b2d597-4757-48bd-a908-50ab2c264b6a","block_type":"box","text":"Foreign Economy Risk.","page_number":84,"box":{"x":102,"y":446,"width":158,"height":11}},{"id":"c445a02b-bb57-4eb7-beaa-447f600a4407","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":84,"box":{"x":267,"y":445,"width":636,"height":12}},{"id":"7dcc2a58-d9bd-4b49-9856-c4fa7b6c19b4","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":84,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"a56d8218-49c1-43cd-8176-2a55efac4be7","block_type":"box","text":"and balance of payments position. Cer tain such economies may rely heavily on par ticular industries or foreign capital","page_number":84,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"9eaa32de-9c10-41e1-8aab-f1d8945e5f72","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":84,"box":{"x":69,"y":491,"width":795,"height":11}},{"id":"afb227f7-68de-4225-93a7-ce44bebc21de","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":84,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"28d968dc-df67-419f-b405-ca6ffab10d1c","block_type":"box","text":"measures.","page_number":84,"box":{"x":69,"y":523,"width":74,"height":7}},{"id":"6ccff3cf-e973-4872-aa1b-1559f6b2a06f","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":84,"box":{"x":102,"y":544,"width":240,"height":11}},{"id":"8fe6cedf-1816-4e18-b783-761a6e7e0f59","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":84,"box":{"x":349,"y":543,"width":534,"height":12}},{"id":"757f9200-d021-4f73-8b1f-a53f660e4ef1","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":84,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"c4cb542c-e1ee-4817-9049-550a18d8277b","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":84,"box":{"x":69,"y":574,"width":833,"height":11}},{"id":"1316d4bd-34a4-4751-9381-6577842db4aa","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is wor th fewer U.S.","page_number":84,"box":{"x":69,"y":589,"width":801,"height":11}},{"id":"181ca427-4ac7-47e8-9752-449fe2ad3b18","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":84,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"3ee0d90e-3cca-4bf2-b1c7-122a20fdf0f9","block_type":"box","text":"that currency gains value because the currency is wor th more U.S. dollars. This risk, generally known as “currency","page_number":84,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"f8b71a00-f48c-4aff-98bb-086823c7934a","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":84,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"4e4d8a87-fcd0-4c87-a6fd-56f3658d3ab4","block_type":"box","text":"those returns.","page_number":84,"box":{"x":68,"y":650,"width":100,"height":8}},{"id":"1490ff62-6014-40bd-9f95-1bce340018dd","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":84,"box":{"x":102,"y":672,"width":466,"height":11}},{"id":"2c4f087c-f189-4d83-9a8a-12a6b147c607","block_type":"box","text":"Many foreign governments supervise and","page_number":84,"box":{"x":575,"y":672,"width":293,"height":11}},{"id":"81bb86ab-7061-4d98-9d21-7504189b197d","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":84,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"21ae1686-2eb3-4ba3-bea5-8dff233e9ead","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":84,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"6d41d247-b06d-4521-a7ed-383b38a03b5c","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":84,"box":{"x":69,"y":718,"width":778,"height":11}},{"id":"d9b9e1be-c170-4aa3-8230-d3645b79711e","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":84,"box":{"x":69,"y":732,"width":794,"height":12}},{"id":"11376bf3-8008-4aae-8b40-e4f0ce22765e","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":84,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"5c147ff2-d99c-4806-a1a7-2491a08e6343","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":84,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"ab6fc99e-202b-4586-860e-b5347d7a14c0","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":84,"box":{"x":69,"y":778,"width":760,"height":11}},{"id":"f8adb22d-334c-49e8-8002-6dc5d92a9976","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":84,"box":{"x":69,"y":793,"width":803,"height":11}},{"id":"6ab7cdaa-a41e-42db-81bf-f75be8b79cce","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":84,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"4db2066c-a37a-4bf5-8755-cf950cbb1d27","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":84,"box":{"x":69,"y":823,"width":793,"height":12}},{"id":"34ef0edc-ae9c-4cf4-b41b-87eabfbfad97","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":84,"box":{"x":69,"y":838,"width":797,"height":12}},{"id":"ee7061e6-2db0-41ec-97d2-62360cc23975","block_type":"box","text":"investments.","page_number":84,"box":{"x":70,"y":854,"width":89,"height":8}},{"id":"bb36fa40-805f-44c9-8b0d-97da32858ac7","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":84,"box":{"x":102,"y":876,"width":458,"height":11}},{"id":"a7f93290-5b82-421d-92e7-db6e7b02efa5","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":84,"box":{"x":566,"y":876,"width":341,"height":11}},{"id":"e5c41576-1200-4078-9119-992260ac1ba7","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":84,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"5374680a-1519-4516-878c-49c8679f2535","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":84,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"9151c2ce-bb5f-48fe-9e0a-2d16bca9bd97","block_type":"box","text":"II-30","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"085b2a17-0dc5-48e8-bc91-9c9b8d24e4f1","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"244b559b-4439-4952-abba-a8cfb0642d49","block_type":"box","text":"their operations. Also, the laws of cer tain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":85,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"8e922e87-5801-4a3e-9f72-ad3ad7a96a28","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":85,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"ebbe4848-312e-4441-bca3-a24b62a7c1ec","block_type":"box","text":"for a Fund to buy, sell and hold securities in cer tain foreign markets than in the United States. The increased","page_number":85,"box":{"x":68,"y":75,"width":777,"height":11}},{"id":"94813091-51f9-4f69-a11b-2a8fa7ffd999","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":85,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"cb8f095b-63b7-4b43-a4c3-ad2d8dd8a8ec","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":85,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"a7ad9920-cbfb-4054-80df-8ac1cab82a74","block_type":"box","text":"States.","page_number":85,"box":{"x":69,"y":120,"width":49,"height":9}},{"id":"4336594c-c88f-4b16-964a-b3d321098579","block_type":"box","text":"Publicly Available Information.","page_number":85,"box":{"x":102,"y":143,"width":210,"height":11}},{"id":"47bfc591-adab-436f-a7a2-7ab48517a2ba","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":85,"box":{"x":319,"y":143,"width":558,"height":11}},{"id":"830bd558-8aba-4014-889a-2a38b2aa6068","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":85,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"0b6429db-ec50-40dc-b61f-b87807ba1977","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":85,"box":{"x":69,"y":173,"width":793,"height":11}},{"id":"792889f4-66a1-4900-a515-1cf8528b168f","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":85,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"3601cb09-89f5-404f-80db-f0058a59064e","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":85,"box":{"x":68,"y":203,"width":841,"height":12}},{"id":"b95feaaf-d5bb-44a8-940f-9d4cab198c1b","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":85,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"4bec85f4-dc6d-4166-8708-c3b0e8789d61","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":85,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"2b7172f1-c1f3-4d99-843c-64920c508bc6","block_type":"box","text":"United States.","page_number":85,"box":{"x":70,"y":249,"width":99,"height":9}},{"id":"7dba1fa2-f296-4c55-ba9a-3ca708267e50","block_type":"box","text":"Settlement Risk.","page_number":85,"box":{"x":102,"y":272,"width":116,"height":8}},{"id":"4d0c5db0-910d-434b-a0c3-8984787663d1","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":85,"box":{"x":225,"y":271,"width":669,"height":12}},{"id":"668913b0-0e12-4c27-93eb-7ece6bcfcaac","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":85,"box":{"x":70,"y":287,"width":808,"height":11}},{"id":"fc76250f-1acf-42bb-bea8-84010f7e3fba","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":85,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"62d243c2-4dd3-43d6-9521-28d0f7732a0c","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":85,"box":{"x":102,"y":324,"width":781,"height":12}},{"id":"65bba2a4-5b51-4728-a5ab-5702393b3b0c","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":85,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"c9775664-f832-417d-af9d-4b7110023a2f","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":85,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"7896db85-45ec-4779-ac5e-f38f6b07c419","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":85,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"c22dac12-e8ba-4337-a2aa-c26264eb0891","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment oppor tunities and cer tain of its assets may be","page_number":85,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"cac0b941-8ae0-4dab-b9d2-d62102e73c38","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":85,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"e17aed24-b229-4887-80b9-9f379a078446","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":85,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"c38d9a22-2b3b-47d1-ba43-4ee135e0c9d4","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":85,"box":{"x":69,"y":430,"width":539,"height":11}},{"id":"72f68ec7-b0cf-49b9-a02d-75935b356760","block_type":"box","text":"Sovereign Debt.","page_number":85,"box":{"x":102,"y":453,"width":111,"height":11}},{"id":"c08ce2e5-de2a-4917-b5c5-122e6a6c9ae3","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":85,"box":{"x":221,"y":453,"width":653,"height":11}},{"id":"75ac4b48-f43f-47e0-8f58-bf2691328768","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":85,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"fc351452-3739-494e-84d2-49aec8c536ef","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":85,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"a2c27cf8-a8c7-4059-bf43-4c83a4962d28","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":85,"box":{"x":69,"y":498,"width":798,"height":11}},{"id":"053c7c46-29eb-4e0c-b8b8-52e51466da2f","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":85,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"d1f5f96e-3daa-429c-a719-2a65790273db","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":85,"box":{"x":69,"y":529,"width":832,"height":11}},{"id":"5c650b69-ff8f-46b3-b08f-94c215ee90d7","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":85,"box":{"x":69,"y":544,"width":790,"height":11}},{"id":"81b1910a-1794-4617-ad1a-38a7894d4b4e","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":85,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"711e1c49-f07d-44e7-b45a-95ec7966540c","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":85,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"33e59edc-64db-42d2-819a-b0e524f01db3","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":85,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"b04fb018-42b4-47d6-af0a-f1bfed84df93","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":85,"box":{"x":69,"y":604,"width":789,"height":11}},{"id":"49026b61-42b9-490e-b2bd-d0db7d1e318e","block_type":"box","text":"achieve such levels of economic per formance or repay principal or interest when due may result in the cancellation of","page_number":85,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"be5f651b-92c5-4ae9-9c55-ecd0fd0c85b6","block_type":"box","text":"such third par ties’ commitments to lend funds to the governmental entity, which may fur ther impair such debtor’s","page_number":85,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"0acb2a16-d5f2-403d-9872-d5733a738fc9","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":85,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"0e43013a-3c6c-4bd7-b651-755f8a3ab2d6","block_type":"box","text":"debt.","page_number":85,"box":{"x":69,"y":665,"width":34,"height":8}},{"id":"791e0351-0cda-405b-aad2-1624c76be4a7","block_type":"box","text":"Holders of sovereign debt may be requested to par ticipate in the rescheduling of such debt and to extend fur ther","page_number":85,"box":{"x":102,"y":687,"width":807,"height":11}},{"id":"9b73b182-90be-4573-b291-dfcd90285f9e","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":85,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"f03c69f4-37b2-444a-89a9-c580fb94daa9","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":85,"box":{"x":70,"y":717,"width":300,"height":12}},{"id":"88096f8a-b73f-4c33-86db-9aa2da0ff04b","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":85,"box":{"x":103,"y":740,"width":215,"height":11}},{"id":"13f1bcd5-bba4-42d4-ae62-4592e4fc4ddc","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":85,"box":{"x":318,"y":740,"width":542,"height":11}},{"id":"25b3a5bf-6846-4924-8fe6-ccdd2153541e","block_type":"box","text":"interest income (if any) received from issuers in cer tain countries and capital gains on the disposition of stocks or","page_number":85,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"56e2e31a-1af5-418a-98e5-e7d5556f1da8","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":85,"box":{"x":69,"y":771,"width":795,"height":11}},{"id":"be2d9503-7bb8-4e1f-a775-cff05bce8d4d","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":85,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"fa9d7a53-0def-45d9-8d1d-c92a66ef5be8","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":85,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"32737493-0ede-4cf5-8c94-f3f68ec133b1","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":85,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"a83be338-6eb9-493d-8c84-861cecbe591f","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":85,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"99fe457a-2282-4615-ae1a-8fdcbb378b39","block_type":"box","text":"down par tially or in full, which will adversely affect the Fund’s net asset value. Shareholders in a Fund at the time an","page_number":85,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"359ac8c2-1f19-4518-bc48-fc406984f76b","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":85,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"73868494-118c-48cd-b8a1-b4231029eeee","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":85,"box":{"x":68,"y":876,"width":833,"height":11}},{"id":"669eb603-24ab-4e5a-b952-d863edab7a05","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":85,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"4835f416-3cc5-431d-8a70-b18eb8cf7a24","block_type":"box","text":"II-31","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b8a8f0a5-1f70-4e56-85ce-3887b10079cd","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd511577-867a-4397-94ee-97bbc412a141","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":86,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"2af84d95-14a2-4522-92cd-e70705b66c80","block_type":"box","text":"in the Fund’s net asset value.","page_number":86,"box":{"x":70,"y":60,"width":209,"height":9}},{"id":"502de2f8-25b0-4aa0-b2b4-d1cb71bd0b04","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":86,"box":{"x":103,"y":83,"width":263,"height":11}},{"id":"d00326cb-2d1a-4888-b26f-bb845e13ab7f","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":86,"box":{"x":372,"y":82,"width":532,"height":12}},{"id":"4eb91012-4cc4-4ce0-8089-c0ddc9373f63","block_type":"box","text":"trading par tner of, or foreign investor in, cer tain countries in which a Fund may invest. As a result, economic","page_number":86,"box":{"x":68,"y":98,"width":773,"height":11}},{"id":"91a957e8-e972-4fd7-bda6-11525a3b9134","block_type":"box","text":"conditions of such countries may be par ticularly affected by changes in the U.S. economy. A decrease in U.S. impor ts","page_number":86,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"d0df8d38-4124-47fb-8ccb-16dbfc106be1","block_type":"box","text":"or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":86,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"7ff61901-c921-42d4-8845-edaa511f61e9","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":86,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"b1e60c0c-5008-4496-bdb3-d65f2f27fb75","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":86,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"0f647e1f-68b7-42c5-b42c-8776ba5c1d39","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":86,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"c94d0095-ae87-4036-995d-b4f95ec492ba","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":86,"box":{"x":68,"y":188,"width":746,"height":12}},{"id":"921e9bcd-5b83-4968-b6a2-d2e8a2844a05","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":86,"box":{"x":101,"y":211,"width":787,"height":11}},{"id":"9f2751b3-75c6-41db-a5c3-24f5b50f41b4","block_type":"box","text":"allies, such as cer tain European countries, and historical adversaries, such as Nor th Korea, Iran, China and Russia.","page_number":86,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"7def6a5f-8b1f-4aa1-b7a1-b9d747002153","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":86,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"0c89e95f-1911-4cb7-8f69-89201c27e944","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":86,"box":{"x":70,"y":256,"width":791,"height":11}},{"id":"cdb74111-e411-42b1-80bc-deb3a3e3236b","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":86,"box":{"x":68,"y":271,"width":803,"height":12}},{"id":"7110b72c-e46a-412e-ba12-f3be98d7ce7b","block_type":"box","text":"Fund may invest.","page_number":86,"box":{"x":70,"y":287,"width":117,"height":11}},{"id":"27dda369-d0e4-47b5-8bb0-956cbbea9e5f","block_type":"box","text":"Funding Agreements.","page_number":86,"box":{"x":102,"y":309,"width":154,"height":11}},{"id":"f0d42524-53c3-47f9-b4cc-9b5cfc7bda1f","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":86,"box":{"x":262,"y":309,"width":584,"height":11}},{"id":"d29a7923-8afb-43c4-a7f8-1d1b8ba163ce","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":86,"box":{"x":69,"y":324,"width":773,"height":12}},{"id":"19740fd8-b3db-40a0-b42a-2f94bcd10b9f","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":86,"box":{"x":70,"y":340,"width":761,"height":11}},{"id":"4663d1cb-5fd9-431e-ae84-f95812c65217","block_type":"box","text":"guaranteed interest, which is based on an index (such as the London Interbank Offered Rate (“LIBOR”)). The funding","page_number":86,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"254e8114-326b-4544-88bb-7a7615dec352","block_type":"box","text":"agreements provide that this guaranteed interest will not be less than a cer tain minimum rate. The purchase price","page_number":86,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"25f5ff14-a952-4e48-8d2c-898c21320aae","block_type":"box","text":"paid for a funding agreement becomes par t of the general assets of the insurance company, and the contract is paid","page_number":86,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"dc863ed9-3416-41d1-9759-3f1e6160c59b","block_type":"box","text":"from the general assets of the insurance company. Generally, funding agreements are not assignable or transferable","page_number":86,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"8ee89e30-9c3f-44f1-b14d-232c0654e14a","block_type":"box","text":"without the permission of the issuing insurance companies, and an active secondary market in some funding","page_number":86,"box":{"x":68,"y":415,"width":780,"height":11}},{"id":"20cf1a81-0f25-40a5-8894-a550a4be8a8c","block_type":"box","text":"agreements does not currently exist.","page_number":86,"box":{"x":69,"y":430,"width":260,"height":11}},{"id":"eca32cb7-05be-49e8-bc33-3c55f23275e5","block_type":"box","text":"Guarantees.","page_number":86,"box":{"x":102,"y":453,"width":87,"height":9}},{"id":"51ae1b2b-92df-40ae-a67e-4116d43b913c","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":86,"box":{"x":194,"y":453,"width":685,"height":11}},{"id":"71ddb6c9-8ac3-41be-9f0e-d01c4650aa1b","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":86,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"25eb0c83-4f15-45e1-83d0-7f94aa91ea12","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":86,"box":{"x":70,"y":483,"width":488,"height":11}},{"id":"a3364bde-1623-44f1-939a-e51bd6beae97","block_type":"box","text":"Illiquid Investments.","page_number":86,"box":{"x":102,"y":506,"width":146,"height":11}},{"id":"c5ea5c9b-57cd-459b-a45d-d1b78ebf48d4","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":86,"box":{"x":255,"y":506,"width":630,"height":11}},{"id":"6b6ea82e-5c50-4e8e-969c-ccdfa7076862","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":86,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"3fe36993-c0fb-4e50-93aa-6f3e0a8028c4","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":86,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"7ed153b3-ed04-40e3-a899-92fb8ea25061","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":86,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"438f9e8f-d157-4811-91b9-314ccc62d317","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. 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The Manager will make investment changes to a Fund’s por tfolio to accommodate cash flow","page_number":86,"box":{"x":70,"y":853,"width":810,"height":12}},{"id":"cd1d892c-367b-48c5-843e-aa2d12fe5293","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 per formance","page_number":87,"box":{"x":236,"y":98,"width":658,"height":11}},{"id":"b03381c0-fcee-48d4-bc7a-aa2230b6fa33","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":87,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"427b82b5-c62e-4cbd-96ad-e4dbaefa5748","block_type":"box","text":"instruments held in the Fund’s por tfolio and those included in the Underlying Index, pricing differences (including, as","page_number":87,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"69abec93-db99-4f2e-bf40-99349cd18593","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":87,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"045a23ca-efa3-40dc-9568-c72fe9b8e6e8","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":87,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"5a13f11a-17ea-4f4b-bbe0-6b052108e56e","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":87,"box":{"x":70,"y":173,"width":787,"height":11}},{"id":"18e969cb-84a8-421b-9795-5db0d83f67e7","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":87,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"6314b0db-00b9-427a-afd1-6e5616b2909d","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":87,"box":{"x":69,"y":203,"width":838,"height":12}},{"id":"dd366471-d9cc-4cba-bb0e-4559dcc94757","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":87,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"b3e1978d-a11b-4147-a10a-d35fccea80be","block_type":"box","text":"increased market volatility or other unusual market conditions. 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If the securities continue to be included in the index, the Manager may underweight or","page_number":87,"box":{"x":68,"y":377,"width":819,"height":12}},{"id":"22cf3ab3-f8dc-4091-9cc8-81a0766d3157","block_type":"box","text":"exclude such securities from a Fund’s por tfolio and, if it does so, such Fund will be subject to increased tracking","page_number":87,"box":{"x":69,"y":392,"width":804,"height":12}},{"id":"eca1c733-6321-4cc8-b415-b425e8f73d02","block_type":"box","text":"error due to the divergence in the securities included in its por tfolio from its underlying index. 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Such securities have the effect of providing a degree of investment leverage, since they may","page_number":89,"box":{"x":70,"y":302,"width":835,"height":11}},{"id":"dacd76df-a116-4b00-8ceb-4f02a0408c9d","block_type":"box","text":"increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a","page_number":89,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"5547869a-67bc-49aa-9b4a-da24fa918c01","block_type":"box","text":"multiple of the rate at which fixed-rate securities increase or decrease in response to such changes. As a result, the","page_number":89,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"74e62d2f-6337-4496-ad47-ee3a471b952a","block_type":"box","text":"market values of such securities will generally be more volatile than the market values of fixed-rate securities. To","page_number":89,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"59b737f8-c5dc-4a76-8360-bac376444ab7","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shor ter-term","page_number":89,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"3cd66dd5-56e4-4950-b079-883914cb4eaa","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Cer tain investments in such","page_number":89,"box":{"x":69,"y":377,"width":819,"height":11}},{"id":"735ba11d-4799-4303-96b8-9fa151612115","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":89,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"95edb937-0a6e-42c7-bc0d-fbdc878be14a","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":89,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"28b6c720-e1ab-45d2-be2c-8eeb9d04bdfd","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":89,"box":{"x":70,"y":423,"width":834,"height":11}},{"id":"6ded74ec-5c59-4568-a3f0-64f39037f2e7","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":89,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"d0692413-518e-4ade-ba43-a9efb05b67bc","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":89,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"cfb15fe5-4790-4e77-9451-9dfa029919fd","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":89,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"927f5f29-24e7-47c4-a0d7-c93954c75f51","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":89,"box":{"x":69,"y":483,"width":553,"height":11}},{"id":"bb16a1bc-e667-4a8c-b294-83c0a38fc0bd","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":89,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"5d549def-2525-4f13-94ad-e635e0618885","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":89,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"47405ffc-1687-474d-91d0-df100a3b3266","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when shor t-term interest rates increase and increase","page_number":89,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"74ea2279-aa20-4212-9c63-62eec9ae1aab","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":89,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"a331983c-056b-4080-ba96-27ff922c532b","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":89,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"10c314ee-c513-44e2-a26a-8a66c566ad1f","block_type":"box","text":"Inflation Risk.","page_number":89,"box":{"x":102,"y":589,"width":100,"height":9}},{"id":"b6e61de0-1953-4dad-893d-a13fa155f803","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":89,"box":{"x":209,"y":589,"width":663,"height":11}},{"id":"fd070bc1-a0af-42b6-9e21-ed7746e61584","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":89,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"2801bbc3-88d3-443f-b449-c168c9d67bfa","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":89,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"81653bea-8d7f-4607-81f8-99a0a4f488de","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":89,"box":{"x":102,"y":642,"width":253,"height":11}},{"id":"2b758187-bf8b-434c-a77a-c839655a935d","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":89,"box":{"x":361,"y":642,"width":540,"height":11}},{"id":"7fd581dd-0e99-4977-a1f8-538b1cec6e70","block_type":"box","text":"the secondary market are affected by the per formance of the stock market overall. If IPOs are brought to the market,","page_number":89,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"03e27258-223c-4533-8cc2-8b2fbbbc6e51","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":89,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"2a5ea499-1276-48e7-b629-4099c3cb7fc8","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":89,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"2e2163ff-01fa-4167-9c72-457b599b7c32","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":89,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"b8ec3ec2-f201-4505-9a3e-f998f57c134d","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a shor t","page_number":89,"box":{"x":69,"y":717,"width":814,"height":12}},{"id":"79319362-cfaa-4de5-b31a-7b2fa42e07a5","block_type":"box","text":"period of time given possible price volatility. This may result in increased por tfolio turnover and expenses, such as","page_number":89,"box":{"x":70,"y":732,"width":813,"height":12}},{"id":"bfb2d067-8b7f-41f1-b7c1-7a2405c5f07d","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":89,"box":{"x":69,"y":748,"width":828,"height":11}},{"id":"f07e4f01-841c-4fc7-88b3-4dc3a8cb3533","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":89,"box":{"x":68,"y":763,"width":802,"height":11}},{"id":"b9334680-1f6a-4e7a-a8f6-1764989d98cd","block_type":"box","text":"should not rely on any past gains from IPOs as an indication of future per formance. The investment per formance of a","page_number":89,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"09bfc211-c555-45cf-ae37-506ee458c44f","block_type":"box","text":"Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when it","page_number":89,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"630c6fe2-aa91-408d-845e-17808e6cfdda","block_type":"box","text":"is able to do so. In addition, as a Fund increases in size, the impact of IPOs on its per formance will generally","page_number":89,"box":{"x":70,"y":808,"width":777,"height":11}},{"id":"caf93603-905a-4340-92d6-2657fc6f81b2","block_type":"box","text":"decrease. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller","page_number":89,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"62ad107c-159d-4f4b-abfb-52741210102f","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":89,"box":{"x":69,"y":838,"width":823,"height":12}},{"id":"4090c205-cec4-4321-a9e1-d867ae722171","block_type":"box","text":"be available for very limited periods.","page_number":89,"box":{"x":69,"y":853,"width":257,"height":12}},{"id":"dab22211-ca6f-4ff9-9669-6a3fd4ef783c","block_type":"box","text":"Investment in Emerging Markets.","page_number":89,"box":{"x":102,"y":876,"width":242,"height":11}},{"id":"12f5f723-408e-45b6-adfd-3dab8e1adee5","block_type":"box","text":"General.","page_number":89,"box":{"x":102,"y":899,"width":58,"height":9}},{"id":"702313dc-d710-4c31-b41a-500418ba2195","block_type":"box","text":"II-35","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"711a0665-61ee-46bc-8483-189adaefeb91","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0fe70650-7c48-4f27-9508-25316452ab8a","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":90,"box":{"x":102,"y":45,"width":748,"height":11}},{"id":"93c4a774-3dc2-4e79-8811-172fe05f6db1","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":90,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"d203519a-9522-4462-9c72-afc518ddf90b","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":90,"box":{"x":68,"y":75,"width":813,"height":11}},{"id":"a1d92b5a-a41d-4366-a2d3-ac08736a6c9d","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":90,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"1213e4eb-6f82-478e-be20-ed90a5e24eb8","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":90,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"0487967a-f1d2-45d1-902f-db7baf2c86e8","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":90,"box":{"x":70,"y":120,"width":831,"height":12}},{"id":"faebefb3-c731-4730-924b-150b1d723a58","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":90,"box":{"x":69,"y":135,"width":396,"height":11}},{"id":"2dda5d73-23fb-46b3-b08b-fa13af720fbe","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":90,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"9096bc34-c899-4d8d-a228-12ecfb004330","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":90,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"13d6ec38-d0ed-4b8d-b928-081d5d6304f6","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":90,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"87ecc672-5615-4557-9da0-7e380b553c42","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":90,"box":{"x":69,"y":203,"width":779,"height":11}},{"id":"40ca929a-396b-43e6-aedb-c6a1c95acd06","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":90,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"48e19357-c7bb-4377-9dba-7e4561d1d521","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":90,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"09629a31-6852-47bf-a137-f5de106e7d21","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":90,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"479f8f5d-c621-4e4f-a56f-cf42bc6f876d","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":90,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"c5538f2f-414a-492c-a768-9538edfa516b","block_type":"box","text":"policies that may limit a Fund’s investment oppor tunities such as restrictions on investment in issuers or industries","page_number":90,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"7af2d80a-ce83-4d99-91b0-6e4f75e5bad5","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":90,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"45118b87-3ddd-4551-9a05-5e1dc237427c","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":90,"box":{"x":70,"y":309,"width":813,"height":11}},{"id":"df71fded-561c-4504-ac8b-55247a2ed9ab","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":90,"box":{"x":69,"y":324,"width":694,"height":12}},{"id":"e85108e6-5bc5-4f87-affe-4eca93727041","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":90,"box":{"x":102,"y":347,"width":767,"height":11}},{"id":"8972e6a5-48cd-4037-acf9-e6050ad2753c","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":90,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"d71882a7-d696-41d9-82a0-8c8bbb17f444","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":90,"box":{"x":69,"y":377,"width":792,"height":11}},{"id":"0e7672fc-24ac-4a45-83a8-1f8dcf7c4b75","block_type":"box","text":"markets will continue to present viable investment oppor tunities for a Fund. In the past, governments of such nations","page_number":90,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"2b21bd31-73c8-435c-9997-a87eb8f7ab19","block_type":"box","text":"have expropriated substantial amounts of private proper ty, and most claims of the proper ty owners have never been","page_number":90,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"a7b58ec5-955a-499e-8f92-1540bae19d74","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":90,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"5952c5ef-4019-441e-8d2c-4a382c0d7aad","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":90,"box":{"x":70,"y":438,"width":802,"height":10}},{"id":"4b3d850d-e153-4e6e-8a26-fcd0c17cadd5","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":90,"box":{"x":70,"y":453,"width":838,"height":11}},{"id":"7972a55a-981f-44a7-8ec8-85fa0b286eb0","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":90,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"d9ebf490-93c9-477e-82d1-e7e6f28f58d1","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":90,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"b4901591-f935-4009-a847-9758a682b9c8","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":90,"box":{"x":68,"y":498,"width":838,"height":11}},{"id":"a7fc296b-434c-454f-a2a1-6988a70349d4","block_type":"box","text":"volatile than investments in Japan or most Western European countries.","page_number":90,"box":{"x":68,"y":514,"width":513,"height":10}},{"id":"ae954be0-48b9-4a56-b95c-88a5bad5f63b","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":90,"box":{"x":101,"y":536,"width":805,"height":11}},{"id":"26670df0-484f-4503-b9ef-2eb57f220908","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":90,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"41df5908-0f1a-4603-b98c-00e60495a717","block_type":"box","text":"financial repor ting standards and requirements comparable to those to which U.S. companies are subject. In cer tain","page_number":90,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"9349e44b-174c-4114-9f96-160daead9315","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":90,"box":{"x":69,"y":582,"width":768,"height":11}},{"id":"b6927091-007c-4c67-89f0-4e9007a1d3af","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":90,"box":{"x":69,"y":597,"width":811,"height":11}},{"id":"aafd48ce-cbe2-4879-9568-3e2e90d34f03","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":90,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"69545177-1a35-4106-a546-b3232a6c9adb","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":90,"box":{"x":69,"y":627,"width":814,"height":11}},{"id":"e400127e-45f2-4143-9155-dad72624d1e5","block_type":"box","text":"acquisition or disposal of securities.","page_number":90,"box":{"x":69,"y":642,"width":257,"height":11}},{"id":"8372ffd2-9e2a-4831-8773-19939be8bc84","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":90,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"0b4dce23-05f8-49b9-92b3-8e1e46d048ce","block_type":"box","text":"in developed markets, in par t because a Fund will need to use brokers and counterpar ties that are less well","page_number":90,"box":{"x":70,"y":680,"width":769,"height":11}},{"id":"216b56c9-ecde-4e09-a8a0-e87017e75d0c","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":90,"box":{"x":69,"y":695,"width":798,"height":11}},{"id":"f0dd368a-504a-4c42-a8b2-9b80260823eb","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":90,"box":{"x":69,"y":710,"width":819,"height":11}},{"id":"6c457a58-327b-4790-bf69-1d5d8473168a","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":90,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"0d67678d-a907-4b29-876f-3f3825f185be","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":90,"box":{"x":69,"y":740,"width":794,"height":11}},{"id":"945aec9f-2dc0-4022-958c-9813df826639","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in par ticular those","page_number":90,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"e87cab63-a3b8-4a50-91d3-92019d1517f4","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":90,"box":{"x":69,"y":778,"width":801,"height":11}},{"id":"cf060237-7159-440c-a6fc-ce7dd356723a","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":90,"box":{"x":68,"y":793,"width":818,"height":11}},{"id":"3f963400-c99d-4b58-88f8-1224fba9c0d8","block_type":"box","text":"tax management). Additionally, disclosures or third-par ty data coverage associated with sustainability risks is","page_number":90,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"60a5ed1d-3bd7-4e2e-9345-fbef8b243b7e","block_type":"box","text":"generally less available or transparent in these markets.","page_number":90,"box":{"x":68,"y":823,"width":401,"height":12}},{"id":"d96db812-0cb4-4d0d-b4e1-16fa27e3574c","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":90,"box":{"x":102,"y":846,"width":778,"height":11}},{"id":"5766df48-5889-46cd-9acb-8fd91e3a3009","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":90,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"4bde61c7-e3c2-4c10-9109-6aedc53f38cc","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":90,"box":{"x":68,"y":876,"width":797,"height":11}},{"id":"00dadd27-5bfe-48b8-ac3f-3e5a2295c918","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":90,"box":{"x":69,"y":891,"width":832,"height":12}},{"id":"dca5ef90-c771-4092-91b0-5c3749b0b468","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":90,"box":{"x":68,"y":906,"width":799,"height":12}},{"id":"71fbaffe-d1db-4306-823c-9406a438bc2f","block_type":"box","text":"II-36","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b50311df-1249-421b-85d1-f694f5d811b0","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b24f172-89e1-4e70-ba6f-5cbeee938554","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":91,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"c5d3bdb8-fae4-47be-81bf-82c8aca1b922","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":91,"box":{"x":68,"y":60,"width":740,"height":11}},{"id":"d1757e78-9e88-4f87-9217-c44ada83a30e","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":91,"box":{"x":102,"y":82,"width":305,"height":12}},{"id":"d76617c5-63a7-4c00-b535-03f23a5ed5bf","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":91,"box":{"x":414,"y":82,"width":485,"height":12}},{"id":"59c1c551-4269-4300-a5ac-60518e84e77d","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to cer tain","page_number":91,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"05951dbe-1735-44cc-8b08-21347a0b9f17","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":91,"box":{"x":69,"y":113,"width":808,"height":11}},{"id":"2971b390-f34e-4944-b877-78d99eff33d2","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":91,"box":{"x":68,"y":128,"width":838,"height":11}},{"id":"41defe13-90ec-4b60-8a11-5ad57cfa7066","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":91,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"2e392960-969d-4386-8b7b-052659757a58","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":91,"box":{"x":70,"y":158,"width":791,"height":11}},{"id":"1553bba7-07b4-44e1-83ac-5963cc5f2cb7","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":91,"box":{"x":69,"y":173,"width":804,"height":11}},{"id":"11b841f5-8a8e-45cf-ad41-4af0f1fbbe5c","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":91,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"a651fcd2-2681-43aa-b8c1-873b2364ce56","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":91,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"05e42d38-262a-4534-b410-528cc3d4844e","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":91,"box":{"x":70,"y":218,"width":766,"height":12}},{"id":"d3641944-b1f4-46ab-b1b7-fb28a4a3e4d8","block_type":"box","text":"per formance of the Fund.","page_number":91,"box":{"x":70,"y":234,"width":179,"height":11}},{"id":"5c9c8358-f66e-4321-961f-aea61e31840e","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":91,"box":{"x":102,"y":256,"width":784,"height":12}},{"id":"8aa57a60-2d86-4c80-904e-40346837e7ad","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":91,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"4f0fa6ce-7645-4045-a6f3-48e3e5b01541","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":91,"box":{"x":69,"y":286,"width":788,"height":12}},{"id":"4e8da5c2-91e8-4dfd-b62e-18fbae28eb79","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":91,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"47e391e8-c976-41fe-886c-6e9368fbff44","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":91,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"7553fe45-f052-4fb8-ad10-7be500a4c879","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":91,"box":{"x":68,"y":332,"width":822,"height":11}},{"id":"4765842e-787e-4103-a7b1-6d58dd25c6f5","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":91,"box":{"x":69,"y":347,"width":818,"height":11}},{"id":"567e8954-da0b-48d3-84dd-345a34aaef24","block_type":"box","text":"common to most such countries is that the economy is heavily expor t oriented and, accordingly, is dependent upon","page_number":91,"box":{"x":69,"y":362,"width":821,"height":11}},{"id":"00566fc4-3b86-482c-b65b-66be514eff5e","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":91,"box":{"x":70,"y":377,"width":827,"height":11}},{"id":"92641ab1-cad7-49cf-aa32-0b6bc7d94c1d","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":91,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"07195594-66c3-4e10-a9ab-5b968d53dda3","block_type":"box","text":"expor ts of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":91,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"8aa08576-7a53-48d9-96c4-8812aa826f0b","block_type":"box","text":"affected by a variety of factors.","page_number":91,"box":{"x":69,"y":423,"width":220,"height":11}},{"id":"2eb9ccce-4005-4f94-89c0-17ed0cecb952","block_type":"box","text":"The legal systems in cer tain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":91,"box":{"x":101,"y":445,"width":785,"height":12}},{"id":"0e462c12-3ff4-49d0-a11d-dbc42412e3fb","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":91,"box":{"x":70,"y":460,"width":789,"height":12}},{"id":"743f182a-97c9-4ebc-9037-313e6ee2685b","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":91,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"6c414935-830d-46fb-adb8-76f144b9393b","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":91,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"4454c3c9-5303-4618-8bc4-0ee678e6e01e","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":91,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"80899f3c-85ae-4c31-9396-ad992b264d2a","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":91,"box":{"x":70,"y":521,"width":652,"height":11}},{"id":"da155886-4857-44a9-be8e-ea20978b0b3b","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":91,"box":{"x":102,"y":543,"width":737,"height":12}},{"id":"4b4a9fdf-b662-40c6-b046-ff33d61dc2ad","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":91,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"7a1bc9fc-2ee8-4b68-ae80-98a5b77d6cd0","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":91,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"f8d13ed5-7121-4e9d-a122-2fc87b00e1db","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":91,"box":{"x":69,"y":589,"width":793,"height":11}},{"id":"32abee2f-4e01-4d3b-824b-0a32636b19d8","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s por tfolio. In addition, economic","page_number":91,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"25f82eed-bd1d-452f-9018-8fd19e58f4cc","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":91,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"20a028e3-d8bb-488b-b3d1-f3f5db0241a0","block_type":"box","text":"nations.","page_number":91,"box":{"x":69,"y":634,"width":56,"height":9}},{"id":"69e1439c-cbe5-4386-b3e3-eee5f8c56b7f","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":91,"box":{"x":102,"y":657,"width":794,"height":11}},{"id":"3a18d8ec-75c3-4372-bdec-9ce370e4f8cb","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":91,"box":{"x":68,"y":672,"width":773,"height":11}},{"id":"05d11624-76af-4148-b7b6-cdad75df2f8f","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":91,"box":{"x":69,"y":687,"width":808,"height":11}},{"id":"c5dc00a2-7c63-4a94-b7f1-4c90260f2cdb","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":91,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"b2f91bd3-d5e4-49c7-b3fa-6482bdf15c61","block_type":"box","text":"cer tain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":91,"box":{"x":69,"y":717,"width":790,"height":12}},{"id":"218419ab-a9da-4e90-bc01-e2a5f4116cf8","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":91,"box":{"x":69,"y":732,"width":790,"height":12}},{"id":"4464c1cb-ad7b-4661-afdb-0ddbf9364fd6","block_type":"box","text":"market Asia-Pacific companies.","page_number":91,"box":{"x":69,"y":748,"width":220,"height":11}},{"id":"ddc831c9-d1f9-4058-a523-a40e5cfa7371","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":91,"box":{"x":102,"y":770,"width":780,"height":12}},{"id":"a8a38f45-312b-4ff7-a676-8bd472c60235","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":91,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"0a36999f-825e-4447-bf9b-047dc1148e91","block_type":"box","text":"services for such securities outside such countries.","page_number":91,"box":{"x":69,"y":801,"width":367,"height":9}},{"id":"3dd89241-fb41-40bc-966c-61bcd67bc92f","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":91,"box":{"x":102,"y":823,"width":795,"height":12}},{"id":"86072f4b-4786-4b34-afd5-20892e71cdab","block_type":"box","text":"to commercial banks and foreign governments.","page_number":91,"box":{"x":68,"y":838,"width":335,"height":12}},{"id":"26255417-b6e6-4d6e-82ac-1299eadca81f","block_type":"box","text":"On March 11, 2011, a power ful ear thquake and resulting tsunami struck nor theastern Japan causing major","page_number":91,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"1ac0855f-8075-43d4-87ad-d8f2e9409bb4","block_type":"box","text":"damage along the coast, including damage to nuclear power plants in the region. Future similar disasters, and the","page_number":91,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"649b477d-e897-47f5-8903-81b994730e3d","block_type":"box","text":"II-37","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4d52da10-7942-44b4-930f-b420400a3eac","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"535cbb02-db69-437e-9a4c-4f007e3c27ab","block_type":"box","text":"resulting damage, could have a severe and negative impact on a Fund’s investment por tfolio and, in the longer term,","page_number":92,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"c4fdbbc6-914b-466c-bac4-70afe343ac9f","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":92,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"1533fce4-ddfc-4c01-a9d7-e65faab2e636","block_type":"box","text":"conducted.","page_number":92,"box":{"x":69,"y":75,"width":76,"height":9}},{"id":"92e69c76-ecde-4127-bb46-5123f8f4343d","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":92,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"ccf461cc-d0a8-4010-93ea-57cb0193646c","block_type":"box","text":"practicable or appropriate to invest in a par ticular developing Asia-Pacific country. A Fund may invest in countries in","page_number":92,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"118222a3-4090-4434-bf89-02b724b88bb5","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":92,"box":{"x":68,"y":128,"width":711,"height":11}},{"id":"40efb367-0b09-49dc-bfee-6bf59d02c8c3","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":92,"box":{"x":102,"y":150,"width":435,"height":12}},{"id":"dacdbfe3-0db6-4a57-8bc8-2ec9a6418ee7","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":92,"box":{"x":543,"y":150,"width":355,"height":12}},{"id":"764cdaa5-7767-425f-ba26-ee20e0783b5e","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":92,"box":{"x":70,"y":166,"width":817,"height":11}},{"id":"4b7182ec-9b12-43fd-8a68-5f6c6acd6790","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":92,"box":{"x":69,"y":181,"width":836,"height":11}},{"id":"6de5c5c7-427a-40be-90af-02047b532863","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a par ticular company or limit the investment","page_number":92,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"2835b78e-f1bf-43f4-9e0f-2525c9ef4024","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":92,"box":{"x":69,"y":211,"width":794,"height":11}},{"id":"d7dfce61-4515-4d92-b3ca-db02b4ee4aec","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":92,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"e9c0dfef-3497-4754-b29a-5f1bfd4dc27a","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":92,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"6e662141-c11b-43bb-93d6-860b49c4d9e8","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":92,"box":{"x":69,"y":256,"width":820,"height":12}},{"id":"ed0241ce-682e-4d0d-9a0f-3815c9ead060","block_type":"box","text":"have an adverse effect on the value of such shares. Cer tain countries may restrict investment oppor tunities in","page_number":92,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"7ce7d746-83ab-4c0b-b4e4-fe2361fdb905","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":92,"box":{"x":70,"y":287,"width":434,"height":10}},{"id":"65a46394-70ca-47ca-aaef-e1ae58146df8","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":92,"box":{"x":101,"y":309,"width":787,"height":11}},{"id":"06309efb-70e2-4265-9c04-dc9f8b12ae2a","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":92,"box":{"x":68,"y":324,"width":833,"height":11}},{"id":"b687e3a1-1669-49aa-9014-914f32e901de","block_type":"box","text":"a Fund may be required in cer tain of such countries to invest initially through a local broker or other entity and then","page_number":92,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"fb4f029e-292e-4598-bd4c-a4c26c130908","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":92,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"c28d94e9-2f6c-4fa3-aaf4-a5a043e6336e","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied cer tain of its rights as an investor,","page_number":92,"box":{"x":68,"y":370,"width":834,"height":11}},{"id":"fba5e7ee-e507-47f5-a4a0-44e492a692de","block_type":"box","text":"including rights as to dividends or to be made aware of cer tain corporate actions. There also may be instances where","page_number":92,"box":{"x":70,"y":385,"width":836,"height":11}},{"id":"b6a5ecef-0981-43d4-bff2-cd07d1c30ca2","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":92,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"c1a2b385-d4ac-4462-87c7-28cb3e2a1142","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":92,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"32182bcc-04c5-4ec9-a969-eb76f821bd7c","block_type":"box","text":"investment at that time.","page_number":92,"box":{"x":70,"y":430,"width":168,"height":9}},{"id":"c437b397-6ddc-42a2-a7bd-2ed37656c2be","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":92,"box":{"x":102,"y":453,"width":774,"height":11}},{"id":"4b27209c-7edd-4613-b328-7833f82c9ba7","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":92,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"5686386d-085d-46ba-ae0b-5667188a0f66","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":92,"box":{"x":69,"y":483,"width":789,"height":11}},{"id":"724d2a91-7248-4c8f-adc2-d4abb39c4ecc","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that cer tain countries may impose currency","page_number":92,"box":{"x":69,"y":498,"width":826,"height":11}},{"id":"3662fddc-be7c-4b5f-9122-317f35005849","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":92,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"b3cde372-1136-479c-9df0-4edf6d36fbbd","block_type":"box","text":"that such restrictions have the effect of making cer tain investments illiquid, securities may not be available for sale","page_number":92,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"830fc233-f48c-43de-afe2-19dd138b7129","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s por tfolio subject to","page_number":92,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"12def7cf-a7c1-4bc0-86c2-41fb22045dae","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the por tion of the Fund’s assets","page_number":92,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"62797e19-0ce9-4e03-93d4-1eeb22666d9d","block_type":"box","text":"that may be used to meet redemptions may be fur ther decreased. Even where there is no outright restriction on","page_number":92,"box":{"x":68,"y":574,"width":798,"height":11}},{"id":"5e307511-4634-4e36-be0d-cf6ce6041829","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect cer tain aspects of the operations of a Fund (for","page_number":92,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"85f9e459-a8af-4dc3-989e-39022186a341","block_type":"box","text":"example, if funds may be withdrawn only in cer tain currencies and/or only at an exchange rate established by the","page_number":92,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"6325cb05-6a91-4603-b046-32cbc34d4a8e","block_type":"box","text":"government).","page_number":92,"box":{"x":68,"y":619,"width":92,"height":11}},{"id":"e69103dd-8df9-4767-bc7b-cd3d20e18002","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":92,"box":{"x":102,"y":642,"width":790,"height":11}},{"id":"f3b8afcd-4f49-4e58-b5a1-14db1b3adda0","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":92,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"7869ac4a-e827-4e14-86ba-a478b917a82c","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":92,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"3a08281a-140e-4d52-b068-5e1c4a3fba88","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in cer tain","page_number":92,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"5bb69f9a-2046-4dbd-8577-bbd1f5fbc808","block_type":"box","text":"foreign banks and other financial institutions.","page_number":92,"box":{"x":68,"y":702,"width":322,"height":12}},{"id":"98535547-b838-456a-b273-5a4fcc8e9c56","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":92,"box":{"x":102,"y":725,"width":767,"height":11}},{"id":"349a8dd8-fc73-42af-803e-55dfd989fd5f","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":92,"box":{"x":69,"y":740,"width":814,"height":11}},{"id":"9317c0a2-0bd6-481d-b07c-685b8fa610ff","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private proper ty rights and","page_number":92,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"cc9e4031-98d1-4edc-8435-d5fb94afa0cd","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":92,"box":{"x":69,"y":770,"width":812,"height":11}},{"id":"716b02c1-24e6-4a83-8f85-c3c4e0d74151","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":92,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"d2c56778-0964-4775-b00b-7ac48042a9e3","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":92,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"f679e2b0-87b4-474d-90d4-313e4e745068","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":92,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"711bb959-4def-47e2-bab8-1711c85063e0","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":92,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"2cd008a6-40e7-4042-aea9-2cea917b1cf2","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":92,"box":{"x":68,"y":846,"width":837,"height":11}},{"id":"404053b5-efd9-4a32-91ed-aa6f9d7a5638","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":92,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"30776c13-4311-44ed-a42c-1a84cc2227d2","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":92,"box":{"x":69,"y":876,"width":711,"height":11}},{"id":"8d1fad25-e8ac-4d94-ac62-912d6148b21d","block_type":"box","text":"II-38","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c0a84f66-5e0b-4d26-a46d-756355d6c021","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e450eda5-bd67-4868-8b32-21539630abe2","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":93,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"75e4a0b2-80bb-46b7-bb32-b19b67b98d89","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":93,"box":{"x":68,"y":60,"width":840,"height":11}},{"id":"afb866bb-b1c6-4763-90e2-7acbff7f692a","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":93,"box":{"x":68,"y":75,"width":838,"height":11}},{"id":"885599f0-c7eb-436c-98fe-d43c3962f1e5","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":93,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"7f9447f2-5ec3-4826-8e1e-faf4857233c6","block_type":"box","text":"foreign securities.","page_number":93,"box":{"x":68,"y":105,"width":127,"height":11}},{"id":"2ea28228-9300-44b7-a31e-b2cc7e618e00","block_type":"box","text":"Risks of Investments in Russia.","page_number":93,"box":{"x":102,"y":128,"width":224,"height":9}},{"id":"f5b6ae00-bc67-45a1-a9fa-ae55d5030441","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":93,"box":{"x":332,"y":128,"width":539,"height":11}},{"id":"8614def3-97fa-4671-b1b6-2bbc83bfd608","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":93,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"b6023196-ede6-4b25-9525-a86049f6981c","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":93,"box":{"x":70,"y":158,"width":821,"height":11}},{"id":"43c200a8-543c-41d7-94bd-64fff35cadbb","block_type":"box","text":"and a substantial por tion of securities transactions are privately negotiated outside of stock exchanges. The","page_number":93,"box":{"x":69,"y":173,"width":772,"height":11}},{"id":"e9e582ad-41b9-4924-9622-d47f0f9b35e3","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":93,"box":{"x":70,"y":188,"width":834,"height":12}},{"id":"63a828ea-5aa4-4ecf-9d91-013dd0fd63b9","block_type":"box","text":"obtaining accurate prices on por tfolio securities from independent sources more difficult than in more developed","page_number":93,"box":{"x":69,"y":203,"width":804,"height":12}},{"id":"b81bd26c-fb6c-434f-8982-e4a68bf03e73","block_type":"box","text":"markets.","page_number":93,"box":{"x":69,"y":219,"width":61,"height":8}},{"id":"662c7004-de92-4351-9503-a3189dea1a43","block_type":"box","text":"Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia’s","page_number":93,"box":{"x":102,"y":241,"width":753,"height":11}},{"id":"2dcc31de-077a-4cb0-a4a8-3f762530679d","block_type":"box","text":"banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and","page_number":93,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"c726f27a-e908-43cd-9513-def7f800b463","block_type":"box","text":"registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration","page_number":93,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"a6516498-4bae-4153-aa09-c10c00029dc4","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":93,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"a0743073-0d9e-4783-9712-6ccec251d297","block_type":"box","text":"registrars located throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":93,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"f8a04d8a-207d-493d-becf-64c19ec2a088","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository (“NSD”) as a","page_number":93,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"ddcd8b47-c0a8-4629-97b5-0d87269325ea","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":93,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"fe9cf7f8-da98-4947-8013-2b2a0d427d1f","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":93,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"c8be64be-4bfe-4c3f-a04f-ccea7be106b6","block_type":"box","text":"of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally,","page_number":93,"box":{"x":69,"y":362,"width":802,"height":11}},{"id":"837fd292-70a7-414f-a154-a0d34f032072","block_type":"box","text":"issuers and registrars remain prominent in the validation and approval of documentation requirements for corporate","page_number":93,"box":{"x":70,"y":377,"width":825,"height":12}},{"id":"34e84f3c-4f1c-452f-9855-1924965158a2","block_type":"box","text":"action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to","page_number":93,"box":{"x":69,"y":393,"width":823,"height":11}},{"id":"e7b848db-3cfc-4cf5-a9ea-cc491423f67a","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":93,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"4df68e0d-6924-4b25-9649-c5ed4bf86083","block_type":"box","text":"or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its rights or","page_number":93,"box":{"x":69,"y":423,"width":768,"height":11}},{"id":"6172b8f2-37d1-4af5-b605-717d76363c99","block_type":"box","text":"otherwise remedy the loss.","page_number":93,"box":{"x":69,"y":438,"width":192,"height":11}},{"id":"6f4154d8-691b-4d15-a6b0-b71f0d1fa3c6","block_type":"box","text":"In addition, Russia also may attempt to asser t its influence in the region through economic or even military","page_number":93,"box":{"x":102,"y":460,"width":765,"height":12}},{"id":"a060ebb3-16f5-4bf1-90f8-1c0f69b1ef55","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":93,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"1d157237-3cc4-4629-bf56-0c8d8a818cb2","block_type":"box","text":"large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting","page_number":93,"box":{"x":70,"y":491,"width":782,"height":11}},{"id":"0677a941-1edc-457c-b6f7-143b0ce2979d","block_type":"box","text":"sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":93,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"b8776b48-2078-4f46-9045-16e4cd130473","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":93,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"19c500e1-b38a-4365-a239-1e1c80ffd819","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses","page_number":93,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"a58ecb21-f7b6-4121-9830-df89c7530f6c","block_type":"box","text":"to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser","page_number":93,"box":{"x":68,"y":551,"width":787,"height":11}},{"id":"6902ed0d-81df-4963-924d-85c69837cbfa","block_type":"box","text":"preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":93,"box":{"x":70,"y":566,"width":759,"height":11}},{"id":"7bd082c2-c2e3-4b84-ba09-7d6c9c3d0789","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund","page_number":93,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"f2fe0707-3823-410e-9e4e-bab0603f5cc2","block_type":"box","text":"invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":93,"box":{"x":70,"y":596,"width":797,"height":12}},{"id":"9c2d3bee-27fc-49a3-9829-7808f726b73b","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers","page_number":93,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"a79d4714-4716-47b9-9cfa-6c4d2a298151","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":93,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"2616b639-d580-4f9e-9973-932a3cc87746","block_type":"box","text":"markets for cer tain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian","page_number":93,"box":{"x":69,"y":642,"width":786,"height":11}},{"id":"c148b738-dd28-43d3-9878-e1fc9c3723b2","block_type":"box","text":"economy, and may likely have collateral impacts on such sectors globally.","page_number":93,"box":{"x":69,"y":657,"width":521,"height":11}},{"id":"3ef6e87a-f7b1-45fa-ab91-b3b06515ca4a","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":93,"box":{"x":102,"y":680,"width":745,"height":11}},{"id":"cd2dcdb5-d44a-4692-af17-76675c23992c","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":93,"box":{"x":70,"y":695,"width":826,"height":11}},{"id":"b1cf32f5-e0fb-426d-bd5d-cd1cea4c2687","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":93,"box":{"x":70,"y":710,"width":799,"height":11}},{"id":"693c2f8f-bc81-43ac-bf88-eae3af2b2d60","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":93,"box":{"x":70,"y":725,"width":788,"height":11}},{"id":"fd36d378-5530-4045-92a8-70f98c8badb5","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":93,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"fd7f8bf1-0410-473f-b0d8-36bd32882115","block_type":"box","text":"payments. These sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and","page_number":93,"box":{"x":70,"y":755,"width":782,"height":11}},{"id":"e4001dc5-e8f2-4ed1-a968-84795b89015a","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":93,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"11d10ba0-1e5c-49da-95f4-aa422a107069","block_type":"box","text":"These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited","page_number":93,"box":{"x":68,"y":785,"width":826,"height":11}},{"id":"59d4b983-1db9-476c-aa9d-b7b23cd2c612","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":93,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"d98b9118-4a9a-4738-9311-8af4a8ee0398","block_type":"box","text":"also result in Russia taking counter measures or retaliatory actions which may fur ther impair the value and liquidity","page_number":93,"box":{"x":69,"y":816,"width":823,"height":11}},{"id":"2ca160ac-9190-454a-9e19-4ede9a73cc44","block_type":"box","text":"of Russian securities.","page_number":93,"box":{"x":69,"y":831,"width":153,"height":9}},{"id":"a451932e-48c3-404e-aef2-0a8b330bd3aa","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":93,"box":{"x":102,"y":853,"width":241,"height":12}},{"id":"8c8525f2-4f12-4624-a68b-9bd686732cbf","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":93,"box":{"x":350,"y":853,"width":523,"height":12}},{"id":"9aaa6467-a90e-4311-b829-ebe912ffc440","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":93,"box":{"x":70,"y":869,"width":838,"height":11}},{"id":"036c695c-9973-40d6-af45-aeb30b0fc7f8","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":93,"box":{"x":69,"y":884,"width":814,"height":11}},{"id":"51b32ea9-bdf6-458e-96e2-1bd381c21e1c","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":93,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"3235cc98-72ad-40bf-b683-6466e1d5cc06","block_type":"box","text":"II-39","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aa9f1521-9942-4e6e-b77d-938c733eb21a","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d2e8b14-26c5-4d3f-80a0-f6724935529c","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":94,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"f7a1ab1d-1628-4633-9e24-28ee3bac1621","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":94,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"f5eca08b-1b13-450f-b57b-96afd4c7a763","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":94,"box":{"x":70,"y":75,"width":803,"height":11}},{"id":"403e1f3f-02d4-4c6b-97a6-b5c43a0e5f0d","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":94,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"af62ff98-5dd8-46db-8852-2f967ffe1f84","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":94,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"fc223def-2faf-4598-910e-ef950dde59e6","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":94,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"ae2fd874-f67f-405a-91a2-b7ecd8810868","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":94,"box":{"x":69,"y":135,"width":805,"height":12}},{"id":"311d4f4d-f526-4ee8-8eb4-4788152d8cb1","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":94,"box":{"x":69,"y":151,"width":837,"height":11}},{"id":"0782374e-86eb-48aa-9347-c031c2ff9e96","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":94,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"6699f14a-b868-44dc-b8ef-5a4b7c2350dc","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":94,"box":{"x":69,"y":181,"width":834,"height":11}},{"id":"1d4b6014-59de-4edf-8186-9e7ed545cbe5","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":94,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"a8af44ce-6ca2-461f-9a68-867a6c92ba0d","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":94,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"36b26d17-0c44-4dc9-9d60-fccba4cd3139","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":94,"box":{"x":68,"y":226,"width":781,"height":11}},{"id":"10e5267b-7bd7-47b2-a035-c196b8c7fa7c","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":94,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"c9796725-b451-4f98-9a5f-bc8d10f74171","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":94,"box":{"x":69,"y":256,"width":833,"height":11}},{"id":"a7ef582b-d149-4c94-9b3d-17532418b612","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":94,"box":{"x":69,"y":272,"width":831,"height":11}},{"id":"deccc370-93e4-4458-8e2b-9bfe7994acdd","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Fur ther,","page_number":94,"box":{"x":69,"y":286,"width":823,"height":11}},{"id":"fb0b981e-c9f8-4054-af02-95f073f5d02b","block_type":"box","text":"under income tax laws imposed by the Depar tment of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":94,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"856a48af-a07c-4b09-a87d-88e8bdf02bbe","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":94,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"32e26e4d-af86-43ea-8fbe-7807ed6b1ec5","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":94,"box":{"x":68,"y":332,"width":799,"height":11}},{"id":"a2f8e290-70ef-4df6-8ab5-315310813dd1","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":94,"box":{"x":69,"y":347,"width":815,"height":11}},{"id":"27f185ea-6c2e-4145-9ed0-e5bf0e3cd25c","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":94,"box":{"x":68,"y":362,"width":818,"height":11}},{"id":"c34864c4-e062-47b6-8532-0cf747133944","block_type":"box","text":"impacted.","page_number":94,"box":{"x":70,"y":377,"width":67,"height":11}},{"id":"1bd6c148-c1c9-48d2-993c-a615f67d131a","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":94,"box":{"x":102,"y":400,"width":773,"height":11}},{"id":"9d992de3-a082-4384-8071-2482dfb0aef8","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":94,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"f1f89bd5-249b-4244-afb0-3211cd3d241c","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":94,"box":{"x":70,"y":430,"width":818,"height":11}},{"id":"0bef2fb3-b713-4bf8-b02c-72b01bded0c2","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":94,"box":{"x":69,"y":445,"width":836,"height":12}},{"id":"1ca1492c-dee9-4581-9b69-e8b6db89aca8","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":94,"box":{"x":68,"y":461,"width":826,"height":11}},{"id":"e843af2e-daf8-4ee3-9d12-346d785968d6","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":94,"box":{"x":68,"y":476,"width":809,"height":11}},{"id":"6654afd3-01c7-4161-adae-323527efd593","block_type":"box","text":"including terrorism, may cause uncer tainty in their markets and may adversely affect its economy and a Fund’s","page_number":94,"box":{"x":70,"y":491,"width":790,"height":11}},{"id":"d54a0702-1271-4340-b4f1-290517aec105","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":94,"box":{"x":70,"y":506,"width":798,"height":11}},{"id":"d7f33abb-f391-4b3e-8402-c8c9348f3bb3","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":94,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"7d21915b-2f51-4c53-8018-be1933ddfe12","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":94,"box":{"x":70,"y":536,"width":836,"height":11}},{"id":"4402c362-a9e4-434e-acee-6d3ec3e505ee","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":94,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"50d41332-1e20-4fad-95de-dbf594134d38","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":94,"box":{"x":69,"y":566,"width":838,"height":11}},{"id":"9d1ee92e-f6c1-4879-af30-15340eaf6f38","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":94,"box":{"x":69,"y":581,"width":790,"height":12}},{"id":"ba72a3e8-db83-4816-a988-d214efb6bb1e","block_type":"box","text":"economy.","page_number":94,"box":{"x":69,"y":599,"width":65,"height":9}},{"id":"23b30a69-8590-4a94-9f03-05bcd6bb3507","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":94,"box":{"x":101,"y":619,"width":747,"height":11}},{"id":"37db1cf3-f580-45c4-a5bd-a51ece56f8cd","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":94,"box":{"x":69,"y":634,"width":776,"height":12}},{"id":"787d3cbd-2273-4853-bf1a-79c754a49428","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":94,"box":{"x":69,"y":649,"width":836,"height":12}},{"id":"0251d0aa-688a-4046-9f96-08e643b4d652","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":94,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"c3efb4ad-4f51-4d86-89af-6c3c2ac6854c","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":94,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"a5e75f59-4f09-425b-9d7c-d57ff1b656fb","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":94,"box":{"x":70,"y":695,"width":822,"height":11}},{"id":"6b1aec39-1b5f-49c3-aad6-d558eef7021c","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":94,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"2b4a6ed7-d1d8-4671-ae27-3a00e3708d0a","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":94,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"95178a1f-a26a-4014-b23b-a752aa875c48","block_type":"box","text":"typically the case for investment managers.","page_number":94,"box":{"x":68,"y":740,"width":309,"height":11}},{"id":"2bfa9fc7-c35f-407a-b1f6-c0a6a9250dae","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":94,"box":{"x":101,"y":763,"width":806,"height":11}},{"id":"07168354-28b1-4fd7-942f-c6695a059211","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":94,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"6b611741-4125-4b94-9bb6-ab8dcf8aaccd","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":94,"box":{"x":70,"y":793,"width":777,"height":11}},{"id":"a52fb3ff-eddf-4dea-a1db-3ec0bda7fa4a","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":94,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"6b116e9c-1ce9-4693-83cb-e525874915cb","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":94,"box":{"x":70,"y":823,"width":830,"height":12}},{"id":"9d302ba2-f73d-454b-9d53-1dde2da9c0ea","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":94,"box":{"x":70,"y":838,"width":827,"height":12}},{"id":"47617bc8-5c76-48ea-ab92-6c5357fc09f7","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":94,"box":{"x":68,"y":853,"width":764,"height":12}},{"id":"fd35552a-c2d4-4939-a6cf-fd95c1d80704","block_type":"box","text":"significant, and in some cases the most significant, trading par tner of, or foreign investor in, Saudi Arabia. As a","page_number":94,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"4f3f5426-bda3-491d-9b57-4bde7dc67364","block_type":"box","text":"result, economic conditions of Saudi Arabia may be par ticularly affected by changes in the U.S. economy. A decrease","page_number":94,"box":{"x":69,"y":884,"width":835,"height":11}},{"id":"2bb00d12-3656-4b70-b303-4a85532a24b5","block_type":"box","text":"in U.S. impor ts or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or","page_number":94,"box":{"x":70,"y":899,"width":829,"height":11}},{"id":"2066f501-fedb-464a-8f15-84ed173f92b3","block_type":"box","text":"II-40","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"18528833-de66-4562-8b14-cee014472324","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40e2105d-3fd3-4bce-9998-83dc9e2e3e59","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":95,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"4354cb61-af0f-4085-854d-415fbd36bba2","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in Nor th Africa and the larger Middle","page_number":95,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"07a5064e-bd6d-46fe-8485-282e2f52cf5d","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":95,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"09231be4-b9e2-466c-bc54-fe02fe2691a6","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":95,"box":{"x":69,"y":90,"width":510,"height":11}},{"id":"6e063382-ae18-4a08-80a9-c07a9e7dede6","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":95,"box":{"x":102,"y":113,"width":773,"height":11}},{"id":"224f993c-e215-4411-9f0f-ac037ba575bd","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":95,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"a4ef54b6-f02e-4ced-a0f7-1b0beffdac69","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":95,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"7bffbf4e-4e51-4be8-aafd-a5b0d627d27a","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":95,"box":{"x":70,"y":158,"width":837,"height":11}},{"id":"627cd0bf-e09e-422e-b5f7-d24e6527890c","block_type":"box","text":"will be indirectly subject to those risks.","page_number":95,"box":{"x":68,"y":173,"width":277,"height":11}},{"id":"5e44b013-c3c1-4d24-874b-a490cf1c09e2","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":95,"box":{"x":102,"y":196,"width":223,"height":11}},{"id":"df6b7da9-b5e7-459a-b339-a3a86857c107","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":95,"box":{"x":332,"y":196,"width":521,"height":11}},{"id":"2fde8972-6fe4-4a99-bddf-01866fdeb4ec","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":95,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"37fbde53-dbbc-46ed-a511-bb5e978bcbc6","block_type":"box","text":"is extremely well endowed with natural resources and its economy is heavily dependent on expor t of natural","page_number":95,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"53a36274-7b15-4f04-80d4-b8494762564d","block_type":"box","text":"resources to key trading par tners. According to the Organization of Petroleum Expor ting Countries (“OPEC”),","page_number":95,"box":{"x":69,"y":241,"width":769,"height":11}},{"id":"5854689e-65f3-439e-a889-52af6954352f","block_type":"box","text":"Venezuela boasts the world’s largest oil reserves. According to an industry repor t, Venezuela also has the","page_number":95,"box":{"x":68,"y":257,"width":757,"height":11}},{"id":"c3f8257f-7296-4f3b-83a4-e8f9cfbe0433","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":95,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"52ba3274-85eb-4f31-a6fc-5a7b1936111b","block_type":"box","text":"conflict or a breakdown of a key trading relationship that disrupts the production or expor t of natural resources will","page_number":95,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"1dd5d25a-3b7b-46d8-83c1-9fb21b776fcf","block_type":"box","text":"likely negatively affect the Venezuelan economy. The government continues to control key sectors of the economy,","page_number":95,"box":{"x":70,"y":302,"width":810,"height":11}},{"id":"9b1995a3-a193-412a-b5cf-16eb3be90aca","block_type":"box","text":"including upstream oil and gas production, and has sought to increase its role in key sectors, such as","page_number":95,"box":{"x":70,"y":317,"width":726,"height":11}},{"id":"5ce19701-a227-4f37-b644-d84d6d21b9c3","block_type":"box","text":"telecommunications and steel. Meanwhile, ambiguities in the investment environment remain, such as continued","page_number":95,"box":{"x":68,"y":332,"width":808,"height":11}},{"id":"9429a734-243c-47db-b77a-dd63d195e7cb","block_type":"box","text":"high levels of bureaucracy and corruption, large macroeconomic imbalances, and political and policy uncer tainty.","page_number":95,"box":{"x":69,"y":347,"width":802,"height":11}},{"id":"b7945881-23b1-4bb8-954c-a87444887bd6","block_type":"box","text":"Friction continues between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":95,"box":{"x":70,"y":362,"width":821,"height":11}},{"id":"2f5e3b31-9845-46d9-92ad-515d4e808d81","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate","page_number":95,"box":{"x":68,"y":377,"width":820,"height":11}},{"id":"3339a451-8f2d-45f7-b3fc-66aa7cfea94c","block_type":"box","text":"entities, and on the Venezuelan government. The U.S. could also institute broader sanctions on Venezuela. These","page_number":95,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"73bdd43d-0267-4090-ab0c-d303186f39a9","block_type":"box","text":"sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and liquidity of Venezuelan","page_number":95,"box":{"x":69,"y":407,"width":819,"height":12}},{"id":"c49687ba-a542-4b7d-96a4-a717cb0d5584","block_type":"box","text":"securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions","page_number":95,"box":{"x":69,"y":423,"width":820,"height":11}},{"id":"ef4fa077-6b36-4e2c-acda-7196f87e1eee","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":95,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"3e18a4f1-caf1-4904-8780-1700476be209","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":95,"box":{"x":68,"y":453,"width":803,"height":11}},{"id":"358c0eb6-6e11-4d20-a6cd-901c09fac37c","block_type":"box","text":"negative impact on a Fund’s investments.","page_number":95,"box":{"x":69,"y":468,"width":296,"height":11}},{"id":"7b86b27c-0ca4-47bc-9ec6-be9798ffc1c2","block_type":"box","text":"Brady Bonds.","page_number":95,"box":{"x":102,"y":491,"width":92,"height":11}},{"id":"a75cf0ff-2707-4e31-a550-bb9a1b2455a5","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":95,"box":{"x":201,"y":491,"width":689,"height":11}},{"id":"56d5829d-e4d7-4f53-89ce-c5eb063e9931","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":95,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"9ad3ad97-8a1d-4488-84ee-08aa8c3a7df4","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":95,"box":{"x":69,"y":521,"width":766,"height":11}},{"id":"99821907-248b-4660-aee6-50924655f050","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":95,"box":{"x":69,"y":536,"width":784,"height":11}},{"id":"8cad6357-0079-41e8-b62a-3597abe91836","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":95,"box":{"x":68,"y":551,"width":837,"height":11}},{"id":"b09f1aa9-3728-4bb3-a42d-26c8f31b72df","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":95,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"6981a7d5-8b25-4422-ac21-d29daac93298","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay and Venezuela.","page_number":95,"box":{"x":70,"y":582,"width":555,"height":11}},{"id":"da3fbc50-2bf1-4128-ad13-212e9681050a","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":95,"box":{"x":102,"y":604,"width":798,"height":11}},{"id":"d61e92d2-ea1b-49f5-9fa7-cbfcf9f05631","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":95,"box":{"x":69,"y":619,"width":780,"height":11}},{"id":"4548dab1-2dd0-4c10-bbe4-90d17710a37c","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":95,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"2662f97c-2eaf-4349-99bf-890556600b32","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":95,"box":{"x":69,"y":649,"width":796,"height":12}},{"id":"93af0bca-1a83-40fb-8413-a8c6c5006e55","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":95,"box":{"x":69,"y":665,"width":812,"height":11}},{"id":"80bcdd4d-9128-45bd-aa85-7254db2b2b50","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":95,"box":{"x":68,"y":680,"width":823,"height":11}},{"id":"1b7c716d-1120-467b-a19b-be26a5e1bb2b","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":95,"box":{"x":68,"y":695,"width":833,"height":11}},{"id":"6b3bdff2-a62b-49ae-9d44-bd611bbaacd1","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":95,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"a0d65fdb-89b5-4fc2-8cb9-e1f60b9d15b4","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":95,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"884969be-b2e4-4f02-816b-ad30c6b2fcad","block_type":"box","text":"supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan","page_number":95,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"adaa0f4f-1563-4452-a879-5223f43c4194","block_type":"box","text":"Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady","page_number":95,"box":{"x":70,"y":755,"width":812,"height":11}},{"id":"08cc83cd-7d84-4d11-a999-6de9177b46e2","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at","page_number":95,"box":{"x":70,"y":770,"width":825,"height":12}},{"id":"e8b8bb01-da85-4f81-9eec-474247db7977","block_type":"box","text":"final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any","page_number":95,"box":{"x":68,"y":785,"width":780,"height":12}},{"id":"6ebdc4b6-ab75-454f-9c51-af3f926e47b1","block_type":"box","text":"uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the “residual risk”).","page_number":95,"box":{"x":69,"y":801,"width":790,"height":11}},{"id":"5df4f69c-b5cf-464b-bcbb-ae5667cc707e","block_type":"box","text":"Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by U.S.","page_number":95,"box":{"x":102,"y":823,"width":795,"height":11}},{"id":"d7e3e631-b2b9-4ba3-a7b9-1a3be27951a7","block_type":"box","text":"Treasury zero-coupon bonds (or comparable collateral denominated in other currencies) and interest coupon","page_number":95,"box":{"x":68,"y":839,"width":770,"height":10}},{"id":"7b9fc92e-5687-4fc2-89d2-ecaea96411a3","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":95,"box":{"x":70,"y":853,"width":745,"height":12}},{"id":"6f209714-fe56-4997-954b-d3d56da6dbe2","block_type":"box","text":"bondholders. A significant por tion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have","page_number":95,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"9f8f994f-2862-44c3-96a1-be24516bc8a0","block_type":"box","text":"repayments at final maturity collateralized by U.S. Treasury zero-coupon bonds (or comparable collateral denominated","page_number":95,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"a7299d5a-cd51-44db-87d5-6c244841c83b","block_type":"box","text":"II-41","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b15b1315-c1eb-46bc-8d15-b36009859e18","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7726a43-1a0b-4dc8-b07e-5a351201164d","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":96,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"9d399e42-2506-4a8b-aefc-6cecddef3f42","block_type":"box","text":"Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.","page_number":96,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"2435efcf-2680-49f3-9665-0575fcd14e2b","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":96,"box":{"x":102,"y":82,"width":807,"height":12}},{"id":"dda2f760-e6c4-4f87-821d-626fb526bd84","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":96,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"5658ef3f-6d9c-4fd9-a3dc-8dc6cf67e9af","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":96,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"468e678f-4ffd-483c-bda5-7b21f8ac0c16","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":96,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"db344646-da50-4489-9a5f-66b6b33c23bf","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":96,"box":{"x":68,"y":143,"width":841,"height":11}},{"id":"59ed8dd0-60b9-4a3c-afee-b87ae513affe","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":96,"box":{"x":70,"y":158,"width":351,"height":11}},{"id":"cda7341a-2f95-4444-afbf-cf34d430be08","block_type":"box","text":"China Investments Risk.","page_number":96,"box":{"x":102,"y":181,"width":171,"height":9}},{"id":"6e4af6a9-2dcc-494a-bfbb-dea72296fb8a","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":96,"box":{"x":102,"y":203,"width":763,"height":11}},{"id":"374b8d5b-aef4-4223-b345-2e9f42a59e94","block_type":"box","text":"including cer tain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":96,"box":{"x":70,"y":218,"width":830,"height":12}},{"id":"59dba8c7-7d5b-48be-beb0-911d1eb97007","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":96,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"3162d7b5-106b-42ee-a68e-500842a45bd2","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":96,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"b0799b62-0ede-4d5e-8027-312fc1a8e219","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":96,"box":{"x":69,"y":264,"width":713,"height":11}},{"id":"a20a2cea-39d4-4f04-81a1-b23a3b8f1e5e","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":96,"box":{"x":102,"y":286,"width":762,"height":12}},{"id":"6f9e0e6f-d078-43f2-aea9-46ba0690ae94","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":96,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"475a0de9-ced5-4cea-93cb-df3b7023b4fb","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":96,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"a6c2a091-2118-4a16-a3e0-85cf4a643348","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":96,"box":{"x":68,"y":332,"width":777,"height":11}},{"id":"e928da1d-dd6b-4285-bfa7-59f110b2c07a","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":96,"box":{"x":69,"y":347,"width":809,"height":11}},{"id":"8ab3b86b-0101-4511-bc96-bb129c26b3df","block_type":"box","text":"even fur ther. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":96,"box":{"x":69,"y":362,"width":805,"height":11}},{"id":"0cc5f535-a0d8-48ae-a585-5767994ddd2f","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":96,"box":{"x":70,"y":377,"width":770,"height":12}},{"id":"88331371-36f5-497d-920b-52fc117e3f2d","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":96,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"0359bb9b-a46a-424f-8e75-4f10bcff3c04","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":96,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"79b83fdd-c52c-4f97-b033-ad3ac649ae7f","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in cer tain","page_number":96,"box":{"x":68,"y":423,"width":812,"height":11}},{"id":"b91d623b-8390-469d-96e1-9e9dddbfb147","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":96,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"22ba9904-24fe-459d-853d-ccdd65412779","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":96,"box":{"x":69,"y":453,"width":769,"height":11}},{"id":"0d6f3699-e446-4cfc-9930-29da4fee98fe","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":96,"box":{"x":70,"y":468,"width":836,"height":11}},{"id":"0a564dd4-9eee-4f47-9eea-d82303931852","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":96,"box":{"x":68,"y":483,"width":810,"height":11}},{"id":"e1c86fdb-24fc-4eef-bc2b-192abcf9ee20","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":96,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"96bca015-e7fb-4ca0-a42a-bb7b59e3233d","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":96,"box":{"x":69,"y":513,"width":811,"height":12}},{"id":"b24031b7-bd71-4946-9132-2376e34c99e6","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":96,"box":{"x":69,"y":528,"width":804,"height":12}},{"id":"82931fc7-cdc1-4f1d-825a-3a401eadcaf8","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":96,"box":{"x":69,"y":543,"width":829,"height":12}},{"id":"edaec90d-d5e5-475f-b228-dabab7627dfa","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":96,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"75d96432-56a5-45a8-b914-66d795d53237","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":96,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"4ad68592-b0c6-494b-929f-3e0d2753ea79","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":96,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"a754d19c-5c80-4b67-ad63-2a909f1c8cfd","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":96,"box":{"x":101,"y":612,"width":792,"height":11}},{"id":"c1a15398-23a9-42ea-9742-8841e3cc4dcf","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":96,"box":{"x":70,"y":627,"width":818,"height":11}},{"id":"7556c0af-8a50-4d0f-ad59-1bccf2a39716","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":96,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"3ef8020c-8287-4d09-b160-44a65ac8dd60","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":96,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"35417c60-1263-4891-a2e2-c5c8d53ab8a0","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":96,"box":{"x":70,"y":672,"width":763,"height":11}},{"id":"045c9743-93c6-4cc4-b7a0-59fd161699a7","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":96,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"4ece3e5b-6c1c-41a2-b66e-b191a2d7df8d","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":96,"box":{"x":70,"y":702,"width":813,"height":12}},{"id":"8d572b94-2f57-4aaf-aaef-9113b802fde1","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":96,"box":{"x":68,"y":717,"width":653,"height":12}},{"id":"0d83d8f2-ec24-4c2d-8aec-aca5deac561e","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":96,"box":{"x":101,"y":740,"width":783,"height":11}},{"id":"aeb18cf5-3ad0-4182-a517-b017274317b3","block_type":"box","text":"restrictions, a ban on “naked” shor t selling or the suspension of shor t selling for cer tain stocks. This may affect","page_number":96,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"89166b30-0309-46bf-b43f-a621a6acef47","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":96,"box":{"x":69,"y":770,"width":827,"height":11}},{"id":"f567eed6-c47f-48d3-93c2-e0351d92085d","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":96,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"549922d0-d96c-4f4a-a4f4-e102542536a3","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":96,"box":{"x":69,"y":801,"width":683,"height":11}},{"id":"23ac6e52-2989-4d1a-bc77-4e7f96db8309","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":96,"box":{"x":102,"y":823,"width":797,"height":12}},{"id":"1def0064-5efe-4d35-840d-8a490edcffcc","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":96,"box":{"x":69,"y":838,"width":779,"height":12}},{"id":"62708433-0d9a-447a-89c2-e65897e9e920","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":96,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"f9940654-96e0-41e6-9e2b-1c8bee3e6f26","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":96,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"44f39b97-bdcc-4a65-8247-75b073759e9f","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":96,"box":{"x":69,"y":884,"width":778,"height":11}},{"id":"abf7d308-52e3-49ad-bac3-32c42227a330","block_type":"box","text":"information. Securities markets in China are in the process of change and fur ther development. This may lead to","page_number":96,"box":{"x":70,"y":899,"width":803,"height":11}},{"id":"cc708e4b-bd0a-44a0-93b0-fe164a9253af","block_type":"box","text":"II-42","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"940a5d6a-e7a2-4293-9fb8-fddebac98696","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4bb45c5-ed5c-4588-9608-b826cc4797de","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":97,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"13a66ca8-0435-48a8-a959-403f77437f9f","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":97,"box":{"x":68,"y":60,"width":816,"height":11}},{"id":"ccb42c1f-6a1d-4952-a02f-edda5bea78e2","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":97,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"1b7333ce-448d-4316-a6da-1e1a1bce9a8f","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":97,"box":{"x":68,"y":90,"width":826,"height":11}},{"id":"df1ea116-6a44-4979-9db1-76e5b9f9c6f3","block_type":"box","text":"sub-custodian.","page_number":97,"box":{"x":69,"y":105,"width":102,"height":9}},{"id":"8eb0d458-2a0a-4387-90e0-ce78ddeaced7","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":97,"box":{"x":101,"y":128,"width":801,"height":11}},{"id":"1a1b6ba4-9b3d-4d6a-b833-9f8650c560a0","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":97,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"e8cc255c-57c0-451a-ad48-659fdf05d6c4","block_type":"box","text":"on investor protection considerations.","page_number":97,"box":{"x":69,"y":158,"width":268,"height":11}},{"id":"7cce73f2-7e2a-41d1-a258-7aabbe3f9ca5","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":97,"box":{"x":101,"y":181,"width":806,"height":11}},{"id":"a9542d60-914b-4ab9-b902-e78b7b039996","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":97,"box":{"x":70,"y":196,"width":829,"height":11}},{"id":"34ca9656-7820-4ea3-997a-fdc6964380bd","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":97,"box":{"x":68,"y":211,"width":810,"height":11}},{"id":"16e0d5ee-183b-4308-a35d-d084ba18a482","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":97,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"9709ad13-8042-4d86-bcc2-5834923247da","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":97,"box":{"x":68,"y":241,"width":774,"height":11}},{"id":"69826ce9-90e1-44d1-8039-c29ed15c7f3b","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":97,"box":{"x":69,"y":256,"width":760,"height":12}},{"id":"6bf07281-fecd-410f-a844-b53d64b741df","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":97,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"d4b4482f-2580-4080-84f2-466b3c3a9353","block_type":"box","text":"per formed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":97,"box":{"x":70,"y":286,"width":822,"height":12}},{"id":"bcfbd548-95e8-46f5-963a-2b2d78881c8f","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":97,"box":{"x":70,"y":302,"width":821,"height":11}},{"id":"b990cba3-dbc3-49f4-a706-90a1bfcb2953","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":97,"box":{"x":70,"y":317,"width":820,"height":11}},{"id":"6baec3eb-4cb9-4e45-9653-e866d7b62b2c","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":97,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"c40ea277-4f11-4679-89e3-c367a3ff7d42","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":97,"box":{"x":69,"y":347,"width":816,"height":11}},{"id":"4ee16aff-09ed-40e4-80c7-dcb623c50f77","block_type":"box","text":"accounting firm.","page_number":97,"box":{"x":69,"y":362,"width":112,"height":11}},{"id":"44db8e83-acd2-43f9-b228-3ecf23292c40","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":97,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"aa3b7c90-5746-4a0e-9d59-0e1e4e1cbc3b","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":97,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"a2228eee-9199-4730-bd74-65f7bdb5f3bc","block_type":"box","text":"negatively impact per formance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":97,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"fa9e11b8-0f15-41ac-abb8-fd5d6b33bc40","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":97,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"08340b74-6ccc-4976-9ba1-0821d57800ce","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":97,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"9de997ec-0e15-49fe-acd8-8c800d9f0feb","block_type":"box","text":"which have a substantial por tion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":97,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"42808651-8879-46e8-ae13-b801d5008c0f","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":97,"box":{"x":69,"y":475,"width":828,"height":12}},{"id":"b576f88f-b1ca-4b7b-a992-167f04a3c901","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":97,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"b4885fb6-c4de-4588-bda2-ca8b99e84b3c","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":97,"box":{"x":69,"y":506,"width":808,"height":11}},{"id":"a9135f60-57d6-4f40-9775-9e36465ea644","block_type":"box","text":"RMB (“CNH”).","page_number":97,"box":{"x":70,"y":521,"width":97,"height":11}},{"id":"90fb3cee-9962-44d1-9de2-d66f040e023f","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":97,"box":{"x":102,"y":544,"width":802,"height":11}},{"id":"e33fdbe6-2b24-4c68-a23d-6e7f42712854","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":97,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"b01a1d71-e04b-481e-bfd5-60c2969af873","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":97,"box":{"x":70,"y":574,"width":822,"height":11}},{"id":"4e08054a-19e8-4b70-af01-2172f1ec9e5b","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":97,"box":{"x":70,"y":589,"width":775,"height":11}},{"id":"9e3af4dd-bc58-4887-bafa-0b03d4e2f1fd","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":97,"box":{"x":69,"y":604,"width":809,"height":11}},{"id":"bc9698fb-f57c-4278-b672-8c8223c4e2d6","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":97,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"b2b27f0b-0d9c-4abe-b322-33b73c50fdd2","block_type":"box","text":"represent equity ownership in the operating company.","page_number":97,"box":{"x":69,"y":634,"width":380,"height":12}},{"id":"c2959465-18ae-41b6-847e-8385243666c3","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":97,"box":{"x":101,"y":657,"width":801,"height":11}},{"id":"2e01ab93-8c59-4dd1-a3eb-34a9f534929b","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":97,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"0232372a-bb52-4e8e-93c4-600eb6d472f1","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":97,"box":{"x":69,"y":687,"width":825,"height":11}},{"id":"52abbe0c-050b-4dae-a8a3-8b5f4168ea35","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":97,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"f7ae6ae5-84bd-43e8-850e-34e1fef111eb","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":97,"box":{"x":69,"y":718,"width":826,"height":11}},{"id":"ce2ddf87-845f-499f-91ff-44e687dd5cb8","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":97,"box":{"x":69,"y":733,"width":770,"height":11}},{"id":"30dfb9bf-53c6-42b0-b2b9-d287390380a3","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":97,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"f7d94d12-8331-40ed-8cda-460b4703e045","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":97,"box":{"x":69,"y":763,"width":815,"height":11}},{"id":"c4f761a9-405e-4f27-9bc2-b79fa13d55af","block_type":"box","text":"company and the value of the U.S.-listed stock. Fur ther, the VIE contractual arrangement would likely be subject to","page_number":97,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"b0dd8545-324e-41c9-bcff-c4e6d0614dc0","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncer tain and could be","page_number":97,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"cd3f62f7-850a-4ecd-b6ff-86f19ccad42e","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":97,"box":{"x":70,"y":808,"width":828,"height":11}},{"id":"1269e44c-699e-4b16-8a7b-6c8712b3e064","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":97,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"46549269-c506-4358-a2a1-0ddb5de07e70","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":97,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"8b469280-97ea-4ee2-ae67-617e4cda47b9","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":97,"box":{"x":68,"y":853,"width":798,"height":12}},{"id":"d7bc0d9e-2cff-4f93-9926-fec4c16676a7","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":97,"box":{"x":70,"y":869,"width":833,"height":11}},{"id":"ab15a6ed-cfd9-4ec9-a228-98a54857b8b5","block_type":"box","text":"II-43","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"289f5d7c-123e-47f6-89f1-8fcb0ccb49ce","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91cb532c-24fe-4a48-baba-2ca2e1a22dba","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":98,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"6074f2f1-2d98-40f6-b38e-7097305929ab","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":98,"box":{"x":68,"y":60,"width":792,"height":11}},{"id":"82758f29-c2e1-409f-9985-af3c753e77cb","block_type":"box","text":"losses to a Fund.","page_number":98,"box":{"x":70,"y":75,"width":120,"height":9}},{"id":"bece40e7-8696-4d5b-b62c-a4b7ff5ecdbc","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":98,"box":{"x":101,"y":98,"width":760,"height":11}},{"id":"865832bb-d6d6-45e0-8639-fd1efdbee496","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, and an","page_number":98,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"defd95ff-c890-400a-99b5-7400c7063ae8","block_type":"box","text":"aging population. China continues to face pressure from its trading par tners over its expor ting of its excess industrial","page_number":98,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"ce326a7a-9b7c-4ec3-8cb4-ab6c20317d72","block_type":"box","text":"capacity and overall approach to economic management. China’s economy is heavily dependent on expor t growth.","page_number":98,"box":{"x":69,"y":143,"width":812,"height":11}},{"id":"c9b00d68-2696-4962-a748-4ceedbe23f83","block_type":"box","text":"Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs,","page_number":98,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"64500174-110e-46ba-b1d7-c867d58adb4b","block_type":"box","text":"sanctions or other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":98,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"96c14e8d-c8ff-410b-8bcc-008c4fb404da","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":98,"box":{"x":69,"y":188,"width":815,"height":12}},{"id":"f79d4b52-531e-41c0-a0b1-17529a4a04a2","block_type":"box","text":"key trading par tners may have an adverse impact on the Chinese economy and the companies in which a Fund","page_number":98,"box":{"x":69,"y":203,"width":788,"height":12}},{"id":"ff404235-2d31-4cc1-8b5d-66bc887057fa","block_type":"box","text":"invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly subject to","page_number":98,"box":{"x":70,"y":218,"width":775,"height":12}},{"id":"62a7ad1c-3248-4e67-ac49-d56d2ee4e69d","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":98,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"0d0d1177-6d01-44ad-b641-0e2b2497c474","block_type":"box","text":"other concerns of such government. For example, cer tain foreign technology companies are subject to U.S. expor t","page_number":98,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"48ea3abe-be7d-4454-9184-325e69bb2fd2","block_type":"box","text":"controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of goods","page_number":98,"box":{"x":69,"y":264,"width":795,"height":11}},{"id":"ee8f1aa8-5704-401a-b074-9381333be411","block_type":"box","text":"produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor. Such","page_number":98,"box":{"x":70,"y":279,"width":796,"height":11}},{"id":"f2f1e20f-a548-44f9-9b39-5528ac69de77","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that","page_number":98,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"fb1c1f66-b372-40b8-b516-988a0bec574c","block_type":"box","text":"targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement or","page_number":98,"box":{"x":68,"y":309,"width":812,"height":11}},{"id":"ad883b4d-3f3f-468e-9c7a-84c24dd67a0d","block_type":"box","text":"cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":98,"box":{"x":69,"y":324,"width":820,"height":11}},{"id":"108a4d5b-9bf2-4f62-8302-65444bd527d0","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":98,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"a0407754-da42-4c91-a816-dd3f06845e0f","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":98,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"2fafc1f4-678c-4d1d-afb5-b20bc8b77f88","block_type":"box","text":"such companies.","page_number":98,"box":{"x":69,"y":370,"width":119,"height":11}},{"id":"e10a6a4d-2910-452a-bfaf-9278abe3e243","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":98,"box":{"x":101,"y":392,"width":792,"height":12}},{"id":"d81c6b23-dff2-4278-98db-3cdc4a1a0d66","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":98,"box":{"x":69,"y":407,"width":840,"height":12}},{"id":"7944c72a-1b6d-4a7d-9e58-edc256eb4686","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":98,"box":{"x":68,"y":423,"width":815,"height":11}},{"id":"1e4b7c2d-a7e6-45ce-8166-40ca0da3b68c","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":98,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"e82594b2-7767-4539-af1c-2e8944861123","block_type":"box","text":"on a Fund and its investors, par ticularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":98,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"0e796a0c-8d2e-4f0d-8eda-21385b52cef4","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":98,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"52d93dcf-e03b-413d-b192-3b649cbd0d25","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":98,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"325b850b-d16b-483e-b152-9c1a2deb8a73","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":98,"box":{"x":68,"y":498,"width":773,"height":11}},{"id":"ec983c65-1042-499f-8ac0-54e7b84ba052","block_type":"box","text":"standards.","page_number":98,"box":{"x":69,"y":514,"width":74,"height":8}},{"id":"8857a315-b2e8-41a5-847b-3808a48f804a","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":98,"box":{"x":102,"y":536,"width":794,"height":11}},{"id":"3590aa8c-4cda-4ec2-8f09-8384204acdd6","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":98,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"12be383f-3585-4349-a971-3094d2c31f7a","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":98,"box":{"x":69,"y":566,"width":803,"height":11}},{"id":"809679c6-c213-4b7e-8624-28594802e51e","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":98,"box":{"x":69,"y":581,"width":811,"height":12}},{"id":"d1f6f16f-c438-42c4-8a63-c0d0dbdcba89","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":98,"box":{"x":69,"y":596,"width":548,"height":12}},{"id":"8d52e60a-ca56-412d-90e5-f72af7eddcba","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":98,"box":{"x":102,"y":619,"width":288,"height":11}},{"id":"9acf3c8b-de05-4483-817e-74ea0e7966c1","block_type":"box","text":"General","page_number":98,"box":{"x":102,"y":642,"width":55,"height":9}},{"id":"ca851ff8-1c50-4391-a5d3-788856375026","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":98,"box":{"x":158,"y":642,"width":704,"height":11}},{"id":"1d60d825-6423-48de-8b91-2106f3547b53","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":98,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"c9098d4c-65af-4848-a012-4785523bc278","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":98,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"48081776-f3c4-48d9-8330-534c0941a28e","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":98,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"3819b966-5aef-47ca-9bc7-fce31d917086","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":98,"box":{"x":69,"y":702,"width":744,"height":12}},{"id":"95a81755-63f1-40dc-9195-44e04df96979","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":98,"box":{"x":102,"y":725,"width":745,"height":11}},{"id":"d5fa989f-8bc4-4465-bcf9-c402c0330865","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":98,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"e0e64f9e-da44-435a-a528-fadc02903f14","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":98,"box":{"x":70,"y":755,"width":834,"height":11}},{"id":"d1a8d969-6ee3-4e6d-869e-4d5f4bc60f13","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":98,"box":{"x":69,"y":770,"width":812,"height":12}},{"id":"f900fac5-fa9d-486c-9504-6da6ccdd04cf","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":98,"box":{"x":70,"y":786,"width":819,"height":11}},{"id":"ae26bc37-09f3-43e3-a7ad-c46d1524e94c","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":98,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"059f12ff-01fa-4a65-9fed-fb0ca800c704","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":98,"box":{"x":69,"y":816,"width":818,"height":11}},{"id":"48633923-9e11-4baf-ab4e-17e5b78c3eb6","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":98,"box":{"x":68,"y":831,"width":824,"height":11}},{"id":"b7496176-82b3-4af6-a47b-b34b17947195","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":98,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"2650ee10-58f3-414f-971a-4986631d21ee","block_type":"box","text":"company established by SEHK.","page_number":98,"box":{"x":69,"y":861,"width":219,"height":11}},{"id":"21c249e2-ad17-4345-9e2b-2b8c2983b249","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":98,"box":{"x":101,"y":884,"width":794,"height":11}},{"id":"5f30063e-d27b-442a-b215-7338f79a9842","block_type":"box","text":"through a Stock Connect’s Nor thbound Trading Link is subject to daily investment quota limitations which require that","page_number":98,"box":{"x":68,"y":899,"width":839,"height":11}},{"id":"a1048a89-0585-4317-b5c3-eb3fc8539670","block_type":"box","text":"II-44","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c2a2c95d-dbbb-4c73-8257-cef85e53fedb","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b11d5a87-6e2e-4726-988c-7e20300a3127","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":99,"box":{"x":69,"y":45,"width":779,"height":11}},{"id":"b075aafc-e62d-43d2-8908-f4cb1f98bb71","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":99,"box":{"x":70,"y":60,"width":824,"height":11}},{"id":"41f3196d-071a-44d4-935d-f6c079438c5f","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":99,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"fe88d476-4ebb-407e-8dc8-826660d73433","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":99,"box":{"x":70,"y":90,"width":837,"height":11}},{"id":"8a0913d6-809d-4abc-9ebd-0e203fc970d3","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":99,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"6b701402-2311-434d-a424-ca31d866ca45","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":99,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"f5925673-bd36-466d-a99b-16596a32ebc9","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":99,"box":{"x":68,"y":135,"width":821,"height":12}},{"id":"eecd5d26-7247-496f-939d-ab034cf41835","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a cer tain trading day, there must be sufficient Stock Connect","page_number":99,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"3c8bd0a3-1df2-49b7-9a14-464a52103cc6","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":99,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"c5d26128-173c-4992-b592-69448e8f4139","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":99,"box":{"x":69,"y":181,"width":820,"height":11}},{"id":"a89cc61a-bcca-458b-9363-fa15934c8cc7","block_type":"box","text":"out pre-trade checking on sell orders of cer tain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":99,"box":{"x":69,"y":196,"width":820,"height":11}},{"id":"99b4baaa-8f71-42d8-bc77-2330c6ba7bb7","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":99,"box":{"x":69,"y":211,"width":278,"height":11}},{"id":"07f13455-f982-498e-a3e3-a5e2a3521e1d","block_type":"box","text":"i.e.","page_number":99,"box":{"x":349,"y":211,"width":21,"height":9}},{"id":"a9ed7e6f-9e3a-4e84-8efb-ca831b4a5d62","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":99,"box":{"x":372,"y":211,"width":524,"height":11}},{"id":"12599e7c-ff13-45de-a770-82c494909e53","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":99,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"d82555b0-4a4b-439e-a2d2-0ac545b257f6","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":99,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"83b035f8-14c6-447f-a9a9-c0e45b1c8288","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":99,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"0eeceed2-8cb2-4b68-be1c-130754f48d7d","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":99,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"9a3efb32-3e30-4150-8121-49e10f5bd2e3","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":99,"box":{"x":69,"y":286,"width":797,"height":12}},{"id":"b3fad794-b340-4e33-8e31-9eac0f1714c7","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":99,"box":{"x":69,"y":302,"width":818,"height":11}},{"id":"0853ceb6-caf3-45ae-ad09-a7971b66c3fc","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":99,"box":{"x":68,"y":317,"width":820,"height":11}},{"id":"ba6cd184-2cbe-4cef-9b8e-bc30e9a1fe58","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Fur ther, since all trades of Stock Connect Securities","page_number":99,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"cd6baf5b-9c21-4a28-9c5c-5aa7aaba6861","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":99,"box":{"x":69,"y":347,"width":811,"height":11}},{"id":"b7c72339-8638-4a37-9fdf-573db6ac0d00","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":99,"box":{"x":68,"y":362,"width":815,"height":11}},{"id":"0b5acbd6-edb0-4f8d-bb55-1b01de3bd0d3","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":99,"box":{"x":69,"y":377,"width":824,"height":11}},{"id":"6b6964d9-f5b6-4f39-8c1a-49d02005dcba","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund conver ts the local currency into RMB for","page_number":99,"box":{"x":70,"y":392,"width":777,"height":12}},{"id":"210f7974-ca11-472e-8135-329f83ff6e82","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":99,"box":{"x":70,"y":408,"width":582,"height":11}},{"id":"4fbeccb5-be8e-4abf-b040-2c29d92a483b","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":99,"box":{"x":102,"y":430,"width":802,"height":11}},{"id":"e21b507f-0c13-475d-b9a2-c0e5d051b7b7","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":99,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"c2a441a2-7599-4fd4-a149-0e7d2b32bcbf","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":99,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"0ed4a5b4-02e8-488a-a387-4cb62618f6ac","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":99,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"75ac3100-7eb7-4f1b-9aa6-85b4fd484f2f","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC cour ts. The exact nature and methods of","page_number":99,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"33592c82-ce75-488d-b8ba-d0f3b30782e0","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncer tain. In the unlikely event that","page_number":99,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"de939c5e-311e-4193-815a-8ab92815d51d","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":99,"box":{"x":70,"y":521,"width":807,"height":11}},{"id":"63418edb-0eb3-4a98-a59f-8072dd0e3451","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as par t of the general assets of","page_number":99,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"2ae551e0-a7cf-4bc9-b353-c5fcb9f1f410","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":99,"box":{"x":70,"y":551,"width":774,"height":11}},{"id":"abc286f9-00b2-4134-92bd-b35fc0cdd4ff","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":99,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"407f1fb4-64e7-439a-af60-a45af30b8541","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":99,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"982080d4-aef6-41cf-a4fd-907e479898e0","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":99,"box":{"x":68,"y":596,"width":779,"height":11}},{"id":"e16112af-a690-42d1-a877-d8556b92e620","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":99,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"83ea0b05-3261-4074-b900-c5bbb7a94623","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":99,"box":{"x":69,"y":627,"width":839,"height":11}},{"id":"90d1eece-face-45b7-aa14-a721a5a28924","block_type":"box","text":"order to par ticipate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":99,"box":{"x":69,"y":642,"width":811,"height":11}},{"id":"e1787241-149c-46cf-923e-3b133e4ab606","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":99,"box":{"x":70,"y":657,"width":783,"height":11}},{"id":"98da7ace-ca56-484e-8146-6768153a62a5","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":99,"box":{"x":70,"y":672,"width":826,"height":11}},{"id":"2d926f14-cb92-4d0e-9ab3-5311707a0bb0","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":99,"box":{"x":69,"y":687,"width":752,"height":11}},{"id":"16b26c97-2d59-4f01-8609-dd120cda8acc","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":99,"box":{"x":102,"y":710,"width":804,"height":11}},{"id":"e551edb1-563b-45de-9d94-439850f2fc5b","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":99,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"1dbfcbac-2ca2-4fc3-b213-b6bbb24215ec","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":99,"box":{"x":68,"y":740,"width":769,"height":11}},{"id":"f6dd04fe-b35c-4b57-8337-004c6f3377eb","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":99,"box":{"x":70,"y":755,"width":809,"height":11}},{"id":"3a03b7bc-6e3c-4abf-a9f1-166544f7f12b","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Nor thbound","page_number":99,"box":{"x":69,"y":770,"width":801,"height":12}},{"id":"7c6bcdd9-7f3a-4756-b6ad-5f8f9aaa703e","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Nor thbound trading through securities","page_number":99,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"708dcca7-c8f9-45ce-8153-96afae60dcf5","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":99,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"7eb5b51d-35de-4d02-be9b-63f10197b146","block_type":"box","text":"PRC.","page_number":99,"box":{"x":69,"y":816,"width":32,"height":9}},{"id":"f29acfb0-aa7e-44fd-bfd0-4e638bd7d8fe","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":99,"box":{"x":102,"y":838,"width":796,"height":12}},{"id":"dd6a91ec-e1c1-46f1-977e-2c8eac1ed123","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":99,"box":{"x":69,"y":853,"width":815,"height":12}},{"id":"cceec06f-9b0c-4570-8fba-3a9812e98fed","block_type":"box","text":"house. Fur ther, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":99,"box":{"x":69,"y":869,"width":822,"height":11}},{"id":"dbabed97-2232-426d-9994-173e8a5ea62e","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the par t of SEHK and exchange","page_number":99,"box":{"x":68,"y":884,"width":818,"height":11}},{"id":"1c33150d-59d8-4bad-9c49-a0cf24f45b9d","block_type":"box","text":"par ticipants. There is no assurance that the systems of SEHK and market par ticipants will function properly or will","page_number":99,"box":{"x":70,"y":899,"width":813,"height":11}},{"id":"28b81825-3f33-4203-a2fe-51ae875ec38e","block_type":"box","text":"II-45","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3aa1b8ae-d550-43cb-8720-bfcb68846bc6","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"200cb965-6367-45b3-8f39-fa1b1568243f","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":100,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"04c9a7d6-5d36-4c0d-8458-5051431bd0a4","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":100,"box":{"x":68,"y":60,"width":695,"height":11}},{"id":"04cd5806-2919-463a-b0e3-fe5a1db9c1b1","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":100,"box":{"x":101,"y":83,"width":772,"height":11}},{"id":"c59b665e-7e08-40ae-90ad-7de6c178091a","block_type":"box","text":"Stock Connect program launched in December 2016 are both in their initial stages. New or revised regulations may","page_number":100,"box":{"x":69,"y":98,"width":823,"height":11}},{"id":"e6e2ed58-d535-4320-b15c-3dfcb414e002","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":100,"box":{"x":69,"y":113,"width":787,"height":11}},{"id":"891821a1-3a10-4a57-ac75-c43f1c4cf86e","block_type":"box","text":"operations, legal enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":100,"box":{"x":69,"y":128,"width":835,"height":11}},{"id":"2b0dea78-52e2-43bc-819e-a6cb5c199df2","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":100,"box":{"x":68,"y":143,"width":767,"height":11}},{"id":"df2dbc19-0f4c-49a8-b3b7-c56662c7913e","block_type":"box","text":"Fur thermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may","page_number":100,"box":{"x":70,"y":158,"width":815,"height":11}},{"id":"0f25c45d-878f-4566-b1d3-b02d4b2251fa","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":100,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"25872213-ff15-49b7-b129-df375e8b463f","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":100,"box":{"x":68,"y":188,"width":807,"height":12}},{"id":"58ea495f-d48b-4fc0-96c0-db86fe958926","block_type":"box","text":"objective may be adversely affected. In addition, a Fund’s investments in Stock Connect Securities through Stock","page_number":100,"box":{"x":69,"y":203,"width":808,"height":12}},{"id":"0af671c1-f67f-4787-8356-6fc31a1d4185","block_type":"box","text":"Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Fur ther,","page_number":100,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"a4d177e6-0547-471b-a9de-52a0472a0309","block_type":"box","text":"different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through Stock","page_number":100,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"25d582d7-d196-41d4-bb09-1be357867f91","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":100,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"0ab8395a-aab7-4f12-936f-28b47a76fb88","block_type":"box","text":"of other securities providing similar investment exposure.","page_number":100,"box":{"x":69,"y":264,"width":407,"height":11}},{"id":"5da6a00f-1cb2-4ba7-972d-24a33d6aa8a5","block_type":"box","text":"Suspension Risk.","page_number":100,"box":{"x":102,"y":287,"width":122,"height":10}},{"id":"edfb06ff-beaa-4a20-b82b-9bd718de67da","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":100,"box":{"x":231,"y":286,"width":675,"height":12}},{"id":"c5ac5a3f-13c4-45ac-a219-6e584bd7014a","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":100,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"ae3df6c7-6ef5-4f58-8d1b-ddfcc7adce69","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":100,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"2d0bc1f1-3a90-43a8-96d3-95b3a4395d43","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":100,"box":{"x":68,"y":332,"width":831,"height":11}},{"id":"ec7c2837-a3c0-4a8b-aacc-9422d085c04a","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":100,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"88b2c888-3dfd-4134-87fa-ad5ad0213ce0","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":100,"box":{"x":68,"y":362,"width":791,"height":11}},{"id":"41687147-c4fe-4dff-b44a-77a09a8c9a23","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":100,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"63b44016-552c-4352-b2e1-f338e3e70bcf","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":100,"box":{"x":69,"y":392,"width":796,"height":12}},{"id":"53d7281c-cc58-4b94-b562-4cf2a9ae2dd7","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":100,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"8f4db8cf-2e8a-49d1-85cb-2dbb7787e961","block_type":"box","text":"cer tain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":100,"box":{"x":69,"y":423,"width":829,"height":11}},{"id":"bf7d9657-168f-4339-8d9b-8858772a332b","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":100,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"58ee5d82-d6ab-4d53-80a2-7d8037b874a4","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":100,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"a70770f9-0a4c-4576-99b2-f7559b69f518","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":100,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"c15ee5e9-ff1f-4331-935c-66463700d339","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":100,"box":{"x":69,"y":483,"width":563,"height":11}},{"id":"4069cd3f-ce37-4fc1-9323-21d4d2130794","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":100,"box":{"x":102,"y":506,"width":542,"height":11}},{"id":"5e53ff10-4b49-4830-89f1-c2b5d7ace880","block_type":"box","text":"A Fund may invest directly in the","page_number":100,"box":{"x":650,"y":506,"width":230,"height":11}},{"id":"950e09ad-7beb-4fe1-9d6d-f7f98129bf24","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":100,"box":{"x":69,"y":521,"width":791,"height":11}},{"id":"164cbeb6-c56b-4097-b1a8-fd39ade354d8","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":100,"box":{"x":69,"y":536,"width":790,"height":11}},{"id":"48f308b5-6ca4-4185-856c-37caa2828236","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":100,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"9647eec7-2168-42a5-85a7-c436e2c3a8ea","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":100,"box":{"x":70,"y":566,"width":832,"height":11}},{"id":"22a8e567-98c9-4fe2-85ab-4bab2f3b28d3","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":100,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"3ae8bcde-230a-4939-8f17-1f8e05002995","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":100,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"cf3cdc7a-5c0a-4ce6-afad-d7e767cd6705","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":100,"box":{"x":70,"y":612,"width":825,"height":11}},{"id":"675ea121-a85b-427c-9dda-2da3e6e6b9bc","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":100,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"e025d6b6-265a-4929-8645-b098bc2007f4","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":100,"box":{"x":68,"y":642,"width":786,"height":11}},{"id":"2c11b835-8ecc-4598-be55-ae7da9bd091a","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":100,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"f3c45b76-eba6-413b-b81a-af1d28dc3161","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":100,"box":{"x":68,"y":672,"width":788,"height":11}},{"id":"dfd503ed-ce7c-4aa0-a709-9c223dcdd904","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":100,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"2164ed91-b66d-4963-92b9-91f7da81d330","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":100,"box":{"x":69,"y":702,"width":570,"height":12}},{"id":"d8693114-50bf-4f1e-a3dd-59abb3ad937e","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":100,"box":{"x":101,"y":725,"width":773,"height":11}},{"id":"076df0af-10f9-4c5c-8f44-4b0e2bb553e2","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":100,"box":{"x":69,"y":740,"width":823,"height":11}},{"id":"d1eb9ec7-fc66-49aa-975d-95b44bd9856f","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":100,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"1dcb34e9-766e-4b79-9be1-0f11a57ed590","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":100,"box":{"x":69,"y":770,"width":822,"height":11}},{"id":"c70b7530-ace5-49ce-ba87-0670ee464a31","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":100,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"626c3264-8747-4a8f-9e8b-945a35853bcb","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":100,"box":{"x":69,"y":801,"width":787,"height":11}},{"id":"c350a511-4184-4e5d-9033-8f12125363d7","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":100,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"4455615d-8ece-4b56-a46f-94c3d65a4a96","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":100,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"3d05b58d-242e-4e4d-83d5-91ec50e153d5","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":100,"box":{"x":68,"y":846,"width":500,"height":11}},{"id":"52eb57d5-6911-494c-ba4d-011ec4e36fc5","block_type":"box","text":"i.e.","page_number":100,"box":{"x":570,"y":846,"width":20,"height":9}},{"id":"e10901ef-4908-4ca8-8e3a-35c49d42a5f8","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":100,"box":{"x":593,"y":846,"width":267,"height":11}},{"id":"ba4e0e30-9b61-4a26-9684-a4bb8619fc8b","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":100,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"aaa8368e-3573-44cd-aece-d6d370258c8a","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":100,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"4548fc85-6a90-4f8f-bf3f-d474b8fcd35b","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing par ticipants","page_number":100,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"803b74dd-b381-46cd-bb34-e54e40aacca3","block_type":"box","text":"will be limited to assisting clearing par ticipants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":100,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"440b77f9-9de8-4dd1-b533-f85cb63f3565","block_type":"box","text":"II-46","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"60c863e9-4765-4084-9ccd-da312120865e","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bffa79c8-38ac-473d-bff7-fb0c591ba95f","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":101,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"0a5f39a6-c173-4e13-ad62-cf4902e1372d","block_type":"box","text":"filings, registration with the People’s Bank of China, and account opening have to be carried out by third par ties,","page_number":101,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"239cafdf-bc7b-4a2b-ae05-4ca787da2c81","block_type":"box","text":"including CMU, CDCC, SCH, and CFETS, a Fund is subject to the risks of default or errors on the par t of such third","page_number":101,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"5db35b52-26a2-407b-a903-455ce8ecb7dd","block_type":"box","text":"par ties.","page_number":101,"box":{"x":70,"y":90,"width":52,"height":11}},{"id":"22e14f04-14c6-4222-b093-f01d1fcd61e0","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":101,"box":{"x":101,"y":113,"width":799,"height":11}},{"id":"2d73b39a-b140-4ca7-a107-b42eb17aaa2d","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":101,"box":{"x":70,"y":128,"width":785,"height":11}},{"id":"ee100a01-4ae5-4ee3-bb90-5d50eac1519f","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":101,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"86e5c6b9-5588-4d04-9c4e-2efbbefe49f9","block_type":"box","text":"involving a nominee account structure in the PRC cour ts. The exact nature and methods of enforcement of the rights","page_number":101,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"4afa2f04-93b8-449e-9cf5-3286063e4d93","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":101,"box":{"x":69,"y":173,"width":412,"height":9}},{"id":"0555c1f5-19d2-452e-8be2-fce4da46c152","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of cer tain bonds in the China Interbank","page_number":101,"box":{"x":102,"y":196,"width":793,"height":11}},{"id":"d45f14e2-e5fc-4dc2-a455-5ff5bff7c13d","block_type":"box","text":"Bond Market may result in prices of cer tain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":101,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"509d24dd-8f59-4bb5-aa98-69605fedd1d7","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":101,"box":{"x":69,"y":226,"width":821,"height":11}},{"id":"c4ba6e03-f468-4fe7-9c39-79ac85af0e1c","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":101,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"b629f4fb-b678-4db0-b88c-568d0fc92f7c","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":101,"box":{"x":68,"y":256,"width":798,"height":11}},{"id":"fb12e0dd-562a-4e76-a166-639c654a530a","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":101,"box":{"x":70,"y":271,"width":556,"height":12}},{"id":"1d9f4fa0-00a6-4377-baaa-da18151ee015","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":101,"box":{"x":102,"y":294,"width":762,"height":11}},{"id":"2b41d8d5-2806-4fc8-ba09-d155a9d4aa6d","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":101,"box":{"x":69,"y":309,"width":835,"height":11}},{"id":"18fe82f7-67b5-43f2-9f84-e7effaca03a9","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":101,"box":{"x":69,"y":324,"width":835,"height":12}},{"id":"25dd3889-d529-4aca-8a08-f0e4b9a2f4d0","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":101,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"c7cb999f-a4e3-4aef-8365-7e5658830d28","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":101,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"e6a45e32-68e3-44ce-bf87-ce13ca0ad5ab","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":101,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"e4fd9e5c-0a3d-4dfa-935a-6d8930008cf8","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":101,"box":{"x":68,"y":385,"width":808,"height":11}},{"id":"547f768c-3656-4e9c-bf29-5c9e6e388ba6","block_type":"box","text":"Fund may suffer substantial losses as a result. Fur ther, if Bond Connect is not operating, a Fund may not be able to","page_number":101,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"8e2aa15c-a9e0-4e2d-96b9-d19e510d1fef","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":101,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"61f224f0-24d8-4c66-ada5-d968995499a2","block_type":"box","text":"per formance.","page_number":101,"box":{"x":70,"y":430,"width":93,"height":11}},{"id":"8cdb28bd-6c6e-4ce0-93d7-8c7b47540348","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":101,"box":{"x":101,"y":453,"width":803,"height":11}},{"id":"3b5a0883-1e6f-4153-b213-529c7c9a9b39","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":101,"box":{"x":68,"y":468,"width":776,"height":11}},{"id":"d5d15297-b3e2-432b-9413-56992bb4cc15","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":101,"box":{"x":69,"y":483,"width":806,"height":11}},{"id":"de7ed034-93ec-4105-9b28-b69e38982265","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":101,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"1d5343df-5199-48e9-8ae8-96ffbe69cdba","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":101,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"3a611ea9-d559-45bd-9854-5db638a1f5f0","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":101,"box":{"x":68,"y":528,"width":827,"height":12}},{"id":"f4bada84-bf8b-4fe3-8a7d-65233f21075f","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":101,"box":{"x":102,"y":551,"width":755,"height":11}},{"id":"5c49cf9a-48c8-470f-a735-5dc32ab58c93","block_type":"box","text":"conver tible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":101,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"dafa6f0b-e7f2-42cc-93e6-7164398bd31b","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":101,"box":{"x":68,"y":581,"width":298,"height":11}},{"id":"38a201f1-a455-49d0-a748-22a9be946d92","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":101,"box":{"x":103,"y":604,"width":277,"height":11}},{"id":"6658c4e8-52a6-4cc5-9dc1-bb31941900be","block_type":"box","text":".","page_number":101,"box":{"x":381,"y":611,"width":2,"height":2}},{"id":"e49e6087-eec8-4f77-8d51-1099d826b53e","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":101,"box":{"x":101,"y":627,"width":758,"height":11}},{"id":"94db4e2c-0882-490b-94c4-493d442e5b15","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":101,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"ab654535-ba78-465c-a995-3089ef43e31e","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":101,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"02ff800a-b255-4e12-ae30-f4c283542e54","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":101,"box":{"x":69,"y":672,"width":425,"height":11}},{"id":"849ac4b4-9c7e-4934-8c5d-d88b16e6cd64","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":101,"box":{"x":101,"y":695,"width":697,"height":11}},{"id":"1439bf5f-faab-4717-b2be-91b53e368430","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":101,"box":{"x":102,"y":717,"width":803,"height":12}},{"id":"ef898afc-fd76-4933-a78a-231e4dbbaf1d","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":101,"box":{"x":68,"y":733,"width":822,"height":11}},{"id":"0880e5ea-6136-48d5-9137-8e86871c9379","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":101,"box":{"x":69,"y":748,"width":794,"height":11}},{"id":"d049a402-e5ab-4e48-a419-0a8443ae9812","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":101,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"178e1c99-6108-49d3-a38e-f66b23e7e760","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":101,"box":{"x":69,"y":778,"width":800,"height":11}},{"id":"7367a1d4-a465-4457-8d50-19681fa5d8af","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":101,"box":{"x":68,"y":793,"width":783,"height":11}},{"id":"31a4d806-616c-4f0f-ae80-c723be97a493","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":101,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"30c869db-d220-4a52-b883-72fc9cb64c8c","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":101,"box":{"x":69,"y":823,"width":809,"height":12}},{"id":"176638df-f1b5-44ec-9ed7-668848b9eefe","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":101,"box":{"x":68,"y":838,"width":818,"height":11}},{"id":"92591b50-8a2f-46ea-993b-c59bc3014bee","block_type":"box","text":"without notice.","page_number":101,"box":{"x":68,"y":854,"width":103,"height":8}},{"id":"a773a6f7-7eba-470e-87bb-255efed2063b","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":101,"box":{"x":102,"y":876,"width":759,"height":11}},{"id":"5b9b3f52-a83e-43c9-a1c0-1bcc93e462d8","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":101,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"733a113a-cba3-4dd5-bf3d-5636c7c266c5","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":101,"box":{"x":68,"y":906,"width":798,"height":11}},{"id":"633fa13c-01e2-4026-b2cf-11326c7832d8","block_type":"box","text":"II-47","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dffc37e6-5c12-4c9e-bb92-e78b6a54f5a3","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"90eb49c2-4d57-479e-9ec2-201d30eb7ac2","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":102,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"0a3c457d-daa8-4578-b9b5-0d1d09719f54","block_type":"box","text":"unclear whether the temporary exemption will be fur ther extended.","page_number":102,"box":{"x":69,"y":60,"width":473,"height":11}},{"id":"58b7fb1f-ef4e-471e-9518-77a75b379b5c","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":102,"box":{"x":103,"y":83,"width":225,"height":10}},{"id":"34cb0943-9800-4a39-b80e-fcf903765cf6","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":102,"box":{"x":333,"y":83,"width":569,"height":11}},{"id":"b1d68084-2371-4cde-928b-1f28d17092ce","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":102,"box":{"x":69,"y":98,"width":528,"height":11}},{"id":"863c5930-40c8-4d83-85df-322e7e5da060","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":102,"box":{"x":101,"y":120,"width":697,"height":12}},{"id":"e3b2d155-d616-4d3e-a34c-5292bd3dc124","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":102,"box":{"x":101,"y":143,"width":789,"height":11}},{"id":"bd81653c-b142-4df7-b639-60b051d817f9","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":102,"box":{"x":69,"y":158,"width":565,"height":9}},{"id":"95cf55f1-3ef2-4610-8326-c83d86eeab40","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":102,"box":{"x":102,"y":181,"width":749,"height":11}},{"id":"e20cbb26-2fc0-47f0-8e3e-9168478f9bff","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":102,"box":{"x":70,"y":196,"width":791,"height":11}},{"id":"d750b358-14b6-46f7-ab24-cb9109d27bc9","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":102,"box":{"x":69,"y":211,"width":840,"height":11}},{"id":"cc12682d-0b8f-4c2d-b781-b7f0cab2ebf9","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":102,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"6678bfcc-bebb-44bc-89e7-7c61d3ad66a8","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":102,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"c3627e8d-893f-42a5-af87-b7c16857c793","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":102,"box":{"x":70,"y":256,"width":772,"height":12}},{"id":"782840c0-4c98-4986-a3f2-39f6cb498765","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":102,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"b954e30c-8ae0-4473-bf46-3b58c604fc07","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":102,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"463648be-1d40-4bdb-8a12-d519f117c904","block_type":"box","text":"Notice 34 will be fur ther extended with respect to interest income on bonds derived from the PRC bond market and","page_number":102,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"1875fbbc-ff2b-4c61-a79e-ac6118dc95c7","block_type":"box","text":"issued before August 8, 2025.","page_number":102,"box":{"x":70,"y":317,"width":216,"height":11}},{"id":"b3e8ce20-46f8-4883-9580-37d52f075b51","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":102,"box":{"x":101,"y":339,"width":801,"height":12}},{"id":"18ac9f4d-bff4-45fd-9b23-9d8bde8c56bf","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":102,"box":{"x":68,"y":355,"width":821,"height":11}},{"id":"9da1749f-3579-4baf-9771-166dba2322f8","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":102,"box":{"x":68,"y":370,"width":808,"height":11}},{"id":"1ad57b56-fb4b-4857-a3f9-44936756e8b4","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":102,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"861dd4b1-0b01-4234-bced-31a916eaa310","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":102,"box":{"x":68,"y":400,"width":829,"height":11}},{"id":"fb58c394-dd52-4cca-b041-facb1eb4070c","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":102,"box":{"x":69,"y":415,"width":819,"height":11}},{"id":"05318b75-f242-4310-b7d8-26f48ab3d45b","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":102,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"a7cf60cb-ae4d-45ad-b7d6-ea462f0401c7","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":102,"box":{"x":68,"y":445,"width":474,"height":11}},{"id":"353e71e8-588e-419f-8e5a-d30df02d60d8","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":102,"box":{"x":102,"y":468,"width":777,"height":11}},{"id":"685e45a3-5316-489d-ad40-9c76e941bd9d","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as fur ther clarified by","page_number":102,"box":{"x":68,"y":483,"width":836,"height":11}},{"id":"620c0b70-0509-47bf-b4e7-51d074e99eae","block_type":"box","text":"the PRC in notifications.","page_number":102,"box":{"x":68,"y":498,"width":171,"height":9}},{"id":"eac7b381-5da7-4c14-983f-3a6f9ad4f0a5","block_type":"box","text":"Investment in Other Investment Companies.","page_number":102,"box":{"x":102,"y":521,"width":320,"height":11}},{"id":"c16e7cff-5d28-46d4-abe3-27975deb2d7d","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":102,"box":{"x":429,"y":521,"width":402,"height":11}},{"id":"b860b02c-4bdd-4dab-8836-8fd3d216d2a5","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":102,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"3a6f653b-e246-46bc-b75b-ad0780fcb1b6","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":102,"box":{"x":69,"y":551,"width":797,"height":11}},{"id":"71a1ffc1-d609-41e0-9916-8771265cc428","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":102,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"3b06ce03-b93d-4bfb-8841-accce25a8115","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":102,"box":{"x":70,"y":581,"width":814,"height":11}},{"id":"05840d47-1eaf-4f6a-9ed0-b5330bd94c1f","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":102,"box":{"x":70,"y":596,"width":793,"height":12}},{"id":"83f0b7ba-61b3-4d35-bbc5-2f2b8264ff87","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":102,"box":{"x":69,"y":612,"width":796,"height":11}},{"id":"c636157f-46ca-43a2-9fbe-276b9df325f3","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":102,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"712b6f97-62a1-4fb8-b553-4562f67c9d0a","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":102,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"f1b4b22f-7a8b-45a2-938c-c298b3ef970f","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Por tfolio.) In addition to the restrictions","page_number":102,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"a4e26d85-1553-4d82-b70f-cd8b70c21f4b","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":102,"box":{"x":69,"y":672,"width":827,"height":11}},{"id":"3bdf07f8-b60f-4ed3-a8a8-eef5c758fd34","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":102,"box":{"x":68,"y":687,"width":821,"height":11}},{"id":"01fb9e20-d594-4448-a108-30459f4691dd","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":102,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"97024667-05c4-48de-afdd-8e4542463c1b","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":102,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"2feaa8fa-68ff-4aea-acd9-da03fdb9b634","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":102,"box":{"x":70,"y":732,"width":802,"height":12}},{"id":"7d2bdfe6-affc-4f1a-9b4b-b074ea92cffb","block_type":"box","text":"cer tain conditions. In addition, a Fund may be able to rely on cer tain rules under the Investment Company Act to","page_number":102,"box":{"x":69,"y":748,"width":801,"height":11}},{"id":"fb3a4942-1f17-4306-8787-6089e3cb254d","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":102,"box":{"x":70,"y":763,"width":829,"height":11}},{"id":"77a41588-5657-4b14-96e5-0acbfcce03c9","block_type":"box","text":"subject to cer tain conditions.","page_number":102,"box":{"x":69,"y":778,"width":206,"height":11}},{"id":"793c7c32-6617-442a-bb35-70a7a001a6ef","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":102,"box":{"x":101,"y":801,"width":799,"height":11}},{"id":"b67168f4-f8b4-4b0a-8119-685cd43e6b79","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":102,"box":{"x":102,"y":823,"width":779,"height":12}},{"id":"828e2de1-cad2-4153-857e-9713029995fd","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":102,"box":{"x":69,"y":839,"width":824,"height":11}},{"id":"e7bb6ae6-5d88-44a3-801a-92316e4bb750","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":102,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"19bc1f4d-2e64-4c15-b9b4-20daeece1dac","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":102,"box":{"x":68,"y":869,"width":839,"height":11}},{"id":"0c297427-d435-440d-9bce-36de9f5e88d5","block_type":"box","text":"II-48","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b7af119a-8982-4cef-84b9-e61f696daf36","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bdd17432-25ec-40a1-a5dc-0eaedfc806b2","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":103,"box":{"x":68,"y":45,"width":806,"height":11}},{"id":"161c03f3-1282-427b-b985-2928e86ff5e2","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":103,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"59dd9a96-b27d-4b8f-90ea-db5024366068","block_type":"box","text":"loss.","page_number":103,"box":{"x":70,"y":75,"width":31,"height":9}},{"id":"c336eb29-02e1-4f14-a8da-becbefc1ce08","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":103,"box":{"x":102,"y":98,"width":758,"height":11}},{"id":"e344de4f-5e39-4aaf-98a0-a6e80d486a4a","block_type":"box","text":"shareholders would bear both their propor tionate share of expenses in the Fund and, indirectly, the expenses of such","page_number":103,"box":{"x":69,"y":113,"width":837,"height":11}},{"id":"683200da-e8ef-443d-813c-60d282b3778e","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":103,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"8fd9b543-c4ad-41f9-8273-c53c3e73da87","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":103,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"9e40cfcd-8821-48af-a47e-953805af5a64","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":103,"box":{"x":69,"y":158,"width":768,"height":11}},{"id":"a5cdd076-d14c-45d7-8e1a-ccb52e1f43a2","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":103,"box":{"x":70,"y":173,"width":807,"height":11}},{"id":"1c4894be-e109-40c2-8cab-2c065421222d","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":103,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"124eba02-6a73-424e-b5cc-46dc5fe16baf","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":103,"box":{"x":68,"y":203,"width":804,"height":12}},{"id":"239b7e34-2707-4502-aaf8-4bda14664609","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":103,"box":{"x":70,"y":218,"width":778,"height":11}},{"id":"8bba04c7-6860-40c6-bed1-97ddfa01af75","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":103,"box":{"x":69,"y":234,"width":796,"height":11}},{"id":"99db0c36-65b1-4aad-abd9-dc0b4bfed28a","block_type":"box","text":"assets.","page_number":103,"box":{"x":69,"y":249,"width":51,"height":9}},{"id":"a20e03f5-fffd-4c95-b07e-2ce94dbbea11","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":103,"box":{"x":101,"y":271,"width":776,"height":12}},{"id":"05c65800-849d-487a-98f4-8789cc03e4b2","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":103,"box":{"x":69,"y":286,"width":313,"height":12}},{"id":"e72ae3cb-6536-48a4-a6e9-a69118fd30b5","block_type":"box","text":"e.g.","page_number":103,"box":{"x":384,"y":288,"width":24,"height":10}},{"id":"b675b515-e5d9-4de0-90d3-e2d1b2761fd0","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":103,"box":{"x":411,"y":287,"width":491,"height":11}},{"id":"cc0dc2e3-4313-425c-a1d3-283347c1bef3","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":103,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"921dd86e-17da-46e3-92b6-4ed2671bcd5d","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":103,"box":{"x":69,"y":317,"width":472,"height":11}},{"id":"5d30f311-dc93-4e9e-9937-700deb4ea7b1","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":103,"box":{"x":101,"y":339,"width":790,"height":12}},{"id":"8a5b3c6d-14b3-46a4-97ab-95225f916c38","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":103,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"b8bd60c8-dae1-4c3e-b640-bcd732bdfcc1","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":103,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"11f78d70-3cc8-4b26-9d02-8d9bfd1c5afc","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":103,"box":{"x":70,"y":385,"width":795,"height":11}},{"id":"9ac77681-8f84-478d-93ca-eb422b1efd32","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":103,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"2bc97733-ef15-4970-aaae-a50a3afb827f","block_type":"box","text":"countries.","page_number":103,"box":{"x":69,"y":415,"width":69,"height":9}},{"id":"f2d594d2-e86b-4af6-85b8-c5b047f35a12","block_type":"box","text":"Issuer Insolvency Risk.","page_number":103,"box":{"x":102,"y":438,"width":166,"height":11}},{"id":"db09bc83-9ccd-42ce-b764-a982505810f6","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":103,"box":{"x":275,"y":438,"width":631,"height":11}},{"id":"f3484198-acdc-45b8-beb9-7d4d0b810038","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":103,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"7bc03775-99ae-4ae2-bafd-b7877f7d429c","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":103,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"8cabc596-8a07-4083-962f-f1642da19df8","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":103,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"e913c321-dd5a-4d84-925e-8e51d4776595","block_type":"box","text":"issuer uncer tain.","page_number":103,"box":{"x":70,"y":498,"width":118,"height":9}},{"id":"fdf1059e-1b41-4699-89e4-5b8dc37013a0","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":103,"box":{"x":102,"y":521,"width":788,"height":11}},{"id":"d93ba8db-1cc1-4773-84fd-e3e26761154b","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":103,"box":{"x":68,"y":536,"width":827,"height":11}},{"id":"25c4ba0b-b679-4ad5-9fd4-c7e49f64b44f","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":103,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"ce569799-07f7-4cd9-bd9a-3550476b8028","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":103,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"1ebf699a-22e1-4aad-83ce-03f01fed714a","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":103,"box":{"x":70,"y":581,"width":797,"height":12}},{"id":"f584e771-44bd-4d7b-a288-898ee4a4e48e","block_type":"box","text":"eventually be satisfied.","page_number":103,"box":{"x":69,"y":596,"width":162,"height":12}},{"id":"9c79c9f8-f55e-4d8c-9ba6-9643ed8355e2","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":103,"box":{"x":102,"y":619,"width":805,"height":11}},{"id":"253d2f50-9f83-4845-8054-9d0541ea65fe","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":103,"box":{"x":70,"y":634,"width":827,"height":11}},{"id":"92fd446b-fb05-42b4-9a64-6b81a999702d","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":103,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"b732732d-9d63-430f-b96c-c9980ee34ea2","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":103,"box":{"x":69,"y":664,"width":802,"height":12}},{"id":"7001554f-31bb-43c7-8396-02a7deb60659","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":103,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"e22c2616-044b-46b6-ac73-a4d81b22c3dd","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":103,"box":{"x":70,"y":695,"width":805,"height":11}},{"id":"ae4452bd-b1ec-40bb-9cc2-5adbfad6ce45","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":103,"box":{"x":70,"y":710,"width":820,"height":11}},{"id":"7ce20829-130c-40bd-84d5-52db7b7f3dad","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":103,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"4f85a2ec-6b45-41ef-8ef7-9f50c5eca2c2","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":103,"box":{"x":69,"y":740,"width":820,"height":11}},{"id":"665c16ca-50d7-4499-a03e-c4b9f3d212fd","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":103,"box":{"x":70,"y":755,"width":820,"height":11}},{"id":"6b9ba7c6-dbd1-4c70-9e6f-bfc122bb6865","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":103,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"29a6e307-293a-4a54-a373-6eb9fcd9d07a","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":103,"box":{"x":68,"y":786,"width":788,"height":11}},{"id":"d6982a62-6ca2-4a28-8a02-38d6867466fb","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":103,"box":{"x":68,"y":801,"width":826,"height":11}},{"id":"64562d54-e596-439c-8e69-307b8e966fe2","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":103,"box":{"x":69,"y":816,"width":809,"height":11}},{"id":"ddd33794-d10c-44d8-bf26-43acd9f483e6","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":103,"box":{"x":68,"y":831,"width":809,"height":11}},{"id":"06cced21-d1d1-4da5-9c14-81079278f5f9","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":103,"box":{"x":69,"y":846,"width":741,"height":11}},{"id":"1f93a55c-a53c-4042-8605-bced72a79427","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":103,"box":{"x":101,"y":869,"width":780,"height":11}},{"id":"a15e9d2a-ea9b-4ade-bdd1-edc271276a06","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":103,"box":{"x":68,"y":884,"width":807,"height":11}},{"id":"699016a6-04c8-456a-aa51-b942bfea4a94","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":103,"box":{"x":69,"y":899,"width":795,"height":11}},{"id":"bbfb657f-2c0a-4fd0-9eda-9774a856627e","block_type":"box","text":"II-49","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8b90e06e-3f5d-4417-b5c7-f8a2fca80cc8","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74357e27-e676-4fcf-b1f8-906b8a3f5cea","block_type":"box","text":"workout agreed to by a consor tium of lienholders and creditors of the issuer. A Fund may receive such interests in","page_number":104,"box":{"x":68,"y":45,"width":814,"height":11}},{"id":"91d4db45-2cab-40d0-8b85-aec07d9021f6","block_type":"box","text":"loans to the extent permitted by the 1940 Act.","page_number":104,"box":{"x":70,"y":60,"width":329,"height":11}},{"id":"cf2e8d89-0dde-4ba9-8e82-11f90a523dba","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":104,"box":{"x":102,"y":82,"width":806,"height":12}},{"id":"ba34eb8d-7bd8-4ad3-b944-eca9524d0b73","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":104,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"3f0dced0-dbbe-40c7-959b-a5b82d4fbc8d","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":104,"box":{"x":69,"y":113,"width":767,"height":11}},{"id":"a059dbac-a347-402c-8fe8-686eabaa61f8","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":104,"box":{"x":69,"y":128,"width":771,"height":11}},{"id":"eb74ecd7-beba-4db2-a8bd-9ec2ef909feb","block_type":"box","text":"par ticipates in negotiations with respect to a plan of reorganization or restructuring with respect to securities of the","page_number":104,"box":{"x":70,"y":143,"width":823,"height":11}},{"id":"09982856-5e24-4a29-b738-cdf1d80cb27b","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":104,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"f2248362-dfc1-4bef-a460-f5104b143b82","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":104,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"2a2a658e-0efe-48af-8660-65f7a5aa42f4","block_type":"box","text":"that assumed generally by an investor.","page_number":104,"box":{"x":68,"y":188,"width":274,"height":12}},{"id":"7f15b858-9140-4ec7-90e1-441bc3c249b5","block_type":"box","text":"Lease Obligations.","page_number":104,"box":{"x":102,"y":211,"width":133,"height":11}},{"id":"27c8a6aa-88f1-43c1-b53a-149121158d5f","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":104,"box":{"x":241,"y":211,"width":653,"height":11}},{"id":"c5702a15-d1dd-4aa5-9735-b25fc8a0ce39","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":104,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"6cc65684-943e-49e6-92ea-214f2ff5ee43","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":104,"box":{"x":69,"y":241,"width":602,"height":11}},{"id":"bc518074-bf48-42d4-89df-113a6afa73d5","block_type":"box","text":"Life Settlement Investments.","page_number":104,"box":{"x":102,"y":264,"width":210,"height":9}},{"id":"146ff792-209a-4d9a-bd09-5046aa54c64d","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":104,"box":{"x":318,"y":264,"width":589,"height":11}},{"id":"f30e7193-b266-4df9-a6cc-d9da793b1ca3","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":104,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"6bb2d31b-192f-4c0b-b06d-aa4b9d451696","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":104,"box":{"x":70,"y":294,"width":834,"height":11}},{"id":"29baeef7-4e78-40e6-b543-687abb9c2a2d","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve cer tain risks,","page_number":104,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"884281af-4d34-4277-96e6-48d451985421","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":104,"box":{"x":70,"y":324,"width":797,"height":12}},{"id":"e8301c22-708b-4ae9-a5c4-03f3f95283aa","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":104,"box":{"x":70,"y":340,"width":775,"height":11}},{"id":"4482c436-04e6-4a80-b872-ada815eebff5","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":104,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"621e28d7-c977-4bba-b0bd-c1994c13165e","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":104,"box":{"x":70,"y":370,"width":789,"height":11}},{"id":"37106e43-2d53-4d54-9f0d-bf2c893af389","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Fur thermore, a Fund may encounter","page_number":104,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"b1cc351c-ba1d-49e4-9d61-40e8b2c330b8","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":104,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"ff60913e-0518-4bbc-b086-64b1192b825c","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":104,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"68608491-1187-4229-9a17-76c9d9b06a10","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":104,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"ec258174-b37f-4499-a5a1-181dbf4f736e","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the Internal","page_number":104,"box":{"x":69,"y":445,"width":793,"height":12}},{"id":"8a922b7f-41cb-46ec-a0ad-28a80b34e246","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":104,"box":{"x":70,"y":460,"width":764,"height":12}},{"id":"91ce33e0-c54c-4837-b298-44c0082e44dc","block_type":"box","text":"investment company. A Fund intends to monitor its investments to ensure that the Fund remains qualified as a","page_number":104,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"8762f8d1-dcd7-49e7-bfcc-3ee6ce2385ba","block_type":"box","text":"regulated investment company.","page_number":104,"box":{"x":69,"y":491,"width":220,"height":11}},{"id":"4292b7a1-d012-42ce-b31e-f12ada25ea3d","block_type":"box","text":"Liquidity Risk Management.","page_number":104,"box":{"x":102,"y":513,"width":202,"height":11}},{"id":"794bafcf-791a-4c29-902f-ff74c653e8f1","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":104,"box":{"x":311,"y":513,"width":591,"height":11}},{"id":"7c743e58-e9ef-44a7-97c9-189bcaf20fba","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":104,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"ba871e70-ef0d-414b-a080-3995d32d5e4e","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":104,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"38138bed-e7a8-4f60-86de-2506b9cc85eb","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":104,"box":{"x":70,"y":559,"width":801,"height":11}},{"id":"7a3ae351-36ea-4d53-a1c2-e67198f9aaea","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":104,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"be68cabf-fcb7-4951-98da-cc34ae40db67","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":104,"box":{"x":69,"y":589,"width":808,"height":11}},{"id":"7a30a688-2bc2-44cd-b4e8-bfe2c6d3e192","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":104,"box":{"x":70,"y":604,"width":838,"height":11}},{"id":"3eab9c11-9a30-4979-ad9c-52e004f8e589","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":104,"box":{"x":70,"y":619,"width":804,"height":11}},{"id":"33a6ff6f-e2bc-4179-b1bd-867f6d511ec5","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":104,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"bd5dfb5c-40c7-4b0a-b09b-3ced7c819598","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":104,"box":{"x":70,"y":649,"width":815,"height":12}},{"id":"a5e4ace5-8353-4367-9d32-ff23683506cd","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":104,"box":{"x":69,"y":665,"width":823,"height":11}},{"id":"69ea2d59-f716-4b98-bb0c-446479163498","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":104,"box":{"x":69,"y":680,"width":601,"height":11}},{"id":"03b5f8c7-6b60-49fb-8ed2-546649b901b8","block_type":"box","text":"Master Limited Partnerships.","page_number":104,"box":{"x":102,"y":702,"width":211,"height":11}},{"id":"cdbbd02e-ef0a-4412-b3f5-9325375d90d5","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":104,"box":{"x":320,"y":702,"width":577,"height":11}},{"id":"e75a84f6-bf75-4eb5-926d-d2471ff3f93d","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":104,"box":{"x":68,"y":718,"width":816,"height":11}},{"id":"2280f98d-2fed-41a6-b923-f308de9b0a77","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":104,"box":{"x":68,"y":732,"width":777,"height":12}},{"id":"eb85a9ad-652e-40fb-a046-6c222c20d97f","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":104,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"9d1aa99b-893b-43e2-9c8e-4e9c5ecef504","block_type":"box","text":"generally have two classes of owners, the general par tner and limited par tners. When investing in an MLP, a Fund","page_number":104,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"32c937c7-455d-47b5-a37a-ae19ab271941","block_type":"box","text":"intends to purchase publicly traded common units issued to limited par tners of the MLP. The general par tner is","page_number":104,"box":{"x":70,"y":778,"width":791,"height":11}},{"id":"aa8ab908-c712-48ed-b3bb-78b7b29f70ed","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":104,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"7f3667f0-6112-4735-990c-0c1ca80fba09","block_type":"box","text":"owned by one or more of such par ties. The general par tner may be structured as a private or publicly traded","page_number":104,"box":{"x":69,"y":808,"width":770,"height":11}},{"id":"b32ecfe8-f074-42b1-8772-52e53de152fd","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":104,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"f50676c1-57fc-4828-beff-96fe87f26382","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":104,"box":{"x":69,"y":838,"width":799,"height":11}},{"id":"ea5c2739-64b7-4668-b9bd-8da30f7724b0","block_type":"box","text":"Limited par tners own the remainder of the par tnership, through ownership of common units, and have a limited role","page_number":104,"box":{"x":70,"y":853,"width":825,"height":12}},{"id":"db56c010-b5c8-473f-9040-261272ac1b9f","block_type":"box","text":"in the par tnership’s operations and management.","page_number":104,"box":{"x":70,"y":869,"width":352,"height":11}},{"id":"c6aa9347-e59c-433c-a55c-0382fabeb466","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":104,"box":{"x":102,"y":891,"width":794,"height":12}},{"id":"b8e26c35-f0ec-42be-aaa9-837e9c20cce5","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":104,"box":{"x":69,"y":906,"width":809,"height":12}},{"id":"b3469fd2-5403-4821-9df0-be2bdbc80452","block_type":"box","text":"II-50","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4d0b8674-ebf3-4c32-b105-de30df7aaf59","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"69165f62-fcb1-4688-996c-b1afd332778d","block_type":"box","text":"Common and general par tner interests also accrue arrearages in distributions to the extent the MQD is not paid.","page_number":105,"box":{"x":69,"y":45,"width":804,"height":11}},{"id":"566d2300-3115-4fe6-a71b-0759f260cf3d","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":105,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"8747c0ea-18e8-427e-b8b7-abc3a4e7f38f","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":105,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"9f74dcd1-d0c9-4a80-a8e7-a2ade6bd1cd4","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":105,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"8db4d34c-eebd-494c-b29e-7a30cc872540","block_type":"box","text":"The general par tner is also eligible to receive incentive distributions if the general par tner operates the business in a","page_number":105,"box":{"x":68,"y":105,"width":835,"height":11}},{"id":"fe28a526-44bc-4f61-acb4-6a00d6292e69","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":105,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"15c8387b-23c3-444b-815f-7bdc93c8a335","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":105,"box":{"x":70,"y":135,"width":839,"height":12}},{"id":"4293cb97-c7f5-4f39-bbb1-f5f59427ca1f","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":105,"box":{"x":68,"y":151,"width":828,"height":11}},{"id":"88d3b0f7-18fe-4cb9-bf19-41edc260476a","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":105,"box":{"x":70,"y":166,"width":761,"height":11}},{"id":"fb51ae00-65ab-4d0d-954d-7691060a75a5","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":105,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"2a060511-a3d7-46b0-b819-633d30db35ac","block_type":"box","text":"order to increase the par tnership’s cash flow and raise the quar terly cash distribution in order to reach higher tiers.","page_number":105,"box":{"x":69,"y":196,"width":824,"height":11}},{"id":"a56f4426-47da-4af8-acb9-560d2a16b461","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":105,"box":{"x":69,"y":211,"width":366,"height":11}},{"id":"b4c185a6-ac05-45de-a2f3-d809bbbc18db","block_type":"box","text":"MLP common units represent a limited par tnership interest in the MLP. Common units are listed and traded on","page_number":105,"box":{"x":102,"y":234,"width":790,"height":11}},{"id":"8804075e-dba9-41b0-8055-3d043784a238","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":105,"box":{"x":70,"y":249,"width":820,"height":11}},{"id":"c11c0fde-dd93-46fe-a881-0120d932845f","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":105,"box":{"x":69,"y":264,"width":787,"height":11}},{"id":"69220636-2963-4f9f-816a-8f95af6de1d3","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":105,"box":{"x":69,"y":279,"width":810,"height":11}},{"id":"2a8f8b78-55f2-4923-817e-6b6ed565c10d","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":105,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"badd0fd9-0d0b-427a-8400-3bb821dd5eab","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":105,"box":{"x":69,"y":309,"width":387,"height":11}},{"id":"c821dfc0-6b34-4101-b9cf-70c9eef8c174","block_type":"box","text":"Merger Transaction Risk.","page_number":105,"box":{"x":102,"y":332,"width":183,"height":11}},{"id":"38f4e0d4-1b48-4946-991a-5792a3139fac","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":105,"box":{"x":291,"y":332,"width":616,"height":11}},{"id":"a516bba4-7808-47e6-aeaa-ad3e91ee1eb8","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":105,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"160f4cbd-1087-4109-ae49-379120daaea5","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":105,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"87164485-9dfd-4268-95d0-333181becd3f","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":105,"box":{"x":68,"y":377,"width":825,"height":12}},{"id":"35c24a5d-6248-4521-bd32-4ca38811d1a1","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":105,"box":{"x":69,"y":392,"width":832,"height":12}},{"id":"17b56910-96cc-4b53-b198-ebce3a87cabe","block_type":"box","text":"the Fund and may lose significant value.","page_number":105,"box":{"x":68,"y":407,"width":286,"height":12}},{"id":"b1ecbdb0-4e49-4e0c-9631-56501dd1d7ec","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":105,"box":{"x":102,"y":430,"width":723,"height":11}},{"id":"b32a012d-961a-46e5-8124-765b86c072b7","block_type":"box","text":"Cer tain","page_number":105,"box":{"x":831,"y":430,"width":50,"height":9}},{"id":"48a8b28f-5e92-46d0-8e45-6ca1c0b60dab","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":105,"box":{"x":70,"y":445,"width":778,"height":12}},{"id":"fa9d9fbe-7bf3-4212-8c61-199b6382c850","block_type":"box","text":"deposits, including instruments issued or suppor ted by the credit of U.S. or foreign banks or savings institutions","page_number":105,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"00183808-c1a7-4b0f-9eed-b6b0f214d9c2","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":105,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"c7ffde4d-24fa-4215-ac41-e1bbd7d3c437","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":105,"box":{"x":68,"y":491,"width":794,"height":11}},{"id":"610244a3-2733-45a2-a944-ab6f7d7954de","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":105,"box":{"x":68,"y":506,"width":781,"height":11}},{"id":"6ddb44f6-6fcd-41ca-b85f-5fdd2dad0d89","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":105,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"61d4aebb-230b-479c-82fd-2893f892b4ad","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":105,"box":{"x":69,"y":536,"width":785,"height":11}},{"id":"ccf180f6-e274-4795-8b07-cd8df1aee5d4","block_type":"box","text":"branches of domestic banks.","page_number":105,"box":{"x":69,"y":551,"width":205,"height":9}},{"id":"d6a15551-511a-42b4-8e6f-312ae656d3e8","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":105,"box":{"x":101,"y":574,"width":785,"height":11}},{"id":"6e213148-6555-4d5c-b234-cc8e5f78aa3d","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":105,"box":{"x":68,"y":589,"width":787,"height":11}},{"id":"17e678cb-de3a-4dc6-b025-f03a21668d2a","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":105,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"75f23c73-d6b2-4055-8730-50630d64e14b","block_type":"box","text":"paper of a foreign issuer.","page_number":105,"box":{"x":70,"y":619,"width":176,"height":11}},{"id":"3e3ef25e-5ce9-4f60-95e3-819631f429f9","block_type":"box","text":"Money Market Securities.","page_number":105,"box":{"x":102,"y":642,"width":188,"height":11}},{"id":"c7fdece4-351c-45fd-a878-4cd1eaf3371c","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":105,"box":{"x":296,"y":642,"width":578,"height":11}},{"id":"d5d8da65-d7ed-4173-97a8-fafd20654589","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":105,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"71ea5a1a-611d-43cc-8227-cd34cff37d7b","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":105,"box":{"x":69,"y":672,"width":386,"height":11}},{"id":"5dff6404-bdd3-4fc2-9798-cb28c581b159","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or suppor ted by the credit of U.S. or foreign banks or savings","page_number":105,"box":{"x":69,"y":692,"width":779,"height":11}},{"id":"e71cfaf1-0ed2-4342-aa51-07b78fdfbdbc","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":105,"box":{"x":102,"y":707,"width":776,"height":12}},{"id":"0935de6f-e696-4f0f-8814-198bfc7fd0b9","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":105,"box":{"x":69,"y":727,"width":821,"height":12}},{"id":"5c9eb726-a67f-4f99-93ae-6bfe2dfd5bcf","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":105,"box":{"x":102,"y":743,"width":795,"height":11}},{"id":"c5ea4791-fc6a-46fd-a87a-80776fa16639","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":105,"box":{"x":102,"y":758,"width":757,"height":11}},{"id":"04735e61-d36e-4f29-9e5f-8e93aaa154ae","block_type":"box","text":"agencies;","page_number":105,"box":{"x":102,"y":773,"width":66,"height":11}},{"id":"6335b4a1-4855-474b-a1c5-9cc00a7823df","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":105,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"b468ef2a-4d41-46ca-b196-cfc2b8aafcd9","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":105,"box":{"x":102,"y":808,"width":344,"height":11}},{"id":"be559f52-8942-47d3-83c3-626e76c8294e","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":105,"box":{"x":69,"y":828,"width":776,"height":12}},{"id":"e7f28175-be9a-45f1-a5a2-af6efbbf2c9f","block_type":"box","text":"obligations and credit card receivables);","page_number":105,"box":{"x":102,"y":844,"width":283,"height":11}},{"id":"228aa2aa-bab0-4da9-8be9-345c45fd0f8c","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":105,"box":{"x":69,"y":864,"width":778,"height":11}},{"id":"faef5a3a-dd03-491b-8b6e-b1ca8bd5f81c","block_type":"box","text":"authorities and related custodial receipts;","page_number":105,"box":{"x":102,"y":879,"width":296,"height":11}},{"id":"293d5885-e452-453a-bf38-b2715602e060","block_type":"box","text":"II-51","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3cb84bf0-1180-4043-a402-722dc8aeb6bb","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d15a1247-ba18-49a4-9da3-151991b8dc4f","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":106,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"0a527160-b1d2-4ebf-8360-82b8797a047c","block_type":"box","text":"agencies or authorities;","page_number":106,"box":{"x":102,"y":60,"width":166,"height":11}},{"id":"4749fa62-4f3e-44d6-8df0-412d9ddc3ecd","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":106,"box":{"x":69,"y":80,"width":528,"height":11}},{"id":"d63bf4f7-730b-4407-9793-b19526712bcf","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":106,"box":{"x":69,"y":100,"width":534,"height":11}},{"id":"9144318b-b3d8-4df6-b044-02a05a06487a","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":106,"box":{"x":69,"y":120,"width":447,"height":12}},{"id":"5f0b8336-b883-42e5-a7ec-018d11d3d352","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":106,"box":{"x":69,"y":140,"width":812,"height":12}},{"id":"fbfb3fd0-8325-4d6c-b293-a2428a448de8","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":106,"box":{"x":102,"y":155,"width":766,"height":12}},{"id":"d828a95a-7dce-4534-a1d1-3511b7c24462","block_type":"box","text":"States;","page_number":106,"box":{"x":102,"y":171,"width":49,"height":10}},{"id":"eca6d0fc-b74a-471d-822c-95a4c7dc44e0","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":106,"box":{"x":69,"y":191,"width":829,"height":11}},{"id":"90cd519f-4908-4d25-bf2b-73bf646052a2","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":106,"box":{"x":102,"y":206,"width":379,"height":11}},{"id":"7a4bdaee-ea3b-4858-aabf-586cb43fedcc","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":106,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"4a9dca73-7a95-4565-a325-a3dda27ee2f1","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":106,"box":{"x":102,"y":241,"width":207,"height":11}},{"id":"7cfb9239-3274-4134-8c3f-41065f21499d","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":106,"box":{"x":69,"y":261,"width":458,"height":12}},{"id":"6735b3b9-b7d6-43de-b68a-12bb1afcf5cc","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":106,"box":{"x":69,"y":281,"width":837,"height":12}},{"id":"898556cb-5297-46e3-8fc4-74eccc5b714a","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":106,"box":{"x":101,"y":297,"width":589,"height":11}},{"id":"9c9d9d3b-1254-4b49-8280-c76e4578476a","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":106,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"c8974d48-6cdd-4406-bdfa-4d881a8d65ac","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":106,"box":{"x":102,"y":332,"width":764,"height":11}},{"id":"f988aaca-40e0-4f47-93f5-d1b874f950e0","block_type":"box","text":"States.","page_number":106,"box":{"x":102,"y":347,"width":49,"height":9}},{"id":"7a5cdb6f-bdd8-405f-852c-b2f397287830","block_type":"box","text":"Mortgage-Related Securities.","page_number":106,"box":{"x":102,"y":370,"width":213,"height":11}},{"id":"918dad72-d490-4b6f-b394-ce8a0c3868b1","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":106,"box":{"x":102,"y":392,"width":203,"height":12}},{"id":"cf401867-bd1a-4b25-bf94-3e86b3d6bc11","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":106,"box":{"x":312,"y":392,"width":560,"height":12}},{"id":"79103210-2518-4a6c-821c-42d51ec0a2a5","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":106,"box":{"x":70,"y":407,"width":805,"height":12}},{"id":"f4719d2f-63ac-4bdb-b5ee-40ee8b09f936","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":106,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"41fef0fc-c54f-45ee-b659-6a461646cb12","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mor tgage-backed securities differ from other forms","page_number":106,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"68c7bd02-3c90-4589-a79f-fecb9caa3057","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":106,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"cdbf3f49-356d-4415-867f-197ef4924733","block_type":"box","text":"maturity or specified call dates.","page_number":106,"box":{"x":69,"y":468,"width":222,"height":11}},{"id":"35bafa4b-6b6c-4f3f-bef0-c2f3f5132aa9","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":106,"box":{"x":102,"y":491,"width":785,"height":11}},{"id":"e3744bcf-dbdc-43d4-ad5a-f726617a6c44","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mor tgages relates declines. In","page_number":106,"box":{"x":68,"y":506,"width":838,"height":11}},{"id":"724fdf5e-bc91-4609-bd53-636a7a0db14c","block_type":"box","text":"addition, investments in mor tgage-backed securities involve cer tain specific risks. These risks include the failure of a","page_number":106,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"1fc4916d-b0f4-4953-b684-1f795a1e40e0","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":106,"box":{"x":70,"y":536,"width":837,"height":11}},{"id":"d98a1452-642e-4e46-aa26-a95b4e43e0ed","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":106,"box":{"x":69,"y":551,"width":810,"height":11}},{"id":"5de888cc-499c-4f7e-80a7-3d263785b8ee","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mor tgages are passed through to a Fund.","page_number":106,"box":{"x":70,"y":566,"width":811,"height":11}},{"id":"2f7f61f2-b4f7-4ba7-a9ed-d74daaed4b0e","block_type":"box","text":"The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases when","page_number":106,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"60c233be-a733-476a-b7f3-cd57e53c5a20","block_type":"box","text":"interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from traditional","page_number":106,"box":{"x":70,"y":596,"width":837,"height":12}},{"id":"d3e97a2d-c692-4493-96ee-c19c32b8e66c","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":106,"box":{"x":68,"y":612,"width":804,"height":11}},{"id":"dedfbbf7-00cb-4f72-90ae-e720565e6b9b","block_type":"box","text":"mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted average life","page_number":106,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"61fd9dc3-5b29-4277-9646-1212a198cdcb","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":106,"box":{"x":69,"y":642,"width":807,"height":11}},{"id":"10929e37-d8e2-4dd0-9f43-dff67056f0d7","block_type":"box","text":"mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more quickly than","page_number":106,"box":{"x":69,"y":657,"width":832,"height":11}},{"id":"5cc417c3-09d2-40e2-9967-0965166db871","block_type":"box","text":"anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed securities. Moreover,","page_number":106,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"8ba85bd8-ed46-44a2-9621-f8b667662a99","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":106,"box":{"x":68,"y":687,"width":818,"height":11}},{"id":"6ca2b55a-4ef5-4a61-a68f-c23f2b07e0cd","block_type":"box","text":"that is lower than the rate on the security that was prepaid.","page_number":106,"box":{"x":68,"y":703,"width":423,"height":10}},{"id":"27a530bb-2e80-4886-81bf-062200a5e5ae","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":106,"box":{"x":101,"y":725,"width":761,"height":11}},{"id":"47b4cfda-09c9-4424-b981-0a1f8c9f0672","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":106,"box":{"x":70,"y":740,"width":800,"height":11}},{"id":"b38a13ae-fd2c-4f0f-ae2a-b66b0a9cb8da","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":106,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"87d428bf-ba5f-4500-aca6-3f5b1e71b5c6","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":106,"box":{"x":69,"y":770,"width":809,"height":12}},{"id":"cd399bfd-3f63-4e20-9fc3-70eadb75a8da","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mor tgages may occur at a slower than","page_number":106,"box":{"x":70,"y":785,"width":801,"height":12}},{"id":"8da1e209-c781-4a9d-8a7b-335271708aaa","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":106,"box":{"x":69,"y":801,"width":778,"height":11}},{"id":"3ca65f42-9e98-4be9-bac9-5fabd10e001c","block_type":"box","text":"considered shor t- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":106,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"5a1175d8-15c6-4af8-b5b4-f6640dcad0c6","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":106,"box":{"x":69,"y":831,"width":773,"height":11}},{"id":"41fbaacc-6134-463a-9ba3-b3d094554aa2","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":106,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"383d1c4e-5313-4cfe-9276-bfff8ad18f68","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":106,"box":{"x":70,"y":861,"width":822,"height":11}},{"id":"1a0601dc-4792-4bde-97bf-14c1d846f033","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":106,"box":{"x":69,"y":876,"width":399,"height":11}},{"id":"90372e9b-c99e-4f43-8d07-7ff682f03c90","block_type":"box","text":"II-52","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d48407b3-b442-4014-9c1f-947bae4187c6","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c6c28db-5772-45ed-a1ae-eaf9c7410d29","block_type":"box","text":"There are currently three types of mor tgage pass-through securities: (1) those issued by the U.S. Government or","page_number":107,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"47ac19bd-c85d-4fcd-a024-b04b4f2cf591","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":107,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"c0c7d3aa-8237-41e1-98e8-b84e6f7429d6","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":107,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"976b2cf1-868e-4638-8166-7af0a9da6d1f","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":107,"box":{"x":70,"y":90,"width":766,"height":11}},{"id":"fa28f2ef-9ed1-4a20-90d0-407259731c7a","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":107,"box":{"x":69,"y":105,"width":808,"height":11}},{"id":"6df9f071-28b3-491f-851c-7f88e9634e3e","block_type":"box","text":"issued by private issuers that represent an interest in or are collateralized by whole mor tgage loans or pass-through","page_number":107,"box":{"x":70,"y":120,"width":825,"height":12}},{"id":"1569f3ea-b160-4794-889a-2d9038c8eb0a","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement. All of","page_number":107,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"8dbebb54-ffe7-40fe-a199-23b65e577c76","block_type":"box","text":"these three types of securities are considered “mor tgage-related securities” for purposes of BATS: Series A","page_number":107,"box":{"x":68,"y":150,"width":769,"height":12}},{"id":"42846648-053b-4ccb-b432-ef0f6b985f91","block_type":"box","text":"Por tfolio’s fundamental investment restriction relating to concentration.","page_number":107,"box":{"x":69,"y":166,"width":509,"height":11}},{"id":"0517f520-9216-478b-9e46-51d9c2043a42","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":107,"box":{"x":102,"y":188,"width":743,"height":12}},{"id":"5c600111-8158-4dd0-9efa-6137ca012e85","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":107,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"ba35440e-ad95-4261-b256-586bb39a9dc0","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":107,"box":{"x":70,"y":218,"width":815,"height":12}},{"id":"0272379b-7c08-43dd-88b0-861dfef64b95","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":107,"box":{"x":69,"y":234,"width":737,"height":11}},{"id":"6d491b3f-db2e-4b2f-b7bc-8f0b4fd7c3fe","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":107,"box":{"x":68,"y":249,"width":814,"height":11}},{"id":"523a7338-0947-43f4-b6f6-78b45fbf93d9","block_type":"box","text":"guaranteed by Ginnie Mae (such cer tificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":107,"box":{"x":68,"y":264,"width":794,"height":11}},{"id":"6d440eda-c283-458c-9b52-39af0a8d42aa","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":107,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"f2d12e13-292b-427b-a43f-4c34d8baef98","block_type":"box","text":"States. Ginnie Mae cer tificates also are suppor ted by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":107,"box":{"x":69,"y":294,"width":798,"height":11}},{"id":"2ebeb74c-9464-4661-ab18-c0a485d88ceb","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":107,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"9e72195f-8131-4358-9b40-e8676eae30c1","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":107,"box":{"x":70,"y":324,"width":788,"height":12}},{"id":"43344fbc-9232-4cdd-b9c7-80c0c1196f0f","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":107,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"0888b0de-c193-4381-8c81-6cc75ffed46a","block_type":"box","text":"faith and credit of the United States, but are suppor ted by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":107,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"c6fcd15c-893d-4c41-81cc-4f4937db88a6","block_type":"box","text":"Depar tment. Fannie Mae was established as a federal agency in 1938 and in 1968 was char tered by Congress as a","page_number":107,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"cc1f9761-e659-4169-a5d8-a814902cad25","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":107,"box":{"x":70,"y":385,"width":770,"height":11}},{"id":"aabcb5b9-368a-4a03-8e18-c71d1200a61b","block_type":"box","text":"Mor tgage Par ticipation Cer tificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":107,"box":{"x":70,"y":400,"width":812,"height":11}},{"id":"799ada42-874f-42c5-9ff1-bbf2595191a1","block_type":"box","text":"corporation char tered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":107,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"46dc2b9a-2a3c-422d-bb02-3fbfc1ae6f6e","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":107,"box":{"x":70,"y":430,"width":832,"height":11}},{"id":"512172d0-7877-4c3d-98f3-55eac99c38b8","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":107,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"e2e65d73-69e2-433a-893b-be3f78c14b51","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":107,"box":{"x":68,"y":460,"width":819,"height":12}},{"id":"9cb296bd-b110-4621-9550-ac741f49e95b","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":107,"box":{"x":68,"y":475,"width":829,"height":12}},{"id":"95b54d64-f7ea-4ad2-85fd-8249825ddebf","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mor tgage, but","page_number":107,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"7c4d80a4-9a21-4f94-88e1-6dc0e70dde0f","block_type":"box","text":"in no event later than one year after it becomes payable. On September 6, 2008, Director James Lockhar t of the","page_number":107,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"9fe5a1e6-b409-4844-b9eb-5cc6ebc0751f","block_type":"box","text":"Federal Housing Finance Agency (“FHFA”) appointed FHFA as conservator of both Fannie Mae and Freddie Mac. In","page_number":107,"box":{"x":70,"y":521,"width":808,"height":11}},{"id":"1d3d9c96-1e32-4c6c-b346-b785cd8818f4","block_type":"box","text":"addition the U.S. Treasury Depar tment agreed to provide Fannie Mae and Freddie Mac up to $100 billion of capital","page_number":107,"box":{"x":69,"y":535,"width":818,"height":12}},{"id":"b27bda5e-d35b-43de-a41e-a4e9749755b1","block_type":"box","text":"each on an as needed basis to insure that they continue to provide liquidity to the housing and mor tgage markets.","page_number":107,"box":{"x":69,"y":551,"width":816,"height":11}},{"id":"c6451893-8913-4533-a81d-f82278be4278","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":107,"box":{"x":102,"y":574,"width":786,"height":11}},{"id":"8389068d-7bd1-49af-97e9-a7f94736a8a1","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":107,"box":{"x":69,"y":589,"width":777,"height":11}},{"id":"dea71b8d-2690-4f98-a8bd-dde2671ac1ed","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":107,"box":{"x":69,"y":604,"width":782,"height":11}},{"id":"5b1aab9e-ef70-4f34-ad3f-112da84f768a","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":107,"box":{"x":102,"y":627,"width":802,"height":11}},{"id":"76d05559-735f-45ae-9366-dec95e444535","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":107,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"f24abe75-2ea9-40a6-a128-9cd7f3c74538","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be suppor ted by various","page_number":107,"box":{"x":70,"y":657,"width":814,"height":11}},{"id":"1f1ac7e3-1d54-4f91-8a08-0724127e198d","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":107,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"2a4011de-0533-4752-a70d-75de6f4e88f2","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":107,"box":{"x":70,"y":687,"width":789,"height":11}},{"id":"795da8d9-7216-444b-a6e5-fb5de6113c80","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":107,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"f50a2e30-2c85-4b4c-b837-4bac96ec4c16","block_type":"box","text":"a mor tgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":107,"box":{"x":69,"y":718,"width":838,"height":11}},{"id":"050eb36a-eea7-4b75-95eb-64ee550e23fc","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":107,"box":{"x":70,"y":733,"width":810,"height":11}},{"id":"6469059d-2175-4d16-89e0-97545224cfc2","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":107,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"bb85d821-cb5b-4eda-8035-bc0c58967023","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":107,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"9267e5ed-5775-4e83-9b7d-34478f696e72","block_type":"box","text":"meet a Fund’s quality standards. Any mor tgage-related securities that are issued by private issuers have some","page_number":107,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"c1018762-e838-4189-946a-ec4020275841","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":107,"box":{"x":69,"y":793,"width":604,"height":11}},{"id":"79f5b5cc-bda8-441a-8478-9e960bdbfe7d","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":107,"box":{"x":102,"y":816,"width":774,"height":11}},{"id":"8588a93c-4d23-456f-b205-8c57255990f4","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":107,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"cb2bdc05-a853-4f77-9aad-56d0fde4fdd3","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":107,"box":{"x":68,"y":846,"width":832,"height":11}},{"id":"be1339eb-1808-43fb-8df2-9b88d7d430b1","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":107,"box":{"x":69,"y":861,"width":742,"height":11}},{"id":"0df81716-e774-4e1f-913f-0c6953fbd3ca","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":107,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"b6140661-4f61-4c79-a7f6-00e0dd5ec874","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":107,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"344f9603-7b99-4b2b-b5ca-30adc3ad33be","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":107,"box":{"x":68,"y":906,"width":809,"height":12}},{"id":"4d2a323d-1ac7-4f37-a52d-5eaef57d6178","block_type":"box","text":"II-53","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ef6ab371-a444-435a-b363-275b0e847f17","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0ab41771-952f-48f1-9d08-e313a5d00f08","block_type":"box","text":"rates and maturities of the underlying mor tgage loans in a private-label mor tgage-related securities pool may vary to","page_number":108,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"b4c4777c-ad12-492b-9147-ea6cca1708c5","block_type":"box","text":"a greater extent than those included in a government guaranteed pool, and the pool may include subprime mor tgage","page_number":108,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"da347998-6696-425f-bc5f-a48c1c1ee449","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":108,"box":{"x":70,"y":75,"width":810,"height":11}},{"id":"1bb2e0e5-b9bf-4540-a5a2-1a70b70f61e7","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":108,"box":{"x":69,"y":90,"width":804,"height":11}},{"id":"2c5e7155-1709-4c62-a4a0-606ede575437","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":108,"box":{"x":69,"y":105,"width":669,"height":11}},{"id":"ade81b36-384f-4a49-9aab-f6871bf8344a","block_type":"box","text":"The risk of non-payment is greater for mor tgage-related securities that are backed by mor tgage pools that","page_number":108,"box":{"x":101,"y":128,"width":754,"height":11}},{"id":"f727ea39-d3d0-40fc-9e08-7557938c1472","block_type":"box","text":"contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mor tgage loan","page_number":108,"box":{"x":69,"y":143,"width":795,"height":11}},{"id":"b759be97-d479-4b60-b656-bf5f0d6f2ca3","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":108,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"09bd77ef-b127-4f84-a349-cfccb889810c","block_type":"box","text":"market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mor tgage","page_number":108,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"caf5bd7f-5cc5-42ac-b368-023f7db2ec92","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":108,"box":{"x":70,"y":188,"width":361,"height":12}},{"id":"c9b07c8a-b2e0-4fd4-b219-61a870a5a7d9","block_type":"box","text":"Privately issued mor tgage-related securities are not traded on an exchange and there may be a limited market","page_number":108,"box":{"x":102,"y":211,"width":784,"height":11}},{"id":"d45320e1-1e7e-433c-ab7a-f241180e8b75","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mor tgage and real estate market sectors.","page_number":108,"box":{"x":68,"y":226,"width":813,"height":11}},{"id":"2871d5e5-8d79-4e3d-b82c-6d8a4fafb80b","block_type":"box","text":"Without an active trading market, mor tgage-related securities held in a fund’s por tfolio may be par ticularly difficult to","page_number":108,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"db5c3853-9140-4b7a-a81b-64010e87aa87","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":108,"box":{"x":68,"y":256,"width":714,"height":12}},{"id":"49757945-2bc5-43f9-9bb0-dccca200209e","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":108,"box":{"x":102,"y":279,"width":328,"height":11}},{"id":"72626731-06eb-44be-9295-e67cab423dd2","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":108,"box":{"x":437,"y":279,"width":407,"height":11}},{"id":"19ce56ec-fa09-4657-8e3c-0a41b1d3501d","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":108,"box":{"x":69,"y":294,"width":800,"height":11}},{"id":"f5cf1564-c2cb-4488-ad54-211dcf3e2bf7","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mor tgage loans or private mor tgage pass","page_number":108,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"40161c97-f86e-4527-a34d-56664d3a1c85","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":108,"box":{"x":68,"y":324,"width":826,"height":12}},{"id":"e79a10ca-1d87-43c9-9024-a0634c7c1ac7","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":108,"box":{"x":69,"y":339,"width":833,"height":12}},{"id":"ccf00314-c8ca-4c94-882e-7879064eb537","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":108,"box":{"x":70,"y":355,"width":661,"height":11}},{"id":"ee104832-b6f7-418e-b2cf-9d02a3992acd","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":108,"box":{"x":102,"y":377,"width":803,"height":11}},{"id":"a340fc0a-d1ef-45f4-b1fa-50d8bdb119ee","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":108,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"c0b20844-b7b2-470f-9860-b48d2a25e383","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":108,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"f3536882-5974-4dfc-96e9-29a4fec3851a","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":108,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"f3b4e6b8-8742-4a4e-b7af-f1e0d8a56743","block_type":"box","text":"de facto breakdown of the underlying pool of mor tgages according to how quickly the loans are repaid. Monthly","page_number":108,"box":{"x":69,"y":438,"width":791,"height":11}},{"id":"22d6710b-130e-40e6-a6dd-953a462d5c0d","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":108,"box":{"x":70,"y":453,"width":792,"height":11}},{"id":"1ebf1c02-73f7-410e-9eb1-ef302c2e16b6","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":108,"box":{"x":70,"y":468,"width":820,"height":11}},{"id":"c5069804-2c99-4c36-964a-193b4ae1f9c2","block_type":"box","text":"only after the first class has been retired. An investor may be par tially protected against a sooner than desired return","page_number":108,"box":{"x":69,"y":483,"width":836,"height":11}},{"id":"054163ba-ec78-415c-83a6-3dd5a93f4480","block_type":"box","text":"of principal because of the sequential payments.","page_number":108,"box":{"x":69,"y":498,"width":346,"height":11}},{"id":"561fbca9-9b21-4e18-9667-70f23900b643","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":108,"box":{"x":102,"y":521,"width":723,"height":11}},{"id":"96d38c2a-d35c-4bf5-967b-842f479e131d","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":108,"box":{"x":69,"y":536,"width":768,"height":11}},{"id":"c50ca6a4-20fe-4468-b956-c5fe3aac3751","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":108,"box":{"x":70,"y":551,"width":800,"height":11}},{"id":"caa3892d-1898-4104-9d56-be288ef29e81","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in cer tain other qualifying CMOs, which cannot or do not rely","page_number":108,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"973891ac-c6aa-4a3f-b362-c9b78b8337ec","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":108,"box":{"x":69,"y":581,"width":793,"height":12}},{"id":"d3f0f587-4309-467f-b96b-c17aa3af3c8b","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":108,"box":{"x":70,"y":597,"width":767,"height":11}},{"id":"2d199c53-b35d-45f6-ba65-65110e4c2b65","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":108,"box":{"x":69,"y":612,"width":838,"height":11}},{"id":"83a89766-0418-4c51-9ab0-48ac0a659b59","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":108,"box":{"x":69,"y":627,"width":773,"height":11}},{"id":"4e37acb6-046c-432e-b816-fa98fcd8235f","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":108,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"22501e2d-2de0-47bb-a6ae-0d3dea09cb6e","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":108,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"907a3908-1aba-43c1-b5ed-740cfcf013f5","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":108,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"05b137c4-986a-4dd6-8901-a6cd0d1360bd","block_type":"box","text":"securities of any single such entity.","page_number":108,"box":{"x":69,"y":687,"width":248,"height":11}},{"id":"01589527-3bd9-4a08-9f54-7ae14612d01a","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":108,"box":{"x":101,"y":710,"width":807,"height":11}},{"id":"1f0197fc-ebf6-4175-b0be-2b62cf876561","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":108,"box":{"x":69,"y":725,"width":805,"height":11}},{"id":"678335c7-7617-41e8-84f4-af4b6cec3eb8","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":108,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"10963561-4065-461c-9f0e-4c2f5284f417","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":108,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"c01b4b9b-7018-4d2f-87ac-689e7418bf38","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Cer tificates may be issued in the parallel pay","page_number":108,"box":{"x":69,"y":770,"width":835,"height":12}},{"id":"b2cc1ce5-8669-405c-8f0a-bfed5ae1c9f6","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":108,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"e840ac4a-4449-4405-ac37-d4120c316088","block_type":"box","text":"accrue interest at a specified rate until all other cer tificates having an earlier final distribution date have been retired","page_number":108,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"22bc9d36-cdd4-46ee-ab0d-4505d18a752c","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":108,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"e4345ca8-385a-4643-bc39-cf6287fae788","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":108,"box":{"x":68,"y":831,"width":813,"height":11}},{"id":"88aec7cc-b1f8-43b7-adcb-0954cbc386f1","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), LIBOR, one-year Treasury yields, and ten-year Treasury yields.","page_number":108,"box":{"x":69,"y":846,"width":761,"height":11}},{"id":"e86d2d58-e8f5-412f-8f2f-01c1a91a8727","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":108,"box":{"x":102,"y":869,"width":742,"height":11}},{"id":"ec69fba7-3df9-4690-a776-7edb1de28f17","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":108,"box":{"x":69,"y":884,"width":784,"height":11}},{"id":"b3696137-d3f3-4299-a3b3-c5600b8cbb61","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":108,"box":{"x":69,"y":899,"width":800,"height":11}},{"id":"14ce495b-b80c-4635-92e1-e637001591b8","block_type":"box","text":"II-54","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3697215d-2065-49bf-b8b6-0adfb9d3e4c8","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3471c609-d1ec-48d6-8d90-7defdaa09f9f","block_type":"box","text":"interest due has been paid to all classes entitled to receive interest currently. Shor tfalls, if any, are added to the","page_number":109,"box":{"x":70,"y":45,"width":802,"height":11}},{"id":"8eeea281-a13b-444f-9da3-79a920fed001","block_type":"box","text":"amount payable on the next payment date. The PAC Cer tificate payment schedule is taken into account in calculating","page_number":109,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"aed8723e-bda7-45f2-865e-3c5b178cf06c","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":109,"box":{"x":68,"y":75,"width":835,"height":11}},{"id":"fbcc2c35-320c-4d87-a5fe-6ea82b2b8712","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":109,"box":{"x":69,"y":90,"width":772,"height":11}},{"id":"ebe2d144-01c8-4944-ad5e-aa953650df93","block_type":"box","text":"“suppor ts” or “companion” tranches) tend to have market prices and yields that are more volatile than the PAC","page_number":109,"box":{"x":70,"y":105,"width":792,"height":11}},{"id":"c17d07a4-3e1d-49a2-bd5d-2335194294b1","block_type":"box","text":"classes.","page_number":109,"box":{"x":69,"y":120,"width":57,"height":9}},{"id":"29c4d67d-d3b2-4b7f-bfbd-7f446bd7d9ae","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":109,"box":{"x":101,"y":143,"width":774,"height":11}},{"id":"4bd37772-e24f-4906-9d9f-ce6c97eac292","block_type":"box","text":"date to one or more classes of REMIC Cer tificates. A PAC’s payment schedule, however, remains in effect as long as","page_number":109,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"e34c942b-8cd5-4e82-8d39-7fcdb1f89a6a","block_type":"box","text":"prepayment rates on the underlying mor tgages do not exceed cer tain ranges. In contrast, a TAC provides investors","page_number":109,"box":{"x":70,"y":173,"width":815,"height":11}},{"id":"a9fe9921-875b-42fe-b869-7663ae10d0ef","block_type":"box","text":"with protection, to a cer tain level, against either faster than expected or slower than expected prepayment rates, but","page_number":109,"box":{"x":68,"y":188,"width":833,"height":12}},{"id":"f4a19cc3-cae9-4652-8d95-28916ad76ba9","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":109,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"3a7ba6b6-afb7-4917-aee1-f5d23bd66017","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":109,"box":{"x":69,"y":219,"width":541,"height":11}},{"id":"25702ae4-c099-46b1-8dda-2efdd0a3c8af","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":109,"box":{"x":101,"y":241,"width":265,"height":11}},{"id":"d45ae944-deef-4efa-9056-0e148bd0a8c2","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":109,"box":{"x":372,"y":241,"width":523,"height":11}},{"id":"f79f8765-d910-4964-810c-cf2b7bc1dd80","block_type":"box","text":"collateralized by mor tgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mor tgage pool","page_number":109,"box":{"x":69,"y":256,"width":807,"height":12}},{"id":"162b5035-3815-4aa8-a8c9-a563e981ac98","block_type":"box","text":"generally provide for a fixed initial mor tgage interest rate for a set number of scheduled monthly payments. After that","page_number":109,"box":{"x":68,"y":271,"width":835,"height":12}},{"id":"87e6531a-26bb-4212-ad7b-2962f946ca1b","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":109,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"06e396ef-2f4c-4e4b-88aa-7191e140db10","block_type":"box","text":"to a designated benchmark index.","page_number":109,"box":{"x":68,"y":302,"width":241,"height":11}},{"id":"6b3f091a-7d52-4c9d-aaef-ae211125ea84","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":109,"box":{"x":101,"y":325,"width":767,"height":11}},{"id":"393ae9fe-2dcb-4d52-8770-3a7775b385a5","block_type":"box","text":"lifetime of the security. In addition, cer tain ARMs provide for additional limitations on the maximum amount by which","page_number":109,"box":{"x":70,"y":339,"width":828,"height":12}},{"id":"3956c4e4-258f-4828-8620-954741fe4459","block_type":"box","text":"the mor tgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":109,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"0156aa3a-574c-465f-bf1b-332da8522e8e","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":109,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"96df46b5-d0ae-4c60-a4b9-1ab048b50141","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":109,"box":{"x":69,"y":385,"width":676,"height":11}},{"id":"0e6c80fd-0109-44d0-bfa8-d1200be91357","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":109,"box":{"x":102,"y":408,"width":757,"height":11}},{"id":"cdf23e54-ded6-414a-8dcf-4374f9661830","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":109,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"343cafc0-cbe6-4495-ae4a-f4e83600032d","block_type":"box","text":"balance of the mor tgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":109,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"5a5e14a8-e7c6-43e2-a816-76d2bd9fb1ae","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":109,"box":{"x":70,"y":453,"width":782,"height":11}},{"id":"899e3f0d-ea75-49d3-92c4-83a7851181b6","block_type":"box","text":"payment required at such point to amor tize the outstanding principal balance over the remaining term of the loan, the","page_number":109,"box":{"x":70,"y":468,"width":838,"height":11}},{"id":"fbf337b6-ac73-42d8-9ae0-6d9d310e650d","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":109,"box":{"x":69,"y":483,"width":544,"height":11}},{"id":"1aae328d-d817-4825-bbc2-09387a677524","block_type":"box","text":"CMO Residuals.","page_number":109,"box":{"x":102,"y":506,"width":112,"height":9}},{"id":"4ecd2dff-631f-4d23-9770-a3b8465a3e58","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":109,"box":{"x":221,"y":506,"width":682,"height":11}},{"id":"94c83951-f911-447d-9c6a-18393537ea46","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":109,"box":{"x":70,"y":521,"width":740,"height":11}},{"id":"0490f3c3-8821-4c0d-a74b-2d5ee3c8574a","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":109,"box":{"x":69,"y":536,"width":829,"height":11}},{"id":"3f22c6b2-7a94-451b-a24d-f5011ccddafa","block_type":"box","text":"the foregoing. The cash flow generated by the mor tgage assets underlying a series of CMOs is applied first to make","page_number":109,"box":{"x":68,"y":551,"width":826,"height":11}},{"id":"20e122c2-7454-4d58-9bad-b441e139c863","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":109,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"1c9a5963-d926-4be1-be21-4417e6733296","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":109,"box":{"x":68,"y":581,"width":832,"height":12}},{"id":"ebbe6baa-e8ce-439a-8632-50f527cfb614","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":109,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"7d5036f2-86a9-4954-8b9f-d02a31249e43","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":109,"box":{"x":69,"y":612,"width":833,"height":11}},{"id":"17061342-8c4e-4708-b77c-c6d2d80167c7","block_type":"box","text":"among other things, the characteristics of the mor tgage assets, the coupon rate of each class of CMO, prevailing","page_number":109,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"826d5fe5-a838-4519-b1ad-f78b8f53e45a","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mor tgage assets. In","page_number":109,"box":{"x":70,"y":642,"width":810,"height":11}},{"id":"74876ba1-b139-464d-a3b3-0df55679806d","block_type":"box","text":"par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":109,"box":{"x":70,"y":657,"width":795,"height":11}},{"id":"09a4204b-efcd-4e79-aef1-9a24835a8203","block_type":"box","text":"mor tgage assets, in the same manner as an interest-only (“IO”) class of stripped mor tgage-related securities. In","page_number":109,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"08f81764-c3be-482c-8ece-eca9d00e16d8","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":109,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"a85023a0-e1c7-431d-b535-a8127646dc89","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":109,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"1f19b5c8-f6f6-4ce3-8ee4-a1ee1d08748b","block_type":"box","text":"adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in a CMO","page_number":109,"box":{"x":69,"y":717,"width":793,"height":12}},{"id":"1e341315-fd9a-4959-b4b3-3fa1f1689c2f","block_type":"box","text":"residual.","page_number":109,"box":{"x":69,"y":733,"width":60,"height":9}},{"id":"979082b4-55cd-4f48-9d14-ab444875a7f8","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":109,"box":{"x":102,"y":755,"width":758,"height":11}},{"id":"a673428f-6044-496a-b854-02c34913598d","block_type":"box","text":"banking firms acting as brokers or dealers. The CMO residual market has developed relatively recently and CMO","page_number":109,"box":{"x":69,"y":770,"width":798,"height":12}},{"id":"d2882a2e-9535-46fa-a8d1-f6b17ee4a50e","block_type":"box","text":"residuals may not have the liquidity of more established securities trading in other markets. Transactions in CMO","page_number":109,"box":{"x":69,"y":785,"width":806,"height":12}},{"id":"ce9b19ef-8966-434b-971f-7d1b2b1ba4a7","block_type":"box","text":"residuals are generally completed only after careful review of the characteristics of the securities in question. In","page_number":109,"box":{"x":69,"y":801,"width":796,"height":11}},{"id":"1607bacc-ea7f-463f-ad81-ed1693d64b20","block_type":"box","text":"addition, CMO residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":109,"box":{"x":69,"y":816,"width":784,"height":11}},{"id":"26dae9ce-7a9f-47b7-b751-7979de0a748d","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than, “regular” CMO","page_number":109,"box":{"x":69,"y":831,"width":822,"height":11}},{"id":"32aa1074-729b-4457-b888-5afcc0e68b95","block_type":"box","text":"and REMIC interests.","page_number":109,"box":{"x":69,"y":846,"width":149,"height":9}},{"id":"ebd0c560-55fe-4c84-9fc7-2cde24fec65b","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":109,"box":{"x":102,"y":869,"width":267,"height":11}},{"id":"fb695b96-6018-486c-ae1f-7716be023899","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":109,"box":{"x":375,"y":869,"width":493,"height":11}},{"id":"28b7dfd4-1a1a-45dd-8272-7b318b30594a","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":109,"box":{"x":70,"y":884,"width":798,"height":11}},{"id":"878b184a-e700-406b-a6f4-de16c36416eb","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":109,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"d5f3dc27-4d8b-4480-a7ca-9de387f76dfb","block_type":"box","text":"II-55","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"baac9d2a-d1db-4258-b30e-fedb34219b17","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"39ed61ce-98ec-451a-821f-be64f0567c34","block_type":"box","text":"interest and principal distributions on a pool of mor tgage assets. A common variety of SMBS is where one class (the","page_number":110,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"d53fbeb6-fa9e-497d-819c-806213dfae49","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":110,"box":{"x":70,"y":60,"width":821,"height":11}},{"id":"02affae0-bcdc-4fc2-914b-04bd542d0f78","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":110,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"772512eb-b494-4288-832b-64bbeb3358d2","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":110,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"5c532f96-a30f-40c9-90c9-e5828c5ee66d","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":110,"box":{"x":70,"y":105,"width":834,"height":11}},{"id":"79cf694c-a2a3-445f-9dc8-9549398ba474","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":110,"box":{"x":68,"y":120,"width":800,"height":12}},{"id":"4b8082c5-85cd-4056-9720-4bc93dba6cb8","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":110,"box":{"x":69,"y":135,"width":837,"height":12}},{"id":"5b999645-a50c-40cb-a232-ff32318c5433","block_type":"box","text":"will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets experience","page_number":110,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"8c201d14-fba5-4de0-bd21-9ec4c306c0bb","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":110,"box":{"x":68,"y":166,"width":836,"height":11}},{"id":"00481ad4-c9c0-42e3-9dc0-f45e5ee82441","block_type":"box","text":"there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the interest","page_number":110,"box":{"x":68,"y":181,"width":802,"height":11}},{"id":"b2b97236-4e59-4058-bf23-cd70af5cdd67","block_type":"box","text":"por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased because of","page_number":110,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"e9654c48-5662-4fc6-af5c-fef33fd97d59","block_type":"box","text":"the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund generally will","page_number":110,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"61bfadd3-4201-4158-b532-8e1420437fea","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":110,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"60c46f89-d084-4b53-9e80-9c92d9ec2968","block_type":"box","text":"matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate securities;","page_number":110,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"cd46b57d-d49a-4ee6-a274-780f1cabae31","block_type":"box","text":"as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative effect on a","page_number":110,"box":{"x":69,"y":256,"width":808,"height":12}},{"id":"2310b79b-2c46-4bf5-a809-1209c7f2a724","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":110,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"a951c7f9-3e62-4928-afd7-24c97f172f55","block_type":"box","text":"floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":110,"box":{"x":68,"y":286,"width":599,"height":12}},{"id":"2e8d0ef7-1868-458b-904e-6c80ed19e7c6","block_type":"box","text":"Tiered Index Bonds.","page_number":110,"box":{"x":103,"y":309,"width":138,"height":9}},{"id":"a69e720c-ede9-418e-bf7a-951d06bf3335","block_type":"box","text":"Tiered index bonds are relatively new forms of mor tgage-related securities. The interest rate","page_number":110,"box":{"x":247,"y":309,"width":657,"height":11}},{"id":"493bb4df-3692-4b4e-ac86-a38b5c59a6c0","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":110,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"3e7c184f-1796-40d6-b6dc-4d487beb4171","block_type":"box","text":"predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index","page_number":110,"box":{"x":70,"y":339,"width":830,"height":11}},{"id":"549eae9d-5cb1-4fd6-9a16-c8d6018bcf32","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":110,"box":{"x":69,"y":355,"width":800,"height":10}},{"id":"a5801bfb-d22f-43b7-9972-e1b0ce3819c1","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":110,"box":{"x":68,"y":370,"width":788,"height":11}},{"id":"9bcd2c3b-7be5-4a52-beb7-c6dca51374f3","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":110,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"38c00ddf-aa16-4f69-b147-e68a534f8493","block_type":"box","text":"volatile than that of a fixed-rate bond.","page_number":110,"box":{"x":68,"y":400,"width":266,"height":9}},{"id":"200037bf-6064-40d2-9bd2-f71385d5d731","block_type":"box","text":"TBA Commitments.","page_number":110,"box":{"x":103,"y":423,"width":133,"height":9}},{"id":"6f70e565-743b-4e17-a2b8-cf69143cf513","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":110,"box":{"x":243,"y":423,"width":653,"height":11}},{"id":"5b902301-2297-4fb0-aec8-2d7ca4d15d97","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mor tgage-backed securities for a fixed price,","page_number":110,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"f139094d-95b1-469b-8adb-627ba9f49fec","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":110,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"77d4ac80-86f9-4370-90fa-018b46c76c2f","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":110,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"3eafc8ea-375e-43db-95e4-d9d5796ade45","block_type":"box","text":"mor tgage terms. When the Fund enters into a TBA commitment for the sale of mor tgage-backed securities for a fixed","page_number":110,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"cf3c5fff-5153-4ab1-ad60-13040d687142","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":110,"box":{"x":70,"y":498,"width":804,"height":11}},{"id":"7e34772d-1593-4364-927d-5a1aca6c7ed1","block_type":"box","text":"shor t position in such TBA securities), the Fund may or may not hold the types of mor tgage-backed securities","page_number":110,"box":{"x":69,"y":513,"width":779,"height":12}},{"id":"e1a55a43-7c91-4e48-8cb5-8bbb0094256a","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":110,"box":{"x":69,"y":529,"width":810,"height":11}},{"id":"c285b20d-57a2-4690-adaa-55fa203125bf","block_type":"box","text":"below.","page_number":110,"box":{"x":69,"y":544,"width":43,"height":9}},{"id":"82ca5a66-51ae-4d9d-a7b3-4b7890029c96","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":110,"box":{"x":102,"y":566,"width":157,"height":11}},{"id":"f056b7d5-265d-43a2-a3c7-e8dab9c6adde","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":110,"box":{"x":266,"y":566,"width":634,"height":11}},{"id":"5b9239d6-c878-42d6-b533-a5415cae3cf1","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":110,"box":{"x":70,"y":581,"width":825,"height":12}},{"id":"f814edfe-c78a-4ab2-acfc-324ec313480c","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":110,"box":{"x":69,"y":596,"width":805,"height":12}},{"id":"0ce5e44d-e64c-4e73-b751-93e83b11cbd3","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mor tgages collateralizing those securities may have","page_number":110,"box":{"x":70,"y":612,"width":817,"height":11}},{"id":"1068700a-3e88-49bc-aee7-b5958ef04618","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":110,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"cc48f474-53c1-4427-bbe6-1551b5b8ec94","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":110,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"3851b2d9-6515-45ad-b8bb-ff4372539058","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":110,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"9b42f545-5446-4eff-8ae2-e346132b059b","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":110,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"c2261ad4-390c-43f5-a7d8-b8a86ed3fa0c","block_type":"box","text":"securities sold as par t of the dollar roll, the use of this technique will diminish the investment per formance of a Fund","page_number":110,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"d1d8cf02-3e95-412b-a069-e03073d8ab52","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":110,"box":{"x":69,"y":702,"width":607,"height":11}},{"id":"be588706-37bb-4909-bad8-997d18f87572","block_type":"box","text":"Each mor tgage dollar roll transaction is accounted for as a sale or purchase of a por tfolio security and a","page_number":110,"box":{"x":102,"y":725,"width":744,"height":11}},{"id":"e4632eb7-ed8e-4f25-a36a-b7d6d56d293c","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":110,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"1074c2bc-d5da-4e4f-b038-0e1dc578ec84","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":110,"box":{"x":69,"y":755,"width":433,"height":11}},{"id":"6289b72c-8aec-4b41-8db6-854860fc803e","block_type":"box","text":"In the event the buyer of the securities under a mor tgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":110,"box":{"x":102,"y":778,"width":795,"height":11}},{"id":"d26279c9-4640-4f0c-ac95-5c153a5fc19b","block_type":"box","text":"Fund’s use of the proceeds of the current sale por tion of the transaction may be restricted pending a determination","page_number":110,"box":{"x":70,"y":793,"width":824,"height":11}},{"id":"4aed4b5d-4fc4-4d85-a0e0-43c6246f908d","block_type":"box","text":"by the other par ty, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":110,"box":{"x":69,"y":808,"width":774,"height":11}},{"id":"860773ad-f299-493e-81a9-d5e8203ff625","block_type":"box","text":"securities in the forward transaction.","page_number":110,"box":{"x":69,"y":823,"width":261,"height":9}},{"id":"14e507c9-fa84-4c6e-97d2-bc7af6d63323","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance return. Successful use of mor tgage dollar rolls may","page_number":110,"box":{"x":101,"y":846,"width":777,"height":11}},{"id":"e1f16470-2570-43c2-bcb3-677385fd9677","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":110,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"2b83bc33-5001-4206-a8ac-28adabf65576","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":110,"box":{"x":68,"y":876,"width":824,"height":11}},{"id":"1c83b847-7a68-4d29-938a-2d1131ef040f","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":110,"box":{"x":69,"y":891,"width":824,"height":11}},{"id":"a4de958a-0e59-4aad-a687-2c474c68bc87","block_type":"box","text":"II-56","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"557934ee-9150-4a38-9b1b-8cb8f247a48c","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"afff8ab6-6263-42d7-9ef0-2b7e430d189c","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":111,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"2737c8a5-3a60-4161-b6d6-6a55b6d66b49","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":111,"box":{"x":69,"y":60,"width":430,"height":11}},{"id":"88d197fa-4104-4e63-9c69-bd9182a5715a","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":111,"box":{"x":102,"y":82,"width":759,"height":12}},{"id":"63f4e0d1-7fda-45e3-b026-0fe9205c55c7","block_type":"box","text":"securities (","page_number":111,"box":{"x":69,"y":98,"width":78,"height":11}},{"id":"26cad7b0-82e6-4b51-b981-49d57ce4fc55","block_type":"box","text":"e.g.","page_number":111,"box":{"x":148,"y":99,"width":25,"height":10}},{"id":"8774c5bc-d91a-4247-9196-8fd6cad462cb","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":111,"box":{"x":176,"y":98,"width":681,"height":11}},{"id":"e4be3854-058c-4f92-89f9-278a08e27938","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":111,"box":{"x":69,"y":113,"width":813,"height":11}},{"id":"86de8770-08d1-48fd-820a-28e69ddb4ce7","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":111,"box":{"x":70,"y":128,"width":783,"height":11}},{"id":"395831a7-b491-487f-960c-66b093245ec9","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":111,"box":{"x":69,"y":143,"width":832,"height":11}},{"id":"242966d4-5b87-4ad5-b2d3-a1517a1e8d4c","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":111,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"b2297c89-f59c-42cc-8c04-09c6982c2e96","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":111,"box":{"x":69,"y":173,"width":788,"height":11}},{"id":"79dae64f-c23f-4741-99c0-4d972359f161","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":111,"box":{"x":70,"y":188,"width":489,"height":11}},{"id":"48765edb-48c3-4c92-ba18-85f1d2fb0a5b","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":111,"box":{"x":102,"y":211,"width":260,"height":11}},{"id":"77a788f2-7b10-49df-9397-df91ca18ad08","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":111,"box":{"x":368,"y":211,"width":473,"height":11}},{"id":"960d6367-5bdb-46cd-891c-8dd496b454ae","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":111,"box":{"x":69,"y":226,"width":768,"height":11}},{"id":"a27a3428-657b-4dec-a4f4-cf7f118fd23e","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":111,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"72e94afe-0716-44e7-9e21-fb78da104a56","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":111,"box":{"x":70,"y":256,"width":760,"height":12}},{"id":"ccfda1dd-1994-494f-a62e-57e14b6fe474","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":111,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"12d6cb3a-1604-4802-9d46-cbf259cd3506","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":111,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"57b45872-a891-49c5-b305-1680837dd5d8","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":111,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"8a09a1ad-d237-4b21-a6a5-a5de37d5a186","block_type":"box","text":"Municipal Investments.","page_number":111,"box":{"x":102,"y":324,"width":169,"height":11}},{"id":"98e486e0-156b-4905-9aba-3c82e475c6f8","block_type":"box","text":"Cer tain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":111,"box":{"x":102,"y":347,"width":763,"height":11}},{"id":"6409b38d-e6d7-4d35-b936-b9502aee1c24","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":111,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"ff757699-d2bf-4e1d-9108-16b9c4bdc058","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":111,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"9ed0abba-0708-45c1-9f7a-2dc34ceef8bf","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":111,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"f220c6eb-181c-4ecb-b35b-84ca9bd6f7f0","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":111,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"956d3fcf-0a07-485c-930c-fa1107e15d26","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":111,"box":{"x":69,"y":423,"width":779,"height":11}},{"id":"19eb382e-5fac-451f-9399-85b79c7c2e26","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":111,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"e153d179-b947-4836-981d-af710f4e2ce6","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":111,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"ce33efc1-6bf2-4bb6-a202-0b47ab55472f","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":111,"box":{"x":68,"y":468,"width":834,"height":11}},{"id":"ed3b5f87-b600-4489-a632-1746193528ac","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":111,"box":{"x":69,"y":483,"width":801,"height":11}},{"id":"3c25f477-54ea-43af-ba84-ec2546d97a92","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":111,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"39b66a2e-e1f3-415a-9f33-62f89715ecf1","block_type":"box","text":"more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":111,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"1a8ff94c-b46f-41b1-8301-b3e1c18ef66f","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":111,"box":{"x":70,"y":529,"width":809,"height":11}},{"id":"c0c5e06e-5eaa-47c4-bcbb-c0c1425c8eb8","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":111,"box":{"x":70,"y":543,"width":826,"height":12}},{"id":"21a2e68d-ce0a-4f36-8f4c-da5473c0ef2c","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":111,"box":{"x":70,"y":559,"width":834,"height":11}},{"id":"24d93399-7ff9-4e28-8321-3d41eb335fa6","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":111,"box":{"x":70,"y":574,"width":800,"height":11}},{"id":"002f8011-3ca9-4070-b098-10b677ec8524","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":111,"box":{"x":70,"y":589,"width":819,"height":11}},{"id":"05ef4716-f1b9-40b2-b096-0b445a7369c0","block_type":"box","text":"exempt from state and local personal proper ty taxes of that state will be considered “State Municipal Bonds” for","page_number":111,"box":{"x":69,"y":604,"width":805,"height":11}},{"id":"3b194a35-8219-4372-9512-0e5df15fe96d","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":111,"box":{"x":70,"y":619,"width":805,"height":11}},{"id":"7de66d47-3534-468e-8b2b-7f3e12f34464","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":111,"box":{"x":70,"y":634,"width":721,"height":11}},{"id":"afa99152-3c81-475a-a6a6-8cbfdfe44816","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":111,"box":{"x":102,"y":657,"width":495,"height":11}},{"id":"45419715-6b21-4a64-a220-8db2ea193c33","block_type":"box","text":"The risks and special considerations","page_number":111,"box":{"x":603,"y":657,"width":260,"height":11}},{"id":"f29666df-aa7f-4e86-b891-47f58617e39c","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":111,"box":{"x":70,"y":672,"width":806,"height":11}},{"id":"c2bb46c9-c345-4a2b-8e4b-16662c61930b","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain instruments","page_number":111,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"3e317af4-1302-42b4-8f13-20afc4fb09e7","block_type":"box","text":"in which a Fund may invest may be characterized as derivatives.","page_number":111,"box":{"x":70,"y":703,"width":453,"height":10}},{"id":"d90f57f4-2480-4c90-8614-23179147a74f","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncer tainties in the municipal markets as a result of","page_number":111,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"6e590663-7315-4992-9ce5-1e0b09b06214","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":111,"box":{"x":70,"y":740,"width":829,"height":11}},{"id":"4071c957-88a5-4daa-b114-d3804aece970","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and cer tain provisions of the","page_number":111,"box":{"x":70,"y":755,"width":814,"height":11}},{"id":"4fdfe1a1-8b96-4919-9b62-18c2d89d681b","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":111,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"65054547-cdaa-450d-952f-c6b94f32e9ca","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":111,"box":{"x":70,"y":786,"width":834,"height":11}},{"id":"fa425202-b426-4ef1-bc91-5d8b83d2db54","block_type":"box","text":"uncer tainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":111,"box":{"x":69,"y":801,"width":761,"height":11}},{"id":"323cf5e2-898a-497a-9249-c5e92ca9c8a5","block_type":"box","text":"II-57","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"20590dcd-9278-45c2-80da-02e3a9447dab","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4011ff52-cf2e-4748-9a0b-2a76c84164cd","block_type":"box","text":"Description of Municipal Bonds.","page_number":112,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"5cd785e4-7b44-4ab0-b19f-08e0e7311abf","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":112,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"8f8b08e0-8c1a-4e49-9717-76ca83f35635","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":112,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"0dadf6ed-0db3-4cdb-b4a8-83c849b3621c","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":112,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"8db8c84e-81d5-428f-ae5a-5506d8d8acee","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":112,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"840cc9a8-88e5-4578-8b1b-d780393a4ce0","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":112,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"9ba8c717-e0ed-44f3-b01a-6e7286504359","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":112,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"547a0621-825b-4681-8df5-ff5d77c0c90e","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":112,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"98ec5496-9b85-4f29-87fa-0ceb6728f0c1","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":112,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"ba128714-e5f9-4998-9542-18d17c49ef67","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":112,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"fa393899-6c62-4862-9c5e-e4f795b6f6f3","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":112,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"342e7b0e-5fe0-4a2d-b22c-5051892ab965","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":112,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"4742faff-867c-4479-bc4a-8b32d678e7e4","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":112,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"df39935a-ca73-499e-be63-cfd5a1b87095","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":112,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"22afe1d1-8cfd-486f-84fb-cf450c006c23","block_type":"box","text":"General Obligation Bonds.","page_number":112,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"89d75809-9ecc-464d-a2e7-842f483c4ade","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":112,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"ac69a788-d038-42f8-8497-37eebe348c64","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":112,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"aeb9cae3-851c-474b-ad30-0dca1d17ad59","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":112,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"ae417dbf-bb36-4015-b21f-e1a1f38c8697","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":112,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"e848a5ef-67b1-4cbb-8619-7c965d59efde","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":112,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"b5967c19-2b3b-4cb2-a7b5-42e03ef62fa1","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":112,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"16e301e2-0a37-4d99-b8a1-0590d45006e3","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":112,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"b2bba37d-a6d9-46ca-8e8c-6df6e2048f90","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":112,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"381d9b44-9575-4299-b431-00e834be035f","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":112,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"83d41da6-a8ee-41f4-8619-8464b76ba645","block_type":"box","text":"Revenue Bonds.","page_number":112,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"ec5904a5-308f-410c-9733-ce5ed10befe9","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":112,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"8f8eb000-281d-40bd-9d98-95fa655d5f97","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":112,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"5a0e4246-eb08-47f7-a08f-4ce935dfcd65","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":112,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"5fa06ead-d4d6-4cb3-86c9-7522f859b2e1","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":112,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"2ababe38-af0e-42c7-9b2e-411e4d332374","block_type":"box","text":"viability of such facility or such revenue source.","page_number":112,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"1523e875-e591-4a23-90d7-1dc225b16b5b","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":112,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"780f4817-6907-4ec6-8c17-7e12ba0e27ba","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":112,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"38002304-1812-47dd-9f35-cb31d23c4bbb","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":112,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"2d6b1411-074d-4b99-8075-e4b4446886f5","block_type":"box","text":"recourse against the proper ty owner, may be junior to the rights of others with an interest in the proper ties, may pay","page_number":112,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"699af8e5-b409-4555-8479-af8c36e56045","block_type":"box","text":"interest that changes based in par t on the financial per formance of the proper ty, may be prepayable without penalty","page_number":112,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"561c6db8-3a00-4578-b81b-e98cf19b9d15","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":112,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"db96e9f2-eb1b-4593-ab27-b26a752cb489","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":112,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"f1ef64ec-dd66-4e23-85cb-cced3381c1de","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":112,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"fcfe4575-5478-4bf8-b8f9-656d466e565f","block_type":"box","text":"PABs.","page_number":112,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"e0c95514-3831-413e-a836-b7e03a08bf61","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":112,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"8e611bdd-94e6-401a-b6b6-8b50cc11d0ea","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":112,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"2cf91360-aeb6-400d-9f21-6267c56ad95c","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":112,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"3d7cbfe6-ef67-43a8-a1e0-83079aa92be8","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":112,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"2aa29129-ae85-4691-80d9-47e57e178fa6","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":112,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"542f1fa3-87e9-472b-af54-d2453ca036b0","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":112,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"2a9b0355-51fb-40e2-aa91-0daa7989560e","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":112,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"95a58836-ffe4-492b-8b8a-4dcf364d717a","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":112,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"51e0d79f-83c0-4d7a-8567-1bfe0aaaf3da","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":112,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"868cb750-5b25-4831-8389-eb8559399c03","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":112,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"8f20db66-8427-4e27-82ad-b4ba144dcac0","block_type":"box","text":"the par ticular facility being financed.","page_number":112,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"4d9a5d1c-00ac-4e6d-bf8f-29d11b840783","block_type":"box","text":"Moral Obligation Bonds.","page_number":112,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"9334c40a-ff68-4c0d-86b3-96a3f0fe56e4","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":112,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"0e8ade5d-188d-41fa-9476-25eae9ea67e4","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":112,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"9689180b-50d6-4d85-b4f8-cd245a8564f7","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":112,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"a6b3818a-430a-40c2-9291-28c1233e1fde","block_type":"box","text":"that issued the bonds.","page_number":112,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"bb904d7a-4a77-473d-a305-42f76e9fca2f","block_type":"box","text":"Municipal Notes.","page_number":112,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"bea472ec-f436-4e53-b22d-84ecae9c564b","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":112,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"c26f8699-6729-4a94-9982-209a3308f5b2","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated proceeds,","page_number":112,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"6964fac6-ca6c-4b72-a307-58ad16d97135","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":112,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"4de94cec-f1d0-4d2b-9fdf-e6c0f0adbf5f","block_type":"box","text":"II-58","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b019eef7-57da-43dd-9ed8-6a63b2990030","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"34f16a10-328f-487d-bf34-773521b1a975","block_type":"box","text":"Municipal Commercial Paper.","page_number":113,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"2cd1f76f-2cbe-4d76-8ad1-f6a2d86260ed","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":113,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"b659aa98-da8f-4a44-9607-f799b5a282cb","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":113,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"78fbe230-cc6c-4953-abd5-76d23e44d233","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":113,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"317db6ec-bf3c-4c88-89af-c4dc6745df86","block_type":"box","text":"Municipal Lease Obligations.","page_number":113,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"4b63c59f-9c0c-461a-b6d5-146b5f35c0a5","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":113,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"ddb72f69-0b3c-4c4f-b189-0c72a39146b2","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":113,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"194c64ef-3384-4cd3-a773-60054b0e8d24","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":113,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"6e3ef75e-4cb3-4388-85b2-26d09f758392","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":113,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"cd950adf-7f28-4f23-b6f7-0ad6cfd2c033","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":113,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"c542bf3a-1c50-4db5-b6cd-d3600b761f66","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":113,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"2242ed83-272b-46e9-9d7f-f38e185773c3","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":113,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"79f371ca-3030-4a6f-bf08-176d4fcd69d2","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":113,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"7fd04b66-683f-4358-b648-0ef2aac7ef97","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":113,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"86d766d8-befc-4be4-ab6b-0259b3ed807e","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":113,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"d5e5f7d0-4d54-4aef-b069-1836b31a26c9","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":113,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"5808adc4-3ea6-4dd3-9ca1-1f3df4f68023","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":113,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"74c250ff-cf83-4529-a8cf-f6ea5c0a24fe","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":113,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"dd6adbd0-f31a-457c-a0f9-b2a149329444","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":113,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"957e264d-d64b-4dc7-ad3e-06bb3394740c","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":113,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"ec788899-bc6d-4d5e-979b-a21bb79d2658","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":113,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"bbbcc496-2ae2-454e-a789-d78ae4693a7d","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":113,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"bb01bfd6-568a-45ad-baec-ac77408b323a","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":113,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"a3f77e0a-36fc-459b-af16-15c2444b6a98","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":113,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"f5015749-c503-4f40-ae90-98bba743ca4b","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":113,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"ae3b45f1-5ea1-4f27-b398-1f8a2ac59c19","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":113,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"51fa1819-7fb9-4bd8-be27-5e90e01a4fa8","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":113,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"05a3f4ff-c666-4f98-9d11-11620a1abbca","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":113,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"77e394cd-a302-4950-8fce-f111b7fc8d91","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":113,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"59c7cd26-0d39-4c94-b43d-7cf894cd070d","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":113,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"956aa39c-6d7a-481f-9840-e39cbd1ebaf6","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":113,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"2a8d7d79-63f3-4b27-9946-ddfde0f0377e","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":113,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"49d109da-8fa0-4c49-91d4-b0037d25c63f","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":113,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"9a39dba4-2471-44a2-98bc-60cbbee69350","block_type":"box","text":"Tender Option Bonds.","page_number":113,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"6be0291f-b3d5-4d03-9483-af146554a94f","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":113,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"4840ffc0-4281-4c36-9a85-54d6b85e418a","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":113,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"fe09e0f1-26a2-4b24-93bd-6a5d189cb83e","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":113,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"c65b86f3-572f-48f8-bf20-f39cea40c253","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":113,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"3576a8f2-2b65-4096-a824-a34bb118ee1f","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":113,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"62538b9c-2adf-496a-8961-80a7a0b1ee25","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":113,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"f96915c7-fb54-4e14-be47-a2086013a46c","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":113,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"d48b0c59-838a-430b-9bed-8cdc3965b5f8","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":113,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"c29454c5-9b8e-4ea7-8b59-e1f0c5beee07","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":113,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"d8df469d-6757-4ebc-b0d1-2e9dfd094629","block_type":"box","text":"beneficial interests: shor t-term floating rate interests (“TOB Floaters”), which are sold to third par ty investors, and","page_number":113,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"ca5e3a5c-22f7-4632-9cdd-63dbfe167301","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":113,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"6528d7d5-3135-4a1f-b3f2-4a352084335c","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":113,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"1f904fe5-356f-4a30-aece-600d84cf82ec","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity suppor t arrangement from a third par ty","page_number":113,"box":{"x":68,"y":725,"width":829,"height":11}},{"id":"79f652f7-e3a5-4c72-a8d2-3e00c6ab579b","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":113,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"326d1b2b-6f27-41a9-8045-f1147a044316","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":113,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"40a65538-427f-494e-a7bb-ab0acff6d320","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":113,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"67b579cb-39ba-4903-92d5-51f6ca0ee82b","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":113,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"d1675126-3a00-43b4-a04d-4af34fbcbf39","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a por tion of the TOB Floaters sold by","page_number":113,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"ce3d549c-13c1-44b2-9bde-a134d04f3ef4","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a propor tionate amount of TOB Residuals to the","page_number":113,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"6693ed02-a09a-4e21-b9d7-a689563b3e6d","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":113,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"843c2d02-85ad-410f-a6a9-3c28514bd5a5","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":113,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"e3a3fcda-b399-4b80-98cc-fcbe0570cbb5","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":113,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"e8ca1bd6-f17d-40ea-8a22-d4fbf7317478","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":113,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"4739c9db-19ac-4894-b677-e26c75ab1b26","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":113,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"0f757079-d2cc-454e-b482-55ad62f20a55","block_type":"box","text":"II-59","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ed1d97f1-dd01-4cb6-a2ef-28348acba5a5","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"675dd7f4-b8c7-490c-b491-92e77784972c","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":114,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"dc22b953-d576-4744-ad7f-eb0f310fb1c9","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":114,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"4048770b-57d4-4aa8-b83e-7ea7c0c965bb","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":114,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"1adbc116-e402-42ab-bd2b-1639246d6c64","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":114,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"ae3ef126-2998-4e19-aee4-9f6502489a62","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":114,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"99021354-91d1-4c8f-bc76-75fb23500adf","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":114,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"1f9a2a91-6029-438b-bd63-4439cd086a0f","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":114,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"96987409-08c8-4852-8cb3-ba5e64baf5de","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":114,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"97973001-e7c1-4cdc-abbe-ad969313caaf","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":114,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"b912eabd-1908-48a1-885b-01b12967a213","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":114,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"7952e423-7981-448b-a11e-196a48304db2","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":114,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"6a0132f8-8f5d-46c1-ac71-2714950a21fe","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":114,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"a420101f-84b8-4f11-92fd-b80b7b7539d2","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":114,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"dbeb3c0b-a1ab-4b0e-9244-f4d173427340","block_type":"box","text":"issues.","page_number":114,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"33935a53-64ab-4506-8586-134133578ba5","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":114,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"fad0c7e3-f863-4981-8840-7c9fb5f5eaaa","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":114,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"71cae67b-40dd-40dd-a19a-70e5db17d88d","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":114,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"38ec08d9-1c1c-46cb-8ab3-32dfa65fc773","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":114,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"63f6c102-134b-48ab-a652-4a24a541ae02","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":114,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"a8fff0d8-6da3-4a46-a7b2-736486d97c17","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":114,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"3bd55c59-1b95-4bc0-9dd7-302ff5df2be7","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":114,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"15882457-4355-4861-9dcd-f451b1c8f189","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":114,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"ddc9f4ed-8864-4485-84e9-2401b4e3c879","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":114,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"4c229c81-11d9-49ff-838a-798aff1972a2","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":114,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"a678bb23-f5c0-4f79-992f-e4e612e4c42f","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":114,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"43dfb3e0-684b-4dfa-9b39-4aa3c189ba26","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":114,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"f35e7a35-70ff-4e8a-90d3-54f125947be0","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":114,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"260ec136-b98f-41ab-b4ac-4afb8dfb85c7","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":114,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"4eb3c96e-ea6d-4035-b2b1-6f81d71a9417","block_type":"box","text":"i.e.","page_number":114,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"9ce9c161-608f-4f9c-a883-270e9711bf35","block_type":"box","text":", the Fund). In contrast, in the","page_number":114,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"bc5f5615-31fa-4a7a-8dc2-52f4688f9f8d","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":114,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"2675f870-7880-4224-930c-bfe6344e5aef","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":114,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"35cfaf8a-3d19-4ec3-a555-d6182de3803c","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":114,"box":{"x":101,"y":529,"width":733,"height":11}},{"id":"5dc6943e-01d1-4c11-acad-3fbd1f43585a","block_type":"box","text":"suppor ted by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”)","page_number":114,"box":{"x":69,"y":543,"width":810,"height":12}},{"id":"3f9fca03-ce9f-4fb4-ae6a-8077ed148bc4","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":114,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"51c2c510-7446-4844-924b-00c8e1914fa7","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":114,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"199bf8b6-0cbe-46a7-a7fb-2f3c48d5fa31","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":114,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"cb0c83d9-8925-434d-85fa-b0ff7deb9c0a","block_type":"box","text":"loan from the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":114,"box":{"x":70,"y":604,"width":504,"height":11}},{"id":"436f2618-4b03-49b9-ab33-00f702c9bdee","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":114,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"3fe62e8b-4b37-45fd-81a6-f494d74fdaee","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a por tion of the Municipal Bonds","page_number":114,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"b7b02800-64d5-48ec-a087-631b2eaf830e","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":114,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"5c07299f-f35c-4503-8320-cc29a09cb852","block_type":"box","text":"liquidation proceeds (the “Liquidation Shor tfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":114,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"b4e17515-3d58-40d1-811b-6c7c93f3427e","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":114,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"0b81e57d-cb23-41a2-9db8-6f498cb5a8c0","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shor tfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":114,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"f28f831d-7460-4663-9a57-6daea61e6783","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shor tfall. If multiple BlackRock-advised funds","page_number":114,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"e9857846-2f9f-46cd-9a8e-3869fc0d69d6","block_type":"box","text":"par ticipate in any such TOB Trust, these losses will be shared ratably, in propor tion to their par ticipation in the TOB","page_number":114,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"f26d9e6e-3e46-421b-9340-9435f9d7310d","block_type":"box","text":"Trust.","page_number":114,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"d02bd604-4c1b-4db8-87d1-7dcf1c4f54d9","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":114,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"7fc66135-baa0-4332-8aa3-26245744aa9a","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":114,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"442649df-a6f7-4e9c-8f52-339b00b31f0b","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":114,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"7470f16b-6877-4838-8f36-b13e2a640791","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":114,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"feba1147-bb79-48cc-939f-057419865820","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":114,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"df8b013f-f67c-4739-9615-58e38c976773","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":114,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"053c62e9-233d-4b50-b37d-1d94de39da8a","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":114,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"f02e0c86-4e1e-49b0-86e2-193efadf332d","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":114,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"533fd396-c5e4-4c1d-9990-5dbb9a9fdda6","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":114,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"2eb2de7a-d1fd-4d5b-85d4-3acbfa77f260","block_type":"box","text":"II-60","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aa6482be-4630-4046-943c-8649824b1290","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45cf201b-b0f3-4f5e-9984-8f0178fa147a","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":115,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"e7431d29-4c55-4860-b899-d10c1180f00e","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":115,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"f1807a85-1a26-490b-a3dc-46af6b290f04","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":115,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"5353ab9d-51da-442f-9be3-64c7e5bebff8","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":115,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"09ce9803-5142-4e84-a3ed-7b29a289c71a","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":115,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"51e8eac2-9b5e-4288-9f44-f1c906a2ba72","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":115,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"584cd6e0-7001-4d0d-899f-31b7da361413","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":115,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"79480dc5-2cbb-4935-8894-608dca145c8d","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":115,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"7118a05a-d24a-485d-9d89-aa2799c1e164","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":115,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"422a126f-76cd-4811-a2f9-988ba75abbc0","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":115,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"71f150b7-79f5-4b2b-b052-0e96e973ec06","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":115,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"20805573-055b-42ee-8903-f3c4667cde13","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":115,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"35308dc8-121d-437e-9cd6-c4a477229c3a","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":115,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"edce940f-f261-4784-b055-72d46a6c9d79","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":115,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"85e82615-a599-4237-995e-2cd28e81fe76","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":115,"box":{"x":102,"y":279,"width":799,"height":11}},{"id":"d3d88b56-a9a6-4107-b81b-da1d6f6c8952","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a new structure for TOB Trusts designed to","page_number":115,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"4de67829-1068-41df-8c1a-a4281d693acf","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":115,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"23cd950e-62bd-413f-b2ce-16daccb0fe9b","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":115,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"5df4e84f-da57-47e6-9f58-897fe2e225c4","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":115,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"b0eac34f-a6ce-47df-a19c-4de2774fae25","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":115,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"da91bc61-7481-4d2c-b5bb-97520f6f3c19","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":115,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"6f3e29eb-1e93-48c9-af51-f07a9a3adbee","block_type":"box","text":"new TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":115,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"07ab1694-378b-4023-a825-6082b4ebadf0","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":115,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"4540accd-8c8e-4bfe-b058-a48dfee3f2b0","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":115,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"dde50a1c-999a-44b1-a35e-5f421ece0489","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":115,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"51dd2700-5c06-4d32-9dcf-c8bdaf8861e7","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":115,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"9e62693f-d457-489b-81fb-943c1c036cb4","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third par ty investors, and the proceeds of the sale of","page_number":115,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"031ab0e5-5e34-4cdc-91a0-3a00f3fd0251","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":115,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"e3add3a9-6516-43d0-a8ae-433931624e98","block_type":"box","text":"i.e.","page_number":115,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"95aca42b-809e-412b-8ba1-d82a6f94c8f4","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":115,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"d508a30a-6dde-4df9-805b-355bf3311b40","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":115,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"ef98051f-a695-4cb9-aa0c-09563e06a0ab","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":115,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"f5d2b924-32e0-42b0-80e3-1565bf2b1682","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":115,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"3296c2e8-a0b3-45de-86c7-b4d58f6ce12c","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":115,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"3a80c140-0cb4-4918-8e66-cea1b3f9642d","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":115,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"b60083f1-3dd6-4483-9884-82d0863042ab","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":115,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"77941bd8-6dfa-45b0-a5f2-fb3d3f25e3fa","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":115,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"2dbff3ee-8e5c-40a8-bf86-14c2ba002d2a","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":115,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"c3c8362d-d960-4d30-aefa-112ac741ceb1","block_type":"box","text":"recourse TOB Residuals under the new structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":115,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"5548c7f4-f70c-4c04-933b-14afdc69c601","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":115,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"8be86345-8ae7-42dd-9643-60be8b8ce809","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shor tfall if it holds a recourse TOB Residual.","page_number":115,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"0b517dda-049f-42d8-a9f9-e48b2e76d0bd","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":115,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"060b02c9-aab5-44b9-a669-a40586683603","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":115,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"ffcc4d16-65e9-43fb-8e4c-5edbe46bb271","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets suppor ting the TOB Trust’s Municipal","page_number":115,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"918f98d8-0b02-46d3-bd07-e132457df7aa","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":115,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"663fbb8c-fa71-4401-9f33-ebdd73761ec8","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":115,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"32dd6392-4d3e-4269-9682-e9d7acda8d22","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":115,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"51e91574-ee94-4343-ab63-ba44576fa44b","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":115,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"37ac4088-c8b0-4eb0-b540-78faf6905c71","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":115,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"adde857a-681c-4bb5-89cb-1651df4e85b5","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":115,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"6bf5fa3e-1514-459c-a20c-4a24a68cf94f","block_type":"box","text":"market is not yet cer tain.","page_number":115,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"3120ba4c-15de-45ff-9243-ed2f72eb4007","block_type":"box","text":"Yields.","page_number":115,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"689d6d09-0b8f-4853-ba6b-9b36863b0599","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":115,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"518882ba-dd79-4ac1-b315-2166918eadf0","block_type":"box","text":"money market and of the municipal bond market, the size of a par ticular offering, the financial condition of the","page_number":115,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"77814be1-13f2-4aa9-9161-e85baba95314","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":115,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"12300ae3-4351-4da1-9834-6de0d062ab0b","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":115,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"24bd3c89-ea62-48dc-b188-692bd714f709","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":115,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"023b083c-00e6-433a-b740-23644381566f","block_type":"box","text":"II-61","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"494adbe9-eb2a-4aa9-b93f-847e34acb403","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b77b708-83cd-4374-9853-1f538ed3e1c3","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":116,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"1521c169-1235-4f9e-8f25-cf88a47a5c19","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":116,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"d41736e5-bb5b-4087-b82e-077590233726","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":116,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"9cec9136-5bb7-415f-9998-ed1c6aea14a1","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":116,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"e25dbe18-4ac4-4776-9425-269499ae9da0","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":116,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"9114b158-22af-4e7e-af4e-f9d81189cf04","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":116,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"bdbc7880-b7d8-45e8-8d00-ac8b82afc026","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":116,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"a2875c78-c2d0-4d02-a6b1-2c1427f77454","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":116,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"c4d55e97-dbb8-420f-bc06-459b087fcd5e","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":116,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"521d81c7-4aa9-48c7-a81b-99c059bf1a68","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":116,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"64cdbffc-87ed-4ba8-918b-dbc7f0b28467","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":116,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"3a792de3-02cb-4ea2-b791-a490c0d974e0","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":116,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"24cf1777-5528-4bc8-b20b-1a9e8bc1707e","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":116,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"6744833a-d970-4cc8-87d2-92427cf2e0a5","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":116,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"31d23734-4232-4df2-a049-cf14202d170c","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":116,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"8da45958-8d99-4301-94ea-0fca9701b305","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":116,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"3f75fb55-8f15-4501-8de5-b8436db471af","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":116,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"3d83ef77-fcdc-42a5-adc6-1c18d32af562","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":116,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"490cc318-64d7-4583-a67d-5a6ef0e4d5d9","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":116,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"2b4bcd19-6007-42fd-8a3b-9522e613397d","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":116,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"2e4d0dfc-bb2d-4e81-90dc-9ce870d63ce2","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":116,"box":{"x":68,"y":347,"width":817,"height":11}},{"id":"9ac85fd5-cfe5-4785-837d-b092f01d63a1","block_type":"box","text":"exempt municipal revenue and general obligation bonds. Each bond included in the Municipal Bond Index must be","page_number":116,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"cef1311d-6de1-46b6-bcd7-85d169c2823f","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":116,"box":{"x":69,"y":377,"width":811,"height":12}},{"id":"9be31f5d-b784-482b-b745-ced02a9d6c44","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":116,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"b2fedb02-70ce-427d-84ff-92ccd227e9e6","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":116,"box":{"x":70,"y":407,"width":825,"height":12}},{"id":"082945ec-fe9c-4dbe-b9dc-20bf936143fd","block_type":"box","text":"price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":116,"box":{"x":70,"y":423,"width":656,"height":11}},{"id":"c4214c2d-5b92-41ed-9606-20a84ae30e3b","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":116,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"57532856-a66f-4b84-a23e-68912f0630c8","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":116,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"85c37cc6-0a27-4e8a-aac7-2a0677dfe844","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":116,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"26435213-36a9-4dcf-9a5d-212cb73cf006","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":116,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"9a02a862-a513-4603-b1bd-a5d8b2a5c47f","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":116,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"fbd0031d-a5df-4740-98c1-64b9eeeaf722","block_type":"box","text":"effectively all or a por tion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":116,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"ba4ce114-97c0-40d6-804f-23b4fddeed37","block_type":"box","text":"depend in par t on the degree to which price movements in the index underlying the financial futures contract","page_number":116,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"cc6915ac-c55b-4051-93ce-fdbf81e53dd2","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":116,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"86e96729-04c6-4f34-bb45-2568e30334b1","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":116,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"c5d9e419-aec5-47be-ac9d-246c96c6c5d7","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":116,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"046a8b14-3e13-4eef-83a0-b1e70a383519","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":116,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"0e4c14f3-52a9-4ad9-9d00-cfbb53ca8a29","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":116,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"eb07ab8d-c747-47f5-b67c-721569a90008","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":116,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"d109b049-a34a-4311-a3a6-77b3175eb956","block_type":"box","text":"affected by similar factors and the risk of imper fect correlation between movements in the prices of such futures","page_number":116,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"6af5541b-9e12-41d5-abaa-488eb9af47d1","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":116,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"4cc93f48-2a60-409b-91fb-ff8f3cc3229c","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":116,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"a9cc0a63-664d-4904-b4b7-68951b3c6ff1","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to cer tain market risks, such as inadequate","page_number":116,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"d8175ffa-936b-4b3a-857a-67cdc2328b29","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":116,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"f52d2429-8d0d-46f8-9e00-d827abe2900b","block_type":"box","text":"Call Rights.","page_number":116,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"8992917a-7069-4eb9-b3ba-a99255a98c60","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a por tion of such Municipal Bond","page_number":116,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"13963cbb-ad5b-4886-aebc-9c28d755ebeb","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":116,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"d4429e5a-269f-4dee-aac9-093603ab1aa0","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to cer tain conditions. A Call Right that is not","page_number":116,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"2ff08773-3762-4428-aae9-74c5f1e17aad","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":116,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"ffc12dd9-eb8a-4b9f-8d91-91c915144ae2","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":116,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"d5430873-3c46-4065-ad8c-49bc82e7901e","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":116,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"a8f668dd-c1a3-4915-8343-a3abc145e3ce","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":116,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"aa4ee98a-4465-4f0d-9f11-8356c128bf79","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":116,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"4d062ac8-b8f6-4753-bfae-2922d1f2e393","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":116,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"972d6835-9f21-4044-bc52-be08ee06b62d","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":116,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"93e0b514-460d-49b6-a63c-e0285ee22955","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":116,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"bfc55522-bbb2-43a5-8ef8-699372ab5b38","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a par ticular investment or por tion of its por tfolio or to","page_number":116,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"242ae7fe-1b77-4362-ba5d-401d2e32ed48","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":116,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"cd0b8903-27a6-433d-a36b-c2832062af4b","block_type":"box","text":"II-62","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7757363e-c8d7-46e7-a4b6-536ae9b5c011","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67a3abb1-ee59-4592-bb1f-876d08575222","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":117,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"91ddce86-cfa4-4140-8a63-a991c39cf5a5","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":117,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"0d78a4fd-d7d1-4112-91b0-1810146a8d29","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":117,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"14a3e883-d39d-44ed-a5df-5fbfbe617a85","block_type":"box","text":"i.e.","page_number":117,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"5ab06adb-e32c-4d10-8fb2-e6910a43caed","block_type":"box","text":", wide differences between shor t term and long term interest","page_number":117,"box":{"x":449,"y":75,"width":436,"height":11}},{"id":"5c299f8e-e1ff-42b8-b4c7-1a5d20e54636","block_type":"box","text":"rates).","page_number":117,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"5843a034-524d-4681-ba4b-f0d6a1aa4a4c","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":117,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"286a9bca-04bf-4aee-8e7e-3f40937189a8","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":117,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"fefb9633-3a26-43fc-94a4-70ce6a8e7bf9","block_type":"box","text":"e.g.","page_number":117,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"371434ca-5fb0-4571-86af-52138bca6576","block_type":"box","text":", an exchange of fixed rate payments for","page_number":117,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"947fb611-23bc-483b-b7ba-34cb89a93b8e","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":117,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"82dde441-4f22-4230-b630-0d842ea2dfe1","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":117,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"53e0a2e7-b980-4b98-b031-25e08d2284f8","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":117,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"0df9264d-2f13-4afe-a34f-83c6820e7a3a","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":117,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"c2095b9e-92cb-488b-ac02-d6cb8b3fd755","block_type":"box","text":"with the same attributes as the swap (","page_number":117,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"836c6963-adff-4a3d-8f76-c7c13eeeeede","block_type":"box","text":"e.g.","page_number":117,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"b7f58418-9cbe-4b45-b739-54cc9eded481","block_type":"box","text":", coupon, maturity, call feature).","page_number":117,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"4124991c-3d32-48f9-8ec1-163e78001082","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":117,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"5f3bd8ca-f4e6-437c-ae75-235b4e34fe43","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":117,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"1d195e95-610d-4676-acda-e360bf7dc5e0","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":117,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"b496b893-5f3c-4e2a-9726-393e5c235bae","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":117,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"860a0ce4-59a7-4f0c-840e-0398a5a8416e","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":117,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"64e3acbb-eb41-4fb2-8c7e-ee8d0e2b93cc","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":117,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"b4a029d7-3240-4567-b893-16fff852c453","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":117,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"2b52bf10-eff2-41fd-af67-72df287bd227","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":117,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"f1b3b335-ee75-4e1c-98a9-88f55a9350a9","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":117,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"aec2bc97-90e0-4bdb-ab51-22d98c1d0c5a","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":117,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"6baada8b-65ec-4c53-816a-bdc8c30d972a","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":117,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"0dc35501-a858-4495-991d-d3b6176ed7dd","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterpar ty equal to the actual level","page_number":117,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"457fa0d7-6c7b-4215-b7fe-61af456d57ac","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":117,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"34f59a92-f92b-417d-92be-be5ace4362b3","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":117,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"9b18e3fc-e59d-4b54-88ca-fe5563f6067d","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterpar ty in","page_number":117,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"a6835a44-f35d-48bb-b5cc-8a83e67474b3","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance. A Fund has no obligation to enter into SIFMA or","page_number":117,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"83bc45e4-37ea-49b9-af24-83994f30758c","block_type":"box","text":"MMD Swaps and may not do so.","page_number":117,"box":{"x":70,"y":476,"width":229,"height":11}},{"id":"4937dea5-6af0-4e17-86eb-2f596eec4373","block_type":"box","text":"Insured Municipal Bonds.","page_number":117,"box":{"x":102,"y":498,"width":179,"height":11}},{"id":"afca6b37-451a-4942-8f40-3e75fa2efc31","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":117,"box":{"x":288,"y":498,"width":619,"height":11}},{"id":"13c32206-7c7e-49bc-b4ce-1d30f086ec73","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":117,"box":{"x":70,"y":514,"width":835,"height":10}},{"id":"4ea51c15-63e1-4cfd-9448-20d8609ebc0a","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":117,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"bce624ca-bcc9-411a-b1f0-ee0043cc8495","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":117,"box":{"x":69,"y":543,"width":818,"height":12}},{"id":"c3ac7e5e-8d03-42f1-96b5-cb01b709e134","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be cer tain that any","page_number":117,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"bc3014c2-491d-4cb1-870e-41e2dbca689b","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":117,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"be20a60f-a25e-4ad6-b29e-693cda3b0c4f","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":117,"box":{"x":70,"y":589,"width":815,"height":11}},{"id":"d56ec962-c05d-4c98-9851-d15e5ee5a150","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":117,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"d13460de-ebd3-4834-aad1-95ff487b683c","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":117,"box":{"x":68,"y":619,"width":767,"height":11}},{"id":"5d84af96-e13a-4c0d-9d3c-01e7aa1d6d87","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":117,"box":{"x":70,"y":634,"width":827,"height":12}},{"id":"064fdf6b-cb78-4947-af39-6c30dedb3d6b","block_type":"box","text":"bond could drop.","page_number":117,"box":{"x":69,"y":650,"width":118,"height":10}},{"id":"3bf18b5f-523e-40d4-aec4-cd46ad6c8038","block_type":"box","text":"Build America Bonds.","page_number":117,"box":{"x":102,"y":672,"width":150,"height":9}},{"id":"6575a5cd-333c-4e13-a708-c72009921bfc","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":117,"box":{"x":259,"y":672,"width":616,"height":11}},{"id":"d22f9203-8a8b-47e1-91ca-858bd04bc51f","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":117,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"f23dfd31-137f-4849-b981-241055868572","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":117,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"32796fdc-2ae7-498a-9258-8be1a0a38d6a","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":117,"box":{"x":70,"y":717,"width":833,"height":11}},{"id":"daf2b920-20c5-4c5e-a8c6-942942e6b38c","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":117,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"25ab1a3e-8d8b-472d-9232-dcfa0a76f7d5","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":117,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"0e28fe6f-1067-41d4-a511-87e956136481","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":117,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"603105d1-9a7d-40b3-bddd-4636ba34adcd","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":117,"box":{"x":70,"y":778,"width":825,"height":11}},{"id":"4c549145-4741-46a4-94ac-cfe644a88b4e","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":117,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"69efd7d1-0a2a-4bae-83a3-554c7fc26cd9","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":117,"box":{"x":69,"y":808,"width":802,"height":11}},{"id":"09cd0b03-5f52-4a60-96d0-4a4074b5361a","block_type":"box","text":"bonds issued before January 1, 2011) or cer tain other specified bonds. If the Fund were to so elect, a shareholder","page_number":117,"box":{"x":69,"y":823,"width":821,"height":11}},{"id":"4b4917e2-4e24-472b-a44e-82bd885cbab2","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":117,"box":{"x":68,"y":839,"width":760,"height":10}},{"id":"78abdcfc-09c7-40d0-a705-accf30a846cb","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":117,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"77b278d4-26c7-4549-b689-a932e9622d19","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":117,"box":{"x":69,"y":869,"width":563,"height":11}},{"id":"67095a69-d5e6-4d05-a37d-99e5d48a117a","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":117,"box":{"x":103,"y":891,"width":246,"height":11}},{"id":"984cbda3-4a17-4c68-9e78-c21c13c0b6e2","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":117,"box":{"x":355,"y":891,"width":534,"height":11}},{"id":"b29c0c89-8ab8-41b3-acf2-c762b968fb79","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":117,"box":{"x":68,"y":906,"width":798,"height":12}},{"id":"863a3c6d-4107-42d6-ab9b-3a7a365383eb","block_type":"box","text":"II-63","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"de65abec-44ef-4760-8291-fc1d89e14964","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"946d1336-c90d-4d50-94f3-dcca71b3420f","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":118,"box":{"x":70,"y":45,"width":823,"height":11}},{"id":"91c04155-8804-45d6-92a0-55bf8cc86268","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":118,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"dca07b27-ae2b-4284-97d7-3da21f6fee7e","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":118,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"64b78b7e-837b-4b4b-903d-5a3e2af45158","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":118,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"99193bc5-497c-4739-a316-f51504b668a7","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":118,"box":{"x":69,"y":105,"width":752,"height":11}},{"id":"9912b32f-d9e4-4f04-916a-33e2f62d8b17","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":118,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"632cbff6-d443-441b-9357-8142f80c2971","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":118,"box":{"x":69,"y":143,"width":806,"height":11}},{"id":"e3060447-db8c-45b2-8784-042de7dddc1d","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":118,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"c2fe4493-55f3-4027-a8cf-851742a6c108","block_type":"box","text":"their face value to the sponsor (","page_number":118,"box":{"x":68,"y":173,"width":228,"height":11}},{"id":"72300688-905a-4a20-b4a5-c95eba8a74d1","block_type":"box","text":"e.g.","page_number":118,"box":{"x":297,"y":175,"width":25,"height":9}},{"id":"02f19cf9-4dc8-4e5e-a2ab-c77c5227d737","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":118,"box":{"x":325,"y":173,"width":557,"height":11}},{"id":"064ff287-7ea4-4309-b6bb-ea7cd2932bc5","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":118,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"2c147b93-ec78-411f-94f9-9e650cd2c7de","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":118,"box":{"x":69,"y":203,"width":648,"height":12}},{"id":"c141d7f9-64ca-4817-893f-acc919d103b2","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":118,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"1aab6ee6-9ff1-4ba7-8132-52c53874ece1","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":118,"box":{"x":70,"y":241,"width":785,"height":11}},{"id":"c3c2fb00-3778-4ed5-80ba-a24bc41a127d","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":118,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"2bcf54f6-e6b4-4911-adf4-6f085ccebec1","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":118,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"601a78b9-1b46-449c-a1d5-f47a34fda4d1","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":118,"box":{"x":70,"y":286,"width":351,"height":12}},{"id":"0bee1e9c-4eee-4842-99d8-c77073d96be9","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":118,"box":{"x":101,"y":309,"width":797,"height":11}},{"id":"6c4ca128-05f9-4130-86bb-3610e5ff7bc5","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":118,"box":{"x":68,"y":324,"width":836,"height":12}},{"id":"84e00340-142b-49c5-83a9-303646d7e25d","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":118,"box":{"x":69,"y":339,"width":831,"height":11}},{"id":"aac2942f-4aad-48e8-87ab-735645a757cd","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":118,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"09520707-9e1c-4399-9948-619919b68a30","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":118,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"30805721-0b75-45ef-a0e2-fcf10892e9b9","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":118,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"0b4f3511-ba1f-4281-84a4-a7405bc8a1b7","block_type":"box","text":"such opinions.","page_number":118,"box":{"x":69,"y":400,"width":102,"height":11}},{"id":"025b9670-3e56-4724-8500-5dcaf1bca7ee","block_type":"box","text":"Participation Notes.","page_number":118,"box":{"x":102,"y":423,"width":145,"height":11}},{"id":"b5431744-c687-41a1-89b9-45926ad52411","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":118,"box":{"x":253,"y":423,"width":641,"height":11}},{"id":"cebae1b4-1ba1-4180-b155-255eb1c610e3","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":118,"box":{"x":70,"y":438,"width":766,"height":11}},{"id":"f2512e71-f2e3-43c1-a5a8-21463c325677","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":118,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"3e45f396-f7fe-4f1a-a864-189b9cd08c58","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":118,"box":{"x":69,"y":468,"width":475,"height":11}},{"id":"6071db20-5463-43c3-9d02-4fd9fdc5df9f","block_type":"box","text":"The Fund is subject to counterpar ty risk associated with each issuer. Investment in a par ticipation note is not","page_number":118,"box":{"x":101,"y":491,"width":782,"height":11}},{"id":"fc13b6a1-6901-406c-a127-16435dcbadb1","block_type":"box","text":"the same as investment in the constituent shares of the company. A par ticipation note represents only an obligation","page_number":118,"box":{"x":68,"y":506,"width":831,"height":11}},{"id":"670c2254-bc75-4386-9447-a1b47f0988e2","block_type":"box","text":"of the issuer to provide the Fund the economic per formance equivalent to holding shares of an underlying security. A","page_number":118,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"b20e0f09-29eb-4a4a-9fdd-4fbab5487a4b","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":118,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"0eb1bb8a-37b2-4de0-940a-48f29ca2d6bc","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":118,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"1d02e55c-a266-462f-9d74-d716d6ac814f","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":118,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"bb052bea-7cae-41e7-8d42-8408bef4ba5e","block_type":"box","text":"a par ticipation note is an obligation of the issuer, rather than a direct investment in shares of the underlying security,","page_number":118,"box":{"x":69,"y":581,"width":834,"height":12}},{"id":"e3d3daee-0461-43f7-b918-953ea0093a3c","block_type":"box","text":"the Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":118,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"8d9e06b2-11db-4c66-a2fe-ea388ab907b5","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers which BlackRock deems to be","page_number":118,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"32a263f0-48a6-4766-878e-5b79b286cc44","block_type":"box","text":"creditwor thy.","page_number":118,"box":{"x":69,"y":627,"width":89,"height":11}},{"id":"c3ad6834-3cc9-476e-821f-9c25c61f0c50","block_type":"box","text":"The counterpar ty may, but is not required to, purchase the shares of the underlying security to hedge its","page_number":118,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"50ab8cc7-5b52-4967-8203-133705c03edb","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":118,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"533681f9-0c8a-4aec-8f4e-2e41a00700bf","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, that Fund receives a","page_number":118,"box":{"x":70,"y":680,"width":804,"height":11}},{"id":"5659d2a4-c0c5-4940-ba4a-648fe64a25d1","block_type":"box","text":"payment that is based upon the then-current value of the underlying security conver ted into U.S. dollars (less","page_number":118,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"e949f941-fbd0-4868-8a0e-261ac1729e23","block_type":"box","text":"transaction costs). The price, per formance and liquidity of the par ticipation note are all linked directly to the","page_number":118,"box":{"x":68,"y":710,"width":771,"height":11}},{"id":"17e1ff72-a8dd-4120-a696-5db52b3b74b6","block_type":"box","text":"underlying security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity","page_number":118,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"068e55d8-56b6-4d14-9bef-f0e09fde7d75","block_type":"box","text":"in the local trading market for the security underlying the par ticipation note.","page_number":118,"box":{"x":70,"y":740,"width":536,"height":11}},{"id":"d7877a6d-7fc4-4cb0-975f-6d8236897889","block_type":"box","text":"Portfolio Turnover Rates.","page_number":118,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"7d9bb2e4-8dbc-4afd-bddc-39dac02be9f2","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":118,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"36451fd6-f0f5-43af-946e-a37c5dd8832d","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":118,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"29d4ee9a-6275-43af-8286-ed7245e39636","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":118,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"c53d150a-e2b2-4c92-bd34-caf4d87d3837","block_type":"box","text":"substantial number of por tfolio transactions. With respect to these Funds, the rate of por tfolio turnover will be a","page_number":118,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"c27dacac-c66a-4086-951f-94c9ea312683","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":118,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"7f786696-ac6f-4027-85b5-08f67f3bc2d5","block_type":"box","text":"the Manager will consider the impact of transaction costs on a Fund’s tracking error. Por tfolio turnover may vary","page_number":118,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"f3a281b6-babd-4537-aeca-afbd595abaf5","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":118,"box":{"x":68,"y":853,"width":595,"height":12}},{"id":"8c14a24c-7244-4597-9b90-c0935d662037","block_type":"box","text":"i.e.","page_number":118,"box":{"x":665,"y":854,"width":20,"height":8}},{"id":"44772fa0-a320-49fe-98e2-ae5412907de1","block_type":"box","text":", 100% or more) may result in","page_number":118,"box":{"x":687,"y":854,"width":210,"height":11}},{"id":"e1545317-8d64-47f2-ab62-95cf4ed1543f","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":118,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"ea60cb28-75d5-4fc5-8015-dc8936f01539","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":118,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"4b8216f7-7596-4083-95a9-87d3cda0bc23","block_type":"box","text":"II-64","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ae05e6f6-74a9-47ea-9c77-2aba997465e9","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d5b846ad-e5f7-4356-94ab-d1ab6972c4fa","block_type":"box","text":"the recognition of capital gain or loss. Given the frequency of sales, such gain or loss will likely be shor t-term capital","page_number":119,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"0da92c3e-50fc-4df4-9243-74996e7e0586","block_type":"box","text":"gain or loss. These effects of higher than normal por tfolio turnover may adversely affect a Fund’s per formance.","page_number":119,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"6ea871ad-6679-43e4-9eb9-2f00b59060c3","block_type":"box","text":"Preferred Stock.","page_number":119,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"4e5cf13c-c2c5-4d91-a654-bd84510ae5d5","block_type":"box","text":"Cer tain of the Funds may invest in preferred stocks. Preferred stock has a preference over","page_number":119,"box":{"x":226,"y":82,"width":647,"height":12}},{"id":"ddd6ae13-b45a-4830-8dfd-0477390c9610","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":119,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"dafa69ff-5ec5-404d-852b-afc3f49b3d81","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":119,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"0a2b09fc-5427-491c-ab1c-0fabb66e4e0e","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":119,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"08e97ebe-6f8a-4be3-b591-ffcb7408afe6","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":119,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"0b7e17e6-e56f-44f3-9739-71e0d53456cf","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":119,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"4ebd6827-1732-477e-b09d-868029216711","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":119,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"e2c7cac0-65fa-477b-a45e-2a60c9262f96","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":119,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"14eb9360-48ca-49ea-ba41-755217753d33","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":119,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"a3d1b892-9df1-4626-9ff2-3c4a26bd9c35","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":119,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"f2d89c91-5b6a-4bc9-8268-060e58a2ba47","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":119,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"79891856-a145-48e1-8330-1ce7e0e2f541","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":119,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"41f63990-ffbe-46f4-adfd-911a08a64594","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":119,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"2ba83f4a-a9d2-4b5c-85c5-09f88463d305","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":119,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"9f95da71-249b-48ba-88d2-0ac55be04e45","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":119,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"eabcab4b-7f65-4067-9bc4-2ab9495bc461","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":119,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"ac1afdd6-d6f6-4e5b-be95-a04cafb1e830","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":119,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"c380f4dc-cef9-4241-8385-9ef9e5c6b6fe","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":119,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"23990a31-0f00-43f0-ab21-84f83a82fffd","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":119,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"bd942173-aee4-4695-abf6-8942085a160a","block_type":"box","text":"Trust Preferred Securities.","page_number":119,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"36fb1253-8a6c-4cf0-be54-2b7dc4100af0","block_type":"box","text":"Cer tain of the Funds may invest in trust preferred securities. Trust preferred","page_number":119,"box":{"x":294,"y":370,"width":542,"height":11}},{"id":"05829f18-e84c-47a1-960d-feebcc2bc95e","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":119,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"6b19f384-3071-4aa7-83c5-4f1ade2fef38","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":119,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"0b58ff32-89ab-414c-b1d6-59fc789fc1f4","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":119,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"9cb7278b-a91b-49aa-8d5b-e62f645d019f","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":119,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"6fbe35e9-c4a5-4401-bec3-1197cafb8d81","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":119,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"49c44eb6-a418-4382-9884-de04b22c71dc","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":119,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"dc7f078d-b0e5-4b7d-8908-50650ada45b0","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":119,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"cce7527b-c120-4fe9-8543-54792b7a067a","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":119,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"1040e889-475f-4792-9933-58fce34645e3","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":119,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"86a4550a-fd28-40f2-81ee-7ccce61d7db4","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":119,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"2ad44a27-ecc3-417c-ad68-87edff79c495","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":119,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"699f3520-a268-4e3f-8ce8-b2a7379d30ca","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":119,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"dc57c1f2-b16c-4505-80fd-2510f5c8fd47","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":119,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"1650661c-d929-4496-b75c-8d4d1f435c67","block_type":"box","text":"®","page_number":119,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"6d900aa5-6cdd-4444-922a-3a978dc49a59","block_type":"box","text":"”); monthly","page_number":119,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"7d92dccf-00d6-424a-8ef0-59d132c03f75","block_type":"box","text":"income preferred securities (“MIPS","page_number":119,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"1a22a7fa-7195-4090-861e-51d4f54c995a","block_type":"box","text":"®","page_number":119,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"138224a3-cc78-4b1a-9e9f-e72311353d1c","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":119,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"c8b65961-6126-44b1-980e-98e88ecd12d8","block_type":"box","text":"®","page_number":119,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"c08fee07-04ed-4544-a725-07b101f91415","block_type":"box","text":"” ); quar terly income debt securities","page_number":119,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"d5c6e2fa-1808-4071-a52d-16b5b69c1ba3","block_type":"box","text":"(“QUIDS","page_number":119,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"68132374-e5a8-4aec-89a0-ada756bb8eb6","block_type":"box","text":"®","page_number":119,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"dfc0e079-31af-40ef-8ff6-df487e286980","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":119,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"b30a1d3c-23a0-4ab2-b04f-8fcc8f45d495","block_type":"box","text":"SM","page_number":119,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"01de69f6-5554-4184-9896-a7851502848b","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":119,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"ec0471b3-bcaf-4a63-a203-3809f86c2b6c","block_type":"box","text":"®","page_number":119,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"249df298-48af-469e-8789-f342e6fedb6b","block_type":"box","text":"”); public income","page_number":119,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"3b7b0511-2989-4aae-8636-35c2c5e87cf9","block_type":"box","text":"notes (“PINES","page_number":119,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"7dc5d90e-96f6-447c-9e21-82bb9322eeaa","block_type":"box","text":"®","page_number":119,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"6dcc8f43-d286-4da2-8097-1c5e3f9a7c8e","block_type":"box","text":"”); and other trust preferred securities.","page_number":119,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"0bff8420-1773-4c6b-89d2-549342406d8b","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":119,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"61e3a93d-3aac-4eae-a875-94aa7fa2ce1c","block_type":"box","text":"In cer tain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at","page_number":119,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"a950da07-f306-4c0c-acf1-7c54e03581be","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":119,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"f4597c15-badc-4127-8c80-dd308b6f6fdc","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":119,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"8f83358a-94af-4887-a35d-0e1294284bb7","block_type":"box","text":"regard to whether all payments have been paid.","page_number":119,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"e90cfa5f-b73b-4d32-9858-094d530b1bfd","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":119,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"c02d5438-39e3-43b9-9e73-55f457f18a0b","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":119,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"a3452c9e-681c-47b4-a52e-116f57a1fb14","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":119,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"25a1fc40-04c2-4053-afda-7a79215a7d33","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":119,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"6bef9c2f-3d73-46f4-9146-af317e0c6669","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":119,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"2ced1da5-d2d1-45e8-a4e3-a2d3b4eefaa2","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":119,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"6e0185c1-a437-4b19-a669-4c041cf90f57","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":119,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"711b58d1-86f1-4b82-91a0-afce98dd4fef","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":119,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"f235cbce-ae3d-49ac-9a62-1c12615e6f75","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":119,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"68cb59fb-5ddd-4ec1-a0d9-bca82b3357f9","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":119,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"88c18ee9-b432-417e-a455-2202faa2c60f","block_type":"box","text":"II-65","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"91b1e90e-8fb4-4c48-bdc7-5a51ed2b0d76","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cacf4db5-5239-4c83-a6d0-5bc2e9440dd8","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":120,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"6c26a8fc-7f42-4f6b-b414-302dadacd966","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":120,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"0b0f4b5d-54b1-4666-82e8-9b90f33b65c4","block_type":"box","text":"debt securities.","page_number":120,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"794e3fab-1f72-4f5a-9eb7-46f668f40839","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":120,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"eea94040-82dd-47fd-bc63-fc3e78ee3878","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":120,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"4182d70e-7045-42fb-8956-896d1d0f54d2","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":120,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"2e629e46-2fda-4629-a864-ece99a6de442","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":120,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"40e415aa-bb90-4f06-8b3b-06cfedf3eb4b","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":120,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"4c7daabf-493d-4714-a833-9516c1fb68a1","block_type":"box","text":"i.e.","page_number":120,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"377476c6-631f-4e6f-a813-d88fc8468b8f","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":120,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"60fc47dc-735a-4486-9b86-3b3db9acacb7","block_type":"box","text":"buildings.","page_number":120,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"82120fe5-fdd1-4ad6-8b7d-a1a79c102972","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":120,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"00b49b94-2a70-4d40-b1e7-0467e0ff87b8","block_type":"box","text":"propor tionate share of the costs of the REITs’ operations. There are three general categories of REITs: Equity REITs,","page_number":120,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"bbfe43e4-8aa2-445f-bb25-3841f19aa58a","block_type":"box","text":"Mor tgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real","page_number":120,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"f7cd6238-f25a-4fca-8aff-2d4b178b6cfe","block_type":"box","text":"proper ty; they derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":120,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"bb2a606c-94ae-4e20-8838-e9fd9b96afd7","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":120,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"fe6144fa-3508-4ca6-bc23-4197526170c6","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":120,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"5f5d7d1c-f3ba-4d24-a412-e36d37fde7b3","block_type":"box","text":"Investing in REITs involves cer tain unique risks in addition to those risks associated with investing in the real","page_number":120,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"09d340ff-f1d0-438d-bcc2-a3a8b26ee37f","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":120,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"d6b6933a-8e87-46a2-902d-5599aaae4028","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":120,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"ff3dc700-af93-4a6b-9e6a-494897dc2c8b","block_type":"box","text":"economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and","page_number":120,"box":{"x":69,"y":324,"width":795,"height":11}},{"id":"5e610069-f18c-4e0b-9059-5bfdb35bd8ce","block_type":"box","text":"attractiveness of the proper ties, the ability of the owners to provide adequate management, maintenance and","page_number":120,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"29c92e0c-2aab-4bf2-81ae-df3eb27156cc","block_type":"box","text":"insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new proper ties,","page_number":120,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"226d8225-0148-4163-8377-23280666274f","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain","page_number":120,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"5c39721d-fd31-4dde-a06d-56fad1d9a963","block_type":"box","text":"their exemptions from registration under the Investment Company Act, changes in real estate taxes and other","page_number":120,"box":{"x":68,"y":385,"width":782,"height":11}},{"id":"dabf7bd7-f6f0-4b06-8e83-04af20c63e66","block_type":"box","text":"operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and","page_number":120,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"bf0c0017-26fc-4bbd-9306-89080c17462a","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":120,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"829e8735-b519-4600-95d7-dd43e46434c5","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":120,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"18819fef-6d60-4e54-a79a-ad72a7d8d3e9","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":120,"box":{"x":69,"y":445,"width":825,"height":12}},{"id":"059c33f7-0f1c-4886-b3b6-f26dc33e0565","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":120,"box":{"x":70,"y":460,"width":805,"height":12}},{"id":"e932efe9-7e8e-4c0a-bfe2-97d8783dfabf","block_type":"box","text":"exceed the percentage of the Fund’s por tfolio which is comprised of REIT shares. Ordinary REIT dividends received by","page_number":120,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"d07c47b6-f0cd-4512-8397-383346df44a4","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":120,"box":{"x":68,"y":491,"width":774,"height":11}},{"id":"854a72d9-da35-41fe-963b-a69c22b72218","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may claim","page_number":120,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"5310cf52-81b2-4166-ac71-b3cd6551c796","block_type":"box","text":"a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may","page_number":120,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"121ef549-a21e-42e2-9974-72f4f71ea8c3","block_type":"box","text":"repor t dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":120,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"b7af06d7-781b-447b-93d0-38888f92d5b8","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":120,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"5a0c6c35-8878-4fe5-aab6-4729ddeafa09","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable","page_number":120,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"fb3076da-5008-4c3d-8669-01f16f74eaef","block_type":"box","text":"holding period requirements.","page_number":120,"box":{"x":69,"y":582,"width":203,"height":11}},{"id":"e141e53d-8545-40dd-9ef9-b3776ea02e7e","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":120,"box":{"x":102,"y":604,"width":772,"height":11}},{"id":"60dea8bc-a80b-4fc7-b947-d70cd56736ea","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":120,"box":{"x":70,"y":619,"width":790,"height":11}},{"id":"641a7186-b421-41bb-b302-c013c33b642d","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":120,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"afbf0eb2-3df6-4f2f-937d-14ce51203074","block_type":"box","text":"cause the value of a Fund’s REIT investments to decline. During periods when interest rates are declining, mor tgages","page_number":120,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"944666f6-29be-4ffd-bec5-f7726935bd26","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":120,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"8fbbd167-4c25-451f-b221-2e4c1f982f92","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":120,"box":{"x":69,"y":680,"width":759,"height":11}},{"id":"973b50d6-d9f2-49df-8a29-edcf6c0d1427","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":120,"box":{"x":69,"y":695,"width":778,"height":11}},{"id":"2bf03cf9-c8e7-4d0b-b5b7-011b514f4063","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":120,"box":{"x":102,"y":717,"width":773,"height":12}},{"id":"f5cc757a-8633-49d5-adfa-05ef77b13893","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":120,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"3150a636-fc29-4c26-9c23-5ffeee4725cb","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":120,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"a1d42a8e-eec8-4962-b346-8eface609d61","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":120,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"05861441-2f41-4a66-a924-e25f79df97c9","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":120,"box":{"x":70,"y":778,"width":832,"height":11}},{"id":"1315215d-98f6-462d-acb4-a14eb52b2c40","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":120,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"2f81ee98-1994-45c1-81b3-5bd9c331628b","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":120,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"efbe973d-4b69-4616-a4b0-08f7399599b9","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":120,"box":{"x":68,"y":823,"width":761,"height":12}},{"id":"4cedbb61-923f-4e93-afab-2c8c65035781","block_type":"box","text":"Recent Market Events.","page_number":120,"box":{"x":102,"y":846,"width":167,"height":9}},{"id":"28c6ad45-2356-41c0-88d3-ab802ae3f02e","block_type":"box","text":"Since the market stresses associated with the 2008 financial crisis in the United States","page_number":120,"box":{"x":275,"y":846,"width":631,"height":9}},{"id":"b97a1715-df67-4de1-bacd-14a4f22cc244","block_type":"box","text":"and global economies, periods of unusually high volatility in the financial markets and restrictive credit conditions,","page_number":120,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"c9c9d1de-54e1-41a0-8631-d98741240c4e","block_type":"box","text":"sometimes limited to a par ticular sector or a geography, continue to recur. Some countries, including the United","page_number":120,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"747753b3-3a83-426f-a293-db7eeea2fe7f","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":120,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"2da2243b-1a5e-4a57-a9c0-54faef0e39ef","block_type":"box","text":"tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes.","page_number":120,"box":{"x":68,"y":906,"width":826,"height":12}},{"id":"d608d7ce-7c2e-4ee0-b9fe-91c720e74326","block_type":"box","text":"II-66","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7a21e6cd-30c6-458b-8fb1-c5b79a23a5ff","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6628809d-8245-45b4-8c49-5b916f6ed09e","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":121,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"7b002d5b-ad52-4929-b5fe-09e6567f05b1","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":121,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"aa6a89ce-fcc6-492b-8681-1c8c5d500946","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":121,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"8327c0f7-4409-43dc-bc40-fafa7836e5e2","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":121,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"863b7d86-a59f-427f-ae2d-92abb4da00ad","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":121,"box":{"x":68,"y":105,"width":833,"height":11}},{"id":"da5a31ea-1ef8-4881-83bf-5536a46c269f","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected.","page_number":121,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"c719c0cc-7ac7-4f59-9d8e-56d639ab697c","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":121,"box":{"x":68,"y":135,"width":830,"height":12}},{"id":"6e23a058-b1fb-4ab1-a3ed-08d6a476e8cd","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":121,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"75da094a-439c-48b1-ac4d-22eb0fd0997a","block_type":"box","text":"negatively affected by such events.","page_number":121,"box":{"x":69,"y":166,"width":249,"height":11}},{"id":"02dd4abd-2e34-446d-a601-75830c8ab8c6","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":121,"box":{"x":102,"y":188,"width":795,"height":12}},{"id":"0dd57ca4-b2e6-4e3e-b7a0-64e2ea193994","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":121,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"6eaba1c0-4cef-4bd2-8de3-533b4213cc78","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":121,"box":{"x":69,"y":219,"width":796,"height":11}},{"id":"1d3f8ebd-c514-4e05-b1f9-9833f5979b8d","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":121,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"df8ba1e9-68d8-4ec3-9904-d778ce18207b","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":121,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"eecec311-5d56-4850-bef9-d997e938c771","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets, and could adversely affect the","page_number":121,"box":{"x":68,"y":264,"width":763,"height":11}},{"id":"96d42576-1ef3-4dac-9d90-50669b2803cf","block_type":"box","text":"investment per formance of the Fund. In par ticular, actions taken by the U.S. government in respect of international","page_number":121,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"f132eec1-0e87-4f30-b37d-9f077764938a","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":121,"box":{"x":68,"y":294,"width":821,"height":11}},{"id":"552da725-3109-4efa-b3ec-3075a179b4fe","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":121,"box":{"x":68,"y":309,"width":837,"height":11}},{"id":"d110a9e4-45f9-4daf-ade0-1b587214f4a0","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":121,"box":{"x":69,"y":324,"width":795,"height":12}},{"id":"8a4f8cd7-6b4d-4df4-bf0c-73de93f506f9","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":121,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"a5cc6bc6-9cfe-49b8-83d5-26c408c5a79b","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":121,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"3e01bd16-af44-4c9c-aca1-0e59f5a395e6","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":121,"box":{"x":70,"y":370,"width":816,"height":11}},{"id":"21a156c8-7a6c-4331-af0a-b2dfb5d64064","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":121,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"f20daecd-c817-411f-b39c-133736a205e3","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":121,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"8e318867-2387-4396-85ff-f69fdbccfcb1","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":121,"box":{"x":69,"y":415,"width":836,"height":11}},{"id":"87741795-9199-4ab9-ae54-d735467e6274","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":121,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"b26abc6c-480c-4d7a-9a14-a4b2554a4116","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":121,"box":{"x":69,"y":445,"width":785,"height":12}},{"id":"18b5b672-2933-4b37-a72f-e3c301a881cb","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":121,"box":{"x":70,"y":460,"width":832,"height":12}},{"id":"36cc18d2-08b4-42dc-b496-4c289ae43cc8","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":121,"box":{"x":68,"y":475,"width":799,"height":12}},{"id":"d1655fed-e387-4fe2-96e2-3d2e8768975b","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":121,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"ef2b9001-c829-4a55-9002-f2ec6abece6f","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":121,"box":{"x":69,"y":506,"width":746,"height":11}},{"id":"62de10b3-4d43-4808-9385-cd37e5978e1a","block_type":"box","text":"investments.","page_number":121,"box":{"x":70,"y":521,"width":89,"height":9}},{"id":"9069fd6b-b2c6-4704-8724-a5d76e165347","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":121,"box":{"x":101,"y":543,"width":733,"height":12}},{"id":"45a291bd-0a6b-441c-be66-7d53f3c3c9ce","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":121,"box":{"x":70,"y":559,"width":794,"height":11}},{"id":"39737bce-9fbc-4e8d-afd0-f5abaccd32f5","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and","page_number":121,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"26a7a998-5c0a-4d79-acd8-96c55a1031c3","block_type":"box","text":"customer activity, as well as general concern and uncer tainty for a period of time. The impact of this outbreak has","page_number":121,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"90aa599c-56d0-4f63-83cf-f20f20e8c586","block_type":"box","text":"adversely affected the economies of many nations and the entire global economy and impacted individual issuers","page_number":121,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"9ad2f229-78ea-4cec-8214-7ce1e3c3bfde","block_type":"box","text":"and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen","page_number":121,"box":{"x":69,"y":619,"width":806,"height":11}},{"id":"1b24acbe-3905-4551-9ec0-1d45b89800d6","block_type":"box","text":"effects. The duration of any such outbreak and its effects cannot be determined with cer tainty.","page_number":121,"box":{"x":69,"y":634,"width":676,"height":11}},{"id":"a9df499b-76a1-4c03-8e9d-4c31cea5cd0c","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":121,"box":{"x":102,"y":657,"width":255,"height":11}},{"id":"4c373728-bc41-43c1-81c2-1ba9f7b5226a","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned","page_number":121,"box":{"x":363,"y":657,"width":525,"height":11}},{"id":"066896ac-9b9e-4491-b6a3-8aa7db61be45","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (previously defined as “LIBOR”) to determine","page_number":121,"box":{"x":68,"y":672,"width":796,"height":11}},{"id":"8b5a9f8d-0591-45da-9eea-7126e36140bd","block_type":"box","text":"payment obligations, financing terms, hedging strategies or investment value.","page_number":121,"box":{"x":70,"y":687,"width":551,"height":11}},{"id":"3488a09e-7d8e-45e4-93c6-2dff3bbcd8c7","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all","page_number":121,"box":{"x":101,"y":710,"width":770,"height":11}},{"id":"bfa5ff6b-ab2f-4e11-9297-47ec215710ac","block_type":"box","text":"LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be","page_number":121,"box":{"x":70,"y":725,"width":779,"height":11}},{"id":"43654186-fb0a-4ba0-8d1a-73d7e9215808","block_type":"box","text":"published under a synthetic methodology until September 30, 2024 for cer tain legacy contracts. The Secured","page_number":121,"box":{"x":70,"y":740,"width":779,"height":11}},{"id":"db0aa454-aa5e-412a-b02e-63aa703cd725","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":121,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"05465c66-3350-4ade-aca4-e14409dff5ab","block_type":"box","text":"Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary","page_number":121,"box":{"x":68,"y":771,"width":800,"height":11}},{"id":"145fae1f-f6c4-452b-aa0f-753359875c6d","block_type":"box","text":"basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to","page_number":121,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"5a0546f3-73e1-4839-b5be-a56f170229b7","block_type":"box","text":"replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in cer tain financial contracts.","page_number":121,"box":{"x":69,"y":801,"width":709,"height":11}},{"id":"86dedbb9-1325-41e1-847e-5f0dfb0fab2f","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some","page_number":121,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"92d04f00-42e7-4bb9-9173-75875a6b3207","block_type":"box","text":"existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":121,"box":{"x":69,"y":838,"width":833,"height":12}},{"id":"32e9b35a-728f-41ab-ab8e-c91435129b4d","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncer tainty regarding the effectiveness of any such","page_number":121,"box":{"x":69,"y":853,"width":805,"height":12}},{"id":"5a67a88f-af33-4a8e-926b-2fbd1452ee13","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":121,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"9c47ac6e-a460-485f-8ab2-c2cf29da68c4","block_type":"box","text":"setting provisions and there remains uncer tainty regarding the willingness and ability of issuers to add alternative","page_number":121,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"7af1c220-0366-47e7-ac8c-a41b10886d08","block_type":"box","text":"rate-setting provisions in cer tain existing instruments. Par ties to contracts, securities or other instruments using","page_number":121,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"8ec67844-28ce-42c6-8758-2a530523635e","block_type":"box","text":"II-67","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8ad355e7-4190-48db-82ee-2f04042a9b05","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d906793b-f9d5-41e6-b759-7ad160adeafc","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncer tainty","page_number":122,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"e6b011f3-3001-4bc3-8ce3-bf7af1e7bfa9","block_type":"box","text":"of per formance and the possibility of litigation. A Fund may have instruments linked to other interbank offered rates","page_number":122,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"dcb25431-3a6f-49c0-aa30-5fb957ae0546","block_type":"box","text":"that may also cease to be published in the future.","page_number":122,"box":{"x":68,"y":75,"width":356,"height":11}},{"id":"b27f6ba3-ac12-4985-a6d3-ad23a05fae91","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":122,"box":{"x":102,"y":98,"width":432,"height":11}},{"id":"d5fff3cb-9c10-41a3-ab43-09b679904ee8","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":122,"box":{"x":541,"y":98,"width":347,"height":11}},{"id":"0f084024-85d6-4dc7-8b6f-5f921f39d9ae","block_type":"box","text":"sale contracts, the other par ty agrees, upon entering into the contract with a Fund, to repurchase a security sold to","page_number":122,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"7263dde0-3a0b-4763-9e69-8ca556bb8210","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":122,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"611ca555-9e5c-4aad-b05d-3e7fb1959f96","block_type":"box","text":"term of the agreement.","page_number":122,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"9f2d8a00-62b6-4824-92a4-8abfb632345c","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":122,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"518d19e8-9b42-404a-99f8-fca3715df2da","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":122,"box":{"x":68,"y":181,"width":831,"height":11}},{"id":"15d286d6-a1b8-4072-b96e-eb26b763ea59","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":122,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"3f9c83cc-fc1f-4468-9f0f-b385e5753288","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":122,"box":{"x":69,"y":211,"width":790,"height":11}},{"id":"b9e891e9-b0ac-4ba3-badc-27ce180d0c68","block_type":"box","text":"accrued interest. A Fund may enter into “tri-par ty” repurchase agreements. In “tri-par ty” repurchase agreements, an","page_number":122,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"42e21723-e89e-4d3f-a6e2-aa859780f4ca","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":122,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"ec54b1c6-a439-4864-9c92-66af89b9c67a","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":122,"box":{"x":68,"y":256,"width":522,"height":11}},{"id":"584487a4-0bb1-4601-b4cc-7fd3e56dd553","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":122,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"da237ae5-8f8a-4350-a644-ded464b28389","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":122,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"5e884458-3ad4-48ba-8c62-aac5c759ac8c","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":122,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"f5f11a63-9474-4a31-b0da-ed817282791a","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":122,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"576cd1a0-7671-4497-ab86-b892aac13a09","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":122,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"f55fb965-829d-472a-9494-047e18d8d99c","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":122,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"613229cf-6bce-4584-9353-e86c10898921","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":122,"box":{"x":70,"y":370,"width":430,"height":11}},{"id":"063194a3-b270-48e8-8b8e-a909f91f9724","block_type":"box","text":"Both types of agreement usually cover shor t periods, such as less than one week, although they may have","page_number":122,"box":{"x":102,"y":392,"width":759,"height":12}},{"id":"49fc2c13-b745-4196-80a0-f145831081e0","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":122,"box":{"x":70,"y":408,"width":765,"height":11}},{"id":"bb72be72-da31-4e31-8d09-2cfe5cb7870c","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":122,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"6c9d6323-189e-4189-985c-cebabd1058b0","block_type":"box","text":"sub-adviser will monitor the creditwor thiness of the seller, and a Fund will require the seller to provide additional","page_number":122,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"46435b9e-e716-444d-a828-5ac8cfe01be5","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":122,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"1c6468f8-5c6f-4bb7-98d9-a3c3be4353c7","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":122,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"be7ed270-007d-429d-bbab-5a2429b88d25","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":122,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"f946cafc-ce1a-44a5-a491-05f092362e24","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":122,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"7f8ff36e-cca7-444a-a455-86b1e54d30b3","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":122,"box":{"x":69,"y":514,"width":829,"height":10}},{"id":"7b393fcb-a7e9-4a00-9d24-c0cc3f146818","block_type":"box","text":"or by another authorized securities depository.","page_number":122,"box":{"x":69,"y":529,"width":329,"height":11}},{"id":"8f290324-5b00-4c9a-b3b2-42e7a8b12478","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":122,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"cffe68a4-b81c-4666-a316-a126acf8507b","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":122,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"a1621b32-dcb3-4348-a2ad-d0b941f50b2a","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":122,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"cb1f1f04-d17e-4369-afe0-0a494d86c9b6","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":122,"box":{"x":69,"y":596,"width":778,"height":12}},{"id":"69c67988-157b-498d-b334-63269ad2379e","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":122,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"39efd702-dce7-4896-b510-d54d163a0807","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":122,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"39d55236-405d-44e9-8fae-eddeb13c4f91","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":122,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"05428673-1253-413f-b1b9-21138615f4ca","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":122,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"0cd4f454-acfc-40b7-82e5-d1e7b4ca0c7f","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":122,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"79fada98-85d1-4f0a-8a29-e57251a9b96d","block_type":"box","text":"the repurchase price.","page_number":122,"box":{"x":68,"y":687,"width":151,"height":11}},{"id":"ea7fd8d4-6053-4e5b-b8ac-4322f3bde964","block_type":"box","text":"In any repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash","page_number":122,"box":{"x":102,"y":710,"width":805,"height":11}},{"id":"60b00a4b-7408-47ce-897c-2bfc7f3c44b9","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For cer tain Funds, however,","page_number":122,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"77a22649-01dc-4ce4-b54c-b382b74020ea","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":122,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"0aded849-7709-4950-b6d7-f879a72ed40a","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":122,"box":{"x":69,"y":755,"width":767,"height":11}},{"id":"a27a3d2c-73b4-4225-b33e-cf9639363d27","block_type":"box","text":"strategies without the repurchase obligation.","page_number":122,"box":{"x":69,"y":771,"width":317,"height":11}},{"id":"fcf32507-b96e-48b5-af00-1d2f1582d614","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":122,"box":{"x":101,"y":793,"width":782,"height":11}},{"id":"af9523f6-d5f9-4f8a-b5ba-b7451ba34ff6","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":122,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"6b5704d4-4830-4f12-9491-38c0520052b0","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":122,"box":{"x":69,"y":823,"width":799,"height":12}},{"id":"3817055a-4f97-459a-ad54-92c4b3a5891c","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":122,"box":{"x":69,"y":838,"width":829,"height":12}},{"id":"372b487d-10bc-4d42-a60d-16139a6a6203","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the","page_number":122,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"916c3e61-6dcc-4325-a8b7-8af445ff5ec9","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":122,"box":{"x":69,"y":869,"width":374,"height":11}},{"id":"ab93028d-6625-4195-af07-e48226801b90","block_type":"box","text":"i.e.","page_number":122,"box":{"x":445,"y":869,"width":20,"height":9}},{"id":"94bd4873-4bec-4ae6-83f6-2bc703b2ea68","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":122,"box":{"x":468,"y":869,"width":434,"height":11}},{"id":"ee61b717-bdd0-4415-9b2b-e7a5f2efe1bb","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":122,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"7ab2a13a-c906-46e6-917d-214927b81160","block_type":"box","text":"II-68","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1c4e26af-a7f0-4136-8e01-476c94c21eb7","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"acf8ea82-2a59-4304-9f24-9cc68de76061","block_type":"box","text":"the amount of the shor tfall. As an unsecured creditor, a Fund would be at risk of losing some or all of the principal","page_number":123,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"3930d209-7039-45da-a04b-b6dd10276200","block_type":"box","text":"and income involved in the transaction.","page_number":123,"box":{"x":69,"y":60,"width":278,"height":9}},{"id":"19516b73-d479-4bdf-a977-be910663d93e","block_type":"box","text":"Repurchase agreements and purchase and sale contracts may be entered into only with financial institutions","page_number":123,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"4d04f147-132c-4577-942f-fac2341984cf","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":123,"box":{"x":68,"y":97,"width":828,"height":12}},{"id":"1ec43427-8fcb-44bd-a6c5-b5a8344fcedb","block_type":"box","text":"$50 million.","page_number":123,"box":{"x":69,"y":112,"width":84,"height":10}},{"id":"e1716d97-2315-446d-82e8-93dd1c81fc73","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":123,"box":{"x":102,"y":135,"width":743,"height":12}},{"id":"f56b177f-7f66-4698-ae2c-de8e7e12554a","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many repurchase","page_number":123,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"4cceb032-baf2-4900-b460-2c94c3b0f9ee","block_type":"box","text":"agreements and purchase and sale contracts, terms that delay or restrict the rights of counterpar ties, such as a","page_number":123,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"4644633a-607d-4291-b26f-8049fb7b7dd7","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict transfers of","page_number":123,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"3587488f-f362-4ecc-b509-2bef2709c6bf","block_type":"box","text":"credit suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or","page_number":123,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"8a096b09-0605-4ec8-945f-94a0ca792b9c","block_type":"box","text":"insolvency proceedings. It is possible that these new requirements, as well as potential additional government","page_number":123,"box":{"x":70,"y":211,"width":787,"height":11}},{"id":"bd89b60d-594a-47c3-8636-01f435be203e","block_type":"box","text":"regulation and other developments in the market, could adversely affect a Fund’s ability to terminate existing","page_number":123,"box":{"x":69,"y":226,"width":778,"height":11}},{"id":"b68b6304-b21f-4d7f-a133-5fae426406dc","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize amounts to be received under such","page_number":123,"box":{"x":69,"y":241,"width":754,"height":11}},{"id":"3582cb44-cbd1-4983-b8e7-fd6e1d40693d","block_type":"box","text":"agreements.","page_number":123,"box":{"x":69,"y":257,"width":87,"height":11}},{"id":"18a8d59a-d8af-408f-bcb2-46d980f3c8f7","block_type":"box","text":"Restricted Securities.","page_number":123,"box":{"x":102,"y":279,"width":157,"height":9}},{"id":"0c37e525-78de-4a70-a615-fe839c002c07","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":123,"box":{"x":265,"y":279,"width":617,"height":11}},{"id":"f4eb67ad-971e-4784-9726-d6d520e868a5","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":123,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"fe7aaa34-5695-4e03-ad03-9b008eea24dc","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":123,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"5ca50b1f-be93-44b5-8982-6736679b0a7d","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":123,"box":{"x":70,"y":325,"width":802,"height":11}},{"id":"3e07e666-03b8-45b4-baec-65b109af9e00","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":123,"box":{"x":70,"y":340,"width":834,"height":11}},{"id":"bd938b1f-7845-4447-b555-d5a082be7e80","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":123,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"4403aebb-a94f-49eb-880f-80bb77e0c78f","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":123,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"50a1ca38-ec1e-4034-a180-ef148e5e34c0","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":123,"box":{"x":69,"y":385,"width":821,"height":11}},{"id":"a7560ecf-cf08-407c-98c2-fc2e7b75d104","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":123,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"3327a197-b375-4609-a102-9527b0daab62","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":123,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"9b162d6f-0a2a-40e9-9957-1d6897f9acd8","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":123,"box":{"x":69,"y":430,"width":834,"height":11}},{"id":"f96ba70d-7278-415f-83a4-af79c0e36676","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on cer tain transactions,","page_number":123,"box":{"x":69,"y":445,"width":769,"height":12}},{"id":"0c14f79f-b106-462d-9998-99f721ff66fe","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":123,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"f5e5a081-f659-4ea8-89b2-910ecd4fd867","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":123,"box":{"x":68,"y":476,"width":805,"height":11}},{"id":"1821a2fe-ed22-4d3d-a78f-97eb20eeebfd","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":123,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"9b3dcb5d-e6b2-405c-868b-d11992558f2f","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":123,"box":{"x":70,"y":506,"width":815,"height":11}},{"id":"dca343c9-5cec-459e-85d3-be56e105a3e5","block_type":"box","text":"character of the issuer, which par ty (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":123,"box":{"x":69,"y":521,"width":835,"height":11}},{"id":"a76a359f-9bb5-41e3-8400-509c705365f1","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":123,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"3dfceb55-eaee-48ee-8c88-be803438e1ad","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":123,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"0187be9c-3419-4ada-bc11-4a5a7288f8d3","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":123,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"d27867ef-179c-4b47-8e1c-be2aa50e78af","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":123,"box":{"x":68,"y":581,"width":825,"height":12}},{"id":"083acefa-7a72-4d27-bafc-05a61140e086","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":123,"box":{"x":69,"y":596,"width":777,"height":12}},{"id":"888756d5-4b7e-4abe-80d7-9498a92f09bb","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":123,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"3af841c1-e338-4a2b-a013-3b3f598ea841","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":123,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"d08d4313-9849-4863-b87e-a14130902f05","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":123,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"16f54754-0368-439a-bad4-51acd870d01d","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":123,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"3acaba6d-9157-4c10-8cab-baeab6a91ee1","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":123,"box":{"x":68,"y":672,"width":819,"height":11}},{"id":"b7dfc957-9d92-4788-a200-55c1863e0269","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":123,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"75fa9f81-1c26-4996-a37c-2094e4afa4db","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Cer tain of the Fund’s investments in","page_number":123,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"764c112b-d19d-4136-8846-d7ec404f84f6","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":123,"box":{"x":70,"y":717,"width":780,"height":12}},{"id":"a4a78105-ffcf-4d71-9b27-1480ff2a620b","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":123,"box":{"x":70,"y":732,"width":773,"height":12}},{"id":"0e451065-43d0-4fa5-b015-866004c42625","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":123,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"4b076f1a-ea0b-483b-b92a-754fc7b806b6","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":123,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"20fec058-e968-4ab6-be87-dc32df8d8082","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":123,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"4c3c6a4a-d95f-4266-aebb-98076ace24ab","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":123,"box":{"x":69,"y":793,"width":831,"height":11}},{"id":"8d8050d8-2737-488e-8d6b-73eaeb06e6bc","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":123,"box":{"x":68,"y":808,"width":804,"height":11}},{"id":"b03b53cf-4d3e-4974-8587-847be1159b1d","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":123,"box":{"x":69,"y":823,"width":647,"height":12}},{"id":"1c3a1bc8-0fee-48f7-939e-38d523d20770","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":123,"box":{"x":102,"y":846,"width":714,"height":11}},{"id":"ad1a59bf-bee8-450f-8fdc-d49edf75912a","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":123,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"482b7325-2972-4dba-96fb-f882c44ab947","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":123,"box":{"x":70,"y":876,"width":826,"height":11}},{"id":"bee6a719-0a2f-42b0-9148-b530d3ed2476","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":123,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"dabfec3b-5a84-4f85-9c16-52f15aba071d","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":123,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"61d09be1-879c-48ee-b84f-9bdb6d97e944","block_type":"box","text":"II-69","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ef562693-d81c-4bcf-a95d-ee1721f63c29","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0df634d1-dddd-4b34-89ed-7ccf4d0f99e1","block_type":"box","text":"any direct investment by a Fund, or the Fund may be subject to contractual limitations on its ability to resell its","page_number":124,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"cc47de64-b464-4059-a816-dc94e04a7a55","block_type":"box","text":"existing securities following an IPO. The inability of an applicable issuer of a restricted security to complete an IPO or","page_number":124,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"a3c85a8a-03a9-4425-818c-f4eea39fdc12","block_type":"box","text":"offer other liquidity oppor tunities to the Fund and other investors will extend the holding period of a Fund’s","page_number":124,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"49837c10-9cad-405e-8afe-961cab94357f","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":124,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"f907742f-f64a-4955-acce-c31c16ba079f","block_type":"box","text":"such securities, a Fund may obtain access to material nonpublic information, which may restrict the Fund’s ability to","page_number":124,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"50472505-aee7-468f-b022-d12e071d059d","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":124,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"f313835b-9c69-4b33-96db-8d8313a8ace1","block_type":"box","text":"investments in restricted securities is highly competitive and involves a high degree of uncer tainty. A Fund will be","page_number":124,"box":{"x":70,"y":135,"width":804,"height":12}},{"id":"71ec9432-f15b-447e-ba94-c0ec5a8da833","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":124,"box":{"x":69,"y":150,"width":816,"height":12}},{"id":"e72aab02-58ce-4919-94e9-60d873f9716c","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":124,"box":{"x":70,"y":166,"width":835,"height":11}},{"id":"4612728a-5e2f-4df8-b740-9affb0da9d48","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":124,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"210871ac-f21e-40dd-8d53-cec3d808d5bf","block_type":"box","text":"investment oppor tunities for restricted securities will be available at any given time or at a level desired by a Fund,","page_number":124,"box":{"x":70,"y":196,"width":815,"height":11}},{"id":"a8b94a4e-fbc3-4175-9c69-d05857b93ee0","block_type":"box","text":"especially as that Fund grows in size.","page_number":124,"box":{"x":69,"y":211,"width":264,"height":11}},{"id":"65f7cf32-e5de-465e-a3da-99b0d809bd44","block_type":"box","text":"There may not be a readily available market value for a Fund’s restricted securities (in par ticular, restricted","page_number":124,"box":{"x":101,"y":234,"width":762,"height":11}},{"id":"63dcd46a-2c28-43c6-bd1e-c7f33b8a3ab5","block_type":"box","text":"securities issued by private companies). Each Fund values restricted securities in accordance with BlackRock’s","page_number":124,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"2868dfdf-44a1-4eff-a361-d574444f0172","block_type":"box","text":"valuation policies and procedures, which are designed to value investments such that they accurately reflect fair","page_number":124,"box":{"x":68,"y":264,"width":801,"height":11}},{"id":"1aa67811-b590-42d6-83c8-4152f43176f8","block_type":"box","text":"value. Due to the inherent uncer tainty and subjectivity of determining the fair value of investments that do not have a","page_number":124,"box":{"x":68,"y":279,"width":836,"height":11}},{"id":"427ea4b2-dc5e-4851-ae61-6f2d0214eb04","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":124,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"c1bb9850-eeed-4141-bb6a-2f625fb4cf27","block_type":"box","text":"that would have been used had a readily available market value existed for such investments and may differ","page_number":124,"box":{"x":68,"y":309,"width":772,"height":11}},{"id":"d61de75b-4550-4fb6-a8ba-4e5fc4f6363a","block_type":"box","text":"materially from the amounts the Fund may realize on any dispositions of such investments. Differences in the value","page_number":124,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"c699bf9b-a1e3-4d16-aa4c-506ab4b3caf2","block_type":"box","text":"of the Fund’s private investments could result in the Fund’s shareholder transactions being effected at a NAV that","page_number":124,"box":{"x":69,"y":339,"width":813,"height":12}},{"id":"977e53aa-2688-4040-9a6d-a7abbba03e45","block_type":"box","text":"does not accurately reflect the underlying value of the Fund’s por tfolio, potentially resulting in the dilution of","page_number":124,"box":{"x":69,"y":355,"width":770,"height":11}},{"id":"9ff5eefb-1025-41da-b032-9f6e8739e881","block_type":"box","text":"shareholder interests and increasing oppor tunities for shareholder arbitrage. The values used by the Fund to price its","page_number":124,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"5bf7d963-592a-46cf-9d29-20c69bd678ce","block_type":"box","text":"restricted securities may also differ from those used by other investment companies and investors to price the same","page_number":124,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"09b95f91-b278-4cc1-bb40-84c029c554b3","block_type":"box","text":"restricted securities. In addition, the impact of changes in the market environment and other events on the fair","page_number":124,"box":{"x":69,"y":400,"width":790,"height":11}},{"id":"d7e94905-c4bb-49ad-89d9-f5859c609dd8","block_type":"box","text":"values of a Fund’s investments that have no readily available market values may differ from the impact of such","page_number":124,"box":{"x":68,"y":415,"width":792,"height":11}},{"id":"e4dc4476-6f7b-4d5d-bdd9-1a84243d1936","block_type":"box","text":"changes on the readily available market values for the Fund’s other investments. A Fund’s NAV could be adversely","page_number":124,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"ae81da2c-7bf5-405f-bb62-e98b3dd2b7e9","block_type":"box","text":"affected if the Fund’s determinations regarding the fair value of the Fund’s investments were materially higher than","page_number":124,"box":{"x":69,"y":445,"width":821,"height":12}},{"id":"d64f3bea-f94c-4c5e-ab28-e01c9bbce549","block_type":"box","text":"the investment’s actual market or fair value or the values that the Fund ultimately realizes upon the disposal of such","page_number":124,"box":{"x":68,"y":460,"width":832,"height":12}},{"id":"21b7ef4f-f914-4fef-bc5d-22512237ffc9","block_type":"box","text":"investments.","page_number":124,"box":{"x":70,"y":476,"width":89,"height":8}},{"id":"e5da9bff-f8c8-4f10-85a2-005aa3501c9d","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":124,"box":{"x":102,"y":498,"width":385,"height":11}},{"id":"03a3e94d-6d6d-45c1-b087-25fa4fa78b2a","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":124,"box":{"x":102,"y":521,"width":246,"height":11}},{"id":"27e2caba-935f-4881-9e0a-698ebbe1eda6","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":124,"box":{"x":354,"y":521,"width":548,"height":11}},{"id":"243074d9-2428-4c09-926a-35a09e355dc2","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":124,"box":{"x":68,"y":536,"width":830,"height":11}},{"id":"2815b48d-31cc-407b-856b-599e58d779bf","block_type":"box","text":"to another par ty and agrees to repurchase them at a par ticular date and price. A Fund may enter into a reverse","page_number":124,"box":{"x":68,"y":551,"width":793,"height":11}},{"id":"17ce1eae-606d-4b05-9dfb-9145ea17f74d","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":124,"box":{"x":69,"y":566,"width":784,"height":11}},{"id":"3a2ae5c6-8437-4f4a-8032-91f73f5e1f8e","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":124,"box":{"x":70,"y":581,"width":591,"height":12}},{"id":"623dbe28-d55b-4d25-8376-2f2249699ca6","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":124,"box":{"x":101,"y":604,"width":730,"height":11}},{"id":"42bb1586-be30-4f66-8f4d-e264aa999cfd","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":124,"box":{"x":70,"y":619,"width":822,"height":11}},{"id":"7a898e31-6f55-4914-aae2-639c00d6e76e","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":124,"box":{"x":69,"y":634,"width":821,"height":11}},{"id":"7b7ed974-cdca-4d03-b299-ac34257a51a5","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":124,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"15466f28-499f-4ac2-9e2e-5de5929cc339","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":124,"box":{"x":69,"y":664,"width":830,"height":11}},{"id":"e1dbd1a7-9b47-41ae-8bdd-c0e73498ccc0","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":124,"box":{"x":69,"y":680,"width":354,"height":11}},{"id":"5abac083-5788-480e-a4a2-66692281c6ed","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":124,"box":{"x":102,"y":702,"width":769,"height":12}},{"id":"974eecb7-2db9-461b-bb61-524d54daee6f","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":124,"box":{"x":70,"y":717,"width":815,"height":12}},{"id":"fbb82d32-2a3f-4cfc-ab60-cd807126aff4","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":124,"box":{"x":70,"y":732,"width":782,"height":12}},{"id":"acdd1d0a-dc92-4c25-96fc-e87e0eb4aaec","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":124,"box":{"x":69,"y":748,"width":449,"height":11}},{"id":"1d32c6a9-4b3a-46a0-914b-a05a8a0e81f3","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":124,"box":{"x":102,"y":770,"width":794,"height":12}},{"id":"93c583ac-d2b0-45b6-90ed-690cde20b9b3","block_type":"box","text":"similar financing transactions (","page_number":124,"box":{"x":69,"y":785,"width":218,"height":12}},{"id":"a6b1354a-9547-49e6-b80b-2d333050d878","block_type":"box","text":"e.g.","page_number":124,"box":{"x":289,"y":787,"width":24,"height":10}},{"id":"09fc176c-b9ab-4311-9568-4d27b7434d01","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":124,"box":{"x":316,"y":786,"width":594,"height":11}},{"id":"5cd657b6-b114-46d1-8cd1-7c9b424ad669","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":124,"box":{"x":68,"y":801,"width":813,"height":11}},{"id":"ab1b886f-d912-4486-aa51-eba2090f0ef9","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other","page_number":124,"box":{"x":70,"y":816,"width":768,"height":11}},{"id":"9aff8416-a677-4040-b302-73c744e6fe22","block_type":"box","text":"borrowings in the aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":124,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"e446484f-f939-4df1-821f-af1fcd01a92c","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":124,"box":{"x":70,"y":846,"width":693,"height":11}},{"id":"7e7d5e35-8f05-4844-b750-1e2085f4ee0e","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that are now in effect require cer tain bank","page_number":124,"box":{"x":101,"y":869,"width":763,"height":11}},{"id":"df2de6b1-24d0-4854-b25a-cf1950bdad12","block_type":"box","text":"regulated counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many reverse","page_number":124,"box":{"x":69,"y":884,"width":840,"height":11}},{"id":"45622b2c-d087-46ca-8ec6-572a309c5c60","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such","page_number":124,"box":{"x":69,"y":899,"width":823,"height":11}},{"id":"fa3515db-00a3-41f3-8078-ea1c86bb240d","block_type":"box","text":"II-70","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"03070afc-adcc-49ed-b57e-2b371fdf1c6d","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"69466634-3408-409f-b4be-380cb88f8416","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event","page_number":125,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"998e931e-3e13-4f32-9282-de2defb6be11","block_type":"box","text":"that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is","page_number":125,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"896bf9f0-faa3-4777-a974-bcad9dc40020","block_type":"box","text":"possible that these new requirements, as well as potential additional government regulation and other developments","page_number":125,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"7ec173a4-7ba3-4453-a449-76f68609b3d2","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to","page_number":125,"box":{"x":70,"y":90,"width":793,"height":11}},{"id":"26d590fa-ce7e-49f5-952a-68efd3113512","block_type":"box","text":"realize amounts to be received under such agreements.","page_number":125,"box":{"x":69,"y":105,"width":396,"height":11}},{"id":"2b5db60f-766b-481d-86ab-27e158604b2f","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":125,"box":{"x":102,"y":128,"width":316,"height":11}},{"id":"26cdc318-89a4-429f-8c0b-6bcb7676b5c9","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":125,"box":{"x":424,"y":128,"width":481,"height":11}},{"id":"16a024e1-a7d4-48f8-9217-6bf631f1416c","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":125,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"4c14746b-bbdd-4887-b149-375278428908","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":125,"box":{"x":69,"y":158,"width":776,"height":11}},{"id":"be8fe20c-5f40-4e5e-80a2-805faa53f009","block_type":"box","text":"normally have a shor t life span to expiration. The purchase of rights or warrants involves the risk that a Fund could","page_number":125,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"307101d9-ffba-4248-910b-5ec14ccdcbe7","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":125,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"cac7d1be-5edc-44de-804b-cc24258e9a7d","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":125,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"3a392fdd-b427-4856-b317-0bfb895c8f62","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":125,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"64f2d5aa-ed69-45b0-832c-6d98b31baaa1","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":125,"box":{"x":69,"y":234,"width":830,"height":11}},{"id":"79e6cf8b-b391-4461-b014-998a94b93257","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":125,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"fd168f99-0d6e-4301-a954-17f063e0a7c3","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":125,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"5b810cab-f747-4f7c-81d2-a5277281bc49","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":125,"box":{"x":68,"y":279,"width":708,"height":11}},{"id":"e4fb8290-4fa8-4105-b93c-43759aa24614","block_type":"box","text":"Rule 144A Securities.","page_number":125,"box":{"x":102,"y":302,"width":159,"height":9}},{"id":"cba30ea3-4c93-4be5-9c8f-466544c7c055","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":125,"box":{"x":266,"y":302,"width":560,"height":11}},{"id":"48e33455-8765-4a40-8b8d-7a4985f36c4d","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":125,"box":{"x":70,"y":317,"width":741,"height":11}},{"id":"eeb5634a-4211-44a8-a7fb-5f520c937773","block_type":"box","text":"Securities Lending.","page_number":125,"box":{"x":101,"y":340,"width":139,"height":11}},{"id":"ed9d279d-5988-4391-a01c-556ce19ceeab","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":125,"box":{"x":247,"y":339,"width":645,"height":12}},{"id":"03af546f-ef98-4bb3-ae8c-38309d08f122","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":125,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"0a208c79-8493-43d3-85f5-82c8eb32935c","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":125,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"241421dd-96eb-47e0-bfd3-035c972101a9","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":125,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"f88dc292-992e-4e2b-88d6-3bfe3a4cc6ba","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":125,"box":{"x":68,"y":400,"width":827,"height":11}},{"id":"87d7540c-8665-40ea-b570-fe4109360f98","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":125,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"80ed24d2-6bac-4e63-a688-7ad5154c8861","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":125,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"4b71105a-1809-40cf-865e-6818ba3d2e00","block_type":"box","text":"the securities were not on loan.","page_number":125,"box":{"x":68,"y":446,"width":225,"height":8}},{"id":"991749db-19f5-4ca3-a9f9-00d7044580d7","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":125,"box":{"x":101,"y":468,"width":799,"height":11}},{"id":"c7d41e9a-bf14-41b6-abbd-8b05c7049059","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":125,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"57e6fc6d-73f2-41a6-b9a3-fc3c1803f87b","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":125,"box":{"x":69,"y":498,"width":824,"height":11}},{"id":"c89f8aec-3382-406e-8298-6e2822dcfa53","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":125,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"4bb63330-087c-424e-ba7f-f7f79ea2281d","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":125,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"917a794a-f6ec-4750-b52d-8cc52a4e7c06","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":125,"box":{"x":70,"y":543,"width":789,"height":12}},{"id":"80c0a389-8747-4d0b-b0f3-e32fa3e931a2","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":125,"box":{"x":70,"y":559,"width":643,"height":11}},{"id":"360c5fe1-91fa-42e7-a68b-47e2d3991fa4","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":125,"box":{"x":102,"y":581,"width":568,"height":12}},{"id":"38f0037b-7f59-4e72-9579-bf5929ce87a1","block_type":"box","text":"i.e.","page_number":125,"box":{"x":672,"y":582,"width":20,"height":8}},{"id":"7b0a2b23-d0bf-4a71-9cbb-2b44fdee2c50","block_type":"box","text":", the risk of losses resulting","page_number":125,"box":{"x":695,"y":581,"width":198,"height":12}},{"id":"e75e0edd-0c3b-45fa-b54c-38d7e8b6cf79","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":125,"box":{"x":68,"y":596,"width":501,"height":12}},{"id":"580bdf30-416d-4731-a498-a806bdfffcac","block_type":"box","text":"i.e.","page_number":125,"box":{"x":571,"y":597,"width":20,"height":8}},{"id":"53452dc6-203b-480a-93b2-5db822c6257a","block_type":"box","text":", the risk of a mismatch between the return","page_number":125,"box":{"x":594,"y":596,"width":307,"height":11}},{"id":"596070b4-a5a8-480d-9731-a173d8af1302","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":125,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"18a64535-6d63-4317-9452-2b7704e2e94c","block_type":"box","text":"i.e.","page_number":125,"box":{"x":865,"y":612,"width":20,"height":9}},{"id":"a6fba23f-0a89-4765-b84f-0276b21519b0","block_type":"box","text":",","page_number":125,"box":{"x":888,"y":619,"width":2,"height":3}},{"id":"2b66c35c-6843-44c2-95e6-6d8f741fbc1f","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":125,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"74bad09e-9cb8-4707-8b66-7c3b8818c59b","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":125,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"591bb2e4-a711-4714-84f2-9ede7219b356","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":125,"box":{"x":69,"y":657,"width":822,"height":11}},{"id":"18b67055-ad52-48ae-bd41-4f86213deca5","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":125,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"23d5518e-fd64-43bb-b1f7-2f7d204aed9a","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":125,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"2c70491d-2620-4b1c-b1a8-5d4309466330","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":125,"box":{"x":69,"y":703,"width":790,"height":10}},{"id":"dac0e13c-7744-4329-bef1-60336509de3f","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":125,"box":{"x":70,"y":717,"width":820,"height":12}},{"id":"5f91fe6c-7df1-4c33-9436-8a1b6356e6d4","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":125,"box":{"x":70,"y":732,"width":805,"height":12}},{"id":"e4f6a8fc-a869-4802-a7f6-968345af1d8d","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":125,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"1a56e986-3076-4690-8a98-95146767e829","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":125,"box":{"x":69,"y":763,"width":775,"height":11}},{"id":"f0a342c2-a1e8-44ab-9829-71fd376f6fc5","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":125,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"5789bf5b-dcec-44da-bba1-322bdedd64f1","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":125,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"2318d3b9-acaf-4101-8e13-2bb40b2ac06b","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":125,"box":{"x":70,"y":808,"width":837,"height":11}},{"id":"bbb55481-1b92-49f3-98b3-8cf1a4a502e4","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":125,"box":{"x":70,"y":823,"width":808,"height":12}},{"id":"a4456ce5-d332-454b-af10-cede5eca5899","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":125,"box":{"x":69,"y":838,"width":839,"height":11}},{"id":"1f138923-f9b5-4d7b-b62c-1c7a686c2cb1","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":125,"box":{"x":70,"y":854,"width":832,"height":11}},{"id":"7e588c83-8391-4e25-a1b1-8d30b4cb0193","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":125,"box":{"x":69,"y":869,"width":801,"height":11}},{"id":"686b6abd-e550-4557-8825-0cfaa15ad78e","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":125,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"1ab9d0b0-85dc-4b92-a965-c545abd3eefe","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":125,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"1eaae1b4-f329-44e5-9ab5-56c58144d7bd","block_type":"box","text":"II-71","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d1e1375b-f652-4c2a-975b-e5d9b66e5d29","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89425d07-2ae8-43ff-8338-448520489d72","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":126,"box":{"x":69,"y":45,"width":812,"height":11}},{"id":"a8a5d6a8-8f55-4c5a-934d-029d96081e1a","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":126,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"e88c0814-a4b0-47ac-9720-5918a71cefee","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":126,"box":{"x":68,"y":75,"width":787,"height":11}},{"id":"3f63a984-6a50-4476-8d29-95be8aba32ed","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":126,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"5b64f4e5-68f5-4bde-bdf4-37024e31a569","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":126,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"ef861247-b673-4c33-b96d-d70d7816dea5","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":126,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"69f39452-3d05-48c2-ad53-05410e3c54a8","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":126,"box":{"x":69,"y":135,"width":731,"height":11}},{"id":"ba2001ba-b96d-4b6c-9af7-69ebe515f9a0","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":126,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"29af534f-7269-49a5-ab3a-8d15aa48cca9","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":126,"box":{"x":68,"y":173,"width":802,"height":11}},{"id":"1ee28f7a-6c97-419c-bf03-157c73cd7249","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":126,"box":{"x":69,"y":188,"width":783,"height":12}},{"id":"ecf391b5-e35b-4ae3-a839-9e766fd51cfb","block_type":"box","text":"collateral, exercise other default rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or","page_number":126,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"d8adf285-f70d-4a64-9111-829f8d6b0c9f","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":126,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"8afdc718-d0bf-40e7-8848-68153ae1ac1e","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":126,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"6175a6b2-c31f-4a4e-8734-9b972f446ad6","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":126,"box":{"x":69,"y":249,"width":808,"height":11}},{"id":"96886d6d-082d-4c25-894f-893e5039564f","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":126,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"2ef14ee1-23bc-4b84-b3be-4132662683c0","block_type":"box","text":"such as liens that are exercisable in connection with a lender default, to borrowers. Cer tain Funds expect to provide","page_number":126,"box":{"x":69,"y":279,"width":827,"height":11}},{"id":"aec0e11a-d33b-4b18-b6f5-ae0c27a5b2ae","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":126,"box":{"x":69,"y":294,"width":794,"height":11}},{"id":"06b0dcfe-3c95-4f29-bf07-523dd06b9c11","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":126,"box":{"x":69,"y":309,"width":371,"height":11}},{"id":"6f38dbbb-11ea-41be-8805-860e802dfd9b","block_type":"box","text":"Short Sales.","page_number":126,"box":{"x":101,"y":332,"width":89,"height":9}},{"id":"94119bd9-531e-4a3f-b6b7-8c8d4921961a","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":126,"box":{"x":196,"y":332,"width":696,"height":11}},{"id":"74a30854-7540-4398-a4e5-b81f874f6449","block_type":"box","text":"value of a por tfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":126,"box":{"x":68,"y":347,"width":821,"height":11}},{"id":"26140828-821a-4a57-98bd-07d7f41314af","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":126,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"84f5f85b-fcc3-4452-af7f-e9239ad365b1","block_type":"box","text":"“against-the-box.” In a shor t sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":126,"box":{"x":70,"y":377,"width":831,"height":12}},{"id":"06fec638-7e4b-4299-92d1-abb658d37083","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a shor t sale, it borrows","page_number":126,"box":{"x":69,"y":393,"width":837,"height":11}},{"id":"7cc812e4-3bef-4a7c-b94e-e187c0005813","block_type":"box","text":"the security sold shor t and delivers it to the broker-dealer through which it made the shor t sale. A Fund may have to","page_number":126,"box":{"x":68,"y":408,"width":828,"height":11}},{"id":"5e97a7eb-6e6b-40d3-bd31-de818366150f","block_type":"box","text":"pay a fee to borrow par ticular securities and is often obligated to turn over any payments received on such borrowed","page_number":126,"box":{"x":70,"y":423,"width":829,"height":11}},{"id":"ee539082-2637-438f-bd36-c5f7dbc503bf","block_type":"box","text":"securities to the lender of the securities.","page_number":126,"box":{"x":69,"y":438,"width":289,"height":9}},{"id":"c459abe5-cc8c-4c8e-9cf7-1df8d795cf06","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":126,"box":{"x":101,"y":461,"width":772,"height":11}},{"id":"a56a54e6-8939-4a56-b3e4-594e8ba48166","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":126,"box":{"x":69,"y":476,"width":795,"height":11}},{"id":"42967de9-c61b-4afa-9398-d8112c92d524","block_type":"box","text":"uncovered shor t positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":126,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"440fc73a-41e6-4029-ac3d-3398625f247d","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":126,"box":{"x":69,"y":506,"width":830,"height":11}},{"id":"bc04e2fd-10c3-4d15-ae73-45b29242431c","block_type":"box","text":"market value of the security sold shor t. Depending on arrangements made with the broker-dealer from which the Fund","page_number":126,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"d5a67aa1-ea42-4f8f-a05e-5bbd376e2d9c","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":126,"box":{"x":69,"y":536,"width":770,"height":11}},{"id":"befa84ea-0982-408b-89fa-817ff6af92fe","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":126,"box":{"x":70,"y":551,"width":568,"height":11}},{"id":"f4969966-0c42-452f-a75b-2b2c8a5a220d","block_type":"box","text":"Because making shor t sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":126,"box":{"x":102,"y":574,"width":806,"height":11}},{"id":"a049283b-0068-4719-9cfb-ed9261da1fbd","block_type":"box","text":"securities, such shor t sales involve speculative exposure risk. A Fund will incur a loss as a result of a shor t sale if","page_number":126,"box":{"x":69,"y":589,"width":817,"height":11}},{"id":"a8daf8f8-5498-4255-8c94-9bedbb463e27","block_type":"box","text":"the price of the security increases between the date of the shor t sale and the date on which the Fund replaces the","page_number":126,"box":{"x":68,"y":604,"width":819,"height":11}},{"id":"ec22d938-ee26-412e-84eb-579e086398e7","block_type":"box","text":"borrowed security. As a result, if a Fund makes shor t sales in securities that increase in value, it will likely","page_number":126,"box":{"x":69,"y":619,"width":758,"height":11}},{"id":"59350ada-a51c-4ff4-b487-4570b59fcd89","block_type":"box","text":"underper form similar mutual funds that do not make shor t sales in securities. A Fund will realize a gain on a shor t","page_number":126,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"eeb77c3b-7d11-4791-a95d-8dd1bcd443ca","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":126,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"7684c139-7224-4fc6-b66b-cb40a2cc8972","block_type":"box","text":"close out a shor t sale position at any par ticular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":126,"box":{"x":69,"y":665,"width":818,"height":11}},{"id":"6a2a3f48-fe96-4678-a601-d02ae0d8f59b","block_type":"box","text":"the price at which it sold the security shor t, its potential loss is limited only by the maximum attainable price of the","page_number":126,"box":{"x":68,"y":680,"width":821,"height":11}},{"id":"d8f0f50d-3aac-41e5-9005-2033b0e0f8ad","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":126,"box":{"x":69,"y":695,"width":640,"height":11}},{"id":"1d103f73-721f-45b3-959e-20cdb7a2c6b3","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":126,"box":{"x":101,"y":718,"width":673,"height":11}},{"id":"c98594cd-ea50-48d6-acaa-68b9e9e44e55","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its shor t sale","page_number":126,"box":{"x":101,"y":740,"width":721,"height":11}},{"id":"26be48d0-0f2b-4275-b6f3-6d81c8df9086","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":126,"box":{"x":69,"y":755,"width":791,"height":11}},{"id":"e6aeee81-b495-4e49-bd5c-fe35edc1cc99","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":126,"box":{"x":70,"y":770,"width":489,"height":11}},{"id":"fd17e96b-7a07-4dd8-85e0-630eac61445a","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":126,"box":{"x":101,"y":793,"width":293,"height":11}},{"id":"1c67e3d8-9007-4f58-81a3-7004ce4318b0","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":126,"box":{"x":400,"y":793,"width":504,"height":11}},{"id":"dfdb54c2-8692-4791-b275-82381ae6e3a7","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":126,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"fa51a4bb-9ab0-4234-a062-a0dabda5c516","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":126,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"209ac371-0822-49fa-816d-d54e2b7a5e29","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":126,"box":{"x":70,"y":838,"width":824,"height":12}},{"id":"36a94112-c8a1-45dc-b9d1-333ee838d959","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":126,"box":{"x":69,"y":853,"width":821,"height":12}},{"id":"a285b032-b1f6-4757-a2f0-f26ae639383d","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":126,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"8f766ada-6c0f-4280-8198-7fe675756e43","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":126,"box":{"x":70,"y":884,"width":826,"height":11}},{"id":"6109038c-88f4-40e3-a9df-75d6e1ac4071","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":126,"box":{"x":69,"y":899,"width":809,"height":11}},{"id":"6c203f50-556a-4e78-94db-8d98533b93e4","block_type":"box","text":"II-72","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4921233b-9887-48ba-aee2-d1fa2f9eed2e","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"078ed75c-b25a-4082-aca3-2fad60e83397","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":127,"box":{"x":70,"y":45,"width":797,"height":11}},{"id":"ee53116f-75d8-43a0-b3c3-15b0cf0d53ef","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":127,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"2bc3d648-6708-4fea-9bb2-045c896a544c","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":127,"box":{"x":68,"y":75,"width":788,"height":11}},{"id":"87b8d92c-53a3-42f1-bb34-a6c3c5cba603","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":127,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"6904c1a5-21b5-431a-b973-1ccc6427c5ae","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":127,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"768682cf-ad73-4145-bec0-3d05226277e4","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is","page_number":127,"box":{"x":68,"y":120,"width":817,"height":12}},{"id":"2e6024ba-6dcc-4ddd-a51c-ca4c17e7fe3d","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":127,"box":{"x":70,"y":135,"width":802,"height":12}},{"id":"e4262864-9fdb-4028-9dc5-506b8c20afd6","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":127,"box":{"x":68,"y":151,"width":826,"height":11}},{"id":"32d73ab4-0310-4aee-9d10-a1f7ad2afa9a","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":127,"box":{"x":69,"y":166,"width":838,"height":11}},{"id":"78284b87-a4e4-4ac8-8413-eb1edacde784","block_type":"box","text":"cer tain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":127,"box":{"x":69,"y":181,"width":806,"height":11}},{"id":"9bcb7c30-59f0-4681-8ebe-f28b7e498eac","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":127,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"ee92e939-f0b6-4e11-bd19-aad8927ba8e6","block_type":"box","text":"Standby Commitment Agreements.","page_number":127,"box":{"x":101,"y":219,"width":255,"height":11}},{"id":"d3c92a93-60d5-4fbb-a2f3-cdcc7ffda800","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":127,"box":{"x":362,"y":218,"width":511,"height":12}},{"id":"4002fc62-c365-4679-a2fe-d4cc2b8774c7","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":127,"box":{"x":68,"y":234,"width":834,"height":11}},{"id":"5026444a-4ca7-4049-906c-9c549e09af10","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":127,"box":{"x":68,"y":249,"width":831,"height":11}},{"id":"673b24ce-fb2f-4934-9cf2-2efeb8e836e6","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":127,"box":{"x":70,"y":264,"width":819,"height":11}},{"id":"5a6b359f-228a-495a-9406-028bb950b307","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":127,"box":{"x":69,"y":279,"width":793,"height":11}},{"id":"3dedb762-82d8-43de-b617-492f45290930","block_type":"box","text":"advantageous to the Fund.","page_number":127,"box":{"x":69,"y":294,"width":188,"height":11}},{"id":"6e20d462-3fcd-4f74-9278-1149ae0ac179","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":127,"box":{"x":101,"y":317,"width":800,"height":11}},{"id":"cc73c579-7db3-4fdb-a64a-516512d79ec1","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":127,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"86b12269-651e-4334-a4c7-725807e563c6","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":127,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"5edf5d64-1195-4ae7-a255-cb913a505b83","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":127,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"54d65b5c-9e07-46a3-a245-5bdfcc62aee0","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":127,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"a4d3c687-c7fb-46f0-80be-01bdeb6d1c7d","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":127,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"d01a4af8-dcc8-4ac8-847d-f3d87e6d333c","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":127,"box":{"x":68,"y":415,"width":815,"height":11}},{"id":"f901f9e9-bb54-4720-b2aa-3aeeae6de20a","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":127,"box":{"x":69,"y":430,"width":792,"height":11}},{"id":"e8335b26-6e94-468e-934c-4aafe0a96655","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":127,"box":{"x":70,"y":445,"width":415,"height":11}},{"id":"77542b10-832c-4006-ae20-09cd370de4cd","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":127,"box":{"x":102,"y":468,"width":789,"height":11}},{"id":"fd38d072-bace-4f14-8328-1f67f487d904","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":127,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"1599c071-e0cc-4c05-81f5-b29d3c4ba011","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":127,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"3a4a0ec2-7605-4dd9-9a0b-41a33255a317","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":127,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"f33ebf80-e1c7-4343-9c66-caf86eeebad5","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":127,"box":{"x":68,"y":528,"width":817,"height":12}},{"id":"112163a6-ed44-44fb-bda9-e3a54defb9aa","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":127,"box":{"x":69,"y":543,"width":578,"height":12}},{"id":"f4e71f33-10f1-429a-b1a0-162fe1f787ec","block_type":"box","text":"Stripped Securities.","page_number":127,"box":{"x":101,"y":566,"width":143,"height":11}},{"id":"345d29cd-a784-4344-9285-c6ced475bc7a","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":127,"box":{"x":251,"y":566,"width":596,"height":11}},{"id":"f7aee828-0098-4ee4-a470-28695c9163da","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":127,"box":{"x":69,"y":581,"width":839,"height":12}},{"id":"b8fd97e4-8329-4ca1-88ce-226d3484928a","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":127,"box":{"x":70,"y":597,"width":818,"height":11}},{"id":"1a3e2a81-e77b-40d2-9d6c-59a7368913b9","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":127,"box":{"x":70,"y":612,"width":813,"height":11}},{"id":"83a426d0-37c9-4560-a2a9-18e32a10c307","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":127,"box":{"x":70,"y":627,"width":777,"height":11}},{"id":"a97bb44a-3af9-40bd-b4bf-ec9c0edbe622","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":127,"box":{"x":70,"y":642,"width":802,"height":11}},{"id":"fa390a16-1e16-4db9-b47a-280e12425b7b","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":127,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"dd34adb6-73e2-423a-8b4a-d5cefa2236f1","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":127,"box":{"x":70,"y":672,"width":837,"height":11}},{"id":"a2c05534-abba-41bd-9162-ac20c1812264","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":127,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"241a1757-6c70-4b89-95bf-3fa897942169","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":127,"box":{"x":69,"y":702,"width":494,"height":12}},{"id":"3af23e39-98b6-4e39-b901-8c9923bb8c40","block_type":"box","text":"Structured Notes.","page_number":127,"box":{"x":101,"y":725,"width":130,"height":9}},{"id":"ce1dedba-955d-4e88-9ae7-63617d8ad1bb","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":127,"box":{"x":237,"y":725,"width":650,"height":11}},{"id":"cf69e0c4-9569-440e-929e-14fe54321d14","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":127,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"0ab363ce-aaf3-4556-a7c9-437237a1fc97","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes include","page_number":127,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"d71105e8-2742-415b-8b33-7b11740183f6","block_type":"box","text":"corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may increase","page_number":127,"box":{"x":69,"y":771,"width":831,"height":10}},{"id":"59c2af41-7f51-4aa1-8e21-06a23fc3b0a6","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":127,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"1508624d-a648-4a28-9af0-8caf28636c95","block_type":"box","text":"provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested","page_number":127,"box":{"x":70,"y":801,"width":830,"height":11}},{"id":"50952931-577e-439d-87a5-5f79a45d3196","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":127,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"dd04d9d7-67c3-4c34-9f4a-e19e4bdf38f5","block_type":"box","text":"depending on a variety of factors, including the volatility of the reference measure.","page_number":127,"box":{"x":69,"y":831,"width":585,"height":11}},{"id":"1c02261a-7d1c-4908-a758-73af3699956b","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":127,"box":{"x":102,"y":853,"width":768,"height":12}},{"id":"af92d4e8-e292-4dcb-b598-c5c48f4c64e5","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":127,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"0ea5e3e4-31fb-44e1-9b1d-a520176f282a","block_type":"box","text":"II-73","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6d0bc2a9-fc20-4ae5-bfde-30ab44d2ffdc","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f042e39c-f65b-4bfe-9af0-af98ebb03c9c","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":128,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"0822e272-fd22-4a16-8933-91654576292f","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":128,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"7de6accd-ed88-47bc-a36e-711b6dd9d410","block_type":"box","text":"the risk of loss.","page_number":128,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"684507ed-61f5-4337-820d-dbd59ec2852b","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":128,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"91061666-6b4d-4472-abb1-942a34a3ef2c","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":128,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"9a06b362-1c09-4af0-b1ba-94a5f8215cbc","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":128,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"000187ae-09ad-4118-8381-14c5cdd71ad2","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":128,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"50eb6eea-f4a0-4fd5-b3b2-66f5610f79c9","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":128,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"40143639-aace-438b-958f-4348b79e18d6","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":128,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"f1dd31ac-9aaf-4307-ba67-62e09f292f85","block_type":"box","text":"Taxability Risk.","page_number":128,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"4c9f8c0d-e469-4325-a9fa-6f1ef8ca6f96","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":128,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"bcd8bb9d-fa8a-4f68-804a-e37b9b527638","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":128,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"34dde80f-7ee7-45b3-8c4d-22479a87b50a","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":128,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"2168eebe-9b79-4e79-8448-9642942bb2f7","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":128,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"0d0b8a54-c32c-4c41-bcfa-b7f27745139e","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":128,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"599b8bbc-73fe-45c5-8c14-83f039ca25ce","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":128,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"807be3ac-c2b9-4b6b-b53a-9553338438fc","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":128,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"6cd94ee6-a56e-4e4f-ab9a-9995d33fdd80","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":128,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"07b11940-b2bd-4bb6-b463-940a6048118f","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":128,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"6f08b6f8-1c74-4642-97fd-ea1c13041a51","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":128,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"bf85750d-2f9a-4542-92bb-5eb6b9c80011","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":128,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"dec20c0a-f19c-4fad-a826-cef264e1919b","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":128,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"87308568-964b-41a4-b33a-b0b0f7314dd3","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":128,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"e60cf816-e791-4822-ba80-fa8f025f0d22","block_type":"box","text":"local intangible personal proper ty tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":128,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"65099853-aa53-4795-b2f4-2bcc345efb69","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":128,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"21652329-a6cd-4a57-9c0d-13546d6c06e9","block_type":"box","text":"the value of an investment in the Fund.","page_number":128,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"83a54597-d0c6-4b07-9dd0-bb73078e0a65","block_type":"box","text":"Temporary Defensive Measures.","page_number":128,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"72423825-7b53-4374-83b1-79c939e52a9c","block_type":"box","text":"As a temporary defensive measure, for example, to respond to adverse market,","page_number":128,"box":{"x":339,"y":445,"width":567,"height":11}},{"id":"83266924-12d0-49c7-be78-749e75bcd78a","block_type":"box","text":"economic, political or other conditions, if its Manager determines that market conditions warrant, a Fund may depar t","page_number":128,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"59407147-2f68-4ff6-9df6-76d0bdeb07d1","block_type":"box","text":"from its principal investment strategies and may invest without limitation in high quality money market instruments.","page_number":128,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"b9a1265a-0855-4798-880b-9fb698ba30af","block_type":"box","text":"Cer tain Funds may also invest in high quality money market instruments pending investment or to meet anticipated","page_number":128,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"f2a5873d-a936-47b0-9d75-5bf2cc0403f6","block_type":"box","text":"redemption requests. High quality money market instruments include U.S. Government obligations, U.S. Government","page_number":128,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"b367319b-ceca-4a14-afc5-86aba4ce4ee3","block_type":"box","text":"agency obligations, dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries","page_number":128,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"7050f91e-b201-4410-8135-b970b9d7f811","block_type":"box","text":"and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of","page_number":128,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"d372a1cf-233d-4d3b-ba6a-b92fe98f4661","block_type":"box","text":"supranational organizations. Generally, such obligations will mature within one year from the date of settlement, but","page_number":128,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"a92f69de-3c85-4362-a569-2bd6891c6a74","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":128,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"b5a4de9d-1609-4a9d-8a96-0c63db62ab81","block_type":"box","text":"to achieve its investment objective.","page_number":128,"box":{"x":68,"y":582,"width":251,"height":10}},{"id":"7f66333d-94a1-4d1e-b8ea-2e86c205609f","block_type":"box","text":"U.S. Government Obligations.","page_number":128,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"f65cbe04-8d0d-4a36-8097-fb7b563023b3","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":128,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"9ba794a7-c3cc-4038-b03a-17c3b96ea586","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":128,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"1a206a90-907b-4420-92c6-08e5bfb4adc5","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":128,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"71d132d6-fc24-4868-bb8e-2b2b70bcf707","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":128,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"fbbb54c6-6cb9-4106-8023-9fd8920d2906","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":128,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"562d94ea-20d8-46d9-80d5-180ced64a38f","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":128,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"a78ac49a-2763-442a-873c-38d5f9faf67b","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":128,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"dfda426f-69c0-4f70-b4d1-9e98fad97818","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":128,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"2a9bb7c6-1ff6-4890-874c-6b2a5b6e9bc4","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":128,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"2200b362-1ee0-4949-b0ee-7d42616087c6","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":128,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"72efd9a8-2bfd-4216-841f-bf6023768a7e","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":128,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"478e3915-c866-4d3f-b2ca-d0480713fd62","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":128,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"98803d4c-ecb1-4c39-bd28-48f364e188ac","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":128,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"9c7c9b07-b915-436a-aa7c-bd726b61b22b","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":128,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"76e962d0-18c1-46f1-ab72-149043c7adf1","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":128,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"855ef088-19d0-4ff3-8432-6f8fbadde3c2","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":128,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"81cedac7-7c73-4e79-afd7-2ef69fc205aa","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":128,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"82143846-3735-47e5-8285-2f5051052a86","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":128,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"d2d0dc61-99da-4d30-adf9-69b7215aa43c","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":128,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"e263e4bf-2927-4347-80a3-27d28f2e20ec","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":128,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"35ee25cd-993f-4d88-96f4-3ceb647d10ac","block_type":"box","text":"II-74","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"33a31312-4775-4d2f-8ac0-15d6c1679f2b","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0dcb7d3e-9068-4f7e-aadb-9c2ef4e74190","block_type":"box","text":"U.S. Treasury Obligations.","page_number":129,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"a97e76d9-74d0-482f-87c6-6842296ba8d5","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":129,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"5b5be126-3961-49d4-b670-626a2789f3af","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":129,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"011502b6-6189-45b1-a35f-547739bdacc5","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":129,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"04ed84bb-b8aa-4aa8-8225-9401372ea6e8","block_type":"box","text":"that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated by law to","page_number":129,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"15f55fab-43a5-4fb0-b2cf-9830714e5ac4","block_type":"box","text":"do so.","page_number":129,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"dfa6e696-ef05-4571-8cf9-8602cfbfaa86","block_type":"box","text":"U.S. Treasury Rolls","page_number":129,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"07431ab7-0940-4f06-b586-95bf6bbdac83","block_type":"box","text":".","page_number":129,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"fc1be4e3-d31b-4dd1-bb11-c43b8bd5108f","block_type":"box","text":"Cer tain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":129,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"4a8e200a-fdbb-4f17-ad21-ab6dda8494cf","block_type":"box","text":"sells a treasury security to a counterpar ty with a simultaneous agreement to repurchase the same security at an","page_number":129,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"0bd5c25d-b139-4d20-9736-c6dfeaa069f9","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":129,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"80945edd-8168-435f-8b75-0017e8a22f62","block_type":"box","text":"maturity of a Fund’s por tfolio and increase the interest yield on the Fund’s por tfolio by extending the average maturity","page_number":129,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"61c9bb0f-4535-4050-9793-a684ebfa1778","block_type":"box","text":"of the por tfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":129,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"57d8fc1c-2d33-429a-bef5-a345b5078217","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":129,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"fa8cf516-a534-48fc-a9fa-a9e8cc3e13b9","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an oppor tunity loss if the counterpar ty","page_number":129,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"d0f15b80-3acc-4dc8-a799-1c2c74fb4d37","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":129,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"be7683f6-a291-41a1-ab40-4057820275b0","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":129,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"805bfad0-c7b1-4738-91e0-3ec8bd459dea","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":129,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"aa9ae0b6-c23d-4ac2-965c-0edf48830d29","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":129,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"a9850384-7481-4d49-b630-6c66bbf96aa7","block_type":"box","text":"Utility Industries.","page_number":129,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"8fdb489b-5aa8-4912-ad46-a72d500e73ad","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":129,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"7751e95a-5142-4c7d-86f0-5e00ff6cd34b","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":129,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"9aeb134e-2720-4bfb-90de-999636313a21","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":129,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"da143019-3a14-41e4-b395-aac80319ac97","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":129,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"c96c01a3-6a80-4b2b-91f8-0ae4b182a9e3","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":129,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"79c26bef-2a10-436e-bd18-dbff00736edd","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":129,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"863f1a88-3310-4462-9626-c2deb20158a2","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":129,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"d2fa548d-98c7-42b3-8751-d62e70100f9f","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":129,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"41ddc1d8-d69c-4877-a77c-592101f9bdda","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":129,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"e5f10c80-1d71-4e62-ab7f-6c357e29e675","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":129,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"b4c21e33-d85b-4e6b-b7f2-d68dca5b3fc4","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":129,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"e90e0b87-26df-447d-9f9c-2c215b369c19","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":129,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"b4806063-4e0b-4326-a8e9-ac6be748c21c","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":129,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"439b08d2-7ba8-4bde-bed1-b1a44415b5ce","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":129,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"3d3e3f4d-6e23-4440-9684-7f7373f07035","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Cer tain of the issuers of securities","page_number":129,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"e7cb82f3-7c3d-4cf4-b694-ddc1a5928b8d","block_type":"box","text":"held in the Fund’s por tfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":129,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"90418938-ca96-458b-a5d3-955f580951c8","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":129,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"a6fbbd2f-5a9b-4688-a91c-2163cf74e493","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":129,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"da8a5739-5927-4931-97a7-e740148b9e20","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, par ticularly a hydro-based electric","page_number":129,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"c00c7b90-5211-4322-8976-fa044db3046e","block_type":"box","text":"utility.","page_number":129,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"4e4e08df-a047-4d83-9589-32335e2bdd08","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":129,"box":{"x":102,"y":619,"width":789,"height":11}},{"id":"c7a3138f-07d4-4118-bfd9-5c54772b5d71","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":129,"box":{"x":69,"y":634,"width":790,"height":12}},{"id":"e4e1ad21-60ce-4d50-aabe-4d0662052262","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":129,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"dc9d617e-ff0d-4399-9e05-64aa3b774c72","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":129,"box":{"x":69,"y":664,"width":824,"height":12}},{"id":"023d039f-db63-45f2-8961-fd2b8583f33d","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":129,"box":{"x":68,"y":680,"width":781,"height":11}},{"id":"50d78395-7025-4d8a-835e-beb31713e237","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":129,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"b42c8efb-c498-4762-9c5e-7776c656d131","block_type":"box","text":"continue in the future.","page_number":129,"box":{"x":69,"y":710,"width":156,"height":9}},{"id":"47cc7d1f-5bbe-4740-9307-a3cfa9a9cd23","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":129,"box":{"x":101,"y":732,"width":763,"height":12}},{"id":"630c4658-08ef-4180-84e6-8641c8bb254e","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":129,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"55d2b2f7-ded5-48db-ae2a-eb3fe34b61c6","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":129,"box":{"x":70,"y":763,"width":834,"height":11}},{"id":"2a42721d-845b-411e-b872-1797e47c7e36","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":129,"box":{"x":69,"y":778,"width":784,"height":11}},{"id":"3ad4e577-e31f-44d7-8e08-0e847eed3d15","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":129,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"80974ca9-b393-4761-a963-8a6f94d60c87","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":129,"box":{"x":68,"y":808,"width":809,"height":11}},{"id":"c9d0ec54-2415-47a4-98b9-c73ebd17df08","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":129,"box":{"x":69,"y":823,"width":834,"height":12}},{"id":"a33485e7-9b06-406c-a12b-7ac468ff9863","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":129,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"cda8d19e-c7c6-4d35-ac21-c0488485c53b","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":129,"box":{"x":68,"y":853,"width":840,"height":12}},{"id":"aef2db84-7f25-422f-96bd-c2c5b5c77444","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":129,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"8664613c-875e-4e1a-b724-d692ac4067bc","block_type":"box","text":"rates. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from these","page_number":129,"box":{"x":69,"y":884,"width":780,"height":11}},{"id":"e5c23dfa-b083-456b-a379-84a2e9dba728","block_type":"box","text":"structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":129,"box":{"x":69,"y":899,"width":785,"height":11}},{"id":"45eb6d6c-cac1-49e6-abdf-5c505a92324c","block_type":"box","text":"II-75","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"59a60196-e48e-4c90-aac2-fff6d60786dc","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9de4d5cc-d66a-45a5-bbbe-f646e326b4b3","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":130,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"40ac2a7c-2a86-4b00-90a8-3c4735789cf9","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":130,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"fe071001-7e54-4a78-a846-a7bf725961c8","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":130,"box":{"x":68,"y":75,"width":762,"height":11}},{"id":"e25ed031-1b6e-441b-88d0-39bfc5929aec","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":130,"box":{"x":68,"y":90,"width":815,"height":11}},{"id":"697b3681-f388-4851-ac13-a4065bf99b62","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":130,"box":{"x":68,"y":105,"width":801,"height":11}},{"id":"d5d492c6-aa8c-4c47-beac-229cdf25dbac","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":130,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"32b228b2-526e-4f05-a127-4ab7dd6be381","block_type":"box","text":"ways different from regulation in the United States.","page_number":130,"box":{"x":68,"y":135,"width":365,"height":12}},{"id":"575516da-1af0-44de-9fe0-288bfcaf9bfc","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":130,"box":{"x":101,"y":158,"width":745,"height":11}},{"id":"221d8eb5-6d1b-44e7-a689-d6cb393e30fc","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":130,"box":{"x":68,"y":173,"width":790,"height":11}},{"id":"53427437-8307-4705-8212-0bbb87428612","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":130,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"4fe18fa6-d5af-4634-b4ca-2209ab21f0e3","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":130,"box":{"x":69,"y":203,"width":810,"height":12}},{"id":"99e3dfda-7ab2-4dff-958a-ad1408396e91","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":130,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"d285c2e5-7481-4827-b2f9-545b8927416b","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":130,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"efa7bc90-0017-4ee2-8443-480e2e803cd2","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":130,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"fb991583-9528-4b40-a2cc-8553bb66a0f3","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":130,"box":{"x":69,"y":264,"width":786,"height":11}},{"id":"e60600d0-34c3-4830-913d-f098c6c2e7b6","block_type":"box","text":"increase.","page_number":130,"box":{"x":70,"y":279,"width":63,"height":9}},{"id":"b7d60340-b5db-40e3-8dbf-e89f02eacc0b","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":130,"box":{"x":101,"y":302,"width":793,"height":11}},{"id":"eb7e84af-c257-486a-b567-8c0c0ec750e7","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":130,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"d172610a-7d3d-4165-a3f1-ad1fc2e52564","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":130,"box":{"x":69,"y":332,"width":619,"height":11}},{"id":"342ff21e-3339-422a-9fe8-bb38637977c7","block_type":"box","text":"Electric.","page_number":130,"box":{"x":102,"y":355,"width":54,"height":9}},{"id":"9302391e-950d-44d9-99c9-6e17f54fc3b7","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":130,"box":{"x":163,"y":355,"width":684,"height":11}},{"id":"d43e5f35-ecf5-4673-abcb-54fce14c1eb0","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":130,"box":{"x":68,"y":370,"width":793,"height":11}},{"id":"22a2f0de-b634-4f81-a318-7e911ec2b1cf","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":130,"box":{"x":69,"y":385,"width":814,"height":11}},{"id":"25d527e5-9007-48cd-8207-9e55ac796581","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":130,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"8b8840b7-27a0-4e1b-860a-85164093e475","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":130,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"861040a3-9249-43c1-8c0c-6bcc0452daae","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":130,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"ef7950a6-9b3e-4bfe-b695-9749272e7345","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":130,"box":{"x":68,"y":446,"width":803,"height":11}},{"id":"b7329c06-9a4c-43d6-86f8-51600247be83","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":130,"box":{"x":70,"y":460,"width":778,"height":12}},{"id":"9c7c458d-ca0c-4631-a5eb-8e50b13e525e","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":130,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"5c6c5019-d00a-43c8-9f35-6d6bb3992bf3","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":130,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"2c10b27b-f5fb-4c8b-b484-227f32196b0f","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":130,"box":{"x":69,"y":506,"width":786,"height":11}},{"id":"ea97990b-efd2-4148-8c87-10e481ec2891","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in par t with customers. In a period of rising interest","page_number":130,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"3e9fbef0-c41d-4d98-ab76-d21df1e21ee3","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":130,"box":{"x":69,"y":536,"width":775,"height":11}},{"id":"d47b9f68-7e57-41af-8277-a5d6377e1aa4","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":130,"box":{"x":69,"y":551,"width":770,"height":11}},{"id":"68afb8a6-26b7-489b-a086-e177e57052c1","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":130,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"e4c46c4f-117d-478f-8c2c-16051fe6dc0c","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":130,"box":{"x":69,"y":581,"width":800,"height":12}},{"id":"5c2a9337-ce5f-4a75-a2a5-e5c188852208","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":130,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"6b6582e8-6518-48ef-a56a-39015d3534c3","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":130,"box":{"x":68,"y":612,"width":826,"height":11}},{"id":"3ffbfc2f-b030-4ddb-9400-addda6b96e2e","block_type":"box","text":"and for decommissioning such plants.","page_number":130,"box":{"x":69,"y":627,"width":270,"height":11}},{"id":"0b577384-b966-45e8-8248-7a7131b88b6f","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":130,"box":{"x":101,"y":649,"width":776,"height":12}},{"id":"5586bec1-c89e-433d-addb-1b2093546358","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":130,"box":{"x":70,"y":664,"width":802,"height":12}},{"id":"51b9d710-57cd-4b09-9fa7-2d69c1cb1535","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":130,"box":{"x":69,"y":680,"width":791,"height":11}},{"id":"e6efb990-0a2b-4756-be88-443ab2c07dc7","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":130,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"b80e6154-d058-4c52-b7a1-4f997e18dc61","block_type":"box","text":"is expected to be the least competitive and the more regulated par t of the business, may see higher ratings given the","page_number":130,"box":{"x":70,"y":710,"width":838,"height":11}},{"id":"09fab8ef-4322-42be-9dcf-cc4cb2667c83","block_type":"box","text":"greater predictability of cash flow.","page_number":130,"box":{"x":68,"y":725,"width":239,"height":11}},{"id":"1411e2a7-eb2d-421c-8982-003d8cb521a0","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":130,"box":{"x":101,"y":748,"width":801,"height":11}},{"id":"6625a8e6-574b-45f3-8d61-0e6c908427e8","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":130,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"2c38e516-dd45-4ab3-93fe-9e1d027405b0","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":130,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"03a6bcc1-f799-4cf8-9983-9550f5db2fa8","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":130,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"2b2d2877-015c-4988-8d1b-539fb3775ef4","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":130,"box":{"x":68,"y":808,"width":803,"height":11}},{"id":"defdfe59-7d43-453f-9b72-35bfdd65135f","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":130,"box":{"x":69,"y":823,"width":777,"height":12}},{"id":"a2e1b44e-2794-4009-85ed-05868876b584","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":130,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"fe4bcdea-06ab-4ecb-b139-6392c0f5a17b","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":130,"box":{"x":68,"y":854,"width":835,"height":11}},{"id":"ffa38d3d-52d9-4f3b-bcf0-d38f5bd59a46","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":130,"box":{"x":69,"y":869,"width":700,"height":11}},{"id":"00d86180-d76f-4ed9-9f81-8f9cd8bb2ea1","block_type":"box","text":"Telecommunications.","page_number":130,"box":{"x":103,"y":891,"width":147,"height":9}},{"id":"5dce87e8-a30d-4193-a2fe-5fcaea33bf72","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":130,"box":{"x":256,"y":891,"width":652,"height":11}},{"id":"f8492d2e-3f33-4b08-a740-a7db06864993","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":130,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"ae8b2c7b-63b6-4511-a81d-5304c4649352","block_type":"box","text":"II-76","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"038508d1-9537-4727-8369-430b872c5868","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a278c58f-092a-4bd6-8003-d94ebae776b0","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":131,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"2bc7faf1-b27b-402f-9728-41735a1427e3","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":131,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"4185a1ec-6e77-4a32-943c-6acff808aeb5","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":131,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"58fc956f-84f1-4128-a184-4af256a5a75b","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":131,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"f8573e19-e676-46b1-9558-f74e35d6429c","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":131,"box":{"x":69,"y":105,"width":790,"height":11}},{"id":"9e97adfd-1b2d-4623-9d3e-7c0063dcd071","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":131,"box":{"x":70,"y":120,"width":788,"height":12}},{"id":"7176ba85-d12c-4fbe-8190-2e0b7953444b","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":131,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"225386ea-066c-409b-8a49-819780121aab","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":131,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"7da42752-11c2-431e-bf07-09cdca1bf081","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":131,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"cb14a694-37d0-4bcd-a0f2-b18106746fa6","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":131,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"ac09085d-05ec-433e-acab-8a11083ecadc","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":131,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"156e23fc-cb46-43b7-849b-580c4d9c72ee","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":131,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"0b037e20-2339-4eef-877a-1dc770828eb8","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":131,"box":{"x":68,"y":226,"width":804,"height":11}},{"id":"289881ec-7628-49a1-bf56-abef17c354eb","block_type":"box","text":"residential, corporate and governmental customers.","page_number":131,"box":{"x":69,"y":241,"width":367,"height":11}},{"id":"b1fd24af-1992-415d-be80-7feed9cd9895","block_type":"box","text":"Gas.","page_number":131,"box":{"x":102,"y":264,"width":31,"height":9}},{"id":"ff5b1f0e-99c9-4ddd-94b6-c70668f89a72","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":131,"box":{"x":139,"y":264,"width":740,"height":11}},{"id":"0efd89fb-9b5a-459a-be7c-37b0f44bb115","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":131,"box":{"x":70,"y":279,"width":834,"height":11}},{"id":"a9aeaa03-d279-4fde-98dc-956f41333aa0","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":131,"box":{"x":70,"y":294,"width":756,"height":11}},{"id":"fdf68e55-6bc5-4a6f-b597-504497972268","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":131,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"ac83eed8-c9d3-4df2-bce5-98fc7c088e72","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":131,"box":{"x":69,"y":324,"width":801,"height":11}},{"id":"71607e57-859c-483c-aec2-57d1727f39c8","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":131,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"3d52c52e-7d68-4b86-9088-63431f2a67a3","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":131,"box":{"x":69,"y":355,"width":782,"height":11}},{"id":"bc703ed0-2235-4d97-9176-683b33747d18","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":131,"box":{"x":70,"y":370,"width":829,"height":11}},{"id":"32075960-8bad-4b30-ad3a-86a06b2ec5ec","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":131,"box":{"x":70,"y":385,"width":691,"height":11}},{"id":"ecfcd561-b14a-46ba-a120-6fc878a205b0","block_type":"box","text":"Water.","page_number":131,"box":{"x":103,"y":408,"width":42,"height":8}},{"id":"84cad3e1-3580-46cc-809d-255eeb5c1873","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":131,"box":{"x":151,"y":407,"width":754,"height":12}},{"id":"7e203d23-1b91-4f00-9d88-1d71ae09e529","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":131,"box":{"x":69,"y":423,"width":796,"height":11}},{"id":"40f3ce20-be87-493b-8ef2-815f1c5ed68a","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":131,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"e954d7fb-da80-4dd3-bfd1-a5a74cc7cd57","block_type":"box","text":"opinion of the Manager, there may be oppor tunities for cer tain companies to acquire other water utility companies","page_number":131,"box":{"x":69,"y":453,"width":814,"height":11}},{"id":"75c83bf1-bfaa-443d-8c43-036961ef651c","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":131,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"6cb0e161-da71-4aff-bc9f-25122c6d4e1a","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":131,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"4fb9fa7d-58ba-4341-a498-353d2eb9510a","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":131,"box":{"x":69,"y":498,"width":662,"height":11}},{"id":"afc4dcae-7d9b-40f6-8123-e171d8a94454","block_type":"box","text":"Utility Industries Generally.","page_number":131,"box":{"x":103,"y":521,"width":186,"height":11}},{"id":"65fda621-9487-479d-8d9a-b953a772d613","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":131,"box":{"x":296,"y":521,"width":584,"height":11}},{"id":"0569cf73-2aff-4b08-b42b-6415baedad11","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":131,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"8dd0f33a-c869-406b-b190-b6374a034446","block_type":"box","text":"not develop in the future.","page_number":131,"box":{"x":69,"y":551,"width":178,"height":11}},{"id":"a6f5c7cb-f707-4eb4-9fa7-c8fde5267596","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":131,"box":{"x":103,"y":574,"width":585,"height":11}},{"id":"7be8fd9f-b142-447c-bef1-ccd388162920","block_type":"box","text":"A Fund may purchase or sell","page_number":131,"box":{"x":694,"y":574,"width":200,"height":11}},{"id":"a3dc50d7-238b-43be-90e4-559326846bb0","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":131,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"c9b0b4e1-3176-47e2-9adf-2b0521d521f8","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":131,"box":{"x":69,"y":604,"width":777,"height":11}},{"id":"400c1573-1b92-4db9-9ea4-48be3b28de7f","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":131,"box":{"x":68,"y":619,"width":820,"height":11}},{"id":"bc9c082f-89ea-4fbe-b95b-93068a231526","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":131,"box":{"x":68,"y":634,"width":807,"height":12}},{"id":"05970204-9e46-45dc-80df-93a756284b2f","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":131,"box":{"x":70,"y":649,"width":430,"height":12}},{"id":"0e8acbbd-c1bb-4ca3-a7c1-fd0a95adeb89","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":131,"box":{"x":102,"y":672,"width":750,"height":11}},{"id":"661b8e50-29f3-492d-a902-3b8680c3c563","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":131,"box":{"x":70,"y":687,"width":823,"height":11}},{"id":"1d3f616a-f7ec-436d-b3e0-57e312d366cd","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions.","page_number":131,"box":{"x":69,"y":702,"width":587,"height":12}},{"id":"b1f2541c-d031-44ff-acf7-0852dc2041a5","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":131,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"e0ba4bb9-b7cb-4df4-9e80-acc3bf9fa863","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":131,"box":{"x":70,"y":740,"width":823,"height":11}},{"id":"cbddcb08-94c2-45d3-a978-cece2a606037","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":131,"box":{"x":69,"y":755,"width":838,"height":11}},{"id":"460e6280-a7db-4ff2-b479-da4daed6dd45","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":131,"box":{"x":68,"y":770,"width":839,"height":11}},{"id":"ff8bafc5-ff8f-42cf-b7ff-bcce6d0d96e4","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":131,"box":{"x":70,"y":785,"width":824,"height":12}},{"id":"1559b368-ac64-46ae-98ea-b6116b452031","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":131,"box":{"x":102,"y":808,"width":776,"height":11}},{"id":"38fa30ab-60ee-4bc0-aa6d-fe7b5dea33da","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":131,"box":{"x":69,"y":823,"width":795,"height":11}},{"id":"0c69f3d2-aa5f-4561-bcc0-812a74f9180a","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":131,"box":{"x":69,"y":839,"width":799,"height":11}},{"id":"cdc88f05-c4e8-4a33-b86c-a85dface1d6f","block_type":"box","text":"When a Fund engages in when-issued, TBA or forward commitment transactions, it relies on the other par ty to","page_number":131,"box":{"x":101,"y":861,"width":784,"height":11}},{"id":"829ad24b-fa35-498f-85e2-c533dd2a5685","block_type":"box","text":"consummate the trade. Failure of such par ty to do so may result in the Fund’s incurring a loss or missing an","page_number":131,"box":{"x":69,"y":876,"width":772,"height":11}},{"id":"b483aa8b-4263-412c-8b81-28cc75ea5c7c","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":131,"box":{"x":69,"y":891,"width":434,"height":12}},{"id":"37fb736b-3e57-47fa-bf30-38d257e100f8","block_type":"box","text":"II-77","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"15bc0505-21a4-4738-9809-8db564d07830","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"617d85df-0871-4ad5-9c55-14f607460709","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":132,"box":{"x":101,"y":45,"width":745,"height":11}},{"id":"77b13d7e-ed03-41b2-95aa-451f1fb2691e","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":132,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"020930a2-030d-41a2-934b-ef8396dbd547","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":132,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"eec14f57-b9d3-4c93-b1f9-92b1a0906d32","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":132,"box":{"x":68,"y":90,"width":514,"height":11}},{"id":"16c6b7b1-645d-4aa3-83a9-5d807e35c6d5","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":132,"box":{"x":102,"y":113,"width":759,"height":11}},{"id":"c9e9967e-3ed6-4ad2-b843-49dfa113cc88","block_type":"box","text":"securities (","page_number":132,"box":{"x":69,"y":128,"width":78,"height":11}},{"id":"48ab6fd7-1929-4b3f-b58d-7b23d329ca4b","block_type":"box","text":"e.g.","page_number":132,"box":{"x":148,"y":129,"width":25,"height":10}},{"id":"82757c57-d89a-4ff2-9d2f-96d86d9b1318","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":132,"box":{"x":176,"y":128,"width":686,"height":11}},{"id":"8e438058-27f6-4b6c-9948-c3e233bbef4a","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":132,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"0a27ec51-d0ea-4182-9323-31320e08ca48","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":132,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"683e1a3a-2ae3-4b68-a04e-00f6f6767fdf","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":132,"box":{"x":69,"y":173,"width":802,"height":11}},{"id":"8c4079bc-5ea6-49c4-b01d-1daecaba294f","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":132,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"8e39b0ab-8529-4cba-a48e-28165d60917e","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":132,"box":{"x":70,"y":203,"width":816,"height":12}},{"id":"66a876c5-aa61-45fb-ba92-ddffc3ebc0d6","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":132,"box":{"x":70,"y":218,"width":349,"height":12}},{"id":"f0059ed4-3007-4ced-b79f-bc27e91ca974","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":132,"box":{"x":102,"y":241,"width":743,"height":11}},{"id":"81415134-bb45-459f-830b-57360a002175","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many agreements with","page_number":132,"box":{"x":69,"y":256,"width":833,"height":12}},{"id":"9d33af3d-e121-4464-89e0-eb5737a121d7","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":132,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"585dd3c0-32a7-4b83-93b9-919b6db094c8","block_type":"box","text":"counterpar ties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":132,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"84ff68d9-c46d-4fde-98b0-91f21dc3df8e","block_type":"box","text":"rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or its affiliates are subject to","page_number":132,"box":{"x":69,"y":302,"width":797,"height":11}},{"id":"7b3f6c0b-7ff5-4334-aed2-ea2f741b70bc","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":132,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"8f304838-d19d-4a3a-9461-207080141bc8","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":132,"box":{"x":69,"y":332,"width":807,"height":11}},{"id":"a0a78c49-7b9e-4590-94ba-220a8a22927d","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":132,"box":{"x":68,"y":347,"width":812,"height":11}},{"id":"ea1028b1-7ab8-416d-9f19-485db50b7d1c","block_type":"box","text":"agreements.","page_number":132,"box":{"x":69,"y":363,"width":87,"height":10}},{"id":"86650e1a-813d-43ff-9e2a-18c22eb26d47","block_type":"box","text":"Yields and Ratings.","page_number":132,"box":{"x":103,"y":385,"width":139,"height":11}},{"id":"09690d31-4b57-43a0-9c5c-5abd438f9365","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":132,"box":{"x":247,"y":385,"width":628,"height":11}},{"id":"445a9431-ec04-4b7e-8d2e-b775cc665ea8","block_type":"box","text":"market conditions, conditions in the par ticular market for the obligation, the financial condition of the issuer, the size","page_number":132,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"f154a12f-bea8-44d7-988f-71a114001a9b","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":132,"box":{"x":69,"y":415,"width":799,"height":11}},{"id":"9f65ff58-b051-4123-9c09-aabce2abfde3","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they under take to rate. Ratings, however, are","page_number":132,"box":{"x":69,"y":430,"width":824,"height":11}},{"id":"24584fa9-c757-47a6-bf1f-1a13722b5d37","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":132,"box":{"x":68,"y":445,"width":792,"height":12}},{"id":"252ecf5e-d807-4435-8367-09718c28bb1f","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":132,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"02232a3c-d46a-44e3-bee9-e11bb7cab64f","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":132,"box":{"x":69,"y":476,"width":786,"height":11}},{"id":"7e907635-9c5a-438b-92fd-1c8d927a4f28","block_type":"box","text":"continue to hold the security.","page_number":132,"box":{"x":69,"y":491,"width":204,"height":11}},{"id":"a24182b4-ad88-4a6b-b8c8-b5b68bc47619","block_type":"box","text":"Zero Coupon Securities.","page_number":132,"box":{"x":102,"y":513,"width":175,"height":11}},{"id":"28d8527b-9f55-4ddb-87b0-a52959a81ea6","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":132,"box":{"x":283,"y":514,"width":601,"height":10}},{"id":"77ecf3e9-6ffa-42d0-b872-d6fbd99d219f","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":132,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"19f403b0-71da-448d-938b-6c6751f7f5a2","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":132,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"496f0225-80d4-448f-9046-65e5a474b74e","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":132,"box":{"x":68,"y":559,"width":814,"height":11}},{"id":"b4c32b4f-c150-4db8-ba1b-f6c7a5affc41","block_type":"box","text":"security.","page_number":132,"box":{"x":69,"y":574,"width":57,"height":11}},{"id":"851368d5-9c7e-4a20-9607-cff423d0c7c3","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":132,"box":{"x":101,"y":596,"width":749,"height":12}},{"id":"81c7dc75-fc4f-4c15-825e-2f4b58500fa4","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":132,"box":{"x":69,"y":612,"width":835,"height":11}},{"id":"db209373-cc7f-4d30-974b-98357d2ec409","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":132,"box":{"x":69,"y":627,"width":833,"height":11}},{"id":"57e42ae0-e0cb-4067-86d8-f42587ebb8b9","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":132,"box":{"x":70,"y":642,"width":836,"height":11}},{"id":"d634fe74-19be-45a1-966a-42651b6b03d5","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":132,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"82d85f5c-7dd9-4520-ba3d-973c10a72314","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":132,"box":{"x":68,"y":672,"width":824,"height":11}},{"id":"59240a15-538e-4806-af0e-15047f10f5ad","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":132,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"bba4e886-3297-473e-87e2-4b0e0dc63eec","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":132,"box":{"x":70,"y":702,"width":837,"height":12}},{"id":"7aad7bf2-ad62-409a-9275-b47b2974d8f3","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":132,"box":{"x":69,"y":718,"width":791,"height":10}},{"id":"83a6b918-c9c7-46cb-8381-25ee12ef96df","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":132,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"be273d15-999a-422e-9c1a-ddbd653a5413","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":132,"box":{"x":69,"y":748,"width":400,"height":11}},{"id":"78ec73c8-7be7-4ed7-9f9f-34ef8fb05baf","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":132,"box":{"x":101,"y":770,"width":775,"height":12}},{"id":"444a82c6-d98b-42ff-bb81-ce57fa90e1b7","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":132,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"7a408113-1514-4a5e-bfd5-e11bb4ee588d","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":132,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"7f3ddd85-bcbc-49eb-b0ed-accd9f880e55","block_type":"box","text":"intervals.","page_number":132,"box":{"x":70,"y":816,"width":64,"height":9}},{"id":"5b8b6052-97e2-4da7-b1b5-e0ea3186bc58","block_type":"box","text":"Fur ther, to maintain its qualification for pass-through treatment under the U.S. federal tax laws, a Fund is","page_number":132,"box":{"x":102,"y":838,"width":749,"height":12}},{"id":"a00c117b-efca-4f64-a33e-24bb3efafd65","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":132,"box":{"x":69,"y":853,"width":784,"height":12}},{"id":"54f1685e-f930-4d51-bc31-9a5274311870","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":132,"box":{"x":70,"y":869,"width":799,"height":11}},{"id":"a552e3be-61cc-45dd-b923-cb39da75372d","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":132,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"a5b66807-54d0-4656-bab6-5658f7e8cd67","block_type":"box","text":"exposure to zero coupon securities.","page_number":132,"box":{"x":69,"y":899,"width":253,"height":11}},{"id":"ceef8e70-b9c2-42b9-b335-f431319bd2c3","block_type":"box","text":"II-78","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5adf60f9-c8de-462d-b027-bbad56f67da5","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aa29bfc1-c673-453c-b7f6-0e299623fb4e","block_type":"box","text":"In addition to the above-described risks, there are cer tain other risks related to investing in zero coupon","page_number":133,"box":{"x":102,"y":45,"width":740,"height":11}},{"id":"0bf448ce-e3f3-4aa6-af07-8778da834639","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":133,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"336e13b8-44a6-4cf8-8797-87c5b84de46f","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":133,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"c1ea62c8-cbb8-4561-98d4-ce039fe857a6","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s por tfolio.","page_number":133,"box":{"x":69,"y":90,"width":741,"height":11}},{"id":"dcd37d42-5533-4512-86c3-b6db22702679","block_type":"box","text":"Suitability. (All Funds)","page_number":133,"box":{"x":101,"y":113,"width":161,"height":11}},{"id":"76cdef79-3171-4830-9da8-c4b993a3b214","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":133,"box":{"x":101,"y":135,"width":793,"height":11}},{"id":"c4459a86-4252-4a3b-aa42-7ff551165cf2","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":133,"box":{"x":68,"y":150,"width":811,"height":12}},{"id":"c00b47d9-3353-40b6-a16e-6fc57d5df030","block_type":"box","text":"investment program. The suitability for any par ticular investor of a purchase of shares in a Fund will depend upon,","page_number":133,"box":{"x":70,"y":166,"width":810,"height":11}},{"id":"316d4755-2de5-473e-8c9e-ad03815f0e8b","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":133,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"6512f6b7-0000-4254-bab7-1e2bd2d7ea08","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":133,"box":{"x":68,"y":196,"width":460,"height":11}},{"id":"7300c9d0-6daa-4ced-bb7a-9b3296f65318","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":133,"box":{"x":102,"y":219,"width":264,"height":11}},{"id":"309ce6c5-17b4-4a89-8ebb-49d784187877","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":133,"box":{"x":102,"y":241,"width":745,"height":11}},{"id":"921d194d-76d9-4d06-af73-39bbc7f153fe","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":133,"box":{"x":68,"y":256,"width":807,"height":11}},{"id":"d7a4baf9-4d0f-4c19-91c9-9d4244388b74","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":133,"box":{"x":69,"y":272,"width":528,"height":11}},{"id":"3d115346-c4e2-4620-b69b-619ffd0db214","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":133,"box":{"x":102,"y":294,"width":735,"height":11}},{"id":"c63b8159-56f9-46a8-b96d-ee10cf750185","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":133,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"8beefd01-3bb9-4156-9e79-f544853777d2","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quar ter of the taxable year, (i) at least","page_number":133,"box":{"x":69,"y":324,"width":837,"height":11}},{"id":"55ccfdbd-ceef-4a99-9695-a60c3f883df4","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":133,"box":{"x":69,"y":339,"width":799,"height":12}},{"id":"94bee0b4-8861-401d-947e-5c49864b4456","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":133,"box":{"x":69,"y":355,"width":837,"height":11}},{"id":"3aeb1eb5-ad61-4d19-b0d5-617c14dc3199","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":133,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"f14930c7-5574-49da-9ce5-90160929a465","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":133,"box":{"x":68,"y":385,"width":802,"height":11}},{"id":"4fd58103-d8f7-46e4-9c87-ada26b323dd2","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":133,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"26bc6ba5-65a2-4963-80ae-db23317b38b4","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":133,"box":{"x":68,"y":415,"width":819,"height":11}},{"id":"4faf93b7-16e5-48bf-bb3c-57e0356fa9a9","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded par tnerships","page_number":133,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"bc7f89a1-eaae-4212-b192-4e1709688e17","block_type":"box","text":"(","page_number":133,"box":{"x":69,"y":446,"width":3,"height":10}},{"id":"0e1d0ebc-7134-4ba2-97be-a2b5525b7dc0","block_type":"box","text":"i.e.","page_number":133,"box":{"x":74,"y":446,"width":21,"height":8}},{"id":"f160e12e-5aea-46a0-aaae-75b51490a14e","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":133,"box":{"x":97,"y":446,"width":806,"height":10}},{"id":"208cbf15-d3de-4c6d-860a-a62e2c16007b","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":133,"box":{"x":70,"y":460,"width":824,"height":12}},{"id":"1207eb1a-2260-493f-8521-3b3a4ee789b8","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":133,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"b6a5650e-7048-4be2-adbd-79c840a641e1","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":133,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"15e9b63f-35a4-429d-9223-6d0728172dd6","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":133,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"ecbeb7d3-432e-47c3-ac44-4c9249e12b57","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":133,"box":{"x":69,"y":521,"width":781,"height":11}},{"id":"f8d76b7a-52ea-487e-817f-f16e46273638","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":133,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"83f723fe-180a-4339-9c47-d9b427da4f1c","block_type":"box","text":"regarded as the sole issuer.","page_number":133,"box":{"x":69,"y":551,"width":198,"height":11}},{"id":"b8efc598-deaf-4a81-b34f-51f14b64c97e","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":133,"box":{"x":102,"y":574,"width":784,"height":11}},{"id":"4b88485d-fbfa-4a11-b9b2-ad0e84dbfdb4","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":133,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"df8adbbd-a836-4862-a1d8-ba2846c4071e","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":133,"box":{"x":69,"y":604,"width":811,"height":11}},{"id":"b883d7f4-bc1c-44d8-84eb-d64033dba7aa","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":133,"box":{"x":70,"y":619,"width":747,"height":11}},{"id":"2bbd9c7e-79c9-493a-93c4-f992baca7194","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":133,"box":{"x":70,"y":634,"width":834,"height":12}},{"id":"4d90e4d1-57e4-4a27-90ee-c515ea9c3c89","block_type":"box","text":"75% of its total assets.","page_number":133,"box":{"x":69,"y":649,"width":165,"height":9}},{"id":"c65cb885-2f1a-4b52-99ef-cfd7bb321114","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":133,"box":{"x":268,"y":679,"width":442,"height":10}},{"id":"299205cb-f8d9-480a-ac19-9ff67cab810d","block_type":"box","text":"Directors and Officers","page_number":133,"box":{"x":69,"y":709,"width":159,"height":9}},{"id":"2c096f30-f980-4d55-9ae7-cf63b9309ed7","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":133,"box":{"x":102,"y":732,"width":733,"height":11}},{"id":"7c0874fb-a631-4303-a03a-a6cf6048aa6f","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":133,"box":{"x":69,"y":747,"width":783,"height":11}},{"id":"660d99f6-18f0-4af8-ac45-f1336ab6bad1","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":133,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"96834682-2e50-44fe-883e-bb07430c4b0c","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":133,"box":{"x":69,"y":777,"width":789,"height":12}},{"id":"169a4296-19e2-4279-87dd-cf8e1f2a6b4c","block_type":"box","text":"Management Arrangements","page_number":133,"box":{"x":69,"y":808,"width":202,"height":11}},{"id":"5c9a9cce-7999-4572-b3f7-622d14ad8d5f","block_type":"box","text":"Management Services.","page_number":133,"box":{"x":102,"y":830,"width":162,"height":11}},{"id":"3eee40c6-a017-4450-b44e-b7837bb02dc1","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":133,"box":{"x":270,"y":830,"width":615,"height":11}},{"id":"93347322-ce24-4b12-814d-85209492b9b9","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":133,"box":{"x":69,"y":845,"width":836,"height":12}},{"id":"dc9fd874-66d6-4654-b901-8cbc0f02f81c","block_type":"box","text":"por tfolio and reviews the Fund’s holdings in light of its own research analysis and that from other relevant sources.","page_number":133,"box":{"x":70,"y":860,"width":820,"height":12}},{"id":"1af5c6f0-1d26-4760-8773-7ca218ad1245","block_type":"box","text":"The responsibility for making decisions to buy, sell or hold a par ticular security rests with the Manager. The Manager","page_number":133,"box":{"x":68,"y":875,"width":832,"height":12}},{"id":"d3af4461-b409-4d5d-8304-5a19f9b97cf4","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":133,"box":{"x":70,"y":891,"width":801,"height":11}},{"id":"39754ad9-6701-4eb5-a47b-daa3ae2d8436","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":133,"box":{"x":69,"y":906,"width":370,"height":11}},{"id":"bf68a005-0516-4cbd-b949-44cbc82180f0","block_type":"box","text":"II-79","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9383ef18-eef8-46cb-a665-02742185a7f5","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b90ee5fb-87eb-46ec-840b-5cd39b7f4e17","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. 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For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":134,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"5021e35b-823c-4635-92dc-26213130f78f","block_type":"box","text":"Management Fee.","page_number":134,"box":{"x":102,"y":98,"width":126,"height":11}},{"id":"e0420bf7-f933-4998-a588-07bd0d332cf4","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":134,"box":{"x":235,"y":98,"width":646,"height":11}},{"id":"42cf31e1-30f4-4716-9497-c3322fffe8de","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":134,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"394fa486-59b7-4fe5-9ce9-69a33fb51342","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":134,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"035b640b-a4c6-4a8f-b0a8-4e44a1c19122","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":134,"box":{"x":68,"y":143,"width":746,"height":11}},{"id":"d7f84fed-0366-4352-9657-3f3c0fb53b18","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":134,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"56d2553e-32f6-4c78-8dd8-391aaab66f2c","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":134,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"4af3e349-8c1c-49e8-aba2-0c50176d5bbf","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":134,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"de8f2bf7-868b-4f78-8a97-c93583ee39e8","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":134,"box":{"x":70,"y":211,"width":820,"height":11}},{"id":"df84e5b9-605e-4610-94f2-e6a152d7d058","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. 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Pricing Vendors — Refinitiv Limited, Refinitiv US LLC, ICE Data Services, Bloomberg, IHS Markit, JP Morgan","page_number":141,"box":{"x":69,"y":241,"width":796,"height":11}},{"id":"e76a2d2e-6d62-4281-8ac9-2d821bce0185","block_type":"box","text":"Pricing-Direct, Valuation Research Corporation, Murray, Devine & Co., Inc. and WM Company PLC.","page_number":141,"box":{"x":102,"y":256,"width":690,"height":12}},{"id":"e5d4efc1-3ca3-42be-8e6f-ed3d5390d625","block_type":"box","text":"10. Valuation Providers — Houlihan Lokey, Lincoln Financial, Chatham and Kroll.","page_number":141,"box":{"x":70,"y":277,"width":573,"height":11}},{"id":"946a66b1-36af-4d87-a791-d35700800cea","block_type":"box","text":"11. Third-par ty feeder funds — Stock Index Fund, a series of Homestead Funds, Inc. and Transamerica Stock Index,","page_number":141,"box":{"x":70,"y":297,"width":827,"height":11}},{"id":"f4f05131-9a1c-44f0-ba19-69b13d9c80a5","block_type":"box","text":"a series of Transamerica Funds and their respective boards, sponsors, administrators and other service","page_number":141,"box":{"x":102,"y":312,"width":741,"height":11}},{"id":"8e323aa4-f4c4-46f7-b1d2-74831bfaf696","block_type":"box","text":"providers.","page_number":141,"box":{"x":102,"y":327,"width":68,"height":11}},{"id":"7e24feff-b452-433b-a37d-5fcf865fb607","block_type":"box","text":"12. Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":141,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"746ffafb-cbb1-4e30-8450-b640f3cc7bef","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":141,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"a671dec5-4b22-4179-8952-6bb614beb0fd","block_type":"box","text":"13. 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The Funds, BlackRock and their affiliates do not","page_number":141,"box":{"x":69,"y":465,"width":811,"height":12}},{"id":"76a9eb46-d543-45f3-95c0-98be03cc80c2","block_type":"box","text":"receive any compensation or other consideration in connection with such arrangements.","page_number":141,"box":{"x":69,"y":481,"width":626,"height":11}},{"id":"15548303-9a41-4273-a1b5-47234d1e8b69","block_type":"box","text":"The Funds and the Manager monitor, to the extent possible, the use of Confidential Information by the","page_number":141,"box":{"x":101,"y":503,"width":728,"height":12}},{"id":"054b97af-ad3c-4a73-84ad-0b1516b2145a","block_type":"box","text":"individuals or firms to which it has been disclosed. To do so, in addition to the requirements of any applicable","page_number":141,"box":{"x":70,"y":518,"width":781,"height":11}},{"id":"e75175df-d1fc-431c-9929-e6a86dda4556","block_type":"box","text":"confidentiality agreement and/or the terms and conditions of the Fund’s and Manager’s Codes of Ethics — all of","page_number":141,"box":{"x":69,"y":533,"width":805,"height":12}},{"id":"f70ff522-e7c4-4d58-8413-af974e319fc6","block_type":"box","text":"which require persons or entities in possession of Confidential Information to keep such information confidential and","page_number":141,"box":{"x":68,"y":549,"width":834,"height":11}},{"id":"4ad4ec09-cd21-47b0-98a4-eb49546e649d","block_type":"box","text":"not to trade on such information for their own benefit — the Manager’s compliance personnel under the supervision","page_number":141,"box":{"x":69,"y":564,"width":828,"height":11}},{"id":"8d7b2b0f-3e49-4f0d-8fa0-2e7b3a9b7f2a","block_type":"box","text":"of the Fund’s CCO, monitor the Manager’s securities trading desks to determine whether individuals or firms who","page_number":141,"box":{"x":69,"y":579,"width":807,"height":11}},{"id":"95529393-6c6e-46a5-b31b-b2fc2c80d865","block_type":"box","text":"have received Confidential Information have made any trades on the basis of that information. In addition, the","page_number":141,"box":{"x":69,"y":594,"width":784,"height":11}},{"id":"2948ddb0-5bb0-4df5-8dd3-48787eb68cf2","block_type":"box","text":"Manager maintains an internal restricted list to prevent trading by the personnel of the Manager or its affiliates in","page_number":141,"box":{"x":70,"y":609,"width":808,"height":11}},{"id":"2dbfa325-9bd6-4ebb-9c4d-9f13e216803f","block_type":"box","text":"securities — including securities held by a Fund — about which the Manager has Confidential Information. There can","page_number":141,"box":{"x":69,"y":624,"width":833,"height":11}},{"id":"3e853238-effc-4235-8dd8-6832eb5a8a12","block_type":"box","text":"be no assurance, however, that the Fund’s policies and procedures with respect to the selective disclosure of","page_number":141,"box":{"x":69,"y":639,"width":783,"height":11}},{"id":"582d5b6a-bd48-453b-a3d4-cb162d1bc6d8","block_type":"box","text":"Por tfolio Holdings will prevent the misuse of such information by individuals or firms that receive such information.","page_number":141,"box":{"x":69,"y":654,"width":817,"height":12}},{"id":"c43d40fd-a189-425b-acf2-c3368d181301","block_type":"box","text":"Potential Conflicts of Interest","page_number":141,"box":{"x":69,"y":685,"width":216,"height":9}},{"id":"fa1c7466-4374-41be-b4ca-3268031e1bf9","block_type":"box","text":"Cer tain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other","page_number":141,"box":{"x":102,"y":707,"width":727,"height":11}},{"id":"9442d631-d1bb-4928-9c61-11a366fd169b","block_type":"box","text":"subsidiaries of BlackRock, Inc. (collectively referred to in this section as “BlackRock”) and their respective directors,","page_number":141,"box":{"x":69,"y":722,"width":829,"height":12}},{"id":"83009716-0ac9-431e-811b-124b0e094c19","block_type":"box","text":"officers or employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to","page_number":141,"box":{"x":69,"y":738,"width":802,"height":11}},{"id":"46960c49-cc4e-4be8-b9fb-ac873c04a808","block_type":"box","text":"actual or perceived conflicts of interest such as those described below.","page_number":141,"box":{"x":69,"y":753,"width":507,"height":11}},{"id":"37dd813d-f32d-4d9a-b9f0-d491f4b17557","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. 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These are considerations of which investors in a Fund","page_number":141,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"656bdd36-e972-4b39-9005-1b6b30a2ead8","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":141,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"a8f68db5-fb73-4bcb-ad2c-719ff940bc49","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":141,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"9b40fd46-3de5-40fd-9e57-2886e67e0c78","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":141,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"fc17f35e-be78-4e63-908c-7a4d25cb7205","block_type":"box","text":"or sold by a Fund.","page_number":141,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"865caa11-94f2-4583-8884-cb035e691222","block_type":"box","text":"II-87","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a9f8c287-f5f0-4bf3-a2c8-aac6739b8cbf","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ddc95f4c-7e7c-41fc-b477-7eb94449f9c5","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":142,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"ea60281b-db20-405f-a66c-85b891cc716f","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":142,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"f3ef7121-d13e-46b8-8075-9b7e23c8a41a","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":142,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"a7ed7879-04e7-4a0f-a3d7-cf5392567642","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":142,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"9b637d30-d732-4e57-9cb3-672a3f3c0c90","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":142,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"48930bbe-554a-4726-a6a0-58c93663b74d","block_type":"box","text":"services provided by BlackRock","page_number":142,"box":{"x":69,"y":120,"width":224,"height":11}},{"id":"2512bf6d-8668-45a7-9cf4-fe5a5041e109","block_type":"box","text":".","page_number":142,"box":{"x":295,"y":128,"width":2,"height":1}},{"id":"ecc67779-f5b7-4d41-8c67-63869519da95","block_type":"box","text":"BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":142,"box":{"x":304,"y":120,"width":603,"height":12}},{"id":"b8a59146-c93c-470a-a58a-508ae264c014","block_type":"box","text":"income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. 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Such transactions, par ticularly in","page_number":142,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"620359d7-e11c-4008-acbf-199a4a227570","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":142,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"97d068c0-fc1d-4f1e-9e5b-83573f0799c0","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":142,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"2b9eb675-456a-472d-bd89-9d88f14aa231","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":142,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"95a22bc3-f19e-494f-ad5a-e77767a69d7f","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":142,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"c624f800-3a08-4b2f-95fd-ef5608e5f294","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":142,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"34811bf0-42f1-4883-9ef9-f3feebc7dde3","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":142,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"f34415cf-2974-469a-bd11-2198d5aeb605","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":142,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"a4d27261-cd59-4f62-8c01-3b386186fc53","block_type":"box","text":"based on the information received.","page_number":142,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"9918afcf-5cdc-4982-9ef8-23f6ca68ca05","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":142,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"67bf1d48-486f-4dee-98dc-d5a79d097c38","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":142,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"18697e61-aba3-4769-9526-e74580b52f50","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":142,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"355e7030-93df-4a8f-a8c5-f32b9f46443c","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":142,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"cb4d2e1b-7dbc-44e8-9888-ff2f8ad66092","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":142,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"a3c0b97c-e736-43ce-948e-1569e0fda75c","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. 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When BlackRock implements a por tfolio","page_number":142,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"392b3c61-8926-4de0-a0d1-afb666ba3312","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":142,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"7d4e0658-419f-49be-a077-b61037332362","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":142,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"a1b91f42-7c1b-415c-9038-ed23fed80dcd","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":142,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"4a657f81-b1de-4359-83b2-ed2eda112577","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":142,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"d821d7c1-dfe7-47ef-9ae8-edcf7edd7535","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":142,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"0d3ee289-8f25-45fc-b171-d59621c46303","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":142,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"fa7a5a56-ee80-47d5-b94c-0ae3445d6c90","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":142,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"791e312b-ecd5-4a90-9e74-30789cfee7e0","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":142,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"8dc078cf-2c97-44f1-9fc2-eafc5f802eb9","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":142,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"2163e92b-6ba4-4b76-a4ae-8fb4c9e69ed2","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":142,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"7311e4ea-1d15-41d8-b34f-0ae3473075e1","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":142,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"341e19e4-f70c-42f5-894f-d8883ef9e839","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":142,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"f50eb5be-91f9-40d5-9d2c-c45b8072dbdf","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":142,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"c653e553-3351-496c-9a72-7179ef5ea67e","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":142,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"9649b68e-2907-4f94-9383-896777ddec19","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":142,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"73c90459-6c3b-40f1-aa9d-b8d147ed133e","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":142,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"b3355b2c-8fd0-4332-a4ee-da8f71a821b4","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":142,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"f1de7a84-0ca5-4cc1-882a-58901f065bed","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":142,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"9119bcb9-cac0-47e3-844b-9b2e6a7e2616","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":142,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"b5895de6-957e-47aa-a561-0481e76d0aab","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":142,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"2c976337-53ed-4901-b023-5bcede7ad559","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":142,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"da080a29-d557-4811-9f2d-ad1458c3a627","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":142,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"b01f4544-95a8-4f8a-a3e4-8f2042d40439","block_type":"box","text":"Funds.","page_number":142,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"9fb5b105-257d-4564-baac-2c1641e0fe44","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":142,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"8c3ae40b-cd20-4f50-9975-61fa18749dd5","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":142,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"ec359c1c-97eb-4b36-9f60-2989d234b2dc","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":142,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"58fcaf06-2712-4245-b896-43e18834c06f","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":142,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"0685c831-1191-4ccc-a2bd-beaa068db95c","block_type":"box","text":"II-88","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1b675d51-a014-41f5-8e7e-f1ebb3998a6d","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"75ab74eb-bfb6-4572-b1fc-0d199dc9a1fa","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":143,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"e8b57985-2f4e-4667-85c5-b831e7884fb2","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":143,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"74fb388e-7616-42ff-8f81-85d1f92ef18a","block_type":"box","text":"for registered representatives, other professionals and individual investors. 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BlackRock may (but is not required to) effect purchases and sales between","page_number":143,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"3b1c7254-12ea-4e07-8c6b-8d4dc343d733","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":143,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"c99197cd-a8a0-437f-862c-d160a83cfda5","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":143,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"200c6006-d1ef-4fe0-b080-a3630eb27784","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":143,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"da666463-599d-4981-8a24-c4ea4f96be4e","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":143,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"eb505355-ddd7-4be9-bd63-1dbba22a152b","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":143,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"f276800c-759e-4f23-965f-c24a05e6dd44","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":143,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"dacc6df9-9366-4bfb-af45-44a2e8ef23f6","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":143,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"30e4c627-d447-4007-ad40-d1cc347b0c3e","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":143,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"4c1558da-987d-4118-a6e8-9f215c5d5504","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":143,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"aa266210-c492-44a4-93ac-0ac6d58084b4","block_type":"box","text":"case.","page_number":143,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"dc0c969e-44c8-4035-bd9a-fbbc3bdf0a83","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":143,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"dbb41bde-2223-49b2-a6d4-a50c5a56fafa","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":143,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"61e59aa4-a581-4c74-b2c2-a1fd74648987","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":143,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"c90b8224-56a4-4550-8d8a-90c28775826c","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":143,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"dec02ebe-60a3-44a7-9c9c-dd02b6877cfe","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":143,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"c5a87cb1-bddc-4387-92e8-4cd1992359ca","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":143,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"1da26e7a-7cde-4f22-89f1-4c1efbbb18e0","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":143,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"dbf60997-a9cd-492e-bf13-8b4ae089c338","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":143,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"743a436c-3fb7-409a-9983-31bbddd60395","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":143,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"42f94d32-0dba-4e93-b32a-3a992b75980c","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":143,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"af565ca3-77bd-4c55-bb18-3f7893d7df49","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":143,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"34ca892d-63ef-45e5-9798-1be550f42acb","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":143,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"c77a3f3e-485c-44b6-b6b2-94e737b0c045","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":143,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"a0426343-1c3f-479f-aa19-2c0d711db191","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":143,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"c04e0ca4-6a18-43bf-b878-66303ad84a55","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":143,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"ddf52cdd-2813-4294-a15e-fb83570912bd","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":143,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"606979f5-61fb-4ff4-b6d1-71050207742e","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":143,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"6569e995-fb13-4c3c-bcb6-37b2563b8397","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":143,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"eb6525c7-ba96-4384-8f88-c1fbaf34898c","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":143,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"6bcd45e1-db50-438d-af5d-d3a796abe16e","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":143,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"ab98d33a-3e55-4024-8dbd-6d9424640cf4","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":143,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"d5c92180-9e6a-4eed-a03b-c1d9e2c9cfb4","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":143,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"b77f5551-7554-405d-baf6-5b2f1c2573e0","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":143,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"8e5bac28-7012-4ae3-8e42-c533698b86bf","block_type":"box","text":"managing a Fund.","page_number":143,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"d2297d87-51f5-4fc0-b910-cdd2664b055d","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":143,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"0d1e01b8-d853-4e58-ae93-ce4e089a6afb","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":143,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"5dd25fef-70a4-4ae4-a411-b8c5e8826a4a","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":143,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"4f7d6d93-b076-4ba2-8467-1b90a480c8fb","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":143,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"d08fc2b3-ae8a-4bfd-800e-d067370bd84f","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":143,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"0958d690-bc64-43a7-8d88-de623d566d45","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":143,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"a3b0dc40-4783-4478-b37c-3710da4e1aad","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":143,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"4c00bbcf-c6a4-4be5-855e-d77e39a974db","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":143,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"2ee3abbe-04ab-4d49-926c-65115093f5e0","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":143,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"652142d8-c000-4b1c-bf57-95f3ec652cbd","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":143,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"d047bbd3-d904-437c-a631-457439ee3d0a","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":143,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"e6de4691-74df-4bc8-8d63-62f9d69d67a6","block_type":"box","text":"as the counterpar ty, principal or issuer. 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In addition, the purchase, holding and sale of such investments by a","page_number":144,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"213314ba-aed5-4c65-9746-691e22fcfe06","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":144,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"eaaedd3c-f602-4ee5-9a19-bdef5308c5d2","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":144,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"867d5d91-22c9-4387-ac4b-f9846f7538fe","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":144,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"26189d3a-dbcb-4d5d-a425-5698c426a731","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":144,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"19dea696-6aeb-4a23-a49c-f0707f0a8dbd","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":144,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"4cd78d9d-5a10-4781-8d99-5017945f8471","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":144,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"29f91b3e-ef79-40bd-9e51-52dcd6f86924","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":144,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"1d0bab1e-b7d9-4865-96d0-94a45b001dd6","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":144,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"9acd3346-89fd-48d6-9c66-6af0eb5154a9","block_type":"box","text":"under management for BlackRock.","page_number":144,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"c924203b-74c7-45bc-8c89-5a466ccd1a38","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":144,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"c526e157-97f7-4dba-94c8-6bba9981682e","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":144,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"fb885e13-172f-4177-a3bf-2339f7121eae","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":144,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"88a539b1-8aa3-466c-9a2f-39a136f0baa4","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":144,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"7cf83a8a-f8f7-4734-b5b2-32baef2b2f97","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":144,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"4d17a713-1c4f-435c-becb-ae43ab8926e2","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":144,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"12e7c9ff-3084-46e8-8a91-db179aa38b96","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":144,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"1e15af31-9c17-473e-8cf0-8b4226b78190","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":144,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"142c81f8-911d-4922-ab73-8d1cce39300c","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":144,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"fff94a69-2bc1-4c66-b08c-98e933b693cf","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":144,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"3b478a2d-0eea-4fa7-853a-11d262c1623c","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":144,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"67fa0573-3bdb-4132-91b6-88a00d2de720","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":144,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"50d7f16d-9bad-4b2a-a6ca-f3ce8c63e34b","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":144,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"a5ab41a2-f432-4ab5-a96a-c65f21fe56bf","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":144,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"cd23c456-821f-4ea4-bdc2-9b81ff480f68","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":144,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"463c914d-e806-4254-8d3a-1e8111a8252c","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":144,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"ccd8012a-20ea-4f13-9f39-ec6399deaa00","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":144,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"49c4647e-20f8-4787-a2b5-623c31903b7d","block_type":"box","text":"any such fees or other amounts.","page_number":144,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"28f4efcc-e092-4a1a-b7e5-a47240fc0929","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":144,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"22b09fc6-e909-4baa-9475-1faef338084d","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":144,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"1982f613-4082-45a0-b53f-148adf8a0d67","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":144,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"176186f4-3ce6-457a-b393-53279bde651a","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":144,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"d229cea5-5a9c-42d1-84bb-09f6f7f3a381","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":144,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"0a2fab8d-56bc-4029-b08f-f975083d2042","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":144,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"0bcdeb88-e993-463e-ae1f-a725d240546c","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":144,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"d344135f-7064-4bc5-ba97-094b9ecb6b46","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":144,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"b7cdf1e6-b60f-4e5c-bb82-5aa6d55c4df3","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":144,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"59dc1ad6-10d4-4164-8aa9-c172da858738","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":144,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"7c510f46-8c6a-4add-9ce3-a54d9fb72c55","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":144,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"395e7680-ac32-44a6-8f77-61668488b909","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":144,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"105e8bac-92e2-4df3-9e48-86d097cd6422","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":144,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"6a43917d-a1af-4a26-8b93-c6f506994ef6","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":144,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"f013998a-967b-415f-a3b8-74c459367a77","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":144,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"f4c4a1a7-6866-4f64-9ca6-e585c7a6f908","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":144,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"afd14b43-4d86-4c90-88e2-779396e9c718","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":144,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"1291086b-468d-4993-8944-8947e1047193","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":144,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"1155e8c8-6f99-4918-bc08-e8c33d4e5cbb","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":144,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"937160d0-4e4e-4b17-934f-bcab1232ef9e","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":144,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"69265726-4460-4b3e-802e-4d7bc114e0be","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":144,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"32a2a0fe-0eb3-4864-a895-2d25833746f5","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":144,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"63def627-6e82-49ef-8afd-2d1c2ea9eefa","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":144,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"cfa94eac-1ead-441d-8a89-567bfebd75df","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":144,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"93a3f5e8-7ed3-46f1-b3b0-b336c684b117","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":144,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"3ac8c86d-b4ae-4a8a-bdad-ecf6e2cf43a8","block_type":"box","text":"II-90","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f6be1d04-d338-43e3-9623-e300dd0dc4ee","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"75e455af-5130-46e7-b5fd-0c0a6a203122","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":145,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"a679fde3-72be-489b-8789-7ef195eed327","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":145,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"6743c033-5a34-4776-b341-4ef6701616ff","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":145,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"72110e7f-0111-4ad5-adfe-a4bfa0d40d9a","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":145,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"6d0eeff4-8621-4192-81e2-a12807da1355","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":145,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"38329f38-0ded-4bc5-b116-27f71da44103","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":145,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"6aa15628-2f94-40e9-bb88-c4627fd440b2","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":145,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"073d6039-01fb-4908-9b78-d03631c8548e","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":145,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"1798c7bf-b036-4e94-886e-ac05166da6d0","block_type":"box","text":"regulation.","page_number":145,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"0793ecac-ae0e-4138-b1dd-203c5f1aa5f7","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":145,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"e825e357-62a9-4c10-9d58-56a6056c510c","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":145,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"8282d0e9-91b8-46af-b2b5-2106e9f91e6c","block_type":"box","text":"various program limits (","page_number":145,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"97bf3111-fb04-400a-896c-bee6e17ffff6","block_type":"box","text":"i.e.","page_number":145,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"4bd4d646-0506-4c16-ae10-bad727274d30","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":145,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"03dbc244-c38e-41b0-907a-4eb8d63d4787","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":145,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"36996c15-8bbc-4f8a-8a92-9c8ebb522957","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":145,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"380074b3-cc2d-49a2-b26b-b983050ed44a","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":145,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"87e54a98-b68f-41e8-a18b-0e3a6b4f6af1","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":145,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"e450efcc-ee4a-42e1-a748-b70f7bc09cca","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":145,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"1b702aff-2b47-40d8-97c1-c185ceb43454","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":145,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"24cffd11-5f94-4c25-b129-e16c7046f426","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":145,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"bb6ce560-f131-4429-b781-6d8d8e0b412b","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":145,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"ec3ad540-aa42-46ea-8233-d441a180a7ab","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":145,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"d64803c3-10c7-43db-b3e1-85f8256af6b2","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":145,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"64e403de-4bf2-439c-b3fa-3ead118a9231","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":145,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"4375c18a-1019-48d1-a455-b35dbcca6200","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":145,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"b8702629-461b-46e1-b69f-092690200b4f","block_type":"box","text":"entire volume of securities purchased or sold. 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In addition, under cer tain circumstances, the Funds will not be charged","page_number":145,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"ed3820d4-e4e2-4ae2-bea3-e30ed409a296","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":145,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"34d18d91-1c91-4031-a65f-88848960b329","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":145,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"57c3d038-a7cb-4c16-b1e2-394e0579695e","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":145,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"0650b372-2fd4-46f0-a6af-681dfc03ffd1","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":145,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"3cc9b959-b13e-4f7e-a8f0-7884715697a9","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":145,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"86298fd0-73ff-4f04-b1cc-5605cf3bc4eb","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":145,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"18cbf8ce-bf1b-4394-b950-f32576298d78","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":145,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"82bf2992-5c35-40aa-9fca-803b750c6d28","block_type":"box","text":"than through client commissions.","page_number":145,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"60df186c-3f49-4d6c-89d0-1eb0adbde39e","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":145,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"8f782ad6-86f0-438d-8ad3-3ffcefe7a49c","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":145,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"8ff82411-d278-4c30-8965-d59cfe0b8b13","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":145,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"0ff2e974-7154-4b4a-b959-5bcf7e74d6df","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":145,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"08a06776-71fe-46a8-9b54-abe13e5d7e6d","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":145,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"ea1d1fcb-ceb5-4d4d-b679-7c6d00e9bd41","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":145,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"c5d4b7c2-44e0-47a4-9af6-8d58f77b15ba","block_type":"box","text":"research-oriented software and other services and products.","page_number":145,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"caf900f0-583b-4fc0-a126-d85b23395409","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":145,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"fc2b64d2-ba5d-4a6c-b4dd-d2e638dd422a","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":145,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"6aa4946e-8012-477c-b97c-64eef439d0fc","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":145,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"fce0aab0-8318-4b74-95e3-d2f60d9b06a2","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":145,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"cc792326-3c09-43fc-b02c-7d23f023906a","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":145,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"140ad1c4-a5b3-4389-bdb9-68e9dbea9e18","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":145,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"b9b6a03a-1b3a-440e-a284-60ea5a2759bd","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":145,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"3b45e8d5-e4cc-473d-ba41-62d7724ea4c2","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":145,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"d08500e4-2348-48d5-86e4-159b2417d302","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":145,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"7afbc3ff-4815-485e-b33f-90222a83b63a","block_type":"box","text":"and services itself.","page_number":145,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"b87a4345-c5ff-4e7d-971c-4f15b7dca995","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":145,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"e08d132e-bfd2-47d2-ba92-fa96ead94052","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":145,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"87576a1d-b7eb-4982-9f4a-65da20c132a7","block_type":"box","text":"II-91","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"de491e93-0ab3-49b0-9a0d-c820c6c7efcf","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"657d6bf4-1294-424d-b967-e00adf5fd257","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":146,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"0605d27b-9752-4ae5-b58c-27821d848686","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":146,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"8e2d979e-51e1-4a9f-8b71-b716aa6b2ba5","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":146,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"034ea2bf-2783-4856-b380-d08ba90a568f","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":146,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"45e354ef-6381-473c-913a-363713247eb9","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":146,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"91cbaa47-6c98-4403-8fd6-bb3d20b1184b","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":146,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"f5ffa876-5673-4d40-a9c8-b41ded27a082","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":146,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"3d5871a6-4379-4827-8ebc-6c5a71be032a","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":146,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"85281678-6a5c-4ed8-aafe-f9c8b4335207","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":146,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"83c9bce3-110a-4d0c-8e99-377ba236980a","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":146,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"296645fc-7a65-4ea2-af90-d70a9c5d0ef6","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":146,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"c327cb2a-245f-4975-9732-450fb505adfd","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":146,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"3e752704-c309-4c72-ad4a-a339cd2a0b75","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":146,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"144bb828-864a-4162-9cce-3c73a7aac6ef","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":146,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"d576b8ae-bf40-4ff2-9511-d8f200fee5d4","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":146,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"20ced2a9-aeab-49ef-b580-008893905fe0","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":146,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"16299331-2e9c-4b0b-b40d-57072238f876","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":146,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"ffaab92c-79f1-4b10-a065-cfc608774e8c","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":146,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"3912ea3c-ab33-459c-90c5-c7e7d053f454","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":146,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"18640668-ed41-4f6b-88ac-77e7229792c4","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":146,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"6ae23336-1662-4954-9b9f-56b6df940afc","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":146,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"ec1757dd-780e-4f2d-a1a0-c97f3394feee","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":146,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"2c9a7701-c7c9-4be2-bc5d-b7203dee1e12","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":146,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"f161a349-d677-4940-86c3-079bb45c97f5","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":146,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"b3e4be22-3979-4cac-a48b-f29965087b58","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":146,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"ef9ebfb2-c6e6-4507-ac4b-858ec4cd633c","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":146,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"5d5786fa-1e5b-4261-b706-535fda8a4b71","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":146,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"e41f4d16-7e10-4268-9278-004b15c27bc3","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":146,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"da727cce-b2f5-4218-b34a-42c83a1b8999","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":146,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"21c9c01f-3372-4d8d-b3ca-5d6d175ac937","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":146,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"715aebf9-45e7-4a7e-885c-3492f8737bdf","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":146,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"c943dfde-5f56-48d3-8f26-c4fbf67abad3","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":146,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"74fd3528-3332-4cfd-b600-a1c620ce8655","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":146,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"1aba55aa-a3b1-4431-a900-47551bda280c","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":146,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"748093b7-9d77-419a-b714-06564365e4c1","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":146,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"c1c95075-5c49-467a-9695-866d55b46eef","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":146,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"43654eaa-0b9b-43ca-9a3e-b63c505874b1","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":146,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"331aa1a1-b89a-42ac-a085-91f841ca0d72","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":146,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"da06047f-c57b-4601-a7cf-417af7d944d0","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":146,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"07524762-6aa0-4834-b91e-52ca0384d35d","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":146,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"0e509be6-d557-4911-b5d0-f78d850dea82","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":146,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"51b5ed02-59ff-4f29-996a-ed7472295f6d","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":146,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"8b7c3dac-154f-47d1-b1a2-47273df8ddba","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":146,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"c0b93c5e-e261-4f36-91f7-d71bfc39ea69","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":146,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"45738df6-e5b7-4470-8e49-c79c7f3eccd5","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":146,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"56fee851-ae99-483d-bfbf-a6de9db0412a","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":146,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"2ff3052d-0b12-41a8-af88-fa9317bf5e84","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":146,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"016e0910-5458-42cf-be1e-dc7e880dcce8","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":146,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"a99b7afa-96ce-4f87-b610-a175e4dc2696","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":146,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"1c43d095-1229-4c84-a0b8-e89b9daaace9","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":146,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"ccbb6a6d-997d-495d-afcb-78361e79248a","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":146,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"43cac1c3-f593-4012-a041-60f091a60109","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":146,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"0cb61331-9c92-4827-89b7-514d2ca7af18","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":146,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"d386b485-de75-4457-9d2c-18f5a16285b2","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":146,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"ef1a4452-e062-442a-8b79-3922b5485fe2","block_type":"box","text":"II-92","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a46f88e5-c1fd-4e39-ad64-f380f67884db","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa0b735f-a33e-4706-ae1d-17f77eccf4b0","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":147,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"36c1e0e4-6724-4e55-876c-e20414e9829c","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":147,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"d9d57be1-559b-4e9b-8cb1-cb675a5632de","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":147,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"48cf6ac3-c313-4020-9a6a-506c08c813c3","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":147,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"43ed075e-4ca6-4329-9d68-e42bd0e1dc1e","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":147,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"6fd1b3b5-3003-4790-8f71-ba2047a4f05f","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":147,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"42aac4aa-d5d8-4096-a6ae-1df7f5f2e5ef","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":147,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"d94f6e21-a1f5-4553-8c5f-dec92923f66f","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":147,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"29fe8ec8-a350-4216-81c9-508fad680d85","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":147,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"8468b34b-5389-4690-a768-8897efdd853d","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":147,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"4951d6c7-5f49-43c3-a43c-f88d632c8e86","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":147,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"591d6f00-5b81-44b0-8b74-2cf525ef4f62","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":147,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"cabc6450-c0b7-40f3-8faa-add7c7e074e0","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":147,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"9a9032c6-cad3-4a52-81d7-83065b201a93","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":147,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"2ec8a25b-9b13-4469-975a-463475b6b36c","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":147,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"42147379-27f4-4092-b30f-0ad4fa4b0e54","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":147,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"ab8cd677-a6a2-49d5-b7ac-8228755c669f","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":147,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"0ffcb2cc-19ea-4c71-8304-63c9376b808b","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":147,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"5e5d27be-eae1-4bed-b01e-29035fb508e1","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":147,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"a51b8742-fc6b-4cfb-b165-545a4b596c73","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":147,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"8c5701a9-ab14-4374-b0c1-946736f4e1cc","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":147,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"17f66e5b-0bdf-4a41-a503-1a5ab5b612d3","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":147,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"4573196c-edee-437f-871f-20c1a9c7c7a7","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":147,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"b2db22e3-3643-4c6a-a90a-bc8fb119037e","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":147,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"45555af2-1f96-400e-9f7e-fb123a0b6224","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":147,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"ee8c3f6f-cc28-4707-b710-73f9ce1269a4","block_type":"box","text":"some additional expenses.","page_number":147,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"992831c3-3cb6-4002-b68c-5f2620faadc0","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":147,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"a736c62b-d100-408e-913c-cc2700374e62","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":147,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"b913de67-d89b-4d17-8d65-c75f637b5a44","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":147,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"3ff25de0-d658-4c25-aa74-e30e8d605e5a","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":147,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"a7e438b2-dfc9-4885-835c-96e740d23c6d","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":147,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"0cbde052-61c3-4502-9b5e-5f3fa4b2858f","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":147,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"c5a92298-12d0-42dd-a8a0-10159268d1d6","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":147,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"fd4ab65c-fb35-4373-baaf-c0d0aa1f1226","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":147,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"1102ad14-f4e6-4820-9a4f-29b68bb1c5a5","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":147,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"6d174de6-5881-424b-b60f-27b363de5837","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":147,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"cf580cdb-45f4-43a2-9259-99869585aa85","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":147,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"134360c7-5182-403a-9b10-a699266a15a8","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":147,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"88dadde9-e7a5-45e2-a40e-5cd2f64bb9b4","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":147,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"1a12d5c0-b4a8-48ef-a841-4ba75768bc87","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":147,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"2cce7a3a-57a0-44bb-98f5-a9fcc44d4a5f","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":147,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"f80f726f-b471-4a18-b312-2add18ba414d","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":147,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"c5debc13-5996-4917-a8c4-899a6caf7dc0","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":147,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"2cd43e43-80b1-42e2-b8ee-a94930b6c721","block_type":"box","text":"recommend cer tain types of transactions, or may otherwise restrict or limit its advice in cer tain securities or","page_number":147,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"a5df3c63-92ee-468f-a423-9966aeb1aca6","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is per forming advisory or other services or has","page_number":147,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"a7411663-93c0-4260-83bc-d9ba56ff40bc","block_type":"box","text":"proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for","page_number":147,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"a4664fc0-ccc2-4230-9aa6-1a1e26d2b94b","block_type":"box","text":"a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on behalf","page_number":147,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"a65efaa5-5f1b-4795-b96c-3b9189aece00","block_type":"box","text":"of a Fund, par ticularly where such services result in BlackRock obtaining material non-public information about the","page_number":147,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"6b7e8637-067f-44ff-a0f8-34e5be38864f","block_type":"box","text":"company (","page_number":147,"box":{"x":69,"y":846,"width":72,"height":11}},{"id":"50969a09-1e8b-486f-8768-1259c5c51bbb","block_type":"box","text":"e.g.","page_number":147,"box":{"x":142,"y":847,"width":25,"height":10}},{"id":"fc3428b6-1471-4caa-b849-6d08f0a717eb","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Similar situations could arise if personnel","page_number":147,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"b7930b10-d39c-450e-a647-2fff14d3b418","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":147,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"be7e76af-d86b-4be6-a56f-e350ecc2d638","block_type":"box","text":"permitted by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary","page_number":147,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"b7d92dcd-891f-417c-82ea-02978c69a1b8","block_type":"box","text":"implementation of appropriate information barriers), the Funds may purchase securities or instruments that are","page_number":147,"box":{"x":70,"y":891,"width":793,"height":11}},{"id":"b8d9c169-f7d2-41ce-b054-a716ff4bc6d1","block_type":"box","text":"II-93","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2efc4586-6e3f-4e44-9a0f-29156b197baa","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf026070-a6f7-4565-a55a-5fa0d2970174","block_type":"box","text":"issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where","page_number":148,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"d3bd12e6-f17e-4799-9814-3c92c4895b4f","block_type":"box","text":"personnel of BlackRock are directors or officers of the issuer.","page_number":148,"box":{"x":70,"y":60,"width":437,"height":11}},{"id":"7e6d0b6b-41c2-4e41-a6aa-7bba842a8616","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":148,"box":{"x":102,"y":83,"width":748,"height":11}},{"id":"c0efe7f5-2168-4f62-920a-c2904334f1dc","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":148,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"c5eb7504-b016-4368-acbe-1aad5578b2ed","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":148,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"6c8a8143-4138-4195-991c-97ef6b33490f","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":148,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"fb88d03a-71a8-4836-a807-24902fe1636e","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":148,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"e2c05b53-d883-48c6-8c67-7d6e12f1640e","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":148,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"7e510d02-c6b3-4ed3-a47f-5ba88391b060","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":148,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"4da57c36-8811-45d6-b53e-2672cc6903fb","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":148,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"c070b4a0-391f-4fd5-aedb-6613a5bbcf14","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":148,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"b259a208-bb04-40e5-91cb-5ef3585369cd","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":148,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"165cf67b-f416-4934-820c-cbbbeac1ce9f","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":148,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"81dd7333-ac9b-40e3-9ed4-c5b1164d619b","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":148,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"b4ba1dbb-a7cd-4728-ab1e-a2fab550ba3f","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":148,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"ff5dcc2e-c076-4344-a19c-4ac96ed62646","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":148,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"6cab1c02-eb72-411b-a011-923382adbe03","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":148,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"89aa1b38-893c-457c-b7e7-51b44bd09768","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":148,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"6ea8fd36-dff8-4f60-84cb-b50041c001b8","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":148,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"b446bc10-8ae7-46f7-9b19-f9b7ce5c9e7c","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":148,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"ead9ea8c-c25a-4aed-b2b8-5e0fd7555538","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":148,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"76c440ff-d591-4376-8342-214c0548d766","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":148,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"166535a7-f8ce-4fbc-88b8-f3352030e818","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":148,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"91b07c63-9bc3-4b65-acd2-4b681241349d","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":148,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"310dc7df-582d-4da5-b54c-a8bc2f288990","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":148,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"f0ace616-8b09-47bd-920b-e5d0ec3510af","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":148,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"dcb60621-efc7-4a9b-8ba9-10e9396de689","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":148,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"68d8f331-ef4b-416e-9b88-83c238e0c1f7","block_type":"box","text":"a barrier.","page_number":148,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"5d6cbd05-4acd-4fc4-abc2-19c23e2104b2","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":148,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"19aea5b3-9204-491d-96eb-400ef12c5999","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":148,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"d8a05d50-43fd-4d3c-b365-e233c9ececaa","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":148,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"ac339624-90e2-452d-8712-886d46613ffd","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":148,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"7c389919-5226-4a44-9576-7367284e85b0","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":148,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"0adb8a16-67c6-480b-a32d-878ae2f85357","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":148,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"3f6f7ff9-e941-4085-a001-fdc4010e31ab","block_type":"box","text":"that operate in cer tain industries (","page_number":148,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"3cda282e-8ede-4627-98c0-9ff795820cd2","block_type":"box","text":"e.g.","page_number":148,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"5b021e9e-a5b5-4190-8fb2-8103bf6f398f","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":148,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"154883ee-980b-475b-9b70-720db8acaa73","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":148,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"91d37c8b-c14c-4543-9836-60eed5e84876","block_type":"box","text":"e.g.","page_number":148,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"e20b4e9a-19c2-4e8d-9ae2-9305a05626b5","block_type":"box","text":", with mechanisms such as poison pills","page_number":148,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"68e7e8f1-6d96-4bce-b740-ca703329a20f","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":148,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"df253f04-0c22-4241-a992-f24c1853f3a6","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":148,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"97519c57-3608-4b9c-acd4-88f98140ae78","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":148,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"ec0e9b1f-65b0-48b3-b176-4c54962b7eb5","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":148,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"81744b6b-2af4-44d0-8b81-d170d20ca5e8","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":148,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"825dbfdc-954a-4ee1-b201-46baa73ddc28","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":148,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"510734d2-2a66-4d5b-a46c-2380ab45b7e5","block_type":"box","text":"seek to make indirect investments (","page_number":148,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"78c08857-d575-4e47-a5db-9068da13aea8","block_type":"box","text":"e.g.","page_number":148,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"42fd5873-9b9f-4988-b8c4-d83b27a6a7a6","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":148,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"b3d880ac-5699-40e8-8dd0-2b438654a21e","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":148,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"543975f3-3f2a-434f-b90c-7cc07653f35f","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":148,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"68f25013-001c-4591-acfc-591ba837b7c3","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":148,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"55fd82dd-c9c9-405f-a28c-5073cfdb07e5","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":148,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"ad82bb0d-5f0e-4f10-a529-c1c1620daef1","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":148,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"aacddbcc-ae47-424b-b9ba-e818306ef297","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":148,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"6e9e29e2-35ee-44b8-923b-da7cc87c0424","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":148,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"e7310a49-66b9-4f10-9d4d-14a3b40701b3","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":148,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"a0b13db1-e281-48bb-bfba-8dd8710297a0","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":148,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"0db492c3-2895-4ef0-b085-64e2309d9f74","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":148,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"09750afd-bed4-491c-8749-f5767bc7a88a","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":148,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"97a8d15f-b1b8-4fa8-9979-0bb4b40b8e60","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":148,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"798354c3-4730-4182-bc71-00f0f64ae70f","block_type":"box","text":"II-94","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7f612121-b646-4500-a348-3919d1a76a73","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"958e33fa-b8da-44a4-a643-a9c2e70c825a","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":149,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"04273ad5-e8de-4768-bc2f-ace2a30d15e0","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":149,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"1364d9e5-30f0-424d-9243-6489f9153d9d","block_type":"box","text":"amount of the impacted security included in its index. 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These types of","page_number":149,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"f0f6cbf3-2184-46ba-845e-e64856b76943","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":149,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"c593d06f-1b91-4bd2-9ff9-39ade2ce12e4","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":149,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"0fe93285-6b73-4423-8115-bd6c27f479f1","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":149,"box":{"x":70,"y":188,"width":810,"height":12}},{"id":"a1cb51a3-86d6-4ff9-a7c0-f053e2a2bd8e","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":149,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"eb4e8924-3cdc-4b1b-8e8e-8dbdd2fa0350","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":149,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"122839d8-d6a0-470f-b275-7e35cf988c5a","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":149,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"c79107b7-3105-42f0-bee4-4424c7e8e36f","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":149,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"93a0569c-0e8d-4be1-b21b-6597d35311a7","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":149,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"6d4f2e09-3bed-498a-91da-37ab8b7192e7","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":149,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"17673367-5ab8-449f-9b9a-c79376905dd1","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":149,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"6829c78e-523a-48df-ae91-aad52a4266d9","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":149,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"0cd52f55-31ca-45da-aef2-f60d6d3d8cda","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":149,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"86d85e40-5b5d-40b4-8e76-7f0a49e5576e","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":149,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"accabdbf-4a5d-4436-af10-ad27e07dee29","block_type":"box","text":"with purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and","page_number":149,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"506a2e6e-ccf1-4b3a-9d64-8dddccda00ab","block_type":"box","text":"BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to","page_number":149,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"bbd8a59f-6b89-45e5-9ba8-9fa3a16679c9","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":149,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"8c17b93d-cb08-43a1-a3b8-c532d06ccbd9","block_type":"box","text":"actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":149,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"ee350e9f-b224-4ec2-8b80-6bfc7cc963b0","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":149,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"713741ee-129a-423a-ba5f-c847fc128861","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":149,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"1e815b15-b29f-4f20-9c97-f2dffd375f20","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":149,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"c856e52d-55d4-474e-aaa9-a92985829da1","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":149,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"ec9ed0b4-abd0-4dc6-a72f-9b336f370062","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":149,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"ea6751bd-f702-4013-9395-37d602c4bf59","block_type":"box","text":"strategy with respect to such security or asset.","page_number":149,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"506c7aef-7d01-4275-96f9-fee75ae9e46b","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":149,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"9d8ee93b-7bd3-4dfc-81e7-9610967a6237","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":149,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"9d55960a-23e9-4812-94d4-2a3a0320c700","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":149,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"f0d5eee8-d4dd-4df0-a614-2eaea07e97e1","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":149,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"f5e12306-350e-44c4-9bd0-5b237d921fb7","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":149,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"b4d81f56-ac7a-4866-82c0-bef1f650bc5f","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":149,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"778c14b0-c8ed-4775-8049-75c43c0f4aa0","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":149,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"36e99ae3-1174-4541-935c-cd7786f1a42a","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":149,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"1ee6c5ff-006b-4ac3-b7ec-4d028d551cf4","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":149,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"f092aa63-69ef-46e6-b0eb-0e8d44a9e5fe","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":149,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"26d26b2c-bf6e-46fb-9383-aa130687ad65","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":149,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"ebc9fcee-2a81-4192-9fa1-f23bf418cc0c","block_type":"box","text":"e.g.","page_number":149,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"ab43dfcb-0e51-4533-897c-42ff2093f1fe","block_type":"box","text":", custodians,","page_number":149,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"66f880a6-c9cb-4335-a802-aae5245a6401","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":149,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"9e420ee6-99ea-445e-974a-8a74b12c5ae9","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":149,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"ae3a4a77-9504-45d7-b4fb-5d403749b81c","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":149,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"c859c1d6-778e-401a-a518-081c98f18edb","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":149,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"3ac9b417-c9f3-42f3-bb34-8476aeeb94b2","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":149,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"adaab80a-e941-46c7-891f-57362b1d73bf","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":149,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"867a7938-031d-46da-8b9c-5b8bac0cdd6d","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":149,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"6bb84529-57be-47ad-8573-1537daac80a1","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":149,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"7326e921-a1d3-404d-bf14-1c3782078901","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":149,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"6c18891b-f6fb-4460-b24d-73b84247fa6d","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":149,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"953175d9-590c-49e0-ae6c-04040ac32d4d","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":149,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"af5fd0c9-0f8a-4afb-9486-1465e8371056","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":149,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"689a7c6c-e276-4842-aeba-8218d2714f9d","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":149,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"de90ee74-1f2c-4146-8451-4a181af30a78","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":149,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"9349466a-302e-4577-a528-59cf50e10a6d","block_type":"box","text":"II-95","page_number":149,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"57b05008-2a6e-4ae1-9895-0985424c95e2","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1826c826-7eec-4b99-bd8f-47d5e70a0e74","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":150,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"a8954f5d-4bc6-416d-8dd0-02c926f76ad5","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":150,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"bccd4260-d60e-411d-8dc5-0c3b8b537a22","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":150,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"0663eee1-c7c3-45f8-96c6-0e1ed9c39940","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":150,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"d3b7c95b-b570-46a8-8eeb-d169459cf0eb","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":150,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"106a5648-5b1b-43fc-aebe-a7d1a253ffbd","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":150,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"cec8c6b6-0cf7-4ad9-92df-79085cacfd7b","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":150,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"f142be0b-2afc-4c94-bb74-89cde84908e8","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":150,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"9a3c90ce-a833-400b-b076-2bf4db5a82bc","block_type":"box","text":"provider.","page_number":150,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"af9682b9-8208-46dc-8390-d2f3ddefd850","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":150,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"4f226634-89f2-41ad-9e7d-045f2b5c9cd4","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":150,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"a4a02b36-6cec-499a-8f72-ba9b625ac714","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":150,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"44927e36-8cd9-4388-812d-e16e2fd85a79","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":150,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"2e6499d2-d02c-4afc-9fdc-ddfe248f117f","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":150,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"5e8e6055-59a6-4353-96b0-43384b857a5a","block_type":"box","text":"PURCHASE OF SHARES","page_number":150,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"5ab2f134-0ffa-4d17-91d3-d2bc871c9f51","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":150,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"e6885bb8-de4a-4d40-afd7-7f161377b118","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":150,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"c9d87711-8e2b-48d2-920c-1efe81aa7118","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":150,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"e3bbb41e-8c3e-4297-99a4-7e99bb0162a9","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":150,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"8c3bcdee-144a-49b1-978e-2bd64151b35e","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":150,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"2cc1e286-7847-4cc4-8892-c54c909683ea","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":150,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"b41005c1-45ca-4a5a-ac45-44489ab264ab","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":150,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"3f558b04-e7a4-4d10-b582-1aeee3f5e26e","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":150,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"54d7d144-7f5e-4b4e-8860-4ebfb6def8f1","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":150,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"76781dcd-971e-4515-a5d3-e377bf982a75","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":150,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"64b8b57a-22fe-47f8-954a-0600bc3a3dc8","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":150,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"6b088cfe-d6d7-4cfd-8c15-26558d8b6f79","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":150,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"4c6f6b67-64dc-4aa8-bd53-3d3d4e83a99f","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":150,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"60de6304-27fe-4ce6-ad4f-422bc7ba6a7a","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":150,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"d8aac6b1-88c8-4993-8723-879753fe530f","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":150,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"ac7e006b-677f-4c67-893b-95ccd178a043","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":150,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"4e1805b7-2258-4155-b4fc-eeeaa8192f3a","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":150,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"cb56aee0-e36d-498f-a5ba-0063214467f4","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":150,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"a0e2738b-eed5-42c3-88d5-db1f9ca7ad44","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":150,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"845bd214-5510-481f-8545-c1d5a328f956","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":150,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"e91b3969-12d1-478e-9c87-bbbb562467d2","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":150,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"ff2dd828-7f97-4d07-a2a7-b6c596ae53c4","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":150,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"db2db66f-53de-4d6b-8bd2-d178be6e8feb","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":150,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"76c26bfa-2f39-4ccb-8028-9d5de1e92b8a","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":150,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"1f3154f6-7fbd-4ce9-b01a-3f7fd0df142d","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":150,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"410837f0-fed3-418f-a214-96ee4c80d420","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":150,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"0397b059-07d8-4023-ab2c-3cc3a5d7c34e","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":150,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"9a280400-1b05-43e5-9924-90434a6209c1","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":150,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"e5ae8d6d-7920-4c3d-b63d-e86aa3269767","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":150,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"24198f42-e85c-4b87-9124-89f43972145c","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":150,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"83b25a0d-e717-40dc-842f-91cf63cc9aa8","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":150,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"173d207d-fb9b-4f30-b481-67ad4177a22c","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":150,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"8f53dc1e-fbf6-4fc1-a62d-cf48c49bbcbc","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":150,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"e2087d45-34ee-48e4-94aa-7c9264decf6e","block_type":"box","text":"investment is $25.","page_number":150,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"26709e74-d44b-403e-82b8-9abe39354b65","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":150,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"3a112b0c-e4b4-42d3-a00d-0cefd3b5c184","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":150,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"53fae3b3-7afd-4dc2-a26b-a21cb31a072d","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":150,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"4c76b0d1-e145-4711-ac06-1c1328539e79","block_type":"box","text":"II-96","page_number":150,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2777a27b-8852-4f4c-9b2c-7e3f1aed3b04","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"613f0d46-9a38-4e27-b330-17c265da768c","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":151,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"f8e455d9-dd67-4d21-a880-6615a76334e1","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":151,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"ba1fdcc5-668c-4ff3-9e64-1aa2a976595f","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":151,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"a152ca96-f894-48f1-9a4c-65e9edb20eb5","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":151,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"aa1aeebe-25a0-47ae-a329-9d6e9a6fdd5f","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":151,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"091906fa-36e7-456d-b02d-3911d4a75314","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":151,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"928a4dee-fff3-42be-8fe8-ef4934d68277","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":151,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"a9af6a0c-af44-4616-8d76-c1a60a886963","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":151,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"452f2b4f-e09a-4e95-89dd-da144222a6ff","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":151,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"e90b6c50-a8c2-4b16-83cb-bd9642b30381","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":151,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"c35a5979-1ec2-4e17-8061-a4f6b4721810","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":151,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"b8c3e8da-3166-4054-8110-5d6985561ee1","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":151,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"0d2d51a3-e8b7-4d26-8227-a65dad08d0aa","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":151,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"192547f8-8104-4321-9c7c-c78e34514f34","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":151,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"771d2e32-4a37-4c7a-8b75-cae60257587d","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":151,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"32e184f2-f206-4ea7-8e65-c38c2665c5c2","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":151,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"e73031b0-762c-45d6-8919-53505300f849","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":151,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"924448cc-771d-4bf4-89c6-a2807913d340","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":151,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"ee966cb9-a854-438c-bc4b-a31f705828ed","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":151,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"478bce52-f34a-422d-be9d-5735a0843170","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":151,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"384ca28c-c56c-4f54-9baf-d7dedf93345b","block_type":"box","text":"adviser.","page_number":151,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"51d85909-a3ba-424b-9e13-8aee18f008fb","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":151,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"19f0ab94-0bba-4d07-a4bf-fe22da206a55","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":151,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"2fc87abe-0330-4759-9231-a8e02f18b152","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":151,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"0f173210-031c-4a06-a291-1b6813f9bfc3","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":151,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"8e5251ec-13ac-47f9-b05b-15aea5741cd7","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":151,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"bb820317-f42f-4bc8-8345-ffb370a34cfb","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":151,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"0c1709c7-9e22-4a0a-9edd-24f1fb16e830","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":151,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"63cd0b71-d44e-49b1-9c92-c2030a32f5ea","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":151,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"f3adbdbc-1054-4d7d-8ce0-0319f5f3403f","block_type":"box","text":"also be restricted from making additional investments.","page_number":151,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"c8ebc657-9706-4410-8afe-7ae2372f93e1","block_type":"box","text":"In-Kind Purchases","page_number":151,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"47f4a563-d9b1-486d-af17-e2b7ff57f88b","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":151,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"54b38f73-a3a2-4f28-b4ec-43d6e13991a4","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":151,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"d425c5a3-bdc2-48b3-93f9-11a9a96559a5","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":151,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"e2e24e7c-1f23-4806-9ae2-26ccc63efc79","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":151,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"ea5955f0-06ff-41d3-a3ca-4250ceb8270a","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":151,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"83da4825-6ade-4d83-ae79-c4a9c57b6022","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":151,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"33419b45-b5a3-4963-b936-fb117d1df6b5","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":151,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"a7776e65-3d9c-40cf-be3a-62fbda9520f4","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":151,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"200aaaae-1811-4bae-ba4d-8371e111631b","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":151,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"f4874354-aa52-452b-9753-06ee5271c72e","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":151,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"8288e01b-0bd2-4b22-b664-3823e2d71f7a","block_type":"box","text":"has settled.","page_number":151,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"317cfe41-55a2-4a1c-9247-cc65fb473219","block_type":"box","text":"Institutional Shares","page_number":151,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"54377d36-598e-4e31-a6f8-ab203d1fb70f","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":151,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"de1ebe08-e6ff-4c38-9772-03a4d2e41ffe","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":151,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"16f1d16b-5abc-4d18-9c5d-5d4e52aff355","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":151,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"49d396f0-47e3-4953-8b8e-604f35e39971","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":151,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"aeed32bc-cbf5-4c88-bf94-7ef59cb9cb88","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":151,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"4f3db228-b9f5-4a5b-8699-5cad76d8921a","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":151,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"fc4b947a-a61f-4544-9fa1-bf31114f0db2","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":151,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"75356850-d894-47f0-9b66-e877239dcb51","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":151,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"b1929e15-736d-4052-9b10-eae4b9bb8928","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":151,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"250293ea-0d9e-41f3-a5ab-1fc03f6f8201","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":151,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"b9e6dc26-22ec-42d8-a398-3c74e43292e4","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":151,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"e877eb8c-a607-4c3f-a308-20505d0a70f4","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":151,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"69dfdcc0-6833-4b72-a024-196ee1105c91","block_type":"box","text":"II-97","page_number":151,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a24a6b94-05c5-4087-89d4-c79764068872","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21a57312-5c71-4494-acc8-4d7abf02e79c","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":152,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"8166d807-75c1-4ba9-936c-077d755dbe9e","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":152,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"78151360-efe2-4ba8-88af-3a377977e04b","block_type":"box","text":"these fees and conditions.","page_number":152,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"8da2f5c8-a407-4b13-9a0f-50d62f396349","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":152,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"5499e0fe-fea4-4d74-8d80-b8bfcd6a87f8","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":152,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"a5cd9cc3-98d4-4832-8e38-9d3f39412459","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":152,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"57b92dfe-e29d-4512-88f2-0c29bf1c3ac3","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":152,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"1fde0118-d42c-4b79-b812-348fc6aaa8a7","block_type":"box","text":"incurred by the Fund.","page_number":152,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"3f0cb6df-a71a-475c-b9ba-0515212923c1","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":152,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"2ea84ac2-bbb2-4b16-ab6b-9352889a3ac0","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":152,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"65b28336-14de-4451-b636-0b1d264e3df0","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":152,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"6c96c0a9-9172-481a-84d4-f2428f9a9e63","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":152,"box":{"x":70,"y":226,"width":762,"height":11}},{"id":"76505da1-dd3d-4f56-85a4-6f183b937e77","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":152,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"185e33c5-d849-4f7d-a767-04afdd72096a","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":152,"box":{"x":69,"y":257,"width":819,"height":11}},{"id":"ce39bc54-f99f-4c31-9da1-99cc2632ae1e","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":152,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"798603b9-7661-478c-856b-c16b42888400","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":152,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"e723a67e-4c52-471a-b86a-61629948f7e3","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":152,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"7c15fa17-1289-412b-9439-a6fc17735107","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":152,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"3a9ef0e3-12da-47bf-8de4-aadcd8cd5fee","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":152,"box":{"x":69,"y":332,"width":789,"height":11}},{"id":"02029c1a-0769-4970-a12e-6a90a440bef4","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":152,"box":{"x":70,"y":347,"width":772,"height":11}},{"id":"861ec9cc-d649-440a-8a92-445187bddce6","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":152,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"b0c3636c-d4f1-481f-aba9-2f33a4669795","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":152,"box":{"x":68,"y":377,"width":783,"height":12}},{"id":"c7cd137e-42dc-486c-98ef-5fd82b90f285","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":152,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"56298e96-dce4-49b2-9830-ae5636a377fb","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":152,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"c3aa6312-5781-413c-b9dd-d7070ae9619b","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":152,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"b7c6b23a-1150-42e2-95d2-4a5ea19c3c93","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":152,"box":{"x":69,"y":438,"width":751,"height":11}},{"id":"ea6edfdc-8276-41a0-a088-1510b9f9c19d","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":152,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"0a6d5c4a-b962-4ec9-83d7-eea08adf40ea","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":152,"box":{"x":69,"y":468,"width":773,"height":11}},{"id":"d9f7083a-5147-4715-9cc3-fb6363a83e0f","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":152,"box":{"x":69,"y":483,"width":771,"height":11}},{"id":"d52c84e7-eafd-4720-8ba5-9458d7d267d0","block_type":"box","text":"minimum initial investment of $1,000; trust depar tment clients of Bank of America, N.A. and its affiliates for whom","page_number":152,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"118d140d-1d86-4a4e-adc5-7ebf7c1e9659","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":152,"box":{"x":68,"y":513,"width":771,"height":12}},{"id":"278b77e8-56b5-4a0a-9a59-209d44539515","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of cer tain BofA Corp.","page_number":152,"box":{"x":70,"y":528,"width":801,"height":11}},{"id":"34a65cfa-ad2a-4c03-8793-41c7b1caf232","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":152,"box":{"x":69,"y":543,"width":770,"height":12}},{"id":"e2277087-9dba-4053-a4d6-6cf6cd0214a7","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":152,"box":{"x":102,"y":566,"width":280,"height":11}},{"id":"ec38b3b1-b044-4a7f-a679-ffd0b866bef3","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":152,"box":{"x":389,"y":566,"width":496,"height":11}},{"id":"3c7561b4-144a-4b6e-85e0-cc778503cd95","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":152,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"58d92d3b-60da-4d60-b932-54274f0a0f26","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":152,"box":{"x":70,"y":597,"width":828,"height":11}},{"id":"2caea973-dd1c-4efe-ad90-5e98af6456a6","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":152,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"6c0d73fc-c517-4ac1-9101-0144bf0e6c12","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":152,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"103d8d29-e555-4615-ba35-353fd8900abe","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":152,"box":{"x":69,"y":642,"width":279,"height":11}},{"id":"1334de3e-7bfe-4850-9504-b39f96f24e65","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":152,"box":{"x":69,"y":672,"width":382,"height":11}},{"id":"d3a5db2f-92fe-48f7-8858-6baa3c13f2a1","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":152,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"01c5481d-bac9-4248-aff7-69ee489d07a2","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":152,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"ad9ab859-63cf-4335-84ae-0ad25291b194","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":152,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"8306070d-33be-4616-8e79-fa940107f5c3","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":152,"box":{"x":68,"y":740,"width":840,"height":11}},{"id":"37de7d29-7e41-4e60-9541-ad1ba0049988","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":152,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"44c66c15-7831-45e5-8141-2d9a71232bee","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":152,"box":{"x":69,"y":770,"width":791,"height":11}},{"id":"28b6b59a-db05-4f55-9e29-be029d1b7949","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":152,"box":{"x":70,"y":785,"width":727,"height":12}},{"id":"d024ff8a-1e16-4ed7-9abb-4d855c714311","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":152,"box":{"x":102,"y":808,"width":770,"height":11}},{"id":"5c08ed70-7274-4485-b649-9a228c80cfab","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":152,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"5c8b0871-9813-4f1a-bbdf-830bfd1e9366","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":152,"box":{"x":69,"y":838,"width":791,"height":12}},{"id":"875407ba-8cf5-4efa-adcf-f91f1d96a848","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":152,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"43c71fb9-f6b9-44e6-a7ff-37d3e88a695d","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":152,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"2547b9af-d812-4f1e-87fb-a3e69118080e","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":152,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"4f77499b-cd7c-49b8-829e-0d4dd71053ef","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":152,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"c183f52a-395a-4959-88dc-2892e5e6bb02","block_type":"box","text":"II-98","page_number":152,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"551bee75-206e-4925-ad37-e11435a3520c","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3533d920-bf84-4a0c-8f3b-aeb138750244","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":153,"box":{"x":70,"y":45,"width":789,"height":11}},{"id":"3b344240-5e07-4bcf-bcc2-ff25ebbfc606","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":153,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"64a4a8a8-54ed-40d3-a3bc-42803ad1ec51","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":153,"box":{"x":70,"y":75,"width":792,"height":11}},{"id":"cb957bde-21ca-42ff-92d4-4af655d6e942","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":153,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"eb3027cd-73ca-451a-a3b6-20161aa2e89e","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":153,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"c5aa1b20-819e-4b22-951d-1d84b5406087","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":153,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"517f0da0-dfe3-4855-894d-534030e173f4","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":153,"box":{"x":69,"y":135,"width":358,"height":9}},{"id":"490f7ac2-1c43-478a-a854-c1e7451b1ba0","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":153,"box":{"x":102,"y":158,"width":734,"height":11}},{"id":"51b0fdc7-2f02-49f8-8e8c-722fa6dcc628","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":153,"box":{"x":70,"y":173,"width":785,"height":11}},{"id":"bf958bca-0b5e-4f87-88b0-147bdd54f1a2","block_type":"box","text":"periods indicated.","page_number":153,"box":{"x":70,"y":188,"width":124,"height":11}},{"id":"b37190c4-8f07-4780-8120-4fcff1777a48","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":153,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"903908bd-dfd4-4d56-bc6a-0c17870403ff","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":153,"box":{"x":68,"y":226,"width":830,"height":11}},{"id":"0be8e181-d615-418b-a99a-a55c2092e6fc","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":153,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"464f5e06-9fb6-440f-96c8-921442367f2d","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":153,"box":{"x":69,"y":256,"width":714,"height":12}},{"id":"8823252e-b612-4fc1-9c10-9c777f3c8383","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":153,"box":{"x":69,"y":287,"width":297,"height":11}},{"id":"d1b0c80b-2315-4c99-843a-5e0d29312b09","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":153,"box":{"x":102,"y":309,"width":761,"height":11}},{"id":"e597dc75-0cf0-4b2e-b0df-f9e98caa8f7a","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":153,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"e10bded9-0b26-4e2a-957b-0fad84fe5ac6","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":153,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"f60a36fa-5dcc-489c-b6e5-26f249908482","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":153,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"952e88f5-73a1-4e0e-99a2-96e8767d65b5","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":153,"box":{"x":69,"y":370,"width":578,"height":9}},{"id":"3943fc86-3d3d-4d67-b0bf-5712729aaa34","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":153,"box":{"x":102,"y":392,"width":734,"height":12}},{"id":"0e74d6d0-72c1-4ea2-ad78-323a91eec756","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":153,"box":{"x":70,"y":407,"width":800,"height":11}},{"id":"4b9fa51c-87d7-4c1a-b84c-6793ee9f5777","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":153,"box":{"x":101,"y":430,"width":806,"height":11}},{"id":"c1a36c78-459a-4caa-9093-07a9d62b1808","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":153,"box":{"x":68,"y":445,"width":830,"height":12}},{"id":"939f5b27-9b0c-40ea-9d48-3a40d1121e4e","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":153,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"615a2589-9dda-40dc-9b74-52fc4cf4727c","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":153,"box":{"x":69,"y":475,"width":714,"height":12}},{"id":"992dbc56-d232-4f10-a789-b0b75932862f","block_type":"box","text":"Reduced Initial Sales Charges","page_number":153,"box":{"x":69,"y":506,"width":219,"height":11}},{"id":"da808a16-6b64-446d-97b1-f48bdfa6071f","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":153,"box":{"x":102,"y":528,"width":782,"height":12}},{"id":"e6e01536-ccba-401e-b753-35d51e12d980","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":153,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"5cd84450-6c62-4bf8-8638-e5ba325b2278","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":153,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"fab4ee32-d4bb-4d83-9cd8-242c6d9d6221","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":153,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"eed52300-a3eb-468d-9146-f9baf7a735e5","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":153,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"ac70837e-aa02-487a-8040-1c3741f83518","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":153,"box":{"x":69,"y":604,"width":813,"height":11}},{"id":"cf48901b-6024-41af-a621-f2296f46d620","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":153,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"4cefea90-5c52-47c5-a5ba-ba752aeb125d","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":153,"box":{"x":70,"y":634,"width":603,"height":11}},{"id":"54ab25ad-7e4f-42ca-a70e-10668efef027","block_type":"box","text":"Reinvested Dividends.","page_number":153,"box":{"x":102,"y":657,"width":156,"height":9}},{"id":"48bdd000-065d-4169-a294-53229f756f63","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":153,"box":{"x":265,"y":657,"width":566,"height":11}},{"id":"327bb115-b906-4127-8d47-8c61725117bc","block_type":"box","text":"reinvestment of dividends.","page_number":153,"box":{"x":69,"y":672,"width":186,"height":9}},{"id":"d79a9c18-1b1d-425d-965d-daceebd52667","block_type":"box","text":"Right of Accumulation.","page_number":153,"box":{"x":102,"y":695,"width":158,"height":11}},{"id":"63a632c5-381a-4798-aac7-89a027ac8ab4","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":153,"box":{"x":267,"y":695,"width":574,"height":11}},{"id":"51632d79-d630-4db2-8272-02fc07c15a86","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":153,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"fce0dab6-7e3f-4b72-9e7b-a354aebec3aa","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":153,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"68aaefbb-fd07-4676-9bc7-d8f9266f102d","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":153,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"f3d6dd7d-e371-4734-b64c-13b9d2780cd3","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":153,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"443e07f3-5d9f-4826-974f-0c9ca58eeced","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":153,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"082a0ba1-6861-4059-889c-391bc8c013d6","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":153,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"09419dc4-d0a9-41dd-a123-380b740a95ee","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":153,"box":{"x":70,"y":801,"width":794,"height":11}},{"id":"420e762b-9c4e-4d1b-802f-229b5aa4341f","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":153,"box":{"x":70,"y":816,"width":814,"height":11}},{"id":"8aa95174-0e53-46e1-996e-57015813bc48","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":153,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"3d8eb364-4053-4dfe-a4a2-4ce0a59529fe","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":153,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"b9dcfe70-c90f-4dea-a52c-9b2fc851b92d","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":153,"box":{"x":70,"y":861,"width":776,"height":11}},{"id":"f2834777-39bb-4d6f-806b-858a0336de65","block_type":"box","text":"Although Investor A Shares of Index Funds and BlackRock Shor t Obligations Fund generally are not subject to a sales","page_number":153,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"7b618e61-a549-4355-a7fa-0d8104cb6134","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":153,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"372e2579-b371-4438-acb9-54e8740f65ce","block_type":"box","text":"II-99","page_number":153,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0edfe5eb-44d6-4c58-a208-067d29fbcb65","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"536b4e5f-3d08-45c9-a432-018f7a681500","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":154,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"4c333b44-a3a3-4f8e-aa70-bf9fabc3c9cb","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":154,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"033f0e6d-cb53-4cbb-b8de-050f73c73ba4","block_type":"box","text":"Letter of Intent.","page_number":154,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"55cf86cd-9796-4d1b-9755-f4f9b0842971","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":154,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"1e584f82-c0c9-4fbe-ad89-eb613324f498","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":154,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"2f987ca1-ddd9-4ca9-a7a5-9831705afb42","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":154,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"2bf1ece7-5bfd-46ca-9890-358a3f7653ad","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":154,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"87a378df-e876-49e4-91c9-0c309635994f","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":154,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"b2364026-53c0-48ca-80ae-b810f5b0a308","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":154,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"ce9c9d67-1637-49db-a6de-55291ab08941","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":154,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"01e0a233-d49d-41f8-bfa2-321d8e0dcc89","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":154,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"27c1e342-88bd-4db9-891d-12729a6c0ef6","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":154,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"7fb36a4a-ab04-4367-88c7-f9acd0573240","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":154,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"4bcd63dc-eafd-4316-ba3d-8d505053c5d4","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":154,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"c1083111-5ea6-404d-9994-83802a8c5c46","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":154,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"d9a64a2a-cc31-4655-a730-f23576d7f57e","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":154,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"e3a9bbdb-45a8-49c3-882f-f788f16f9c4c","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":154,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"d2dbecd0-fb58-46d8-a8fd-855d2974173c","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":154,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"f84ee1bc-7484-468f-8708-3d79039c0629","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":154,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"3fc5f1a0-4b20-44cb-9ca0-454a78ddb7bb","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":154,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"5f9e1463-920d-4e81-9632-79db40528054","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":154,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"7b6248b4-89f0-434f-ba3b-09dbc839415b","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":154,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"5d83d5f5-8a8b-4f4e-8ad7-5ada30b979e9","block_type":"box","text":"Placement Fees.","page_number":154,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"8f11a64f-2ae2-403e-b9f7-743515bebb33","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":154,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"2b2e9d51-52ba-4dfc-b55e-5f7186e5f814","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":154,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"a9f755b1-e7cd-467b-b870-c799b3adc9d7","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":154,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"80b5f4e2-c9d1-422f-b329-333d424f6619","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"a14de8bf-6aec-4d0b-b036-c8b32aeb8e8a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":154,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"42672fa5-9cc3-4acb-8470-15a08fbaa710","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"6ade1f90-4d50-4b11-96fb-e56602b395f3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"bda72e89-fcf5-4a8b-8aae-b33b33dac80e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"e920790b-087b-49d6-b977-26ecdf4c5c2a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"99f7f79c-8a4b-4100-9b5f-7a5d749afcb9","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":154,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"abb7b513-eee5-457d-a40b-de28d4764532","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":154,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"827366c2-f8f7-4c93-a47d-183ab2373fb9","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":154,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"116669b2-6398-48af-adbb-9baa8e654dd9","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":154,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"047f3414-bf3c-4ebb-a25b-156250efe2f3","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"f0231f15-8666-4d8e-b2fc-46586638e35f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":154,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"76071df1-069d-441b-afa3-8daee5e620b9","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"3f96b144-85f2-448c-9fd7-6eed2e4ce85c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"b4ad89f1-2e31-430f-a1d7-066481637258","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"8ae1ef73-c74c-4c69-8baa-a3d5e159b3b6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"67dc7a0b-7b96-45f6-916c-444f76a11a32","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":154,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"fbbb8199-7c45-4662-9bc5-f72eb1c344e9","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":154,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"c80bc283-bb62-47df-b88a-bd4d6e17984a","block_type":"box","text":"SM","page_number":154,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"394add4f-9fff-4639-b1aa-1e65bcb57e26","block_type":"box","text":",","page_number":154,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"7b15f395-08dd-4dd1-b648-f56fb893a072","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":154,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"e3b7164d-09dc-4834-9006-77fddcb9a6b6","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":154,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"5553bb7b-71e7-4dee-a5bf-ef5671ba1fd6","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"6881ae9f-a843-4554-8690-1e83945796c5","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"0e6bd1ae-de0a-423d-93c0-99124575714c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":154,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"813a908f-a30e-49b2-8d14-98f239ed6e2c","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"2af33c09-35d0-4573-81dd-b28e0e80af3f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"288e88b6-8bf7-48c4-aa85-dbc50cb82a19","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"104d269a-1207-4392-95c9-5bb73c27b2cd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"0443013a-2807-4809-aebc-5712e86e376d","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":154,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"3b8b566e-37b7-4896-b460-3cbdb24d7960","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":154,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"6efd8e7d-1399-4f30-aa30-7adcefe9b007","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"06552758-1adb-49bc-bad2-41ccb86c6f75","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":154,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"9a29331d-cffd-4185-9406-408ba6ac1d95","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"6a5799bd-94d3-4652-95f1-a01d85946710","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":154,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"db4a4472-8bf0-4bf5-9812-f413d52519c1","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":154,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"cb257958-deee-420f-bc56-9e1798a49a8f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":154,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"bb3e61bf-51c1-4a62-b69b-2fcca98cd642","block_type":"box","text":"II-100","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e2a22c38-9341-47d1-8630-684a8b5af0c3","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f72bea40-33ec-4bd6-af4f-0f7aebf6761c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":155,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"440a06c8-f2b5-4388-9ebf-fc5506fc6c8a","block_type":"box","text":"may be up to the following amounts:","page_number":155,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"0ff0cdfc-27a6-4407-93d5-8a16e75c2772","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"d6e65545-b7f9-42a1-ab10-ba8c449143b2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"e41dba7d-7e88-4d16-ae87-a6b419d8d40c","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"ae681bd3-00df-442d-8342-23f28b6e2cbf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"cb9e5269-be6f-4aa1-a490-4906d49039ab","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"7cf30d8e-886d-4375-bbbf-b26e22998d8f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":155,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"54deb536-ad89-47a9-8cf0-a87b5e3ded3c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":155,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"9fb54e44-805a-4d23-af07-965a65d4b90d","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":155,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"c5e36fea-5161-4973-98e2-cf61ee075043","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"c05e4f56-7efb-4238-bdf5-c8bbd37b5568","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":155,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"a8aa024c-82ed-45ea-990e-d003f094125e","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"0a37e2b1-adb7-4d67-a99e-35d03348ec89","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":155,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"0425b956-d3b3-4626-9077-a7e3ca96f42d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"091c0ed1-cbf7-459c-8ba8-95da4ab68e64","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":155,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"bd216d2d-6f46-414a-9e95-cc3807783d87","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":155,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"89c36f71-e600-4e82-a7d5-256a9a90622b","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":155,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"5c9dfd1e-4db6-4ace-a368-a95bec995574","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":155,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"6212857a-1499-49ae-abd6-db843ffbd1c5","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"ff697f68-5ba2-4e38-838b-fe906de61853","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":155,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"2cec931b-555c-4bad-bd4e-4c0e0a503637","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"d4b1b5a8-25a8-4106-9867-39386a109426","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"2111c39f-3cf0-4a3d-9462-ea7ac8a5176d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"58f3301e-7443-431c-ad3c-9c39fd594268","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"732b0f29-8c74-496e-aa4d-461678cb62d0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":155,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"3b96fb8d-d7e5-4e09-8e23-4b391bd49423","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":155,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"5ee6f79e-0824-4e9a-a294-c0ad1f213441","block_type":"box","text":"$250,000 and above . . . .","page_number":155,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"a6cc2da7-17c5-4666-a619-0bd22de6e3d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"d6e000d7-12fa-4490-b475-3399f24b11b6","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":155,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"4d39c8c6-3f76-41fa-a5dc-30b002ddada3","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":155,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"c90c2250-df42-4241-8666-95f6a2da286b","block_type":"box","text":"the following amounts:","page_number":155,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"d8150233-1aac-4ab8-b7cb-31bd1ef4aa0e","block_type":"box","text":"$100,000 and above . . . .","page_number":155,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"98d66a7b-3743-4458-a5e1-4226c4580a5c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"d19ab0da-c881-44a6-af0a-0f8a307a0958","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":155,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"a7939f87-c5ee-4898-bc78-32d54d61b6ec","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":155,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"6835cd3f-258a-436a-9d2a-6726ad9c0fb0","block_type":"box","text":"$250,000 and above . . . .","page_number":155,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"0d86ec93-55cf-4f83-8e69-d9c8480156a8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"4ffca67a-6d2c-4f57-8003-c06bf8d40682","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":155,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"6f1697ed-17a2-4254-a85e-3fc4f4a7e98b","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":155,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"ecfd0771-6af5-44e1-b223-69177fd05305","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":155,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"91eedb1c-f4fe-41b2-a6ee-596c650e3da8","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":155,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"6741c496-6b2f-47f1-a5b5-9e4e14ebf5c0","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":155,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"b8e4e13c-b20c-421a-9d5a-05c516439795","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"cca2abb4-f553-4640-a9d4-d334d0ec96b9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":155,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"8a906eb7-b401-4fba-a672-17e984a6bc81","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"090f2adc-b869-4038-9928-0e945ede10e6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"f3c00ca8-8233-49df-99fc-195aadd95057","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"64f766a8-951b-484b-9baa-3cfd2812c95c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"3e9a467a-4fde-4e99-86c8-1619358d5fab","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":155,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"878dd292-e9e1-4f6d-a660-654b0a876711","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":155,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"afbb85b9-b954-4ce4-aaa5-f7dd7d89b70c","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":155,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"01d84bc0-9e07-47a1-a13a-d9d029cf881e","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":155,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"b3b9139c-7e66-44d1-ad95-7e893982bdab","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"a2f44201-5a9d-46a1-b41b-cc41989dadb3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":155,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"472c16f7-7524-42fa-8051-de3487af021d","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"2ba046d2-7ca2-427c-8e59-521071c179c8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":155,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"8083aba7-db57-475d-83f1-300d39cc6543","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":155,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"f253f401-aa3c-471c-a3f4-77399ecd5d86","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":155,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"a0c7085e-d5d4-45b7-9de5-0fa20102d433","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":155,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"c1858179-de6d-4375-b9a0-33c8395da42e","block_type":"box","text":"®","page_number":155,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"b44a4b57-3f9b-41de-8312-a8ffff8af264","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":155,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"4d38e434-a4a9-4533-840f-034da229ddb0","block_type":"box","text":"®","page_number":155,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"15a19c67-752b-4991-b2c4-896b8e6be2be","block_type":"box","text":"Index 2035","page_number":155,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"82552139-fbe7-44b9-8ccb-7267000f6d44","block_type":"box","text":"Fund, BlackRock LifePath","page_number":155,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"2826ca9e-2d6f-4607-9036-9c761853e1c6","block_type":"box","text":"®","page_number":155,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"365c02ba-28f4-4671-ba7f-1aa469e5b177","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":155,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"1d6d1070-2d0c-4c4c-8123-fdcf8a48f0ef","block_type":"box","text":"®","page_number":155,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"baf5edbf-8f26-45cf-83a4-80c2a3c49286","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":155,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"2eb34e55-c163-4813-a39c-1cbbccde4caa","block_type":"box","text":"®","page_number":155,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"ec22bdf6-9858-4ebf-bf8b-e31d83089f90","block_type":"box","text":"Index 2050","page_number":155,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"806e2992-5646-44a4-865d-3c4dc9ac7d27","block_type":"box","text":"Fund, BlackRock LifePath","page_number":155,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"7c42a39f-95d6-4ca0-b077-e839b02af846","block_type":"box","text":"®","page_number":155,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"e7d2b951-4388-43be-ac9b-c463bd507d34","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":155,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"1245ca20-3248-4f02-ad3f-6a78089d3eff","block_type":"box","text":"®","page_number":155,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"f9491398-ea34-4e57-8df2-c4d6203e9e8b","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":155,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"9e5055d2-af70-4aa0-b38d-6290a62fa31c","block_type":"box","text":"®","page_number":155,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"685a41bd-f06a-4a42-91d3-90bd4c188b2c","block_type":"box","text":"Index 2065","page_number":155,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"1110bdc3-fdf8-497f-8977-403dfbec1c38","block_type":"box","text":"II-101","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a9fcc685-9c17-4a9b-b6f9-d45d3783deca","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b71aea71-bec7-4f82-9c6b-66bb6873701d","block_type":"box","text":"Fund, BlackRock LifePath","page_number":156,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"42d37164-b5c6-4fce-925a-92b31a854c7b","block_type":"box","text":"®","page_number":156,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"8526e0f6-a859-4a34-a172-15db9795362c","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":156,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"e888543a-0dcb-4079-83ec-06610765a917","block_type":"box","text":"®","page_number":156,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"a862f634-873c-4a4a-99cd-34a57200b9e4","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":156,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"9e77df32-427f-4de8-969f-1c2a165a694b","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":156,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"d49bf069-c379-454a-b7d6-de5e1ee9d72a","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":156,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"f648af0e-b0d2-46d7-b0cf-a879f52faaac","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":156,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"c9f0cdbe-e41f-42c2-a681-471822ba2f61","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":156,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"4452f338-b714-416e-9f95-928e1c12f6fc","block_type":"box","text":"SM","page_number":156,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"89476966-6bd6-4a4e-af2f-cfa5c3b81b6b","block_type":"box","text":", the placement","page_number":156,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"0ffc0668-218c-4f20-a7aa-9fb41fa3d93e","block_type":"box","text":"fees may be up to the following amounts:","page_number":156,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"abcf7594-e149-4ae2-a78f-1f22434a264e","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":156,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"169bffee-86ac-441d-a003-dce59cc80849","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":156,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"471f5e92-4b93-47f3-ba2f-07c0f1cea37e","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":156,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"a913b87e-1738-4714-913c-af01a732a485","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":156,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"6df480ac-b071-4047-9694-67c480ad974e","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":156,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"b1f9cc41-6f50-4969-b027-620dcac191c2","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":156,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"d7bffd58-deab-4a06-a73f-7b9238821522","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":156,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"84c8e058-f222-41dd-bb6a-858f9a70ce8e","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":156,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"ac4a78f1-8c47-4472-b526-b9c92936d1ff","block_type":"box","text":"$1 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employer","page_number":156,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"e7ea7553-f341-4060-a9ae-1f96507bf087","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":156,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"0708a525-9210-4bdb-b856-08f1dcd12256","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":156,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"d6800fd4-ae31-43c2-895d-035f4fffa151","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":156,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"235db5e1-56a1-42d7-89b4-fed69dd3c45d","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":156,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"fb4a42fb-3ac5-43d1-bb49-53fdb0c5d64f","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":156,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"ee8e38dd-4785-4644-bd7e-7d7fbb1d61b9","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":156,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"729534f1-8248-45eb-94ac-d97265f6bcf3","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons par ticipating in a","page_number":156,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"8d771a81-e8fa-4526-b5ed-102e8906a832","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":156,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"eac3ad3a-5486-4e94-be01-47197f1b8dff","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":156,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"b7b8daaf-4556-40f2-abe2-48db518630d8","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":156,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"b73c8730-6a3f-4243-b626-f2d18b25e713","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":156,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"e64725a1-c843-42dc-b7a8-06c96207a1fe","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":156,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"9b06b6f4-dc77-42fd-9190-443418232451","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":156,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"68a50f2c-40ed-49da-a119-7106ab691e0b","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":156,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"91fc3c3d-eb99-4916-a689-a6468315c9c1","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":156,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"88e558e6-fa7e-4ff1-8d30-3fdbe28ceec8","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":156,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"db17cf8d-70a7-4c75-a40d-90faa9b2c0f5","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":156,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"9fcc60b9-2218-4b0c-a606-9afea8c0ff5b","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":156,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"91229beb-7c26-474a-b316-220db923e57b","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":156,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"6701f30f-20e3-4bb4-99a5-59076a87a915","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":156,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"c68f735e-2d67-4e44-8ead-9015e490bc9d","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":156,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"ddc52d5d-e11b-4f9a-8e23-c4f8c92573d7","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":156,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"bef40c74-b0d7-4e76-be78-3a871c61c232","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":156,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"35aa8ac9-5070-4db5-9785-39c35c058bf2","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":156,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"17ecc697-0674-48d7-b87c-619fc756ebd7","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":156,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"0d6f17c8-fe3a-4938-8e64-b0a1732202f7","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":156,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"75a0b885-2f2d-4dcc-973d-6aebbea68fef","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":156,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"39babd5b-7511-4e30-8415-6d847c7900de","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":156,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"81bbd057-837f-4fc7-810a-cd81cad2157a","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":156,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"1d002051-aadc-457b-9926-c556dd951d56","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":156,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"8fd05039-cbe2-4746-884b-ba027fb5bd9d","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":156,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"e87a8910-80f9-4978-ba85-0bbae68ded03","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":156,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"3c91a007-2b8f-4294-bcac-7023463f3775","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":156,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"2f73b5ee-0beb-48f5-8ab7-70fdae24e18e","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":156,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"86e70923-714a-4bbc-bf46-18db92733a53","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":156,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"79e4bbcf-3fd4-4013-96b5-106c98594043","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":156,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"09fc41d9-5d24-4692-8505-aa5d3e0b4ecd","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":156,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"37fb8823-ea82-465f-8d26-859b3ad38b65","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":156,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"616b58f7-1708-4449-8488-9ece7b6b6d09","block_type":"box","text":"II-102","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2bfb04e8-df56-4ebe-9ada-4450c274404f","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac4a019a-db77-4229-9673-08cb4fd5c26a","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":157,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"4d7b4cd6-043b-4d6a-ab01-f90037d89661","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":157,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"b2934260-04c7-428a-9c08-374753cb0e95","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":157,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"7c5482e4-9d2e-4082-83a7-a2563b3cbe92","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":157,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"b60d0730-440c-4535-ae43-96840b1c588f","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":157,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"ecfab314-596e-4eba-bc8a-b6a3e62b431a","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":157,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"0f4ed00f-da6a-488f-802f-5a2a3ae296ae","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":157,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"0f915822-d028-4e92-8a85-96d59dda2ec3","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":157,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"7c738ef7-152e-48fc-97dd-290beff65d80","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":157,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"0e24d277-1192-4495-96d6-0f0f3499debf","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":157,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"77b19e18-f6ef-4466-9934-9c7abfd3ca66","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":157,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"5d1afa48-e75f-4fff-965c-565c4d850983","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":157,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"9341f221-c9b2-48de-80b5-5b104d1f2172","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":157,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"b153e31a-b43c-4c38-a474-6923fa601d36","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":157,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"cbc37222-0b27-4647-984f-845bc79511ce","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":157,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"4257d1a1-9c5c-4490-b74b-f6ed9669a044","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":157,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"4e52e745-9ab3-4ffd-8080-e2477d5d0271","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":157,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"451fccd8-9ecf-4c06-900a-c0fca0f3ac9d","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":157,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"a1fbdaf9-ee6a-4314-80be-361b6c20e4a3","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to cer tain retirement plans sponsored by a","page_number":157,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"e749a314-2ee1-4b22-9bf5-6db6b24cc226","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":157,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"0991a888-eb14-48ee-bbe8-c5b79c82e55d","block_type":"box","text":"a cer tified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":157,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"d56fc8ce-7675-4d84-9d24-303b26f717ee","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":157,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"de2e0196-fd47-494f-b0cb-d99aaacc1488","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":157,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"420f2484-9d53-498e-bcc5-a83019121dec","block_type":"box","text":"balances; (g) cer tain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":157,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"773a1da6-649a-4197-9f30-192168d13568","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":157,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"95539a98-e319-4306-af07-8820554005e9","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":157,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"d6d9580c-2769-4466-bbf7-c8dea08bed77","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":157,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"0e91a62d-68c2-4fcc-80a1-32915fc953a5","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":157,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"d9395ced-4e41-4eca-bf87-99484bad2e4e","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":157,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"c8c5ff6a-f3ce-47bd-898c-ffe5844c8f8d","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":157,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"66f5f1f7-330b-48f2-b802-8bdf38c11ea0","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":157,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"a934fac2-6996-4a1e-a59d-b231a79886eb","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":157,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"22ba5b14-3a1a-4cd7-9d69-8fb23990b3d1","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":157,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"8a907060-b13b-46d6-a7fa-3c2664f9e71b","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":157,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"6140f1c0-f2c5-4b35-951e-43e43a34b0a4","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":157,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"dc9d04f2-fb10-4096-8842-8771d909eb88","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":157,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"428f83a3-42a3-4774-ad00-ecb2de9b1b56","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":157,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"11417c1f-4db6-45d4-929e-2acc1271efab","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":157,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"a3bd73b7-84cb-4a56-bce4-76f4c3dd1947","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":157,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"7d0ec4b4-9588-4a03-a227-d2e9b07f5a5a","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":157,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"86fe717a-8124-446f-86ba-057613165d27","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":157,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"9932fde7-ed6a-4204-84fa-367aa6cb2be3","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":157,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"f5eb4e6f-86df-4198-b277-09ff5fc27d76","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":157,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"2a277bfd-995d-427b-b87f-89c3d2bfbe8d","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":157,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"4630659d-3fdc-4d25-b2fc-4d5b15fafe41","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":157,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"333ad3f1-b2ac-4b52-8478-33430e28a925","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":157,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"332cfd3f-a40c-41a4-af33-7b542135b79c","block_type":"box","text":"public or private investment company.","page_number":157,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"c9951f3a-810c-4590-a6a2-76d1ee521260","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":157,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"7fdafcd7-ff7b-4048-9e2c-ac9c2d1e8056","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":157,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"4d6f4442-aa94-43ae-a9e2-02cb1bd5b680","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":157,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"e5c21234-b5b9-4246-9442-184165cfe00b","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":157,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"6e4aa23c-13ba-4ac9-b9eb-86c6bbd613a9","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":157,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"2fbae740-73ca-4180-ac3e-38b12a6dde4a","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":157,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"6cf78587-ac59-42c2-9ed1-d2d4ce32d598","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":157,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"522456cb-438d-44e5-93da-a8856cb67f19","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":157,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"38566e4b-0f6e-4c3a-bffa-3a56630f856f","block_type":"box","text":"II-103","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ad36531b-8f8b-4e70-97fe-59d67e9a8830","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e0fd0f97-6c54-4135-b112-884003026d24","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":158,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"aef1789d-dffd-4ebe-845c-68c0d59bd87a","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":158,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"ed0c4457-2ec6-4605-b9b0-bdfcb9352cb2","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":158,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"16fccee5-4440-4c40-8fe9-00dd1f5f84da","block_type":"box","text":"intermediary associated with the account.","page_number":158,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"1f97dd6b-6607-47c1-8166-49fee39d1648","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":158,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"4c11e621-3df8-44df-a51f-12872704a44a","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":158,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"aa696920-f343-4914-9bed-6f0254a478f9","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":158,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"71a23698-ccdd-4f3d-89f1-b5ae8ec9ff73","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":158,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"dd8b7543-61db-4ea4-9928-0318788c8d86","block_type":"box","text":"CDSC shares.","page_number":158,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"1f85b534-bb78-462b-bf1c-b3ce50e4bd8f","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":158,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"3f97b16d-82d4-4553-ac1b-2f94cf468760","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":158,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"de4561c6-e5c9-44c1-957a-fce1e73ed766","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":158,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"559a810b-7dc0-4af6-b252-96cba5c4a4c7","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":158,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"8228500a-7868-4f49-8f62-0080c840c1d0","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":158,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"5ac01522-b34e-4b34-a79e-3cff37d7f13c","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":158,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"130df194-779f-4a18-b428-a90307b1642d","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":158,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"97759094-9326-4ec7-8784-7779bcea9cab","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":158,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"97a8f09a-ee58-4208-8f0d-0ff0348a74f6","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":158,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"db48e53b-e791-44dc-bd4b-90f3f286144f","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":158,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"8636f129-5815-43c6-abcc-f7fbf94c490f","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":158,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"5a7c535f-f694-4370-94a3-c42c568b6ff1","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":158,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"77d3aee7-b00f-4259-8fde-78a12143fba7","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":158,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"dee1f4a3-34cf-493b-a2c1-b9e11a820eb5","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":158,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"1c1e61af-d763-4e6b-92b7-e9f85cbcc0f0","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":158,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"67c85da9-92a7-473a-9fa4-4763875adb93","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":158,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"c9ecdc6a-014c-48bb-8bc3-985faa8b555a","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":158,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"2a9880f0-8f9d-4b94-8374-d89bbf02739f","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":158,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"6c3bdb41-a8eb-4c15-a99d-0ec6e1d3458a","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":158,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"bd21e6d3-78aa-4eec-a61e-97e679d35357","block_type":"box","text":"Investor A Shares.","page_number":158,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"0fd6cc47-0cf0-428f-8fee-b9cd04701c13","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":158,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"bdce58d3-0168-48a3-b50f-7c3d9e81f488","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":158,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"ab8fc4f2-4f75-486e-84e0-57ac7ac428a1","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":158,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"bbaa2c06-d63d-43b7-a274-f7571235551b","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":158,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"7ba0618e-e0c0-48d1-abe4-61c67ee9725e","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":158,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"7045864b-4d14-4478-92a2-14673b077996","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":158,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"1c159158-81e4-4f28-b4aa-4d370c4605e7","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":158,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"f22ee257-bb86-4149-8481-e59c47a8aa3b","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":158,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"18edb3a6-8b86-47d5-a552-c43e0769baf7","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":158,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"81e34366-e3f0-4b96-888d-6e661393d2cf","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":158,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"1aa55c0e-b117-44b1-bca3-e1040b3283af","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":158,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"265313f3-01a9-4b41-8dfd-db5e2582c2fc","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":158,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"0a617ec7-ec92-48da-b609-9cb3782718ac","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":158,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"07572b7e-d83f-4fef-99c5-5437c8eefab9","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":158,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"20db8e52-55cc-43c9-a7c7-cf18753bbb5a","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":158,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"c19ffc09-c720-4c48-9537-e204ec305031","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":158,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"29b64ff8-07d0-4e38-9570-cbfabe254a6a","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":158,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"c4738c3e-d5ee-456d-87b6-8767e7af5d53","block_type":"box","text":"“Investor C Conversions”).","page_number":158,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"4b6ba0c4-ddf0-462b-a269-6d923415ea76","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":158,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"74e5fcf4-0dd4-4dee-aa6d-4b22bbe18f72","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":158,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"920cca67-677f-4b73-9e73-a1ca2b575afb","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":158,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"41ad3ea8-d53c-4719-9d79-1abda412eb8f","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":158,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"f9db911f-d70f-48b6-a7b2-7ff0150efe44","block_type":"box","text":"Shares will also conver t automatically to Investor A Shares, as set for th in each Fund’s Prospectus. The Investor C","page_number":158,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"e729b3ee-38b0-40a9-8843-fa852264e5c7","block_type":"box","text":"II-104","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e5f515b9-c2d3-4679-8c03-066f8e4dfd00","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"130beba7-79b2-47d8-b666-9b5714266c37","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":159,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"633792e8-c8d5-4272-8a19-2e4247b31c96","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":159,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"530704b3-8e49-4503-9b1e-dbe9cde15306","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":159,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"918faa83-c8d7-45df-b603-c746b889c1c7","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":159,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"9bfb9b0f-834a-4001-bfc0-829941688850","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":159,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"f5cac4dc-1c74-4ebb-b482-642855c5a0f4","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":159,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"15e09702-bb12-48dd-9ea2-3e238396a61e","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":159,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"7921d4e7-66eb-4d62-93f1-5652cf7f2185","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":159,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"6dd57341-9abc-4390-ac2e-eb8dcf5d8f46","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":159,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"058bd952-4824-4214-b676-b33d444979a4","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":159,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"d3f307f0-c14c-4578-bb57-7635ad5d04a4","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":159,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"c5e8be20-3eca-4a20-8ed8-1b4124e962ae","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":159,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"eaa6a5ec-f3b9-4788-9b51-5963c11427b1","block_type":"box","text":"redemption.","page_number":159,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"9da5abfc-2c0c-4b58-ab1f-30df6cc6cc0f","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":159,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"d0ba7fbd-2efa-4279-a8c1-d1497290ad76","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":159,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"1da22349-fbab-464d-a84d-b3bf39b6ed1c","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":159,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"650c824e-f3d6-4b69-ada4-1e0d51ba06b4","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":159,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"fc2f85de-c7d7-43e6-bca6-c465448fed1f","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":159,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"ffadc65a-a549-442a-b3f5-07933939fc55","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":159,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"81113aa2-5903-4d00-941a-5c82837849d8","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":159,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"5feddb58-2b03-4c3a-a6f9-fcfdd7aa8e50","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":159,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"125b3810-7cba-40e8-b22c-799d34b6fcd7","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":159,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"4c94c8c0-a9ce-42ae-9bc6-cf6b5c1b48e5","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":159,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"5fd155d6-8dee-4a1a-afab-2a47a111caea","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":159,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"287cedc3-705c-4b33-8680-529d57624999","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":159,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"a26c9c1c-2132-4f14-af2b-77dfe30526d9","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":159,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"6181859b-0390-4e49-ab5a-006f92458b20","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":159,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"ee0478d3-acfb-4678-aa8d-5d3767d9e714","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":159,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"1220cb4d-ca61-4031-88d6-8710c427211f","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":159,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"dd36f09b-3fb3-4560-8253-022c8426eaf8","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":159,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"c449b931-5a56-4f0a-bee1-7efb333338f2","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":159,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"630908f2-57f6-4dba-a154-ceb76809a160","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":159,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"7ffd9011-429c-447e-8193-1bec854bdb83","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":159,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"9a53e324-9a51-4045-b20e-7e4cb2206134","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":159,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"541b10a1-bbe1-4043-a7e7-8797e7607edf","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":159,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"e67597d1-b33c-4eb1-abc5-e5a63e7041c8","block_type":"box","text":"Class R Shares","page_number":159,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"b12a6817-f5f8-44ac-8ea3-6433b578591c","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":159,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"5d084077-25da-4f3e-830a-aa8202c096ad","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":159,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"98070d8a-e2ee-407e-8f09-ed9063594e24","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":159,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"81bdabbe-515a-4e79-899a-1df22fe8494d","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":159,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"4a938f5e-c1ef-40d4-a230-1a56871370cb","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":159,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"69965818-09f0-426a-b12c-15eb46dd5ed5","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":159,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"04025eb4-a4b3-4614-a173-881b7f0410d6","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":159,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"ded75782-feb0-402a-a152-21b42f6758c6","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":159,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"9fb1390a-1219-48e1-961e-942e9d3acdae","block_type":"box","text":"Class K Shares","page_number":159,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"7f4d826e-934e-4925-a934-0389c786bd4f","block_type":"box","text":"Cer tain Funds offer Class K Shares as described in each such Fund’s Prospectus. Class K Shares are available","page_number":159,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"0f829a09-6123-4d76-973a-5038bd2f45e6","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":159,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"0a2b4802-e4ea-4d1a-aa9f-3a246965ca50","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":159,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"a47d1f44-4736-47a7-8db4-61743b6de2fd","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":159,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"5b586e10-db8c-49c9-8c12-ddb798c36f3a","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":159,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"85b2f84e-1fce-4148-add0-85a9c907b411","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":159,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"3a21c530-3bfd-4efc-9f9d-ba969481c436","block_type":"box","text":"II-105","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e154ed71-d393-4264-aa5d-b3398d528fdc","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99202930-dda5-44d7-9c5d-77d4a3ed3c36","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":160,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"19a40f66-37b6-441e-a420-aa79aa4b9631","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":160,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"348a90d1-8cea-410b-bad2-220f68be4065","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":160,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"9bff500d-d552-4263-87a6-56b32a658503","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":160,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"45d98c57-fb4d-4c27-9189-b8528101c07f","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":160,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"3576ebd9-21a1-4917-9abd-58f3493216ba","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":160,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"3ae0c545-c16c-4a64-9674-e6bb02f0437f","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":160,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"e61e3cfe-6002-4d47-af30-6051e294b91c","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":160,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"50df335b-5cb9-4583-bf7a-765a6247680c","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":160,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"30f9b827-4a6b-4838-af1c-4cdbe94fbf0a","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":160,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"e768c827-e896-40e5-ae27-2a335c3f038a","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":160,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"38890e41-665c-424d-8483-021476edb4af","block_type":"box","text":"distribution and marketing agreement.","page_number":160,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"dd1bb126-c407-492b-9fdb-ef3c81126276","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":160,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"ec5b8e48-b9a2-462b-97fb-0a5b1e277e21","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":160,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"d10c0783-0710-4a09-8408-6f8efb75ed65","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":160,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"28dbe647-b6b8-46c0-9bfd-b55f1cc3f168","block_type":"box","text":"Class G Shares","page_number":160,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"1c99b002-29c4-4ec1-801f-6d06d512c048","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":160,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"32e81189-ef47-404d-ba4f-f83939bac645","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":160,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"57097f22-dd2f-46b9-9065-3bc9c763e057","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":160,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"08da10a0-dc25-4d36-98f7-b588399b7839","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":160,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"494a8dfa-5156-4acf-9b15-0e62277db45f","block_type":"box","text":"eligibility requirements.","page_number":160,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"f4f032ac-8f94-49f4-a310-390aa2fb460e","block_type":"box","text":"Service Shares","page_number":160,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"10b15c3c-c9b3-4f9d-8297-3211f296cafc","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":160,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"74c5821d-5343-4184-81dc-385ec471023f","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":160,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"5fca2bed-dfab-47d0-8932-690ca91011b3","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":160,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"b9a422c3-7c93-4d34-800d-dbc1c3fd6672","block_type":"box","text":"®","page_number":160,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"299c3382-e707-43d8-9ac9-ac165476bc84","block_type":"box","text":"Fund in 1996; and","page_number":160,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"53b6087d-771d-41d6-94ef-35fd615d42f0","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":160,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"b22c503d-a9d4-4d21-98ed-ee8449c1de82","block_type":"box","text":"SM","page_number":160,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"3891c663-a0a4-42cc-95ff-e03af2c1ae0d","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":160,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"afd0b770-3746-4ed7-b0ac-4c8e8abbb3dd","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":160,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"f237604f-4ce5-4922-85d7-6b3517848187","block_type":"box","text":"BlackRock Shares","page_number":160,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"b4ebd5f8-85bc-4f38-b526-dcb5aedd9bc1","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":160,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"43b3ac11-55be-42aa-846f-5b17818fe042","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":160,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"2add4374-5b7e-499f-b874-554b8d53e79e","block_type":"box","text":"fee-based programs.","page_number":160,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"49375eeb-ebbe-4005-9423-5eb7b64600a9","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":160,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"d31925fb-0c13-4fc8-88a0-7e22f4b2a573","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":160,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"f8d5c08d-6e30-4ff7-964c-2c6088c14a00","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":160,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"9c392e82-f81a-48ed-88bf-72927056b995","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":160,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"6cff55e8-f3c0-414a-b2f2-d5a892dfbffb","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":160,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"59049aca-af92-4514-a8da-cc89e4d95ff9","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":160,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"8a3ea8fe-797a-4ac3-b201-d030cc256fa6","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":160,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"bd631325-d613-4ff1-b973-1306980d6959","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":160,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"213d16c9-8161-4df0-9637-6ed63af34e29","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":160,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"109c05c8-d36f-47e5-aea9-af25baa9f229","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":160,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"15a04a29-eb41-4465-bf8e-836fdb41b2a8","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":160,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"1881b964-0c09-485a-bd71-b445f298b507","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":160,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"92e72594-3104-4053-a991-7bac62026b60","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":160,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"a375a098-187c-491f-aaf7-dbeeb62f3c6c","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":160,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"63e76134-5528-466d-befd-cf59f89bd171","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":160,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"5f00903a-9be8-49c2-bea4-66a24fb46b1e","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":160,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"b410350b-ca7f-4a0d-8a4d-bfa79a21fb59","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":160,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"ca0c4549-3556-4391-ba3e-8e0021265fdf","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":160,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"df3a2878-40f9-49b2-8ba5-66c861f6b558","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":160,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"19bac66c-c87b-4fa2-b756-cb36a488a3e6","block_type":"box","text":"II-106","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3f70af49-67fe-40bb-9444-28924c9b2bb4","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"43b3e286-b408-4a75-ba21-b144529bd77b","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":161,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"4ee2fff8-2c98-4ab5-a5ae-274785398707","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":161,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"48f07a84-00f1-40de-8253-49a6e7ca13d7","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":161,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"6b3d0919-014f-477f-87fc-a0c73630bc43","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":161,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"f6a86d74-1a23-4aaf-bc37-b7052efc80e2","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":161,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"26d70a0c-5b9d-4eef-9938-4e763d364def","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":161,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"f676e1c1-afa6-4cc0-a652-266ccc2cf553","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":161,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"8a03f92e-3622-4d60-9811-8141898c425c","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":161,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"73ba3e53-329b-4579-94c4-7c620ef29870","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":161,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"3d353d5f-4bbc-4382-917f-af322810c0be","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":161,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"4b59c744-773e-4956-a855-ab91646d35c0","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":161,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"810d2a01-03ed-42b9-b3e7-2c1359f9b66e","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":161,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"a01ce619-ba05-4536-9be9-87b33932f6ea","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":161,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"6cac24bd-0174-4594-9625-8dfe90ece047","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":161,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"11c71cf4-e3a9-4679-8d99-0865942f55c5","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":161,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"5ec38d87-5428-4bb0-8f92-b6559bdadc01","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":161,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"b3c9c012-6717-4572-b558-dbc000f7a81e","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":161,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"b3b4a5dd-0312-434c-b88e-a1958342f68d","block_type":"box","text":"compensation for selling different classes of shares.","page_number":161,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"1e81855c-cea2-4d78-939c-c8a854cb11c1","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":161,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"6ff64985-6874-4692-8eb9-4d06bd12068b","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":161,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"7f647379-4865-4e20-a5ae-0d4b62bcae01","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":161,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"3ff93474-5ff1-43aa-b480-8a2dd32cc313","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":161,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"05335277-8cda-4f49-aa0f-54c2872af4f7","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":161,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"5dab31c8-6958-48ad-847a-bf698a922d6b","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":161,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"39f6cb60-b327-4837-b441-15400371fd9a","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":161,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"4d19d036-d95c-4a78-944c-daf869c586dd","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":161,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"6421e1a4-c7f7-4b91-830a-fad066eb49b8","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":161,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"79007872-f747-4c64-81c8-3130e87157ab","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":161,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"91d9addc-aa06-46ed-ad35-ba461eff5c12","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":161,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"271730f2-2b46-4970-90d6-9a498d1f1d81","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":161,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"1b2301b4-922e-4b52-8e33-4f2db5b8b6be","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":161,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"ead7cc81-40e6-475a-a493-774f7a42ee93","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":161,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"1de236ca-03bf-4348-8778-3d7287f4c593","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":161,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"a7fbe8b9-c4d7-44d2-9f83-6f09a61d49ed","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":161,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"9cb5705c-e66a-42a6-9b94-c2722cf93e46","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":161,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"604f19e4-210a-4443-8909-b960fef4bfc6","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":161,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"739a7c7e-5bd3-4faa-b996-a598048d3b47","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":161,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"178e2c5a-8363-4e7b-8a2e-f1733becdb63","block_type":"box","text":"easily accessible place.","page_number":161,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"42466171-4392-4041-a1ce-8aa1f735b49c","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":161,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"bce7f66c-8a55-48bc-8ee4-e56ee0ae7fd9","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":161,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"85cac86d-4351-4d7e-a7b5-bb63cff21caf","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":161,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"ca48d15c-140f-49f7-be65-9be4578ae9f8","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":161,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"3a18bda7-c032-4eb4-86d7-d5cfd4bbf9eb","block_type":"box","text":"fiscal year.","page_number":161,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"c182e0d1-6f4c-471a-8c2b-39fa8eb0ef14","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":161,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"9edb1480-69bd-4ac2-8e2b-3ca45426b08e","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":161,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"e9ea287b-7afe-443a-8599-9f562314ee2e","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":161,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"239337ac-61df-4a1d-b0f3-0b4c39f7d1db","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":161,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"ea3037fc-75db-47ac-8959-bdbc16a3e5cf","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":161,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"4204a4f9-8e3d-45f5-a7f5-5e9610af548b","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":161,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"a6d08c0a-a404-4b24-98ed-fa2fcd390d76","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":161,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"fffbf700-17a3-4802-ae6a-4f656b013b9b","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":161,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"4a7d8101-df9f-472f-8c45-eee3f7b4bd86","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":161,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"3278cf39-80c6-4e7d-b651-176b2b0e7f5a","block_type":"box","text":"and the CDSC). See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI","page_number":161,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"bfbf7045-85d8-4a29-85ad-108f71c092ef","block_type":"box","text":"II-107","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"413df12d-5121-49c4-aed9-bdadef84b9a5","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0bfe6da-1eb8-4898-b3f1-f7f4bf413249","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":162,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"ee280a6b-77a5-49f5-8031-3c781c88df65","block_type":"box","text":"and Class R Shares of your Fund.","page_number":162,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"7dd53ea4-da88-473a-b0b9-b47b6bf3ea3f","block_type":"box","text":"Other Payments by the Fund","page_number":162,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"2c406e00-b422-4d05-baf1-c3c2bebfa3e6","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":162,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"12987cce-3cb8-4f95-a73e-bdcc098cb9d7","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":162,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"ad622e77-08a8-46cf-b1f3-6927f1856def","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":162,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"bdd1759b-a0d7-49ff-b7a0-78932139b3b0","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":162,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"93f1502c-1ba7-41c6-9c4b-fd77ce5c5d1b","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":162,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"8cfb323e-7d49-46c4-a946-7425c58225a1","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":162,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"0dc2744a-ce80-41f0-8c17-b0410a1ad6e7","block_type":"box","text":"of these payments may be substantial.","page_number":162,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"df915d79-003b-4120-9752-39dd7bfb30cc","block_type":"box","text":"Additional Payments by BlackRock","page_number":162,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"e6653387-023a-48f6-9f0b-64c6cb873d05","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":162,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"fd7b01e6-7c57-4f4e-958b-1214ce626b6f","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":162,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"d966fcc3-4b02-4b27-b463-56cb8711a9f8","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":162,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"5232f114-4512-4595-b10c-56578337cafc","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":162,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"b013dad0-716f-443a-9dc1-cedb8f626841","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":162,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"b3e5d271-7b01-4330-b356-29ddb176c68e","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":162,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"f67ca21b-115d-41f7-a705-d044e4e5dd02","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":162,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"b98c2498-3778-42f7-b474-231e6160fb5e","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":162,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"d554d574-7b6a-4796-a5df-1859384cef7d","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":162,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"43ee4aab-16de-45a8-acd8-16dc779d1960","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":162,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"a888603d-668b-40d1-844e-f8bec0853f7b","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":162,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"7f2f182b-7abb-422d-9c19-32d9eaccafce","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":162,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"4f95d74c-25c3-4eb0-a279-907ee277ae1d","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":162,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"82a57cc9-98fe-4617-b39b-4b180017a2c6","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":162,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"8a6703e0-fb2b-431d-8291-bfc0fd1da83b","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":162,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"58f769ae-5772-438b-9c15-83e57e3ba4a0","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":162,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"7f2e8318-6f91-40e6-b76d-aaca1bb531fa","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":162,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"52aabe8a-79c3-4152-82ad-07c8f1d66a2d","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":162,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"fc638fc7-f075-4c7a-9c49-c0b129f6bf73","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":162,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"e6f4efe1-0dcb-4e36-b4a2-59b9300d1a2f","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":162,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"40eb305e-5c95-45dc-8df7-2624633cae1f","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":162,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"bbf6e0d2-6f3a-49ab-b9b1-153b18c413da","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":162,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"788e8cd3-e0fa-4e44-8e1f-e30e673f322b","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":162,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"22b825cd-1ea1-47a3-9cb7-3d702deb8c64","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":162,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"f565c7c8-5aa0-4943-bb5a-4644ff673e08","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":162,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"69c78f05-fc66-4da4-b25d-5d6344b9bd1d","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":162,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"223c67fb-5562-49ed-b2c6-1140a9c77538","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":162,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"4ce32912-3eaf-481a-8a15-f26213bd60d9","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":162,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"c69b5437-6901-43e5-8486-a653a2f3c2b7","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":162,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"8be1a60f-3287-46af-b5bd-ed83cc57a41e","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":162,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"dda78df7-dadd-4bbe-8f20-18e1a9e937c3","block_type":"box","text":"Funds.","page_number":162,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"2904f0b2-a100-4f63-9627-bf1cb0c85553","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":162,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"7db3de8a-f948-4b2f-917a-b7cc8c360409","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":162,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"00382726-763f-449e-b8d5-6d0cb32a9fa5","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":162,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"96d7260e-0e7e-465f-a370-33236a5f25e6","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":162,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"e183dfe9-3414-48a2-b958-3e182860cf5b","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":162,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"28272b97-91e3-4a08-9f0f-23ee880b07df","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":162,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"aab7f7c7-621b-4698-88bc-e8627bc6b7f5","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":162,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"990a987f-4af5-4da5-9ac0-a5fc24ea59b7","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in cer tain sales","page_number":162,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"ad2b3a5c-ee4b-4b34-bb78-22bf2ace6e7e","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":162,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"349d459b-30d3-41d9-9d4d-d353371b60d6","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":162,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"76e56ed1-3cae-447a-8747-d1e400df49e1","block_type":"box","text":"II-108","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"13e35bb1-0907-4490-9432-4e7f01ea6aea","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"46fb820a-f9c3-4001-baf5-a7924ca9d020","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":163,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"39d586a2-1f4e-4020-a945-eb9545ac3872","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":163,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"5b3d0805-64f2-4722-8520-4b6751cdd541","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":163,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"c998bb4b-1fc1-49dd-8d09-bfb00979b19f","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":163,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"6a8971c2-4dea-42ba-ac69-72655b0c14a8","block_type":"box","text":"B. Shareholder Services","page_number":163,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"4a3de8a7-ff2f-415a-9981-0836c97c8bc5","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":163,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"00b92058-93d3-4d22-bb9b-94ce0905ff0b","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may per form","page_number":163,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"7a708f91-3496-4ffe-85fb-b0f0c9783cd9","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have per formed if the accounts","page_number":163,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"ed3f7ef3-a5f4-4612-9ff3-c4017e85274f","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":163,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"6241ae52-43bb-4f47-b2bf-1c3ac9f50a52","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":163,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"2740eb8e-ef2e-48a5-80c6-38e17f3da49e","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":163,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"7523c2b9-0784-4afc-906a-507570cbf5b6","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the per formance of these or similar services. These","page_number":163,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"37cad719-eadf-425e-8b33-e111f6aa6eed","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":163,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"37ae67fc-6aa2-453e-888e-d78152c065a2","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":163,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"9958dd8a-0d22-48fa-88bb-37672f948e44","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":163,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"282f86dc-5a1d-4f82-8c05-0d0402a9a841","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":163,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"245da480-18fd-4664-80a2-544c3c18c581","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":163,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"52622c72-6e0f-462b-81c3-651567d65905","block_type":"box","text":"suppor t. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":163,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"3b0a0d2e-bcc5-45a2-abfa-f3ec01ce5cd2","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":163,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"a99e5a8c-01e0-4b15-a9f0-bf0a69f4d3d8","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, cer tain of the Service","page_number":163,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"56405f38-7db7-4425-9b4b-62ad7d04caab","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":163,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"1af061af-3cbf-4528-a230-cb499c453366","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":163,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"f28134e7-f80f-4443-84de-3f7a851a74eb","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":163,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"b747dd7c-4c5c-4ec4-926e-5242cf3bc1a4","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":163,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"3364be72-d7bd-4b7b-81d0-258e6693ae6a","block_type":"box","text":"&Par 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The","page_number":167,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"6ba009a7-fe72-4f1f-b396-f6e2c4c0f4fe","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":167,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"efc6957d-f9af-4112-a4ed-d1a52ed4f0ed","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":167,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"a4d4592d-3053-48f9-9f12-b416349a094a","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":167,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"0fb18454-944d-4d3c-af15-55411ac6f14e","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":167,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"2a796fd2-8b10-4347-b333-1f118e8bea4c","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":167,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"fafcdaab-1fdc-451f-8f94-6e4013d9cb61","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":167,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"b797d211-0197-4340-ad43-019c28b92826","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":167,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"e3eed5e8-0773-492c-929b-40f56e5fe4b9","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":167,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"baca55dd-e9d4-4bd3-823f-7a7c569fc757","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":167,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"88986cb6-977f-432d-95fe-d8bc88dfa62d","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":167,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"312b1c0c-d762-4b6d-b419-f673d2cc3ee1","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":167,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"24af8386-b5df-4f81-bd49-43d732b304eb","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":167,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"2dc9f532-a9b6-4835-9516-bccc67da4591","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":167,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"f7910b4c-7cfc-4361-8808-7f518a24943c","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":167,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"4f32b45f-dc96-4f8b-8f6d-119b129e3c5e","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":167,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"9abe3eab-a84b-4dd1-887f-55640688696e","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":167,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"4159c707-cb08-4d36-ac5e-53f851cab748","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":167,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"38530f26-735f-47d9-9229-c6d4a85ec1fa","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":167,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"a4dab58c-18a5-4dc2-b4f5-86d18e6e40bc","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":167,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"b0cfeca4-d3e7-43f1-9603-88361545925a","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":167,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"ebd20745-5920-45dd-b13e-1b802a428d00","block_type":"box","text":"Redemption","page_number":167,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"e0817162-2d5e-4b75-a4e5-8b4760968591","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":167,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"a865dd53-7feb-4101-8006-2917b8f3c8c9","block_type":"box","text":"Redeem by Telephone:","page_number":167,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"d1321623-4a89-44eb-9c82-fe00d65bd298","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":167,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"79751e1e-ed79-47a7-901f-ffa6c168adf9","block_type":"box","text":"telephone request if cer tain conditions are met and if the amount being sold is less than (i) $100,000 for payments","page_number":167,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"839bff97-e581-4556-83e0-9f03a1079069","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":167,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"76fbea38-ee9c-4086-b26d-d8da86a141a5","block_type":"box","text":"II-113","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6a856265-015b-465c-9c99-2ee83dfe2723","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6336a30b-0b4a-4c3f-ae95-47278ebc343d","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":168,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"e30f469c-ee86-4a87-a07e-e1425f6bca4e","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":168,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"e0a74655-ee08-4c35-a256-1808a717add2","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":168,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"5c33dfaa-572a-4694-aeb5-2834240fc0a3","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":168,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"bf84ea82-d6a2-42ac-b620-65d61a107e42","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":168,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"a8731dba-2c59-4b04-b5e8-563e3689bc16","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":168,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"9c942b05-d30b-4975-87ca-1914daf89b56","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":168,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"cb7b46ee-12b6-4087-a8c2-62ce691c6f1d","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":168,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"09c6e53d-6797-408e-adf2-39a88be4ff6d","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":168,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"6d413329-3124-4c3c-992b-654e9d135a33","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":168,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"0341c104-b610-4c2f-affa-fd815d5d9162","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":168,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"080263df-e93b-41d9-a346-43302a7bddd4","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":168,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"27504ffc-f2fb-442e-b601-27310f6c591c","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":168,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"ac247557-2471-4e31-b9d3-66bbda80ee7a","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":168,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"530c1ba7-a8d1-4d19-834e-64c196a1a2e4","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":168,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"8a4926fa-df28-4fcc-9400-3e5b4d43c70c","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":168,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"c2ea8e52-39b1-4768-a9fa-92b42b4c455f","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":168,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"fd4b94be-ca89-4731-86a5-1914cc5478db","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":168,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"a78426f3-b42a-4e5e-aaa8-1d60177d28bf","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":168,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"a69f1a09-1b54-42b0-add3-4cf2e6514309","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":168,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"bb20d402-c36b-46bc-831e-9e4007e3e27e","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":168,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"a9056962-43cf-4952-91ee-f4d0db042ea2","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":168,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"e557104d-cd12-4cdc-a854-7be51c0442cf","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":168,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"692f3126-ca25-4d51-a0e1-0831a62315f0","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":168,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"671b9293-ab01-4a24-8ef3-92cbca420d1d","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":168,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"11cda42d-7b36-4b28-96b4-30198da1b760","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":168,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"098914ec-e82e-4657-adaf-eeece5402646","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":168,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"eb6ce425-e259-4646-804c-a4e28502f914","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":168,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"9680f2e1-aa07-46c2-80db-9c76afada538","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":168,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"b652b81e-7e90-4e73-a0a2-70452b09ab79","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":168,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"4e8eeab7-3d2a-43b2-8a73-34f5e268d1c7","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":168,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"b1ffecbd-5d68-4a7f-987e-9caf2f71876a","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":168,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"0df099be-00ec-4ec5-bcb2-c52a7d7f7ecb","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":168,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"915b956f-1aac-4ced-89e9-a693102793a7","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":168,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"08a56f67-bb43-423b-8559-b701dd6d39ca","block_type":"box","text":"Redeem by VRU:","page_number":168,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"0cc1221f-16f9-4a79-91a5-83f666eaa1ed","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":168,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"30863292-ede8-440f-8e5b-09ee42020fab","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":168,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"9a89eb6b-1a33-4ffd-81ae-ed335fc1fb85","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":168,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"8d47b5d0-ec51-4a5f-a622-9729b97ae14c","block_type":"box","text":"Redeem by Internet:","page_number":168,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"44538adc-a476-4438-8e16-24fd997d7e25","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":168,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"0069a101-5b41-4d50-a600-824b20ef5c00","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":168,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"5ec89ae3-8dc7-43df-83b2-252bc658d52c","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":168,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"2d36b2e2-ef86-44ea-9912-c73c0ee58665","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":168,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"3ba79a5e-28b6-45a6-802d-af9e2bccbd69","block_type":"box","text":"institutional investors.","page_number":168,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"ca67f859-0e9d-443b-b51e-a76187cbf5ad","block_type":"box","text":"Redeem in Writing:","page_number":168,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"3afea13a-3682-49cf-b81d-1586169b7c72","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":168,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"c74c6b08-d695-4cda-8988-964a073c1228","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":168,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"307a18f6-5377-4795-8663-75e54baee96a","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":168,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"0200976f-e27c-4beb-9bb9-25682286f9c1","block_type":"box","text":"15262. If you hold share cer tificates issued by your Fund, the letter must be accompanied by cer tificates for the","page_number":168,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"fa1ff723-eb3f-4fcf-8b5e-d09ec5a1193d","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":168,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"8b1f4668-8df0-4f59-b3bd-86db2f254473","block_type":"box","text":"required but may be waived in cer tain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":168,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"6270884b-a805-42d6-aea8-0efe8da42f95","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":168,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"3948ea20-9b28-472f-ae3c-a1f02c5bd5c6","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":168,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"5f2c9021-d6dd-420f-8b58-245e039de311","block_type":"box","text":"cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":168,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"12d425d1-5fb4-4476-8f70-de4fe6c87e72","block_type":"box","text":"the bank account of record.","page_number":168,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"34536cf9-bc7c-4b79-8cdc-b9e23a2ee410","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":168,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"25146259-8501-40b9-8229-ba60b7979b2e","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":168,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"c316285f-14df-4e97-89d8-bcbb1dbfe6ea","block_type":"box","text":"II-114","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1675bdf3-deec-4101-a792-9ec168442697","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a5d9e758-6068-4846-9c39-8b67a5ddd826","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":169,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"0e40a051-9ffa-44d9-8e2f-5c226b781158","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":169,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"f84be65e-3eb2-4a07-b2d5-8d8d94268d96","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":169,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"fe1fc975-022f-48a4-aedf-e8e0ba70ca1a","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":169,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"c42adcc7-6f30-4bca-a8e3-4cfb99327ba6","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":169,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"e61a00c4-3afe-4d58-b87f-a994956b2821","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":169,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"84ac8c87-e240-4164-922c-16b7f18476c1","block_type":"box","text":"redeemed by the Fund.","page_number":169,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"d0151532-0d7e-4374-8f6e-9606c6e0976e","block_type":"box","text":"Note on Low Balance Accounts.","page_number":169,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"2c9f809a-45e3-4752-92f0-226654c43935","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":169,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"f5fc084f-1a96-4517-a719-54eda0164c44","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":169,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"45dccac3-34ba-4800-9c16-cd0d5f000165","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":169,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"e57e0212-b211-44fb-92b7-e553546e909b","block_type":"box","text":"for any reason, including market fluctuation.","page_number":169,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"4e31ca4a-1ba2-4dc3-b49b-405824f7cd3e","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":169,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"48d675c8-2789-43bf-b074-06eb52e85436","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":169,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"9747f3c2-3aaa-4332-ac71-e545e158f4fa","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":169,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"8404a92c-34b2-4d87-b520-576bcac32cc6","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":169,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"a1deb7e6-0c5e-4f08-8720-bd48e9bb0645","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":169,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"7243d5b8-ade4-433c-8470-1598dbb706c2","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":169,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"c816800b-ec45-4b26-90d5-4dcae131db38","block_type":"box","text":"Repurchase","page_number":169,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"25cd8ebe-00af-459c-8851-755722177e5d","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":169,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"fcc09c32-c69b-4759-a90e-ce715e18714b","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":169,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"d7cb02c8-dcbe-49d2-8b53-0df82028268e","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":169,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"df3a6a8f-d6f0-409d-a09b-ef84ef17a121","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":169,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"457d7b4c-2842-44c9-ac14-32a96f70eb67","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":169,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"15e9d8a1-e985-412c-8bcb-bdc53fe1bbf6","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":169,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"29b4f2b4-030b-4f0f-b00f-80166423238c","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":169,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"bb73663a-c0bf-4b8f-abef-ded577f6403d","block_type":"box","text":"next business day.","page_number":169,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"605a343e-c65c-45bf-9f27-0a198db6994a","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":169,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"1e0b0285-7359-4ba4-93d5-7933da79c359","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":169,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"35a75686-d091-4f1f-bb40-a30ade336f8b","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":169,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"9b76ba6a-2739-4c65-bb4e-dc38f9203192","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":169,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"ac56774d-e44b-4e81-beae-82d7c9982adc","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":169,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"93396bb4-18d8-4ee1-8f24-0f5f5b330f41","block_type":"box","text":"redeem shares as set out above.","page_number":169,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"1f531ab0-05ac-4c21-b849-8fa559dc8ea6","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":169,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"2c93f64b-83a3-4c01-8784-3d545114c6ab","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":169,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"9d379e65-b762-4f22-8ecb-b3c29be51322","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":169,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"7e38ccdf-d056-4b67-b1cb-1572d08be0eb","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":169,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"e89bda01-7fce-4561-9507-1fee7ed270e6","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":169,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"109aa379-4bfe-4d90-b1d6-fd159cea3421","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":169,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"1bfe00c1-08d0-4e9b-b4be-8ddaff215608","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":169,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"7e010674-829b-464b-9263-b9104b506d38","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":169,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"43335f63-6042-4b64-ae68-2bb94832546a","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":169,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"5752094e-276b-4958-87ff-f1a8dbb9bde7","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":169,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"978e37a5-6ab6-4070-bcac-663874115d5f","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":169,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"7755cd49-53bc-4302-af03-c3ab3a68351b","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":169,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"35542d8b-2ce1-487f-988f-56910249b705","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":169,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"95cb53ec-eafc-413b-89d9-d0c2a3bb7bc0","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":169,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"c532450f-4b26-4896-852d-21db955d17d0","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":169,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"6d60f7e8-90f5-4247-96f5-df609784f8fb","block_type":"box","text":"II-115","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6e66c9d8-8bcb-4596-b1fd-db44837c30d6","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23260cf0-e1cf-4a2d-aa1e-ccbc5c766dd1","block_type":"box","text":"Investment Account","page_number":170,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"b2c8b0a7-ee53-4975-87ab-a97b60e4a5f5","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":170,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"c17a3431-e2fb-4de2-b0c1-37b9c3d14e3e","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":170,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"af6566af-ebda-45ca-8618-8ce23711ade6","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":170,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"4c33f08f-18ca-4a42-be93-a570cc7f41e5","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":170,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"5e34244a-b070-4dae-b07b-2e10ce08285b","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":170,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"21483247-a3d9-44d8-ad63-3834f4d40108","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":170,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"27c774e8-b390-4bbe-9473-ab68e08d103d","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":170,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"b477c291-a15d-4ea9-921d-440d52936eb4","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":170,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"59b19006-209e-42a3-a41a-cf9361626432","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":170,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"2f3b21dd-b431-4cce-a19c-654c65654b04","block_type":"box","text":"automatically at the Transfer Agent.","page_number":170,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"8b01e170-fa69-4445-a0a4-97acec2c84c9","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":170,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"b7ab23ad-1106-4578-a731-3e290dc95511","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":170,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"256688a8-f9b8-458f-90fa-fc9601663bad","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":170,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"f56f92c9-1f04-4de9-9607-865293b28ce7","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":170,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"369812c5-ed97-44a0-8ae9-13e75ccd37b2","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":170,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"8244b9c0-5b9c-42b9-b01c-c49b09493c16","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":170,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"47e16951-0dde-4da3-8dd4-7f5c3a01f16d","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":170,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"896ef2a1-c143-4669-8061-66cac3b8ef19","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":170,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"c67f3ea0-56ed-4346-b3e0-9097e826524a","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":170,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"c46f9094-a66d-4c8e-a238-35027a46fc74","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":170,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"0eb8bdf6-f1f4-4914-a80f-8574a818d36a","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":170,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"a20cd65f-d52b-45f2-ad3b-eb7beddc4b16","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":170,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"2c0175be-7acf-4274-9e9a-a481d17c910f","block_type":"box","text":"issued.","page_number":170,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"9aad0031-74bb-4624-b558-9b520275cdb9","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":170,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"1a5028af-cfc8-4efe-b3de-05d7b500a6e8","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":170,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"18f8eca0-8fdd-44b0-a655-2792f99e965e","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":170,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"9eca7219-2537-4671-acd0-14f8fe0e2dae","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":170,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"9e4ba4a1-09df-40c6-8909-b531b325b473","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":170,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"e62876c3-0831-4d96-a2ec-bab6baee017b","block_type":"box","text":"Exchange Privilege","page_number":170,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"eff4a13b-a74e-40f0-a558-e99e02a0cfae","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":170,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"15bd0287-9484-483f-9abd-2029cd82bee2","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":170,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"7e363ab1-40f7-4bd9-81ea-18b05f719d66","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":170,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"1ad368f5-dce9-464e-b18d-18e07e0d287c","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":170,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"261b10be-e896-471a-9719-69663bd911b1","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":170,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"564a0a63-f436-4c07-9e1d-bcb2d51a0130","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":170,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"5553b642-d11b-4081-b1e6-086ada23eb0e","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":170,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"514e8d1a-0a8e-41ec-9dfc-16f215d4a2cc","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":170,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"c234c6d7-e459-47de-965b-b53cdc2ed47c","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":170,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"f0c703d5-6b5b-4daf-9e01-ad769e84cf4e","block_type":"box","text":"Institutional Shares","page_number":170,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"b8fe265c-b56a-495d-8282-6738458a07e4","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":170,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"27149277-ec48-4e9e-8c75-ff04d97700f4","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":170,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"31d600c2-5a94-4792-acd1-ae6770d16e4b","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":170,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"8ae48a23-d744-48ce-bf68-2e2d56e339fb","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":170,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"11fb1c31-aed1-4964-96e5-6f114d6854c2","block_type":"box","text":"for Class G Shares of other Funds.","page_number":170,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"539ef6c7-a5fd-4928-8913-50b2ed25a2a2","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":170,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"34afd508-05e4-4e3e-90a7-b24a6236b99d","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":170,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"73d094e8-ba47-49c9-a2cd-83da4ced5dcb","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":170,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"e2810b98-dc6b-45ab-a9e7-ba6875f8183f","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":170,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"048aa20e-ed7c-40b9-908e-424df0ede395","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":170,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"0ba8a8b3-f43f-4559-9f07-a91d69eefaad","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":170,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"46b8d72b-bf2b-4f11-b905-69e750bfd4cc","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":170,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"65076e80-98a5-4634-b08e-0cfc4567832b","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":170,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"6daa120e-8d9c-4a9a-b3ae-619cf1275e8b","block_type":"box","text":"II-116","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"66ff38b0-1965-4380-a40a-0b2eb12ec381","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2f361e6b-0689-425d-91f7-abc35fa2c18c","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":171,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"cb5c8f34-18bd-4594-8286-c43fb84f7da8","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":171,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"ae1277c8-5f9f-4c17-b527-84adfe7e859e","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":171,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"3438e7aa-4fa3-4d97-ace7-7ba6cdf482e6","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":171,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"534e2b23-e8ec-4d2e-9e2d-26a71aa5077c","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":171,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"31689123-98f2-48a8-be23-c18c0b8c08c9","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":171,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"75d5cf45-5499-400a-82be-3239da43c734","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":171,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"93f0a5e8-da21-4484-bbee-4fc280cd4884","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":171,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"ed0df275-44c1-4902-a186-a20a7958b051","block_type":"box","text":"Exchanges of Service Shares.","page_number":171,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"19b5a185-55dd-4d37-9d00-43ba1892ffe2","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":171,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"f7937b58-d1c8-4dc9-ae5a-5d5290d40953","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":171,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"2dbefb0f-0e33-428d-b925-4ec23bb9b047","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":171,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"2d9ed7f6-baa5-49b3-a8cf-3b4561a1631a","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":171,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"3dd1c542-e4cb-4491-ba29-9ca4f85be1e8","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":171,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"10b30488-895e-455b-81d8-e4266871e29f","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":171,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"fbcf3918-b6f2-463e-a7a3-6360f887b8c9","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":171,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"34e9c3ea-afaa-4819-bdd5-e6ff2386d3a4","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":171,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"d046224b-0121-4f75-a4a2-0b8632208078","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":171,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"d017e013-3381-4761-907e-fdafc3b0ac73","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":171,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"8e3f0a7a-e6e8-4591-b83f-b9a2ad023b8d","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":171,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"854756f5-2b04-4487-a914-9357aa76975f","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":171,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"20894162-2200-42f1-a984-0dd928d0fc0f","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":171,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"1ffd49fa-9392-492e-b51a-c4dde96a6d60","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":171,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"dba7e269-ba95-44a6-aeb1-022d736ed863","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":171,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"e7145315-40c4-48a6-9025-501f2bf600c5","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":171,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"5325f43e-8ad2-41a6-ae32-f45f626d8211","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":171,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"f6de5163-82c3-44c6-81e3-e0baf7f40181","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":171,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"e7143ce1-b0da-4445-836c-752fe8c8db92","block_type":"box","text":"exchange.","page_number":171,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"3d2c94ec-eab6-48a3-b46f-734a416eaedf","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":171,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"d84679f4-6a53-4b26-adbc-ad133b33a890","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":171,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"1ae11187-b0fa-4ed9-a901-42bfd7aec21a","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":171,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"88b3d22e-9e49-4cff-9caf-eb44e60d4a0c","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":171,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"4f1896f7-152a-408a-8c83-50a0c4b73e61","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":171,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"374d50c4-f1e9-445e-865f-9a64e85d4385","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":171,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"3124f60c-dc5c-484d-a365-7296cd29b6f1","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":171,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"ac34d2c1-8f40-4ecf-920b-dad56d4d7d16","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":171,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"1504ff5b-6f36-4372-85b2-1e89c4919d72","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":171,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"b9dfcd87-541b-499c-bf29-db9c4a1b6f7c","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":171,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"d58c6a4e-c28f-4473-aea2-6196b75ad063","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":171,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"2d123b36-52cf-4a92-b0be-8afa22808598","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":171,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"29b15c54-6e5b-4b00-8cbf-1dcf4dcc5607","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":171,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"88025f4f-9d76-4c9d-96dc-55e4e6acc7a4","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":171,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"c9ad9983-0b73-4d20-a2bc-34f1518f619c","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":171,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"6adc6c79-bc8c-4159-b8d0-f49f704f5f84","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":171,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"03d1c5b1-043d-478a-9da3-0e5e381d0056","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":171,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"fbf3cad2-ee32-45b0-ad2a-bff7edfed27f","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":171,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"61419f58-2f27-4496-a7b4-b92403a671f8","block_type":"box","text":"Transfer Agent in writing.","page_number":171,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"f85eb15c-7370-44ed-af98-f36a7f5fccb8","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":171,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"106c3868-2337-4bed-8515-cf49aedc86e9","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":171,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"b60f2cfa-3096-40ef-ac1a-7a343d424307","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":171,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"6993223d-2dfd-4e3f-bb3d-2fbe09ec30cb","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":171,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"21899339-7acd-4e0b-aba7-c6575e9b0671","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":171,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"bd6fac93-6710-41b8-9d6f-0c9e5017b7cf","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":171,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"c37ca411-55de-4fb3-a57d-2910781a689f","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":171,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"7c885f21-1440-4918-b7dd-84b2867476d0","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":171,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"ef244330-5c62-4521-b5fe-54d85ee12d68","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":171,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"6ca3f568-b31c-4ccf-8b72-bd4328352e28","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":171,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"eb9ed2fa-2093-4b69-9939-b7e9e20e6ddc","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":171,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"dd7efd17-b8e0-48db-8466-bf61a166354a","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":171,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"f41496cb-2dc9-42e1-bc1a-c3828c95d46b","block_type":"box","text":"II-117","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"81c02544-b61d-4a20-a536-3e1b50dad684","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2933c1d2-4ac6-4135-8137-a315723fee63","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":172,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"67cf78a2-9be4-4a74-9d50-3233bef26603","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":172,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"d32912c9-7c5f-47c0-b188-7a8836153200","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":172,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"f6acd93d-0201-4bfd-b1e8-3e8b82b7206d","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":172,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"a093ada7-f72f-4333-9584-b2f078946d9e","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":172,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"7a744cab-95f4-4b7b-b84a-b76a066b3349","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":172,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"cbb54b76-30a5-4bcc-85c2-7ae947e148b7","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":172,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"376bba20-2616-4a8d-899a-64fefe2ec07f","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":172,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"562dd9c6-a114-4162-9a57-f7e53c485c5b","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":172,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"010d88da-1dff-4f89-a37b-461ff24951ba","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":172,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"2d8abae1-207a-4b9b-9bcd-601a332d14a1","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":172,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"82b16489-cbf5-4e33-89d1-bae7c4c640a4","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":172,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"2f38f1ef-25cd-41cc-a756-4deca26600b9","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":172,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"cf5a502c-49bf-45ce-8913-59fd90a1b638","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":172,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"8dad5358-ae86-4b6b-84d7-095a72f1f3c9","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":172,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"0e78105f-bd34-458d-bc38-38ab087a4de5","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":172,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"2951eb57-1352-4886-bcaa-6fd420b6e9c2","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":172,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"2d7987cc-d251-465d-b153-6db8a070c5db","block_type":"box","text":"may be distributed by the Distributor.","page_number":172,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"b725c0d9-9b8f-4171-a869-1cdf1f6e2c4e","block_type":"box","text":"Participation in Fee-Based Programs","page_number":172,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"09aafbfa-af93-4e07-911c-2f1cee5229b9","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":172,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"3083dbea-5bda-438e-8cf2-4832b4b51e4e","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":172,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"89305a55-7b54-4184-9d9a-67ecb67ccd06","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":172,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"146c0570-a914-4927-8194-cff5aff5eb61","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":172,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"1709002f-5e38-4a2c-95fa-c0408386b9d7","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":172,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"ca362735-64e6-4ad2-88ef-11a87c380f38","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":172,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"e4b637d8-5416-42a7-b67e-bec517c00da8","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":172,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"ee5ca675-733f-4ac7-8b4f-f5781b2c2d53","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":172,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"e75f7386-3186-4045-81ac-5ae3e94dbca8","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":172,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"a4aadb65-7e18-48c8-8014-a2548122e90c","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":172,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"3d249b53-2540-4dc8-bf3c-241c6d6aa1ed","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":172,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"8d97fb8a-8546-4220-b59f-e544b566b570","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":172,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"b8675589-8127-4aac-879d-7ce513e24377","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":172,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"1386fbef-9121-4839-996c-3c3b5e0baddc","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":172,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"e898123e-21c5-4c83-a3b1-6a531d522a6e","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":172,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"38c837c8-0805-4406-b952-932b9eb4b49a","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":172,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"718e0b2b-700c-4ffa-85f9-877b3436e281","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":172,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"f3083930-744b-46eb-8e19-b3096eb17219","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":172,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"1b4dd0a6-248c-4071-a038-6b3f9e5b80f3","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":172,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"4c744722-7571-4481-807b-df47f168532c","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":172,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"4c9b6e49-fa4a-46db-a12b-fe74d01622e6","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":172,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"bbf7cc95-6361-4ea5-b0d8-f39bce25888b","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":172,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"ebb98890-a9ed-4117-9b7a-96a0010b5bfe","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":172,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"bfb3d44a-f64b-4253-88ed-de92895d6120","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":172,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"f29f5ae5-9597-4c49-bbbc-077dd956cbb2","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":172,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"1e5d482b-0b95-45e5-aad9-0b4ac7cf8ba8","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":172,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"3667ca90-bc60-42ff-b397-e90a1588cef8","block_type":"box","text":"information.","page_number":172,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"8522df02-ddd2-40a5-ac0e-a1ea56b00f51","block_type":"box","text":"Retirement and Education Savings Plans","page_number":172,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"a8b0408a-3c60-4357-a5fe-854bb824c0e8","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":172,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"19ea9136-9693-4b8e-ae53-12d9501ab51e","block_type":"box","text":"intermediary. Under these plans, investments may be made in a Fund (other than a Municipal Fund) and cer tain of","page_number":172,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"06a81fff-9248-4e9a-8b97-543b8c99e386","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":172,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"00e81ea0-01d4-4aad-9335-3e533d280c28","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":172,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"9e18fef4-68ce-47ae-bcec-1d28488a38bd","block_type":"box","text":"your financial intermediary.","page_number":172,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"8271f0ae-4b72-4c6b-a995-605bbb25af32","block_type":"box","text":"II-118","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4096906e-b479-4d05-8861-6a5a16336f33","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05f05a78-d538-410b-a8f6-e2fc7d51dbed","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":173,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"005a0534-2430-4cef-88cb-da44666b6092","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":173,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"e78ed0a4-e6ac-4b73-bc42-28122e9493f6","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":173,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"9eead653-b612-4f6d-89b9-49019bf2acc1","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":173,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"fda2240f-6dfb-4af0-9db7-30897f013fc3","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":173,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"49b054fd-d04d-4b9d-b299-131de7077692","block_type":"box","text":"Automatic Investment Plans","page_number":173,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"920ec428-6978-47c0-aa70-ecc5daf6d825","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":173,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"754c1c42-63f4-4203-a3de-e29ec4e274d0","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":173,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"04755f1e-4feb-4c73-9213-942ea66e3e58","block_type":"box","text":"®","page_number":173,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"6490aa23-a20c-43de-a3a6-a6cb2a1f29fd","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":173,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"a5777afa-4494-4172-b089-2c34a0516b89","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":173,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"ff85d266-95a5-4aa8-90a5-d108aae87630","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":173,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"930e19f4-c49d-48e6-b2d5-02cea00146ad","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":173,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"15e07eb6-3799-4c1d-b1af-034b5d1bf688","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":173,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"e432da57-fa3d-442d-ab62-25d02b7e472d","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":173,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"0f87cc01-b869-4323-85ae-9e0d328a1370","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":173,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"f6484d4d-9d4c-4840-bb41-b2da75a88471","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":173,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"51611899-b807-4f67-883c-5308630e6937","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":173,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"15afb567-c47b-45ad-bda8-063ad01951b8","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":173,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"1594279d-89bb-4924-9de3-8428aa32d412","block_type":"box","text":"Systematic Withdrawal Plans","page_number":173,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"adf7b4e6-3978-45c9-b05d-a2ee20b55568","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":173,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"934403c0-47c3-4097-a669-23f5497865d7","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":173,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"aa82c992-3873-409f-a809-be24b819e472","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":173,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"2b3540fc-094b-48da-9a96-85862591e96f","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":173,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"6018df26-3002-4cad-bf26-512ec7d3ea06","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":173,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"0a2dca62-2928-42c0-9874-8c6dc1aca4a8","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":173,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"4dd33607-edba-4a46-9b5b-7dede37ee5f2","block_type":"box","text":"www.blackrock.com.","page_number":173,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"c7952deb-0207-457f-b0d1-4690aa85fec3","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":173,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"9f6056c2-64cb-46e4-a3cb-7684835b11e4","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":173,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"0c004d0a-21af-4082-befb-fd34ec6e72e6","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":173,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"5836ce33-9247-4566-bf15-5320eadd1559","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":173,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"b3144d33-2f90-4df6-af4b-9261a4a93850","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":173,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"59e7ef90-343a-40d6-8c07-e4e95385109c","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":173,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"eab16704-ddbd-4696-99fa-9cc4c14b4fa2","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":173,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"8f5756e1-b4d1-46b7-b770-8de52707d724","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":173,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"18acd803-64fc-43cf-a541-e197fa3a5b92","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":173,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"c0b817d6-94d5-43f9-96a7-b8dbb04a6d2e","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":173,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"b0d24713-07d5-4e7d-b00b-d19d05c0d4d0","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":173,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"10e3023d-6978-4ee1-8b46-9eb07d0f9119","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":173,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"995ca348-4828-436d-926c-a15642b79f4f","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":173,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"5a5169c7-3630-4c22-bbed-b30f192bbf25","block_type":"box","text":"Dividend Allocation Plan","page_number":173,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"7f1b8bdf-31c5-4271-b9be-96018feb0ca7","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":173,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"d72875ac-b284-4475-89f4-fb4d056858aa","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":173,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"2cfb8eae-2014-4846-b572-16d10bdb6d59","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":173,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"3a465755-dbab-437f-946d-371e5b75d2ac","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":173,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"c798717a-38e0-463f-a92d-7aa147050ad8","block_type":"box","text":"PRICING OF SHARES","page_number":173,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"9efac8e0-491c-41fd-882b-786a9399d856","block_type":"box","text":"Determination of Net Asset Value","page_number":173,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"0b2333e3-b84e-4859-8726-d275a5d30d1a","block_type":"box","text":"Valuation of Shares.","page_number":173,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"836aa93b-24fa-47b6-bfbb-9ebd9cd2e9df","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":173,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"8e8c18c0-0a4d-41ae-92a6-396d91d4dae7","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":173,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"3c1542d2-0303-40cd-95a0-fe76a42a17e5","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":173,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"0cb2db7e-ff4a-4314-9fc1-b964bdee5c77","block_type":"box","text":"II-119","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0575654e-8a0a-43a9-b9bb-683535d55e6a","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"10f74ebf-c150-4c10-98a5-9d299d7506a1","block_type":"box","text":"Equity Investments.","page_number":174,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"1698ba9a-f461-40fd-9d17-6e85ec25de1b","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":174,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"162cf569-e55c-4dcb-ad19-2a970a370284","block_type":"box","text":"e.g.","page_number":174,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"cfc7402b-cbd5-4b34-9b30-4a3acd63390d","block_type":"box","text":", NYSE), on separate","page_number":174,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"e3ed1adf-083c-4846-be48-7192ed85fabe","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":174,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"ec4bb5c7-5d49-49c5-abb3-caf1a1c2ff54","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":174,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"958e09da-f399-4b76-9cf8-caf5661bc147","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":174,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"ad174260-71f7-4f8d-b382-ba5ef209660e","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":174,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"ec0ea09b-858d-4dc2-89b4-649e49d8c145","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":174,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"8ae35a66-79b2-494e-ae45-3cf69fe3dce7","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":174,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"7d062dc3-2c45-40f2-928d-768a0e17ce71","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":174,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"c41de870-9fd6-4003-99f5-65e255294646","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":174,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"58d07935-366e-417a-a0ba-1a0f0b72ac14","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":174,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"75cf0b55-26e2-4ace-85f8-494980fb8f23","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":174,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"b3869bff-7964-4c3c-b4b1-cd57d357d4e4","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":174,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"189396ac-59cb-4af3-993f-09c08aa75193","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":174,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"2d95f750-a55c-43f3-8e2d-474d12ce6ed9","block_type":"box","text":"defined below).","page_number":174,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"b44ba18f-7153-480a-b83c-0e93b496bdb2","block_type":"box","text":"Fixed-Income Investments.","page_number":174,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"5b231cf2-3e90-4cb5-91f6-3862781c19c0","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":174,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"e9a20b67-0aee-4433-bc6b-8846e045e151","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":174,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"c51956b3-e4fc-483a-aa3b-24254954cea5","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":174,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"212e2034-696c-4c13-aede-dca200dfcf0f","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":174,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"586ccb13-2c80-4450-a5a6-930f3a17725b","block_type":"box","text":"e.g.","page_number":174,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"e96fb729-9c5f-4a71-97e6-694841277044","block_type":"box","text":", recent representative bids and offers), credit","page_number":174,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"dbb89e83-a881-4ee2-ba82-a63fc80cf12a","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":174,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"b8c1570a-5183-49d6-8e25-88766fc08f22","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":174,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"c4ba4ed6-147a-4679-9a2c-2b8d62c79512","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":174,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"07ab2a64-23ea-470f-ad9a-cc5cab1d7d4c","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":174,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"e054967c-f4a3-47a3-9627-59520e25d805","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":174,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"8d431393-bd8b-41b8-b0fc-f69318986bb6","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":174,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"6f2110d0-7cb9-44c4-96ab-d7662faa2ae9","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":174,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"5164cc7c-de77-4c64-b607-33d42759636f","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":174,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"7eb287bb-2cc0-4f0d-a30d-78acec6fbb86","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":174,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"0924b585-912f-4fbf-bc5a-ae47e4a45336","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":174,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"15d55e14-6b8f-4536-bb76-3bb101b150f1","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":174,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"50f995fe-090f-4b6d-8cfe-70e8068eaa0c","block_type":"box","text":"attributes of the tranche.","page_number":174,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"fd8cfd8d-5475-44b0-a486-d66bc8c470f1","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":174,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"3adc9b21-1d62-41c0-87b1-82e5bc326588","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":174,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"b07fcfec-6358-4e1e-9c9a-f7cdb51dcf3f","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":174,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"c3b07d3a-cda0-4311-80ff-c9dcb0693c89","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":174,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"e5a0925e-e2a1-46a7-b54c-e4ec3990b2e1","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":174,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"9df7f338-9de2-4431-bc4d-1ee532ab5941","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (shor t positions) price, if available, will be used as","page_number":174,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"14d57e51-3fd2-49d3-82de-39d18a912c42","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":174,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"22fdda07-ffb9-41bc-ba13-821f9d73dfe1","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":174,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"e6aa239a-2a4f-4754-8f00-30566083fbaf","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":174,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"c300563b-bc92-4e7e-aeb3-a12e35208149","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":174,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"2af1033f-2762-4a48-a723-068109044cb8","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":174,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"5f3d67fa-cf32-4507-ad03-5ffe10ec37c1","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":174,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"e45f7bea-934f-4a33-9cfc-99ed1fd0f547","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":174,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"11ec77c6-a389-4041-b1f1-810cdb3dda48","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":174,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"35ceb5e5-27b7-4eb9-afad-e1be1d133b12","block_type":"box","text":"Underlying Funds.","page_number":174,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"03228a20-c512-4305-87de-4d72455fd509","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":174,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"3b267f14-c38c-4095-a8f1-3d0d531b5c1e","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":174,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"3b322ce7-53c0-4620-9eb5-52e2848a11bf","block_type":"box","text":"General Valuation Information.","page_number":174,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"9029faa3-4518-40db-8d08-d9e1655d5b3b","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":174,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"1be4909e-2caf-4d70-9a14-424ca253b1da","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":174,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"0740ee90-554d-43c0-9c71-16e9790b449d","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":174,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"d5db1acd-9614-4d2c-a4ef-7ff28d1816c4","block_type":"box","text":"subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be","page_number":174,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"8898262a-7c2e-4f98-b9cd-9f72c9fe18db","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":174,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"680dee3f-7932-446c-814a-ab0efabcbfbc","block_type":"box","text":"the revision.","page_number":174,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"e0424361-4340-4d2e-b4f8-dc9e7f2c026c","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":174,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"b672f37c-0958-4388-beb8-3c05e22dd26d","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":174,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"795a1e2f-4611-4a7a-adb5-65e3c46b6fa3","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":174,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"680f9056-039b-45f1-b838-2cafd4f09936","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":174,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"ed0212a3-9962-4448-9ba0-94ee942ea766","block_type":"box","text":"II-120","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ee16685f-bad7-4fe0-b834-7b0777aec745","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d730538e-aa68-4554-927e-f26f504643bb","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":175,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"1b91d17d-0375-4de3-a3fe-81c747fff8b8","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":175,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"7ee17967-0275-4a4b-b65c-6c2aa982a2f6","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":175,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"5c8e287e-df7b-4042-9439-e11f9ade6ec1","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":175,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"940168b1-e76e-419b-9235-d2bac7f94456","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":175,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"eddd9ba7-f13d-4b1e-9639-f58f46ca31c5","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":175,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"82c3496f-d3d2-471c-8e77-5cbb4e771dda","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":175,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"9ee3782c-a0c2-46ca-83f3-6748bb1045e9","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":175,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"e1c40be3-cb52-4aaa-b2c9-f4096c6b76d1","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":175,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"64661a01-29ef-4f4c-9b50-639bf9db18b1","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":175,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"bae348f6-4f27-40df-b90c-3c8ab87cbcc6","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":175,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"1fee1423-be5f-49ca-b8be-9ea2d43b3a49","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":175,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"39ae5250-785f-4a78-a0c2-b297d2ad520f","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":175,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"9da32204-3dca-4baa-b4b2-fef723c40c45","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":175,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"b28637af-df24-478d-8604-5af7a7b34f4f","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":175,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"464ba5cf-fe36-4271-92f8-9bcdc2c993dd","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":175,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"9e7b3bb1-79ab-402d-8ba0-6a299e105eb4","block_type":"box","text":"Fair Value.","page_number":175,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"c42023a2-ac2c-4529-bd73-f195aaafc2e5","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":175,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"d10e7126-63ef-4501-9290-02a310d1c2cc","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":175,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"7d547b6d-47e2-4b4f-b639-ac867607a19c","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":175,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"7b1fa4fc-96fe-4c9d-bdf3-158d6c340020","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":175,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"0f55e79b-797c-44a5-8261-2f1e31f4946a","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":175,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"6f72ca4a-fdb6-4ef3-91fb-39bccf37ee23","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":175,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"7b40455e-5e7a-4643-87aa-831368021355","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":175,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"84b2673d-7ea0-4fbd-9e89-ad78f05c0672","block_type":"box","text":"(","page_number":175,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"0cbcb51a-24be-419d-a7bb-aceca419635f","block_type":"box","text":"e.g.","page_number":175,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"62338689-2018-433e-87ef-80df7c896245","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":175,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"e17142a0-4b76-48ce-88d8-0f9938f30c7c","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":175,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"bc7b54ae-4d3c-4adc-8593-e693ce930095","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":175,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"db3d204e-88db-4298-8421-731515e95a1a","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":175,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"4a873355-9c1c-49ce-b170-6530cccfcfc0","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":175,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"b4cfeaa2-c725-44f3-b841-b25f1e2e7433","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":175,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"b552c180-7668-4a11-9e79-43fa9ba92230","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":175,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"669b4a85-69c6-4721-bdfe-3c11ac24b08c","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":175,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"088ce62f-bfae-4a3c-a792-85b5341764d5","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":175,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"09583306-cdf6-4366-ae6e-34ca4f57a693","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":175,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"dd181cb3-d1e0-489f-9c0a-17ea59a867f3","block_type":"box","text":"be treated as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair","page_number":175,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"83c4c1a2-1f3b-421c-b7a4-febb3740b6e5","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":175,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"b3ca27fd-d8da-4cf6-af86-ba6e6bfe0a7e","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":175,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"b319b37a-8226-4c50-baca-ef26d29e84cf","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":175,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"708fb407-7885-4ec0-b831-e458e5ba1c4f","block_type":"box","text":"pricing time.","page_number":175,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"d982a458-769a-4e35-b26e-7158d52c31e9","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":175,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"807d0cb1-0a36-4389-b9e7-4796670628be","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":175,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"977837aa-3c78-42ed-9b96-7f4a778c589d","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":175,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"6ae2398a-7d3e-4165-974c-a1167fdad423","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":175,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"0759fde2-70b8-4369-a5fc-7ac5223206cd","block_type":"box","text":"assets and liabilities of the Funds.","page_number":175,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"dffd5260-1ac4-457b-85e1-46c5d9e649fa","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":175,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"ffe410b2-c296-457d-90e1-002b4a3f1149","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":175,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"220b1a49-9a1c-4125-a834-6067fbd6bbd2","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":175,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"381a0f3f-6463-4f0a-92ac-2cf4cda8aa5a","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":175,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"ec9a3279-663b-40f6-aaee-9f227dc04d62","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":175,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"bf8e0709-358e-4edd-9e61-19e8be0ed261","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":175,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"d567bc40-ee5c-49c2-949c-5c5cc322925f","block_type":"box","text":"valuation models.","page_number":175,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"82377322-8dc9-4757-bc5d-5dbaa22dfb86","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":175,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"81a448e8-84c7-4f9b-952a-eea0af8f2b2e","block_type":"box","text":"value of an investment, one or more fair value methodologies may be used (depending on cer tain factors, including","page_number":175,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"0da36b4f-0c1b-4231-94a0-0cd08ec40c90","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":175,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"0d2dde33-73d7-47aa-8bde-5a9c3721ff0b","block_type":"box","text":"alternatively, using proprietary or third-par ty models that may rely upon one or more unobservable inputs. Prices of","page_number":175,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"711bac4a-d39f-4652-b8b8-7f66f64e2b20","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":175,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"71dcd065-d8bf-4bf4-ac7e-bca724ef6021","block_type":"box","text":"II-121","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1df17b29-e547-49f0-a6fc-fac243ef567f","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f9fdc4a1-7ad6-4d93-8318-084ad37196f3","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":176,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"691d517e-d077-474f-92f0-a5c050f0a0df","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":176,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"71f04958-a087-4d46-a118-9171359a2ca7","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":176,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"903e97ce-1bd6-4a82-8c4a-de14f0021694","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":176,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"cacb8941-9078-4e28-8acd-1d1904a6f0ce","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":176,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"9df5d33a-093f-4589-ad18-1edecaa4f581","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":176,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"880c829d-6c68-4e74-8e74-ec281a6f8e12","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":176,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"5ff140c3-872c-4f33-932c-66aac62f11cb","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":176,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"3411e0bf-8033-4cda-bd68-ec93083cf0b8","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":176,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"105746a3-71f6-4a6b-8cb1-89cea0c5f5bb","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":176,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"351b894f-44bc-4a49-8162-cdfbfc54b4ef","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":176,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"860ed922-0c8b-4116-89b4-1f5967199f4a","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":176,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"66c51944-991d-4d43-aab4-305cb7b54edb","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":176,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"1522eef0-64f3-4dfb-97c5-ddc14f2b0197","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":176,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"f28f9d1c-380b-4773-84e0-52cba4428537","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":176,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"10a72e0e-ee56-4fab-a7d4-d6d482c4fec4","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":176,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"828b124d-773a-444e-bdbf-8eb1c468dae7","block_type":"box","text":"par ty determination of fair market value.","page_number":176,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"cd839501-2a19-4862-84fe-17c13b576672","block_type":"box","text":"Computation of Offering Price Per Share","page_number":176,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"74793339-0a42-48fc-bbe5-c661ecf3ae56","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":176,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"f5d7151e-1192-4093-9c68-f906c6914711","block_type":"box","text":"the offering price for shares of your Fund.","page_number":176,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"6924debe-8cc7-4fee-ac1a-52b4e2605916","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":176,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"bd4601d0-9eba-4051-afdb-143321bb8efa","block_type":"box","text":"Transactions in Portfolio Securities","page_number":176,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"78fd87ba-c1bb-4be4-863b-8f9cd6dd5a24","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":176,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"a3c410ba-8932-47fc-849f-634d648854b7","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":176,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"570c8a26-cf50-4b8c-8623-214e8b8715c0","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":176,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"88a4b59c-53b9-4821-90bf-8421af968a2f","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":176,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"684218bc-17ec-428b-bc64-19094b63ddcf","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":176,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"877abc9b-2475-42fe-ba84-005b7deb6d8a","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":176,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"6fa9286a-9d59-425c-95a2-e6c255c62f86","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":176,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"3229126e-72ee-4e02-99ed-ae9ca1e78e85","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":176,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"80b5ef72-49d7-445c-b884-735f30cecc46","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":176,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"e76a3f1c-8914-4722-8f6a-90e770b4c1b3","block_type":"box","text":"reasonable in relation to the services provided.","page_number":176,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"dc5ff358-e321-47c2-acfb-f067a03e42b3","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":176,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"19f124ae-5b83-4d63-bee7-326b8eb33790","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":176,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"6e3047e2-8dee-4926-9673-76a6c9f0a1d2","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":176,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"d85c6671-7cd1-4bc3-80f7-cd6023ccbfb4","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":176,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"2b42d477-30ab-44c1-8856-2158848a2afc","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":176,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"55a6b068-7698-4211-8059-9b4ed495a0d6","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":176,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"21a327e5-75a2-4616-80ca-21c129309f3a","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":176,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"3c434fc5-3bd7-4577-b881-13e9bacfb63b","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":176,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"4a66b959-4f9b-438f-8597-878501490bdf","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":176,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"4bbac87d-560f-4840-b4f4-5ffb632f84e9","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":176,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"49ba3f3c-dc76-494a-9780-80857475df8a","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":176,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"877bcd28-2acf-4500-81f4-d2aa91c55233","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":176,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"1d48f52f-c2d1-4ea8-b5af-58be72c7db93","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":176,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"a1664e02-198d-4f13-9872-28d7dc542e67","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":176,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"2decb339-9f5b-4e24-a709-b9f4218d0f20","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":176,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"d91da5cd-25d5-4216-8237-9a63080eebd2","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":176,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"e3d48963-d9d4-4e87-a420-45e2dcd7a47c","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":176,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"7ad956a9-7cb9-44f8-b598-61765ffdfff9","block_type":"box","text":"per formance and other analysis, as well as the advisability of investing in, purchasing or selling securities, and the","page_number":176,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"782b8158-fac3-4b85-85ed-d6c091cfac08","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":176,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"947e8e4d-565e-4b19-b7d0-bbf5783f770f","block_type":"box","text":"II-122","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7d83c1a0-7f8a-45fd-9328-92f1ecf4620e","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d4d85834-f779-42d8-8c9e-25526dec0800","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":177,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"1536f576-a709-4536-982e-c665b62906a9","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":177,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"2c244700-c348-4a4c-8ba0-104cacc35d31","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":177,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"e6368088-580c-4af6-89b6-7d67259e84a4","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":177,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"d8555469-e1e9-4624-8a68-e9ebfa0c0856","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":177,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"9a1d1eb8-50ac-4f4a-9e47-b00845f19c57","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":177,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"99fffb47-6072-425b-994c-34140977defb","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":177,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"495a624a-9503-40d3-957f-e3cc5bfb350e","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":177,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"d622c505-86b1-4afe-a454-657da7539e73","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":177,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"6af6868e-d0a7-41e5-805e-d7487a92ebec","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":177,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"90783d74-4f5c-4747-9a59-c59fe016e5b4","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":177,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"07260fff-69ad-49dd-9b10-b271da57f4ef","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":177,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"84803c8f-1aae-4a2c-af12-f124c1dff9a1","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":177,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"c0e0a951-9328-459c-8a22-e5f12dde6806","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":177,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"b4bfff5b-a1b9-4335-9ea3-7d1d8928b9b4","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":177,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"4de35d95-aba3-4e2e-9f47-6f1a47454d2e","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":177,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"545f2a36-5e3d-4777-a43e-736361128abe","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":177,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"21c17414-b1cd-4586-b9de-5730b8b68bf8","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":177,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"1f6114d5-9613-40d0-a536-835f57747bda","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":177,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"5d68950e-5fdd-4eca-bdfa-ae8cb05b9b84","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":177,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"fe608555-031a-41cb-838b-795242da09c4","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":177,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"80fbfd7b-5e0f-42e3-be9c-bf65850c703b","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":177,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"d143331c-75fa-4839-98ac-e11eb0d11916","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":177,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"4fb6af58-96d0-432b-b0b2-6c05af86abd4","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":177,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"12d96ccd-d191-4010-8416-6aba7f9f6a24","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":177,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"58843393-8eed-4999-a2cc-570ef15cfc5c","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":177,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"57951bcc-67f1-4e2f-a041-8371ba34a481","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":177,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"c4bf2cd4-98fc-461d-88e3-0ef35935cd51","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":177,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"2cb751d2-2be4-4cd5-b2ca-f56aa8f4cebe","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":177,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"f839c732-a1f8-4fe2-b513-582af4823be2","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":177,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"d10b134b-73fb-43f7-a760-8a36d904d41e","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":177,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"c45aa5ee-5028-4aa7-b8f6-6be699119378","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":177,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"35805ab5-cacc-4d0a-9b0e-3997def3fad4","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":177,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"6049e833-0aa8-4f42-8152-53d128f1a0c2","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":177,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"830ac63e-7501-4c22-978a-7245c4493188","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":177,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"bb114615-5188-440b-a661-78e1dbc0b4c3","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":177,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"a11ca2c6-e25e-4194-a532-36532281ff67","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":177,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"507d2058-458c-41c3-bccd-35235768923e","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":177,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"6966b455-49b7-4677-b33a-c2facb0b0f7a","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":177,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"592b2200-3817-4e5a-9329-cfe6b11c80ad","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":177,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"1db40a93-ac33-47b6-a0fa-16900342c413","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":177,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"4bd0bc57-a435-4df6-9f4b-fd8a2df057f2","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":177,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"a091f461-d815-413b-bef4-7f24cf645090","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":177,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"fe510084-8907-4d3c-b0bc-0a4f37ebf593","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":177,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"31241785-fea5-4c54-af06-88f9f4e5ffda","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":177,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"6df6f37a-f390-4347-98b6-10a221f05fa7","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":177,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"04273a75-63f7-40d2-83e8-827821595b50","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":177,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"c237a821-d5a2-48cf-bbf3-810ed7c47f1b","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":177,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"6fd74513-0ad5-4696-98fe-e27b31eebb76","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":177,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"d7455aa7-c439-4167-9866-81e165e40aee","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":177,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"add14ab6-b153-4508-a0f4-8f89b6f76bf6","block_type":"box","text":"Payments of commissions to brokers who are affiliated persons of the Fund, or the Master Por tfolio with respect","page_number":177,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"7140f7dc-2815-4751-97b7-abfdeb56373f","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":177,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"70805772-a5d3-4934-8a1f-0cc1b0a551ab","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":177,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"f9b6973e-b1ae-4ab2-b1b7-56c6fef50a10","block_type":"box","text":"is primarily responsible for the execution of the Master Por tfolio’s por tfolio transactions and the allocation of","page_number":177,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"aa6b2ba6-09b9-44dd-84f8-dc59ea96f1c1","block_type":"box","text":"brokerage.","page_number":177,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"d522105f-ed0d-451f-b6cd-5eb829fe54ee","block_type":"box","text":"II-123","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7011b05e-c979-4ed1-8635-5db435521838","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8717bd2d-7dbe-4384-8e33-61ea48c8847b","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":178,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"29e87618-abd3-4c3e-9eb2-d42b5179c0c0","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":178,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"eb32de04-f000-4656-b17e-748ff0db30d5","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":178,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"b2ffe92d-48f3-4efa-89b1-4aa840a7e35c","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":178,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"4675259b-f667-4dc4-92f2-ba11d106408d","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":178,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"1756e150-98f2-4369-b069-48933f237898","block_type":"box","text":"Section 28(e).","page_number":178,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"f180825d-c282-45fb-982e-a503d62bc544","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":178,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"ee016de7-9e32-4bd9-9d9b-7dd058d9f522","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":178,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"61ebfe3d-09de-4e1d-955c-154bde68e6d2","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":178,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"1a7ed785-2f8d-4a7f-b0cd-f3604baaa1ac","block_type":"box","text":"execute transactions for those mutual funds.","page_number":178,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"95d7f3ea-59ca-4bcc-baf2-2e1d92e08ff6","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":178,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"f36524c4-e587-485a-aa0b-eacbb3bd4f3d","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":178,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"41a0e1d1-4203-4f70-a550-d8e1b29e825b","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":178,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"a39b488b-db05-4dca-ac5c-7b1656e9a520","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":178,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"f3df74dc-1b67-4231-8064-a3be90f7d155","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":178,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"aa185fbe-323d-42c3-b713-7cdbc522b45e","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":178,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"f2cd1ab5-5db6-4bbc-87a3-2abc1606a9e6","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":178,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"176dcc93-23cf-42b2-b4a3-040f6b427a81","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":178,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"7ef99d65-f219-4022-9fb2-55f13fc8a383","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":178,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"23ea2719-b4bb-46a3-ae11-2fb4f6960cd7","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":178,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"ecca0d56-522d-4258-8e32-0478ea84601e","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":178,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"9797c26b-9c50-483e-840f-dc080d9221ba","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":178,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"ec3a076a-f026-413b-9277-b5d415b42682","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":178,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"e7ed590b-10a9-447e-aead-249f0142fe52","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":178,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"5a67bcc5-e5aa-418a-af12-439bad1164a8","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":178,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"66b390bd-e349-4bd8-81dd-f96170864e4e","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":178,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"756762d1-b314-4ef3-9456-0f5ef74d5348","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":178,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"437a987b-63c5-49a7-affc-818d52076505","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":178,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"58702230-d40b-4c40-8136-292c23e90776","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":178,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"b7f49a1b-b00b-4e8a-b774-cca28b0ce952","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":178,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"834886f5-ff76-42ab-8aa4-5b1f7db3d400","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":178,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"e0b0571e-9e95-40c0-a5fa-ea6bcbc5193a","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":178,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"4a63b615-f297-4045-8914-ee6e7a62b41a","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":178,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"c51f8f05-6f7f-4ddd-bbff-66e40de59980","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":178,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"ab9764b2-a37f-484c-86e7-181a3090e20c","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":178,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"2ff84dbd-afe6-4041-b60d-92391e38c901","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":178,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"edebf136-8403-495a-8356-3ed9f79d8294","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":178,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"f3c39ae0-6ee0-4e67-8e04-004b4b9280f2","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":178,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"d3971eab-489f-410a-a36b-720784a0c91c","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":178,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"01c418aa-c8ba-434a-8f8b-4198de6757a9","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":178,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"40b3bbac-e4ee-42eb-a5b2-eea5cbba6688","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":178,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"851a2956-94a0-402f-b22b-8d4cbc656de2","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":178,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"e1240fdf-4c3d-41c7-8406-2b9b8dbccfce","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":178,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"f646f6f7-c4fc-4ae7-9e47-ed9ab74fa8d6","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":178,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"ab5f31c5-c607-4825-8f98-4b0f411d5502","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":178,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"d5cc17d7-21a5-487e-bff1-49df660aedbb","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":178,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"be91e734-5fa4-41d5-9c05-cc0cd4134a89","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":178,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"42a1e1fc-067b-4a3c-b592-086d5e2a6a6a","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":178,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"1b7df6db-7126-430e-ad19-c411e4017e49","block_type":"box","text":"The Manager or sub-advisers may seek to obtain an under taking from issuers of commercial paper or dealers","page_number":178,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"30481443-a1df-4c54-ba3c-f4ccd318794c","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":178,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"b9565357-9bf8-4cdb-ae0b-70b6f498924f","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":178,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"3b570dec-e628-4ee6-9d85-92e68bb5ac82","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":178,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"bd16a86a-067b-4abf-9949-c9c704d42d8a","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":178,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"06069067-ace9-4fe1-81f2-6773a72d20b9","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":178,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"27d64cc2-fb2a-4dca-a70f-0fa8173ceb29","block_type":"box","text":"II-124","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0412207d-29d7-4562-9874-afd25b853b4c","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3089775a-3e19-4d32-8e3a-1ccc55c31bba","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":179,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"97090b29-c510-4d89-8677-c87c982fdf71","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":179,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"49f4bce3-700a-43f4-83b2-8f0250b1cf3f","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":179,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"3f93a3c4-62fc-4850-b40a-9c3ee650feaa","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":179,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"232aa2ac-bf29-4c29-9c13-10e94474f58c","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":179,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"68c92c9c-3e39-4fb9-84ae-f18ccd48972c","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":179,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"9da85fc2-d66c-4902-8089-dce369317a2b","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":179,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"ab0591c1-89d7-4924-a93a-224112917b9b","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":179,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"e1fafba8-fc73-4069-94fd-2fce1d2c1fef","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":179,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"b05a8585-9989-405e-bcad-14d0c617e5db","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":179,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"d6cbcb4a-e607-4c4d-8909-b6ad3468365b","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":179,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"693ff00c-8a17-4315-965e-c8079c9a504b","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":179,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"9a019382-2588-45e0-ba02-cb7c82bfa100","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":179,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"b399e200-cb4d-4756-a90a-78489a21a408","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":179,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"93149d5b-97f3-4c5b-9925-edb481f7eb7e","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":179,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"b87de00c-558a-4211-90b1-93f9b31a6e07","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":179,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"5e9de97c-9b8c-4370-962c-dad2f37ff802","block_type":"box","text":"accounts and compliance constraints.","page_number":179,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"627771f2-a949-4abf-95ec-86f14468c7d4","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":179,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"2e4a73cb-10c8-4e74-9c85-9cfcdd8ac5cd","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":179,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"c36bb987-6495-42f6-b5fe-31688989930c","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":179,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"fba6870d-8524-443a-8565-34e9762ae8f3","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":179,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"efcbb3c2-35b4-4be7-9492-9662deaa972a","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":179,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"3e469593-9e96-4220-9a74-3e9d174ed94e","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":179,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"622e78c7-66b3-486a-a3eb-f2fec591bd6c","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":179,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"39a36b18-951d-4aba-b207-5008b6bf47e1","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":179,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"3ab45ecc-4dfc-444c-b1e4-5e5b4ee50009","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":179,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"fb25e104-2721-4503-a18e-9a357e5a7ec5","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":179,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"9e7640b5-9690-4eae-b03c-e1f895ef158d","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":179,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"3b0aac4b-5310-4e55-9fd3-0afe8963784b","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":179,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"6c1751f4-2e40-4cf5-a34e-3b74dd27dadf","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":179,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"e89da38c-3bfc-405e-9c8f-2ba9a59f470e","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":179,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"c4f490aa-df83-4557-b9a9-ecce5e1feff3","block_type":"box","text":"clients may be used as well.","page_number":179,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"d34c7514-16f6-4738-ae63-15365d241709","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":179,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"9bb0f62e-c044-466d-86f0-db408d416ffa","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":179,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"f96ffe20-4908-4ebf-a88a-2119d00e1838","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":179,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"38f5058d-0e33-4e82-b287-3c920866e042","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":179,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"d3e47813-fe75-4945-844b-ccb038d65e23","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":179,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"d5e0f787-669d-4da9-b7dc-b749068629c5","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":179,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"4648a63a-c029-4116-80f0-93fd4b6fb4a3","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":179,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"282049ab-163e-4397-b3c0-a7b1c85a8e12","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":179,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"de5878df-a8a0-40eb-861d-f36bc7d4b07b","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":179,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"e7575f1b-8936-4558-9792-3b398b43519a","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":179,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"704b08ca-6f0c-429b-90d4-cebfeb44ef94","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":179,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"4a33fae9-aa3f-40ad-a829-0dd4f231044c","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":179,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"4b04c073-75bb-40a1-97a3-96bec5dd5173","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":179,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"315a831e-cd50-4de2-b71b-84068f4d1f38","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":179,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"e2d1bae8-81ac-4fa5-823a-29cea68aa31f","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":179,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"f66a2724-54fb-4930-879b-033d9749a8b9","block_type":"box","text":"oppor tunity to achieve a more favorable execution at a potentially lower execution cost. The costs associated with an","page_number":179,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"e026bc21-f07c-45cf-a867-4c0539157d57","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":179,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"b571747a-764e-4635-bc25-86dcab952d77","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":179,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"7a7fbd07-b4b1-4286-8ff0-df43e4c8e97a","block_type":"box","text":"accounts par ticipating in the order will receive the average price except in the case of cer tain international markets","page_number":179,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"c2c8ac12-3089-4e76-bc4d-915a37332d27","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":179,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"522ad3a4-f2da-4f4c-ad38-b1879debc033","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":179,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"b04c6784-6789-431f-b158-8b0ebc96671d","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":179,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"d9eb73d4-5828-4130-91ec-45c40b2ddbac","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":179,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"79f35065-5fcc-407d-821d-0f66512500ef","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":179,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"f0040b83-bb32-4213-8e56-1aaeed33d98e","block_type":"box","text":"II-125","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b402754e-e75f-414f-98fa-3ac5be52cacf","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7690f447-306b-47dc-a5a1-d9954f5cf1d6","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":180,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"eecd0238-c1bb-49cd-9c6a-be949036dfb7","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":180,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"b08c7098-32b2-4c75-99b6-8ea752b04609","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":180,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"10a42e07-e7b0-4ce3-a37e-d24dbb92cd31","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":180,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"b7f0e790-df21-477f-bc9e-4672fa765c76","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":180,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"edcf2599-af4a-4985-bec6-45b28467fbcc","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":180,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"790d944c-60ae-4674-9bb4-3760035f4a8d","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":180,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"db3acb10-df30-4c57-b303-6285b066927f","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":180,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"8292b9fe-f6db-43ca-ab14-58e0a49d0603","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of por tfolio securities of a Fund and","page_number":180,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"71206303-909d-493c-81ed-64639fe398e4","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":180,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"8f08f0eb-6791-422f-881a-4c7e0e492c01","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":180,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"c4691f3b-544e-4fb0-a96b-2ddba3396583","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":180,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"1f3f2c9f-2178-4d59-a8c8-85f44e948aba","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to par ticipate in volume","page_number":180,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"c74d466b-ec45-4e55-b96e-b1edbe7b822d","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":180,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"aa30a700-b9fe-4fc5-95e0-067b03a3dd36","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":180,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"92f65749-3dbb-4051-872a-e01938821de1","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":180,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"4cb3505b-87e8-4dd1-8a51-bd219cc19253","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":180,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"27c4d3ff-8a4e-41e3-b0dd-7dfeb75da9fe","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":180,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"7e0ba78b-935c-4ae4-8196-b930a7b5254a","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":180,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"67d5e28e-7fac-473b-ab33-995ea6d4911e","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":180,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"ede963c4-fd80-4831-9f50-8045ff0bf251","block_type":"box","text":"Portfolio Turnover","page_number":180,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"eb2e0b29-5766-45b3-a374-18e2b1d06993","block_type":"box","text":"The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of por tfolio","page_number":180,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"fb9ea2f6-42de-462a-b7a2-e0138e379809","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":180,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"1a5a93a2-3213-475e-a1de-5b5d1e4eed45","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the por tfolio during","page_number":180,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"d48439c5-aa28-4937-a2d5-fca6ed78e11b","block_type":"box","text":"the year. A high rate of por tfolio turnover results in cer tain tax consequences, such as increased capital gain","page_number":180,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"df0861d9-3eb4-4dc3-988a-74b196c6bcba","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":180,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"00699b20-293d-4c42-8649-b9e873dafc69","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":180,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"590cd70f-e84a-4b7e-8dde-22226dfa9c6d","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":180,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"9010c9f5-c6c4-44db-b43c-0bad224f50fd","block_type":"box","text":"Dividends","page_number":180,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"3d777ef3-1d7a-44ff-92d8-a0c33e6a9253","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":180,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"e595d6db-22ec-4532-8f64-7aced3547ee2","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":180,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"939fbae7-a01c-4d2f-9433-52095bda7972","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":180,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"7eed5b8c-1d07-41e9-992c-79c7590f99ae","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":180,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"40f4ece3-ff47-4a05-9c8d-b77ccb928a79","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":180,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"7049665e-bb9e-4e76-b66b-904d63299427","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":180,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"0ea02644-d442-4b39-96d8-ffda835d3e64","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":180,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"0c4d8e11-a3d8-43a3-9f3a-ae70ba97c47e","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":180,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"85dc8bee-5858-4046-a183-1a6c465c19d2","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":180,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"3a3ec3df-572c-4d2f-9ac4-b47f757b0651","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":180,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"a6833a3d-d9a8-42ed-a421-1efd2051e6ec","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":180,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"0f32b0e3-e457-4c6f-8542-859e743b83d2","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":180,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"a94d2ab4-8e1c-4703-b380-d7d9eca9eff8","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":180,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"adab5627-f6c4-41af-9b22-23df196e14d3","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":180,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"8d00274a-3c2c-4834-9cfb-ea9a75a10729","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":180,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"904a1003-d6a7-47a0-964b-b146698f6789","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":180,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"7d43ae34-eabf-4e49-b5a7-71bc643e9758","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":180,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"52f4818c-691c-41af-b5e8-4926ff2ac913","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":180,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"38250b7c-31ff-44bb-8d11-6fd037665fb2","block_type":"box","text":"Taxes","page_number":180,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"849f9938-1660-4fcb-a001-1091c21c240b","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":180,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"6ba7136a-4f2e-4529-9b17-40c89ea27053","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":180,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"8fb64d6b-73db-485c-9927-4da987dd8a92","block_type":"box","text":"U.S. federal income tax on the par t of its investment company taxable income and net realized capital gains that it","page_number":180,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"5315385a-074a-4f42-b2a4-ad4cbd133c83","block_type":"box","text":"II-126","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7ee22432-d5b5-4b3b-8136-ce6f635144ab","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd2255b9-d086-454d-b145-8ae42c1a2b20","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":181,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"959b0c06-dbff-4046-a335-023d8a4ea979","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":181,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"10302609-a005-483d-b2b5-c9c62dc5a833","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":181,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"5b183838-73e2-44f4-a4c8-a4ebeed3a52b","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":181,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"0a2bab6a-9654-475e-8d4d-f0a1b20e15f0","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":181,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"243b7f2f-4ad3-4280-9b60-893f3fbcf6c0","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":181,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"b46c8572-8231-4a5e-b98e-5d0bf068f292","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":181,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"2f9393e7-53c2-4c0d-85ee-a8909f3a335d","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":181,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"8dd0a08e-8bb6-4820-af3a-6e0ce6ecb4f2","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":181,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"4cf503a9-4a9b-4f1a-b2b4-2c86487c41bb","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":181,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"3e2588ba-21bd-435b-a054-de831c5f0d9e","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":181,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"1113cff1-5d7f-47b0-993f-714b1d7b727b","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":181,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"7fb5b16f-b9f4-4027-bbfc-c2fe3ebc986c","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":181,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"a041e478-3895-4597-a25f-1a78a7a44a29","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":181,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"d7e4437a-a3c2-45c4-b40c-eb5523987067","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":181,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"82b24453-e027-49ba-87c8-e62ef87b1e89","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":181,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"6937d9bd-a02a-4376-9d85-396521f01a80","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":181,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"07bf81a8-2306-496c-922d-f4b041fd6732","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":181,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"73b09ce6-768a-4dca-8475-f09569dac8c5","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":181,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"4e0823a9-6848-42e7-85ff-523ebf4f1cbb","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":181,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"f23779cc-a636-4d60-b94b-d7b2cca89014","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":181,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"7aaccfd4-320d-4c4f-9d14-928d1a281dde","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":181,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"d42635f1-692c-4585-a7d8-9c37cc652640","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":181,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"95e43805-fb04-49d2-89be-65fbb73ccaf1","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":181,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"33705fdd-4926-4940-8765-e9e47b2f2159","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":181,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"df007169-16a5-481e-b1df-893c3f222d50","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":181,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"81caa248-c5e8-497b-9f2e-23813b2fa5be","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":181,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"ad241b23-6a9d-4b73-9a55-500bb3b3b3a2","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":181,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"f59ad37d-9c4c-4c61-b87c-6ee3713c078d","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":181,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"13b38eb6-44b5-4e15-a7db-1c9c6d3fcb45","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":181,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"7561b984-609b-49d7-b51f-1c86a83ade7a","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":181,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"fa85d8e5-cb8b-43d8-88a0-bea6314736eb","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":181,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"5e82fe3f-f7e3-4e35-9db8-c4ab182ddc81","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":181,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"3cdfa997-1b3e-4de3-b60c-e0b12dab83a2","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":181,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"c1ca3fe3-a2f4-4d05-a939-b62d25a5006b","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":181,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"11089ba7-1cbf-4b32-9d22-97301bdcd0d1","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":181,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"1f0ea96c-7448-4c78-be25-8cd41327d373","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":181,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"ad967ee7-e28c-4440-9137-af4f73fb7582","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":181,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"a784c81e-a9aa-4495-b28b-22dba4691278","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":181,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"67d0d4cc-4b18-45e2-9ecf-627ebdc236f1","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":181,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"0873a0d9-4663-4c97-8970-92549acd7200","block_type":"box","text":"limitation.","page_number":181,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"2edf30a9-4468-4a9f-9acd-8c555ef82c2a","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":181,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"bc659be7-49fd-444c-9f4a-ab89aa25eba3","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":181,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"a8040ded-6ed7-4450-90e5-e3af1f4831b0","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":181,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"e92faa81-914f-4ef0-bd72-469e942f5f43","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":181,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"50312214-9a85-4654-9400-e2e3d2c18e60","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":181,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"b868860c-dbfa-4229-9d2b-204830ab363a","block_type":"box","text":"Distributions paid by a Fund that are repor ted as exempt-interest dividends will not be subject to regular U.S. federal","page_number":181,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"59f95142-f77e-4b63-9e04-b00366eda10d","block_type":"box","text":"income tax. Cer tain dividend income and long-term capital gains are eligible for taxation at a reduced rate that","page_number":181,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"1bbde4a5-fdec-486b-bd62-4a516f2d84a9","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":181,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"dd7e30b2-89d2-40c9-83d3-bbb6f1aa483c","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":181,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"11264fb0-8e38-4e4c-b0b2-614aa1732d29","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":181,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"fd476bcd-bd09-4ebc-bc85-bce74de36aaf","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":181,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"59bb9701-8bc8-4fbd-9b73-392fa9169f93","block_type":"box","text":"the date on which the shares become ex-dividend with respect to such dividend (or, in the case of cer tain","page_number":181,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"52b4b0a2-a1ca-4a2b-8000-5e1099102120","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":181,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"735b0ed9-cebf-489a-a7f0-af4b133b6a46","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":181,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"5d29a92f-084a-4f88-9082-d328972cdcc1","block_type":"box","text":"II-127","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a1f029df-43e8-47c9-85e5-4c8b4d5450d5","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d2639119-8c1c-417d-9cfa-c76ab0556021","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":182,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"7c998ce8-8f70-41d1-b3be-042d5b93efe7","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":182,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"63928a88-0bbd-47e7-81fa-665e04c8927f","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":182,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"5af9b286-3e59-4102-9bfa-34a1daa36750","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":182,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"3575eb0d-9295-4bdf-9122-a3709ac24c9e","block_type":"box","text":"constitute “qualified dividend income.”","page_number":182,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"a904c54e-5bb4-413a-aafe-d6e7d123f581","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":182,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"7c2e03ef-905a-41ab-9535-25d6aa5f5afc","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":182,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"8780e423-3608-433d-9fdd-59d14c6d2005","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":182,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"10063a73-5fbc-4dc3-866d-d7d72c35851e","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":182,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"da8de9b6-8adf-406a-bbce-4b2f4518771c","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":182,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"4aecb88e-d9a3-4ae4-908f-0790db4a816f","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":182,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"040ae4e6-3269-42e2-ab30-9f9df45e7d3c","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":182,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"35074693-f712-4f47-a590-f771c07f984f","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":182,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"4519949a-ca5e-406e-b9b3-53065ac521ed","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":182,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"0daa34e3-cc27-45d9-8cb4-28d46a526851","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":182,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"025f5e5d-1b88-4ccc-a2d4-021861a22616","block_type":"box","text":"against their taxes.","page_number":182,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"0bd1998a-fe32-4f02-828b-b85458c629bd","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":182,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"e0d35263-f4bf-4ce7-a6d5-fa4a90c76646","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":182,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"37a52a2b-4289-4552-87b3-86c5a3e10f28","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":182,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"00583909-d61a-41ea-ada9-eb5e962a342d","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":182,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"2b289b48-451b-4630-bb08-831fdce365e8","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":182,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"b4fc2e0f-f19f-4065-919a-b16cd23fdd15","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":182,"box":{"x":68,"y":385,"width":831,"height":11}},{"id":"9f64fea5-2a3f-4de0-bcfe-89d546f0df47","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":182,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"bd85fd69-bef6-4e82-a147-9ebb8516983b","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":182,"box":{"x":70,"y":415,"width":797,"height":11}},{"id":"912e89a4-398a-469c-8aaa-e3287b280bbe","block_type":"box","text":"dividends received by the shareholder.","page_number":182,"box":{"x":69,"y":430,"width":272,"height":11}},{"id":"19ca45a8-55cd-416a-84af-ed89cc53412a","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":182,"box":{"x":102,"y":453,"width":792,"height":11}},{"id":"9a0d3ec6-38ee-42d6-a7ed-e76f93084cf8","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":182,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"aa0ec218-018c-46da-ba10-78623a0f88bd","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":182,"box":{"x":68,"y":483,"width":809,"height":11}},{"id":"95662e63-2fc4-4d1c-be28-bb83da65b745","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":182,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"3d447f60-8c7a-4a0a-8203-dda43b2de5f9","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":182,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"d1039fa1-fb1a-4e9b-bd0a-1c32d9f9eb6d","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":182,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"982a7ddf-ef2e-43b5-abd0-acb59a254495","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":182,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"e683413e-4635-45c4-b776-08def0f558f1","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":182,"box":{"x":70,"y":559,"width":797,"height":11}},{"id":"9bbf5978-a6ce-4ec8-8bf4-6e7f587cd63c","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":182,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"651ddd5b-ed5f-4473-82f6-2a8046704d53","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":182,"box":{"x":68,"y":589,"width":826,"height":11}},{"id":"57bd3f1e-9bc8-4395-a8fa-bad1ffb4b4a5","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":182,"box":{"x":70,"y":604,"width":772,"height":11}},{"id":"e8ba0c9e-2707-415a-98b0-a8126a48d450","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":182,"box":{"x":70,"y":619,"width":795,"height":11}},{"id":"db947d0c-209d-4219-829c-978f21b6d885","block_type":"box","text":"taxable year.","page_number":182,"box":{"x":68,"y":634,"width":89,"height":11}},{"id":"2592a783-6e23-489c-a8a2-28cde2c70709","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":182,"box":{"x":102,"y":657,"width":733,"height":11}},{"id":"6be8f812-cd1f-4b57-98fc-c59dc2c49dbd","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":182,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"53157d02-dc67-4fd2-958d-fbd1808893fc","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":182,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"6d427761-52ba-4409-b157-bcf3f8f364a7","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":182,"box":{"x":69,"y":702,"width":362,"height":12}},{"id":"50ec1771-e9f8-4654-832c-eaa23950ad11","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":182,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"3ea76eba-6b8a-456c-9e99-9f79f77a21af","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":182,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"edec9727-9b49-4f58-baac-0896b0a5a8da","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":182,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"6e0acf79-a013-4704-9a02-f98de8c231ad","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":182,"box":{"x":69,"y":770,"width":791,"height":12}},{"id":"0a5b5949-f79c-4860-aa29-c00569469939","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":182,"box":{"x":70,"y":785,"width":646,"height":12}},{"id":"92d6645f-bd2f-49bf-971b-801fb8e1f42f","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":182,"box":{"x":101,"y":808,"width":807,"height":11}},{"id":"6f53988d-b2ae-4d35-8f9e-338e1565e7dc","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":182,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"5e45e260-0269-40bb-9b61-d712728d0323","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":182,"box":{"x":69,"y":838,"width":799,"height":12}},{"id":"071d68e2-938b-48b5-94ef-79b734413f3d","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":182,"box":{"x":69,"y":853,"width":534,"height":12}},{"id":"eb4d0333-79a2-458c-bc48-cb0aeb959c55","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":182,"box":{"x":101,"y":876,"width":792,"height":11}},{"id":"8c7847a0-4211-43ca-96b8-fbb3a0a0a559","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":182,"box":{"x":69,"y":891,"width":800,"height":11}},{"id":"2b5882f6-2e69-485c-ab46-917dd2cf983f","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":182,"box":{"x":70,"y":906,"width":828,"height":12}},{"id":"7a12a25a-9075-4230-93e6-299f122185df","block_type":"box","text":"II-128","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"06e734bc-2319-48e4-8017-6312335e8fd6","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fc7bd279-9e21-478e-94ee-b8d69121ec24","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":183,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"9826472a-0fc7-437f-b26d-64f277f2380e","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":183,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"cc9ce368-511b-4597-9c79-7796857ff60a","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":183,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"801660a1-ae8f-48f3-ab36-0ff043df3bdb","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":183,"box":{"x":68,"y":90,"width":840,"height":11}},{"id":"6b79d062-ba98-4cd9-9c60-ad898e45b5e5","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis repor ting","page_number":183,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"1be38b04-aa1a-4cd6-8736-318b837c990f","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":183,"box":{"x":69,"y":120,"width":831,"height":11}},{"id":"fc2fdeb8-a03d-4026-a3bb-a1e9e1969996","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":183,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"7ea3bf76-e83c-413e-a9d4-5b15d440260f","block_type":"box","text":"redemption of such shares.","page_number":183,"box":{"x":69,"y":150,"width":195,"height":11}},{"id":"7804f25b-707a-44e5-b86f-0df026a5764a","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":183,"box":{"x":102,"y":173,"width":799,"height":11}},{"id":"fb73b04d-80c4-4147-9bda-a4c19e0b8a4f","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":183,"box":{"x":69,"y":188,"width":791,"height":12}},{"id":"1d55f285-7fa1-438b-b24b-caa0f618d8b9","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":183,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"b3d69b8b-9c24-41db-96d8-3c11dc868a96","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":183,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"91d07577-3a59-44fa-add7-06db8578af35","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":183,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"ed707744-bcd0-4004-a711-57ddfca93b52","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":183,"box":{"x":69,"y":249,"width":829,"height":11}},{"id":"1792917d-b52f-4bb6-9d76-af366d5d3424","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":183,"box":{"x":69,"y":264,"width":813,"height":11}},{"id":"84df3d6f-3114-4386-a18b-c8d3e8db5f15","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":183,"box":{"x":68,"y":279,"width":831,"height":11}},{"id":"773902ef-7f0d-4249-a080-ef4b9130773d","block_type":"box","text":"cer tain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":183,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"e133dfd5-814b-40f3-bd1c-49f1d0ff6058","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":183,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"141170f9-10eb-4691-84cc-77dd2c14c91c","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":183,"box":{"x":69,"y":324,"width":658,"height":12}},{"id":"09c6022f-30e3-4c05-b900-82cd066725f3","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":183,"box":{"x":102,"y":347,"width":744,"height":11}},{"id":"f03088b2-14db-449f-8a0f-1a5f6814115e","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":183,"box":{"x":69,"y":362,"width":751,"height":11}},{"id":"57d37baf-0daf-4dbd-bdf7-34afb95195a9","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":183,"box":{"x":69,"y":377,"width":826,"height":12}},{"id":"5827ee8e-64cf-4372-936b-be1599cfb9b1","block_type":"box","text":"on a section 1256 contract is shor t-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":183,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"f6ac5494-303a-44f6-967d-8cd15fc22a44","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":183,"box":{"x":70,"y":407,"width":802,"height":12}},{"id":"b1996328-da09-417a-aa24-94d84062c4ac","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":183,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"122f1a6e-4529-4daf-9b22-ba83abb71d28","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":183,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"c90965e3-f895-40fb-97f1-2cafa6937518","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":183,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"bdbc793d-b45c-4cfd-9851-cac0767ec0d7","block_type":"box","text":"gains.","page_number":183,"box":{"x":68,"y":468,"width":42,"height":11}},{"id":"6753ecf7-43f2-4651-a353-e2a612ed9d4a","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":183,"box":{"x":102,"y":491,"width":768,"height":11}},{"id":"73d38546-9a92-48e9-b8c9-3c9497621177","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":183,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"e07ab453-8f8b-48f5-bf51-1f44b805cd22","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":183,"box":{"x":69,"y":521,"width":822,"height":11}},{"id":"65b84901-37b8-4a0e-acce-0892be3cc20d","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":183,"box":{"x":70,"y":536,"width":819,"height":11}},{"id":"5ad88b4b-404f-426c-b2c3-08e6b417d715","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":183,"box":{"x":68,"y":551,"width":818,"height":11}},{"id":"895af145-4924-4024-8c43-b7555d1acd5f","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":183,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"5411e4d9-e9e7-4bad-9ee9-0c62ef6cdae6","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":183,"box":{"x":70,"y":581,"width":792,"height":12}},{"id":"67dd5941-f011-49d5-adf3-b5db32408d67","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":183,"box":{"x":69,"y":596,"width":808,"height":12}},{"id":"6632f0f6-fb79-480d-9b2a-6b3d3a30c883","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":183,"box":{"x":70,"y":612,"width":812,"height":11}},{"id":"a3e47121-0a39-45e6-98e6-fcbaea83f784","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":183,"box":{"x":69,"y":627,"width":570,"height":11}},{"id":"bdfbbfb0-6379-4aed-bd20-d88219135be0","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":183,"box":{"x":102,"y":649,"width":795,"height":12}},{"id":"7d7a7926-e2a3-4070-96ea-a4c028af48c9","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":183,"box":{"x":68,"y":665,"width":816,"height":11}},{"id":"71b8a007-cb47-448c-9839-e504cfe55a9d","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":183,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"a0de0311-d622-4177-8cea-7751d6d1bb00","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":183,"box":{"x":68,"y":695,"width":815,"height":11}},{"id":"2f89c03e-6134-44be-9b39-7be95440511c","block_type":"box","text":"nonresident aliens or foreign entities, if and to the extent properly repor ted as capital gain dividends, generally will","page_number":183,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"bf7a39a8-e65a-4935-803c-7af9ddf27dae","block_type":"box","text":"not be subject to a 30% withholding tax, unless cer tain exceptions apply. Dividends derived by a regulated investment","page_number":183,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"1166e384-c199-418a-88ec-13b3b7c71d14","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":183,"box":{"x":69,"y":740,"width":781,"height":11}},{"id":"68ee77fe-8823-47e3-a7ea-854a86069ba7","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":183,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"9ecee8a0-44c3-48be-a5fc-ddfc865cdf7c","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":183,"box":{"x":69,"y":771,"width":832,"height":11}},{"id":"1403edaa-3c7e-4530-8442-b741a0b829d2","block_type":"box","text":"will not be subject to U.S. withholding tax. Where possible, the Funds intend to repor t such dividends as interest","page_number":183,"box":{"x":68,"y":786,"width":808,"height":11}},{"id":"003e1219-dd52-4afd-a4e3-7ff74b1ea71e","block_type":"box","text":"related dividends or shor t-term capital gain dividends. However, depending on its circumstances, a Fund may repor t","page_number":183,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"e09762dc-ed64-4d26-9ee3-a7fc3740baed","block_type":"box","text":"all, some or none of its potentially eligible dividends as interest-related or as shor t-term capital gain dividends, and/","page_number":183,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"82e1d4c6-1337-4301-a19b-a0ecbbf841e6","block_type":"box","text":"or treat such dividends, in whole or in par t, as ineligible for this exemption from withholding. In order to qualify for","page_number":183,"box":{"x":69,"y":831,"width":811,"height":11}},{"id":"3ffcfb7d-76b2-40e6-a1cc-a107df7a1557","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":183,"box":{"x":68,"y":846,"width":784,"height":11}},{"id":"49f2ee82-da53-4e95-82d4-d4ce3c1631d4","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":183,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"6e08045f-a7ff-442f-92e6-dc736b7d1945","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":183,"box":{"x":70,"y":876,"width":839,"height":11}},{"id":"ed3c0589-110c-454c-9d6b-7b8acfdcaf5d","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":183,"box":{"x":70,"y":891,"width":772,"height":12}},{"id":"6fd76594-1eec-4f7d-b30b-b4f9046b0fbf","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":183,"box":{"x":70,"y":906,"width":791,"height":11}},{"id":"fac7c907-25bd-4a6d-ad59-0c0952622b3e","block_type":"box","text":"II-129","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ad28c4a2-a13b-4be8-88e3-c17dd76dd077","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bf97e1c6-17ad-4731-9f7f-670d9b1e355a","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":184,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"a70726a4-576b-4468-b17a-c50fc36be745","block_type":"box","text":"dividends under these rules.","page_number":184,"box":{"x":69,"y":60,"width":201,"height":9}},{"id":"2dd45ebf-2844-4225-a9c4-03297d188de1","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":184,"box":{"x":102,"y":82,"width":756,"height":12}},{"id":"2b9a2322-82ed-44c4-a8b1-a0b8dec63b5d","block_type":"box","text":"assets consist of interests in U.S. real proper ty interests, including cer tain REITs and U.S. real proper ty holding","page_number":184,"box":{"x":69,"y":98,"width":798,"height":11}},{"id":"2135d3b4-298e-4e48-b8c1-906955e856c2","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":184,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"6b4e5d62-941c-4b28-a38b-830ca5b15019","block_type":"box","text":"attributable to gain from the disposition of a U.S. real proper ty interest will be taxable as ordinary dividends and","page_number":184,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"846c04cc-8357-4262-9760-e5dfb3272a43","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":184,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"a8b5a7d2-d62d-4ed3-ba19-e156836f3b5a","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":184,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"062fc2b3-6c1f-4df3-9e19-6a89b90d65da","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":184,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"0a911c64-f223-4db6-acab-2b4cfc6da17a","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":184,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"35b7385a-f3c9-4123-9871-184f9c289a76","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":184,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"8c5be274-2288-40e3-b617-becd5835676b","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":184,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"2913e755-9abc-477d-a8f3-9d2081266e3d","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":184,"box":{"x":69,"y":234,"width":840,"height":11}},{"id":"3a45c709-17a0-4c16-ad00-65831c129154","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":184,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"023a1d59-006c-46e1-b642-58008fd86421","block_type":"box","text":"controlled Fund may be required to recognize a por tion of its gain on the in-kind distribution of cer tain U.S. real","page_number":184,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"099c1efd-c39f-4295-9553-0882431b7be7","block_type":"box","text":"proper ty interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":184,"box":{"x":70,"y":279,"width":804,"height":11}},{"id":"b738f40e-6211-4ce9-b3b4-a8e9a4f70584","block_type":"box","text":"advisors concerning the par ticular tax consequences to them of an investment in the Fund.","page_number":184,"box":{"x":69,"y":294,"width":648,"height":11}},{"id":"299d4d9e-288b-45be-bd64-097d535c25ab","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":184,"box":{"x":102,"y":317,"width":763,"height":11}},{"id":"1f646176-d39d-4590-8b04-6ad0d86a121a","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":184,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"da229ede-1f6c-48af-a882-f4974d689d25","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":184,"box":{"x":69,"y":347,"width":794,"height":11}},{"id":"1864b2f8-d183-40e6-b569-dfc4fbf0b7b6","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":184,"box":{"x":69,"y":362,"width":794,"height":11}},{"id":"7d1387ac-e720-43f8-87d7-17d243c1e43a","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":184,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"0ecb595d-15ee-48f2-ac55-df33ac46e4c6","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":184,"box":{"x":68,"y":392,"width":791,"height":12}},{"id":"760b3883-3483-41ab-816d-36d03655dfc8","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":184,"box":{"x":70,"y":407,"width":822,"height":12}},{"id":"22e9ba07-5aed-4b40-b7d8-cbacedd167e3","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":184,"box":{"x":70,"y":423,"width":739,"height":11}},{"id":"0ccc855e-f007-4d28-91ce-bc817a3aacbe","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":184,"box":{"x":102,"y":445,"width":786,"height":12}},{"id":"9438c5f3-dea9-4565-8edf-cac06714f72e","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":184,"box":{"x":70,"y":460,"width":820,"height":12}},{"id":"bf40eef6-5669-41af-b81c-189593d8cc06","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":184,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"a2263f7e-720f-4000-960e-06d5b32beeae","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":184,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"301062b3-643e-4609-bbde-f2904a4f7d42","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":184,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"7f09bfa3-a31f-49a8-978e-82464a1151a5","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":184,"box":{"x":69,"y":521,"width":826,"height":11}},{"id":"6d410a5e-97a5-4d64-b5eb-53e82d045770","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":184,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"5ce46cf5-eef2-4fca-8978-2741a639a3c3","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":184,"box":{"x":69,"y":551,"width":364,"height":11}},{"id":"548f0d3e-7270-4c26-b1c9-a2a731ebcc71","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":184,"box":{"x":102,"y":573,"width":742,"height":12}},{"id":"f8ec735f-70e4-47c9-81d4-5ffcc34e8a5a","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":184,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"9e7fca5b-0475-4285-86ef-5b637369ff4a","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":184,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"8e5e43bc-5931-4b7c-94af-fbf99485e835","block_type":"box","text":"Direct shareholders of por tfolio securities are in many cases exempted. That a loss is repor table under these","page_number":184,"box":{"x":70,"y":619,"width":781,"height":11}},{"id":"fb654abb-d0bd-4f62-a3e1-db9a07d505b2","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":184,"box":{"x":69,"y":634,"width":774,"height":12}},{"id":"bce1da1d-4092-4612-84ee-a26535b46bda","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":184,"box":{"x":69,"y":649,"width":798,"height":12}},{"id":"a09ec5a6-67f4-4e26-a8fc-8aa3f8ae96f7","block_type":"box","text":"individual circumstances.","page_number":184,"box":{"x":70,"y":665,"width":177,"height":8}},{"id":"90394425-ca26-40a4-9bee-02ac921b3ee7","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":184,"box":{"x":102,"y":687,"width":758,"height":11}},{"id":"f080606c-3451-48ef-9ef9-ad97fa77b5e8","block_type":"box","text":"mor tgage pools or other investments may cause the Fund to repor t some or all of its distributions as “excess","page_number":184,"box":{"x":69,"y":702,"width":782,"height":12}},{"id":"cd317b7f-df0a-4164-8e63-8b97923f04c5","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":184,"box":{"x":70,"y":718,"width":783,"height":11}},{"id":"dfebcdb7-66fc-4f96-8f77-1c0a542fb9b4","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":184,"box":{"x":69,"y":732,"width":797,"height":12}},{"id":"4213b7cc-dc0a-4505-8829-a8e7da30ef99","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":184,"box":{"x":70,"y":748,"width":822,"height":11}},{"id":"bef73027-5115-4b34-8f3b-6fa981d3101a","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":184,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"035c1420-81d1-4c1f-a3e9-1f43360605eb","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if cer tain “disqualified","page_number":184,"box":{"x":70,"y":778,"width":826,"height":11}},{"id":"b3f5933b-024a-4f41-bded-0a9b82a06d93","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":184,"box":{"x":69,"y":793,"width":808,"height":11}},{"id":"1f1599db-1e5a-4900-b7a8-79a22ce2b26a","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":184,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"80ded835-a214-49f0-88ad-a010ff83d5d1","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":184,"box":{"x":70,"y":823,"width":770,"height":12}},{"id":"f7ca10f2-35d4-4caa-9ba0-f79a37af977c","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":184,"box":{"x":70,"y":838,"width":816,"height":12}},{"id":"6740d283-3368-47e7-8c61-d77f28186080","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":184,"box":{"x":70,"y":853,"width":796,"height":12}},{"id":"edf45f49-e979-4680-bd0b-aef77a5e4b10","block_type":"box","text":"investment oppor tunities.","page_number":184,"box":{"x":70,"y":869,"width":180,"height":11}},{"id":"b592afcd-820c-4892-b978-a482fabf3ef9","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":184,"box":{"x":102,"y":891,"width":801,"height":12}},{"id":"33823b39-0a35-4ed5-9361-b29969d13a9d","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":184,"box":{"x":70,"y":906,"width":839,"height":12}},{"id":"a34d18a2-143b-470a-9faf-92b13a767e5d","block_type":"box","text":"II-130","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2dbf6bee-b989-4ec1-8001-dce16995e5f3","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d44a573f-d68e-49b7-8993-549e7622f8fa","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":185,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"5b92c996-a319-465f-a17c-bd69e95341ef","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":185,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"5d422591-2eda-438c-a496-fb4894fb2bbc","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":185,"box":{"x":70,"y":75,"width":774,"height":11}},{"id":"03eb2391-e5d9-41d2-a1e3-55f8c4ec40f0","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":185,"box":{"x":69,"y":90,"width":820,"height":11}},{"id":"a540baa6-a535-43a3-9ba6-15c589b79ed3","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":185,"box":{"x":69,"y":105,"width":795,"height":11}},{"id":"5cedb046-7f70-460f-9a05-bb1522dec269","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":185,"box":{"x":69,"y":120,"width":755,"height":12}},{"id":"5278c13c-6e95-4862-b421-7acbd3315e3f","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":185,"box":{"x":69,"y":135,"width":811,"height":12}},{"id":"d6267e56-9ad1-4cee-bb38-7b2a0a892625","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":185,"box":{"x":69,"y":150,"width":839,"height":12}},{"id":"9119ec1b-5512-40cc-9b5a-31d1584a732b","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":185,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"17becf69-fb71-49c8-b4f5-325118c87542","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":185,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"881b142f-329c-44f0-8721-9588f410e959","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":185,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"71203a55-2c25-4bff-89c6-d3fccdc80292","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":185,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"2dd2dae8-6cb2-44d6-89ca-95c0dcba659d","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":185,"box":{"x":68,"y":226,"width":825,"height":11}},{"id":"c82c0201-57a9-47b1-bf18-e6ef6b56a1f7","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":185,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"f432f821-fdce-4bcc-8f8f-e4f5dd465d6c","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":185,"box":{"x":69,"y":256,"width":818,"height":12}},{"id":"cf0ab3da-5596-43c0-b2b9-df7ef848d740","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":185,"box":{"x":69,"y":271,"width":773,"height":12}},{"id":"a805c319-17ac-4eae-a0cd-36cf73fa042b","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":185,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"324bb99b-63ba-4638-9030-31597ba6c258","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":185,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"49735ed6-a5da-4a97-9f44-0d0bc55700d6","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":185,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"cfb134ce-2d5d-4c1d-be1e-022e0395a54e","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":185,"box":{"x":68,"y":332,"width":527,"height":11}},{"id":"8d96b274-dfb2-4e3d-bd64-08d39f88f16f","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":185,"box":{"x":102,"y":355,"width":768,"height":11}},{"id":"8a00c16d-5a3d-401c-a152-e5561ebf76f3","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":185,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"e6b09629-fe90-4b48-8068-356a9ea8f2a1","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":185,"box":{"x":69,"y":385,"width":797,"height":11}},{"id":"807840a8-3780-4022-8fa7-db144f86dafa","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":185,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"64b9363c-60b8-4af3-b864-8e2782b3aa1b","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":185,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"87875a06-e428-4121-b30f-c7ec56796f42","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":185,"box":{"x":69,"y":430,"width":776,"height":11}},{"id":"5ad437e3-dc29-41de-8302-553cc5b69094","block_type":"box","text":"positions in its por tfolio (","page_number":185,"box":{"x":70,"y":445,"width":177,"height":11}},{"id":"74737a21-0486-4df3-86a5-50e29d3d9934","block_type":"box","text":"i.e.","page_number":185,"box":{"x":249,"y":446,"width":20,"height":8}},{"id":"6e10a914-de21-45d2-a2b6-bcbdc94b54c8","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":185,"box":{"x":272,"y":445,"width":636,"height":12}},{"id":"854a4971-9829-409c-8435-20a74c91eefe","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":185,"box":{"x":69,"y":460,"width":795,"height":12}},{"id":"d4284ecd-35a1-40a8-9c12-ebc49085d018","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":185,"box":{"x":70,"y":476,"width":830,"height":10}},{"id":"6543c857-1e54-4a8c-a848-1ba69743f5fa","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":185,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"0223311a-346d-40ab-954b-067b886ae01a","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":185,"box":{"x":69,"y":506,"width":415,"height":11}},{"id":"98595ea6-7ed3-4194-9e12-d87e3f2dbcd6","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":185,"box":{"x":102,"y":528,"width":787,"height":12}},{"id":"8ed37b9b-3a99-4989-b757-562ac2fc639d","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":185,"box":{"x":70,"y":543,"width":836,"height":12}},{"id":"83cfbfcd-d92d-475f-968d-de4a2754d358","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":185,"box":{"x":69,"y":559,"width":812,"height":11}},{"id":"27ab03ab-1ff9-462d-b6c2-19bc5e754ba1","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":185,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"db049c2b-5596-48ff-91a0-d11f0cb3ae93","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":185,"box":{"x":68,"y":589,"width":829,"height":11}},{"id":"5abffb9f-c253-4495-981d-57b6db9835b5","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":185,"box":{"x":70,"y":604,"width":803,"height":11}},{"id":"6ca083ec-d164-48f2-b923-df3221a882c0","block_type":"box","text":"Fund were to invest otherwise.","page_number":185,"box":{"x":70,"y":619,"width":216,"height":9}},{"id":"a60c17eb-966e-4858-8dcf-e435bcfcbc96","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":185,"box":{"x":101,"y":642,"width":721,"height":11}},{"id":"e8627590-f060-462a-a2d7-aff3bd8424d9","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":185,"box":{"x":70,"y":657,"width":787,"height":11}},{"id":"8d5532c1-d09b-4202-bcc8-2946e91d412d","block_type":"box","text":"income will be “subpar t F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":185,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"e25dfe2a-c71e-4823-8763-bdc1c98ef395","block_type":"box","text":"to repor t all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":185,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"39e442d0-45ce-416a-bb3f-648c631407a1","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":185,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"03c09c97-8d6d-464d-aafa-290d24425d2c","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":185,"box":{"x":68,"y":717,"width":838,"height":12}},{"id":"35b45699-8b39-42a6-b65b-1a76bd255d96","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":185,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"9299bf0c-8b2f-460d-aadf-46abac346d6a","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":185,"box":{"x":69,"y":748,"width":515,"height":11}},{"id":"93905467-8408-4a10-a119-65613459d1f6","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":185,"box":{"x":102,"y":770,"width":798,"height":12}},{"id":"933c10b6-9311-4134-b9c8-db7f8420e0bb","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":185,"box":{"x":68,"y":785,"width":835,"height":12}},{"id":"dd461738-4cbb-414d-9855-3e0f567bda91","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":185,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"4563c04b-7e55-4a27-85fb-76018bada2a4","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to cer tain distributions from such","page_number":185,"box":{"x":68,"y":816,"width":830,"height":11}},{"id":"b5ceeb6c-729b-43ba-97a4-ce68759772fa","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":185,"box":{"x":69,"y":831,"width":802,"height":11}},{"id":"36fd2eff-f77c-4cfe-b589-5864cc76e865","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":185,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"fb17a4d0-3939-4397-a89c-c244accd0807","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":185,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"30ae17a2-61a0-409c-831d-f01a640257dc","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":185,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"f106984c-7844-463e-9de3-e92146c3bb03","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":185,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"9c104ced-17ac-41ff-8705-aa6270765e54","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":185,"box":{"x":68,"y":906,"width":797,"height":12}},{"id":"2d5463f3-7169-45a7-bc03-3b177c596b7f","block_type":"box","text":"II-131","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6e503993-9655-4220-8911-0371ddf30c7a","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aff48493-847a-4149-bc77-d6252e724c34","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":186,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"c730461e-34af-4926-8668-4f22d133d9ae","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":186,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"623c15c9-f3c9-48b3-bb8e-92520adce031","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":186,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"bb6a3671-7bfb-4310-83f0-dd65cd6785be","block_type":"box","text":"PFICs.","page_number":186,"box":{"x":69,"y":90,"width":42,"height":9}},{"id":"9d561873-e023-44ae-a12c-2f63f4271cb3","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":186,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"b250cc4f-60d6-40b2-afb5-d50d15e47251","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":186,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"71413546-3cd3-4856-a3ab-a869a6d8e7ff","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":186,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"6578a0be-d5c4-4f4f-ac6e-a981b6abf1d1","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":186,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"de2f09ec-99cf-426e-b456-763041ce4503","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":186,"box":{"x":68,"y":173,"width":804,"height":11}},{"id":"661e4ef8-56e8-4b9b-8e2a-a06f13e8ccbb","block_type":"box","text":"difficult or impossible to obtain.","page_number":186,"box":{"x":69,"y":188,"width":225,"height":11}},{"id":"6b419313-ca66-4715-9e59-6cc0bbd20ddb","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":186,"box":{"x":102,"y":211,"width":796,"height":11}},{"id":"af61b794-a1f0-4a27-9ccf-ca80951dcd5d","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":186,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"0302b682-4f23-4f6e-80e9-4d428335a43f","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":186,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"5529ffca-9786-45bd-8b8a-aae9b14c775e","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":186,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"bc76099f-83ff-44f9-89bd-6463347fd314","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":186,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"a60e564b-954e-4014-be26-eeea00f597c0","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":186,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"4772d51c-d4c6-442c-9ce5-14ae87a26e57","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":186,"box":{"x":69,"y":302,"width":511,"height":11}},{"id":"29e8a7ca-ef4a-4a14-ad07-c855b5c827a6","block_type":"box","text":"Municipal Funds","page_number":186,"box":{"x":102,"y":325,"width":115,"height":10}},{"id":"e2cafba6-95a9-42a9-a5a7-d881a001211f","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":186,"box":{"x":102,"y":347,"width":798,"height":11}},{"id":"53a98460-7820-4351-a062-db8632215fd6","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":186,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"c3c99d67-d286-4446-8d53-ef729b7779f9","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":186,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"91c0bf95-9123-4cdc-be9b-88c4e46909fa","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":186,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"ccad245b-934d-4935-88ba-d8a3c036479e","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":186,"box":{"x":69,"y":407,"width":752,"height":12}},{"id":"69a2921e-2d6f-4301-b2b7-0297afe71641","block_type":"box","text":"“shareholders”). Exempt-interest dividends are dividends or any par t thereof paid by a Fund that are attributable to","page_number":186,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"0f541f84-90cd-4767-8d37-93d43aebab4a","block_type":"box","text":"interest on tax-exempt obligations and repor ted by the Fund as exempt-interest dividends. A Fund will allocate","page_number":186,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"2ce672de-0987-48d8-b8fe-d9d44ec36226","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":186,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"51480d56-c583-46d6-bb44-f60add668bf8","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":186,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"37a02ca2-bc2f-456d-abba-9474bb0ce538","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":186,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"6aeb9dd0-1787-45c1-92b8-bcbec7440bc6","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":186,"box":{"x":68,"y":498,"width":730,"height":11}},{"id":"5efc7123-ca47-477e-a82b-2cdd8f68b8ae","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":186,"box":{"x":102,"y":521,"width":763,"height":11}},{"id":"a0b78f11-e0d7-4bff-ac33-083baff60771","block_type":"box","text":"purposes. Exempt-interest dividends are included, however, in determining the por tion, if any, of a person’s social","page_number":186,"box":{"x":70,"y":536,"width":809,"height":11}},{"id":"1a6d0df7-c653-4c38-bac2-0a61321065fc","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":186,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"005a72ab-b427-41e4-be93-8ae62d374c0f","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":186,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"75068440-ba77-464e-be80-51a505bee757","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":186,"box":{"x":68,"y":581,"width":800,"height":11}},{"id":"88c89073-c729-4f7c-ac07-11cb2b19fd74","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":186,"box":{"x":69,"y":597,"width":810,"height":10}},{"id":"cce9d729-afdd-458e-919b-f0129a7e3f5b","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":186,"box":{"x":70,"y":612,"width":836,"height":11}},{"id":"81a1ab47-167d-41fd-af4c-92a56c1710e9","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to proper ty financed with the proceeds of an issue","page_number":186,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"ad256b8c-6da1-4906-8ee1-d121aa86b7c4","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":186,"box":{"x":69,"y":642,"width":217,"height":11}},{"id":"79c29b45-1989-497a-bcc1-618e2adff749","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":186,"box":{"x":102,"y":665,"width":788,"height":11}},{"id":"83d22fe0-f04e-44d3-95ff-0f6ef93847bf","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":186,"box":{"x":70,"y":680,"width":790,"height":11}},{"id":"3bb19b07-08f6-4941-97d5-b45790ece7ec","block_type":"box","text":"constitute exempt-interest dividends.","page_number":186,"box":{"x":69,"y":695,"width":261,"height":11}},{"id":"aa9eebc9-809e-4443-8f21-2a5681e25d13","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":186,"box":{"x":102,"y":717,"width":765,"height":12}},{"id":"b09096e4-26a6-47d6-9420-1f102df08cf3","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":186,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"92bf1c99-4206-4308-994b-1366d507933d","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":186,"box":{"x":68,"y":748,"width":813,"height":11}},{"id":"34810b06-5d18-4e2a-a1fc-c9aff2e3d24b","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":186,"box":{"x":70,"y":763,"width":809,"height":11}},{"id":"c5928638-77eb-48ea-ad9c-b9f4194f4de9","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":186,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"471e4465-72f3-42b7-b8c8-939d57c98bee","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":186,"box":{"x":69,"y":793,"width":388,"height":11}},{"id":"3b0ef2e7-f38e-4b64-b164-66c7888668f6","block_type":"box","text":"All or a por tion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":186,"box":{"x":101,"y":816,"width":787,"height":11}},{"id":"e2d83c65-40be-4bd2-a17d-805adaa832c5","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":186,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"673430da-0fa2-46d0-a749-b74090321537","block_type":"box","text":"income dividends received by shareholders.","page_number":186,"box":{"x":70,"y":846,"width":309,"height":11}},{"id":"bcde9f31-33ac-415a-8285-2190eb460a32","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":186,"box":{"x":101,"y":869,"width":766,"height":11}},{"id":"0747167c-10cf-4a4c-95d1-f8d14c34adca","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":186,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"e3f68b26-ce94-42bd-898c-41da12654a21","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":186,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"1de7c452-5174-4c7c-8cc8-9ebe4b24555b","block_type":"box","text":"II-132","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3fd74097-41cd-448c-b631-35db23543cce","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51b9d741-ebe4-4e8d-aece-4a9ce883210d","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":187,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"f34b8910-0ae3-4b39-95b3-40425e9c6378","block_type":"box","text":"the accrued market discount.","page_number":187,"box":{"x":68,"y":60,"width":208,"height":9}},{"id":"0e5e3f44-196b-40b5-b245-c65d2b2ef066","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":187,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"6e106491-c3d0-4173-a195-f21b37772707","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":187,"box":{"x":68,"y":98,"width":818,"height":11}},{"id":"b1de03cc-a9eb-4086-8ab3-d719a6ca8dae","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":187,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"9cd67fc7-0185-4017-9bcd-39e04ca76de0","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":187,"box":{"x":69,"y":128,"width":351,"height":11}},{"id":"2f6b7d6e-b0f3-46f9-8b21-6a0d4e3f2fef","block_type":"box","text":"e.g.","page_number":187,"box":{"x":422,"y":129,"width":24,"height":10}},{"id":"8786cbdb-6068-4680-8a5b-c8f41c133fd2","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":187,"box":{"x":449,"y":128,"width":441,"height":11}},{"id":"fd44c13e-145e-43c7-9da2-3895445e3286","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":187,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"d9990d82-3a08-4b14-8001-9261764384ac","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":187,"box":{"x":69,"y":158,"width":786,"height":11}},{"id":"c5b1f6cb-d04b-49d8-8bf0-468b61b44cfe","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year-end the por tion of the Fund’s dividends","page_number":187,"box":{"x":70,"y":173,"width":812,"height":11}},{"id":"8ec302d4-3591-4d05-b51a-01d5533f68a7","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":187,"box":{"x":69,"y":188,"width":740,"height":12}},{"id":"5a7c6a9f-194a-4947-b1c7-5cbd7d6ca4ea","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":187,"box":{"x":102,"y":211,"width":802,"height":11}},{"id":"3becefc7-2e8d-4a84-aee5-6c3bf171e0a2","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":187,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"1dab16ef-17c8-4cab-ac7d-282209a5359e","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":187,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"388e1fe9-b816-4384-8221-434d4fc5f962","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":187,"box":{"x":70,"y":257,"width":776,"height":10}},{"id":"6ac7755c-ba7e-4881-a0bb-94da43bf19e3","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax exempt gross income propor tionately, they","page_number":187,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"1b3d14be-3ef6-49c7-92e1-f9eb499b7e33","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":187,"box":{"x":69,"y":287,"width":436,"height":11}},{"id":"459777f3-a279-47c0-85bd-6badb9d5e880","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":187,"box":{"x":102,"y":309,"width":771,"height":11}},{"id":"7d284664-8b04-40ab-947e-c1a6e70cbbc0","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":187,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"af2b59e6-a650-48df-bb2b-9348024ce287","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":187,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"e728d319-ce0f-4816-8802-c0ec46b78d69","block_type":"box","text":"within each applicable state.","page_number":187,"box":{"x":68,"y":355,"width":203,"height":11}},{"id":"441a07f9-afeb-4e74-a0ab-2fdbc766e749","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":187,"box":{"x":102,"y":377,"width":774,"height":12}},{"id":"18890f96-8a34-4167-a4d8-25d5b0dc6234","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":187,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"e88df71f-6648-4e15-8c98-9a3ccf93377b","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":187,"box":{"x":70,"y":407,"width":816,"height":12}},{"id":"4f98cf24-cc64-41c1-9261-ec09d64922c1","block_type":"box","text":"(depending on the par ticular Master Por tfolio) for U.S. federal income tax purposes. If applicable tax provisions were","page_number":187,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"03b81d08-ec92-40c8-ad56-26c147dd61d0","block_type":"box","text":"to change the classification of a Master Por tfolio, then the Board of Directors of a Feeder Fund would determine, in","page_number":187,"box":{"x":68,"y":438,"width":822,"height":11}},{"id":"8ed1fbf1-9c2a-420a-8c33-2f52309ddac4","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":187,"box":{"x":70,"y":453,"width":783,"height":11}},{"id":"7c1ce451-71ea-4573-bc1e-c5759c58add9","block_type":"box","text":"withdraw the Feeder Fund’s investments from the Master Por tfolio and to retain an investment manager to manage","page_number":187,"box":{"x":68,"y":468,"width":822,"height":11}},{"id":"b108c3e1-b599-4546-b61e-d60c852ec77c","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":187,"box":{"x":68,"y":483,"width":710,"height":11}},{"id":"8715c51b-c157-47a7-b37b-1005ce4119fd","block_type":"box","text":"Ordinary income and capital gain dividends may also be subject to state and local taxes. Cer tain states exempt","page_number":187,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"e53df10e-baca-42f7-87be-942d2405b9b3","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":187,"box":{"x":68,"y":521,"width":828,"height":11}},{"id":"b29d5e02-e90c-4791-8cfd-0114b11d307b","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":187,"box":{"x":68,"y":536,"width":841,"height":11}},{"id":"2dfea1ef-7207-4c03-94aa-9a9b3c3ce8d5","block_type":"box","text":"exempt from state income tax.","page_number":187,"box":{"x":69,"y":551,"width":216,"height":11}},{"id":"d8a7edce-a773-4092-b909-6a89f4e3eb5e","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":187,"box":{"x":102,"y":574,"width":771,"height":11}},{"id":"d31cf412-0b2d-4d7a-b249-655fcc0485bb","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":187,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"a900899b-ff73-4a01-b4a8-5d889669be10","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":187,"box":{"x":68,"y":604,"width":309,"height":9}},{"id":"c04e8eb6-c054-451b-aa19-328abaebbea1","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":187,"box":{"x":101,"y":627,"width":749,"height":11}},{"id":"fc987e7a-5999-4a18-8c21-880e29c55b9b","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":187,"box":{"x":69,"y":642,"width":803,"height":11}},{"id":"fba61af3-1269-4df1-b33e-c4f29c1f9705","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":187,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"1d9a8ada-fd77-4ef3-a79e-4deb75a9f546","block_type":"box","text":"decisions may have a retroactive effect.","page_number":187,"box":{"x":69,"y":672,"width":283,"height":11}},{"id":"1fa7f7c0-33fc-4afb-adc1-0c97f2ae5718","block_type":"box","text":"PERFORMANCE DATA","page_number":187,"box":{"x":403,"y":702,"width":173,"height":9}},{"id":"96580e44-9322-46b8-8d69-fe245a45d817","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":187,"box":{"x":102,"y":724,"width":738,"height":12}},{"id":"ef31303f-4d40-40cd-b9a0-cc38e8afd3de","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":187,"box":{"x":69,"y":739,"width":779,"height":12}},{"id":"15d693c8-6c8d-425a-8eb0-f40a335cd82e","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical per formance and is not","page_number":187,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"62ee71d7-d27a-4a56-b8df-3bf012733266","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":187,"box":{"x":70,"y":770,"width":792,"height":11}},{"id":"db57425f-ea42-495e-8c3d-78f9a2e0434d","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":187,"box":{"x":69,"y":785,"width":473,"height":11}},{"id":"96340264-f448-43af-a228-164b642713de","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":187,"box":{"x":102,"y":807,"width":761,"height":12}},{"id":"43a056fa-6f7d-4338-977d-52dcbf46297c","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":187,"box":{"x":69,"y":823,"width":836,"height":11}},{"id":"c77775db-a56a-4a10-922a-e079bb6bad0a","block_type":"box","text":"gains or losses on por tfolio investments over such periods) that would equate the initial amount invested to the","page_number":187,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"cb585a63-5d42-4830-9631-e86b076e6678","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":187,"box":{"x":69,"y":853,"width":765,"height":11}},{"id":"f7b85480-a01e-494e-b494-e590bf05831a","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":187,"box":{"x":69,"y":868,"width":808,"height":11}},{"id":"f6684777-868c-4acd-8d68-84f585c6dba7","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":187,"box":{"x":69,"y":883,"width":813,"height":11}},{"id":"121d4bd3-13aa-4142-9035-f009f6103c86","block_type":"box","text":"II-133","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c93b6a3d-6c6a-479c-8b88-a712672b97dc","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3bb25ef7-95c0-48c3-9cb0-6ee2951df42d","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":188,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"9c5251c7-8016-461b-af98-4a70998c0c2a","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":188,"box":{"x":69,"y":60,"width":546,"height":11}},{"id":"1c63ed16-e0d2-47ba-9117-052a6db3a1db","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":188,"box":{"x":102,"y":82,"width":781,"height":12}},{"id":"965e6621-79ed-458a-9129-9a2a068ca16f","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":188,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"48371239-4b9c-48ca-95fa-3a3ac90cdfd3","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":188,"box":{"x":68,"y":113,"width":810,"height":11}},{"id":"224cae0e-a0d0-4b47-8c56-91574c38bb84","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":188,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"fe4a18e7-8e2c-49b7-a717-1212bce0fa62","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":188,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"c3f6286e-4ade-4805-9394-5c13ebdc187d","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":188,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"43e33861-65be-49e3-91fe-6808a4299de6","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":188,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"79da75ae-46de-4f34-b9b2-199bff37919c","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":188,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"e0dc2bf3-5998-4f93-aa09-be8fa5ccccf9","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":188,"box":{"x":70,"y":203,"width":833,"height":11}},{"id":"8da574ac-a79a-410e-a75d-3ecdbbd48405","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":188,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"a5b740c6-5acd-469c-98c7-1cb64133c895","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":188,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"fb2277eb-62f1-4013-9c76-a1419caa73b6","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":188,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"83435dbb-8b5e-4c59-b9cc-76bdb452d801","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":188,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"8bf495bf-3ecc-404e-a90c-b01ef41525f4","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":188,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"630a2296-14e8-4232-8f9d-763967bcca77","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":188,"box":{"x":69,"y":294,"width":774,"height":11}},{"id":"b64baf9f-62d0-4a46-a1bd-b0b14b9ed447","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":188,"box":{"x":102,"y":317,"width":752,"height":11}},{"id":"ecb0ff82-731e-47e6-9166-5ee3eb7b6493","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":188,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"31eac298-6324-4e8f-8616-e809e8e95acf","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":188,"box":{"x":70,"y":347,"width":820,"height":11}},{"id":"01d95005-371c-41e6-94da-8cfb3960248d","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":188,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"5a0ca03b-7618-49cf-a3e1-715c96a3cdd3","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":188,"box":{"x":69,"y":377,"width":772,"height":12}},{"id":"5e8a229d-37e9-491d-819b-4548132c96a5","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":188,"box":{"x":69,"y":393,"width":827,"height":11}},{"id":"35653b66-c3d4-4c56-b307-b0ddc1cf161b","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":188,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"cbba4405-0e14-4dab-8c4c-ecc2db922b92","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":188,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"e0da1793-7b02-4858-8ac0-fdfd4b98dfc3","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":188,"box":{"x":69,"y":438,"width":795,"height":11}},{"id":"c505fb54-1ca7-4220-9280-1f9f89f6e5c8","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":188,"box":{"x":69,"y":453,"width":768,"height":11}},{"id":"89482f10-a28a-422e-bc38-ba4659128480","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":188,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"8fc83a73-bf8d-469c-a587-94a554321e9c","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":188,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"55626697-d8a2-4ced-a095-5818f96394e7","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":188,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"16d7b151-d35f-4a19-a170-83ba1813f4ef","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":188,"box":{"x":68,"y":513,"width":823,"height":12}},{"id":"f18fbaad-2298-42d4-90bf-4a9484b8172c","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":188,"box":{"x":69,"y":528,"width":743,"height":12}},{"id":"a83ab0d0-96e6-4197-8c7e-bcfbca6e9924","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":188,"box":{"x":69,"y":543,"width":814,"height":12}},{"id":"75011eba-9c11-4abc-86eb-1ebacf89814d","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":188,"box":{"x":68,"y":559,"width":422,"height":11}},{"id":"c05f1abc-1892-437c-b515-69e60659f66f","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":188,"box":{"x":101,"y":582,"width":720,"height":11}},{"id":"b672120a-dedf-4fe0-94db-67d6001e8b25","block_type":"box","text":"per formance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":188,"box":{"x":70,"y":596,"width":813,"height":12}},{"id":"d5d30f7e-7328-433f-9bd5-7acfb611c7ab","block_type":"box","text":"some other amount, for various periods other than those noted in Par t I of each Fund’s SAI. Such data will be","page_number":188,"box":{"x":69,"y":612,"width":781,"height":11}},{"id":"84428801-2e7f-40ea-9d7f-7a88b0bb28e2","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":188,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"9f2a7853-0533-4144-be00-2f747b20da9e","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":188,"box":{"x":69,"y":642,"width":817,"height":11}},{"id":"da5c183d-7a44-42d5-9acf-0d8a9b56450b","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":188,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"9d9c3c0a-7dbd-4fe1-a634-0f20088a4c85","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":188,"box":{"x":70,"y":672,"width":801,"height":11}},{"id":"e95c3b42-20f1-4da5-919c-175d76ecc4b9","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":188,"box":{"x":69,"y":687,"width":819,"height":11}},{"id":"ed4ab8dd-0a0d-49b7-ba0a-a98b7f6ba12d","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":188,"box":{"x":69,"y":702,"width":811,"height":12}},{"id":"47217310-d76f-4626-9e1d-33aced19d757","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":188,"box":{"x":69,"y":717,"width":686,"height":12}},{"id":"b02b3305-f469-4dbc-a1f4-bcb2868bff0e","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":188,"box":{"x":101,"y":740,"width":796,"height":11}},{"id":"864f2bca-d2b7-4d9f-96f0-0a92e283bcda","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":188,"box":{"x":69,"y":755,"width":821,"height":11}},{"id":"6159f7ca-4517-4af9-a084-28b85665f00d","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":188,"box":{"x":68,"y":770,"width":817,"height":12}},{"id":"88bd47f5-0ab1-4c8c-b3b7-5eaa0f22e6b8","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the par t of a Fund’s yield that is tax-exempt by (b) one","page_number":188,"box":{"x":68,"y":785,"width":837,"height":12}},{"id":"b749846a-6d0e-4d6c-b3ed-301307061335","block_type":"box","text":"minus a stated tax rate and adding the result to that par t, if any, of the Fund’s yield that is not tax-exempt.","page_number":188,"box":{"x":69,"y":801,"width":759,"height":11}},{"id":"e632c847-b993-42fd-b905-15cbc613a567","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s por tfolio, a","page_number":188,"box":{"x":101,"y":823,"width":779,"height":12}},{"id":"709e78b2-4b43-482b-9ae2-5c5944e8bc46","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":188,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"7f4811d7-708b-4d7e-b8e7-d27b6a91c765","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be wor th more or","page_number":188,"box":{"x":68,"y":853,"width":830,"height":12}},{"id":"e346a509-8694-4c76-b415-d26b2d5c702e","block_type":"box","text":"less than their original cost.","page_number":188,"box":{"x":70,"y":869,"width":196,"height":11}},{"id":"cc8ee373-833b-4752-bed4-ad2802854a35","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":188,"box":{"x":102,"y":891,"width":782,"height":12}},{"id":"857d1b77-4ee7-4fe8-a4a7-f0326651ea3b","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":188,"box":{"x":68,"y":906,"width":836,"height":11}},{"id":"f4a9d9ba-f0ad-4288-9920-b3241361adfb","block_type":"box","text":"II-134","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"831e08b3-b6d5-4121-af56-955687cb2797","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1effc72b-1a33-449f-b946-e1e7f00997c6","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":189,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"4c7dfa62-8eb5-425b-b5b5-7f0cf95d348a","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":189,"box":{"x":68,"y":60,"width":820,"height":11}},{"id":"bb4f2b34-41d8-4a6d-b106-6e8d02695539","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":189,"box":{"x":68,"y":75,"width":824,"height":11}},{"id":"2853edb7-b697-40c8-85ca-b1b1196cc653","block_type":"box","text":"lower amount of expenses is deducted.","page_number":189,"box":{"x":70,"y":90,"width":278,"height":11}},{"id":"6bf14b05-5575-43cd-8776-6fe499a9360b","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":189,"box":{"x":102,"y":113,"width":741,"height":11}},{"id":"a04a5ce1-c5ba-4987-93b6-fa79d393cdc3","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":189,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"89574e38-eafa-4333-b4f3-8043aef768ce","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":189,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"fc559adb-cebf-4e96-ba3c-7c014b1c039f","block_type":"box","text":"Money Magazine, U.S.","page_number":189,"box":{"x":724,"y":143,"width":156,"height":11}},{"id":"26a30646-5c41-4139-a0c1-8d52b6d2b3a3","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":189,"box":{"x":70,"y":158,"width":533,"height":11}},{"id":"c54cf2c9-8529-42f4-87bc-45df4f6b2222","block_type":"box","text":"or other industry publications. When","page_number":189,"box":{"x":608,"y":158,"width":257,"height":11}},{"id":"597b62d5-f3f2-4d43-a201-1aac20b58b2c","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":189,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"c7c473ad-3918-429e-a31c-d43a6bc98fac","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":189,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"1c3e4a83-c0d5-4af9-875d-8174c4c32450","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":189,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"c4a17bae-bc22-4611-997a-e0fe7551557e","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":189,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"11dc576a-dce2-428b-b413-90c7f48b883f","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":189,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"bd79e8e2-46aa-4a50-8c07-e3534fe64553","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":189,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"d2c86507-998c-4a4e-bf7c-e9dff7477a8f","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":189,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"3cd4b42e-61f5-46c8-be4c-e9ef5032a2e8","block_type":"box","text":"developed by Fund management.","page_number":189,"box":{"x":69,"y":279,"width":233,"height":11}},{"id":"53c2abda-acdd-491b-80f6-c762d58ec62a","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":189,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"3c2c9697-51a8-4501-b5e2-d4124e8616aa","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":189,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"c05075e4-97eb-40cf-93b5-1642a2205467","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":189,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"db1c36fb-f6ee-4318-83c2-33d1c10f9e54","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":189,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"f5311703-8fc2-4f35-8868-1dc49c19ea7c","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":189,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"3733289e-54fa-4139-9575-55e201106715","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":189,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"ce4c6e64-9b59-450a-9856-5f900a96549f","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":189,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"ae8fe6f2-a3c2-4209-9845-824332b88e3e","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":189,"box":{"x":68,"y":407,"width":461,"height":12}},{"id":"cc02ee74-0c02-4254-9a7c-d255801e487b","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":189,"box":{"x":308,"y":437,"width":362,"height":10}},{"id":"440fd8f3-ef5a-4e90-9ec4-9fbfea2f4cdf","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":189,"box":{"x":101,"y":460,"width":802,"height":11}},{"id":"2cc1089a-b1e2-4f39-a297-8b86635b4ec0","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":189,"box":{"x":70,"y":475,"width":809,"height":11}},{"id":"9e4bbab2-1f49-4a8e-b9e7-6054624b625e","block_type":"box","text":"Policy”), with respect to cer tain Funds, and (ii) the Index Equity Fund Proxy Voting Policy, with respect to cer tain other","page_number":189,"box":{"x":69,"y":490,"width":833,"height":11}},{"id":"fe40c5d6-6e1d-4048-962f-4e7d8a24c563","block_type":"box","text":"Funds, as applicable. Please refer to Par t I of this SAI, which discloses the policy applicable to each Fund.","page_number":189,"box":{"x":70,"y":505,"width":755,"height":11}},{"id":"f2d860a0-288e-4168-8726-4a2c8828e8a8","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":189,"box":{"x":101,"y":528,"width":785,"height":11}},{"id":"50dcebbb-1278-4595-b92e-2d92171d4ced","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":189,"box":{"x":68,"y":543,"width":822,"height":11}},{"id":"9c291547-9f3d-4634-8f4c-eb7c38831ff1","block_type":"box","text":"Funds, as listed within the Active Fund Proxy Voting Policy and as disclosed in Par t I of this SAI, follow supplemental","page_number":189,"box":{"x":70,"y":558,"width":824,"height":11}},{"id":"50595417-6977-419b-baa1-b467a91b6648","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":189,"box":{"x":68,"y":573,"width":812,"height":11}},{"id":"6c6ed45e-90ed-4b20-8d7a-db4ce327834b","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":189,"box":{"x":69,"y":588,"width":392,"height":11}},{"id":"e2e261ec-72f8-448b-936a-e6893e76d660","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":189,"box":{"x":101,"y":611,"width":749,"height":11}},{"id":"cde0306b-802f-4324-9351-c85566ee3c8e","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":189,"box":{"x":70,"y":626,"width":759,"height":11}},{"id":"22e6c7c3-02ef-41d7-abdf-cdb6095dbb1f","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":189,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"3d60cff1-ac6b-4fb4-9b80-55b3c9ca8156","block_type":"box","text":"addition, cer tain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Par t I of","page_number":189,"box":{"x":69,"y":656,"width":838,"height":12}},{"id":"a03d6e12-6be9-482f-bc06-8256e47a183f","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":189,"box":{"x":68,"y":671,"width":822,"height":12}},{"id":"584bfa25-5a6a-42fa-b206-8b2dbbcec68a","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":189,"box":{"x":69,"y":687,"width":392,"height":11}},{"id":"bd689fbf-1328-495f-adfc-8a1048b4ad57","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":189,"box":{"x":102,"y":709,"width":767,"height":11}},{"id":"8ce71847-8bc8-4f31-b7fe-10300053c040","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":189,"box":{"x":68,"y":724,"width":827,"height":12}},{"id":"d3da1c4e-e9df-471c-846d-85c987f9dfe2","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":189,"box":{"x":69,"y":739,"width":819,"height":12}},{"id":"4e0f94dc-7ae0-4039-8373-efdda990aada","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":189,"box":{"x":69,"y":755,"width":684,"height":11}},{"id":"0e8504a9-a6c9-4d8f-8ac3-a049d4bb12c3","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":189,"box":{"x":102,"y":777,"width":766,"height":12}},{"id":"f8f52840-0ec2-4d2b-bf68-8aabbcd17749","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":189,"box":{"x":69,"y":792,"width":784,"height":11}},{"id":"94129d62-594b-4c7b-91dc-e9732d407f3c","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a par ticular Fund pursuant to the","page_number":189,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"a8cb8306-9c0b-40f1-9bde-b9c331df08f0","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a par t of the","page_number":189,"box":{"x":68,"y":823,"width":790,"height":11}},{"id":"46df68c5-9c4b-4895-bcd1-fcb132ca8825","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":189,"box":{"x":70,"y":838,"width":810,"height":11}},{"id":"b192abf0-1b61-4781-8735-c4ff984efc23","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":189,"box":{"x":69,"y":853,"width":788,"height":11}},{"id":"77e42d4d-1b4e-4b8c-aa83-c2a1226f32d9","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":189,"box":{"x":69,"y":868,"width":327,"height":11}},{"id":"dab1dc41-2e6b-4dbc-8d56-4246c39b4302","block_type":"box","text":"II-135","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d1ed3fda-fb4f-43e9-a06a-90fe340b53e6","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8f95b6f-2e79-4607-8bbe-60c867126643","block_type":"box","text":"GENERAL INFORMATION","page_number":190,"box":{"x":391,"y":45,"width":195,"height":10}},{"id":"422ef203-3dda-4dcd-819c-598bf7822a58","block_type":"box","text":"Description of Shares","page_number":190,"box":{"x":69,"y":76,"width":156,"height":11}},{"id":"5af5e0e0-e300-4e39-8167-0c3d3a0e7f8d","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":190,"box":{"x":102,"y":98,"width":800,"height":9}},{"id":"ce078cb1-4ced-4b42-9391-6d182d27ec9d","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":190,"box":{"x":69,"y":113,"width":811,"height":12}},{"id":"969ec415-2e91-4440-9691-cdf9529d550b","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":190,"box":{"x":69,"y":128,"width":825,"height":12}},{"id":"f7472f9f-437d-4381-85da-64b636372fe5","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":190,"box":{"x":69,"y":143,"width":838,"height":12}},{"id":"238858e3-fcf5-4610-a37b-fe1ef7825b02","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":190,"box":{"x":69,"y":159,"width":835,"height":11}},{"id":"d42c01d2-2cac-4949-b80d-5c7fcc722f58","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":190,"box":{"x":69,"y":174,"width":781,"height":11}},{"id":"b8368858-a099-4459-8f31-761c00b46bf4","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":190,"box":{"x":102,"y":196,"width":801,"height":12}},{"id":"0ccf8305-1370-4569-8c03-fe268a83fdd8","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":190,"box":{"x":69,"y":212,"width":760,"height":11}},{"id":"d7a096d0-d195-4c91-89b8-0b544ea019dc","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":190,"box":{"x":69,"y":227,"width":810,"height":11}},{"id":"b9498637-bc38-40c1-8006-a0112b31f13d","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":190,"box":{"x":69,"y":242,"width":790,"height":11}},{"id":"96f69ef9-8253-43a3-a585-84f739602cd8","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":190,"box":{"x":69,"y":257,"width":787,"height":11}},{"id":"b70d25e4-deb9-4e33-9351-a5c723397c45","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":190,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"50a64df9-544d-49da-8890-78cc4b21377d","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":190,"box":{"x":69,"y":287,"width":658,"height":11}},{"id":"c39e414b-5c6a-4934-ac87-5aefa0050a58","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":190,"box":{"x":102,"y":310,"width":741,"height":11}},{"id":"47259d03-8a10-4c5d-b46a-680748fc1ca3","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":190,"box":{"x":69,"y":325,"width":790,"height":11}},{"id":"0d480491-b32c-499f-8c37-a7c4e8cfa174","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":190,"box":{"x":69,"y":340,"width":546,"height":11}},{"id":"a1133622-6cd7-422e-87fb-672be7c670f5","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":190,"box":{"x":102,"y":363,"width":712,"height":11}},{"id":"a8e32a5e-4a7d-42c2-af78-948f89191294","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":190,"box":{"x":69,"y":378,"width":765,"height":11}},{"id":"55a01a2d-94fc-4e13-8eda-79770cc93a74","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":190,"box":{"x":69,"y":393,"width":834,"height":11}},{"id":"024099b8-4d51-411b-b90e-5dd4f7b5236b","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":190,"box":{"x":68,"y":408,"width":729,"height":11}},{"id":"5e98de00-156b-41f4-b3b8-172ef536fe02","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":190,"box":{"x":69,"y":423,"width":815,"height":12}},{"id":"e1c99a21-ca68-46dd-bcaa-66c47ec50a0c","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":190,"box":{"x":68,"y":438,"width":761,"height":11}},{"id":"68ee6142-c249-41c0-a11a-e95322424109","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":190,"box":{"x":69,"y":453,"width":824,"height":12}},{"id":"5745b68a-55b5-4aa3-ac96-ed93396ece77","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":190,"box":{"x":69,"y":469,"width":839,"height":11}},{"id":"ae0798b7-b93f-4763-9431-85a27ce22dcf","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":190,"box":{"x":69,"y":484,"width":813,"height":11}},{"id":"8a0c39d0-7024-4415-846d-848cbfce97f4","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":190,"box":{"x":68,"y":499,"width":827,"height":11}},{"id":"50120fc1-0d31-4c21-a193-0b8eca690f9b","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":190,"box":{"x":70,"y":514,"width":699,"height":11}},{"id":"8b2a46ae-63ba-4caf-96f7-a4c2fec26e37","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":190,"box":{"x":102,"y":537,"width":413,"height":11}},{"id":"d688f50d-5acb-423d-a0ec-ceef58e04467","block_type":"box","text":"Additional Information","page_number":190,"box":{"x":68,"y":567,"width":161,"height":9}},{"id":"54068ff7-c6cc-4d55-bec4-57e20d921a3a","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":190,"box":{"x":102,"y":590,"width":789,"height":11}},{"id":"db1e89d3-a4bd-4e73-9e79-d4a00e91cd16","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":190,"box":{"x":69,"y":605,"width":799,"height":11}},{"id":"20072dd1-535f-45d9-a22b-be69106e9992","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":190,"box":{"x":70,"y":620,"width":837,"height":11}},{"id":"9a9bfb75-9ef3-4965-b4db-18a26d31182e","block_type":"box","text":"such name to any other company.","page_number":190,"box":{"x":69,"y":635,"width":238,"height":11}},{"id":"20b24645-a7f0-4b3e-99f1-b4c18e903321","block_type":"box","text":"II-136","page_number":190,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c22e7593-22b1-4ae9-8d5b-445884a36c1a","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e11586f1-0f0c-41e3-8ae1-191bd6120c8e","block_type":"box","text":"APPENDIX A","page_number":191,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"20d8af9d-aa10-498c-bd37-37d9ebf550d4","block_type":"box","text":"Description of Bond Ratings","page_number":191,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"ac4cf489-2e08-4d07-99f3-cad9c40126fc","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":191,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"0acc889d-e933-4762-84d6-b7c8b4b5f72a","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":191,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"e27612e3-ccfc-41a3-ae39-dce99c4bf227","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":191,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"9f804aac-8f2a-49dc-9cb2-3ee7891c5bdd","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":191,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"0bdc5942-510b-4d58-a3d5-56112dd38cb7","block_type":"box","text":"date.","page_number":191,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"990196d6-5263-4109-91d4-45c41cba3db7","block_type":"box","text":"NRSROs may rate specific investments (","page_number":191,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"ecaf08bd-1056-4bb8-9685-c5dff123632d","block_type":"box","text":"e.g.","page_number":191,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"6f71904f-bce2-4ce5-bc66-6f4b7a7c486e","block_type":"box","text":", bonds), issuers (","page_number":191,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"21c1d467-1b8e-496e-8992-f124e295e4f2","block_type":"box","text":"e.g.","page_number":191,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"0b71fd9b-6013-41c9-b91b-736b916d57d2","block_type":"box","text":", corporations, governments and financial","page_number":191,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"41bfe082-c321-462b-9068-8b5f51635d3f","block_type":"box","text":"institutions) and/or programs (","page_number":191,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"0238cf3c-0b19-4a4e-ae21-99a81dc4040c","block_type":"box","text":"e.g.","page_number":191,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"81dcdcfc-1559-4d71-9d5d-465ca178878f","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":191,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"bd8b630a-4ca0-45e7-a7d0-981337475855","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":191,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"24ea9c28-2d02-4dc7-a765-d46237953a1d","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":191,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"810aef11-5403-49d3-9ec5-d1c58f59a724","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":191,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"9bf70a17-978f-434c-81bf-4e579f68665c","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":191,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"9daf2c44-fbd6-4c23-a212-86018a5bee28","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":191,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"e9ab0b4b-a17c-4087-be50-8efaa780c717","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":191,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"be95c500-9d40-4208-9479-9b9cb17a45fd","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":191,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"83fa4197-5e3f-4477-8861-d442f77c7768","block_type":"box","text":"security (","page_number":191,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"df8059c6-af79-4609-80c5-2138784fbf17","block_type":"box","text":"e.g.","page_number":191,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"db33ea95-f910-4c61-b773-dd214023f9a5","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":191,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"18c24daf-0cd4-486f-a3b0-7b8fb1efde0f","block_type":"box","text":"highest of the multiple ratings.","page_number":191,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"2de76cbd-253a-48c1-bfad-c03b3400bce0","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":191,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"85b6267a-9e25-45f9-a566-16530c111c24","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":191,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"f43296c6-4708-426e-8ee1-2de4edaaa7cc","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":191,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"c7c30224-d945-434c-8c4f-c4bc59d5fa91","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":191,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"d46eab9f-24e5-4874-ba7e-183b718fcf3e","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":191,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"bfe99e38-998e-4cb0-8ace-32431cb74142","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":191,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"a086cebc-f156-4519-9ddf-052f44dc8e7d","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":191,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"7d33d2c7-18ef-4156-8304-713bb876534a","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":191,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"ec5d1a24-c085-46f8-9e15-8cf596367dee","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":191,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"1133c11f-9f67-46a8-a526-3a9aec600edf","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":191,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"f100a7c0-8c1f-4582-b736-9de753672ff6","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":191,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"b18ff708-2308-417f-9766-2d4302fd6e9b","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":191,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"cf033489-828e-46c6-8c55-0d1d85d81744","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":191,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"85c727e4-7671-4ecd-8d4c-716e6a47475b","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":191,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"aaa58bb7-ed7b-4a0f-aa81-f7ed8defa1db","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":191,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"8dcb7430-d72b-4a6b-a467-6e039bcea072","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":191,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"ee0bb311-4b87-425c-a588-90a6f70b5749","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":191,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"abd9ec69-98ee-4f1e-83ff-1a1c97a0567c","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":191,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"237b23fe-c851-4bd3-b295-ef2df5c5d832","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":191,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"c059816e-2e7a-474a-aca2-c5cdf110299e","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":191,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"678658d5-f792-470d-a0bb-e6b77d7ab347","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":191,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"80eb345e-ce3a-4f3a-b3b3-e5ee396dd758","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":191,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"576d1018-1cb6-480e-903f-c8e18ffd89c1","block_type":"box","text":"Fitch.","page_number":191,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"fbcda09b-5e69-440a-b5b6-3c6ceb43fcfe","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":191,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"0b491f2e-97d7-4a01-b9fd-5500fa40865a","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":191,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"97067801-3ea3-45ba-b478-32d65d7be73d","block_type":"box","text":"Ratings assigned on Moody’s global long-term and shor t-term rating scales are forward-looking opinions of the","page_number":191,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"e7428bec-cecd-45a0-9c72-0e32939c6912","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":191,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"58c0b776-c57a-4251-be75-669068c2dfde","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":191,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"b89947f5-ccf1-480e-888d-6a1bcc672dca","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":191,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"6fc47e28-0881-4eea-a8e9-fa5e99f17975","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":191,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"adffd2a7-9e30-4613-aff5-e2d24ebd8db5","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":191,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"098b3a2b-b1ca-4baf-bfc9-7979ca2609ea","block_type":"box","text":"sources of variation (","page_number":191,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"74c1b437-8e28-493f-ba63-178a0772616b","block_type":"box","text":"e.g.","page_number":191,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"9ff4a28e-4ffa-4b6b-89c4-5ed4c50fba80","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":191,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"08c24f3a-46f3-4fa3-94ef-f3ab53c578a4","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":191,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"d70377f9-da31-48b8-858b-dee17b4f58a4","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":191,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"b568972f-397c-4fdf-8c2a-dcbdc098407d","block_type":"box","text":"e.g.","page_number":191,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"3a276d34-00c5-4d66-a045-570c985a07dc","block_type":"box","text":", equity indexed), absent an express","page_number":191,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"feabbc4b-e182-4a85-b893-fc7f3159cd7b","block_type":"box","text":"A-1","page_number":191,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"ec60e7ec-6e15-4074-9980-330f61a59124","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"39e2ad64-3c9a-42cb-a7df-d5b35f13f619","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":192,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"2bc71beb-3cb5-4aa3-83c0-0bf957dc7dc4","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":192,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"5cf09286-2edb-4609-b7f0-32a91294eeec","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":192,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"c72a3d07-827b-45c2-a773-8a76649177a7","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":192,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"35e38d03-c22e-4cd9-bf91-0e613684b7c3","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":192,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"c08f1cae-2270-479a-8483-cd13f83fdf33","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":192,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"3d159dec-7d7d-42f3-b613-d76b439b5683","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":192,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"45ba0101-3ec0-401b-bc2d-6f96c99d548a","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":192,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"1951d9cb-4f09-44f5-bd5e-b77ff4ec232d","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":192,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"a6db1543-780a-44b0-b33f-577bfc65d677","block_type":"box","text":"i.e.","page_number":192,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"69955c86-9a7e-4ecc-941c-d3d5881f762e","block_type":"box","text":", ratings on nonfinancial","page_number":192,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"11178a7d-80de-45f7-8c2a-669262bcbf90","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":192,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"d25fb2ae-3028-4faa-99c3-106cfba29713","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":192,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"2b0ffc24-2cb6-4c47-bf61-1496b75bcbd2","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":192,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"b30f44a3-e968-45be-843d-5134fc7ce748","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":192,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"7d5e1610-dae1-4959-b346-2e281844a0fb","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":192,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"73707030-476b-4d1c-a0d7-c40d7f90b5dc","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":192,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"b9adfdec-966a-4ca4-9a41-f5cde6511c65","block_type":"box","text":"of time.","page_number":192,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"1ba0e776-45aa-4972-a4e0-6963d76c04bc","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":192,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"b51a6cda-a8a6-4693-8f13-76c7c117ba80","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":192,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"2553a2cb-f7d4-49dc-ac6d-9c089824bb07","block_type":"box","text":"risk.","page_number":192,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"cead0912-f16a-4c91-8534-a9c9c7625c67","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":192,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"aa42353b-20e2-4b74-9b36-fdfbe6ab1d28","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":192,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"b731e64e-e9c9-4a20-818e-606eb21b4ab6","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":192,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"c05dd49e-4a4d-4ac9-97da-18a9a3e3a11f","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":192,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"712f627d-bf78-4182-b1b6-7fb7553696fb","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":192,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"18ba8a3b-974f-49e3-9d6b-2e43dfc37b72","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":192,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"849d9870-92ff-474c-94d5-e1beae8a8a27","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":192,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"76243534-0d88-4200-930d-ade36bce8208","block_type":"box","text":"credit risk.","page_number":192,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"58f657e3-7c40-4ac3-a296-3d744e260590","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":192,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"90454b30-ab7e-421d-a635-ddd7b2eee0ba","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":192,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"74015a3b-d0e3-499d-ab53-f8fb78319a58","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":192,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"36b4407f-fda0-45dd-80dc-b459f7f0f0a8","block_type":"box","text":"of principal or interest.","page_number":192,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"0e5f96a9-b788-428c-9754-2d4227bae22e","block_type":"box","text":"Note:","page_number":192,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"5a340811-bc86-40ad-a98b-18ba5e1a44b4","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":192,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"5d60281d-699f-41e2-b304-3854050217b9","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":192,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"eb97b685-d1e9-4675-80f4-baf02d660bea","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":192,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"240cfd8f-f69c-4393-a402-8b68ef5ee2a2","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":192,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"0e3a67da-6244-4106-b81f-eecce5c7bde5","block_type":"box","text":"companies, and securities firms.","page_number":192,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"d0401288-e528-45e7-8399-919f7113ecb6","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":192,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"9b3bebdf-98c1-42be-bf47-7c200558ed4d","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":192,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"b27aef0b-872b-463d-bf71-e92fe4262ce9","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":192,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"89df5ff0-a0ab-4826-b8df-4773c41c4560","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":192,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"e66d10e6-c037-450c-9573-137f482fa0d7","block_type":"box","text":"that security.","page_number":192,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"b4ab3299-2f7f-4025-a685-b01960b6d605","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":192,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"5976ad6f-2b8e-4906-8f5c-fdaf7208b9c7","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":192,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"beea635e-8a63-47ac-b4e7-43f36422fec0","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":192,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"07b086a6-14ce-42c5-988e-d15479b97aff","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":192,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"f49aa35a-b82e-48a8-8581-2c558fa226da","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":192,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"473085be-a577-4e28-b940-bcf345d49654","block_type":"box","text":"categories.","page_number":192,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"35877b25-0531-43ce-9b49-58dce46eb024","block_type":"box","text":"A-2","page_number":192,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"b45970eb-ab14-4ca6-aeec-fff3d6066fb3","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b9e52bfc-0bd1-4676-b56d-593533985fda","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":193,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"683943de-2c26-4cbd-83cb-c6d8df150083","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":193,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"de33ec26-de16-4f75-b6da-821b2d601230","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":193,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"b58bdee6-b1e5-4438-90e0-4e27418de0d5","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":193,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"e5d6e264-1d1d-41e9-af67-c90ec5899140","block_type":"box","text":"an issuer’s self-liquidity.","page_number":193,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"995f0877-488c-4299-9842-ccf116562a18","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":193,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"9b2eb954-48be-4749-87d2-1eac3bfa6988","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":193,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"eff853ff-c664-4660-a508-0c7cf7c3ef2e","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":193,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"96df1f4e-eb9a-4a34-88eb-b3e83434fcc9","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":193,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"3cd5871d-1326-4c7d-b58c-7ae763d9134c","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":193,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"bbd9f2de-1452-42b9-b426-834ecc380434","block_type":"box","text":"MIG Scale","page_number":193,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"18b663ce-5fa3-4088-9531-379664da9230","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":193,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"6af75b56-29fc-4c9c-9c23-c746feef205b","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":193,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"f88a7044-fca5-4d7c-b74e-6e7223308b6f","block_type":"box","text":"refinancing.","page_number":193,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"5dbecf4f-16ff-40ed-8a0e-d19c03bc31c3","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":193,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"9be31e81-34c0-4c09-9794-5f98b1b05cfa","block_type":"box","text":"large as in the preceding group.","page_number":193,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"ffa423f1-ddb2-4d38-872a-f64f7c50a791","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":193,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"bba518af-4ea9-4c4e-8b71-0af3e188bdeb","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":193,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"ee35a8da-cc32-477d-bfc7-6d1337bf2d97","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":193,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"56ac8c90-4ce1-46c5-95f8-2f8ed5743d40","block_type":"box","text":"lack sufficient margins of protection.","page_number":193,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"1174f6c0-df6a-468c-9d79-0d76af0326ed","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":193,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"0d95a620-9702-49df-b0b5-5635c594ac49","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":193,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"57263bd6-d5f9-4f83-befb-a8becbeb60ee","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":193,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"ab4e1d85-420e-4670-bbe3-f954f0c689eb","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":193,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"faaa38aa-e085-4f46-986b-137cabbab2f6","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":193,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"83236837-84d3-4793-8722-5d59d19fb6ab","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":193,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"3fb866ad-d2a0-46af-9adc-2fd0c41b0b54","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":193,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"b8495987-0556-4c90-ba19-9ea90173f6e1","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":193,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"4c12ab3d-7707-4867-b323-d476d08b7a5c","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":193,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"77e09317-65f4-4385-ac3f-1698e327f44e","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":193,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"52f94ce0-2dcf-4dfe-89da-e023b2ab9f66","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":193,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"c3dd0bfb-6e8a-455d-b896-b2ab1f17ffae","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":193,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"d0f971d2-229e-44cf-8156-5d736dc76e9b","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":193,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"c6b57b2f-b0d1-47ab-8d4b-d709c6606106","block_type":"box","text":"VMIG Scale","page_number":193,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"4a12b07c-40e8-4ec2-b227-4debe6f47c4c","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":193,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"d80aadac-321e-4540-98c9-21c8968e5ee7","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":193,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"1cd40020-89fb-4505-9a2d-14c78946aba1","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":193,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"b111e9ce-e06b-4f84-aa1b-0b03585660ed","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":193,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"f4649b30-9e39-4909-84e1-d2a94e602a4a","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":193,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"fc6cd49f-2cde-4ea7-9bba-81e20aebf225","block_type":"box","text":"payment of purchase price upon demand.","page_number":193,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"367317b2-4913-40bc-8290-9efd964e6c23","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":193,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"0f2d7a36-647f-4236-aa19-439faee29d7e","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":193,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"c75b2980-85f3-4f1e-b74e-eaa5e42c87fe","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":193,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"8cad0eb1-cd21-4c01-aa2a-f33e0771b72d","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":193,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"d047da27-9c95-4b38-ab43-fc2f8e957198","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":193,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"96bd1a57-dc60-40cd-a63b-96c296961f73","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":193,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"c7e478b3-9cc0-43c7-a987-7ce9623f6aaa","block_type":"box","text":"price upon demand.","page_number":193,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"5a896e12-3725-4c76-bc1e-fcd367417de8","block_type":"box","text":"A-3","page_number":193,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"0e9097d2-cc4d-4820-ad89-bab79749ae3b","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3e0c357a-f431-4332-a35b-66c4388de0f5","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":194,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"14097e0a-f89f-4d48-8205-7cc2eedc308d","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":194,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"78a1684a-485e-49e2-ac18-e3901990b54e","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":194,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"b74b4392-7fb5-4b88-8864-887301cc4da1","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":194,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"985fb0ec-b8a6-4146-8993-20aee8d90e82","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":194,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"cc6c7f45-5338-4887-83d7-0827d96b4c33","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":194,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"23e6b1c8-663c-4925-99a9-3c1fd89fa015","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":194,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"71e7b2d8-ac48-4629-9397-395e0f5b1f0e","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":194,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"de1713e8-82f6-428d-a734-c48056e865e2","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":194,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"9f121841-e773-4781-8467-0399e553622e","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":194,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"8856c757-062b-44f9-94ee-2757c944e1c0","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":194,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"09f7954e-0af6-43f7-8034-b04f7ee962a6","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":194,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"3a5507b2-b604-4c7a-a604-306a4236d05d","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":194,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"c32665d2-0714-459c-bc97-eb5008a89a65","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":194,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"8c23da71-fb42-4ffe-aab4-9b2905bfd345","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":194,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"5ede7fd5-b3d3-4b3d-a34c-505db483bfec","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"40f721ae-f62f-49fd-8d3e-cf454998677b","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":194,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"fa68253e-aa98-43f3-aad2-2342e5829907","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":194,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"358d2496-237d-444c-97c3-7de8f8626b47","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"bcb6b806-36da-49bc-ba0a-d4d76eed4f99","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":194,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"15ea26b0-daf0-4aea-b87c-fe9260ace0a7","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"9afb1e89-8c2d-4e82-9f7f-6ded5b8f6421","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":194,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"c35278e7-f9d3-4016-9ea0-729b2f6cd7d3","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":194,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"53aece1b-9135-4cb8-acb6-e9624b29e149","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":194,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"7e55865a-cf31-41cf-8cea-5584390079bc","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":194,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"0dee6860-de53-406a-8d9c-f5ca46254d52","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":194,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"b1062530-69ea-4b01-9e8f-c7d60459f69c","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":194,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"85dd4ed4-4ec3-45c6-afcd-b963ef2aec8d","block_type":"box","text":"obligations.)","page_number":194,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"0cd3b329-e301-4fef-9041-a1a745c5e460","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":194,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"a7d34760-5c1f-4bbe-a5e2-9769d2a641b3","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":194,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"8f28bc34-5ab7-4b11-9f28-cb0496a22eb4","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":194,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"90343345-3d93-4727-acf5-75f82009f55b","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":194,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"90c595c0-6cbf-4a81-817f-1d64f11d0442","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":194,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"3de8171b-5863-42a0-b99d-11067016f237","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":194,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"fe23ff68-7493-4f27-9808-293cc9e78985","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":194,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"7229c042-95f4-4a27-b4d6-72fc273fe644","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":194,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"0f9b9776-4218-446a-9c20-43ec3f393eab","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":194,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"f3b442c4-815e-4eab-bebc-f3097777fb12","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":194,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"bafad14f-512b-487e-8d83-5db7e60ab59e","block_type":"box","text":"financial commitments on the obligation.","page_number":194,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"166e9bd7-7bfa-49e4-8e3f-74e10ebecf3d","block_type":"box","text":"BB,","page_number":194,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"9c25d7d7-fa84-4b6a-92a0-968cdcff6851","block_type":"box","text":"B,","page_number":194,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"cc0aea69-9413-4975-ac3e-f2d725f929bf","block_type":"box","text":"CCC,","page_number":194,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"9491489f-6b53-454a-ad79-8ba7781bcc04","block_type":"box","text":"CC,","page_number":194,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"19980e57-c248-42fa-9854-b30f72fc74d8","block_type":"box","text":"and C","page_number":194,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"717fd34a-3bef-4631-ac03-a333d22a952d","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":194,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"ea8e2869-989b-42d9-8267-30eea6999cf5","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":194,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"22bb144e-dec8-4e46-a71d-df4ff7e330b0","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":194,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"995a845e-9610-4803-b6f3-6812e4b4aa3e","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":194,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"95ac8728-0929-4652-a7ac-8d5f5db96e40","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":194,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"d98cb7a0-7cc0-4bcb-a66a-79a812455cef","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":194,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"c3cc9f0d-a2f7-4f02-a03c-339092428f4c","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":194,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"1c3da6b8-8ee0-495e-9094-a5f793dedcac","block_type":"box","text":"on the obligation.","page_number":194,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"a8e6b665-f81e-4e38-992b-321bbdd73073","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":194,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"3bb19492-8501-455d-8866-32396f52978b","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":194,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"fb48f582-571d-4d63-8539-16af448675cc","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":194,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"85730837-c200-4830-9987-66cfe6989435","block_type":"box","text":"financial commitments on the obligation.","page_number":194,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"4cb78d70-33e5-417b-a1ca-003399735f70","block_type":"box","text":"A-4","page_number":194,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"5a890608-3fce-47f9-8932-dc73255215b6","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fff10425-ccbc-4b34-b552-febed54da21b","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":195,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"512afc73-a554-496c-af03-dc7a0a0e0a72","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":195,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"0496d477-399c-4b49-8781-f3a12e87853c","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":195,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"39d10183-3aa7-4584-8286-fb464c534744","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":195,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"766b5b65-d0ae-4143-b9db-070c521c978d","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":195,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"e4fcc3a2-4a8b-491e-9e5b-46359f4f245b","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":195,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"ea96e476-aebe-4f7f-8aef-c4dba9d6f4bb","block_type":"box","text":"anticipated time to default.","page_number":195,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"eadb6a4d-061a-4124-9835-1e176f81e6f0","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":195,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"59fa75f2-7a6f-4d2f-9533-782c18748433","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":195,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"d0f9e2c2-10c9-43cc-8e5b-12d773f53597","block_type":"box","text":"higher.","page_number":195,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"76ffac15-97e8-4a49-a4c1-6ddc0724aafa","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":195,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"0a890390-1dab-4583-a82b-fbbd64d4030e","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":195,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"9a0df821-d609-4586-9d06-c236e00764a0","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":195,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"ef8251d3-28e2-4e0a-9c6a-802990ea1b31","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":195,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"96f075bf-5588-4e53-aef9-cd50b8428bca","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":195,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"e829acea-30d5-4c30-940e-d05426c0caf5","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":195,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"b0614ee9-1489-4ba5-851e-816728dc20f3","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":195,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"4a14a2e5-2787-4ae2-98a3-31fdb2c11a42","block_type":"box","text":"restructuring.","page_number":195,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"9d8db8cb-301a-482f-926b-6784acf18f47","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":195,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"a8aef01a-c278-48af-a2d2-593ef254a6d9","block_type":"box","text":"standing within the rating categories.","page_number":195,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"a0cccdd6-937f-44ef-9464-eec0f8634da7","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":195,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"d6b5685d-e733-4290-a714-77ba33fe5db0","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":195,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"c46aa0dc-ae3b-4d36-a561-c9a90d7d3514","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":195,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"49f26924-b896-4c55-8e7b-f8fe1a38e185","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":195,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"d55c390c-9d70-4892-936f-d4e5db22bf43","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":195,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"34fedf6d-b618-497b-80b2-0364fe3b770f","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":195,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"50e8b4f9-ff6e-4b16-8764-522d5d9566ce","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":195,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"023e787b-ffeb-4452-b0cf-cf54fc648a40","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":195,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"38bf07d0-71d3-4849-babb-845b9d6fa53b","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":195,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"1a98caab-127f-4788-92f0-047e69400812","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":195,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"675945c2-b45e-4cdb-90fe-3989a79d4353","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":195,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"90c572a9-4dd9-4eca-9e3a-9675d0267af8","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":195,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"06d2fb65-bae5-49c2-824a-8dc22a7a0d50","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":195,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"9c14bd6f-ff14-4eb2-8c9c-8ee184fa47e2","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":195,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"1edf6cb1-574d-4e4f-888d-4371fea90217","block_type":"box","text":"financial commitments.","page_number":195,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"bb0d998c-5b07-43de-aeb2-0ddcebb0dbe6","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":195,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"82e0e244-b172-4d7e-8f19-95a2641cc97e","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":195,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"aeb15319-6f62-4c0d-9fe1-31401694af02","block_type":"box","text":"commitments on the obligation.","page_number":195,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"a4cec5bf-450d-48bd-aa2e-03e74715770c","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":195,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"87591bb7-386d-4a83-a0e4-c32b1dc4562b","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":195,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"7a2a123d-bbbb-4398-941b-db8b35b11e42","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":195,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"9b3c96b5-0396-4514-8a0f-83200a6b92b0","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":195,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"83e47a78-4050-4090-a781-d3f771db9d6b","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":195,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"be4f7dfd-0431-4d48-9162-68d0b05f8bf8","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":195,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"2af819fb-78a8-4795-b15f-f84a2878147d","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":195,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"1563666a-591b-4175-93bb-da5cc85c4f6f","block_type":"box","text":"debt restructuring.","page_number":195,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"026c9710-1c84-4e1d-896d-a99aba0e2864","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":195,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"040373a6-26a5-4328-82ab-03b3f44594d3","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":195,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"0f21f84e-74f8-451f-9697-56f8ff6d6a68","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":195,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"cd6c19d2-fbb6-4f5a-afae-cdb39263ccfe","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":195,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"4bf840ed-5684-431d-9eba-69411885e81c","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":195,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"4183e932-2cdf-4fd3-8949-f6dc873a7456","block_type":"box","text":"A-5","page_number":195,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"8685f038-a0a3-4fe6-a331-9fba9a5d22fc","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"280d246f-b793-4f96-9215-71a61b40f321","block_type":"box","text":"•","page_number":196,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"78a39709-9a6b-45d1-a478-cb792a34ad37","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":196,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"f8407590-70fb-47cb-9940-2269fc6e8d1c","block_type":"box","text":"as a note; and","page_number":196,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"d70b9a2f-7ecd-4f90-858e-d98479254795","block_type":"box","text":"•","page_number":196,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"99cb4095-e8f2-4f11-b619-d50cb8345085","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":196,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"9a9216cf-7095-4aea-b9cf-0228ce5bc635","block_type":"box","text":"treated as a note.","page_number":196,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"0cbc04ac-43fb-40de-863e-a6ee3797e66b","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":196,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"468ba833-a7b4-401f-8e8f-7f1544181290","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":196,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"1f09d329-58ef-4d76-a8be-db3263b1c491","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":196,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"50ad476b-3905-48fe-9753-c918959d861a","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":196,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"fd5b1f4b-b8cb-4375-b5a9-582d10ecb4e9","block_type":"box","text":"economic changes over the term of the notes.","page_number":196,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"b86b66ff-b013-4cd9-b8bc-e462f4348662","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":196,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"6fcb8feb-925d-44f2-96f5-95f58d697b60","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":196,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"ddec9836-bc7a-4c75-811e-db60b06b0166","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":196,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"901be7c1-fc3d-4f13-9611-27899b4abb12","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":196,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"00f2bd8a-bd98-4982-afa1-d9e057be4eae","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":196,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"d75e3d92-42d9-47c5-8d9e-34d339d4d95c","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":196,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"be72a7e5-40a7-43c9-89fe-96e18541aae2","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":196,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"b479de18-f3a4-4ce5-b7c5-361ca7d92012","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":196,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"2a681ac5-33a9-4095-b2c0-27ed26bcf610","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":196,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"0bf1ea46-1f5e-49fc-8b7f-d9acb4426a67","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":196,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"dddf94db-993e-4acd-9234-ca6c76b02a23","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":196,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"355874a5-a16d-46b8-b948-964674c1372c","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":196,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"4191c177-111a-4d14-a190-95932e9853f1","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":196,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"fda4d0a6-625c-48c1-963f-3f378ea4ea58","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":196,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"b4b05ead-32b5-4448-9b42-acf8e26af06a","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":196,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"487029b6-06f0-4bf2-8c44-5901a3033dbc","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":196,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"7c3018f7-640f-4f12-9282-9e5e8836a6a8","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":196,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"c3eef569-5fc6-4749-a902-9c3ab147636e","block_type":"box","text":"receivables or other financial assets.","page_number":196,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"69d8defd-2b28-4263-ad02-a7bbc0480efd","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":196,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"dca4b888-6bca-47b0-abed-2cc3a0b65158","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":196,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"9fd827e0-9683-4636-8f77-5de18eee5be1","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":196,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"ab8d1e1f-9880-4fd0-a7fe-39f173ba22a8","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":196,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"8d1c24b7-a1e5-4adb-a629-de351f87f6b0","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":196,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"fc04ddc2-e4a8-4243-a587-ecbc509f1c5b","block_type":"box","text":"occurred.","page_number":196,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"50a6addd-2b82-4c57-88e2-6dd45fb52f4f","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":196,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"e54cb542-c5fb-4ebd-bff8-60cc4b9c14a7","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":196,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"13139e5f-d30b-412a-862d-dc8c10a1cc7a","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":196,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"b32e2677-2a9c-449f-b3cc-1eea1318cd28","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":196,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"75e041c1-1e0f-42d6-8ff5-ee0a3af9e2cf","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":196,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"27c63b00-9fff-453e-8058-50ebabfc8dea","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":196,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"7ec73281-bd29-4fc8-88fd-e48124a7a59d","block_type":"box","text":"rates.","page_number":196,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"01fab9e8-c03c-48c9-ba67-eb644bc4fc95","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":196,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"4cb7153b-5674-4fda-bd5b-5194290548e2","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":196,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"c4d24e57-5e4e-4580-8731-f39a33bb3978","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":196,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"0037befa-6c4d-469f-b489-ed4644814fe8","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":196,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"940faeb3-7b5b-4a74-b0f9-175e6103df1b","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":196,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"be45ed31-1dd4-45eb-9813-dbdc85c932aa","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":196,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"cafbf278-1c38-466f-9f1b-c0b3d69f6b7d","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":196,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"2873d16a-e62d-483c-9b5f-5a75540ec841","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":196,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"1e1c076e-723c-4f1e-9d98-ffa1cabb6c2a","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":196,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"40ff6502-c089-461d-927d-c87ada6d1663","block_type":"box","text":"i.e.","page_number":196,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"12d05f75-b49d-4495-aaef-c476d9bc6133","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":196,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"0c6ce132-9443-426d-80d2-9d40ceaa4ad1","block_type":"box","text":"the obligation’s documentation).","page_number":196,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"1ceb42e5-e31b-4744-b631-fa04ccda7dc4","block_type":"box","text":"A-6","page_number":196,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"298d2786-ef07-486c-b127-a92438e3cde8","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4eb6c847-0fc5-4d5c-9b5d-18da28ca44d3","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":197,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"f55142bc-7004-421f-bfe7-2b5c62d7a606","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":197,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"e6d94b7e-9edc-4c97-b7d3-451332e1c95b","block_type":"box","text":"agents in the form of a rating letter.","page_number":197,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"c25e72ba-c7b7-4d98-942b-0b9e3a86849f","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":197,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"919cd57e-3298-4e6a-b7ee-d0495f080930","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":197,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"cc391a6c-102b-4f3c-95f5-9901a779fc4b","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":197,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"c82a9e77-7ca4-4635-8bd0-48e476aeaadb","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":197,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"d1a47f6e-f6d9-4a50-bb24-a59217926278","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":197,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"59270b63-29fa-4802-94b7-ff28b165ee42","block_type":"box","text":"e.g.","page_number":197,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"2552fdd4-2da6-4232-8cdc-de3ced849a2c","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":197,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"b4da3ee6-032e-4087-976c-8b98624491c4","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":197,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"7daa97ce-2089-42f3-b7ff-2c57a8e6ec6e","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":197,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"fe83457f-f4dd-494c-b089-1e02d1389a22","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":197,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"2f91fd52-3773-478e-a0c3-1f508107314e","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":197,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"1b3e55b2-5729-4366-b56f-4483b2c43c5e","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":197,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"6c8589bf-eca2-4145-b216-ff805af9c0b8","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":197,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"9b9a5e56-96fe-40b2-b82e-e147965a9a98","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":197,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"da2ed44f-e95f-4313-a5c3-d82ab5f3fd01","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":197,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"9b80cc68-3c10-4bcf-9f93-216932d3f09e","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":197,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"2cb8502d-2d35-45dd-b004-500736ead1b4","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":197,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"3a896df1-8891-4b7a-8980-b7be50a9c4c6","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":197,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"dc1e5a3b-9019-47f7-a284-f52877617fd6","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":197,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"db270e22-7d49-4fa0-b06a-f3ce238ea29a","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":197,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"1b98cf19-0fbc-480a-b32c-da51bb903bc5","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":197,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"875d7a3a-c241-4a6b-bb7f-107c98663a3d","block_type":"box","text":"Ratings.","page_number":197,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"786d484c-daf9-430a-9f43-766de2c938ab","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":197,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"f23cee11-ef70-4691-bbba-f609abe24baf","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":197,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"504736b1-1e98-40b9-b4ca-dc3731aea694","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":197,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"88bca222-0472-43f1-b9d0-19b9428ca6b5","block_type":"box","text":"obligation ratings.","page_number":197,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"862470f6-c21b-44ac-931e-27904401cc5b","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":197,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"fcc2a5cc-b6b9-4974-861b-c88759ac654d","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":197,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"e3dbd04f-d8ac-407f-8e4a-cafb300dff1d","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":197,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"359697a7-dc38-49cf-920b-e289e0b521fc","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":197,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"74561056-bf67-4095-9317-14b23f87936e","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":197,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"e47ee4a7-20c4-47f4-a664-4a935e812b4f","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":197,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"ee9dde5b-c609-4c20-9515-57946d4bcf4a","block_type":"box","text":"to foreseeable events.","page_number":197,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"3d4277d5-5916-43e1-8f9b-5e6b0b21928f","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":197,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"62bdcb9e-c48c-4228-963a-5db45ba42dc0","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":197,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"422f715b-8304-4cf3-9f5b-7fe00bfe0f3c","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":197,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"c8afa9e0-9fe2-41dc-90e2-5920da930670","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":197,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"66e21a96-38bc-4cec-95b2-236fd9480c3a","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":197,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"76646e10-051b-408a-a5e0-15a254886479","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":197,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"d4711d93-8658-4ceb-ac76-873eaa393ffc","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":197,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"33e090c5-f797-494f-8de4-6a7712185a51","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":197,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"bd3ed6d8-9da3-4ba9-be13-16b4d9eb0f02","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":197,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"c3bd55d4-bca4-4466-be13-747883c9b0de","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":197,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"23fc1e94-8684-4dd6-b98b-5b8d5d9e9c6c","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":197,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"c40fa625-e1cc-4b7a-9ac7-8dcdce601492","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":197,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"9ddde80c-346b-40fd-ba92-6305c5d70d6a","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":197,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"5c1b2c2b-a08f-4421-a43f-64ed54742df7","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":197,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"b2882dac-cf3c-4cb1-adb7-9822bbe22f12","block_type":"box","text":"relative status within major rating categories.","page_number":197,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"8ee00d3e-ca62-400c-8b1e-be14859abfed","block_type":"box","text":"A-7","page_number":197,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"4f348882-bcbe-447e-8206-4bdce850edb9","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6ef917b0-8240-4383-a2cf-b7c09d883d50","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":198,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"59acd2b9-72aa-4b1f-98af-1b74916676e6","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":198,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"945dde65-4445-4466-ad86-6c60d45bc436","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":198,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"4492dd64-3a3b-4646-b9bb-1e5b16afa00c","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":198,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"1184689b-1e67-4f7a-b832-54fa8afd09ec","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":198,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"3c29c841-b22d-4227-bb00-ca773697942e","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":198,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"e31f0b3b-e397-47e3-b27e-7c1d6f23bfda","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":198,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"6f4acb53-6055-4e5c-9dfe-8b94b6f05387","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":198,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"802ed488-5b12-4faf-8b44-d91d4b56ce70","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":198,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"31994a95-2566-4c5e-9771-7679a69658fc","block_type":"box","text":"finance markets.","page_number":198,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"f9f61eca-20b1-4e20-a50e-74f7194a0ab0","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":198,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"985a79f3-bb6c-47dc-8e89-336f8d89f901","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":198,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"d4360670-ca12-439e-b3c4-7f31103d0f91","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":198,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"5b512bf3-cb35-4cbb-bfd2-237ae172a3b8","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":198,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"2c32e2a3-dc42-4987-addb-abcb5befd9a8","block_type":"box","text":"commitments.","page_number":198,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"2a3992f6-ee35-43e1-8e48-c72e3b939cf4","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":198,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"150b1ec1-0572-4ad3-bebc-63ed422121a3","block_type":"box","text":"adequate.","page_number":198,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"b35f845d-5b97-4c31-8919-437d53f9a9e3","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":198,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"9e5ad95d-f15d-4c3e-91cd-debe8ae1224c","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":198,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"904c941b-03b4-45f6-addd-e3c3f12dc370","block_type":"box","text":"economic conditions.","page_number":198,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"be27be70-900c-41a8-9bf3-b7959c99bae0","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":198,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"cca6bafa-6d27-451d-9b91-abf05970099a","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":198,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"ce424528-a622-469b-96b7-686cc8c86424","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":198,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"8e7681a4-2646-478d-a908-14ccb5c5a993","block_type":"box","text":"ratings only.","page_number":198,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"5a132cac-95e1-4925-b22c-ca34f55833d2","block_type":"box","text":"D Default. 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subject to the","page_number":199,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"69ff8f08-68c6-4356-ac45-22dd065c9b9c","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":199,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"cf45b4e5-00e5-4c9c-898e-c917027b33c5","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":199,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"d4286f8f-2074-480d-9c02-41ea57c91385","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":199,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"537968dc-9bf6-4497-b1ec-6b105b8e7065","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":199,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"7f7cb5b1-01d7-418c-89a9-a6ee6a3ccd45","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":199,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"0b2f6298-5f1e-49c4-bf52-07ee6e4dd0a1","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":199,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"f7235261-f267-4027-88f5-bb06d40a45b2","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":199,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"d1463fac-8d58-4256-8e97-7faa530f696f","block_type":"box","text":"Conflicts Management","page_number":199,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"12cfab5e-1ea9-4452-bf62-4076ad679414","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":199,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"c3292f00-dd15-4aee-9adc-bf3c10dcbe38","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":199,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"ac03b3eb-90d3-480b-9916-79fdd6643840","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":199,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"cf955e4e-3d53-4093-993d-4bafd804c108","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":199,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"6cc528cc-0c69-47f5-8dc5-ddd5cfb5d79b","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":199,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"937a578c-dc33-4c6f-a878-9d87cbb634a9","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":199,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"a7e64e41-d0f2-480f-8d63-0493cef74310","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":199,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"9f500636-70e3-437c-bee2-002f69f8215c","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":199,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"41c593aa-5f2a-4c3e-a731-bdbe3bb2ced4","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":199,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"18bb8645-2216-41a3-a00b-2161febe213b","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":199,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"3e8985f8-af43-4bee-b437-d0df5ceeabbd","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":199,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"f83d8243-83ea-42dc-8427-ca91c0696252","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":199,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"0b8897e4-ef05-42f5-8378-34ab35a8cccd","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":199,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"654c123d-91ce-4d51-941b-9903e024326d","block_type":"box","text":"connection with proxy voting.","page_number":199,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"557eb573-dde2-4043-8363-e1e3cff25361","block_type":"box","text":"Reports to the Board","page_number":199,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"dcdac8b3-37dd-4512-bab2-a779a44ebce3","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":199,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"9d042a67-538a-4929-930c-806d273bc1e6","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":199,"box":{"x":102,"y":862,"width":794,"height":11}},{"id":"c744ef10-cbbf-45cf-b33f-868eeb96dd67","block_type":"box","text":"were in accordance with the Guidelines and (2) any material changes to the Guidelines, including material","page_number":199,"box":{"x":101,"y":877,"width":753,"height":11}},{"id":"aacbb834-8a9c-4899-a7b8-161f5eb09ca1","block_type":"box","text":"changes to conflicts management practices, that have not previously been repor ted.","page_number":199,"box":{"x":101,"y":892,"width":600,"height":11}},{"id":"e592256b-1408-4314-bc48-41ccca0977a7","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":199,"box":{"x":449,"y":45,"width":461,"height":11}},{"id":"a1af5801-270b-494e-ba5c-feda1fb2a86c","block_type":"box","text":"BlackRock","page_number":199,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"ba86d23d-6c24-43c4-bd2f-b29e5746970a","block_type":"box","text":"Public Page 1 of 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. . . . . . . . 10","page_number":202,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"cdb2f013-a405-4232-a85e-ed9148dd9922","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":202,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"cd52bcff-99ea-4b8e-b818-e8cff61c29f0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":202,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"fe75c4fa-e42e-4002-bb8c-5620a16dee51","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":202,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"c524100d-6f65-49f6-a025-a1893278145b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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RESPONSIBILITIES","page_number":202,"box":{"x":73,"y":363,"width":787,"height":9}},{"id":"199e142a-60dd-4b45-af1b-f275df61b38f","block_type":"box","text":". 15","page_number":202,"box":{"x":862,"y":363,"width":42,"height":9}},{"id":"acf3b73e-5cdd-4b97-a91d-6b279b02e4dd","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f3ddc24b-6853-41e6-b6d7-95a88c90ea44","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"317208c5-52f2-4c1b-8596-ec2c718764f6","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d31446ca-5370-4264-88bc-ae6eaac62182","block_type":"box","text":"OVERVIEW","page_number":203,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"58d0c854-dce7-4b8a-bc34-25d544e63992","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":203,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"34d6f0f9-3831-4ff2-a20d-490363ccf708","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":203,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"a134b249-28f7-4d06-8e4d-28ce447cdff7","block_type":"box","text":"issuers. BAIS works in par tnership with BlackRock’s investment teams, excluding index equity, providing exper tise on","page_number":203,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"10fa7c66-9a7b-40bf-bc89-713f15da2b90","block_type":"box","text":"investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in","page_number":203,"box":{"x":70,"y":113,"width":792,"height":11}},{"id":"b5e6d420-8171-4228-ab63-e7dcf99b8dcf","block_type":"box","text":"recommending, operationalizing and repor ting on voting decisions. The guidance informs BAIS’ voting","page_number":203,"box":{"x":69,"y":128,"width":722,"height":11}},{"id":"92ee95cf-69ca-4d2e-9e6a-bf666d9e2edb","block_type":"box","text":"recommendations to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s","page_number":203,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"53d22fc9-9952-466b-8388-33e52c438e79","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in","page_number":203,"box":{"x":68,"y":158,"width":760,"height":11}},{"id":"611b98fc-22e5-48c5-8a66-2211d0fbb085","block_type":"box","text":"BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct","page_number":203,"box":{"x":70,"y":173,"width":834,"height":11}},{"id":"f5e75079-528a-412c-8cc9-3c6c5bcbe7e6","block_type":"box","text":"issuer engagements. The guidelines are not prescriptive as active por tfolio managers have discretion as to how they","page_number":203,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"90111717-beed-4ac5-b384-ffd419836a59","block_type":"box","text":"integrate these guidelines within their investment processes in light of their clients’ or funds’ investment objectives.","page_number":203,"box":{"x":70,"y":203,"width":825,"height":12}},{"id":"36e85718-db23-4a85-8435-fbfb6687e358","block_type":"box","text":"There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":203,"box":{"x":68,"y":219,"width":804,"height":11}},{"id":"43ef0cd0-0f15-4047-83a4-27860fb3aa64","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":203,"box":{"x":69,"y":234,"width":675,"height":11}},{"id":"ef25d4dc-24ab-474c-9880-29f9d0b30ae9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6f7a6c61-c6c0-4d25-b44a-04e263035819","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d381e1fb-c8e6-489e-b3fc-0682fc017195","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"790e182c-834a-411d-8d8c-7d5ca0d64d5c","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":204,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"51989f83-5484-4ad5-aa62-9d3ed7784ed2","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on","page_number":204,"box":{"x":102,"y":63,"width":775,"height":12}},{"id":"5964c9f9-d87d-42a4-acc2-f0a2e171aaa5","block_type":"box","text":"behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and","page_number":204,"box":{"x":69,"y":78,"width":798,"height":12}},{"id":"a500f509-88fc-468a-943e-b6cd87591e2c","block_type":"box","text":"regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers,","page_number":204,"box":{"x":69,"y":93,"width":817,"height":12}},{"id":"615ce95e-1d8d-4999-a1cf-116f826d0d15","block_type":"box","text":"and other financial institutions, as well as individuals around the world.","page_number":204,"box":{"x":69,"y":108,"width":506,"height":11}},{"id":"42cc3e0a-0777-46f0-a794-f30cbc62785a","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":204,"box":{"x":277,"y":138,"width":424,"height":9}},{"id":"4122e8f3-ce61-4788-9d23-85d6dbf071c6","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":204,"box":{"x":102,"y":157,"width":804,"height":11}},{"id":"0f13658e-d45e-46f4-985e-ba56433121ce","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":204,"box":{"x":69,"y":172,"width":826,"height":11}},{"id":"e5f80c53-24e7-416c-96b4-8773507cfe98","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":204,"box":{"x":70,"y":187,"width":783,"height":11}},{"id":"6565ea68-8cb7-425c-9b58-119e9136ccb9","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active","page_number":204,"box":{"x":69,"y":202,"width":834,"height":11}},{"id":"5e86d1f3-619c-4b17-8b2c-da4203241bb0","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":204,"box":{"x":70,"y":216,"width":779,"height":12}},{"id":"a3c829c6-58ab-4854-bdfe-f132d48383fd","block_type":"box","text":"shareholder meetings.","page_number":204,"box":{"x":69,"y":232,"width":158,"height":11}},{"id":"11f7aa97-cd95-4140-a9e2-ede8cc95735d","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":204,"box":{"x":102,"y":250,"width":789,"height":11}},{"id":"9dbcca4e-6ef6-44ac-a063-a354814bf401","block_type":"box","text":"investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":204,"box":{"x":70,"y":265,"width":815,"height":11}},{"id":"10524698-27b7-49b3-9cd2-3fa2b7dc1862","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk adjusted financial returns. Generally, por tfolio managers and","page_number":204,"box":{"x":69,"y":280,"width":827,"height":11}},{"id":"4b65da49-a83f-4522-848f-a33572398754","block_type":"box","text":"stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a","page_number":204,"box":{"x":69,"y":295,"width":771,"height":11}},{"id":"bfb15f50-b6f2-4734-b147-7be4dd8bfbea","block_type":"box","text":"company’s success over time including governance and leadership, corporate strategy, capital structure and financial","page_number":204,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"b4005805-d2dd-4ee8-a056-4645f66c77de","block_type":"box","text":"per formance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector","page_number":204,"box":{"x":70,"y":324,"width":771,"height":12}},{"id":"b17e7389-b617-4516-b687-8652aef771f7","block_type":"box","text":"dynamics. We aim to be constructive investors and are generally suppor tive of management teams that have a track","page_number":204,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"5e6b9f4b-62f1-4d3d-85ba-1009f867bee1","block_type":"box","text":"record of financial value creation. We aim to build and maintain strong relationships with company leadership based","page_number":204,"box":{"x":69,"y":354,"width":826,"height":11}},{"id":"ef145425-fd6e-467a-bd37-7758c281a857","block_type":"box","text":"on open dialogue and mutual respect.","page_number":204,"box":{"x":69,"y":369,"width":269,"height":11}},{"id":"1b0708bd-6a0f-4ffa-b537-9751cd7efe1e","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":204,"box":{"x":102,"y":387,"width":780,"height":12}},{"id":"f97ba4a4-887c-4771-9c80-3e16fc643edb","block_type":"box","text":"the por tfolio manager has to make independent voting decisions aligned with their por tfolio objectives and","page_number":204,"box":{"x":68,"y":402,"width":759,"height":12}},{"id":"59d8dff6-2198-4ed8-89ed-be9bcfae87fd","block_type":"box","text":"investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity por tfolios in","page_number":204,"box":{"x":70,"y":417,"width":785,"height":12}},{"id":"d2f10e2f-7060-45ee-9bad-0de702c42ca1","block_type":"box","text":"accordance with these guidelines. We provide voting recommendations to fundamental equity por tfolio managers,","page_number":204,"box":{"x":69,"y":432,"width":809,"height":11}},{"id":"0f4d7aa8-6812-40a4-921f-bb9c752095e5","block_type":"box","text":"who may determine to vote differently based on their por tfolio investment objectives and strategy.","page_number":204,"box":{"x":68,"y":447,"width":698,"height":11}},{"id":"d5b6eb60-9188-4f9e-b6a6-cbd226867f03","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and","page_number":204,"box":{"x":101,"y":466,"width":780,"height":11}},{"id":"8fc72f37-8d90-4c8e-870b-170e505bd8a5","block_type":"box","text":"board directors","page_number":204,"box":{"x":69,"y":481,"width":107,"height":8}},{"id":"62a7c8b0-ccf9-4d0f-9a28-017f2d0f7755","block_type":"box","text":"1","page_number":204,"box":{"x":177,"y":481,"width":4,"height":4}},{"id":"991eec94-3275-4dc8-9d88-e8761a4e9a6b","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":204,"box":{"x":187,"y":481,"width":663,"height":11}},{"id":"14545ec2-4fd5-45b0-bc9a-b98e97d8c4f1","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":204,"box":{"x":68,"y":495,"width":833,"height":12}},{"id":"f17d0934-2acd-41d5-99b4-0676e4bc4bba","block_type":"box","text":"governance that suppor t a company’s ability to manage material risks and oppor tunities and deliver financial returns","page_number":204,"box":{"x":68,"y":510,"width":833,"height":12}},{"id":"0a8e61e5-11ff-4d9e-bb3b-11dfe30fbcf5","block_type":"box","text":"to investors. Generally, we believe companies should observe accepted corporate governance norms within their local","page_number":204,"box":{"x":68,"y":525,"width":839,"height":11}},{"id":"d177e212-de3f-4cbc-9873-a0e5707d65eb","block_type":"box","text":"markets or, par ticularly in markets without well-established norms, aspire to widely recognized international best","page_number":204,"box":{"x":69,"y":540,"width":802,"height":11}},{"id":"dc00b33c-0ca9-4cbb-a278-4a45765062ee","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s","page_number":204,"box":{"x":70,"y":555,"width":786,"height":11}},{"id":"86ace4b3-7c79-4f9d-81d2-13d23e8a24c6","block_type":"box","text":"strategy or its implementation. We look to companies to provide disclosures that explain how their approach to","page_number":204,"box":{"x":69,"y":570,"width":790,"height":11}},{"id":"4be6feb3-c449-486b-8ebf-68c13ff9ac19","block_type":"box","text":"corporate governance best aligns with the financial interests of their investors.","page_number":204,"box":{"x":69,"y":584,"width":559,"height":12}},{"id":"56a65d07-be71-4f29-ad4a-435c5924fc48","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":204,"box":{"x":263,"y":615,"width":451,"height":10}},{"id":"0368a1e5-b6ac-4cd5-8cc9-85a795df2eab","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have cer tain fundamental rights, including the right to","page_number":204,"box":{"x":101,"y":633,"width":799,"height":12}},{"id":"0609cbc3-6463-463c-95f4-d851fd4c3688","block_type":"box","text":"vote on proposals put for th by a company’s management or its shareholders. The voting rights attached to these","page_number":204,"box":{"x":68,"y":648,"width":806,"height":12}},{"id":"943158e7-de99-4b58-8605-1fcf23bd134f","block_type":"box","text":"clients’ holdings are an impor tant mechanism for investors to express suppor t for, or concern about, a company’s","page_number":204,"box":{"x":69,"y":663,"width":814,"height":11}},{"id":"c8e1d3e4-a938-47d0-a4f1-eec37e319f88","block_type":"box","text":"per formance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients","page_number":204,"box":{"x":70,"y":678,"width":819,"height":11}},{"id":"5bb9df08-aad3-4e3e-808d-7e3478131eca","block_type":"box","text":"who have delegated voting authority to us, in a manner that is consistent with their investment objectives.","page_number":204,"box":{"x":68,"y":693,"width":755,"height":11}},{"id":"c875515e-d499-485c-93b7-b066999b1ff3","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":204,"box":{"x":102,"y":711,"width":778,"height":12}},{"id":"e803bc5a-d664-43c3-8ec4-8b36fd769d41","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":204,"box":{"x":69,"y":727,"width":788,"height":11}},{"id":"e1fcd6b0-56f0-407a-ac86-8480db529575","block_type":"box","text":"serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting","page_number":204,"box":{"x":69,"y":741,"width":822,"height":12}},{"id":"2027647b-3871-4ff0-9261-207352872cd1","block_type":"box","text":"but consider the different corporate governance regulations and norms in various markets. Votes are determined on","page_number":204,"box":{"x":69,"y":756,"width":826,"height":11}},{"id":"6a7edd29-a79c-48c7-9ba4-ad0141813d03","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":204,"box":{"x":69,"y":771,"width":800,"height":11}},{"id":"b67d5025-88a5-494e-ae4d-d778ac99a070","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":204,"box":{"x":69,"y":786,"width":819,"height":11}},{"id":"8fb40f61-daf9-4dc2-b761-75b9c4f639e1","block_type":"box","text":"stewardship responsibilities.","page_number":204,"box":{"x":69,"y":801,"width":202,"height":11}},{"id":"2aa5a3f7-d00e-4819-ac7f-052b064ac73c","block_type":"box","text":"1","page_number":204,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"94fa4259-1745-4a76-bdf7-820fc745352e","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":204,"box":{"x":79,"y":830,"width":801,"height":11}},{"id":"7349664a-c3ab-472a-bc7a-618c5e4bb845","block_type":"box","text":"boards and their members, where relevant.","page_number":204,"box":{"x":69,"y":845,"width":306,"height":11}},{"id":"ecd33f72-4768-4a4f-a99c-1d5de867ba89","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a1088a6a-25c3-4a25-a35e-9c1712249564","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"250c7207-e3d2-42dd-ba5a-6a8ef301f6e5","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"95a8d217-cd08-4b6f-b498-6deaf8841870","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":205,"box":{"x":272,"y":45,"width":434,"height":9}},{"id":"1cf11e79-08f8-4b36-b783-319b33e14b87","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":205,"box":{"x":101,"y":63,"width":788,"height":12}},{"id":"60c22c17-6a12-4f32-832c-0704e1c95b62","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly those with sustainability objectives in","page_number":205,"box":{"x":69,"y":78,"width":808,"height":12}},{"id":"572e5c5c-d272-42b4-97b2-005f5117c841","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":205,"box":{"x":69,"y":93,"width":801,"height":12}},{"id":"efe00ba0-0e84-4dac-ba22-eccb93444820","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":205,"box":{"x":69,"y":108,"width":824,"height":11}},{"id":"c9187fe4-0070-472d-b710-050978865a94","block_type":"box","text":"listed below, engagement with fixed income investment teams can help inform an issuer’s approach to structuring","page_number":205,"box":{"x":70,"y":123,"width":813,"height":11}},{"id":"d13bdff2-26ef-4c07-8b8e-75b31a3253d8","block_type":"box","text":"specialist issuances, such as green bonds, and the standard terms and information in bond documentation.","page_number":205,"box":{"x":69,"y":138,"width":772,"height":11}},{"id":"a7d095a0-fa67-4afa-9933-d13661e63d29","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c9eeb58b-1548-4fc6-8d2b-bea851d967ad","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":205,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"97fc3e14-d5b1-4f9c-8dcf-f319adf0caf5","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d12959b-1a04-4dca-9158-1e68e1a0654b","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":206,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"7505786c-9a74-44b9-b27b-f1481f14d835","block_type":"box","text":"Roles and responsibilities","page_number":206,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"28e6fb1e-5b06-4816-b90a-d15a11920215","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":206,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"cd3423cf-2e20-4368-9117-00a5f5cd02dd","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":206,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"af274daa-188b-4942-8fd1-1be1966d68c8","block_type":"box","text":"2","page_number":206,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"defc4258-6661-4b75-9cef-e068fced39f3","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":206,"box":{"x":101,"y":119,"width":760,"height":12}},{"id":"b95d8193-d851-4822-b8b9-6e87ae413e7a","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":206,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"771490f0-7a7b-49d4-8f07-94489e212ebc","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":206,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"21fb966d-1f44-4f60-906f-8c80c6a7d385","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":206,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"d89c88e9-b0c5-402c-8036-c910428b9c31","block_type":"box","text":"per formance over time.","page_number":206,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"4b320507-55e5-4772-a3ee-eb75ba17a64d","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures","page_number":206,"box":{"x":102,"y":198,"width":795,"height":11}},{"id":"b5680cdd-b847-4dd1-ba72-52cc24b06761","block_type":"box","text":"are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":206,"box":{"x":69,"y":213,"width":669,"height":11}},{"id":"021099ae-6667-4430-b329-b94f109e5ca2","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":206,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"55632a6e-fa25-48a1-92f4-da0dc7f5b0b6","block_type":"box","text":"executive officer (CEO). In addition, the board plays a meaningful role in monitoring the per formance of the CEO and","page_number":206,"box":{"x":69,"y":246,"width":827,"height":11}},{"id":"12faecd8-722a-41f5-98eb-e714b8604894","block_type":"box","text":"other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution","page_number":206,"box":{"x":69,"y":261,"width":823,"height":11}},{"id":"291f110e-4fa0-499d-ab76-9345c624120c","block_type":"box","text":"and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":206,"box":{"x":69,"y":276,"width":669,"height":11}},{"id":"4b45d8b9-2db7-41a6-8617-7e3424bdd55e","block_type":"box","text":"Composition and effectiveness","page_number":206,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"0f2f09ba-7378-4911-b955-633e0cfcf7b9","block_type":"box","text":"Appointment process","page_number":206,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"f17f08b8-5d0f-4ec5-abe8-bb24e965accb","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":206,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"89009161-2d0d-4cd9-bf05-d998dad2ee16","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":206,"box":{"x":69,"y":350,"width":795,"height":11}},{"id":"14b49787-a4fb-4518-a3ec-6b6f86453d73","block_type":"box","text":"should determine the general criteria given the company’s circumstances (","page_number":206,"box":{"x":69,"y":365,"width":531,"height":11}},{"id":"6fc80525-0b20-4d64-8cf3-cf22282fbfd8","block_type":"box","text":"e.g.","page_number":206,"box":{"x":602,"y":367,"width":25,"height":9}},{"id":"2cf2bf62-d57e-4df7-bc94-432f7656315c","block_type":"box","text":", sector, maturity, geographic footprint)","page_number":206,"box":{"x":630,"y":365,"width":273,"height":11}},{"id":"ef7933e0-5384-4e2a-aa28-ab4ef02746ef","block_type":"box","text":"and any additional criteria for a specific role being filled (","page_number":206,"box":{"x":69,"y":380,"width":404,"height":11}},{"id":"455bb4a3-f26b-4ed8-acbc-1de66f3b7108","block_type":"box","text":"e.g.","page_number":206,"box":{"x":474,"y":381,"width":25,"height":10}},{"id":"debb2395-2c12-47a1-9db5-fab70fdac6a6","block_type":"box","text":", financial exper tise, industry track record). To inform the","page_number":206,"box":{"x":502,"y":380,"width":405,"height":11}},{"id":"11184272-11ec-4848-b39f-25cdd84c9664","block_type":"box","text":"process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and","page_number":206,"box":{"x":70,"y":395,"width":836,"height":11}},{"id":"e293cc10-6f42-4256-a9a6-ee4a9f14ac0f","block_type":"box","text":"whether a director candidate’s characteristics would be additive. We welcome disclosures that explain how the board","page_number":206,"box":{"x":68,"y":410,"width":834,"height":11}},{"id":"13e30364-9433-442b-84ea-773fee48861e","block_type":"box","text":"considered different skills, backgrounds and experience to ensure the directors collectively can be effective in","page_number":206,"box":{"x":69,"y":425,"width":785,"height":11}},{"id":"f8fb4357-2301-4961-9474-0b0f6c523825","block_type":"box","text":"fulfilling their responsibilities. We assess a company’s board composition against that of its peer group and local","page_number":206,"box":{"x":68,"y":439,"width":807,"height":12}},{"id":"58dfb170-4508-4008-b75f-49df6415d15c","block_type":"box","text":"market requirements.","page_number":206,"box":{"x":69,"y":455,"width":152,"height":10}},{"id":"dee8e58b-1ed4-4390-be70-60edf7830ebb","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote","page_number":206,"box":{"x":102,"y":473,"width":763,"height":11}},{"id":"96b9843a-b288-4b2a-874b-1755b729c676","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a","page_number":206,"box":{"x":69,"y":488,"width":772,"height":11}},{"id":"95333110-c364-4533-a0aa-8fc55c53b8c3","block_type":"box","text":"company has not demonstrated it has an appointment process that results in a high functioning board with the","page_number":206,"box":{"x":69,"y":503,"width":790,"height":11}},{"id":"626a824d-092a-4db6-85b1-2f1b3c689d20","block_type":"box","text":"appropriate complement of skills, backgrounds and experience amongst the directors to suppor t strong financial","page_number":206,"box":{"x":69,"y":517,"width":801,"height":12}},{"id":"a44fe9eb-a6ea-4f1f-99a2-5616dcfc0d34","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":206,"box":{"x":70,"y":532,"width":808,"height":12}},{"id":"e48920dc-03b8-4bfc-a825-14c324783673","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":206,"box":{"x":69,"y":547,"width":442,"height":11}},{"id":"c43b99a0-43f7-4ff4-82d3-552854106658","block_type":"box","text":"Independence","page_number":206,"box":{"x":70,"y":570,"width":99,"height":11}},{"id":"8a01c155-fd1a-4558-94d4-e14795fe8183","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":206,"box":{"x":102,"y":588,"width":642,"height":12}},{"id":"c4a10049-2c85-4388-93ca-2b44ff2507cd","block_type":"box","text":"e.g.","page_number":206,"box":{"x":746,"y":590,"width":25,"height":10}},{"id":"be4bd3ba-f066-4d75-a4f6-9375346be50d","block_type":"box","text":", government or","page_number":206,"box":{"x":773,"y":589,"width":111,"height":11}},{"id":"566c67b7-eec1-4d61-9616-bb1ed4fcfb09","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":206,"box":{"x":69,"y":603,"width":759,"height":11}},{"id":"d15778d3-1a54-4230-9ed4-b268682b9386","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":206,"box":{"x":70,"y":618,"width":826,"height":11}},{"id":"d254a511-444a-478d-a992-a5564ac67534","block_type":"box","text":"influence.","page_number":206,"box":{"x":70,"y":633,"width":66,"height":9}},{"id":"ba9adb26-5b0c-452d-9b44-bf95d69cca41","block_type":"box","text":"3","page_number":206,"box":{"x":138,"y":633,"width":4,"height":5}},{"id":"30a9395d-042e-4d6b-9746-a29decb5eccc","block_type":"box","text":"This ensures sufficient independent directors to have appropriately independent board committees.","page_number":206,"box":{"x":148,"y":633,"width":709,"height":11}},{"id":"16bf25d9-6481-4267-b3ba-24df4c270b99","block_type":"box","text":"Companies domiciled in markets with a higher threshold for board independence should meet those requirements.","page_number":206,"box":{"x":69,"y":648,"width":816,"height":11}},{"id":"0bce72f4-8f12-43e1-9a13-43d848ad1cf6","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":206,"box":{"x":101,"y":666,"width":803,"height":12}},{"id":"7205ed10-cb49-4416-871b-2a2255014b65","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":206,"box":{"x":70,"y":681,"width":748,"height":12}},{"id":"06e65bab-2124-4502-88c1-da2f00230bd9","block_type":"box","text":"composition if this is a perennial issue.","page_number":206,"box":{"x":69,"y":696,"width":280,"height":11}},{"id":"fbf71769-dc9d-4491-a042-befb69317527","block_type":"box","text":"Independent board leadership","page_number":206,"box":{"x":70,"y":719,"width":212,"height":11}},{"id":"c2eddf06-83b8-42d6-8722-ba8f1e0a6266","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":206,"box":{"x":102,"y":737,"width":784,"height":11}},{"id":"f5ed40d7-a11e-42d7-9b1e-e656aba348a2","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":206,"box":{"x":69,"y":752,"width":827,"height":11}},{"id":"595111ec-419b-43e2-9fa1-90a79d526937","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":206,"box":{"x":68,"y":767,"width":774,"height":11}},{"id":"59fc797e-be11-4d90-a328-577aa9ff0ecf","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":206,"box":{"x":69,"y":782,"width":826,"height":11}},{"id":"585b25c4-99fc-4706-a224-c0604e742200","block_type":"box","text":"2","page_number":206,"box":{"x":69,"y":811,"width":4,"height":5}},{"id":"8ca31f76-bda9-480f-8600-26fb33b5894a","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":206,"box":{"x":79,"y":811,"width":762,"height":11}},{"id":"0e1341bd-0f13-4daf-9fbf-f040b9f80ea8","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":206,"box":{"x":70,"y":826,"width":394,"height":11}},{"id":"33b15d02-3c2f-40f8-bfde-5a065e28c4ae","block_type":"box","text":"3","page_number":206,"box":{"x":69,"y":844,"width":4,"height":5}},{"id":"af56f407-da29-43c7-8c17-372abb047fef","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":206,"box":{"x":79,"y":844,"width":795,"height":11}},{"id":"22a1d71e-8398-4c8b-bb44-684019cbd449","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":206,"box":{"x":69,"y":859,"width":793,"height":11}},{"id":"81aaa845-db39-47b9-a73c-2e9b14da041a","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could,","page_number":206,"box":{"x":70,"y":874,"width":826,"height":11}},{"id":"a99ef2e5-660e-43e5-883c-49240b1234a5","block_type":"box","text":"or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests of the","page_number":206,"box":{"x":69,"y":889,"width":805,"height":11}},{"id":"283eea8c-7724-4055-a620-90b9b57fcf3b","block_type":"box","text":"company and shareholders.","page_number":206,"box":{"x":69,"y":905,"width":195,"height":10}},{"id":"b2d704e8-6d9a-43a1-9b5c-ee98522e9219","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"09cef2e4-80f1-463e-91f7-7966ad1068b7","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"ae06e92c-0cd4-46f8-8a1a-6f9954eba824","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa7ed261-73e3-4d4b-b7bd-df79fa43c39c","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":207,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"af27046a-3f1f-41e9-88b0-1cc4343420cc","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":207,"box":{"x":69,"y":59,"width":823,"height":12}},{"id":"007e9dd2-6ab7-471e-b8bc-c6629fcfff58","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":207,"box":{"x":68,"y":74,"width":839,"height":12}},{"id":"2ff15a53-c3f0-4785-9f89-ccb3c92febc4","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their independent board leadership","page_number":207,"box":{"x":69,"y":89,"width":830,"height":11}},{"id":"0c710437-8333-4036-b053-f5cf07f4c1ff","block_type":"box","text":"model and how it serves the interests of shareholders.","page_number":207,"box":{"x":69,"y":104,"width":391,"height":9}},{"id":"40dc9b9c-e1b1-4262-9bcb-fb91d6441141","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":207,"box":{"x":101,"y":123,"width":798,"height":11}},{"id":"f04af355-0a2d-4818-b55e-b819e035af13","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":207,"box":{"x":69,"y":138,"width":831,"height":11}},{"id":"2d4af2f0-b8d0-47e2-b19a-221f9e2b8d84","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":207,"box":{"x":68,"y":152,"width":691,"height":12}},{"id":"66fd888d-e96a-45da-8e73-6fb8cd0a4394","block_type":"box","text":"Tenure and succession","page_number":207,"box":{"x":70,"y":175,"width":162,"height":9}},{"id":"d6a44450-9e7a-4992-bdb4-ae7413a924fd","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":207,"box":{"x":102,"y":193,"width":783,"height":12}},{"id":"a9ccaa32-4f3c-4c65-961c-0c8c9b84c02a","block_type":"box","text":"norms where those exist. In such markets, we find it helpful when companies disclose their approach to director","page_number":207,"box":{"x":69,"y":208,"width":802,"height":11}},{"id":"10a9a877-10a9-474d-8809-76db19971132","block_type":"box","text":"tenure par ticularly around the contributions of directors who have served for longer periods than provided for in local","page_number":207,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"ca713ae0-b518-456a-82c6-187b067d6c89","block_type":"box","text":"practices. In our experience, long-serving directors could become less independent given their relationship with","page_number":207,"box":{"x":70,"y":238,"width":790,"height":11}},{"id":"6585c586-d3a7-4f01-afbd-46433fe6238e","block_type":"box","text":"management and involvement in past board decisions.","page_number":207,"box":{"x":69,"y":253,"width":389,"height":11}},{"id":"52729e2b-b4ff-4a25-aca2-220f8aa691fa","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":207,"box":{"x":102,"y":272,"width":779,"height":11}},{"id":"52d01d63-b1fd-40ff-b969-5e1743156829","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":207,"box":{"x":68,"y":286,"width":777,"height":12}},{"id":"c0c484c5-2b75-4738-a6c4-701636265cd4","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":207,"box":{"x":69,"y":301,"width":528,"height":12}},{"id":"1b30cf55-9be7-4b0f-b975-465210e460cf","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":207,"box":{"x":102,"y":320,"width":796,"height":11}},{"id":"8d4b9000-824c-48d8-8202-2271350af443","block_type":"box","text":"the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and","page_number":207,"box":{"x":68,"y":335,"width":819,"height":11}},{"id":"981dd8b1-550a-452e-b26d-21527c5bf6c2","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":207,"box":{"x":69,"y":350,"width":797,"height":11}},{"id":"1cc59ca1-6bc8-4cf0-add9-1bf1eb9c9fac","block_type":"box","text":"markets with specific guidance, where the case for their continued service is not evident.","page_number":207,"box":{"x":69,"y":365,"width":635,"height":11}},{"id":"f718f08a-d7f9-4b94-9793-a127cd3b13fe","block_type":"box","text":"Capacity","page_number":207,"box":{"x":70,"y":387,"width":60,"height":11}},{"id":"dd8f1c36-ec03-4d86-895c-6c6849911edc","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should","page_number":207,"box":{"x":101,"y":406,"width":772,"height":11}},{"id":"d80baea0-0854-4bea-b5f3-0fce5254f04c","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":207,"box":{"x":69,"y":420,"width":810,"height":12}},{"id":"344e255e-80ff-4d6b-bcb6-4aee33623954","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in","page_number":207,"box":{"x":69,"y":436,"width":756,"height":11}},{"id":"899c1d6c-8819-440d-8890-9cad1ec3f43f","block_type":"box","text":"responsibilities and required time commitment but note that they are generally more intensive than a standard","page_number":207,"box":{"x":69,"y":450,"width":788,"height":12}},{"id":"94153328-764b-4dd3-9ecd-caf533345970","block_type":"box","text":"directorship. We will take local norms and practices into consideration when making our voting determinations across","page_number":207,"box":{"x":69,"y":465,"width":837,"height":11}},{"id":"ce8d29b8-4074-4072-92e1-3d6d370b0d8c","block_type":"box","text":"markets.","page_number":207,"box":{"x":69,"y":480,"width":61,"height":9}},{"id":"97ae5127-c97e-4d9d-bca6-7bde52ea9375","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":207,"box":{"x":101,"y":499,"width":772,"height":11}},{"id":"d708f204-93cd-4615-adba-d990f0cd26f4","block_type":"box","text":"their duties to the board and company.","page_number":207,"box":{"x":68,"y":514,"width":275,"height":11}},{"id":"7f75e4b1-9dc0-49a8-aa26-2f389bb7ea22","block_type":"box","text":"Director elections","page_number":207,"box":{"x":70,"y":536,"width":124,"height":9}},{"id":"a8447deb-e9db-4b00-b9d4-812f783deb49","block_type":"box","text":"In suppor t of director accountability to shareholders, directors should stand for election on a regular basis,","page_number":207,"box":{"x":102,"y":555,"width":761,"height":11}},{"id":"aa0cb74d-c918-4deb-bf64-295f564cae94","block_type":"box","text":"ideally annually. A classified board structure may be justified by a company when it needs consistency and stability","page_number":207,"box":{"x":70,"y":569,"width":817,"height":12}},{"id":"1c08099b-54cb-4c90-94bc-4ae5d13d4986","block_type":"box","text":"during a time of transition, or on the basis of its business model,","page_number":207,"box":{"x":69,"y":584,"width":463,"height":12}},{"id":"a2a25990-1402-4e80-b487-66b65a0b7468","block_type":"box","text":"e.g.","page_number":207,"box":{"x":540,"y":586,"width":24,"height":10}},{"id":"eac99c74-af1c-44bd-bfa7-85d548c09cf4","block_type":"box","text":", a non-operating company such as closed-end","page_number":207,"box":{"x":567,"y":585,"width":328,"height":11}},{"id":"f74d77d5-c00b-4a01-b892-1da5d32177bb","block_type":"box","text":"funds.","page_number":207,"box":{"x":68,"y":599,"width":43,"height":9}},{"id":"4cb277e4-33ae-4214-8dcc-606daa935d4a","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":207,"box":{"x":102,"y":618,"width":774,"height":11}},{"id":"d502c980-2504-4f18-a77e-36c39a5c8cb7","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":207,"box":{"x":69,"y":633,"width":770,"height":11}},{"id":"b39b526b-5a27-476d-93a1-ac14b6a5543e","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will not suppor t the election of directors whose names","page_number":207,"box":{"x":69,"y":647,"width":830,"height":12}},{"id":"1605d4b7-3861-40eb-875b-3b3764c1c532","block_type":"box","text":"and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":207,"box":{"x":69,"y":662,"width":713,"height":12}},{"id":"e172b443-95df-4f67-a0fe-5444cd6cb6b9","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":207,"box":{"x":102,"y":681,"width":743,"height":11}},{"id":"84ce8792-d7c8-43bb-a009-0ca1ed5f5ed4","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":207,"box":{"x":69,"y":696,"width":823,"height":11}},{"id":"3c735134-0798-4079-9e5b-87af4969b0f6","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":207,"box":{"x":68,"y":711,"width":377,"height":11}},{"id":"cfaff448-4534-465b-a8bc-d404bdd077f0","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":207,"box":{"x":101,"y":729,"width":798,"height":12}},{"id":"0e64a76e-b495-4c03-a4c2-54a8529b027f","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":207,"box":{"x":69,"y":744,"width":822,"height":12}},{"id":"5cc92307-a146-4dd4-b86e-b3b999a324b8","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":207,"box":{"x":70,"y":759,"width":706,"height":11}},{"id":"04d88d2c-5aeb-4637-a473-fa674bdfdef4","block_type":"box","text":"Committees","page_number":207,"box":{"x":70,"y":782,"width":84,"height":9}},{"id":"5b34e286-cd08-4827-91fb-c780920fc6f5","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":207,"box":{"x":102,"y":800,"width":766,"height":11}},{"id":"29e5dac9-fde6-4ade-b65e-3a4deec0d2ef","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":207,"box":{"x":68,"y":815,"width":776,"height":11}},{"id":"9d06981e-1f95-4871-8b06-003805253e71","block_type":"box","text":"companies what committees they should establish but we seek to understand the board’s rationale for the","page_number":207,"box":{"x":69,"y":830,"width":762,"height":11}},{"id":"b60c54b4-e033-41a9-9e88-ebcbb55bb4c2","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":207,"box":{"x":69,"y":845,"width":759,"height":11}},{"id":"e05d1404-98ad-4ccc-96f0-e57139392b37","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":207,"box":{"x":69,"y":860,"width":804,"height":11}},{"id":"89b2f049-493d-4645-84b2-289b86b988ac","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":207,"box":{"x":69,"y":874,"width":834,"height":12}},{"id":"69630364-0e50-4dcd-80c2-b99a54359259","block_type":"box","text":"the structure, membership, propor tion of independent directors, and responsibilities of each committee. The","page_number":207,"box":{"x":68,"y":889,"width":776,"height":11}},{"id":"28fa1832-92c8-40ae-a049-623d259fef9d","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":207,"box":{"x":69,"y":904,"width":636,"height":12}},{"id":"0438fc10-26b3-4ab1-be48-73b143a55736","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"16105743-51bf-4260-9381-de24fa9583e4","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":207,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"525e40c3-9a3d-4e9a-9dcc-4eaa03a9e3bc","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31ad059f-00a7-4d72-abb5-5f9c11b44bb2","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"163fe113-f74d-4407-a04e-1549111759ab","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":208,"box":{"x":101,"y":45,"width":722,"height":11}},{"id":"e6dddb5c-5612-405d-8208-eb14e7e13d6c","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":208,"box":{"x":101,"y":60,"width":771,"height":11}},{"id":"6a6525a0-c1e5-4098-be7e-58176ce18b27","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":208,"box":{"x":102,"y":74,"width":335,"height":12}},{"id":"0a1af4a3-900d-4c9b-8758-824470086136","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":95,"width":6,"height":4}},{"id":"0a228be0-35ba-4167-bf99-599d88b31054","block_type":"box","text":"Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":208,"box":{"x":102,"y":92,"width":802,"height":11}},{"id":"3d84108c-f72c-4d17-b156-fe39f1cb3064","block_type":"box","text":"including the periodic review of board per formance; responsible for succession planning for CEO and key board","page_number":208,"box":{"x":102,"y":107,"width":791,"height":11}},{"id":"00727cdf-d03b-4cc3-ac15-a8609a45f876","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":208,"box":{"x":102,"y":121,"width":781,"height":12}},{"id":"55524aae-4263-41fd-9f70-44ba12ba15a3","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":208,"box":{"x":102,"y":137,"width":459,"height":11}},{"id":"1a96b63c-f08b-4760-a274-3986fc061f67","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":157,"width":6,"height":4}},{"id":"12ff2560-4240-4686-a89e-bc4ac4b61931","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":208,"box":{"x":102,"y":154,"width":796,"height":11}},{"id":"d9a1cfbd-7704-41b1-93d2-d92541fc6d41","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":208,"box":{"x":102,"y":169,"width":793,"height":11}},{"id":"21c53f74-1024-4e56-bcf8-53cde7dd75b6","block_type":"box","text":"firm-wide compensation policies.","page_number":208,"box":{"x":101,"y":183,"width":232,"height":11}},{"id":"f3874342-f8cf-4fab-8192-4017d0470fa9","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":208,"box":{"x":101,"y":202,"width":807,"height":11}},{"id":"6c167e34-e5a7-4fba-8b52-a1a0179aa7ce","block_type":"box","text":"to convey our concerns and provide feedback on how a committee has under taken its responsibilities. We may vote","page_number":208,"box":{"x":68,"y":217,"width":825,"height":11}},{"id":"6a67e618-92b5-4ac9-a9ef-020b5d9a9d4d","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":208,"box":{"x":69,"y":232,"width":808,"height":11}},{"id":"5ba4019c-6434-4601-9724-a2484f95c6bc","block_type":"box","text":"committees.","page_number":208,"box":{"x":69,"y":247,"width":86,"height":9}},{"id":"404e04e2-4442-46ee-96a8-bbe0b0398074","block_type":"box","text":"Board and director evaluation","page_number":208,"box":{"x":70,"y":269,"width":209,"height":9}},{"id":"8718a8ea-a8f1-4292-9a38-be3b99072744","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":208,"box":{"x":101,"y":288,"width":776,"height":11}},{"id":"fad9f350-4a57-4b7b-b0a1-721e425433fb","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":208,"box":{"x":69,"y":303,"width":825,"height":11}},{"id":"4bda0243-d805-49fa-8f1e-cee2a836a738","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":208,"box":{"x":70,"y":317,"width":831,"height":12}},{"id":"0691d912-3c31-4b79-9a71-68f56ba9f60d","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":208,"box":{"x":69,"y":332,"width":821,"height":12}},{"id":"c2808ba8-ef71-4cbe-a8c4-d2f658dd5941","block_type":"box","text":"result.","page_number":208,"box":{"x":69,"y":347,"width":43,"height":9}},{"id":"576336cb-4d4b-4856-aa96-2cfb70001cfa","block_type":"box","text":"Access to independent advice","page_number":208,"box":{"x":68,"y":370,"width":214,"height":11}},{"id":"85bb20da-00b5-4133-af83-51e14cac5120","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":208,"box":{"x":101,"y":388,"width":786,"height":12}},{"id":"3c6c3e51-7d67-4fd8-83c8-410bcc216de7","block_type":"box","text":"access to independent advice. When circumstances warrant, boards should be able to retain independent third","page_number":208,"box":{"x":69,"y":403,"width":791,"height":11}},{"id":"5a49ba37-ad3f-4a57-93e5-a6c4bdf4b92f","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":208,"box":{"x":70,"y":418,"width":770,"height":11}},{"id":"28eeb1ac-68c9-41b1-a47b-2327b27d0bb0","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":208,"box":{"x":69,"y":433,"width":746,"height":11}},{"id":"6751aec7-5df2-4ba6-bcaa-3bfad12ac577","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":208,"box":{"x":70,"y":448,"width":793,"height":11}},{"id":"f7630a4e-925c-4631-a58c-b74d31ad5342","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":208,"box":{"x":69,"y":463,"width":524,"height":11}},{"id":"75649880-ba52-40ae-846d-60c604a2dfa4","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":208,"box":{"x":385,"y":493,"width":207,"height":9}},{"id":"18c2cb68-19e0-4619-ace6-1ee773386cbf","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the","page_number":208,"box":{"x":102,"y":512,"width":795,"height":11}},{"id":"449136e5-7a4b-4a2a-99ad-a4f5bb24050f","block_type":"box","text":"caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":208,"box":{"x":69,"y":526,"width":807,"height":12}},{"id":"f0fcfcfe-bee3-4a26-8385-a4beeaa68617","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial per formance.","page_number":208,"box":{"x":69,"y":541,"width":683,"height":11}},{"id":"365cef47-e46d-428c-a824-8860a2f2ddef","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":208,"box":{"x":102,"y":560,"width":805,"height":11}},{"id":"1472e447-8102-44e2-a346-df732cda10d7","block_type":"box","text":"per formance against shor t-term metrics, share-based incentives that reward per formance against long-term metrics,","page_number":208,"box":{"x":70,"y":575,"width":830,"height":11}},{"id":"7db010f1-d9ec-45a0-a19f-ff06136cdc23","block_type":"box","text":"and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":208,"box":{"x":69,"y":590,"width":826,"height":11}},{"id":"7c50e8e7-6145-43e9-ad98-fb10031ee925","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":208,"box":{"x":69,"y":605,"width":813,"height":11}},{"id":"c3814395-b9f4-476c-9bde-e74d343f26a4","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":208,"box":{"x":68,"y":620,"width":770,"height":11}},{"id":"7ce90c1a-51ed-4dd2-8b30-c9474d5c5e47","block_type":"box","text":"motivate.","page_number":208,"box":{"x":69,"y":634,"width":64,"height":9}},{"id":"1dc8b57c-2b8c-45f2-a798-ec46592244e6","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":208,"box":{"x":102,"y":653,"width":739,"height":11}},{"id":"3fafce89-ba7a-483d-9562-f6da1137923a","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":208,"box":{"x":69,"y":668,"width":831,"height":11}},{"id":"02605152-185c-4063-bbf1-4c5b5057581f","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":208,"box":{"x":69,"y":682,"width":737,"height":11}},{"id":"3a15bbda-afc3-4c1b-bab7-0ef50cfed657","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":208,"box":{"x":69,"y":697,"width":741,"height":12}},{"id":"2a1c432c-8ba2-4610-8be1-c96dccf1b3c0","block_type":"box","text":"arrangements include:","page_number":208,"box":{"x":69,"y":712,"width":157,"height":12}},{"id":"9f0b5d8e-6c50-4d5d-8cbb-5f62d6ccfc16","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":733,"width":6,"height":4}},{"id":"0b4be822-fdae-4213-8842-019975197413","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":208,"box":{"x":102,"y":730,"width":783,"height":11}},{"id":"624a6363-7373-4d83-8464-741a034111fa","block_type":"box","text":"the company’s size, sector and market.","page_number":208,"box":{"x":101,"y":745,"width":280,"height":11}},{"id":"9797386a-8983-419d-9e49-e690b929c760","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":765,"width":6,"height":4}},{"id":"45bb5916-c0a0-44bd-9708-a60be43990b0","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":208,"box":{"x":101,"y":762,"width":752,"height":11}},{"id":"bc934d7d-cd56-4c9d-b7d8-a18a886125bd","block_type":"box","text":"strategic objectives.","page_number":208,"box":{"x":102,"y":777,"width":140,"height":11}},{"id":"ccdc06d5-0093-4fee-b0d3-2ff051e79636","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":797,"width":6,"height":5}},{"id":"d8c97b88-0a2a-417b-a5fa-7d99a227172d","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":208,"box":{"x":102,"y":794,"width":609,"height":11}},{"id":"68cdc6e9-275b-46b6-9f1f-39ac2f0997a7","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":814,"width":6,"height":5}},{"id":"43cea11b-31c1-45d7-bab7-51500ccbedc0","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":208,"box":{"x":101,"y":811,"width":784,"height":12}},{"id":"d3238c3d-b550-4f30-b12b-e8ce6465b1f9","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":208,"box":{"x":101,"y":826,"width":790,"height":12}},{"id":"b0bdde22-2a82-41f8-92c7-e4bef8ddacb6","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":847,"width":6,"height":4}},{"id":"9b1d2c8d-f674-4a7f-b553-49821b4d94c4","block_type":"box","text":"Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":208,"box":{"x":102,"y":844,"width":630,"height":11}},{"id":"722a3feb-08b6-4488-bbe7-c1d7bafbe9ae","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":864,"width":6,"height":5}},{"id":"636f7a81-a2c0-421d-8190-736f0fd71c5a","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":208,"box":{"x":102,"y":861,"width":735,"height":11}},{"id":"514f64fb-1600-40d3-ab75-b62e8ee0e61b","block_type":"box","text":"transparently.","page_number":208,"box":{"x":101,"y":876,"width":95,"height":11}},{"id":"d091e32f-6e2e-4b70-87b2-bcf5fc8dde42","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":896,"width":6,"height":5}},{"id":"63ec9389-a11f-4f99-8c9c-2cb4e2cddd22","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":208,"box":{"x":101,"y":893,"width":798,"height":12}},{"id":"708001f6-9133-41b5-99f6-5ba3217b9545","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":208,"box":{"x":101,"y":908,"width":477,"height":11}},{"id":"7c90d808-8b32-4391-8e96-6040e0da7ae7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9cb42e13-f953-4494-9eca-f5f9d74f6747","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":208,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"e7f21d38-909e-443b-b272-b66dfb20cc44","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6f0b4e9c-5e89-4fc4-96bc-7abf9cf5edb6","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"9c86f930-cd58-4794-aed0-95102504a354","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":209,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"c4af77db-aeab-4f63-8db9-d1d21318cd7e","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":65,"width":6,"height":4}},{"id":"736abb94-f52f-4abd-b1f5-a9149c0c47ea","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":209,"box":{"x":102,"y":62,"width":747,"height":11}},{"id":"51c2f42f-2d36-433b-bf79-fd421469576c","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":209,"box":{"x":102,"y":77,"width":733,"height":11}},{"id":"28f0404b-165b-418c-bae8-4063da5d2383","block_type":"box","text":"misconduct.","page_number":209,"box":{"x":102,"y":92,"width":84,"height":9}},{"id":"b5d37ba0-a5d2-4a87-bdb2-af7ee29e56b0","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":112,"width":6,"height":5}},{"id":"a79dbe92-6fbf-45c7-aad4-ebe62ea3f7f3","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":209,"box":{"x":102,"y":109,"width":738,"height":11}},{"id":"13b79848-ea95-4319-bd29-0acc7edf41d1","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":209,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"4a6f5875-3fd9-44c0-8fb5-a1c20853a8c8","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":209,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"f0fadd7c-2508-4504-ba8e-9b73aa46868d","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":209,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"61b23547-5cfe-45d8-8ce0-c26110ac5af2","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":209,"box":{"x":69,"y":172,"width":775,"height":12}},{"id":"48d12ce1-e91b-4491-8c21-48b0ff60129d","block_type":"box","text":"committee, or the most senior independent director.","page_number":209,"box":{"x":69,"y":187,"width":371,"height":11}},{"id":"184b5e3a-7178-4954-87d0-ce1e4710587d","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":209,"box":{"x":326,"y":217,"width":325,"height":9}},{"id":"ad001636-ba3e-40a4-894c-4570c6037944","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":209,"box":{"x":102,"y":236,"width":785,"height":11}},{"id":"df229ccc-7e1d-4b0a-b9b8-74d0f0bbb549","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":209,"box":{"x":68,"y":251,"width":831,"height":11}},{"id":"19cca262-6d5c-44d0-8eaa-a85d1fa85ea6","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":209,"box":{"x":69,"y":266,"width":825,"height":11}},{"id":"b81b0b30-3495-4308-acb0-bf9c2a650c87","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":209,"box":{"x":69,"y":281,"width":668,"height":11}},{"id":"1c6d978b-95a0-4259-b156-657a69460cd1","block_type":"box","text":"CAPITAL STRUCTURE","page_number":209,"box":{"x":411,"y":311,"width":156,"height":9}},{"id":"d64307b6-a7e3-4c59-a567-49480af0ef15","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":209,"box":{"x":102,"y":330,"width":800,"height":11}},{"id":"2799014f-57f5-4146-a276-39abb3dc68c8","block_type":"box","text":"appropriate capital allocation and management in suppor t of long-term financial resilience.","page_number":209,"box":{"x":69,"y":344,"width":645,"height":12}},{"id":"ec3063a0-52ed-4d0b-bf09-eae42df91ff2","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":209,"box":{"x":101,"y":363,"width":776,"height":11}},{"id":"2bc5507e-e2e0-41cb-955b-d71184106c6c","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":209,"box":{"x":68,"y":378,"width":803,"height":11}},{"id":"492f852e-f264-455f-a1f9-5c4fa181766a","block_type":"box","text":"capital-related authorities or the election of the most senior independent director if we have concerns about a","page_number":209,"box":{"x":69,"y":393,"width":781,"height":11}},{"id":"29f722b3-fe9f-46b0-820e-dd18a06b9284","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":209,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"1dd9f2cc-cb11-477e-b905-ab80803e8d4f","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":209,"box":{"x":68,"y":423,"width":336,"height":11}},{"id":"72eef6fd-40e6-4e05-aec2-dc317c6bf239","block_type":"box","text":"Share issuance","page_number":209,"box":{"x":68,"y":445,"width":111,"height":9}},{"id":"4c578238-b38a-4955-b297-fd7b6a93a915","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":209,"box":{"x":101,"y":464,"width":776,"height":11}},{"id":"66d9bea4-a2f7-4cb6-b40e-90e4c72480c2","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights.","page_number":209,"box":{"x":69,"y":479,"width":804,"height":11}},{"id":"c38d22fd-2662-4152-9102-92e7e4f888c9","block_type":"box","text":"Companies should seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":209,"box":{"x":69,"y":493,"width":813,"height":12}},{"id":"f1bbe315-971b-4e2a-b661-898306fc2d94","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":209,"box":{"x":70,"y":508,"width":787,"height":11}},{"id":"4c5fc911-4563-4154-b596-9ddd3bacad0f","block_type":"box","text":"Share buybacks","page_number":209,"box":{"x":68,"y":531,"width":116,"height":11}},{"id":"bef5d3a9-e02e-4bcb-9758-a3530a1bc9e0","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":209,"box":{"x":101,"y":549,"width":806,"height":12}},{"id":"9eedc07e-ec3b-4879-8bcf-eeb131211d68","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":209,"box":{"x":69,"y":564,"width":823,"height":11}},{"id":"a3f786f9-de11-4e0b-8b62-1f9b67e291b6","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":209,"box":{"x":68,"y":579,"width":836,"height":11}},{"id":"da5ef2e2-20ea-4e4f-afd9-3a462e920329","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":209,"box":{"x":69,"y":594,"width":830,"height":11}},{"id":"afd8789a-4d59-4eca-ac0c-78164b6ca074","block_type":"box","text":"relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take","page_number":209,"box":{"x":69,"y":609,"width":821,"height":11}},{"id":"5b0ec3a9-57ed-4ebc-a161-6b56d7c21ddf","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":209,"box":{"x":70,"y":624,"width":802,"height":11}},{"id":"506b677a-5fd6-4605-8a99-e36b5669b599","block_type":"box","text":"market environment.","page_number":209,"box":{"x":69,"y":639,"width":145,"height":8}},{"id":"80222b87-066e-4d9a-86d5-840fc04152a0","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as","page_number":209,"box":{"x":101,"y":657,"width":756,"height":11}},{"id":"17e926c8-9ea9-435c-b6bf-51a7d09a6a21","block_type":"box","text":"treasury shares, management should provide a detailed rationale in the context of the disclosed capital management","page_number":209,"box":{"x":68,"y":672,"width":839,"height":11}},{"id":"7d606fcc-d2dc-4959-bd6e-46dfeb6f667b","block_type":"box","text":"strategy.","page_number":209,"box":{"x":69,"y":688,"width":58,"height":10}},{"id":"e2487df8-3f70-4326-80ed-dad861abc3d6","block_type":"box","text":"Dividends","page_number":209,"box":{"x":69,"y":709,"width":69,"height":9}},{"id":"b399bba1-e675-47ae-8331-49b2e90ead56","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":209,"box":{"x":101,"y":728,"width":799,"height":11}},{"id":"5fa35b84-7b56-4643-b680-891b084aa81d","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":209,"box":{"x":68,"y":743,"width":604,"height":11}},{"id":"f051c5ce-7a18-4f4f-87b2-a8c3d493f5e3","block_type":"box","text":"Differentiated voting rights","page_number":209,"box":{"x":69,"y":765,"width":196,"height":11}},{"id":"c184f550-048d-47d8-ad2a-8150536459f5","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":209,"box":{"x":101,"y":784,"width":750,"height":11}},{"id":"0b2d3b47-fe92-4c8f-ad2d-0475c76eff1d","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":209,"box":{"x":69,"y":799,"width":740,"height":11}},{"id":"323855eb-c787-4e3b-9c2a-4e33edebb101","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":209,"box":{"x":69,"y":813,"width":819,"height":12}},{"id":"a1886cd4-85ba-48ee-b29a-4113d1df6d86","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":209,"box":{"x":69,"y":828,"width":456,"height":11}},{"id":"954927b3-a5af-43ce-8db6-add4c60aa01d","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":209,"box":{"x":332,"y":858,"width":314,"height":9}},{"id":"6a48c636-3c06-4fd4-9db0-d136209cf66f","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":209,"box":{"x":101,"y":878,"width":743,"height":10}},{"id":"bd9b5db0-4c3b-4322-999b-10e2cc1aad7e","block_type":"box","text":"analyses of proposals.","page_number":209,"box":{"x":69,"y":892,"width":159,"height":11}},{"id":"1618f653-986b-47e7-9c09-849b1c68cc90","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a723a32f-057e-4423-9675-48d069b0aa24","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":209,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"9ea1107f-8565-4972-a3c3-2cfbb098c871","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a37b91b-63d5-4391-a942-2423c0178ba3","block_type":"box","text":"Mergers and acquisitions","page_number":210,"box":{"x":69,"y":45,"width":184,"height":11}},{"id":"3d06ca0d-9808-43cb-91cf-49f12c339228","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":210,"box":{"x":101,"y":63,"width":775,"height":12}},{"id":"2135efa6-f8be-41db-872f-6f3e642eaa37","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":210,"box":{"x":69,"y":78,"width":797,"height":11}},{"id":"07066239-14bd-46b7-af00-29fc8616a3b1","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":210,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"606c45b8-c214-4715-bbfb-27716235eaa1","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board should consider establishing","page_number":210,"box":{"x":68,"y":108,"width":835,"height":11}},{"id":"ba02cb19-f5c4-4ad6-8182-e43ee428baa7","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":210,"box":{"x":69,"y":123,"width":827,"height":11}},{"id":"83b1edad-c476-430e-a875-9de756d7b14f","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":210,"box":{"x":69,"y":138,"width":400,"height":11}},{"id":"68db19b7-d1e8-489c-9759-e926785728cb","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":210,"box":{"x":101,"y":156,"width":749,"height":12}},{"id":"1d2366bf-b3dd-49ce-8d72-d8201883dc4a","block_type":"box","text":"Anti-takeover defenses","page_number":210,"box":{"x":68,"y":179,"width":167,"height":9}},{"id":"0b494e47-e45a-4661-a85b-4e968ad28234","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":210,"box":{"x":102,"y":197,"width":727,"height":12}},{"id":"b4aaabab-7810-46fd-ae7e-1292367285cd","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":210,"box":{"x":69,"y":212,"width":766,"height":11}},{"id":"ca35a1dc-f03c-4414-b4af-7552e9fa983b","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":210,"box":{"x":69,"y":227,"width":763,"height":11}},{"id":"240e298f-110f-4595-af76-28d462ed8f13","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":210,"box":{"x":69,"y":242,"width":821,"height":11}},{"id":"ff22fc07-4264-48f8-99af-b317ff400cc3","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":210,"box":{"x":69,"y":257,"width":799,"height":11}},{"id":"aef791aa-e26f-4b3d-86d7-12ffbb957cdb","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":210,"box":{"x":70,"y":272,"width":836,"height":10}},{"id":"d5ac15b8-1fe6-4d6a-9453-11863e0afa29","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":210,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"26310494-4695-4523-88ce-ebaa9616238b","block_type":"box","text":"expected to be in place for more than 12 months.","page_number":210,"box":{"x":69,"y":301,"width":353,"height":11}},{"id":"2bbf54a1-020d-4963-8a21-09fc60eed460","block_type":"box","text":"Shareholder activism","page_number":210,"box":{"x":68,"y":324,"width":153,"height":9}},{"id":"b41b6ea3-30ed-4b65-8932-a2b8c5642aee","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their","page_number":210,"box":{"x":101,"y":342,"width":777,"height":12}},{"id":"8e5cc51a-76fe-4c6f-96d2-c356581a9de9","block_type":"box","text":"analysis and objectives, once they have gone public. We will also engage with company management and possibly","page_number":210,"box":{"x":69,"y":358,"width":812,"height":11}},{"id":"2a84c0a6-93ff-439c-9867-de96e7a8107d","block_type":"box","text":"board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":210,"box":{"x":69,"y":372,"width":805,"height":11}},{"id":"513ccb35-b345-4bf4-b23a-5d10653ab7d9","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":210,"box":{"x":68,"y":387,"width":816,"height":11}},{"id":"049e5bfd-ea3f-4838-985e-773c81aded00","block_type":"box","text":"management’s plans; and the qualifications of each par ty’s candidates. We evaluate each contested situation by","page_number":210,"box":{"x":69,"y":402,"width":807,"height":11}},{"id":"484bbb16-de01-40cd-8350-60452354d5f1","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":210,"box":{"x":69,"y":417,"width":586,"height":11}},{"id":"40e3f565-314d-442e-92a8-981ca100100a","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if the activist has demonstrated that their","page_number":210,"box":{"x":101,"y":435,"width":806,"height":12}},{"id":"f942157d-4217-41c9-9559-90d5574e2a46","block_type":"box","text":"case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant","page_number":210,"box":{"x":69,"y":450,"width":816,"height":12}},{"id":"0ab4df37-745a-4cda-ace3-1478530136e2","block_type":"box","text":"skills and exper tise or have a poor track record of protecting shareholders’ interests.","page_number":210,"box":{"x":69,"y":465,"width":606,"height":11}},{"id":"ca288df9-df3a-412f-bec6-e70979ac0f25","block_type":"box","text":"Significant shareholders and related party transactions","page_number":210,"box":{"x":68,"y":488,"width":403,"height":11}},{"id":"dc99130a-d85c-41b1-af74-dbb3d996d564","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests","page_number":210,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"7ab87bb5-c887-4921-8262-192d9790cb8c","block_type":"box","text":"of all shareholders are given equitable consideration.","page_number":210,"box":{"x":69,"y":521,"width":377,"height":11}},{"id":"40655bbc-2689-4381-ac70-9eb673552a44","block_type":"box","text":"Transactions with related par ties, such as significant shareholders or companies connected with the public","page_number":210,"box":{"x":101,"y":540,"width":764,"height":11}},{"id":"f765928e-6fc4-4f7a-a0a1-58e7dee2adf9","block_type":"box","text":"company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed","page_number":210,"box":{"x":69,"y":555,"width":821,"height":11}},{"id":"dd73ec8c-e3af-41ba-91fe-3ba0aa261bb0","block_type":"box","text":"with a non-related par ty. Such transactions should be reviewed and approved by the independent members of the","page_number":210,"box":{"x":68,"y":569,"width":809,"height":12}},{"id":"11bddd2f-ff34-48f7-b26b-c85ba10e4dcc","block_type":"box","text":"board, and if voted on, only disinterested shareholders should vote.","page_number":210,"box":{"x":69,"y":584,"width":481,"height":11}},{"id":"e998d8e4-fcc3-4537-998a-def1e182136f","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":210,"box":{"x":274,"y":614,"width":430,"height":11}},{"id":"16f14cf7-1998-4ca6-aac8-628d243cfc89","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":210,"box":{"x":102,"y":633,"width":796,"height":11}},{"id":"e8224ffc-6e89-4c09-9e17-7233bf6062a3","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":210,"box":{"x":70,"y":648,"width":795,"height":11}},{"id":"395e2f4f-3249-4f85-a320-1baeb6db5e4f","block_type":"box","text":"potential for the company to create shareholder value over time. The board should oversee corporate repor ting and","page_number":210,"box":{"x":70,"y":663,"width":819,"height":11}},{"id":"356e6548-b1f3-408f-96e5-e136c9c941d6","block_type":"box","text":"the policies and procedures underpinning the internal audit function and external audit.","page_number":210,"box":{"x":68,"y":678,"width":621,"height":11}},{"id":"ec27689e-b367-4c83-8078-519837119e19","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors and other stakeholders","page_number":210,"box":{"x":101,"y":696,"width":794,"height":12}},{"id":"f91ec128-6c0d-46f9-a1fe-be64e5f3b40f","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":210,"box":{"x":69,"y":711,"width":819,"height":11}},{"id":"38a64e0d-22c4-4d4c-9379-bb7215076f78","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":210,"box":{"x":69,"y":726,"width":752,"height":11}},{"id":"ab7bdb59-6522-4cf2-9fb2-86172ca0f4e7","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":210,"box":{"x":69,"y":741,"width":817,"height":11}},{"id":"f225ea97-2efc-4b77-ac18-d537e44971da","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":210,"box":{"x":70,"y":756,"width":771,"height":11}},{"id":"b63fe281-d36f-4dd9-8878-1be87debee70","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":210,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"7f0213e5-72a7-482f-a916-79c6b6c4d9e0","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":210,"box":{"x":69,"y":786,"width":788,"height":11}},{"id":"7c404a91-328e-45eb-8491-eb6028d913f8","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":210,"box":{"x":102,"y":804,"width":739,"height":11}},{"id":"5806b9db-cb23-4be0-b480-5f9a78281e80","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial","page_number":210,"box":{"x":70,"y":819,"width":798,"height":11}},{"id":"19ba35bf-cae2-4854-82f3-d0622823b09b","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":210,"box":{"x":70,"y":834,"width":787,"height":11}},{"id":"e93000d3-eaef-4941-9be0-1cd04d1b9999","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":210,"box":{"x":69,"y":849,"width":795,"height":11}},{"id":"547a5f34-7f3d-449d-af4e-519c3a1b4be2","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":210,"box":{"x":70,"y":864,"width":838,"height":11}},{"id":"8a2547b7-a0eb-4c22-b193-72e3361cd4e3","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":210,"box":{"x":70,"y":878,"width":585,"height":12}},{"id":"da9340b0-e709-4c7c-b1ca-dc9615422d65","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"b2fa9d4b-9d2c-4187-888f-9e415a169087","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"43c103fa-cea1-4a9a-928a-f0ae09441d36","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"87721aef-a583-47b9-99ca-8cbcfffad025","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates","page_number":211,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"ab7d672c-6c1a-4cda-a820-79dc972a2840","block_type":"box","text":"revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards","page_number":211,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"e4f01132-f618-4697-924e-dd2fe297bfe5","block_type":"box","text":"Board, can be helpful to companies in preparing such repor ts.","page_number":211,"box":{"x":70,"y":74,"width":441,"height":12}},{"id":"16be6422-1d4c-4747-bb6c-2aaaced2c294","block_type":"box","text":"4","page_number":211,"box":{"x":513,"y":75,"width":4,"height":4}},{"id":"1d977732-e1e2-4c4a-b70b-09fef3230ff2","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":211,"box":{"x":102,"y":93,"width":735,"height":11}},{"id":"0c0ed225-1d39-47e1-a46e-4c3dac6f9d4e","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":211,"box":{"x":69,"y":108,"width":810,"height":11}},{"id":"f50b664b-bbe1-42c3-9052-9c690dfbe893","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":211,"box":{"x":69,"y":123,"width":822,"height":11}},{"id":"9642fb32-3ba9-430d-9e22-f5557346940d","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":211,"box":{"x":69,"y":138,"width":704,"height":11}},{"id":"25658199-67e0-47df-b9bf-497a4f5f5cec","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":211,"box":{"x":101,"y":156,"width":794,"height":11}},{"id":"83579414-966c-4017-9a9c-375bad141ee6","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":211,"box":{"x":69,"y":171,"width":836,"height":11}},{"id":"13b2242d-3505-4062-aca3-59fc6e8a11b5","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":211,"box":{"x":68,"y":186,"width":838,"height":11}},{"id":"cbe59b0d-2fb1-4630-9f81-804947e71a5c","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":211,"box":{"x":69,"y":201,"width":773,"height":11}},{"id":"242fcc84-8607-4e81-ad81-5ede2dfe0d4e","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":211,"box":{"x":69,"y":216,"width":804,"height":11}},{"id":"1b2450f3-1a30-4aad-a3fa-780054596a5f","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":211,"box":{"x":69,"y":231,"width":780,"height":11}},{"id":"c4e22082-a480-452a-928c-a77b51cd53fc","block_type":"box","text":"remained independent.","page_number":211,"box":{"x":69,"y":246,"width":163,"height":10}},{"id":"fbabeea2-02ed-4445-9523-ffb2814e895a","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":211,"box":{"x":101,"y":264,"width":783,"height":11}},{"id":"3c26f443-ad36-4378-ab60-dc421dde917b","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":211,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"995b5768-e9c3-4ac2-a426-c56343d14ac3","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of the repor ting or","page_number":211,"box":{"x":68,"y":294,"width":819,"height":11}},{"id":"ffc82089-9793-4a92-89bd-3802f7cbf962","block_type":"box","text":"the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the audit fee if we","page_number":211,"box":{"x":68,"y":309,"width":834,"height":11}},{"id":"a02988b2-3fa4-4387-a55d-1d6547a91534","block_type":"box","text":"are concerned about the auditor’s independence, the quality of the audit, or there are material misstatements in","page_number":211,"box":{"x":69,"y":323,"width":802,"height":12}},{"id":"0108698e-4a40-4a33-941f-c874b759686c","block_type":"box","text":"financial repor ts and the board has not established reasonable remediation plans.","page_number":211,"box":{"x":68,"y":338,"width":589,"height":11}},{"id":"c0b8ce1e-eb38-4799-ad1a-e04b801cefd7","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":211,"box":{"x":329,"y":368,"width":319,"height":9}},{"id":"20cca763-8b9c-4559-b1e7-bfd837351c91","block_type":"box","text":"General shareholder meetings","page_number":211,"box":{"x":69,"y":391,"width":217,"height":11}},{"id":"46b44706-8a4d-402c-8bc6-8493cd5abe67","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":211,"box":{"x":102,"y":410,"width":792,"height":11}},{"id":"dd5bd6a8-e936-46f3-abea-17109f3b4775","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":211,"box":{"x":69,"y":425,"width":812,"height":11}},{"id":"8d34fd59-e546-4ce4-94f3-71932fdc46cd","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":211,"box":{"x":69,"y":439,"width":813,"height":12}},{"id":"829580b8-2188-46ef-bdc2-b511b7fc7865","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":211,"box":{"x":70,"y":454,"width":801,"height":12}},{"id":"77097684-6f46-4035-aad1-fd9170a1f3cc","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":211,"box":{"x":69,"y":469,"width":841,"height":11}},{"id":"ba7082b1-0710-48d4-86b4-981a6778b548","block_type":"box","text":"an in-person meeting.","page_number":211,"box":{"x":69,"y":484,"width":152,"height":11}},{"id":"34825f34-238d-4b82-a441-5848039c09b8","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":211,"box":{"x":101,"y":503,"width":752,"height":11}},{"id":"0b453e65-d94b-4e6a-90ac-6a1b3e022182","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":211,"box":{"x":70,"y":517,"width":812,"height":12}},{"id":"95895fe7-d29f-41ee-9282-5d7ab9fa6bce","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":211,"box":{"x":69,"y":532,"width":825,"height":12}},{"id":"02001661-58c1-4a26-beba-6e569edbe005","block_type":"box","text":"par ticipation.","page_number":211,"box":{"x":70,"y":547,"width":91,"height":11}},{"id":"477163d8-eeb8-4de4-84b5-b3c1432a28a1","block_type":"box","text":"Bylaw amendments","page_number":211,"box":{"x":69,"y":570,"width":141,"height":11}},{"id":"60c066d7-14df-4b82-9d94-6a47716bfeaa","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":211,"box":{"x":101,"y":589,"width":766,"height":11}},{"id":"234c8c29-e2fb-4c28-ade9-755e9034348a","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":211,"box":{"x":68,"y":603,"width":800,"height":11}},{"id":"c2d3d9dc-8893-4a91-9eac-170c9291b0c4","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":211,"box":{"x":69,"y":618,"width":349,"height":11}},{"id":"c5514b30-14b1-4c60-b687-772f16e2f13a","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against","page_number":211,"box":{"x":101,"y":637,"width":784,"height":11}},{"id":"2f13691f-eef3-4237-b951-51dc758c63b7","block_type":"box","text":"directors if material changes are made to the bylaws without shareholder approval.","page_number":211,"box":{"x":69,"y":652,"width":590,"height":11}},{"id":"99ec0b46-945d-4d11-955c-8ca5b5116d55","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":211,"box":{"x":102,"y":670,"width":790,"height":11}},{"id":"a062e2c5-d180-4da1-bf02-d7ff573af0d1","block_type":"box","text":"group, with a meaningful shareholding the right to call a special meeting of shareholders. The shareholding required","page_number":211,"box":{"x":68,"y":685,"width":826,"height":11}},{"id":"bfb6871c-f692-4bc5-92a9-11826e52e6a8","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":211,"box":{"x":68,"y":700,"width":740,"height":11}},{"id":"0ab81c4d-9255-4671-b8d9-518ac860bb79","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":211,"box":{"x":102,"y":719,"width":790,"height":11}},{"id":"f0c142da-1b86-4eb8-a52e-509190b2cf6d","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":211,"box":{"x":68,"y":733,"width":829,"height":12}},{"id":"81ae714f-34e8-4562-aed5-6dc0adaa5392","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":211,"box":{"x":69,"y":749,"width":758,"height":11}},{"id":"ec9e63e7-58db-4d28-9d0c-65c985fd0664","block_type":"box","text":"nomination process.","page_number":211,"box":{"x":69,"y":763,"width":143,"height":11}},{"id":"a4e63e92-fc5a-47bf-ac5d-ceae8c5f60f7","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":211,"box":{"x":101,"y":782,"width":799,"height":11}},{"id":"2ee70d48-c8ab-4c2a-8e7b-b599ba8a5d46","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":211,"box":{"x":68,"y":797,"width":810,"height":11}},{"id":"f5b767cc-7669-4114-b777-46499f5cdb54","block_type":"box","text":"4","page_number":211,"box":{"x":69,"y":826,"width":4,"height":5}},{"id":"410d36bf-4961-4bab-937e-b5b562983dda","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":211,"box":{"x":93,"y":826,"width":804,"height":11}},{"id":"e63f6dd8-9e2a-4684-bff5-c1496c378453","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and oppor tunities that is useful to","page_number":211,"box":{"x":94,"y":841,"width":791,"height":11}},{"id":"0c69ea7d-9832-4e09-ab5e-58717c145ea3","block_type":"box","text":"primary users of general-purpose financial repor ts in making decisions relating to providing resources to the","page_number":211,"box":{"x":94,"y":856,"width":770,"height":11}},{"id":"0a5da51a-647a-4800-ac8b-97821d6f8383","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":211,"box":{"x":93,"y":871,"width":815,"height":11}},{"id":"0473463e-da6b-44a2-8a5f-df7c0298c5a4","block_type":"box","text":"climate-related risks and oppor tunities that is useful to primary users of general-purpose financial repor ts in","page_number":211,"box":{"x":93,"y":886,"width":772,"height":12}},{"id":"61c05439-4f34-4cd3-b198-45c444779900","block_type":"box","text":"making decisions relating to providing resources to the entity.","page_number":211,"box":{"x":94,"y":902,"width":437,"height":11}},{"id":"e986db63-8f87-4779-86e0-acf05ed5ee5c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a1d4be05-8530-4996-9bd3-cc6ff7f70741","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"e27484ff-8853-4315-a568-38d7f9fed38f","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"479557f3-78a8-45ac-9549-b6151658f443","block_type":"box","text":"Change of domicile","page_number":212,"box":{"x":69,"y":45,"width":139,"height":11}},{"id":"50ab0bf1-dbf5-4327-9160-4571a58603b0","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":212,"box":{"x":101,"y":63,"width":778,"height":12}},{"id":"f63ec233-4ef2-4737-9dc8-9320015614dc","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":212,"box":{"x":69,"y":78,"width":766,"height":11}},{"id":"ea509fab-eaf8-4ba8-9713-e836a9183b85","block_type":"box","text":"immaterial.","page_number":212,"box":{"x":70,"y":93,"width":77,"height":9}},{"id":"3cd8d7cc-5dc4-45aa-bef8-a3608c215a66","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":212,"box":{"x":101,"y":112,"width":777,"height":11}},{"id":"f928ee01-7baf-4bee-89db-f2590a50754a","block_type":"box","text":"with our clients’ financial interests.","page_number":212,"box":{"x":68,"y":126,"width":249,"height":10}},{"id":"2b888e32-c9c8-4c32-8655-946f42545e7a","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":212,"box":{"x":69,"y":149,"width":452,"height":11}},{"id":"1e76be74-932c-40bd-934e-1d1ad974139c","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":212,"box":{"x":102,"y":168,"width":803,"height":11}},{"id":"2e2b236f-384d-46b0-bf2a-2c6d24637f8e","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":212,"box":{"x":70,"y":182,"width":829,"height":12}},{"id":"40cf12e7-0682-4837-a2da-573978446dc3","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":212,"box":{"x":69,"y":197,"width":511,"height":12}},{"id":"08dec518-3b13-4658-89de-8eb12103ccd2","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":212,"box":{"x":101,"y":216,"width":792,"height":11}},{"id":"07837e79-4762-4698-b92f-580a3192990b","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":212,"box":{"x":68,"y":231,"width":424,"height":11}},{"id":"639d6a0d-0cf1-4b89-9f08-f4d696888360","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":212,"box":{"x":385,"y":261,"width":207,"height":9}},{"id":"6bc56d71-a639-4d6b-97f4-adb9d679232c","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":212,"box":{"x":102,"y":280,"width":772,"height":11}},{"id":"b8a34af9-c24c-4474-9758-b99cc4b0c0b3","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":212,"box":{"x":68,"y":295,"width":811,"height":11}},{"id":"1d8762d0-f95c-4a31-b64a-cbddc69a3b4e","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised address a range of governance, social and","page_number":212,"box":{"x":69,"y":309,"width":813,"height":12}},{"id":"a3751fc8-1d22-49ae-9274-aa48a2dd3a93","block_type":"box","text":"environmental matters that may be relevant to a company’s business. Shareholder proposals are considered by many","page_number":212,"box":{"x":69,"y":324,"width":841,"height":11}},{"id":"ae1f61c5-ff9c-4195-91d5-1ab23a650c8d","block_type":"box","text":"investors to be an escalation tool when a company is unresponsive to their engagement.","page_number":212,"box":{"x":70,"y":339,"width":630,"height":11}},{"id":"9babefec-b00c-44e9-88ac-96177902f88e","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":212,"box":{"x":101,"y":358,"width":730,"height":11}},{"id":"3b120c65-e970-45fe-81c5-7b1cac96abc4","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":212,"box":{"x":69,"y":373,"width":772,"height":11}},{"id":"7cfff17d-b007-416a-8c03-2dc39e5c0919","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":212,"box":{"x":70,"y":387,"width":681,"height":12}},{"id":"6fe692f1-a1df-424f-bb18-3f1ecf9068fe","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":212,"box":{"x":102,"y":406,"width":801,"height":11}},{"id":"d08cbd94-0278-4cd3-9208-7d16208c4120","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":212,"box":{"x":69,"y":421,"width":821,"height":11}},{"id":"f245e161-a89f-4006-923f-743fedee047c","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":212,"box":{"x":69,"y":436,"width":761,"height":11}},{"id":"1d37d34b-9069-4208-9945-dfabfaac83b8","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":212,"box":{"x":69,"y":451,"width":839,"height":11}},{"id":"ad1d5f61-0509-494b-a5d5-9a43e966bcc2","block_type":"box","text":"interests. We generally do not suppor t shareholder proposals that are legally binding on the company, seek to alter a","page_number":212,"box":{"x":70,"y":466,"width":833,"height":11}},{"id":"06cb2f79-ca48-46c5-a53a-5c1f278eb770","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":212,"box":{"x":69,"y":480,"width":821,"height":12}},{"id":"a10524a6-5f75-4424-aff9-73b17a7ce03c","block_type":"box","text":"returns.","page_number":212,"box":{"x":69,"y":496,"width":54,"height":8}},{"id":"7b1a9f98-536f-46b8-963b-95e742a7a9af","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":212,"box":{"x":102,"y":514,"width":784,"height":11}},{"id":"2d726c04-2b0d-4348-96b4-3a29fb920eb1","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":212,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"4ebf6c0a-1717-4811-98f0-35d5b52047f4","block_type":"box","text":"shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put for th by others.","page_number":212,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"7067c85a-7be9-4a53-9422-379175808d35","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":212,"box":{"x":359,"y":574,"width":260,"height":9}},{"id":"1a3f4a8a-535d-459b-b1a2-cb008639228e","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making","page_number":212,"box":{"x":101,"y":593,"width":777,"height":11}},{"id":"357ce1d2-eb66-4d7e-a1ef-6c0af9b04b8f","block_type":"box","text":"process is consistent with their public statements on policy matters impor tant to the company’s long-term strategy.","page_number":212,"box":{"x":70,"y":608,"width":820,"height":11}},{"id":"4b065345-ef3d-4e50-acdb-6beac10e8d0a","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":212,"box":{"x":68,"y":622,"width":821,"height":11}},{"id":"bf15a191-3cc8-41c4-b8bd-f8feaafa54a8","block_type":"box","text":"arising from inconsistencies. Companies should, as a minimum, meet all regulatory disclosure requirements on","page_number":212,"box":{"x":69,"y":637,"width":796,"height":11}},{"id":"603e01a3-e677-4263-8bbf-2c1ccd92ad56","block_type":"box","text":"political activities, and ideally, provide accessible and clear disclosures to shareholders on policy positions, public","page_number":212,"box":{"x":70,"y":652,"width":812,"height":11}},{"id":"85d80ef9-8d7d-4bfe-8872-b645020ba22f","block_type":"box","text":"policy engagement activities and political donations. To mitigate the risk of inconsistencies, companies can usefully","page_number":212,"box":{"x":70,"y":667,"width":823,"height":11}},{"id":"95ba6537-830f-4ebd-87c7-8c1e209cc9e4","block_type":"box","text":"assess the alignment between their policy priorities and the policy positions of the trade associations of which they","page_number":212,"box":{"x":69,"y":682,"width":823,"height":11}},{"id":"e6604cc7-8a21-4971-a7f1-894b355f6e45","block_type":"box","text":"are active members and any engagements under taken by trade associations on behalf of members.","page_number":212,"box":{"x":69,"y":697,"width":712,"height":11}},{"id":"131c3005-1a5f-40b5-942a-c15a05500c48","block_type":"box","text":"Generally, this is an engagement matter, although we may suppor t a relevant shareholder proposal, or vote","page_number":212,"box":{"x":102,"y":715,"width":763,"height":12}},{"id":"5bb11e1b-1111-4eba-8c31-6bf59d7d06c4","block_type":"box","text":"against directors, where a company’s disclosures are insufficient, or it becomes public that there is a material","page_number":212,"box":{"x":69,"y":730,"width":787,"height":11}},{"id":"fd123ea8-a868-4df4-9527-307f6c71887c","block_type":"box","text":"contradiction in a company’s public policy positions and its policy engagement.","page_number":212,"box":{"x":69,"y":745,"width":561,"height":11}},{"id":"e34005e3-abcf-4396-bcea-f3b60a379a58","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"461537db-efca-4665-9a2e-e7ca349dc1c2","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"0da12d0d-be51-4905-835d-3c1f4b1b88d6","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd9f8731-4149-4410-9104-52187456935d","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":213,"box":{"x":228,"y":45,"width":522,"height":11}},{"id":"2752f155-a3ef-45e3-bb01-3c978d1d09bf","block_type":"box","text":"We seek to understand how companies manage the risks and oppor tunities inherent in their business","page_number":213,"box":{"x":101,"y":64,"width":727,"height":11}},{"id":"11150f44-8cae-4caa-9de0-f0f2d37ab8dc","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":213,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"6c047bf7-c719-40b5-a0f1-9affcaa43d2e","block_type":"box","text":"5","page_number":213,"box":{"x":488,"y":79,"width":4,"height":4}},{"id":"ed051b79-1c9a-4a25-bf0f-bc2f4005049f","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":213,"box":{"x":497,"y":79,"width":402,"height":11}},{"id":"8dc34fd5-1412-4fed-96dd-7fcd7fc1e317","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":213,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"32031262-fbb2-4a9b-807f-2db6d104aeb2","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":213,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"776f8f29-25c1-4a3b-902e-a754390ebd86","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":213,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"e519cecd-7aa8-4107-98e1-20272f1dda56","block_type":"box","text":"regulatory requirements.","page_number":213,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"96210d91-5bab-43c9-afb7-1734c3f02f64","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":213,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"08a7a9d6-2b84-4785-a134-44d91c8b9eb1","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":213,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"ad66a3c3-c8a1-4b51-a373-5d37b95f566d","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":213,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"342b4211-5dea-4e1e-be5a-286324a7d1f5","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":213,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"9224142c-ba86-47f9-a78b-aeb0dae1b251","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":213,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"d53c2ce8-e9b5-4a0c-a198-5f41ff591a93","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":213,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"489da525-1a84-428a-bc73-69e95f260fd6","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":213,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"2c31dedb-d44e-4bbb-931a-ec7e16524151","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":213,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"f3a0cc9d-b8a0-4148-9508-7d159966fea7","block_type":"box","text":"returns.","page_number":213,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"9ab856dd-1cfb-463a-8247-adbe2ca7d63b","block_type":"box","text":"KEY STAKEHOLDERS","page_number":213,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"1fe31be5-aed3-4a59-aa78-cd4cfbcb64bc","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":213,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"2696c4ae-ba6e-4f00-91bd-d7b5af3fd06e","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":213,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"bc0bc782-eb9d-4bde-ba0a-ae60368d3967","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":213,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"94d9b30c-a97e-4b2d-a780-71cef3966b92","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":213,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"4a95c9aa-dc21-4845-9935-a63209dfc06c","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":213,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"0f0b4814-e52f-484a-9adb-12d87d77aba2","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":213,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"a8a62c40-783b-4e71-ba79-e0cdca158511","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":213,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"12cb2734-29e1-4233-9538-f0e1dcb0cec3","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":213,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"71bd111d-9ad6-49af-9bc1-9ac486df37c4","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":213,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"d9822979-5fce-415e-9c89-37a834a97d1b","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":213,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"89f843fd-a764-48df-ac64-42cb406e82b3","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":213,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"d2965a94-c5de-4c51-a937-6be6db9d08af","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":213,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"1dfa743c-fb5b-4514-bc19-3cb87a2636d9","block_type":"box","text":"i.e.","page_number":213,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"52c14b61-5998-4919-ae46-352b27d63547","block_type":"box","text":", one in which global","page_number":213,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"73d7430f-7d54-47ee-af9c-96014424634e","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":213,"box":{"x":68,"y":526,"width":795,"height":11}},{"id":"f6dad9a3-fafb-4b47-b27b-c7190be5630e","block_type":"box","text":"receiving the explicit approval from the applicable fund board.","page_number":213,"box":{"x":69,"y":540,"width":437,"height":12}},{"id":"c7f97b05-77b7-4b4d-9014-32969fc3d6b5","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":213,"box":{"x":101,"y":559,"width":744,"height":11}},{"id":"6be8db39-e7ac-43b5-8905-e29f8ca625ce","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":213,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"1786e66a-0d75-4210-abfa-27335d9ab853","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":213,"box":{"x":68,"y":589,"width":817,"height":11}},{"id":"4a0a09e5-55dd-48d4-9bc0-af67cd0d8961","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":213,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"095886fe-a38b-4e55-a587-a0b18d189bdf","block_type":"box","text":"metrics and targets relevant to decarbonization. These disclosures should include an explanation of the","page_number":213,"box":{"x":69,"y":619,"width":739,"height":11}},{"id":"a059d72f-0430-4252-b443-699c91cc795b","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":213,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"28c41ef3-65cd-4425-8c88-ea621aec4840","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":213,"box":{"x":69,"y":648,"width":819,"height":12}},{"id":"6da50545-d937-4ac8-ba03-b27171ede929","block_type":"box","text":"BAIS benchmark policies, we consider the climate-risk repor ting standard issued by the International Sustainability","page_number":213,"box":{"x":70,"y":663,"width":816,"height":11}},{"id":"df64d8f3-77d6-4826-ad76-d146e8632f92","block_type":"box","text":"Standards Board, IFRS S2, a useful reference for such repor ting.","page_number":213,"box":{"x":69,"y":678,"width":462,"height":11}},{"id":"29a317d1-ab16-48df-a298-b77cd4928378","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":213,"box":{"x":102,"y":697,"width":788,"height":11}},{"id":"2fc03cdc-2076-4b87-8430-8049366a44fb","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing","page_number":213,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"48664384-04af-4689-bc98-249d5dbf1e2c","block_type":"box","text":"material climate-related risks. We may recommend suppor ting shareholder proposals seeking information relevant to","page_number":213,"box":{"x":69,"y":726,"width":833,"height":12}},{"id":"eaec28bf-f8b9-40a5-8c5a-bbaec5173293","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":213,"box":{"x":69,"y":741,"width":824,"height":12}},{"id":"160ba77f-66f0-4d9c-a7f2-e81eed6bac39","block_type":"box","text":"5","page_number":213,"box":{"x":69,"y":771,"width":4,"height":4}},{"id":"719ec01a-9870-4df9-ba9b-6fce47701774","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":213,"box":{"x":79,"y":770,"width":822,"height":12}},{"id":"8f2792aa-f319-496b-bfaf-7129ae2d50b2","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":213,"box":{"x":69,"y":786,"width":835,"height":11}},{"id":"cca168c2-bef9-46a2-853e-43d64454d0fc","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":213,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"3cc79913-d571-4dc2-92c1-f142b73c7426","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":213,"box":{"x":70,"y":816,"width":826,"height":11}},{"id":"28ad4a31-eda0-4300-a404-bfadd22901bd","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well managed companies will","page_number":213,"box":{"x":69,"y":831,"width":774,"height":11}},{"id":"3012846a-a84d-4005-896c-a890eaeb78d5","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":213,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"b22fa297-4487-4b98-9798-cd9e95216935","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":213,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"30f384b6-c1d8-41d3-9e39-8b0680d3833b","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":213,"box":{"x":68,"y":876,"width":833,"height":12}},{"id":"a76c0af8-94a6-424f-8eee-6da9ae9cf132","block_type":"box","text":"sound governance framework.","page_number":213,"box":{"x":69,"y":891,"width":212,"height":12}},{"id":"5d3019d3-b545-4b69-b36d-03d784e3c3ec","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4cd7e381-deb7-48e6-b0ad-6c2bc8be476b","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"726da1c9-d31a-41e9-90df-96a37506ce89","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3d24eb6-c379-4f39-84cd-1948a5faef80","block_type":"box","text":"would be helpful to investment decision-making. As under the BAIS benchmark approach, the active por tfolio","page_number":214,"box":{"x":68,"y":45,"width":775,"height":11}},{"id":"1b911c0a-2e1b-4681-9fae-dae2203038ba","block_type":"box","text":"managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.","page_number":214,"box":{"x":69,"y":59,"width":778,"height":12}},{"id":"3495571a-24ed-488a-9110-933ff8ff74b2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"867c7c76-f38e-4267-b974-337ed08daeb5","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":214,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"938668b1-86e1-4ac4-a5a3-a7f414ecd520","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ce18a83-20d2-4063-9d18-03db87d7e166","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":215,"box":{"x":96,"y":45,"width":786,"height":9}},{"id":"f37e3180-81cf-4570-b355-eb38b7f7a599","block_type":"box","text":"Oversight","page_number":215,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"dd24842e-07f9-4657-9c40-62d0cf8641eb","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":215,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"7c3c60da-4cec-4911-b513-859b45f5998c","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the","page_number":215,"box":{"x":69,"y":101,"width":786,"height":11}},{"id":"efcd652a-b3d6-45fd-92cd-dc978bdb4a87","block_type":"box","text":"Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":215,"box":{"x":69,"y":116,"width":807,"height":11}},{"id":"39657c8a-9c88-4fee-99eb-d275116769aa","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":215,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"0c97a857-dbd9-48be-bdeb-241e918c5510","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":215,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"7b2aeb0e-b7de-40c2-a525-f64a90cb533e","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active","page_number":215,"box":{"x":101,"y":164,"width":763,"height":11}},{"id":"d7f2702f-cc90-4131-9762-1c5ddfaa644b","block_type":"box","text":"investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting","page_number":215,"box":{"x":70,"y":179,"width":790,"height":11}},{"id":"af700a2f-46d5-4b95-aa63-66efb1ac6e2d","block_type":"box","text":"Guidelines. The Committee also considers developments in corporate governance, related public policy, and market","page_number":215,"box":{"x":69,"y":194,"width":823,"height":11}},{"id":"5a451dce-a976-4db7-a170-0375ebd8ba5c","block_type":"box","text":"norms and how these might influence BAIS’ policies and practices. The Committee does not determine voting","page_number":215,"box":{"x":69,"y":209,"width":781,"height":11}},{"id":"73d77557-7538-44f4-8817-a9a7ba9a569c","block_type":"box","text":"decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":215,"box":{"x":69,"y":223,"width":617,"height":12}},{"id":"b6e8664b-e2db-4732-916d-789718321158","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":215,"box":{"x":102,"y":242,"width":786,"height":11}},{"id":"97a0a33c-2e00-4585-87c7-382f57f3d76b","block_type":"box","text":"profile votes before a recommendation is finalized and escalated to the por tfolio managers with holdings in the","page_number":215,"box":{"x":70,"y":257,"width":791,"height":11}},{"id":"6b87060e-2958-4715-922b-394a9ca0a6e8","block_type":"box","text":"company under consideration. This group also formally reviews any revisions to the Engagement and Voting","page_number":215,"box":{"x":69,"y":272,"width":764,"height":11}},{"id":"4d50dd1c-eea4-4249-81f8-b7cbbd02b961","block_type":"box","text":"Guidelines proposed by BAIS as par t of its annual review.","page_number":215,"box":{"x":69,"y":287,"width":408,"height":11}},{"id":"bbc8eef9-de31-4a81-8a9b-5dd092d952eb","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":215,"box":{"x":102,"y":305,"width":797,"height":12}},{"id":"da2feea4-6d9b-40dc-a138-5a47467abc27","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":215,"box":{"x":68,"y":320,"width":810,"height":12}},{"id":"f8e40267-aeda-439f-9b79-76963a0ace5a","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":215,"box":{"x":69,"y":335,"width":832,"height":11}},{"id":"93cfc270-807f-49cb-a16c-ef25bd835257","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":215,"box":{"x":69,"y":350,"width":801,"height":11}},{"id":"69ebdcf1-66e1-4c64-8e3e-91fb456fcec1","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":215,"box":{"x":70,"y":365,"width":836,"height":11}},{"id":"cd308d70-edc0-485f-95c6-13c0105d7f92","block_type":"box","text":"third-par ty vote services providers” below).","page_number":215,"box":{"x":68,"y":380,"width":305,"height":11}},{"id":"3e1a26a3-f662-425a-863e-c853d1d37329","block_type":"box","text":"Voting guidelines and vote execution","page_number":215,"box":{"x":68,"y":402,"width":269,"height":11}},{"id":"37454dc3-8685-4893-8410-c09585510f26","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":215,"box":{"x":102,"y":421,"width":790,"height":11}},{"id":"d7db3ea1-712d-4136-bba0-337e895ebe54","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":215,"box":{"x":69,"y":436,"width":838,"height":11}},{"id":"b7498981-2a40-4e52-9e0a-469179e5dacc","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":215,"box":{"x":69,"y":450,"width":831,"height":12}},{"id":"0d6c27f0-cf46-4325-9c26-883a6c6f37cd","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":215,"box":{"x":68,"y":465,"width":809,"height":12}},{"id":"e3fa42c5-92a0-4a29-ab40-b8e48ec7acb8","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":215,"box":{"x":67,"y":480,"width":749,"height":12}},{"id":"cfee1377-bd2c-45d6-aec9-cf1acdeb8b4b","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":215,"box":{"x":69,"y":495,"width":825,"height":11}},{"id":"43d799ff-3b33-4fdc-afa7-2956ca86cb67","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":215,"box":{"x":69,"y":510,"width":445,"height":11}},{"id":"44758818-f8fe-4e71-9fe7-c92699ff297d","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":215,"box":{"x":101,"y":529,"width":803,"height":11}},{"id":"f9ebd85c-fab2-4135-9df2-129976137155","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":215,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"64ff6ee8-4a29-4d67-9ef8-0b3fc8defd43","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":215,"box":{"x":69,"y":558,"width":752,"height":12}},{"id":"db749525-c9e3-4b25-992f-119551a4bac4","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":215,"box":{"x":101,"y":577,"width":782,"height":11}},{"id":"4365b7ac-bab8-4ea4-bdd1-8374a5d508ad","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":215,"box":{"x":69,"y":592,"width":837,"height":11}},{"id":"6cec1bde-67d7-4ba7-8978-9338cdb716d0","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":215,"box":{"x":69,"y":607,"width":830,"height":11}},{"id":"00a9ae3b-db14-4069-824a-65f00f22c690","block_type":"box","text":"generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The","page_number":215,"box":{"x":68,"y":622,"width":813,"height":11}},{"id":"05625b24-60a5-4719-9470-42842c5eed10","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":215,"box":{"x":69,"y":636,"width":829,"height":12}},{"id":"9e4d6815-15df-44a6-999d-b33de05798c7","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":215,"box":{"x":69,"y":651,"width":802,"height":12}},{"id":"79a8b46f-6037-4806-ae8c-dbf6ac24aadc","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":215,"box":{"x":69,"y":666,"width":718,"height":11}},{"id":"400458bd-7540-4c10-8f5f-a5c5fc16ea78","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":215,"box":{"x":102,"y":685,"width":792,"height":11}},{"id":"a9df2ba4-07e9-4a86-8ad1-e8e7458aa115","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":215,"box":{"x":68,"y":700,"width":791,"height":11}},{"id":"ad9eedb1-1327-4da7-980a-23fa8a467c12","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":215,"box":{"x":69,"y":714,"width":805,"height":12}},{"id":"7d2f602a-64d7-4805-88ef-81100368c743","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":215,"box":{"x":70,"y":730,"width":784,"height":11}},{"id":"5d429162-5287-43ba-a594-2bb6c99adb4e","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":215,"box":{"x":69,"y":744,"width":836,"height":12}},{"id":"b4c15ea8-3bfa-4da9-9b04-9339d8c834d5","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":215,"box":{"x":68,"y":759,"width":838,"height":11}},{"id":"1b1a97a8-977d-45d6-9177-65856805f3e9","block_type":"box","text":"of attorney to facilitate voting instructions. We are not suppor tive of impediments to the exercise of voting rights such","page_number":215,"box":{"x":69,"y":774,"width":839,"height":11}},{"id":"e09059ac-2b32-4de8-bdbc-4a5353018a3f","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":215,"box":{"x":69,"y":789,"width":490,"height":11}},{"id":"01b4972f-2fe6-4514-94ef-5c2ed0adfd6d","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":215,"box":{"x":102,"y":807,"width":796,"height":12}},{"id":"e9057d7e-436e-4db7-a9e2-101e03705702","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":215,"box":{"x":68,"y":822,"width":799,"height":12}},{"id":"80108540-a102-4627-b723-a3bdd951e714","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":215,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"98fa00f1-bfa0-44da-b7cb-c5eea89f484d","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":215,"box":{"x":69,"y":852,"width":661,"height":11}},{"id":"b43f2bda-18c1-4e1b-8c3f-a2068da32409","block_type":"box","text":"Voting Choice","page_number":215,"box":{"x":68,"y":875,"width":101,"height":11}},{"id":"24bb86e9-f15b-450f-9008-9256c8493d43","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":215,"box":{"x":102,"y":893,"width":800,"height":11}},{"id":"f4caa998-f4df-469c-ac50-e6d2f521e2fe","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":215,"box":{"x":68,"y":908,"width":447,"height":11}},{"id":"7ea9d1b1-c9af-4518-9fe3-5e5ab5d71d0e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":215,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"95cabd1d-c970-4c8c-8e14-c78753ab7be8","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":215,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"b0d032d0-4bec-4200-9f05-67a1389eef42","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":215,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de82c566-53ce-496a-8a5e-0324a21b3508","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":216,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"a088365d-9fe5-4199-b6c3-68fd4002ddb5","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":216,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"6e67fcec-f072-4237-99cf-5107a23d3bf3","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":216,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"7e8f0991-5dd3-4bd5-bc13-0d4ef83d774c","block_type":"box","text":"strategies.","page_number":216,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"f1a13e5d-f2ef-421a-a1bb-b78f80f2b6d1","block_type":"box","text":"6","page_number":216,"box":{"x":145,"y":90,"width":4,"height":4}},{"id":"17a6b57c-01d6-4a4c-b66a-b4b5acefdb80","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":216,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"e9d7945b-fe49-45be-915d-ee38dc100b2e","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":216,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"1e13546e-565a-4a24-8b76-dca17aea548d","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":216,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"e65bdda6-1f83-4028-8484-8ac09fd3a0bf","block_type":"box","text":"control over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a","page_number":216,"box":{"x":69,"y":152,"width":787,"height":12}},{"id":"0acd415e-b4d3-4f23-a6be-63fcbd6eaf05","block_type":"box","text":"client’s selection of proxy policy, without client consent.","page_number":216,"box":{"x":69,"y":167,"width":395,"height":11}},{"id":"307004c5-2db2-494a-91f1-3a174fb92a55","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":216,"box":{"x":69,"y":190,"width":403,"height":11}},{"id":"419e98bc-fbff-474c-aeb1-ebe037391700","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":216,"box":{"x":101,"y":208,"width":794,"height":12}},{"id":"2e639197-bd0b-4fbf-be5b-a26208754466","block_type":"box","text":"votes, as well as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services","page_number":216,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"920aa872-9d10-45a8-9c76-391b05aae1e8","block_type":"box","text":"provider ISS and leverages its online platform to supply research and suppor t voting, record keeping, and repor ting","page_number":216,"box":{"x":70,"y":238,"width":820,"height":11}},{"id":"77a2bd63-3190-45ee-bab2-0316b9f7ea5e","block_type":"box","text":"processes. We also use Glass Lewis’ research and analysis as an input into our voting process. It is impor tant to","page_number":216,"box":{"x":70,"y":253,"width":809,"height":11}},{"id":"871b3921-40d5-4c8c-878f-2e754b70c0dc","block_type":"box","text":"note that, although proxy research firms provide impor tant data and analysis, BAIS does not rely solely on their","page_number":216,"box":{"x":69,"y":268,"width":793,"height":11}},{"id":"ad15702c-6b60-4f96-a3e2-0aaae96e7e8d","block_type":"box","text":"information or follow their voting recommendations. A company’s disclosures, our past engagements and voting,","page_number":216,"box":{"x":70,"y":283,"width":800,"height":11}},{"id":"5ad1ca08-e9e1-4860-bb29-34cdd20dee2a","block_type":"box","text":"investment colleagues’ insights and our voting guidelines are impor tant inputs into our voting decisions on behalf of","page_number":216,"box":{"x":70,"y":298,"width":828,"height":11}},{"id":"368a95ef-654b-4659-b411-b46603dfb336","block_type":"box","text":"clients.","page_number":216,"box":{"x":69,"y":313,"width":50,"height":8}},{"id":"3f96ccb3-6423-4df9-ae34-d78e6c00f7b3","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":216,"box":{"x":102,"y":331,"width":795,"height":11}},{"id":"e0b256e6-da05-4a3f-87c9-8b31463868f8","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder","page_number":216,"box":{"x":68,"y":346,"width":839,"height":11}},{"id":"a0536a05-5639-4704-a912-9846160ffd95","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":216,"box":{"x":69,"y":361,"width":799,"height":11}},{"id":"1c2eb3d6-2cbd-43e8-bc8b-3a7e9dba1a0f","block_type":"box","text":"necessary to the relevant por tfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":216,"box":{"x":69,"y":376,"width":819,"height":11}},{"id":"e739efdb-bcef-4789-8582-8c8f395b6f6f","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":216,"box":{"x":68,"y":391,"width":785,"height":11}},{"id":"c14d66fc-3fac-4a31-aba3-f1af6aa2ac38","block_type":"box","text":"monitor securities filings, research repor ts, company announcements, and direct communications from companies to","page_number":216,"box":{"x":69,"y":405,"width":837,"height":12}},{"id":"9cc42f02-e2b8-4244-ad48-3111c9c28771","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":216,"box":{"x":69,"y":420,"width":775,"height":11}},{"id":"bcac7d9b-7ccc-490f-a8ee-b3bce907433e","block_type":"box","text":"BAIS closely monitors the third-par ty vote services providers we contract with to ensure that they are meeting our","page_number":216,"box":{"x":102,"y":439,"width":807,"height":11}},{"id":"96f132d3-da0a-47c8-8216-bc106424a63e","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":216,"box":{"x":69,"y":454,"width":788,"height":11}},{"id":"305346ad-1d39-4375-82ac-9cc7dc8f137c","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":216,"box":{"x":69,"y":554,"width":771,"height":12}},{"id":"36a67c2f-524b-4295-9f71-afc5301d1faa","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":216,"box":{"x":70,"y":569,"width":763,"height":11}},{"id":"fa12beda-2d11-47e1-b9da-6d6f64883eea","block_type":"box","text":"BlackRock employees. 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outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":219,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"50430960-1994-4ca3-8a8a-fe94011cf7b0","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":219,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"814a8bdf-f540-4fc8-a832-dbdf00b7f355","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":219,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"d0e03614-835a-4155-9e37-98281186a80a","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":219,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"58632a77-3b0b-476e-aec2-fd520c3c6f07","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":219,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"e2001d6f-8fd2-4e02-b630-ffbc53fa8658","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":219,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"6703c941-0f76-4947-bd5c-dbb16703ec24","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":219,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"e9ae86db-c7c2-4583-abcd-711b1a8429a0","block_type":"box","text":"Appendix A.","page_number":219,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"d1e90e4b-dd7b-417f-908a-90f8078e33a9","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":219,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"6a74c190-a58e-4d1f-8f8c-75da37a8939a","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":219,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"652fb7f4-7e9d-4b22-bee7-9212535620ff","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":219,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"248bcbb9-cb27-4c09-9ad9-fdf3d9de7505","block_type":"box","text":"Conflicts Management","page_number":219,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"a8ee0971-a071-42fb-88a2-b3447798ebaf","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":219,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"4bb4a1f9-4145-4ad1-9146-f955fd685114","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":219,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"5b31ac83-6ea7-43a3-abad-e4271fae38bf","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":219,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"adcfa555-bac6-4e5f-b293-c3968eb5b7fe","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":219,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"73d3efdd-647a-45d3-91e6-00d37baa9876","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":219,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"695a438a-42b9-4026-bd28-0137ea5b7246","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":219,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"f265022c-7eb8-4f5c-bb25-c9cc60b662f8","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":219,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"4846f3b5-979b-4023-a160-205664ad018d","block_type":"box","text":"In cer tain instances, BIS will engage an independent third-par ty voting service provider to make proxy voting","page_number":219,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"81b9d034-7ea7-4168-af82-756202b29097","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":219,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"ad4af85d-8c22-4519-9ba4-d186247a1afa","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":219,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"9fc3b48c-b4ab-4095-8e2c-03eb62131848","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":219,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"490789bc-7e57-4071-921a-326ec498421e","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":219,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"71f7dbf8-f109-446a-b822-c196eab9b589","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":219,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"517a9287-6737-4bed-a361-b7bd2ec99a15","block_type":"box","text":"connection with proxy voting.","page_number":219,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"161b8bfd-e42d-4c02-a1e4-c0b65298b5a6","block_type":"box","text":"Reports to the Board","page_number":219,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"a941a146-f44d-45e3-b133-c85783c04a41","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":219,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"1d171974-8be0-4b9c-9c9f-82b5f1a51ee9","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 suppor t our clients’ unique","page_number":223,"box":{"x":69,"y":812,"width":823,"height":11}},{"id":"0b444902-2dfa-4dc6-8143-883d7553a268","block_type":"box","text":"and varied investment objectives. Other materials on the BIS website might also provide useful context.","page_number":223,"box":{"x":69,"y":827,"width":737,"height":12}},{"id":"7ce5f11c-c330-46db-90a0-f86ff1aca7bf","block_type":"box","text":"2","page_number":223,"box":{"x":69,"y":845,"width":4,"height":5}},{"id":"7cc6c30c-02f2-42ad-b088-3b14ad9a7063","block_type":"box","text":"PwC, “The 3 things all high-per forming companies do”. Harvard Business Review, “6 Strategic Concepts That Set","page_number":223,"box":{"x":79,"y":845,"width":807,"height":11}},{"id":"f095641d-3dac-4fcf-86be-38365c87d7a3","block_type":"box","text":"High-Per forming Companies Apar t”, March 2024.","page_number":223,"box":{"x":70,"y":860,"width":349,"height":11}},{"id":"2791c2ab-f453-4abe-9de4-cc98c8cde9a5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a565030d-2554-4de6-afeb-42583ddf2ce6","block_type":"box","text":"Global Principles | 3","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"3a2f50fc-78fe-49f2-bfec-e09fa4276e1d","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"645f73d1-7bc2-4f52-bc72-9cc3ac9b5bc6","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder","page_number":224,"box":{"x":101,"y":45,"width":773,"height":11}},{"id":"0ec3aa47-8b52-4afa-933a-06c23043dc5e","block_type":"box","text":"voting rights should be propor tionate to economic ownership—the principle of “one share, one vote” helps to achieve","page_number":224,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"0ae5a5d2-6f11-4b12-b163-6ce173a8fac4","block_type":"box","text":"this balance.","page_number":224,"box":{"x":68,"y":75,"width":91,"height":9}},{"id":"69be5681-e953-4814-8664-0ea035d3918b","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":224,"box":{"x":384,"y":105,"width":210,"height":9}},{"id":"333ec98d-a4ae-48e3-9335-f980b3eaf04b","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":224,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"ed44ec2a-54bc-4b89-94d2-f636ab86d925","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":224,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"fa81bbf9-eb08-4fe4-ba8c-71127a8b06bb","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":224,"box":{"x":70,"y":158,"width":831,"height":11}},{"id":"8485c76b-1105-4145-9e3b-8024d865b552","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement.","page_number":224,"box":{"x":68,"y":173,"width":658,"height":11}},{"id":"fb953ee3-dcbf-4728-971b-35e877244968","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":224,"box":{"x":101,"y":196,"width":773,"height":11}},{"id":"a05ad9c0-b222-4c48-bd83-c361dc7b87ad","block_type":"box","text":"management or its shareholders. Voting is an impor tant mechanism for investors to express suppor t for, or concern","page_number":224,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"1b77c4bd-0b7b-43e4-98fc-e3dc0a0c1d0e","block_type":"box","text":"about, a company’s per formance and most of our clients authorize BlackRock to exercise this right on their behalf.","page_number":224,"box":{"x":69,"y":226,"width":817,"height":11}},{"id":"9b4f249d-19a3-4680-b867-b7bdcc62c41e","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":224,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"b5afc132-97c8-4a33-8d7c-fa29849a93d4","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":224,"box":{"x":68,"y":256,"width":815,"height":12}},{"id":"7d14930c-c977-4009-ba09-c55089c9d5f5","block_type":"box","text":"assessment, will promote stronger governance and better operating practices and, in turn, potentially enhance long","page_number":224,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"8605385c-7c0d-4803-a508-0975d1d77722","block_type":"box","text":"term shareholder value. Our vote decisions are informed by our in-depth analysis of company disclosures,","page_number":224,"box":{"x":68,"y":286,"width":753,"height":12}},{"id":"65cb5684-4730-4fe0-9634-f9054cbea436","block_type":"box","text":"engagement with boards and management teams, third-par ty research, and comparisons against a company’s","page_number":224,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"1bd9b782-9c1a-48c2-83f8-172527f58132","block_type":"box","text":"industry peers.","page_number":224,"box":{"x":70,"y":317,"width":104,"height":11}},{"id":"d16623d3-0793-48d4-be3f-0c2a6d96b8cc","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment","page_number":224,"box":{"x":102,"y":339,"width":762,"height":12}},{"id":"b5ceb63d-5fcb-4a23-a4bf-9be683526129","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":224,"box":{"x":69,"y":355,"width":774,"height":11}},{"id":"d4661dd6-9969-4ceb-885b-ec0886011619","block_type":"box","text":"management that helps improve our understanding of the company’s business model and material risks and","page_number":224,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"a6542dcd-767b-4d5d-a424-862ccd5c9d53","block_type":"box","text":"oppor tunities, to inform our voting decisions on behalf of clients who authorize us to vote on their behalf. In these","page_number":224,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"9d74cfbb-7a2e-47b7-b514-922e49fb0ee2","block_type":"box","text":"two-way conversations, we listen to and learn directly from company directors and executives and ask questions","page_number":224,"box":{"x":68,"y":400,"width":799,"height":11}},{"id":"4d1dda75-64b3-4ea5-94c9-7050e7739f56","block_type":"box","text":"relevant to their business. Either a company or BIS can request an engagement. Many of the engagements are","page_number":224,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"a1bbf4ae-23c1-400e-819d-505c70b31a84","block_type":"box","text":"initiated by companies to discuss their long-term strategy, risk and oppor tunity set, and management’s plan to deliver","page_number":224,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"ad0b8d10-81de-441e-bfbc-ddffffa27a66","block_type":"box","text":"financial returns through business cycles. The ongoing, multiyear nature of our engagements allows us to build strong","page_number":224,"box":{"x":68,"y":445,"width":841,"height":12}},{"id":"4f15ca13-384b-4bc0-b4b8-985685c3a519","block_type":"box","text":"relationships with company leadership and mutual understanding on key matters of corporate governance and the","page_number":224,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"e10733e5-12cb-4876-b3dc-afe0e2abbea6","block_type":"box","text":"drivers of long-term financial per formance.","page_number":224,"box":{"x":69,"y":475,"width":301,"height":12}},{"id":"384a4022-f4fe-4034-ba4a-fa298db7ca38","block_type":"box","text":"Generally, we suppor t the vote recommendations of the board of directors and management. In case of","page_number":224,"box":{"x":102,"y":498,"width":737,"height":11}},{"id":"df503c38-634d-4f0e-95f1-001edd1a0062","block_type":"box","text":"concerns, we typically raise these through dialogue with board members and management teams first. When we","page_number":224,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"138df421-aceb-4510-9ec5-94e31b903d06","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":224,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"5f767e85-300a-4e1a-bb65-b440fdf83e5d","block_type":"box","text":"forms: we might not suppor t the election of directors or other management proposals, or we might not suppor t","page_number":224,"box":{"x":68,"y":543,"width":792,"height":12}},{"id":"09c6d835-9024-424b-a873-b11bd175ad9f","block_type":"box","text":"management’s voting recommendation on a shareholder proposal.","page_number":224,"box":{"x":69,"y":559,"width":473,"height":11}},{"id":"54c87e58-be61-48dc-a611-d843e6bd0e87","block_type":"box","text":"KEY THEMES","page_number":224,"box":{"x":441,"y":589,"width":96,"height":9}},{"id":"beb05a1f-a16b-4925-9897-3f4da60dce16","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience,","page_number":224,"box":{"x":101,"y":612,"width":780,"height":11}},{"id":"4eefec44-73f2-4e0e-bf8a-4c1094237a4a","block_type":"box","text":"there are cer tain globally applicable fundamental elements of corporate governance that contribute to a company’s","page_number":224,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"60ebcb95-cc32-4962-bbc0-53539a26e614","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":224,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"917d36cb-3c2f-46ef-aa8c-98005d80f5dd","block_type":"box","text":"principles (the “Principles”), which are anchored in transparency and accountability.","page_number":224,"box":{"x":70,"y":657,"width":592,"height":11}},{"id":"e5522be3-0ea9-425d-93a8-9b5390fbf41c","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in","page_number":224,"box":{"x":101,"y":680,"width":778,"height":11}},{"id":"ff7b2d38-ee6f-4192-9d18-164dfc6f05fa","block_type":"box","text":"their domestic market,","page_number":224,"box":{"x":68,"y":695,"width":160,"height":10}},{"id":"a0a8c3bc-41ea-47b5-861c-675dcd3db908","block_type":"box","text":"3","page_number":224,"box":{"x":230,"y":695,"width":4,"height":5}},{"id":"8cae5591-5278-4990-bde4-966bb4eb884c","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better suppor ts durable, long","page_number":224,"box":{"x":240,"y":695,"width":669,"height":11}},{"id":"8a401b94-489f-4186-b60e-ba45437b2921","block_type":"box","text":"term financial value creation.","page_number":224,"box":{"x":68,"y":710,"width":206,"height":9}},{"id":"da939387-6554-420f-8bc8-86e36fb64b1b","block_type":"box","text":"These Principles cover seven key subjects:","page_number":224,"box":{"x":68,"y":740,"width":313,"height":11}},{"id":"b922ca9c-ee55-47ec-ab2b-c815d3c402fb","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":763,"width":6,"height":5}},{"id":"d3e66e8d-dbc4-4eeb-adeb-e0d86dac934a","block_type":"box","text":"Boards and directors","page_number":224,"box":{"x":102,"y":760,"width":147,"height":9}},{"id":"85c40391-d865-4b6b-b7b3-c8d1e8924e01","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":783,"width":6,"height":5}},{"id":"b5ebe4f8-e3fb-4d8a-98ee-1bef64069a5a","block_type":"box","text":"Auditors and audit-related issues","page_number":224,"box":{"x":101,"y":781,"width":234,"height":8}},{"id":"075dee16-a1ac-4b44-b228-dd110168b637","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":803,"width":6,"height":5}},{"id":"624b4232-a0b0-4458-8118-6f3a19aa5968","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":224,"box":{"x":102,"y":801,"width":505,"height":11}},{"id":"a124c225-23df-41e8-8702-dcab888831c0","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"05c9f751-c3d3-455a-a303-82e77ec85402","block_type":"box","text":"Executive compensation","page_number":224,"box":{"x":102,"y":821,"width":170,"height":11}},{"id":"48d6b7e9-69ac-4ad0-a355-5e6c229aa429","block_type":"box","text":"•","page_number":224,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"a32fbe6f-bd54-4bb5-b25b-cad4118da05c","block_type":"box","text":"Material sustainability-related risks and oppor tunities","page_number":224,"box":{"x":102,"y":841,"width":379,"height":11}},{"id":"256e36e8-b3eb-48b2-a891-1fa9032e4ca7","block_type":"box","text":"3","page_number":224,"box":{"x":69,"y":870,"width":4,"height":5}},{"id":"68f42bb3-ab4d-4b43-96c4-6e07f101a6f6","block_type":"box","text":"Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and","page_number":224,"box":{"x":79,"y":870,"width":806,"height":11}},{"id":"5e0d2bd3-de90-4132-b0d1-4f14ce206551","block_type":"box","text":"norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best","page_number":224,"box":{"x":69,"y":885,"width":820,"height":11}},{"id":"03952086-d06d-44f4-926a-58f6c7c19b98","block_type":"box","text":"practices, and industry initiatives, amongst other factors.","page_number":224,"box":{"x":70,"y":900,"width":406,"height":12}},{"id":"41b571d4-348f-4f54-9d92-9b47fd51bbfb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0fa81698-485e-4990-873a-ee34194aa07b","block_type":"box","text":"Global Principles | 4","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"867369a5-2268-40bf-915a-0788f0c7beeb","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f5fd70ff-4459-4da8-b42b-fea8f653c77e","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"0973d322-e7ee-41e2-9709-d8e2dd116933","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":225,"box":{"x":102,"y":45,"width":462,"height":11}},{"id":"ae03fbbb-a530-4327-98ea-b1b0a312456e","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":68,"width":6,"height":4}},{"id":"0e946fe0-e102-45e6-93ea-cf24a4822a58","block_type":"box","text":"Shareholder proposals","page_number":225,"box":{"x":102,"y":65,"width":160,"height":11}},{"id":"396922ab-bf6e-4bd1-b2cb-6c503a137dda","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in","page_number":225,"box":{"x":102,"y":87,"width":775,"height":12}},{"id":"7cca3717-b404-44f1-af8f-40bf3e96c013","block_type":"box","text":"relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional","page_number":225,"box":{"x":69,"y":103,"width":808,"height":11}},{"id":"cd08893d-452f-49a8-83f7-8ad2afc5f837","block_type":"box","text":"voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently","page_number":225,"box":{"x":68,"y":118,"width":834,"height":11}},{"id":"bc27bfb3-d469-4a66-a6e2-0ba7a84d6d0b","block_type":"box","text":"engage companies, where they are relevant, as these can be a source of material business risk or oppor tunity.","page_number":225,"box":{"x":69,"y":133,"width":790,"height":11}},{"id":"3c388c2b-98d7-482d-88a6-7b4734b47d84","block_type":"box","text":"Collectively, these BIS policies set out the core elements of corporate governance that guide our investment","page_number":225,"box":{"x":69,"y":148,"width":770,"height":11}},{"id":"7a1a1876-0a60-4731-8bda-55c2bf745598","block_type":"box","text":"stewardship program globally and within each market. The BIS policies are not prescriptive, applied on a pragmatic,","page_number":225,"box":{"x":69,"y":163,"width":822,"height":11}},{"id":"c2e939f1-944f-465f-8aa3-8e2f968897bb","block_type":"box","text":"case-by-case basis, taking into consideration a number of factors, including the sector, market, and business","page_number":225,"box":{"x":69,"y":178,"width":777,"height":11}},{"id":"f9fd2e3c-6e20-492f-bdf1-34fc547da015","block_type":"box","text":"environment within which a company is operating.","page_number":225,"box":{"x":69,"y":194,"width":352,"height":11}},{"id":"d6b264cf-3dc2-423f-96ce-177a6eaeaacb","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":225,"box":{"x":394,"y":224,"width":190,"height":9}},{"id":"07a00fb8-1c48-4c00-b8a5-4ed4b9753241","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":225,"box":{"x":102,"y":246,"width":734,"height":11}},{"id":"324e3e39-e250-483f-9d2f-327cc083a426","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":225,"box":{"x":69,"y":261,"width":815,"height":11}},{"id":"277b1eb4-e373-4543-bd36-c4835b6d0cf5","block_type":"box","text":"shareholders in board discussions. A strong board gives a company a competitive advantage, providing valuable","page_number":225,"box":{"x":69,"y":277,"width":798,"height":11}},{"id":"bc98beb8-b8ab-496d-abef-6a3a52c23f76","block_type":"box","text":"oversight and contributing to the most impor tant management decisions that suppor t long-term financial","page_number":225,"box":{"x":69,"y":292,"width":744,"height":11}},{"id":"2cc25d79-85de-4127-ac04-186b72409526","block_type":"box","text":"per formance. As par t of their responsibilities, board members have a fiduciary duty to shareholders to oversee the","page_number":225,"box":{"x":70,"y":307,"width":818,"height":11}},{"id":"9a59b5dc-1b57-4c2c-a419-00aae0d1568e","block_type":"box","text":"strategic direction, operations, and risk management of a company. This is why our investment stewardship effor ts","page_number":225,"box":{"x":69,"y":322,"width":820,"height":11}},{"id":"36bd798d-f99e-4d0a-897d-a285b29769a3","block_type":"box","text":"have always star ted with the per formance of the board of directors, and why we see engagement with, and the","page_number":225,"box":{"x":69,"y":337,"width":790,"height":11}},{"id":"e1e4cef9-7056-4806-8694-be9587586db2","block_type":"box","text":"election of, directors as one of our most impor tant responsibilities. We engage, as necessary, with members of the","page_number":225,"box":{"x":69,"y":352,"width":823,"height":11}},{"id":"d8624d27-c61b-450a-9d56-4e23efad3f53","block_type":"box","text":"board’s nominating and/or governance committee to assess whether governance practices and board composition","page_number":225,"box":{"x":69,"y":367,"width":818,"height":11}},{"id":"950dfe45-1448-4fcd-9441-35d9bc83086b","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":225,"box":{"x":69,"y":382,"width":833,"height":12}},{"id":"7c550222-9e29-42fa-98a4-026d5814bd62","block_type":"box","text":"sector, market, and business environment within which a company is operating.","page_number":225,"box":{"x":69,"y":398,"width":566,"height":11}},{"id":"57836e4c-41fc-43bd-92ae-942c709e1806","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective","page_number":225,"box":{"x":101,"y":420,"width":762,"height":11}},{"id":"8723dddf-c528-4d22-abe9-67dad7f78705","block_type":"box","text":"governance mechanisms to suppor t its oversight of the company’s strategy and operations consistent with the long","page_number":225,"box":{"x":68,"y":435,"width":829,"height":11}},{"id":"22a8174a-91ec-42b8-b8b4-4fbaa12213ba","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":225,"box":{"x":68,"y":450,"width":836,"height":11}},{"id":"2790a1cc-f1d3-4276-9617-c4f582e441a7","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":225,"box":{"x":69,"y":465,"width":830,"height":12}},{"id":"2bf3a43c-779d-44dc-97e0-9078c6059cfb","block_type":"box","text":"company’s long-term strategy and financial value creation, including material sustainability-related factors when","page_number":225,"box":{"x":69,"y":481,"width":792,"height":11}},{"id":"7855b2c3-ff5a-41b1-a5a9-c7a17f137989","block_type":"box","text":"relevant, is helpful for investors to appropriately understand and assess how effectively management is identifying,","page_number":225,"box":{"x":69,"y":496,"width":820,"height":11}},{"id":"2e0408c1-f075-4d69-9a4f-896d49ebac15","block_type":"box","text":"managing, and mitigating such risks.","page_number":225,"box":{"x":69,"y":511,"width":260,"height":11}},{"id":"0d9538b1-4d5b-4ceb-82b3-6f8090707254","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should","page_number":225,"box":{"x":101,"y":534,"width":775,"height":11}},{"id":"5fed1677-e039-4690-9824-520eef28828a","block_type":"box","text":"assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful","page_number":225,"box":{"x":69,"y":549,"width":815,"height":11}},{"id":"fa919d60-42c2-4286-8f86-ccbd9a3d0caf","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":225,"box":{"x":68,"y":564,"width":803,"height":11}},{"id":"c9ff59a4-7bab-4e17-ad33-cde3b3cd372d","block_type":"box","text":"reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these mechanisms in","page_number":225,"box":{"x":69,"y":579,"width":759,"height":11}},{"id":"e0e50e1a-9212-49ee-90a0-7af6081a85d9","block_type":"box","text":"overseeing the management of business risks and oppor tunities and the fulfillment of the company’s strategy.","page_number":225,"box":{"x":69,"y":594,"width":786,"height":11}},{"id":"49e5323b-fd18-465b-bc5f-b69e1689a6ab","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate","page_number":225,"box":{"x":101,"y":617,"width":782,"height":11}},{"id":"ffb5d0a4-d865-470e-a726-97fa2d4e7384","block_type":"box","text":"governance and risk oversight responsibilities, we may consider voting against the election of directors who, on our","page_number":225,"box":{"x":68,"y":632,"width":822,"height":11}},{"id":"b34d6b50-aacd-49cf-8dd3-960808713b58","block_type":"box","text":"assessment, have par ticular responsibility for the issues. We assess director per formance on a case-by-case basis","page_number":225,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"a1d4ce5b-9b24-470f-a1a9-127a1485306d","block_type":"box","text":"and in light of each company’s circumstances, taking into consideration its governance, business practices that","page_number":225,"box":{"x":69,"y":662,"width":797,"height":11}},{"id":"f9dc2560-905d-493c-8c91-ba078512f881","block_type":"box","text":"suppor t durable, long-term financial value creation, and per formance. Set out below are factors we may take into","page_number":225,"box":{"x":69,"y":677,"width":806,"height":11}},{"id":"365260a9-bf89-4baa-8fd0-2cc557cb021d","block_type":"box","text":"consideration.","page_number":225,"box":{"x":69,"y":692,"width":99,"height":9}},{"id":"c75fc4c6-d8b0-44da-bbae-a05f0693df3d","block_type":"box","text":"Regular accountability through director elections","page_number":225,"box":{"x":69,"y":723,"width":358,"height":11}},{"id":"8923fe00-9220-4514-aa4f-a913667dfd2a","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a","page_number":225,"box":{"x":101,"y":745,"width":767,"height":11}},{"id":"f08ef7d6-e5c2-4487-b4bf-b1ba06e3e964","block_type":"box","text":"regular basis, ideally annually.","page_number":225,"box":{"x":69,"y":760,"width":212,"height":12}},{"id":"e85c9724-e42d-4abe-9a79-0ea3f9aee0cb","block_type":"box","text":"4","page_number":225,"box":{"x":283,"y":761,"width":5,"height":4}},{"id":"d9485bd5-1523-44b5-b69b-13b09b796a6b","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for board","page_number":225,"box":{"x":293,"y":760,"width":562,"height":11}},{"id":"275ef3f3-590b-4ec4-9594-c3759c851f91","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":225,"box":{"x":69,"y":775,"width":836,"height":11}},{"id":"41e5df40-86c2-4971-8030-8d1adb79cef1","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":225,"box":{"x":69,"y":790,"width":808,"height":12}},{"id":"2f237438-d4c3-494b-98b9-a2af3d77338a","block_type":"box","text":"cycle, all directors have had their appointment re-confirmed, with a propor tion of directors being put forward for","page_number":225,"box":{"x":69,"y":806,"width":794,"height":11}},{"id":"ac857f0d-6c6e-4f85-83f1-c92313f432aa","block_type":"box","text":"election at each annual general meeting.","page_number":225,"box":{"x":69,"y":821,"width":289,"height":11}},{"id":"84ba28a7-d94e-4081-9a8f-af4515d107f0","block_type":"box","text":"4","page_number":225,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"bbbc8ab7-bedd-4967-b0f0-42df9bfb6e15","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":225,"box":{"x":79,"y":850,"width":790,"height":11}},{"id":"f5e2009c-a3ca-4bd9-8ce1-d8ece988a157","block_type":"box","text":"market regulation or voluntary best practice.","page_number":225,"box":{"x":69,"y":865,"width":314,"height":11}},{"id":"c6d8f0fc-19cd-4b64-9f02-403ae5c6101d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b65c15e2-6cf5-4a4d-97a4-5640fbf0e786","block_type":"box","text":"Global Principles | 5","page_number":225,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"0a062f9c-c93b-4f54-a65e-28d7a8d2e2f4","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"790e067e-f335-4416-836f-ecd8fc983f1a","block_type":"box","text":"Effective board composition","page_number":226,"box":{"x":69,"y":45,"width":203,"height":11}},{"id":"dda27d36-a0db-4112-b901-9cfa61c0c1a9","block_type":"box","text":"Regular director elections also give boards the oppor tunity to adjust their composition in an orderly way to reflect","page_number":226,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"64bfa8e2-d812-495f-9be6-8ea3e3f59430","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":226,"box":{"x":69,"y":82,"width":831,"height":12}},{"id":"7ac25148-5ece-4112-8fab-82476e2d3082","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":226,"box":{"x":69,"y":98,"width":758,"height":11}},{"id":"381dbbe3-4d84-4496-83f6-91348863f068","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":226,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"3def54d6-8352-4e2f-b656-e52a7fd771f7","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":226,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"3bd2582a-5d7f-42b8-aae9-c30d9a1bbd53","block_type":"box","text":"recently.","page_number":226,"box":{"x":69,"y":143,"width":57,"height":11}},{"id":"4a8c0c6d-397f-4b31-b5d8-053eeb254a1b","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess","page_number":226,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"6b86fafe-285b-4640-9d02-570654ec7c20","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":226,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"ce424196-4d37-4c52-8967-fefdf6688b85","block_type":"box","text":"assessment should consider a number of factors, including each director’s independence and time commitments, as","page_number":226,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"976f03f7-a775-456f-883e-6d0506927fd9","block_type":"box","text":"well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the","page_number":226,"box":{"x":68,"y":211,"width":824,"height":11}},{"id":"0af024c5-f1cd-4300-897a-369ba5ff4601","block_type":"box","text":"board’s effectiveness in advising and overseeing management in delivering long-term financial returns.","page_number":226,"box":{"x":69,"y":226,"width":731,"height":11}},{"id":"1b643584-35f2-4e59-a051-2b1109bf35ef","block_type":"box","text":"Director independence – from management, significant shareholders, or other related par ties – is a central tenet","page_number":226,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"f53a7f21-1d39-42cb-a9ff-64f4fb02fd74","block_type":"box","text":"of sound corporate governance across markets.","page_number":226,"box":{"x":69,"y":264,"width":339,"height":11}},{"id":"bb1b9d05-798a-4cbd-be5e-65492c9a63d8","block_type":"box","text":"5","page_number":226,"box":{"x":410,"y":264,"width":4,"height":5}},{"id":"a37a2a4c-bb8a-4402-aa9b-06e0a9b34a48","block_type":"box","text":"We encourage boards to have a sufficient number of independent","page_number":226,"box":{"x":420,"y":264,"width":468,"height":11}},{"id":"9c8b7c57-963d-4085-ac83-d17e05b1efd3","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":226,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"cd2e58d8-b434-487a-966c-987e4211cf78","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":226,"box":{"x":69,"y":294,"width":813,"height":11}},{"id":"f5bee4de-c6d9-417a-92ec-937ce37c5a6f","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":226,"box":{"x":69,"y":309,"width":566,"height":11}},{"id":"83740594-7c8d-4ea1-89d5-e80dd77c2eaf","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":226,"box":{"x":102,"y":332,"width":531,"height":11}},{"id":"bae413c8-ab4a-4ccf-945b-4f553bcbca0b","block_type":"box","text":"•","page_number":226,"box":{"x":69,"y":355,"width":6,"height":5}},{"id":"d6e7a119-745c-4812-85fc-769d74dd62a7","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":226,"box":{"x":102,"y":352,"width":438,"height":11}},{"id":"7ff7a233-912e-4160-8db5-7b0a63e0e5e6","block_type":"box","text":"•","page_number":226,"box":{"x":69,"y":375,"width":6,"height":5}},{"id":"4141fa7b-9474-4f44-92fa-1621855bc082","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":226,"box":{"x":102,"y":372,"width":606,"height":11}},{"id":"7fcd2321-fdf5-4c56-9d14-ce6dbe4ba052","block_type":"box","text":"•","page_number":226,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"2993844d-1edd-403d-b4f6-428d431a8635","block_type":"box","text":"Interlocking directorships","page_number":226,"box":{"x":102,"y":393,"width":177,"height":11}},{"id":"e8d0a16c-1911-4d08-a102-a783264537ac","block_type":"box","text":"•","page_number":226,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"85aa4f35-7fef-4ff3-bef8-6bb62f2dd4c9","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":226,"box":{"x":102,"y":413,"width":761,"height":11}},{"id":"5cb93063-6a07-4d04-ba17-21d2a8a8b741","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":226,"box":{"x":102,"y":428,"width":738,"height":11}},{"id":"6b4dac24-27c1-48f0-8ad9-ce9ec381b172","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":226,"box":{"x":102,"y":450,"width":775,"height":12}},{"id":"0e834743-2815-436a-b86e-5265c6b21211","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":226,"box":{"x":70,"y":466,"width":827,"height":11}},{"id":"2bbf78fa-5e37-4d25-94bb-a258f7a108f6","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness","page_number":226,"box":{"x":70,"y":481,"width":831,"height":11}},{"id":"f6d85483-076c-4831-b718-1b8745b8826b","block_type":"box","text":"of the independent members of the board through shaping the agenda, ensuring adequate information is provided to","page_number":226,"box":{"x":69,"y":496,"width":831,"height":11}},{"id":"a6456989-2f32-4378-b52c-0060e6e1c0f7","block_type":"box","text":"the board, and encouraging independent director par ticipation in board deliberations. The lead independent director","page_number":226,"box":{"x":68,"y":511,"width":826,"height":11}},{"id":"1886b267-3d24-4a93-9235-889bbaf3580a","block_type":"box","text":"or another appropriate director should be available to meet with shareholders in those situations where an","page_number":226,"box":{"x":69,"y":526,"width":759,"height":11}},{"id":"6dd92658-9b2a-44ff-8227-09cdc38363ac","block_type":"box","text":"independent director is best placed to explain and contextualize a company’s approach.","page_number":226,"box":{"x":70,"y":541,"width":624,"height":11}},{"id":"bdf5f00d-59bb-45c5-8b01-099234453ff2","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":226,"box":{"x":101,"y":564,"width":791,"height":11}},{"id":"c770b0c7-c276-48e4-a855-3282c855d4b6","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":226,"box":{"x":68,"y":579,"width":787,"height":11}},{"id":"c2ff8e02-c9d0-41c1-91d0-fe3d65c65d55","block_type":"box","text":"achieved when the board forms committees with a majority of independent directors, depending on market norms","page_number":226,"box":{"x":69,"y":594,"width":809,"height":11}},{"id":"5762b4db-29a6-42b3-b5ce-ebcf8560c0b7","block_type":"box","text":"and a company’s ownership structure. In many markets, these committees of the board specialize in audit, director","page_number":226,"box":{"x":69,"y":609,"width":823,"height":11}},{"id":"d64f5330-2ef1-497c-bc99-fc2ae3d932f0","block_type":"box","text":"nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special","page_number":226,"box":{"x":69,"y":624,"width":767,"height":11}},{"id":"d88def27-2983-48cb-8ede-32ef43863899","block_type":"box","text":"transaction, par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":226,"box":{"x":68,"y":639,"width":698,"height":12}},{"id":"bc61376d-6fa2-4a49-8564-b3e0b5bf9ad3","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":226,"box":{"x":101,"y":662,"width":802,"height":11}},{"id":"2dd96e90-c704-401f-82c2-e279105f9de0","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":226,"box":{"x":69,"y":677,"width":818,"height":11}},{"id":"89314cc8-76e6-4602-8824-fea2133e2949","block_type":"box","text":"within overall board composition. These disclosures should give an understanding of how the collective experience","page_number":226,"box":{"x":68,"y":692,"width":816,"height":11}},{"id":"1ca357ba-ba18-436f-ad12-d53c57e22313","block_type":"box","text":"and exper tise of the board, as well as the par ticular skill sets of individual directors, aligns with the company’s long","page_number":226,"box":{"x":69,"y":707,"width":831,"height":12}},{"id":"dcf9c695-329d-434f-a97a-3203d8738649","block_type":"box","text":"term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a","page_number":226,"box":{"x":68,"y":722,"width":829,"height":12}},{"id":"445e1c6f-ff08-4e5e-9eac-cd3b52c09a93","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":226,"box":{"x":69,"y":738,"width":818,"height":11}},{"id":"61b4b6e0-21fa-4a70-90bf-3b757036ec4c","block_type":"box","text":"board discussions.","page_number":226,"box":{"x":69,"y":753,"width":133,"height":9}},{"id":"c3f8c712-912c-422f-a4b6-65eec8a3e02b","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":226,"box":{"x":102,"y":775,"width":775,"height":11}},{"id":"27c89329-1066-4f38-8534-2ae4fcce526d","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":226,"box":{"x":69,"y":790,"width":806,"height":12}},{"id":"73d7edc3-71a2-4185-a873-304564dc876c","block_type":"box","text":"responsibilities to advise and oversee management.","page_number":226,"box":{"x":69,"y":806,"width":371,"height":11}},{"id":"b090c614-0d51-4234-84d5-c43414567038","block_type":"box","text":"5","page_number":226,"box":{"x":69,"y":835,"width":4,"height":5}},{"id":"f4507f46-7dbc-43be-8830-6b3ced102c6a","block_type":"box","text":"Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Repor ting","page_number":226,"box":{"x":79,"y":835,"width":792,"height":11}},{"id":"82b217ff-4735-44f3-b986-18577d8dae9d","block_type":"box","text":"Council. “UK Corporate Governance Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance","page_number":226,"box":{"x":69,"y":850,"width":793,"height":11}},{"id":"4f0751c2-5eb8-46cb-bb2b-b2f3c4c91c1f","block_type":"box","text":"Principles for US Listed Companies.”","page_number":226,"box":{"x":69,"y":865,"width":261,"height":11}},{"id":"4aadf11b-ff93-449a-8087-2d1a3715ed40","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2636a5ea-aac8-4836-b078-8de059422a12","block_type":"box","text":"Global Principles | 6","page_number":226,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"cd33261d-7f91-4569-9837-d779a739edc7","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2ebfb8f9-3ba0-41d8-92eb-c5aad9129dff","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":227,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"70f505bf-ee7c-4e0f-8aeb-0aa6955ad69b","block_type":"box","text":"model, strategy, location and market capitalization. We look for companies to explain how their approach to board","page_number":227,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"58e69a36-4a85-4ab2-92be-7ba97c69a2b6","block_type":"box","text":"composition suppor ts the company’s governance practices.","page_number":227,"box":{"x":69,"y":75,"width":424,"height":11}},{"id":"f50e44d9-3374-4176-9beb-910f7f136957","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with","page_number":227,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"91fb4a95-d9d2-433b-a2ca-233acbff78ef","block_type":"box","text":"companies, par ticularly if there is a risk their board composition may be misaligned. We ask boards to disclose,","page_number":227,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"541b9091-7427-4cf9-ad96-c387e7eecebb","block_type":"box","text":"consistent with local laws, how diversity, including professional and personal characteristics, is considered in board","page_number":227,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"cf4a0f6e-3738-4224-bee7-6b61aebb9dc3","block_type":"box","text":"composition, given the company’s long-term strategy and business model.","page_number":227,"box":{"x":69,"y":143,"width":528,"height":11}},{"id":"571bbf6a-4f01-425f-8522-eb18f98d752e","block_type":"box","text":"6","page_number":227,"box":{"x":598,"y":143,"width":5,"height":5}},{"id":"f5d801d7-7be1-4a9c-991b-56a3cf675727","block_type":"box","text":"Sufficient capacity","page_number":227,"box":{"x":68,"y":173,"width":137,"height":11}},{"id":"e370fbae-6b1f-4c71-9db4-56c4f2e57a4c","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":227,"box":{"x":101,"y":196,"width":763,"height":11}},{"id":"e77ca46d-ed4b-473b-b219-4483841d4ea4","block_type":"box","text":"appropriate amount of time to board and committee matters. It is impor tant that directors have the capacity to meet","page_number":227,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"dff9ed73-24f9-470c-8b5a-7f29d3f41d3e","block_type":"box","text":"all of their responsibilities – including when there are unforeseen events – and therefore, they should not take on an","page_number":227,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"b114c80c-6787-4b18-95ff-9838d64270c8","block_type":"box","text":"excessive number of roles that would impair their ability to fulfill their duties.","page_number":227,"box":{"x":69,"y":241,"width":545,"height":11}},{"id":"0d3bae56-45f5-4992-aadd-a4acdb6aed5f","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":227,"box":{"x":342,"y":272,"width":293,"height":8}},{"id":"fbafcb6e-e4f9-4bde-bd9f-c2661e39b3a6","block_type":"box","text":"BlackRock recognizes the critical impor tance of financial statements, which should provide a true and fair picture","page_number":227,"box":{"x":102,"y":294,"width":806,"height":11}},{"id":"9754c7de-b433-4c1d-a77e-f603c0b27de5","block_type":"box","text":"of a company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by","page_number":227,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"eba089c4-9b6c-4e48-8aaf-b7644b9675af","block_type":"box","text":"the auditor in preparing the financial statements to be reasonable and justified.","page_number":227,"box":{"x":68,"y":324,"width":567,"height":12}},{"id":"f15e45a4-18dd-47ab-8339-b3742afca233","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted","page_number":227,"box":{"x":101,"y":347,"width":805,"height":11}},{"id":"55a24f63-334c-4569-a649-b458ed0e8d7b","block_type":"box","text":"under market-specific accounting rules, is of paramount impor tance to BlackRock. Investors increasingly recognize","page_number":227,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"fa058f28-79d4-4ea4-824f-e05cde684193","block_type":"box","text":"that a broader range of risks and oppor tunities have the potential to materially impact financial per formance. Over","page_number":227,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"ba284c33-7e02-47e4-a5b2-536db7888517","block_type":"box","text":"time, we anticipate investors and other users of company repor ting will increasingly seek to understand and","page_number":227,"box":{"x":68,"y":392,"width":769,"height":12}},{"id":"669adacb-5776-411d-958e-63ba6aa71ea9","block_type":"box","text":"scrutinize the assumptions underlying financial statements, par ticularly those that per tain to the impact of the","page_number":227,"box":{"x":69,"y":407,"width":787,"height":12}},{"id":"c6bc728f-14be-4afe-b408-67ebb56fb2a0","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":227,"box":{"x":68,"y":423,"width":833,"height":11}},{"id":"81129700-6de5-45b7-80ad-7c2083d66e14","block_type":"box","text":"of evolving practice and note that international standards setters, such as the International Financial Repor ting","page_number":227,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"7edcf54c-230d-49ef-9d2a-3cf5d073979b","block_type":"box","text":"Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop","page_number":227,"box":{"x":69,"y":453,"width":824,"height":11}},{"id":"b6a7d822-c1bf-4d5f-bfa3-8e85e6950f15","block_type":"box","text":"their guidance to companies.","page_number":227,"box":{"x":68,"y":468,"width":206,"height":11}},{"id":"2fd6c9ec-3598-4433-a191-8eb7b31d9997","block_type":"box","text":"7","page_number":227,"box":{"x":276,"y":468,"width":4,"height":5}},{"id":"72bf61a3-b02a-4897-a0a9-4858b2f92576","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial repor ting system by","page_number":227,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"1583eae5-1343-40df-8907-0693b12599e8","block_type":"box","text":"providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non","page_number":227,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"10586584-046b-4848-ba9f-c6cab30745ee","block_type":"box","text":"financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":227,"box":{"x":68,"y":521,"width":835,"height":10}},{"id":"25bc6422-a4df-4793-9ef0-da378400f6d4","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":227,"box":{"x":69,"y":536,"width":537,"height":11}},{"id":"8f6a3d6e-3cf2-4aaf-8d6f-7434d7b37710","block_type":"box","text":"8","page_number":227,"box":{"x":607,"y":536,"width":5,"height":5}},{"id":"72eea2ec-1296-479d-9c08-0055cf05b7f7","block_type":"box","text":"In our view, effective audit committee","page_number":227,"box":{"x":618,"y":536,"width":265,"height":10}},{"id":"b0670156-eea5-4e7f-a7f8-a7b1ca42022f","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an impor tant level","page_number":227,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"9b28bbd2-901f-411c-ba6c-7119b7f80a3c","block_type":"box","text":"of reassurance to shareholders.","page_number":227,"box":{"x":69,"y":566,"width":226,"height":9}},{"id":"6c6d8e0c-e4a1-400e-bd3d-f6ad5f5ce9f2","block_type":"box","text":"Audit committees or equivalent should have clearly ar ticulated char ters that set out their responsibilities and","page_number":227,"box":{"x":101,"y":589,"width":777,"height":11}},{"id":"2ca05dac-03dc-49c3-9f06-9fd72e00afe7","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":227,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"7f760657-74ad-4170-90ab-4990ab5d5a57","block_type":"box","text":"perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the","page_number":227,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"ea56c184-1445-4c5c-9136-4c6916b67a26","block_type":"box","text":"independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have","page_number":227,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"8f3c9f31-046d-424a-a87a-e6933f048475","block_type":"box","text":"relevant exper tise to monitor and oversee the audit process and related activities.","page_number":227,"box":{"x":69,"y":650,"width":585,"height":10}},{"id":"a3fef08a-19b6-4801-bc82-925a7b98cffe","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":227,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"e9c45fc0-1427-4156-a83e-1b03d13b8fd8","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should","page_number":227,"box":{"x":69,"y":687,"width":783,"height":11}},{"id":"c6df13a1-bc7c-4131-bb28-0333b04e0064","block_type":"box","text":"provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor","page_number":227,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"23d2bbfc-5c05-454d-b1e9-f873ce160189","block_type":"box","text":"or internal audit function.","page_number":227,"box":{"x":69,"y":717,"width":178,"height":9}},{"id":"e3e39d4f-4b5c-49f4-b561-33f7e16a5622","block_type":"box","text":"6","page_number":227,"box":{"x":69,"y":747,"width":4,"height":4}},{"id":"a2f04339-0297-484e-a74b-d691ac12cb73","block_type":"box","text":"Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status;","page_number":227,"box":{"x":79,"y":747,"width":775,"height":11}},{"id":"bfebbb4b-8da8-4993-ac81-3fd4a3721980","block_type":"box","text":"LGBTQ+; and national, Indigenous, religious, or cultural identity.","page_number":227,"box":{"x":70,"y":762,"width":451,"height":11}},{"id":"9de6ccec-3bf8-4d42-b5e5-1cb57793f57e","block_type":"box","text":"7","page_number":227,"box":{"x":69,"y":780,"width":4,"height":4}},{"id":"7cde944a-0e03-4763-a71a-1dc388528b46","block_type":"box","text":"IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and","page_number":227,"box":{"x":79,"y":779,"width":829,"height":12}},{"id":"965d1075-2681-4db1-8b3b-ae28e798b44b","block_type":"box","text":"IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”,","page_number":227,"box":{"x":70,"y":795,"width":796,"height":11}},{"id":"f06fc1f7-d7a7-45e1-b25d-a6b7399e238a","block_type":"box","text":"August 2023.","page_number":227,"box":{"x":68,"y":810,"width":96,"height":11}},{"id":"e1e6dd57-ef44-4d9d-bfc2-133c4d7416ef","block_type":"box","text":"8","page_number":227,"box":{"x":69,"y":828,"width":4,"height":4}},{"id":"f5765556-77da-4613-ba8a-8caf0d228ed0","block_type":"box","text":"Enterprise risk management is a process, effected by the entity’s board of directors, management, and other","page_number":227,"box":{"x":79,"y":827,"width":779,"height":12}},{"id":"6e85e843-d76a-4f77-adeb-552481eaf09e","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":227,"box":{"x":70,"y":842,"width":834,"height":12}},{"id":"8f0ccc01-a899-4530-9122-10cd689e0051","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":227,"box":{"x":68,"y":858,"width":841,"height":11}},{"id":"aae02d2a-17c7-4e97-a283-2dbd7e25116b","block_type":"box","text":"of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":227,"box":{"x":69,"y":873,"width":763,"height":11}},{"id":"a744f7d3-7b2a-41d6-982f-a6bd222c0df1","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":227,"box":{"x":70,"y":888,"width":271,"height":11}},{"id":"bd644337-de60-4cbe-97c4-680e17173cbd","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"681e8ea4-3b9b-4899-a0bf-0ffe18989407","block_type":"box","text":"Global Principles | 7","page_number":227,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"cbdf3fb5-40ff-471f-a474-b74675ab504d","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"180ccb51-d4d1-4708-913a-28f36d0abee6","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective","page_number":228,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"f71cabd5-1b30-4a3e-871a-747f4bfc5d4a","block_type":"box","text":"check on management. To that end, it is impor tant that auditors are, and are seen to be, independent. Where an","page_number":228,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"ff4317fa-4137-45a5-aee4-914da0666025","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":228,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"f57a03f7-1970-4141-a4bb-ee0cf1e13508","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":228,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"9c61d246-96ed-46f2-8525-8739b766b440","block_type":"box","text":"auditor and the quality of the external audit process.","page_number":228,"box":{"x":69,"y":105,"width":373,"height":11}},{"id":"94ecb0c4-03ac-4798-a3d4-b142c3f414a7","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk","page_number":228,"box":{"x":102,"y":128,"width":732,"height":11}},{"id":"208cfaca-96dd-48c3-be8f-ab1d0b8e158c","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":228,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"d9149522-edc0-48b6-a369-ca1a7d16ee13","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":228,"box":{"x":68,"y":158,"width":806,"height":11}},{"id":"70f3c92c-0647-441e-b34c-44a92f38b6ff","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors and management’s steps to","page_number":228,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"1bdcaa69-8b9e-40ae-a286-0a74ed37de0a","block_type":"box","text":"address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not","page_number":228,"box":{"x":69,"y":188,"width":766,"height":11}},{"id":"2d66ecda-c3ee-43ef-b9a7-8f86aaec2dbb","block_type":"box","text":"adequately managing risk.","page_number":228,"box":{"x":69,"y":204,"width":185,"height":11}},{"id":"6fc7d417-b57e-46eb-94f1-d1933d009cae","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":228,"box":{"x":169,"y":234,"width":640,"height":10}},{"id":"a11512de-c826-45db-9463-298e4263aab4","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":228,"box":{"x":101,"y":256,"width":798,"height":11}},{"id":"811b1832-7518-4213-ad2c-9d22150931c8","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":228,"box":{"x":70,"y":271,"width":824,"height":12}},{"id":"0e106faf-2ba5-494f-8af0-23258a1be223","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":228,"box":{"x":70,"y":286,"width":460,"height":12}},{"id":"640f82e3-76b2-4927-a562-114e741e96af","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance.","page_number":228,"box":{"x":102,"y":309,"width":729,"height":11}},{"id":"d81ca6d6-c621-4ec5-a5d3-772e2a381ef8","block_type":"box","text":"Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company,","page_number":228,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"1ae0d5c9-6b3d-497f-a87f-a474c86151fa","block_type":"box","text":"and voting rights should match economic exposure,","page_number":228,"box":{"x":69,"y":340,"width":365,"height":11}},{"id":"711ff5e4-cfb8-4095-b76c-f333a252e417","block_type":"box","text":"i.e.","page_number":228,"box":{"x":442,"y":340,"width":20,"height":8}},{"id":"ca7e9fe2-d562-42bb-af45-b364400b68d8","block_type":"box","text":"one share, one vote.","page_number":228,"box":{"x":469,"y":340,"width":145,"height":10}},{"id":"68ee87ca-1835-4d0a-9817-1a0bac4f32f4","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential,","page_number":228,"box":{"x":102,"y":362,"width":792,"height":11}},{"id":"150f2589-7c9e-496f-b37f-e62c6a27299b","block_type":"box","text":"differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of","page_number":228,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"c3072ec2-e748-449d-9bdf-1f98b7dcf729","block_type":"box","text":"propor tionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising","page_number":228,"box":{"x":70,"y":392,"width":801,"height":12}},{"id":"98269d9c-f6cb-4172-b08e-e86ebe22f2db","block_type":"box","text":"other shareholders and amplifying any potential conflicts of interest. However, we recognize that in cer tain markets,","page_number":228,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"9e923ee5-0301-4f76-9cb7-fb09981d5918","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":228,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"406bfcb4-918c-41b8-9a18-4cb6b312595f","block_type":"box","text":"differentiated voting rights. In our view, such companies should review these share class structures on a regular","page_number":228,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"12fbedbb-3e7f-4382-ab6b-c718a1cd9eb1","block_type":"box","text":"basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital","page_number":228,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"5ef4d22f-f7bc-447f-b9f6-ebe44875a897","block_type":"box","text":"structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":228,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"9c33f96b-9633-43b5-b113-16c2f596f851","block_type":"box","text":"should give unaffiliated shareholders the oppor tunity to affirm the current structure or establish mechanisms to end","page_number":228,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"bfa280ef-ff95-483d-8a42-dd6f858d4c9e","block_type":"box","text":"or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":228,"box":{"x":69,"y":498,"width":705,"height":11}},{"id":"f87e321a-0be7-403a-aa9a-614f89575c97","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long","page_number":228,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"c5566b13-5e06-474b-aa11-ac8eff4b55ad","block_type":"box","text":"term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the","page_number":228,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"7461dcad-eb66-4681-8936-e4c22523ae14","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":228,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"87cd832f-62ef-4b7b-a28c-0c4e6c15a730","block_type":"box","text":"can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed","page_number":228,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"cb439e14-d9cd-4c4c-a679-88c18593696d","block_type":"box","text":"transactions have the unanimous suppor t of the board and have been negotiated at arm’s length. We may seek","page_number":228,"box":{"x":68,"y":581,"width":799,"height":12}},{"id":"62b064c3-38d7-4947-99aa-4ff3544d61ca","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction","page_number":228,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"b14afdcb-f96f-44ba-baad-9a6124f4093c","block_type":"box","text":"have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction","page_number":228,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"5885b96c-bd4f-427a-b218-96ab5e92fc2b","block_type":"box","text":"involves related par ties, the recommendation to suppor t should come from the independent directors, a best","page_number":228,"box":{"x":70,"y":627,"width":779,"height":11}},{"id":"5f26f40c-a5d2-4ceb-9532-a66b61beeef1","block_type":"box","text":"practice in most markets, and ideally, the terms should have been assessed through an independent appraisal","page_number":228,"box":{"x":70,"y":642,"width":789,"height":11}},{"id":"fa719294-2d06-41b2-9bef-4e5a0d8b406e","block_type":"box","text":"process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted par ties.","page_number":228,"box":{"x":70,"y":657,"width":762,"height":11}},{"id":"31fced19-4536-4ca0-a5ba-3bf298c3aa85","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":228,"box":{"x":101,"y":680,"width":806,"height":11}},{"id":"33087594-b185-4cad-9cc8-edd6671e52b3","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":228,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"6410b7bd-88ba-473f-a02a-942811840d99","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":228,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"9a68cb7a-eadc-47a7-abe3-1c85ccc7eaf0","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":228,"box":{"x":70,"y":725,"width":826,"height":11}},{"id":"5d8c332f-50fe-4b76-bafb-667683582387","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":228,"box":{"x":68,"y":740,"width":838,"height":11}},{"id":"b91efbcb-8046-42e4-8aab-6ecf2f3e4277","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":228,"box":{"x":69,"y":755,"width":472,"height":11}},{"id":"b3713f35-e943-482a-a695-ff1fa5ab939f","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":228,"box":{"x":385,"y":786,"width":207,"height":8}},{"id":"045e8c51-beb3-47db-9191-282502d1006f","block_type":"box","text":"In most markets, one of the most impor tant roles for a company’s board of directors is to put in place a","page_number":228,"box":{"x":102,"y":808,"width":742,"height":11}},{"id":"60d98443-01f1-4f73-9c56-4c269aea0316","block_type":"box","text":"compensation structure that incentivizes and rewards executives appropriately. Executive compensation is an","page_number":228,"box":{"x":69,"y":823,"width":779,"height":11}},{"id":"59391052-02c5-474b-afb6-0b73ce027ac2","block_type":"box","text":"impor tant tool used by companies to suppor t long-term financial value creation. In our experience, well-structured","page_number":228,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"c230e383-11fb-4c47-8377-5439e37e1fee","block_type":"box","text":"compensation policies reward the successful delivery of strategic, operational, and/or financial goals, encourage an","page_number":228,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"7ecc6136-bd53-433d-851d-7ff1a0ab070d","block_type":"box","text":"appropriate risk appetite, and align the interests of shareholders and executives through equity ownership.","page_number":228,"box":{"x":69,"y":869,"width":760,"height":11}},{"id":"77a72fc7-d5df-4e83-800a-eb4b53228796","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial per formance.","page_number":228,"box":{"x":101,"y":891,"width":712,"height":11}},{"id":"5c0ad026-24df-4516-830f-a04da682bc6c","block_type":"box","text":"Per formance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not","page_number":228,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"b8f88ebc-e442-43c3-a56b-dc17c345aaf4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f39a5cb7-c9f9-4265-bb7c-3ce255f643c0","block_type":"box","text":"Global Principles | 8","page_number":228,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"289e8956-bacc-4c2f-bbbf-0135ecc498ec","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76da0769-7f0e-4409-95d5-df5695935091","block_type":"box","text":"have a position on whether companies should use sustainability-related criteria in compensation structures, but,","page_number":229,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"89750577-e6b1-489f-a947-685c41682884","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":229,"box":{"x":68,"y":60,"width":783,"height":11}},{"id":"d77864d9-d89a-4e0b-82ec-f2e80db505ea","block_type":"box","text":"operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual","page_number":229,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"9b38741e-3175-49ec-9fb5-fdbcdf0c1ee8","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a","page_number":229,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"3deec34a-9f93-4498-ac30-c8aa36f8d9cb","block_type":"box","text":"period of years.","page_number":229,"box":{"x":70,"y":105,"width":108,"height":11}},{"id":"4bbf344f-d1b7-488a-bb5a-84418e856a52","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees –","page_number":229,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"976d35a8-882e-4462-bdcc-4f7cf5a997ac","block_type":"box","text":"or board members responsible for setting executive compensation – should carefully consider the company’s specific","page_number":229,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"24bc1839-b616-45e9-be95-cacb0e6a7bee","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":229,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"39ed9e5c-2674-4a37-9e54-5075c0510850","block_type":"box","text":"attract, retain and incentivize. We look to the compensation committees to guard against contractual arrangements","page_number":229,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"11ec431b-2ae4-466b-a6da-6db697831481","block_type":"box","text":"that would entitle executives to material compensation for early termination of their employment. Finally, pension","page_number":229,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"c59ed341-d9e3-4d13-a7c1-f5e5e588e4b2","block_type":"box","text":"contributions and other deferred compensation arrangements should be reasonable in light of market practices or the","page_number":229,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"46de7e38-e912-4e66-9341-38b7dcc5cb00","block_type":"box","text":"company’s business and executive compensation strategies.","page_number":229,"box":{"x":69,"y":219,"width":433,"height":11}},{"id":"78d23829-448f-4f92-a9ba-3d336abd9c38","block_type":"box","text":"We are not suppor tive of one-off or special bonuses unrelated to company or individual per formance. Where","page_number":229,"box":{"x":101,"y":241,"width":772,"height":11}},{"id":"ac5c74b3-63bc-4b2b-82b7-bb9bb49c4bac","block_type":"box","text":"discretion has been used by the compensation committee or its equivalent, we appreciate disclosure relating to how","page_number":229,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"9ccc53cd-803a-48d1-9394-3cb864e95723","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":229,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"596798a1-ce5c-461f-a77b-44b1abe3a392","block_type":"box","text":"acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay;","page_number":229,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"cd2f3a69-b666-4445-a280-f00c9b1e1a82","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":229,"box":{"x":69,"y":302,"width":822,"height":11}},{"id":"1e929223-f70c-4929-a72f-27ed497c999f","block_type":"box","text":"peer benchmarking, rather than also considering rigorous measures of outper formance. We encourage companies to","page_number":229,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"dc6b40fa-cce6-466a-beec-69823a35e00c","block_type":"box","text":"clearly explain how compensation outcomes have rewarded per formance.","page_number":229,"box":{"x":69,"y":332,"width":522,"height":11}},{"id":"f62553db-8a7f-4975-9d99-8cb3e20551bf","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could","page_number":229,"box":{"x":101,"y":355,"width":786,"height":11}},{"id":"5769c45a-5519-47fe-afee-34480b3dca9f","block_type":"box","text":"clawback compensation or require executives to forgo awards when compensation was based on faulty financial","page_number":229,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"b2362a16-0390-405a-8837-fb50ea4048c7","block_type":"box","text":"statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any","page_number":229,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"43cf4a71-ea79-464a-b4ac-fae4f6a9dd56","block_type":"box","text":"awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational","page_number":229,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"68ac697e-35f9-4c13-a7be-69d684fb5098","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":229,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"2d47a4c4-c982-4fb1-89db-86f8ebde241c","block_type":"box","text":"restatement of past results.","page_number":229,"box":{"x":69,"y":430,"width":198,"height":11}},{"id":"c0d9e0e2-ee2e-4fe1-8b6f-f0a4aef76cbc","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":229,"box":{"x":102,"y":453,"width":803,"height":11}},{"id":"cc1e251e-9a81-4a0f-98e4-55dd8ccd782b","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":229,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"2dc1599f-5c2f-445c-bd0d-2e0f2d64718f","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":229,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"e862ab5f-8481-4c45-9b5b-1271d3d35a23","block_type":"box","text":"whom they are charged with overseeing.","page_number":229,"box":{"x":68,"y":498,"width":285,"height":11}},{"id":"e7f75491-3f40-4935-b88b-7f144e3dddb9","block_type":"box","text":"BIS may convey concerns through not suppor ting management’s proposals to approve compensation, where they","page_number":229,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"880b48e7-352e-49ed-969f-4a4d57a8c082","block_type":"box","text":"are on the agenda. We may also vote against members of the compensation committee or equivalent board members","page_number":229,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"453a40fa-4598-40d9-9283-8028a5a92fca","block_type":"box","text":"for poor compensation practices or structures.","page_number":229,"box":{"x":68,"y":551,"width":331,"height":11}},{"id":"c592a27d-2dc1-46d5-826c-68a6e532a32b","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":229,"box":{"x":247,"y":581,"width":484,"height":9}},{"id":"904dc78b-a376-4e15-9089-22b5fcf2a475","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related","page_number":229,"box":{"x":102,"y":604,"width":782,"height":11}},{"id":"37f27de5-4d5e-4f62-bdff-eb62a0f2ad25","block_type":"box","text":"risks and oppor tunities relevant to their businesses.","page_number":229,"box":{"x":69,"y":619,"width":372,"height":11}},{"id":"66b952bf-75b1-49b4-86a6-20d9d02bb6e5","block_type":"box","text":"9","page_number":229,"box":{"x":443,"y":620,"width":4,"height":4}},{"id":"841544e7-858b-4fcf-abd7-b5c7817b2c18","block_type":"box","text":"As with all risks and oppor tunities in a company’s business","page_number":229,"box":{"x":453,"y":619,"width":424,"height":11}},{"id":"8d177119-2897-4a25-8bd1-7dc264a82883","block_type":"box","text":"model, appropriate oversight of material sustainability considerations is a core component of having an effective","page_number":229,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"22be4c96-d708-4140-91c1-23427a7be099","block_type":"box","text":"governance framework that suppor ts durable, long-term financial value creation.","page_number":229,"box":{"x":68,"y":649,"width":570,"height":12}},{"id":"35b62202-7af3-4caa-bab9-04118d2713b7","block_type":"box","text":"9","page_number":229,"box":{"x":69,"y":702,"width":4,"height":4}},{"id":"47c95420-4f81-48b3-a29b-a5ab84e132ce","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":229,"box":{"x":79,"y":701,"width":822,"height":11}},{"id":"3bf48130-f206-41ab-87b1-42bd7276ee9c","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":229,"box":{"x":69,"y":716,"width":835,"height":12}},{"id":"bb893381-0644-42ff-80bc-ba9ceea5eaeb","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":229,"box":{"x":70,"y":731,"width":827,"height":12}},{"id":"b8fe0711-5b23-4bfc-ad19-a5fa9e83465d","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":229,"box":{"x":70,"y":747,"width":826,"height":11}},{"id":"b249787c-ae2f-49e8-a5a1-9bdf366b63b3","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":229,"box":{"x":69,"y":762,"width":433,"height":11}},{"id":"2f185a3b-e220-4431-9986-40a5c07e68a5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9eaee667-ad8e-4a0e-9d74-65d477e6ef62","block_type":"box","text":"Global Principles | 9","page_number":229,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"8b318530-ce42-4f57-85a0-6bc4ab17ca68","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"345e9731-54bc-44b1-b858-b18a5dd845a3","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to","page_number":230,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"b27af602-5c53-460c-be55-4cea5e70c3bc","block_type":"box","text":"material sustainability-related risks and oppor tunities. We find it helpful when companies’ disclosures demonstrate","page_number":230,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"0fae8b36-66b5-4bd2-9e52-3db8e41adca4","block_type":"box","text":"that they have a resilient business model that integrates material sustainability-related risks and oppor tunities into","page_number":230,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"f3ea0398-ee94-4092-b612-a39947fad3ac","block_type":"box","text":"their strategy, risk management, and metrics and targets, including industry-specific metrics. The International","page_number":230,"box":{"x":68,"y":90,"width":786,"height":11}},{"id":"9e15875e-7c35-4a50-ba80-586232fba413","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2","page_number":230,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"13a4c06c-e5ef-4bde-9493-77125fae5108","block_type":"box","text":"10","page_number":230,"box":{"x":538,"y":106,"width":9,"height":4}},{"id":"f6e3f7ba-c6df-4f61-a07d-a1343646d89f","block_type":"box","text":"may prove helpful to companies in preparing this","page_number":230,"box":{"x":553,"y":105,"width":346,"height":11}},{"id":"7bb9e1e7-a37e-4380-88cd-f3ea9b1c7fe7","block_type":"box","text":"disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":230,"box":{"x":69,"y":120,"width":834,"height":11}},{"id":"eff0171c-2c7b-47e7-a43b-9b2f79132640","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":230,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"e77db203-5475-46f9-b5c7-35d646662787","block_type":"box","text":"converged under the ISSB. We recognize that companies may phase in repor ting aligned with the ISSB standards","page_number":230,"box":{"x":69,"y":151,"width":806,"height":11}},{"id":"6d0bdd36-3423-4249-a67d-5a8b834c879e","block_type":"box","text":"over several years. We also recognize that some companies may repor t using different standards, which may be","page_number":230,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"860bf22c-0dec-4edc-9caf-d3ad28302716","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":230,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"9ff1903c-74eb-4318-90e6-bda18ce28c24","block_type":"box","text":"the metrics that are industry- or company-specific.","page_number":230,"box":{"x":68,"y":196,"width":356,"height":11}},{"id":"24a5b336-c74f-4713-9f78-6da5eabe76e1","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and","page_number":230,"box":{"x":101,"y":218,"width":739,"height":12}},{"id":"ff2af677-1d13-492e-94ae-b70ac84c3314","block_type":"box","text":"aggregate data from various internal and external sources. We recognize that the practical realities of data collection","page_number":230,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"3165dc39-0427-42fe-820f-e1b17bcfde6a","block_type":"box","text":"and repor ting may not line up with financial repor ting cycles and companies may require additional time after their","page_number":230,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"f53ece06-624d-413c-8e23-090be669905f","block_type":"box","text":"fiscal year-end to accurately collect, analyze, and repor t this data to investors. That said, while we do not prescribe","page_number":230,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"0f1564ed-ccdd-42dc-8db0-a28fd5897f16","block_type":"box","text":"timelines regarding when companies make these disclosures, we encourage them to produce climate and other","page_number":230,"box":{"x":68,"y":279,"width":797,"height":11}},{"id":"9cc1b4c9-a3ab-494f-b487-f5651604ac3a","block_type":"box","text":"sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to","page_number":230,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"62b808ad-4b96-4391-92ab-a733212ec2e9","block_type":"box","text":"provide investors with time to assess the data and make informed decisions.","page_number":230,"box":{"x":70,"y":309,"width":549,"height":11}},{"id":"22e5aba6-8958-4390-ab77-b81cd500340a","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct","page_number":230,"box":{"x":102,"y":332,"width":773,"height":11}},{"id":"d9a7745e-a1c7-4ab0-ba53-558fb529b893","block_type":"box","text":"issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and","page_number":230,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"1299383a-69e1-4046-8aa8-3952d0f6eb42","block_type":"box","text":"Development. Fur ther, industry initiatives on managing specific operational risks may provide useful guidance to","page_number":230,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"03672407-2370-43dd-9165-39c82039483a","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":230,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"4962a43a-6831-458c-a2b5-7bf1732dbe32","block_type":"box","text":"investment risk when companies disclose any relevant global climate and other sustainability-related standards","page_number":230,"box":{"x":70,"y":393,"width":792,"height":11}},{"id":"b7920efc-dc09-4047-bd23-4d6becccb723","block_type":"box","text":"adopted, the industry initiatives in which they par ticipate, any peer group benchmarking under taken, and any","page_number":230,"box":{"x":69,"y":408,"width":776,"height":11}},{"id":"a2539408-8830-4601-be71-03d2e83420cc","block_type":"box","text":"assurance processes to help investors understand their approach to sustainable and responsible business practices.","page_number":230,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"70654928-d749-44f3-8130-fa1c1b76ed26","block_type":"box","text":"10","page_number":230,"box":{"x":69,"y":467,"width":9,"height":5}},{"id":"7fdc8305-1dea-47df-8168-1c69543eebe2","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":230,"box":{"x":83,"y":467,"width":804,"height":11}},{"id":"92cd8bbd-54f1-4ba1-86c6-1bbad86e1f12","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and oppor tunities that is useful to","page_number":230,"box":{"x":69,"y":482,"width":792,"height":11}},{"id":"6e162326-9a79-4986-b4de-bef7eee9520e","block_type":"box","text":"primary users of general-purpose financial repor ts in making decisions relating to providing resources to the entity.","page_number":230,"box":{"x":70,"y":497,"width":816,"height":11}},{"id":"48d1bcd7-49c1-41a7-bc3a-eb3b9ae15a54","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":230,"box":{"x":68,"y":512,"width":829,"height":11}},{"id":"1afa7871-b90d-43a9-84db-3e66d22c3cb0","block_type":"box","text":"related risks and oppor tunities that is useful to primary users of general-purpose financial repor ts in making","page_number":230,"box":{"x":69,"y":527,"width":773,"height":12}},{"id":"04cd7fa3-484f-49ee-b839-1055315c57e8","block_type":"box","text":"decisions relating to providing resources to the entity.","page_number":230,"box":{"x":69,"y":543,"width":381,"height":11}},{"id":"c2ae56c6-5806-499d-8fdc-931846608535","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"fba6231d-d7cf-44b0-876b-8f9197f6fa04","block_type":"box","text":"Global Principles | 10","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"f068a9d8-f3eb-4058-946d-3445d3e3431c","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85ae39c1-bc9f-4bc9-a73e-22ca17573eb9","block_type":"box","text":"Climate and nature-related risk","page_number":231,"box":{"x":69,"y":45,"width":226,"height":9}},{"id":"43da2985-4047-4fa3-85f5-2ca9880c5e7e","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":231,"box":{"x":102,"y":67,"width":718,"height":12}},{"id":"d3a4d0ff-b258-499a-95ae-15d741859c55","block_type":"box","text":"11","page_number":231,"box":{"x":822,"y":68,"width":8,"height":4}},{"id":"cfb2d82c-9fc8-4ac0-81d4-d79879567765","block_type":"box","text":"Our","page_number":231,"box":{"x":836,"y":67,"width":24,"height":9}},{"id":"0212f167-aa38-4ff2-96be-2f5540fc4d9d","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":231,"box":{"x":69,"y":82,"width":787,"height":12}},{"id":"f2aec51a-dcee-4955-a518-5b1a471a5c3a","block_type":"box","text":"changes in government policies, technology, and consumer and investor preferences, which may be material for many","page_number":231,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"96fa9923-ff2d-432d-a899-00653b8aaaf3","block_type":"box","text":"companies.","page_number":231,"box":{"x":69,"y":113,"width":80,"height":11}},{"id":"55149a10-95db-48f5-b9a6-8e152e89b369","block_type":"box","text":"12","page_number":231,"box":{"x":151,"y":113,"width":9,"height":4}},{"id":"4d74ea6b-8ed3-4b0a-b378-81d6b9b0a85f","block_type":"box","text":"Yet the path to a low-carbon economy is uncer tain and uneven, with different par ts of the economy","page_number":231,"box":{"x":166,"y":113,"width":705,"height":11}},{"id":"3505d3a1-2d92-4019-9bd6-5104bb9bca49","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":231,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"5e659e6b-53a6-42c6-b00c-e821f2a64495","block_type":"box","text":"related risk and oppor tunity on their businesses and operating environments. Many companies are assessing how to","page_number":231,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"f2ba6b1b-5569-46da-96a3-9195e78376e4","block_type":"box","text":"navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these","page_number":231,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"4472cc2b-5194-42b6-99ec-2e647548fa3b","block_type":"box","text":"climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model","page_number":231,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"0b3a7d2e-5fe2-4158-8718-9b25921bc8ff","block_type":"box","text":"and sector, how they intend to deliver long-term financial per formance through the transition to a low-carbon","page_number":231,"box":{"x":69,"y":188,"width":769,"height":12}},{"id":"951b4ce0-db1b-4973-87eb-309c93bd6b5f","block_type":"box","text":"economy, including where available, their transition plan.","page_number":231,"box":{"x":69,"y":204,"width":402,"height":11}},{"id":"058eb5cf-dffe-46c1-9534-bb1b02680232","block_type":"box","text":"13","page_number":231,"box":{"x":473,"y":204,"width":9,"height":4}},{"id":"abf6d405-b7f5-48eb-a90c-930bed6ef20e","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors","page_number":231,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"d175b268-f470-4bde-a2ff-dac07b898641","block_type":"box","text":"assess company-specific climate-related risks and oppor tunities, and inform investment decisions.","page_number":231,"box":{"x":69,"y":241,"width":704,"height":11}},{"id":"efd22046-b13c-4312-9905-97b6b9ca13b7","block_type":"box","text":"14","page_number":231,"box":{"x":775,"y":242,"width":9,"height":4}},{"id":"df1c9b6c-d20f-46ed-bc6f-5c5db5b1460c","block_type":"box","text":"Such","page_number":231,"box":{"x":789,"y":241,"width":34,"height":9}},{"id":"3959c3dd-2959-47a6-9b15-0ad49f49e679","block_type":"box","text":"disclosures also provide investors with insights into how companies are managing the risks associated with climate","page_number":231,"box":{"x":69,"y":257,"width":825,"height":11}},{"id":"ba91c713-5d47-4dae-a9e0-31ed9b359b11","block_type":"box","text":"change by managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":231,"box":{"x":69,"y":271,"width":779,"height":12}},{"id":"f83368ff-7a07-4c5e-ae0a-a3b65748ab82","block_type":"box","text":"Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such","page_number":231,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"d08aa941-0820-43f3-908e-827e6cdf29f0","block_type":"box","text":"climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed","page_number":231,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"dba2fd81-3f7b-4f8d-b0e5-69ed2f5d4f53","block_type":"box","text":"as best practice in the market.","page_number":231,"box":{"x":69,"y":317,"width":217,"height":11}},{"id":"39aa2270-f60c-4844-8f2a-efbc2937a3e3","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures","page_number":231,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"3e776b36-0528-4c35-b381-24b911be4137","block_type":"box","text":"and engagement, the strategies companies have in place to manage material risks to, and oppor tunities for, their","page_number":231,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"2f003552-4bdb-430c-8070-8b95eb8e17f5","block_type":"box","text":"long-term business model associated with a range of climate-related scenarios. This includes a scenario in which","page_number":231,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"aa82a24a-732b-4f9b-8462-85d3dbf93469","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":231,"box":{"x":68,"y":385,"width":821,"height":11}},{"id":"699ce21c-b516-435a-aff1-a3345f3fc76d","block_type":"box","text":"recently reaffirmed by G20 members as par t of the 2024 Leader’s Declaration.","page_number":231,"box":{"x":69,"y":400,"width":565,"height":11}},{"id":"98f50cd8-b11b-470a-97d8-eabe92428b11","block_type":"box","text":"15","page_number":231,"box":{"x":636,"y":400,"width":9,"height":5}},{"id":"ab603c36-9d1a-4071-83e3-2fdc630378f7","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting shor t-, medium- and long-term","page_number":231,"box":{"x":101,"y":423,"width":783,"height":11}},{"id":"ab83cbe8-637a-4dbd-8073-04d13b4a89ca","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":231,"box":{"x":68,"y":438,"width":765,"height":11}},{"id":"d9879df5-3fc5-4df5-8703-986890ba3206","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":231,"box":{"x":69,"y":453,"width":773,"height":11}},{"id":"5eec7d04-5a8a-4526-9d37-e6d47124f17e","block_type":"box","text":"interests of their investors.","page_number":231,"box":{"x":70,"y":468,"width":190,"height":9}},{"id":"e83766de-eefe-4299-a31b-72ad01b0b149","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":231,"box":{"x":101,"y":491,"width":784,"height":11}},{"id":"c487ad70-84ab-417b-bb9b-477f6a1aa12e","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":231,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"bc9cfde1-b045-459c-974f-8739063c606e","block_type":"box","text":"11","page_number":231,"box":{"x":69,"y":535,"width":9,"height":5}},{"id":"80d516db-d565-4a30-913c-ab8a31764667","block_type":"box","text":"BlackRock Investment Institute, “Mega forces: An investment oppor tunity”, 2023.","page_number":231,"box":{"x":84,"y":535,"width":582,"height":11}},{"id":"f90a5c2c-552d-46b5-b5be-8721f007c48f","block_type":"box","text":"12","page_number":231,"box":{"x":69,"y":553,"width":9,"height":4}},{"id":"3eab8ff0-cb28-4a38-9ed6-0854f5ed0668","block_type":"box","text":"BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":231,"box":{"x":84,"y":553,"width":566,"height":11}},{"id":"2190f04b-e921-423f-8ff0-e0b6fbff8a84","block_type":"box","text":"13","page_number":231,"box":{"x":69,"y":571,"width":9,"height":4}},{"id":"916a39e6-06b7-4818-a581-aeacfc04a72e","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in a number of","page_number":231,"box":{"x":83,"y":570,"width":769,"height":12}},{"id":"934618cf-273f-4f34-b7db-29245b836d2d","block_type":"box","text":"markets are signaling their intentions to require them or already have requirements in place, such as Australia,","page_number":231,"box":{"x":69,"y":586,"width":791,"height":11}},{"id":"ec3e84e7-9540-4d7d-a0f4-06d289f89172","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":231,"box":{"x":70,"y":600,"width":814,"height":12}},{"id":"be8f1686-f2bb-4294-a49b-25ab45d4bad1","block_type":"box","text":"externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the","page_number":231,"box":{"x":69,"y":616,"width":829,"height":11}},{"id":"a14f2aae-cd55-43d4-a46c-7c2841aa2d5d","block_type":"box","text":"global transition towards a low-carbon economy. Transition plans are building momentum internationally, with","page_number":231,"box":{"x":68,"y":631,"width":775,"height":11}},{"id":"237bdd18-6a74-4967-bf8d-448355613930","block_type":"box","text":"increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial","page_number":231,"box":{"x":70,"y":646,"width":779,"height":11}},{"id":"69fce914-0189-459d-8945-0b89ae301f3e","block_type":"box","text":"industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on","page_number":231,"box":{"x":70,"y":661,"width":838,"height":11}},{"id":"0472f2de-7c4e-4a17-93bf-3acf65800fd3","block_type":"box","text":"the key elements these plans should contain. We view useful disclosure as one that communicates a company’s","page_number":231,"box":{"x":68,"y":676,"width":805,"height":11}},{"id":"8aaca937-20cc-410a-93b2-69c7b16e0f58","block_type":"box","text":"approach to managing financially material business relevant risks and oppor tunities – including climate-related risks","page_number":231,"box":{"x":69,"y":691,"width":827,"height":11}},{"id":"658b490d-409b-4b08-8ad8-9d37f777de71","block_type":"box","text":"– to deliver long-term financial per formance, which allows investors to make more informed decisions. While","page_number":231,"box":{"x":68,"y":706,"width":773,"height":12}},{"id":"8bde34e1-1736-4b9e-8a2c-d7c289c5f58d","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":231,"box":{"x":68,"y":721,"width":813,"height":11}},{"id":"cff3d51c-f856-4f4c-9528-4560dcf3f2bc","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":231,"box":{"x":68,"y":737,"width":819,"height":11}},{"id":"602b2f19-7284-4751-a9d9-6296d07e43f2","block_type":"box","text":"actions and resource implications.","page_number":231,"box":{"x":69,"y":752,"width":244,"height":11}},{"id":"c81f63ac-29fb-4d9b-a1bd-1442eb51d5f0","block_type":"box","text":"14","page_number":231,"box":{"x":69,"y":770,"width":9,"height":4}},{"id":"c8434b19-8e80-483f-a9f5-26478ca31a29","block_type":"box","text":"BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that","page_number":231,"box":{"x":84,"y":769,"width":749,"height":12}},{"id":"2ccf0ad8-85c5-458e-bda9-64678f3ce30d","block_type":"box","text":"companies may phase in repor ting aligned with the ISSB standards over several years, depending on local","page_number":231,"box":{"x":69,"y":785,"width":757,"height":11}},{"id":"eb58ad91-f05d-4f42-8b02-18d743428cac","block_type":"box","text":"requirements. We also recognize and respect that some companies may repor t using different local standards, which","page_number":231,"box":{"x":69,"y":799,"width":837,"height":12}},{"id":"c23ac2ce-1459-41c7-9a4b-58c92029b45e","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":231,"box":{"x":69,"y":815,"width":805,"height":11}},{"id":"5f3cae09-9c30-4db0-86e7-632631e523f2","block_type":"box","text":"disclose their rationale for repor ting in line with the specific disclosure framework chosen and highlight the metrics","page_number":231,"box":{"x":69,"y":830,"width":818,"height":11}},{"id":"ed11ee39-b3b0-421f-b80f-c3bcb480e68a","block_type":"box","text":"that are industry- or company-specific.","page_number":231,"box":{"x":68,"y":845,"width":271,"height":11}},{"id":"25a4c48e-fd1d-4553-b884-5d19533f49c6","block_type":"box","text":"15","page_number":231,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"84b67afc-2616-4627-bdb3-0463258f1029","block_type":"box","text":"In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as par t of the Leader’s","page_number":231,"box":{"x":84,"y":862,"width":769,"height":12}},{"id":"8f76c088-4b1e-4bd1-b584-32a6998dc0c0","block_type":"box","text":"Declaration. G20 members include the world’s major economies (19 countries and two regional bodies, the European","page_number":231,"box":{"x":70,"y":878,"width":836,"height":11}},{"id":"d3236ea1-bed5-49d5-98e2-0711661635d0","block_type":"box","text":"Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and","page_number":231,"box":{"x":70,"y":893,"width":819,"height":11}},{"id":"14766cd7-bd41-40a5-acbb-057242614f68","block_type":"box","text":"about two-thirds of the world population.","page_number":231,"box":{"x":69,"y":908,"width":285,"height":11}},{"id":"0f4a6f9e-e687-41b5-9ca9-62dea27bf2f1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"bf1a9815-29d1-4054-827a-3fee77fc80cf","block_type":"box","text":"Global Principles | 11","page_number":231,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"6fa1aa86-b0a3-4e6e-8faa-fb2dde523936","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61a89385-008f-4700-ac35-892688acbbfc","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":232,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"8e2ecf66-3958-4d34-bef0-fda78cef69dc","block_type":"box","text":"companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith","page_number":232,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"03c0b784-9661-46d2-9dae-0659fc1c6b0f","block_type":"box","text":"basis as methodology develops. Our publicly available commentary provides more information on our approach to","page_number":232,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"90aa428c-2adb-4ef3-9d95-500df349f548","block_type":"box","text":"climate-related risks and oppor tunities.","page_number":232,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"7aaf52d2-9c1a-4628-980f-defdfa4bb8c5","block_type":"box","text":"In addition to climate-related risks and oppor tunities, the management of nature-related factors is increasingly a","page_number":232,"box":{"x":102,"y":113,"width":799,"height":11}},{"id":"f2e8c617-d1e0-4fce-ab98-466bb76a5693","block_type":"box","text":"component of some companies’ ability to generate durable, long-term financial returns for shareholders, par ticularly","page_number":232,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"7640c9fa-04e9-47e9-824f-9f266887d408","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":232,"box":{"x":68,"y":143,"width":778,"height":11}},{"id":"ff5105ea-4ce6-43ef-a78f-8ce4534d0731","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":232,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"46cf76c1-f5b8-406e-91b0-3d9fc9535ff3","block_type":"box","text":"and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and","page_number":232,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"d3b69284-ace3-430e-b142-8136d8dc7347","block_type":"box","text":"targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform","page_number":232,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"7495a17f-42ea-47f0-b922-9350e2a993da","block_type":"box","text":"our view of how a company is managing material nature-related risks and oppor tunities. We rely on company","page_number":232,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"10bd86b1-e3fb-49e2-9b0c-ec8f1a20451c","block_type":"box","text":"disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly","page_number":232,"box":{"x":69,"y":219,"width":821,"height":11}},{"id":"6441b255-3622-4fda-ad4a-dc6fb426868e","block_type":"box","text":"available commentary provides more information on our approach to natural capital.","page_number":232,"box":{"x":69,"y":234,"width":598,"height":11}},{"id":"1dc0bffa-cda8-41df-9129-ce1a53dae82d","block_type":"box","text":"16","page_number":232,"box":{"x":669,"y":234,"width":9,"height":4}},{"id":"7cbde35f-6bcb-4e25-b3c8-55442cef4458","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":232,"box":{"x":69,"y":264,"width":521,"height":11}},{"id":"6720f590-bcd5-4b5d-bdb8-7a449a36d5da","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various","page_number":232,"box":{"x":102,"y":286,"width":782,"height":12}},{"id":"062159b2-67ff-443b-bb84-ed78562fbc65","block_type":"box","text":"par ties on whom they depend for their success over time. It is for each company to determine their key stakeholders","page_number":232,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"ba64adef-376b-49a9-9280-7fe6bffcfd4e","block_type":"box","text":"based on what is material to their business and long-term financial per formance. For many companies, key","page_number":232,"box":{"x":69,"y":317,"width":763,"height":11}},{"id":"7443f11f-066c-4c17-bb2a-a5b06a1c5bbb","block_type":"box","text":"stakeholders include employees, business par tners (such as suppliers and distributors), clients and consumers,","page_number":232,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"c8e3a70e-eb61-41b0-a21b-1f8e104fa930","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":232,"box":{"x":69,"y":347,"width":391,"height":11}},{"id":"2fc584ec-3cb5-4b10-bb67-e02c1c80b476","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":232,"box":{"x":101,"y":370,"width":783,"height":11}},{"id":"03b92037-424e-4542-bf5e-8642dccfd993","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":232,"box":{"x":70,"y":385,"width":755,"height":11}},{"id":"76662b4e-f18a-4e36-8e14-96ee7c154792","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":232,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"cbbf9423-ae52-4e58-b3d5-c7c1bf59f76f","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":232,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"2ce64f0b-8fe2-477a-917c-8fd93cc6efdc","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":232,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"88027c8d-62ae-4564-b818-072c00c89ece","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy.","page_number":232,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"7c3786b1-c68e-4831-8ec2-651d5e8f59f1","block_type":"box","text":"Companies should ar ticulate how they address material adverse impacts that could arise from their business","page_number":232,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"58a7b674-4b8c-46f8-9060-9c45cd979eb3","block_type":"box","text":"practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the","page_number":232,"box":{"x":70,"y":483,"width":800,"height":11}},{"id":"2a41628c-43cd-4049-842a-17b8b09b0d1f","block_type":"box","text":"extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential","page_number":232,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"b852c026-a719-4428-9f5e-ea5b67ef28ec","block_type":"box","text":"adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view,","page_number":232,"box":{"x":69,"y":514,"width":763,"height":11}},{"id":"6492e24b-a5af-40ca-b094-2c1339bbb3ff","block_type":"box","text":"maintaining trust within these relationships can contribute to a company’s long-term success.","page_number":232,"box":{"x":69,"y":529,"width":668,"height":11}},{"id":"f4631767-9c78-4735-be5e-2e280b214be2","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":232,"box":{"x":192,"y":559,"width":594,"height":9}},{"id":"1440e5cd-be5e-43c8-81c8-adaba2c6fb23","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial per formance and","page_number":232,"box":{"x":102,"y":581,"width":753,"height":12}},{"id":"56aab58b-408d-404b-b239-41e3e9798fc7","block_type":"box","text":"viability of the companies in which they invest. In addition, companies should publish information on the governance","page_number":232,"box":{"x":68,"y":596,"width":829,"height":12}},{"id":"3ae829f8-138a-4892-b065-1768bf712ae7","block_type":"box","text":"structures in place and the rights of shareholders to influence these structures. The repor ting and disclosure","page_number":232,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"619f2a1e-124d-4e3c-b090-4f11a77ffdcb","block_type":"box","text":"provided by companies help shareholders assess the effectiveness of the board’s oversight of management and","page_number":232,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"77c7f2cc-f522-4bc2-b93d-8e5c2c0c2ca2","block_type":"box","text":"whether investors’ economic interests have been protected. As a general principle, we believe shareholders should","page_number":232,"box":{"x":68,"y":642,"width":821,"height":11}},{"id":"3882c614-c2ec-4e4c-afcc-3353978d8a8a","block_type":"box","text":"have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit","page_number":232,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"eb4aae56-c68f-4963-98de-5b69af897628","block_type":"box","text":"proposals to the shareholders’ meeting, and to call special meetings of shareholders.","page_number":232,"box":{"x":70,"y":672,"width":610,"height":11}},{"id":"02844282-441f-44e9-9927-935d8c42f57a","block_type":"box","text":"16","page_number":232,"box":{"x":69,"y":717,"width":9,"height":4}},{"id":"79eca9a0-c2ea-41ab-adf6-82403271b102","block_type":"box","text":"Given the growing awareness of the materiality of these issues for cer tain businesses, enhanced repor ting on a","page_number":232,"box":{"x":84,"y":716,"width":797,"height":12}},{"id":"d8bd1643-92bb-4e4e-811a-3b7459f72f53","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final","page_number":232,"box":{"x":69,"y":731,"width":784,"height":12}},{"id":"993d717f-3622-430e-89c3-7d78993b0bca","block_type":"box","text":"recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some","page_number":232,"box":{"x":69,"y":747,"width":772,"height":11}},{"id":"25975c39-52f9-41d8-9e8d-caa5881b70a3","block_type":"box","text":"companies. We recognize that some companies may repor t using different standards, which may be required by","page_number":232,"box":{"x":69,"y":762,"width":799,"height":11}},{"id":"cd97fe49-d782-4070-bde5-b604ca9dda97","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned repor ting is not a voting issue.","page_number":232,"box":{"x":69,"y":777,"width":779,"height":11}},{"id":"883341de-73ec-4448-b736-6a8e543e0f06","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c8f4ab07-f9a7-4dbc-8501-8cba8805f7a2","block_type":"box","text":"Global Principles | 12","page_number":232,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"3a293704-3a17-4632-8423-4480b8b325b2","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56b5f53f-4440-48c7-938a-f600ecd6e04e","block_type":"box","text":"Corporate form","page_number":233,"box":{"x":69,"y":45,"width":108,"height":11}},{"id":"174b2690-b880-4d8b-a2aa-8f081ab085c2","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":233,"box":{"x":102,"y":67,"width":781,"height":12}},{"id":"7a6baf50-e10d-40fa-951b-7143efe25b37","block_type":"box","text":"the company’s purpose and business model.","page_number":233,"box":{"x":68,"y":83,"width":320,"height":11}},{"id":"a47316c7-5490-4152-a28b-3ccb08330b80","block_type":"box","text":"17","page_number":233,"box":{"x":390,"y":83,"width":9,"height":4}},{"id":"be7109a0-c778-427c-9e2a-b1d12bd40f2f","block_type":"box","text":"Companies proposing to change their corporate form to a public","page_number":233,"box":{"x":405,"y":82,"width":455,"height":12}},{"id":"bcad7515-7321-4739-a9d7-c7890a68d508","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":233,"box":{"x":69,"y":98,"width":770,"height":11}},{"id":"c5bedd9a-7a56-47bd-8140-f10db14fff22","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholder proponents proposing","page_number":233,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"d856451c-d4af-4893-98c9-b86124cec30e","block_type":"box","text":"to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be","page_number":233,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"ac070a9f-0bd8-44e2-a621-a1348b7262f5","block_type":"box","text":"impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally","page_number":233,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"89ca0fb2-2d10-48b8-98ea-37d452de9cb4","block_type":"box","text":"suppor t management proposals if our analysis indicates that shareholders’ economic interests are adequately","page_number":233,"box":{"x":69,"y":158,"width":789,"height":11}},{"id":"11e341b7-ee93-465a-8534-cfed2a8d02fe","block_type":"box","text":"protected. Relevant shareholder proposals are evaluated on a case-by-case basis.","page_number":233,"box":{"x":70,"y":173,"width":583,"height":11}},{"id":"1c079861-f156-459c-85c1-4e86246a2272","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":233,"box":{"x":385,"y":203,"width":207,"height":9}},{"id":"dd9d05a1-1afd-4702-b583-9220bee5582b","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals","page_number":233,"box":{"x":102,"y":226,"width":807,"height":11}},{"id":"414cfd32-0d40-4a94-b050-c03c53e65e17","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":233,"box":{"x":68,"y":241,"width":837,"height":11}},{"id":"a4e5ac16-c48c-4630-b95a-04c891dc2731","block_type":"box","text":"met. The matters that we see put forward by shareholders address a wide range of topics, including governance","page_number":233,"box":{"x":69,"y":256,"width":799,"height":12}},{"id":"be5d8eac-b7c3-49b5-8854-716d373f8f89","block_type":"box","text":"reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.","page_number":233,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"cbe30977-4810-43af-98af-e8eea51a263d","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":233,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"ebcff8b0-5da2-45bd-81cd-ab851e65b1c6","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":233,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"6d3fb4b9-8f21-49ed-b29a-402fcf16711f","block_type":"box","text":"submit shareholder proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put for th by","page_number":233,"box":{"x":69,"y":324,"width":836,"height":11}},{"id":"35335afe-8334-4c0c-b19a-6119872d8aa3","block_type":"box","text":"others.","page_number":233,"box":{"x":69,"y":340,"width":48,"height":8}},{"id":"ba25f6d6-f130-42f9-9a20-ed73d6ed83b1","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s","page_number":233,"box":{"x":101,"y":362,"width":768,"height":11}},{"id":"08aecd32-fdcf-46cd-b70d-53300c52d1d5","block_type":"box","text":"individual circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value","page_number":233,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"0239aaf0-f70d-4273-b2b2-025cdf223322","block_type":"box","text":"creation. BIS’ evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged,","page_number":233,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"58968b7a-a3a1-4ec5-a495-0a1754382178","block_type":"box","text":"may impact a company’s long-term per formance. We look for consistency between the specific request formally made","page_number":233,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"1bdf7e63-a47d-4c59-927f-85d7c32367e8","block_type":"box","text":"in the proposal, the suppor ting documentation, and the proponents’ other communications on the issues. We also","page_number":233,"box":{"x":70,"y":423,"width":816,"height":11}},{"id":"00fa33d4-2715-4542-8a15-c978efe7e1b8","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":233,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"2ee94835-c362-4213-ae7a-0a23f8ab83ce","block_type":"box","text":"made in the proposal. We take into consideration a company’s governance practices and disclosures against those","page_number":233,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"5518cfc1-8858-4609-be02-6c27537919f6","block_type":"box","text":"of their peers.","page_number":233,"box":{"x":69,"y":468,"width":98,"height":11}},{"id":"d5bb85dc-2ba8-4c35-8f43-f8c1d5961244","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":233,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"7b13258b-28e3-4191-ba93-69ca62c20b89","block_type":"box","text":"submitted or advised on the proposal.","page_number":233,"box":{"x":69,"y":506,"width":270,"height":11}},{"id":"124eaa05-be89-4372-85ba-0f834d4178fc","block_type":"box","text":"We would not suppor t proposals that we believe would result in over-reaching into the basic business decisions","page_number":233,"box":{"x":101,"y":529,"width":795,"height":11}},{"id":"f9482291-79fa-40ee-84fa-56ce86639aca","block_type":"box","text":"of the company, are unduly prescriptive or constraining on management. We take into consideration the legal effect","page_number":233,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"09fb9bb9-20fe-4e11-8ce1-6bf14d3f6622","block_type":"box","text":"of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while","page_number":233,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"a4f11a8e-f66f-4cf2-a11f-1ed34a1fbd08","block_type":"box","text":"others may make requests that would be deemed illegal in a given jurisdiction.","page_number":233,"box":{"x":69,"y":574,"width":559,"height":11}},{"id":"f6144bef-214a-475e-8f2b-260412a7a59e","block_type":"box","text":"BIS is likely to suppor t shareholder proposals that request disclosures that help us, as long-term investors on","page_number":233,"box":{"x":102,"y":597,"width":784,"height":11}},{"id":"eed3294c-b6c4-4df2-940e-7d3f94442ab5","block_type":"box","text":"behalf of our clients, better understand the material risks and oppor tunities companies face and how they are","page_number":233,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"3482fda3-d62a-479d-8133-2d2c9b90b3e6","block_type":"box","text":"managing them, especially where this information is additive given the company’s existing disclosures. We may also","page_number":233,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"c3f7cbb4-29fa-4ce4-b554-11815f43818e","block_type":"box","text":"suppor t shareholder proposals that are focused on a material business risk that we agree needs to be addressed","page_number":233,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"0f4f7888-22ae-456d-b7a8-6a36663114ab","block_type":"box","text":"and the intended outcome is consistent with long-term financial value creation.","page_number":233,"box":{"x":69,"y":657,"width":561,"height":11}},{"id":"50d21c37-fc25-4992-967e-c043cf2606c3","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Fur ther, the proponent’s","page_number":233,"box":{"x":101,"y":680,"width":800,"height":11}},{"id":"9d4984c2-db9c-41f4-ac60-c8f3951dbcdb","block_type":"box","text":"suppor ting statement may refer to topics that are not directly related to the request made in the proposal. In voting","page_number":233,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"9efc1ce5-dfb2-4158-b7e8-5abf132c1b05","block_type":"box","text":"on behalf of clients, we do not submit or edit proposals or the suppor ting statements – we must vote yes or no on","page_number":233,"box":{"x":69,"y":710,"width":814,"height":11}},{"id":"9138d361-8cad-4c6e-93f2-4ce1e7a6b08c","block_type":"box","text":"the proposal as phrased by the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily","page_number":233,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"edf09bf3-b8de-4d4d-9be1-91a860a763e6","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We","page_number":233,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"0ed07ed0-b7a3-45a9-9600-8b0f31ec3425","block_type":"box","text":"may suppor t a proposal for different reasons from those put for th by the proponent, when we believe that, overall, it","page_number":233,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"2d491069-17cc-457b-a949-00d630a9bac1","block_type":"box","text":"can advance our clients’ long-term financial interests. We typically explain to the company our rationale for suppor ting","page_number":233,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"1c4825b9-caa3-4692-a5cc-9e532cd1d894","block_type":"box","text":"such proposals.","page_number":233,"box":{"x":69,"y":786,"width":112,"height":10}},{"id":"0f97da5f-0eeb-4524-8c5d-42a893e0005c","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":233,"box":{"x":101,"y":808,"width":798,"height":11}},{"id":"f0348c1e-2e95-4f59-b0b4-77147cc77c23","block_type":"box","text":"board has not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also suppor t","page_number":233,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"fdb05ad7-bc34-4740-8a3e-74582f26a8ea","block_type":"box","text":"a proposal if management is on track, but we believe that voting in favor might accelerate effor ts to address a","page_number":233,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"ac22ba2a-8f6d-4350-a8e8-4eb84a5b2198","block_type":"box","text":"material risk.","page_number":233,"box":{"x":69,"y":854,"width":91,"height":8}},{"id":"ee48821f-41b6-413b-8ce1-40f29e659845","block_type":"box","text":"17","page_number":233,"box":{"x":69,"y":883,"width":8,"height":4}},{"id":"b3dad2c5-83af-4a40-935f-c6942bb2c38a","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":233,"box":{"x":84,"y":883,"width":550,"height":11}},{"id":"a4cfb8f7-b090-4344-9581-346f8030df62","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"23a9a963-c489-4888-9d9d-20b2026c89b5","block_type":"box","text":"Global Principles | 13","page_number":233,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"f0f23f36-4fa7-47ee-81e3-e95b14a0dd74","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5d947c05-2a43-4e67-b020-b975dbdeb4ed","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":234,"box":{"x":213,"y":45,"width":553,"height":9}},{"id":"a3df47cb-c6fb-435d-b942-3e95c70da713","block_type":"box","text":"Oversight","page_number":234,"box":{"x":69,"y":75,"width":68,"height":11}},{"id":"d06b9776-493a-4722-b49f-03e64ccfb110","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior","page_number":234,"box":{"x":102,"y":98,"width":777,"height":11}},{"id":"8703ea2e-9336-452d-8731-91f50be6c4c5","block_type":"box","text":"BlackRock index investment professionals and/or senior employees with practical boardroom experience. The","page_number":234,"box":{"x":70,"y":113,"width":781,"height":11}},{"id":"4c597460-d4f0-43e0-872c-c03b3571e714","block_type":"box","text":"Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the","page_number":234,"box":{"x":69,"y":128,"width":803,"height":11}},{"id":"942af5fc-f9bc-4d4e-b6ff-96f585edc24b","block_type":"box","text":"Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.","page_number":234,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"cbebd53d-85dd-4458-95ca-c9a366822e1f","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee","page_number":234,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"52a9458e-68f1-4561-8540-524531e0082a","block_type":"box","text":"(Global Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship","page_number":234,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"6bb1f1ae-5b32-404d-a283-52aef9d12cf2","block_type":"box","text":"(Global Head), and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The","page_number":234,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"2760ea64-889e-408e-8267-f73cecd6d45e","block_type":"box","text":"Global Committee does not determine voting decisions, which are the responsibility of BIS.","page_number":234,"box":{"x":69,"y":211,"width":647,"height":11}},{"id":"feef4d7b-a2cc-4c66-b6d7-011624d66535","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the","page_number":234,"box":{"x":101,"y":234,"width":724,"height":11}},{"id":"146df183-a38e-4410-8399-13c36dcd51bb","block_type":"box","text":"Guidelines, which require the application of professional judgment and consideration of each company’s unique","page_number":234,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"2d94360e-0ee2-4c4f-ac65-a3cedf7c8c17","block_type":"box","text":"circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee","page_number":234,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"6dba6f2c-7890-4747-a674-f47fd19ed49a","block_type":"box","text":"also reviews and approves amendments to the regional Guidelines.","page_number":234,"box":{"x":69,"y":279,"width":478,"height":11}},{"id":"43d5dee5-b137-4fd3-bb9f-7165f45e7674","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic repor ts regarding the votes cast by BIS, as well","page_number":234,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"4a684386-eb80-4919-bb05-0568ed50a991","block_type":"box","text":"as updates on material process issues, procedural changes, and other risk oversight considerations. The Global","page_number":234,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"53dd2f42-6c69-4b11-9e6c-0076a9e43f38","block_type":"box","text":"Committee reviews these repor ts in an oversight capacity as informed by the Guidelines.","page_number":234,"box":{"x":69,"y":332,"width":631,"height":11}},{"id":"3964a126-e17f-46a5-875e-27d23c0ed667","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":234,"box":{"x":102,"y":355,"width":766,"height":11}},{"id":"bc0a7177-a3c4-42c1-be6a-7e1d7e84e128","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research","page_number":234,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"90c0bb4c-1ffd-4375-ab53-b3a773be4d64","block_type":"box","text":"on corporate governance issues and par ticipates in industry discussions to contribute to and keep abreast of","page_number":234,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"c384f0f3-fce9-47b7-a239-ea0203886195","block_type":"box","text":"impor tant developments in the corporate governance field. BIS may utilize third par ties for cer tain of the foregoing","page_number":234,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"8965146d-5d6d-498b-9f78-1ad4a44fd6ae","block_type":"box","text":"activities and per forms oversight of those third par ties. BIS may discuss complicated or par ticularly controversial","page_number":234,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"3c1d8ef0-5984-4296-947d-b4ebef049674","block_type":"box","text":"matters with senior specialists internally, on an advisory basis, prior to making a voting decision.","page_number":234,"box":{"x":69,"y":430,"width":690,"height":11}},{"id":"c826013f-5b09-4da9-8023-dba0676b0b1b","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":234,"box":{"x":328,"y":460,"width":321,"height":9}},{"id":"9d3b8124-0e5f-4e36-bc30-6c5bd775ee96","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted","page_number":234,"box":{"x":102,"y":483,"width":802,"height":11}},{"id":"3f6c9901-00f2-4883-996d-12a223372798","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":234,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"a65577e0-01bf-48ae-8105-be875f6d12f1","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":234,"box":{"x":69,"y":513,"width":769,"height":12}},{"id":"fbde2d2a-708f-47af-8108-4fa646906576","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":234,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"38620518-44a9-40f1-a1e3-d406479686b1","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":234,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"7f3efe3b-8632-4d84-be29-d3bd2801f338","block_type":"box","text":"dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock","page_number":234,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"5a9ebd30-2ef3-4694-902f-d2d5299cb8cd","block_type":"box","text":"employees (see “Conflicts management policies and procedures,” below).","page_number":234,"box":{"x":69,"y":574,"width":526,"height":11}},{"id":"90554804-801e-4d39-be9b-abb00c68831e","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines","page_number":234,"box":{"x":101,"y":596,"width":790,"height":12}},{"id":"26fef969-a236-448f-ad8f-24995e98998e","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":234,"box":{"x":68,"y":612,"width":840,"height":11}},{"id":"792ec845-e285-4368-b615-1edc905fa091","block_type":"box","text":"vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in","page_number":234,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"4d43871f-ab40-444b-a20a-118dd3d8a4bc","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":234,"box":{"x":68,"y":642,"width":793,"height":11}},{"id":"37ddf177-0691-40a6-8105-b1ff5a8d455c","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":234,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"d23d5fd4-c8ae-4ca5-937f-07c2d1cd179e","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":234,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"39941a91-f90c-4758-9f0f-c1ac7ffca1d1","block_type":"box","text":"they reflect our view about corporate governance issues generally, and provide insight into how we typically approach","page_number":234,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"b4032ed2-c3df-4c5a-9cd7-0b00775927ff","block_type":"box","text":"issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to","page_number":234,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"72e35104-f358-4de2-9335-1ecaf4122f47","block_type":"box","text":"reflect changes in market practices, developments in corporate governance and feedback from companies and","page_number":234,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"d167832c-0edf-40cb-af0a-6a677290d134","block_type":"box","text":"clients. In this way, BIS aims to maintain policies that explain our approach to governance practices most aligned","page_number":234,"box":{"x":69,"y":733,"width":807,"height":11}},{"id":"af105ce6-1b98-4742-b225-cc631790fbd8","block_type":"box","text":"with clients’ long-term financial interests. BIS analysts may exercise their professional judgment in determining how","page_number":234,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"233bbd8b-2840-4ef3-a253-751228fe371e","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":234,"box":{"x":68,"y":763,"width":775,"height":11}},{"id":"ca10d117-e49a-4678-a3b0-a2588513416c","block_type":"box","text":"exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":234,"box":{"x":69,"y":778,"width":686,"height":11}},{"id":"5111b90a-254f-4251-beb9-bb468d52c4e0","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as","page_number":234,"box":{"x":102,"y":801,"width":783,"height":11}},{"id":"1d22a368-ae05-4bea-a1a6-4f4e113ff73e","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":234,"box":{"x":68,"y":816,"width":791,"height":11}},{"id":"70be7b56-66e1-49d5-a8be-d0f3aa29d30a","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":234,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"edecd8ce-6cd6-4067-9cb9-1beb7b5ad56c","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":234,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"84e2a924-69f4-487d-999e-13a07e667d70","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":234,"box":{"x":69,"y":861,"width":836,"height":11}},{"id":"1a822f5a-3e8f-40e9-abe0-910d3c43b5f9","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":234,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"e80bf9c6-7b48-4930-83ed-269f1fe2507a","block_type":"box","text":"of attorney to facilitate voting instructions. We are not suppor tive of impediments to the exercise of voting rights such","page_number":234,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"c7921cbe-ee16-49fa-99e8-f663786efcd3","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":234,"box":{"x":69,"y":907,"width":490,"height":11}},{"id":"7cc78375-5f68-451c-948a-16947a69ed03","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3c166dd3-ac05-4fc6-9600-91c0ddf9f30c","block_type":"box","text":"Global Principles | 14","page_number":234,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"5ed4483b-e879-4abb-a032-7bb19d423a1c","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"358b8a0e-ce89-4c1c-9dca-2cc0ad2413b7","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is","page_number":235,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"9ffb6529-6f07-438a-a8d4-e3e0b9d62cb2","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":235,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"1218820f-544e-4367-babe-c3dd228f02a3","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":235,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"25fba5b8-03fe-4818-babf-7459c8e71fdd","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":235,"box":{"x":69,"y":90,"width":661,"height":11}},{"id":"c8560e9b-c03f-4e8b-991b-433bb9b77467","block_type":"box","text":"VOTING CHOICE","page_number":235,"box":{"x":430,"y":120,"width":117,"height":9}},{"id":"4692e04e-fc23-46e4-9d2a-9b6e8bae6d2c","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":235,"box":{"x":102,"y":143,"width":795,"height":11}},{"id":"81929bb6-01c1-4d96-a20a-dd67bd08802c","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":235,"box":{"x":68,"y":158,"width":447,"height":11}},{"id":"d32e63bc-48e3-4701-9734-ac27b28fae54","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":235,"box":{"x":101,"y":181,"width":786,"height":11}},{"id":"014a98e8-4205-441b-8e3b-78a267cb84a5","block_type":"box","text":"UK, Ireland, and Canada that utilize cer tain equity index investment strategies, as well as eligible clients in cer tain","page_number":235,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"f783619d-3c02-4cd3-9205-01b2a844f23e","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":235,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"b6a107d1-4407-4ea2-ba82-729636a89c60","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice","page_number":235,"box":{"x":70,"y":226,"width":791,"height":11}},{"id":"6db20401-b79b-4401-85ac-64ca5e0b537d","block_type":"box","text":"regardless of their investment strategies.","page_number":235,"box":{"x":69,"y":241,"width":293,"height":11}},{"id":"192852a5-e58c-439a-b9b6-98a44611cd24","block_type":"box","text":"18","page_number":235,"box":{"x":364,"y":242,"width":9,"height":4}},{"id":"372d798f-3284-4b42-9d50-02e93525c987","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible","page_number":235,"box":{"x":379,"y":241,"width":509,"height":11}},{"id":"1a17f77a-834f-4f73-ab75-371ad1fd2e0e","block_type":"box","text":"shareholder accounts in a U.S. Fund.","page_number":235,"box":{"x":69,"y":256,"width":262,"height":9}},{"id":"ff282bf9-c2b4-4957-8df2-7817b1535274","block_type":"box","text":"19","page_number":235,"box":{"x":334,"y":257,"width":8,"height":4}},{"id":"58d8c76f-12ef-451a-b932-e33a88fa7fb3","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":235,"box":{"x":101,"y":279,"width":788,"height":11}},{"id":"8dcddaf0-5ff4-48fe-b81c-406c9ca4af7f","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":235,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"2f3d522c-37aa-49e0-ade4-d2291aee6a57","block_type":"box","text":"third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control","page_number":235,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"d9233d6e-56d6-49e7-8657-55bf3f89c979","block_type":"box","text":"over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client’s","page_number":235,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"4f091648-7d1f-4f2a-94b9-cd3404b5d977","block_type":"box","text":"selection of proxy policy, without client consent.","page_number":235,"box":{"x":69,"y":339,"width":338,"height":12}},{"id":"8f4401d9-b58c-46c5-a086-5d1b55483c4f","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":235,"box":{"x":281,"y":370,"width":416,"height":9}},{"id":"0fbfd032-6bec-4021-a22d-c61320bcf4e1","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity.","page_number":235,"box":{"x":102,"y":392,"width":801,"height":12}},{"id":"38cc5426-d1f3-4aba-9312-5d65cca3bbbf","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent 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BlackRock can then use its proxy voting infrastructure to cast","page_number":235,"box":{"x":70,"y":878,"width":838,"height":11}},{"id":"31d865d7-2d4b-4e06-b947-75e2a9d84423","block_type":"box","text":"votes based on the client’s selected voting policy.","page_number":235,"box":{"x":68,"y":893,"width":354,"height":11}},{"id":"54a7246c-238b-45e6-adc9-edf02616b652","block_type":"box","text":"19","page_number":235,"box":{"x":69,"y":911,"width":9,"height":4}},{"id":"69aef08a-0813-4a6c-b358-7eda3ba1d357","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":235,"box":{"x":84,"y":911,"width":415,"height":11}},{"id":"483da5fc-260a-42cf-8486-1403a54320ee","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6c93cc24-7136-4e77-a9dc-9bf2b111c288","block_type":"box","text":"Global Principles | 15","page_number":235,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"f553d31d-788c-4500-bc9d-3131dc2b9cbc","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7fcbebe0-9092-4080-872b-e075eed875da","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"dc82dffe-8b45-450e-8f4c-a68a144258be","block_type":"box","text":"Determined to engage, in cer tain instances, an independent third-par ty voting service provider to make proxy","page_number":236,"box":{"x":102,"y":45,"width":777,"height":11}},{"id":"35d2252e-64f0-4fd5-966a-4b96e6372136","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":236,"box":{"x":101,"y":60,"width":763,"height":11}},{"id":"c8088c6f-7afb-46f2-95b9-47864ef9ac9e","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law. 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We may engage more than one independent","page_number":236,"box":{"x":69,"y":350,"width":813,"height":11}},{"id":"56f0e6f0-2ed2-48a5-a026-7cb79a735a50","block_type":"box","text":"third-par ty voting service provider, in par t to mitigate potential or perceived conflicts of interest at a single voting","page_number":236,"box":{"x":68,"y":365,"width":804,"height":11}},{"id":"51610783-bd93-4242-8016-a3a8ffe13d16","block_type":"box","text":"service provider. The Global Committee appoints and reviews the per formance of the independent third-par ty voting","page_number":236,"box":{"x":69,"y":380,"width":824,"height":11}},{"id":"9da0e99b-07b4-4d1f-9d71-f940505102e4","block_type":"box","text":"service providers, generally on an annual basis.","page_number":236,"box":{"x":69,"y":395,"width":339,"height":11}},{"id":"874db98c-2932-4373-8dd5-64077db23c02","block_type":"box","text":"SECURITIES LENDING","page_number":236,"box":{"x":409,"y":425,"width":159,"height":9}},{"id":"84649936-027b-4c88-824d-102de2f39cbc","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a","page_number":236,"box":{"x":101,"y":448,"width":775,"height":11}},{"id":"c5dbf9a1-0046-41a8-9058-0651a540f8bb","block_type":"box","text":"well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional","page_number":236,"box":{"x":68,"y":463,"width":794,"height":11}},{"id":"8751aac0-e43f-42e0-a401-43cbd0b8631c","block_type":"box","text":"returns while allowing fund providers to keep fund expenses lower.","page_number":236,"box":{"x":69,"y":478,"width":473,"height":11}},{"id":"f8ec01ef-11a2-4568-ae47-b278a5eb0fe4","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":236,"box":{"x":101,"y":501,"width":779,"height":11}},{"id":"b30101f3-1da4-4116-a6e0-7916d05fbbdd","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":236,"box":{"x":70,"y":516,"width":827,"height":11}},{"id":"1e39333c-85ac-41d5-88b1-1314c0ce5d72","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":236,"box":{"x":70,"y":531,"width":832,"height":11}},{"id":"91fa6431-f9c8-49ba-8fd6-585e39fa2e8b","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":236,"box":{"x":69,"y":546,"width":832,"height":11}},{"id":"dc8fd1ea-589f-4752-a8ac-fba1e26d5b7d","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":236,"box":{"x":69,"y":561,"width":814,"height":11}},{"id":"e887a456-2a77-490b-94a9-ea305210804e","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":236,"box":{"x":70,"y":576,"width":834,"height":12}},{"id":"d497270a-9cd3-40ff-b618-e6610ab8d81d","block_type":"box","text":"of recall consideration).","page_number":236,"box":{"x":69,"y":591,"width":166,"height":11}},{"id":"b510a79f-3308-4c75-b710-71ad9045145a","block_type":"box","text":"20","page_number":236,"box":{"x":237,"y":592,"width":9,"height":4}},{"id":"0bdbc5c9-6dcd-45c5-ad99-f726de50dc5a","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":236,"box":{"x":252,"y":592,"width":617,"height":11}},{"id":"568b97fe-bafb-4800-a970-c7954e9094e8","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":236,"box":{"x":68,"y":606,"width":563,"height":12}},{"id":"6d14df14-b61f-4892-b8dd-24459f67d2dc","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting","page_number":236,"box":{"x":102,"y":629,"width":785,"height":11}},{"id":"e1a62a14-f955-4d20-9a72-632cfde70f7a","block_type":"box","text":"shares would be less than the potential revenue the loan may provide the Fund. However, in cer tain instances,","page_number":236,"box":{"x":69,"y":645,"width":789,"height":10}},{"id":"ba3a8132-5b88-4c1e-af71-a390566e406b","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":236,"box":{"x":70,"y":659,"width":816,"height":12}},{"id":"5b8e4504-a6fb-4bea-a13c-a6eb7569350e","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.","page_number":236,"box":{"x":68,"y":675,"width":790,"height":11}},{"id":"c096f10e-6bba-418a-b88b-292f17428a91","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":236,"box":{"x":102,"y":697,"width":790,"height":12}},{"id":"4a475fd2-4c6f-4e97-98ca-7de2d14f9980","block_type":"box","text":"and may modify it as necessary.","page_number":236,"box":{"x":69,"y":712,"width":228,"height":12}},{"id":"294b62aa-79fc-425e-85b0-bf0acb6666ed","block_type":"box","text":"20","page_number":236,"box":{"x":69,"y":742,"width":9,"height":4}},{"id":"1972cbd1-fa30-4dd6-8986-29d8cf99f952","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":236,"box":{"x":84,"y":742,"width":789,"height":11}},{"id":"b1f2275e-24a4-442f-8f98-a3a7d1a6e5bd","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":236,"box":{"x":69,"y":757,"width":763,"height":11}},{"id":"31774bab-acf0-4461-814d-bb7e928c98cc","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":236,"box":{"x":70,"y":772,"width":794,"height":11}},{"id":"15674d54-95d7-41b0-b571-0e326a77f141","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":236,"box":{"x":69,"y":787,"width":833,"height":11}},{"id":"905de6b5-e5f5-4651-add6-04993bfcadb6","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":236,"box":{"x":69,"y":802,"width":821,"height":11}},{"id":"d6f4882b-9a36-49e8-bcf5-6e2b76494c43","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":236,"box":{"x":69,"y":817,"width":823,"height":11}},{"id":"8936ee04-db53-4203-83ae-a0de82e5578d","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":236,"box":{"x":68,"y":832,"width":822,"height":12}},{"id":"fa3f2bf5-caea-4fe2-9127-47a60aa0acf7","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":236,"box":{"x":70,"y":847,"width":558,"height":12}},{"id":"71399759-27d4-4ba9-b2fd-3e36ab2302d6","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"fffc904b-e564-4faa-ba7d-2bdd9b34823c","block_type":"box","text":"Global Principles | 16","page_number":236,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"5bcd3ac6-c127-4ddb-a472-bd83ac6cd377","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3eaba01e-79af-4f24-b88f-614d88231782","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":237,"box":{"x":343,"y":45,"width":293,"height":9}},{"id":"9acb933b-1e1d-4dbe-b664-a4a7c305d7bd","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":237,"box":{"x":101,"y":67,"width":788,"height":11}},{"id":"1dd28400-f7a3-4d14-8609-f38b8640a762","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":237,"box":{"x":69,"y":83,"width":787,"height":11}},{"id":"99ab0354-5be9-414b-a9cb-4722e353233e","block_type":"box","text":"website. Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies","page_number":237,"box":{"x":68,"y":98,"width":837,"height":11}},{"id":"99c76751-27db-43bb-9e6e-3b68c53def55","block_type":"box","text":"in which we invest on their behalf. We also publish commentaries to share our perspective on market developments","page_number":237,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"8d06d549-51a7-44d9-8dea-54adc69b1aaf","block_type":"box","text":"and emerging key themes.","page_number":237,"box":{"x":69,"y":128,"width":187,"height":11}},{"id":"3ab18028-5e7d-44c4-b977-18bf540d9637","block_type":"box","text":"At a more granular level, on a quar terly basis, we publish our vote record for each company that held a","page_number":237,"box":{"x":101,"y":150,"width":732,"height":12}},{"id":"3471a45b-b31d-4d08-915f-ac2337279c60","block_type":"box","text":"shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any","page_number":237,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"dcd306af-f551-431c-af15-b123c5661caf","block_type":"box","text":"votes against management proposals and on shareholder proposals. For shareholder meetings where a vote might","page_number":237,"box":{"x":68,"y":181,"width":819,"height":11}},{"id":"bf6a7b58-9f13-42d9-afe6-05918180de85","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":237,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"77a00fe2-2d38-4fb4-8841-31f8a93775ec","block_type":"box","text":"explaining our vote on key proposals. We also publish a quar terly list of all companies with which we engaged and the","page_number":237,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"8fd74618-10e3-4443-b3f7-a63e2762bda8","block_type":"box","text":"key topics addressed in the engagement meeting.","page_number":237,"box":{"x":69,"y":226,"width":354,"height":11}},{"id":"0433fbb0-9574-4a6b-90e8-e156e2f2c3e2","block_type":"box","text":"In this way, we help inform our clients about the work we do on their behalf in promoting the governance and","page_number":237,"box":{"x":102,"y":249,"width":772,"height":11}},{"id":"d89f0725-8dee-47ce-9883-7ff39d2b74b6","block_type":"box","text":"business practices that suppor t durable, long-term financial value creation by companies.","page_number":237,"box":{"x":69,"y":264,"width":637,"height":11}},{"id":"2dfc658c-e3cd-410f-af26-2ab1b95d7f81","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a3c0561f-2e58-4624-813a-4c47b01433cb","block_type":"box","text":"Global Principles | 17","page_number":237,"box":{"x":758,"y":942,"width":150,"height":13}},{"id":"2941003b-9a10-4f6a-a6cc-2356270bcfba","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d6cd9d75-8e2a-47ff-a39c-156ec2c18215","block_type":"box","text":"Want to know more?","page_number":238,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"e9dd7980-79bf-455e-b126-b9095a46efae","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":238,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"4eb4d360-65fd-4ee3-8e8c-1999c365dbcf","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":238,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"96995b3d-8e66-43ef-ae31-098d7c77f102","block_type":"box","text":"principal.","page_number":238,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"47cd50a5-2513-4d7c-980c-41438d73b9d9","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":238,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"dfd3c733-e21b-4683-941b-83d45b345b6d","block_type":"box","text":"©","page_number":238,"box":{"x":68,"y":883,"width":6,"height":4}},{"id":"f45e0e60-047a-4244-8830-fe99159d2f0e","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved.","page_number":238,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"831a0e16-ce97-4bdb-86a6-39cb5ed140cf","block_type":"box","text":"BLACKROCK","page_number":238,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"c293dea8-35ae-4581-bf4c-51a4e784b906","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":238,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"57dc6cd4-1313-42bd-959d-0ce23d4cfa41","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":238,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"41b9ed94-2a79-4817-9bc6-266fa2f33387","block_type":"box","text":"BlackRock","page_number":238,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"f06db958-67ed-4839-8f44-298086fee166","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1b2b76f-8bd9-49b1-ae7f-0a1e3964371b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"38546a6a-63f3-4713-a63b-f8c0332988c3","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":239,"box":{"x":297,"y":67,"width":384,"height":11}},{"id":"4230194f-51bc-44d4-84a9-d16bc1d5b03d","block_type":"box","text":"Published July 2024","page_number":239,"box":{"x":416,"y":90,"width":146,"height":11}},{"id":"bee805ec-954e-4520-aa5b-7c0ad77093de","block_type":"box","text":"BlackRock","page_number":239,"box":{"x":102,"y":113,"width":78,"height":9}},{"id":"c6b43701-0929-48d0-bc08-7bf69a192e9f","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4ea310a-d5bc-4d10-bc8e-e2624b76d6e5","block_type":"box","text":"BLACKROCK CLIMATE AND DECARBONIZATION STEWARDSHIP GUIDELINES","page_number":240,"box":{"x":208,"y":45,"width":557,"height":9}},{"id":"33c033ac-47a6-47c0-a27e-f32a50ca167d","block_type":"box","text":"1","page_number":240,"box":{"x":766,"y":45,"width":5,"height":4}},{"id":"22097553-c7c2-4338-b6e8-baafee189e02","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":75,"width":374,"height":11}},{"id":"92aca232-0d9e-406d-b06f-f634c0eafc84","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":240,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"64194c49-babe-4211-a9ec-565630966fc4","block_type":"box","text":"responsibilities to be an informed, engaged shareholder on their behalf, given the business decisions that companies","page_number":240,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"b13527a7-5968-4752-9c71-3d790c10d311","block_type":"box","text":"make have a direct impact on our clients’ long-term investment outcomes and financial well-being. BlackRock","page_number":240,"box":{"x":69,"y":128,"width":779,"height":11}},{"id":"57af5209-cfd0-4100-b69f-5b5e98813f2b","block_type":"box","text":"Investment Stewardship (BIS) is a dedicated function within BlackRock, which serves as a link between BlackRock’s","page_number":240,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"e39ccce1-3b67-4798-ac88-b46c407918fc","block_type":"box","text":"clients and the companies we invest in on their behalf. BIS takes a long-term approach in our stewardship effor ts,","page_number":240,"box":{"x":69,"y":158,"width":814,"height":11}},{"id":"b429fc21-6853-4552-ae94-3db6d896474c","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. BIS does this through:","page_number":240,"box":{"x":69,"y":173,"width":614,"height":11}},{"id":"275f1c2c-2f5d-4bca-8754-f45521565f4e","block_type":"box","text":"1.","page_number":240,"box":{"x":70,"y":194,"width":11,"height":8}},{"id":"4d32ca2c-578b-4b67-b5d4-b127507b77bd","block_type":"box","text":"Engaging with companies","page_number":240,"box":{"x":102,"y":193,"width":186,"height":11}},{"id":"35693bef-4589-43de-afce-b32fc6aaccc6","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":240,"box":{"x":294,"y":193,"width":606,"height":12}},{"id":"bafe2ff0-413d-4c48-ab35-1c0cabb0f097","block_type":"box","text":"our voting decisions.","page_number":240,"box":{"x":102,"y":209,"width":145,"height":11}},{"id":"c8a7ef03-1d2b-4b68-a1b4-6561b775400f","block_type":"box","text":"2.","page_number":240,"box":{"x":69,"y":229,"width":12,"height":8}},{"id":"8a07fe73-4c3c-4d4a-91dc-836f00a72749","block_type":"box","text":"Voting at shareholder meetings","page_number":240,"box":{"x":101,"y":229,"width":228,"height":11}},{"id":"35b15ce9-4957-4db5-9818-1582780969c9","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have","page_number":240,"box":{"x":335,"y":229,"width":524,"height":11}},{"id":"8281724a-1b6b-4e02-9488-4a5c4530e1fe","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":240,"box":{"x":101,"y":244,"width":284,"height":11}},{"id":"12298c09-132d-419b-9cfb-968e0d1d14ef","block_type":"box","text":"3.","page_number":240,"box":{"x":69,"y":264,"width":12,"height":9}},{"id":"9a63d0c6-6759-43e0-9e49-3a5a88a87c3c","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":240,"box":{"x":101,"y":264,"width":356,"height":11}},{"id":"26269386-1524-4fa4-8f1e-e40d93103c3d","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":240,"box":{"x":462,"y":264,"width":412,"height":11}},{"id":"985c6223-524d-4f51-bdd5-ebae1ec877f1","block_type":"box","text":"clients’ investments.","page_number":240,"box":{"x":101,"y":279,"width":147,"height":9}},{"id":"734ed0d3-78c3-4122-8ced-0102760d3a4f","block_type":"box","text":"4.","page_number":240,"box":{"x":69,"y":299,"width":12,"height":9}},{"id":"c8604965-9fe3-43c8-bc27-f79b65c2467d","block_type":"box","text":"Reporting on our activities","page_number":240,"box":{"x":102,"y":299,"width":193,"height":11}},{"id":"079fb5f2-b68f-4eee-b36d-32c5bf3fa888","block_type":"box","text":"to inform clients about our stewardship effor ts on their behalf through a range of","page_number":240,"box":{"x":301,"y":299,"width":579,"height":11}},{"id":"ebce236c-6739-4bda-9743-64f4a748a8bf","block_type":"box","text":"publications and direct repor ting.","page_number":240,"box":{"x":102,"y":314,"width":234,"height":12}},{"id":"18ad4350-ade0-48da-bf77-028eab32b18b","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":240,"box":{"x":68,"y":345,"width":638,"height":11}},{"id":"8841621a-79d0-46ec-8e83-b9168b770fc7","block_type":"box","text":"2","page_number":240,"box":{"x":707,"y":345,"width":4,"height":4}},{"id":"08500e0c-43e2-4d74-aab7-56375155e88f","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to suppor t our clients’ unique and varied","page_number":240,"box":{"x":102,"y":367,"width":755,"height":11}},{"id":"1a022136-6fe7-4a02-8649-9932d1ca2754","block_type":"box","text":"investment objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization","page_number":240,"box":{"x":70,"y":382,"width":803,"height":12}},{"id":"6974fe34-c276-4959-a39a-0dabf57e1f79","block_type":"box","text":"stewardship option for those clients who explicitly direct BlackRock to invest their assets with decarbonization","page_number":240,"box":{"x":69,"y":397,"width":783,"height":12}},{"id":"4ae46b17-7c0e-49d2-bea9-372fcda5388b","block_type":"box","text":"investment objectives. An increasing number of clients are seeking to minimize the financial risk, and maximize the","page_number":240,"box":{"x":70,"y":412,"width":820,"height":12}},{"id":"398eef04-6a3d-432d-81f2-731b5896f1f8","block_type":"box","text":"financial oppor tunities, associated with the transition to a low-carbon economy, and thus are interested in","page_number":240,"box":{"x":68,"y":428,"width":755,"height":11}},{"id":"a4ed5497-02da-4190-a3e2-abf8f9894791","block_type":"box","text":"sustainable and transition investing, with some including decarbonization as an investment objective in their","page_number":240,"box":{"x":69,"y":443,"width":772,"height":11}},{"id":"c9ae99f7-127f-411a-b10b-8027509e1b6e","block_type":"box","text":"mandates with BlackRock. In Europe for example, all of our largest, strategic relationship clients have net zero","page_number":240,"box":{"x":69,"y":458,"width":787,"height":11}},{"id":"f3981c0b-d385-4355-8b9b-d6a1ae7971a7","block_type":"box","text":"commitments for their organizations, and globally a growing number have made similar commitments, which those","page_number":240,"box":{"x":69,"y":473,"width":815,"height":11}},{"id":"b699c2ca-8dff-40d9-a8bd-d94d0914b93c","block_type":"box","text":"clients believe, will shape financial oppor tunities in the transition to a low-carbon economy. A survey of 200","page_number":240,"box":{"x":69,"y":488,"width":767,"height":11}},{"id":"fbdd6ad4-0c18-420c-af56-01b3faa07b4f","block_type":"box","text":"institutional investors globally, representing nearly $9tn in assets under management, indicated that 98% of them","page_number":240,"box":{"x":70,"y":503,"width":810,"height":12}},{"id":"6f4bd26e-9638-4993-ae04-c4d5980c2d0a","block_type":"box","text":"have set some kind of transition investment objective for their por tfolios.","page_number":240,"box":{"x":69,"y":518,"width":518,"height":11}},{"id":"74dcde0c-e1b3-4ed4-a846-6662ba10eb93","block_type":"box","text":"3","page_number":240,"box":{"x":589,"y":519,"width":4,"height":4}},{"id":"b3b31d68-9ed4-4aa6-b2ad-5c66ad33c92a","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with","page_number":240,"box":{"x":101,"y":541,"width":780,"height":11}},{"id":"92807d91-e6fc-4241-8d22-f5874826bb20","block_type":"box","text":"explicit decarbonization or climate-related investment objectives,","page_number":240,"box":{"x":69,"y":556,"width":458,"height":11}},{"id":"977169bd-bc47-4dd4-afeb-b2d157277406","block_type":"box","text":"4","page_number":240,"box":{"x":529,"y":557,"width":4,"height":4}},{"id":"c84af410-9c9c-4410-b0b9-9d1495e88508","block_type":"box","text":"and, when appropriate, engagement with corporate","page_number":240,"box":{"x":539,"y":556,"width":362,"height":11}},{"id":"27ace033-4ed4-4d3a-ba9e-e2ef0211194d","block_type":"box","text":"leadership to suppor t our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct","page_number":240,"box":{"x":70,"y":571,"width":825,"height":12}},{"id":"d699c18b-550e-42f9-81d0-a88ac911bdfe","block_type":"box","text":"BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts,","page_number":240,"box":{"x":70,"y":586,"width":819,"height":12}},{"id":"11e88e09-3b5a-4172-8fc9-34e8fa75f181","block_type":"box","text":"these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.","page_number":240,"box":{"x":68,"y":601,"width":810,"height":12}},{"id":"6aabec12-b948-4b54-a34f-4b9fa073e40e","block_type":"box","text":"1","page_number":240,"box":{"x":69,"y":654,"width":4,"height":4}},{"id":"399e0e73-6868-4a8a-bc55-f38fd0ceed8d","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":240,"box":{"x":78,"y":653,"width":737,"height":12}},{"id":"2c77efcc-e227-44e8-8407-fd9c7c8500b7","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":240,"box":{"x":69,"y":669,"width":793,"height":11}},{"id":"8f798582-bad6-4ee1-80ed-d1d1bb96e6c1","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is par t of BlackRock’s","page_number":240,"box":{"x":69,"y":684,"width":820,"height":11}},{"id":"d36896b5-f94c-480d-b2f8-a6ddc5177986","block_type":"box","text":"commitment to offer clients choice.","page_number":240,"box":{"x":69,"y":699,"width":252,"height":9}},{"id":"20aa81dd-0841-4387-8b8e-6a5fb9674424","block_type":"box","text":"2","page_number":240,"box":{"x":69,"y":717,"width":4,"height":4}},{"id":"080d4e70-f148-4408-908f-0750e1e48d26","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these guidelines are explained in","page_number":240,"box":{"x":79,"y":717,"width":785,"height":11}},{"id":"5f643063-e79f-4a3a-8dda-bae37ced51f9","block_type":"box","text":"appendix 1.","page_number":240,"box":{"x":69,"y":732,"width":81,"height":10}},{"id":"41389ad5-475e-426c-be0c-ce5a75bceac3","block_type":"box","text":"3","page_number":240,"box":{"x":69,"y":750,"width":4,"height":4}},{"id":"720feacd-88e1-4158-b736-fb80e9796542","block_type":"box","text":"To help inform the choices BlackRock offers our clients, in June 2023 we commissioned iResearch Services, an","page_number":240,"box":{"x":78,"y":749,"width":800,"height":11}},{"id":"c58d972b-4c6a-4d40-8528-3a41f8151c28","block_type":"box","text":"independent third-par ty research consultancy, to conduct a market survey on our behalf. The survey sought to better","page_number":240,"box":{"x":70,"y":764,"width":829,"height":12}},{"id":"4a669887-a614-48c5-b722-e852c21c9931","block_type":"box","text":"understand institutions’ needs and preferences related to investing in the low-carbon transition.","page_number":240,"box":{"x":69,"y":779,"width":682,"height":12}},{"id":"9b0f0ba7-d32b-4781-852b-9ac89d6ecda0","block_type":"box","text":"4","page_number":240,"box":{"x":69,"y":797,"width":4,"height":5}},{"id":"470e3aac-94f9-4a66-acaf-aedff6634550","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":240,"box":{"x":78,"y":797,"width":401,"height":11}},{"id":"7db77512-bc6c-4814-adb8-2ab4fa19eb36","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"35041849-71aa-4273-b708-16f7edb8505c","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 2","page_number":240,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"f97ebc25-3144-430e-8cfa-28ad29222d2b","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3de1482c-7dca-4803-8929-4776eea13cff","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies","page_number":241,"box":{"x":101,"y":45,"width":545,"height":11}},{"id":"5ff68a9c-4dca-437d-bd7b-7a589f00dd03","block_type":"box","text":"5","page_number":241,"box":{"x":648,"y":45,"width":4,"height":4}},{"id":"2b5d4051-df94-43fd-8399-1d47ac49691a","block_type":"box","text":"and are focused on matters","page_number":241,"box":{"x":658,"y":45,"width":196,"height":9}},{"id":"0d9ecabe-3382-45fc-ab2e-e14e907e1d13","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":241,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"80502583-d1f5-4a3a-b919-c35f26917481","block_type":"box","text":"who have selected these guidelines. These guidelines differ from the benchmark policies in that they consider, in","page_number":241,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"fd6d4c7d-a8b3-4a54-a9c3-b68bfdd3f2b0","block_type":"box","text":"addition to financial considerations and consistent with the investment objective of each fund or account that has","page_number":241,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"bf177671-b9ee-4287-bb37-586fb6faef72","block_type":"box","text":"selected these guidelines, the alignment of companies’ business model and strategies with the financial","page_number":241,"box":{"x":69,"y":105,"width":745,"height":11}},{"id":"853bf54c-d5a5-43ba-bb59-67de1dcaae66","block_type":"box","text":"oppor tunities presented by the transition to a low-carbon economy and the more ambitious goal of the Paris","page_number":241,"box":{"x":69,"y":120,"width":768,"height":12}},{"id":"a3876211-22cf-488f-b895-6471d408af54","block_type":"box","text":"Agreement,","page_number":241,"box":{"x":68,"y":136,"width":80,"height":11}},{"id":"1713bbb1-1de6-46a1-bd04-d2243c253ae9","block_type":"box","text":"6","page_number":241,"box":{"x":150,"y":136,"width":4,"height":4}},{"id":"52e07329-a8f6-4c14-94cf-e3441b5ad69c","block_type":"box","text":"namely to limit average temperature rise to 1.5°C above pre-industrial levels.","page_number":241,"box":{"x":161,"y":135,"width":546,"height":12}},{"id":"56f978f5-8b13-4213-9962-2b9f277e2a01","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world","page_number":241,"box":{"x":101,"y":158,"width":744,"height":11}},{"id":"53b1d350-05db-4d46-9487-af71ab28f873","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":241,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"4089c83b-32b9-435e-b067-6a7655d0fef5","block_type":"box","text":"based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions.","page_number":241,"box":{"x":69,"y":188,"width":581,"height":12}},{"id":"dc46051a-4951-4f86-b95e-db5dae544d83","block_type":"box","text":"7","page_number":241,"box":{"x":652,"y":189,"width":4,"height":4}},{"id":"23afe2b4-ee10-4beb-ae12-fe52d27019d6","block_type":"box","text":"We estimate these companies","page_number":241,"box":{"x":661,"y":188,"width":216,"height":11}},{"id":"fe6de4ac-a9cd-4a18-8436-736cf30765d1","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":241,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"7f69674d-e442-4391-a994-c4a563799f9f","block_type":"box","text":"selected these guidelines. For all other companies held by these funds and clients, BIS’ benchmark voting guidelines","page_number":241,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"323d35e3-f21c-40c8-a56f-7a611c27cf1d","block_type":"box","text":"apply.","page_number":241,"box":{"x":69,"y":234,"width":39,"height":11}},{"id":"ab780fdf-8a4b-4004-903b-bb8b7d1e9b65","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":241,"box":{"x":102,"y":256,"width":760,"height":11}},{"id":"5f8b7467-9a4e-43f9-85ff-1a84809c5f85","block_type":"box","text":"benchmark policies.","page_number":241,"box":{"x":69,"y":272,"width":141,"height":10}},{"id":"66c6944a-94a0-473e-9996-b8075dc9135c","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment","page_number":241,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"6be8f16f-db05-41a5-a2b9-dd7d26ddfbc3","block_type":"box","text":"objective, BIS will continue to under take our stewardship responsibilities in line with our benchmark policies, with a","page_number":241,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"4676ffa2-afee-4a15-a63f-88f35ac3f5c1","block_type":"box","text":"sole focus on advancing those clients’ long-term economic interests. This will include consideration of climate-related","page_number":241,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"633f59f8-6559-438d-99d0-4ee6afc05342","block_type":"box","text":"risks and oppor tunities in a company’s business model, where material to the company’s ability to deliver long-term","page_number":241,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"d4ae4f20-2b15-4054-8f8c-f1a602371626","block_type":"box","text":"financial returns.","page_number":241,"box":{"x":68,"y":355,"width":119,"height":9}},{"id":"46d71647-39e7-4229-9528-1358e88585bf","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization","page_number":241,"box":{"x":102,"y":377,"width":769,"height":11}},{"id":"f72e6d49-a261-471d-aeed-0c9e5ae4fed4","block_type":"box","text":"policies on items related to climate risk and the transition to a low-carbon economy.","page_number":241,"box":{"x":70,"y":393,"width":595,"height":11}},{"id":"6647411d-a9ed-4c2d-a13c-bc194dd550d5","block_type":"box","text":"5","page_number":241,"box":{"x":69,"y":437,"width":4,"height":5}},{"id":"c29de715-7368-4b2f-8ebc-61a35121bdcc","block_type":"box","text":"BIS’ benchmark policies set out the core elements of corporate governance that guide our investment stewardship","page_number":241,"box":{"x":79,"y":437,"width":817,"height":11}},{"id":"17fe60f4-e7b4-4b41-b8d4-0ad4e46ffd84","block_type":"box","text":"effor ts globally and within each market, including when engaging with companies and voting at shareholder meetings.","page_number":241,"box":{"x":69,"y":452,"width":837,"height":11}},{"id":"c1f3da6e-2be9-4319-9667-625ad00d2d23","block_type":"box","text":"They are anchored in our Global Principles, which set out cer tain globally applicable fundamental elements of","page_number":241,"box":{"x":68,"y":467,"width":780,"height":11}},{"id":"88fa12f2-2e90-454c-b10e-a1585d98365e","block_type":"box","text":"governance that contribute to a company’s ability to create long-term financial value, anchored in transparency and","page_number":241,"box":{"x":68,"y":482,"width":819,"height":11}},{"id":"03a1c360-f0aa-405a-a6bf-ab5afe966091","block_type":"box","text":"accountability. They also include our regional and market-specific voting guidelines, which explain how the Principles","page_number":241,"box":{"x":69,"y":497,"width":825,"height":11}},{"id":"9987e2e9-1e58-4c77-824d-6dc28ea183e8","block_type":"box","text":"inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. We publish","page_number":241,"box":{"x":70,"y":512,"width":837,"height":12}},{"id":"0f29a420-4264-4b67-bb20-f5766ff1247c","block_type":"box","text":"our engagement priorities which reflect the five themes on which we most frequently engage companies, where they","page_number":241,"box":{"x":69,"y":527,"width":826,"height":12}},{"id":"c927a0fd-212c-4166-b1ea-8238977fa53d","block_type":"box","text":"are relevant, as these can be a source of material business risk or oppor tunity. The BIS policies are applied on a","page_number":241,"box":{"x":69,"y":542,"width":805,"height":12}},{"id":"ff663cb9-6375-4be9-907d-e297bb21061a","block_type":"box","text":"case-by-case basis, taking into consideration the context within which a company is operating. They are reviewed","page_number":241,"box":{"x":69,"y":558,"width":802,"height":11}},{"id":"e176e2b4-3cba-4002-9f94-481516c9f579","block_type":"box","text":"annually and updated as necessary to reflect market developments and feedback from clients and companies.","page_number":241,"box":{"x":69,"y":573,"width":788,"height":11}},{"id":"12299327-10dd-4e78-904a-74564f1be9ea","block_type":"box","text":"6","page_number":241,"box":{"x":69,"y":591,"width":4,"height":4}},{"id":"53b87318-53b6-4ac9-b0a3-de52461d673a","block_type":"box","text":"The Paris Agreement to the United Nations Framework Convention on Climate Change, December 12, 2015.","page_number":241,"box":{"x":78,"y":591,"width":770,"height":11}},{"id":"d37faa5e-ed59-49c2-9a6f-72def659210d","block_type":"box","text":"7","page_number":241,"box":{"x":69,"y":609,"width":4,"height":4}},{"id":"eefcde3a-75e8-4373-82f0-acbe3b748ffd","block_type":"box","text":"These companies may already be low-carbon operators, or be demonstrating momentum in reducing emissions in","page_number":241,"box":{"x":78,"y":608,"width":808,"height":11}},{"id":"2247819f-a513-4437-ba23-92da53839b28","block_type":"box","text":"their operations, providing key inputs or goods and services that suppor t real world decarbonization, or pivoting their","page_number":241,"box":{"x":68,"y":623,"width":832,"height":11}},{"id":"ec66f2d1-9041-4d72-878e-f73676407449","block_type":"box","text":"current business model to contribute to the transition to the low-carbon economy.","page_number":241,"box":{"x":69,"y":639,"width":579,"height":10}},{"id":"7462d4a8-67a0-49d6-8b5e-90e74e9999aa","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3f2060bb-099a-44cc-b151-d81a7f84ea5f","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 3","page_number":241,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"03d86c78-3707-4df6-95b4-3acd06ee6ac2","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"49f6503b-d822-4070-9172-d47a4942883c","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":242,"box":{"x":111,"y":45,"width":757,"height":9}},{"id":"e7888977-b013-488c-9b7f-0ac313c51404","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":242,"box":{"x":102,"y":67,"width":785,"height":12}},{"id":"6c44239c-e29b-4596-a891-9ac2d25b9853","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are","page_number":242,"box":{"x":69,"y":82,"width":796,"height":12}},{"id":"77918c1a-bd19-48a1-a106-442cb5706221","block_type":"box","text":"moving at uneven speeds across sectors and regions. For example—some technologies like renewable power are","page_number":242,"box":{"x":69,"y":98,"width":810,"height":11}},{"id":"8cd54e25-341f-4158-8e9c-b08d0f50fe79","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":242,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"35707cb4-4fd8-42e1-8a16-fe2e7771326a","block_type":"box","text":"alternatives exist. We have heard from cer tain clients that they see the low-carbon transition as a series of shifts","page_number":242,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"b867ef9a-127c-436d-8fbc-13778ae6adcf","block_type":"box","text":"over decades that will reshape production and consumption, spur significant capital investment and create risks,","page_number":242,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"1b5f1e74-8cc2-4701-807b-72cbfec94a25","block_type":"box","text":"oppor tunities and a wider range of financial and competitive outcomes for companies.","page_number":242,"box":{"x":69,"y":158,"width":612,"height":11}},{"id":"37700f5b-f765-4768-8b12-1fc319868667","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding","page_number":242,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"5d9e1d94-e241-4705-8b61-8c682bf10535","block_type":"box","text":"risks and oppor tunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered","page_number":242,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"aa68d250-caf8-4a9b-b5eb-b5365bdb58b5","block_type":"box","text":"by Aladdin","page_number":242,"box":{"x":69,"y":211,"width":71,"height":11}},{"id":"502d55b3-498f-4e53-a029-7e7537877405","block_type":"box","text":"®","page_number":242,"box":{"x":141,"y":211,"width":6,"height":5}},{"id":"43495746-daa9-4bae-ae0b-b2e66c19112d","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to","page_number":242,"box":{"x":152,"y":211,"width":756,"height":11}},{"id":"5ecf27e6-2596-4fe8-ba28-34c7bf71cb40","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":242,"box":{"x":70,"y":226,"width":778,"height":11}},{"id":"c4284379-30ee-44fc-846e-31b748fc7b42","block_type":"box","text":"business risk arising from the transition. BII based its key assumptions on rigorous research, and the input of","page_number":242,"box":{"x":69,"y":241,"width":785,"height":11}},{"id":"d18ebe27-6b54-4247-8952-a67bff3c57de","block_type":"box","text":"BlackRock’s por tfolio managers and other exper ts.","page_number":242,"box":{"x":70,"y":256,"width":361,"height":12}},{"id":"e32b0c0b-4973-4560-ba68-9be4a8aa6d13","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will","page_number":242,"box":{"x":102,"y":279,"width":779,"height":11}},{"id":"267731fc-6386-4e4a-a2d6-60170318ea23","block_type":"box","text":"draw on the insights generated by BIITS and Aladdin","page_number":242,"box":{"x":69,"y":294,"width":370,"height":11}},{"id":"15490505-0ec1-49c6-bb60-e0ab62d03cea","block_type":"box","text":"®","page_number":242,"box":{"x":440,"y":294,"width":6,"height":5}},{"id":"cf91d82c-6c47-47a3-961c-77256cfbb3b4","block_type":"box","text":"Climate,","page_number":242,"box":{"x":451,"y":294,"width":57,"height":11}},{"id":"0ac20eae-4222-4d6a-bff4-db738d5005cc","block_type":"box","text":"8","page_number":242,"box":{"x":510,"y":294,"width":4,"height":5}},{"id":"f184f63f-ff27-4623-8100-73c3f73bb07c","block_type":"box","text":"as well as our own analysis and engagement, in","page_number":242,"box":{"x":520,"y":294,"width":340,"height":11}},{"id":"429b4f76-d988-416d-b9e3-0a90e9647de2","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":242,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"1a2ad716-26af-4e7a-89f9-85ab4940c78c","block_type":"box","text":"individual companies currently has limitations, but is improving as a result of disclosure requirements in an","page_number":242,"box":{"x":70,"y":324,"width":764,"height":12}},{"id":"523080d9-ddcb-4008-b5e7-c0792569e5c2","block_type":"box","text":"increasing number of jurisdictions.","page_number":242,"box":{"x":70,"y":339,"width":243,"height":12}},{"id":"e4cad66b-baab-4b5f-82e9-7126feebd621","block_type":"box","text":"DECARBONIZATION STEWARDSHIP GUIDELINES DESIGN PRINCIPLES","page_number":242,"box":{"x":236,"y":370,"width":507,"height":9}},{"id":"e8d0e4e3-c794-43c3-8b3d-3aca06e9a482","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":242,"box":{"x":101,"y":392,"width":354,"height":12}},{"id":"dd57fcdc-3e0a-4d4d-873c-1b6a3490b18a","block_type":"box","text":"•","page_number":242,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"a101c736-6642-4fe5-a29d-d233ad5a24ab","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":242,"box":{"x":102,"y":413,"width":671,"height":11}},{"id":"eb15c5d9-1387-4404-9a5f-db00bda06ed0","block_type":"box","text":"This includes","page_number":242,"box":{"x":779,"y":413,"width":93,"height":9}},{"id":"da465993-ee3b-4062-a0cc-e9c89f28ae7f","block_type":"box","text":"companies which produce goods and services that contribute to real world decarbonization or have a carbon","page_number":242,"box":{"x":101,"y":428,"width":772,"height":11}},{"id":"2a324777-038c-4c10-8710-e7b57dfed0a8","block_type":"box","text":"intensive business model and face outsized impacts from the low-carbon transition.","page_number":242,"box":{"x":102,"y":443,"width":594,"height":11}},{"id":"c4935552-ce12-4233-b6cf-ddec0eb751b8","block_type":"box","text":"•","page_number":242,"box":{"x":69,"y":466,"width":6,"height":4}},{"id":"63e6901b-5b96-4825-b3e4-0404d6c0e29d","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":242,"box":{"x":101,"y":463,"width":770,"height":11}},{"id":"70e6e24c-83ee-4e9f-a615-22ee836b19e7","block_type":"box","text":"across sectors and markets:","page_number":242,"box":{"x":101,"y":478,"width":208,"height":9}},{"id":"d44271c1-6d19-4d1f-9fc2-ab98ceca2c8b","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can","page_number":242,"box":{"x":315,"y":478,"width":575,"height":11}},{"id":"da211411-949d-4b05-b048-5ad579687563","block_type":"box","text":"decarbonize based on technological feasibility, consumer demand, government policy, regulatory frameworks and","page_number":242,"box":{"x":101,"y":493,"width":804,"height":11}},{"id":"95d5acbd-ef4e-4404-adc0-4b93b562823f","block_type":"box","text":"other factors. Fur ther, we recognize that these factors are uncer tain and dynamic, which will require that we","page_number":242,"box":{"x":102,"y":508,"width":768,"height":12}},{"id":"469e8566-e23d-4850-b015-de15efda9776","block_type":"box","text":"evolve our approach as necessary.","page_number":242,"box":{"x":101,"y":524,"width":246,"height":11}},{"id":"da8e4ae1-c09d-40c7-9fbb-795052b27c79","block_type":"box","text":"•","page_number":242,"box":{"x":69,"y":546,"width":6,"height":5}},{"id":"72d3e7e3-6df9-45af-a4e4-4e134c5d1bcd","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and","page_number":242,"box":{"x":101,"y":544,"width":773,"height":11}},{"id":"57862dc6-375e-4e8d-a4ac-bf56fdb4abcb","block_type":"box","text":"their key stakeholders:","page_number":242,"box":{"x":101,"y":559,"width":167,"height":11}},{"id":"1e682db9-9777-4c18-9a0c-3cc4e1b836a9","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their","page_number":242,"box":{"x":275,"y":559,"width":598,"height":11}},{"id":"5d5f0454-2223-48ad-ae10-afdaa13f98c8","block_type":"box","text":"business models. It is premised on the views of interested clients that a transition where companies adapt and","page_number":242,"box":{"x":102,"y":574,"width":794,"height":11}},{"id":"2d508060-df6b-472a-9ba8-74684b9d2ad3","block_type":"box","text":"continue to deliver financial returns throughout, is a better long-term investment outcome for them, and less","page_number":242,"box":{"x":101,"y":589,"width":773,"height":11}},{"id":"cf6ce7b2-5c42-4aee-856a-9f06d0d10111","block_type":"box","text":"disruptive to a company’s other key stakeholders, than a transition that is uneven. Fur ther, we consider the","page_number":242,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"31b8316c-84b3-4338-acc4-2ca96db882e4","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":242,"box":{"x":101,"y":619,"width":778,"height":11}},{"id":"cd4b54bd-f94e-48f7-889c-07a4979a7503","block_type":"box","text":"does not.","page_number":242,"box":{"x":101,"y":634,"width":66,"height":9}},{"id":"2fe0d734-0c73-453c-8626-8e98d2dddcc4","block_type":"box","text":"•","page_number":242,"box":{"x":69,"y":657,"width":6,"height":5}},{"id":"b640f0a6-a916-48e6-abe7-acb625f2af6c","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":242,"box":{"x":102,"y":654,"width":729,"height":12}},{"id":"ea476b04-2093-4961-9d52-a8e9bf016863","block_type":"box","text":"limitations:","page_number":242,"box":{"x":102,"y":670,"width":80,"height":9}},{"id":"cd9c64b1-e3e4-40ba-a8c1-4f95c5d646f6","block_type":"box","text":"The policy will seek disclosures that outline key milestones and dependencies underpinning the","page_number":242,"box":{"x":188,"y":670,"width":681,"height":11}},{"id":"8844e08d-711a-4ac5-943e-68a880c448c5","block_type":"box","text":"company’s low-carbon transition strategy; explain the trade-offs required to adapt the business model; and","page_number":242,"box":{"x":101,"y":685,"width":760,"height":11}},{"id":"76d0968f-8e39-49ec-82ec-3f8a8cd0834e","block_type":"box","text":"include relevant data and narrative.","page_number":242,"box":{"x":102,"y":700,"width":250,"height":9}},{"id":"3087ebbd-604f-441d-8758-0f9410e35b25","block_type":"box","text":"•","page_number":242,"box":{"x":69,"y":723,"width":6,"height":4}},{"id":"bcfe5dad-f4e6-4dbc-bfb8-d8d9f5e320a4","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":242,"box":{"x":102,"y":720,"width":566,"height":11}},{"id":"e4887bcc-960e-4807-97c8-fffa3d04c67e","block_type":"box","text":"The boards and executive","page_number":242,"box":{"x":675,"y":720,"width":181,"height":9}},{"id":"c0a23dfe-2e66-4b29-a1b7-43196089f3b2","block_type":"box","text":"leadership of companies determine a company’s strategy and its implementation. We make decisions on how to","page_number":242,"box":{"x":102,"y":735,"width":800,"height":11}},{"id":"57d06022-f316-4769-9bb6-103e1929af38","block_type":"box","text":"engage companies and vote proxies independently, based on our professional judgment of the priorities and","page_number":242,"box":{"x":101,"y":750,"width":770,"height":11}},{"id":"fd43ff0b-503f-4f28-9bd6-f759e0fa96a1","block_type":"box","text":"outcomes most aligned with clients’ investment objectives.","page_number":242,"box":{"x":102,"y":766,"width":419,"height":11}},{"id":"9ad6cd63-c3de-4132-ae3b-ef51b4a2c71d","block_type":"box","text":"8","page_number":242,"box":{"x":69,"y":795,"width":4,"height":4}},{"id":"0ce8ba86-53e8-4cb2-a247-d03cc723a991","block_type":"box","text":"Aladdin","page_number":242,"box":{"x":78,"y":795,"width":51,"height":8}},{"id":"9e4281d9-318a-4455-872d-f8f0c98068b1","block_type":"box","text":"®","page_number":242,"box":{"x":130,"y":795,"width":6,"height":4}},{"id":"33e21ac8-1c9b-4f23-a497-0a7bf7ffedc1","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":242,"box":{"x":142,"y":794,"width":745,"height":12}},{"id":"bb007be8-654e-4a41-b655-8eff40674724","block_type":"box","text":"analytics. Aladdin","page_number":242,"box":{"x":69,"y":810,"width":123,"height":11}},{"id":"fa551696-7d7e-4bfa-8295-a9dec64610d7","block_type":"box","text":"®","page_number":242,"box":{"x":193,"y":810,"width":6,"height":4}},{"id":"3845a438-5c1e-4031-bdbf-d25dbd6378bf","block_type":"box","text":"is a proprietary investment and risk management platform.","page_number":242,"box":{"x":205,"y":810,"width":418,"height":11}},{"id":"511841a3-dd61-4e36-8444-ff95a3921a9f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":242,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d42755e1-5c71-4b68-91b2-a7aaa9b66516","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 4","page_number":242,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"c3a83a42-0e3a-4db0-bce0-4b9c5bbf88d9","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":242,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"15c056c8-7965-4d8f-8398-26efd5763372","block_type":"box","text":"VOTING GUIDELINES","page_number":243,"box":{"x":411,"y":45,"width":150,"height":9}},{"id":"c273ddf3-d77b-4c47-bd1e-50465df6d200","block_type":"box","text":"9","page_number":243,"box":{"x":562,"y":45,"width":4,"height":4}},{"id":"36e9087a-055a-4015-98ea-b529d43d75da","block_type":"box","text":"Consistent with the investment objective of each fund or client that has selected these guidelines, BIS will look","page_number":243,"box":{"x":102,"y":67,"width":792,"height":12}},{"id":"c02491bd-484b-4279-bd26-1c7bc83cad26","block_type":"box","text":"to companies to demonstrate the following:","page_number":243,"box":{"x":68,"y":82,"width":309,"height":12}},{"id":"6f86df1e-867b-4c0a-b9d6-8450c90fb06c","block_type":"box","text":"Corporate Disclosures","page_number":243,"box":{"x":69,"y":113,"width":160,"height":11}},{"id":"f8bd32b8-7076-48d5-a28c-64d1a6f13942","block_type":"box","text":"10","page_number":243,"box":{"x":230,"y":113,"width":9,"height":5}},{"id":"d3543c3a-2784-488b-879c-c51f597c8395","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":243,"box":{"x":102,"y":135,"width":805,"height":12}},{"id":"aca372b8-0ff3-474e-9d17-b8241e53570e","block_type":"box","text":"determine the extent to which decarbonization and the low-carbon transition are strategic priorities. As a general","page_number":243,"box":{"x":69,"y":151,"width":799,"height":11}},{"id":"f83609cb-e258-4dcd-aa17-3cd43449fd9d","block_type":"box","text":"point, we would expect companies that have disclosed their aim to par ticipate in the transition to a low-carbon","page_number":243,"box":{"x":70,"y":166,"width":785,"height":11}},{"id":"cab055fa-19a0-4fb4-93e1-a98bae2be854","block_type":"box","text":"economy to make disclosures that help explain the strategy and governance systems they have determined most","page_number":243,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"fab6edb2-5df7-4f1a-9686-379dfcacfb86","block_type":"box","text":"appropriate, which may include:","page_number":243,"box":{"x":69,"y":196,"width":224,"height":11}},{"id":"92171059-5ba9-4798-bdbc-cf0ef77e6b04","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average","page_number":243,"box":{"x":69,"y":216,"width":769,"height":11}},{"id":"c9f780e6-0eab-4004-989c-681cd1384c0b","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":243,"box":{"x":101,"y":231,"width":759,"height":11}},{"id":"fb9741f8-609d-4cf3-9c76-c514d47f35ae","block_type":"box","text":"strategy to achieve net-zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term","page_number":243,"box":{"x":102,"y":246,"width":797,"height":11}},{"id":"aa0d7a8e-2497-4196-a936-271033d7f8cf","block_type":"box","text":"milestones to assess their progress.","page_number":243,"box":{"x":102,"y":262,"width":260,"height":11}},{"id":"ccb6d335-44cc-4938-9bc3-e1ca586a56eb","block_type":"box","text":"(2) low-carbon transition-related repor ting consistent with the standards developed by the International Sustainability","page_number":243,"box":{"x":69,"y":282,"width":840,"height":11}},{"id":"10188ee9-2943-4c8e-8f02-4a3540799091","block_type":"box","text":"Standards Board (ISSB).","page_number":243,"box":{"x":102,"y":297,"width":172,"height":11}},{"id":"d8a1b564-87a9-4a6f-8c15-92d5738c6570","block_type":"box","text":"11","page_number":243,"box":{"x":276,"y":297,"width":9,"height":4}},{"id":"41313f01-19f3-4405-a0cb-6d5e88d9a79b","block_type":"box","text":"IFRS S1 addresses the general requirements of sustainability repor ting and IFRS S2","page_number":243,"box":{"x":291,"y":297,"width":600,"height":11}},{"id":"4914e464-86b9-4347-9ca6-4f9f80850005","block_type":"box","text":"sets out the disclosures that would provide investors with decision-useful information about a company’s most","page_number":243,"box":{"x":102,"y":312,"width":789,"height":11}},{"id":"17231b64-c607-4ed2-817c-c578105333d8","block_type":"box","text":"significant climate- and low-carbon transition-related risks and oppor tunities. As audit and assurance standards","page_number":243,"box":{"x":102,"y":327,"width":793,"height":11}},{"id":"770bb66b-13f6-49f4-bdc2-64f19d4fff93","block_type":"box","text":"are developed, it would be helpful to investors’ confidence in such disclosures for companies to seek","page_number":243,"box":{"x":102,"y":342,"width":723,"height":11}},{"id":"94e2bf75-b9a0-4bd5-96f4-df3741e2c3ad","block_type":"box","text":"independent, third-par ty assurance.","page_number":243,"box":{"x":102,"y":357,"width":251,"height":11}},{"id":"d9704981-c250-45ba-9d2b-9fb84b1a80ff","block_type":"box","text":"9","page_number":243,"box":{"x":69,"y":402,"width":4,"height":4}},{"id":"efa26099-5147-4666-80c5-ef4e37c8dba8","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":243,"box":{"x":78,"y":401,"width":822,"height":12}},{"id":"af723926-0b9f-47e2-b278-8261438dd7e9","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":243,"box":{"x":69,"y":417,"width":821,"height":11}},{"id":"6289f570-f4bd-475b-82d0-acf7fdd595b9","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":243,"box":{"x":69,"y":432,"width":823,"height":11}},{"id":"7312e198-98f3-4648-9e7e-b9517e9fa74f","block_type":"box","text":"individual ballot items at shareholder meetings.","page_number":243,"box":{"x":70,"y":447,"width":336,"height":11}},{"id":"c4b7001c-b782-451a-90c1-ce86199ecd6a","block_type":"box","text":"10","page_number":243,"box":{"x":69,"y":465,"width":9,"height":4}},{"id":"03b8cb54-7a1e-4ad8-b005-d09a94210eec","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":243,"box":{"x":84,"y":465,"width":764,"height":11}},{"id":"10c31f73-48db-4153-b681-59204cc559ab","block_type":"box","text":"repor ting methodologies are nascent. In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":243,"box":{"x":69,"y":479,"width":834,"height":12}},{"id":"858e31bf-c53d-4f46-b773-f902e673d7f7","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":243,"box":{"x":69,"y":495,"width":651,"height":11}},{"id":"ada503f2-2232-4508-a857-d53e7d8ff7b7","block_type":"box","text":"11","page_number":243,"box":{"x":69,"y":513,"width":9,"height":4}},{"id":"194ebae3-876f-498c-ada6-f229cd9b792d","block_type":"box","text":"The International Sustainability Standards Board (ISSB) was formed by the International Financial Repor ting","page_number":243,"box":{"x":83,"y":512,"width":768,"height":12}},{"id":"550004bd-0996-40e8-ad49-f855cfa89209","block_type":"box","text":"Standards (IFRS) Foundation in 2021. It aims to develop global standards for sustainability repor ting for corporates","page_number":243,"box":{"x":69,"y":527,"width":822,"height":12}},{"id":"3d0d4d84-11d6-42b1-9ffa-1245adc35ffd","block_type":"box","text":"and investors to suppor t more efficient capital markets. The goal is standards that will provide a high-quality,","page_number":243,"box":{"x":69,"y":542,"width":776,"height":12}},{"id":"1f70932a-cb64-4bfc-8ebb-e2a0bef6e4bd","block_type":"box","text":"comprehensive, and cost-effective global baseline of sustainability disclosures, while enabling interoperability with","page_number":243,"box":{"x":69,"y":558,"width":814,"height":11}},{"id":"f916bf01-73ba-41d3-9091-075e0589a9d4","block_type":"box","text":"jurisdiction-specific disclosure, and broader stakeholder, requirements. IFRS S1 and S2 were based on the","page_number":243,"box":{"x":67,"y":573,"width":763,"height":11}},{"id":"900be20a-7db8-46ba-88f3-4e129f531f94","block_type":"box","text":"recommendations of the Task Force on Climate-related Financial Disclosures, which many companies have used in","page_number":243,"box":{"x":69,"y":588,"width":815,"height":11}},{"id":"058b16ef-de0e-4472-a236-46ed4dabee55","block_type":"box","text":"their repor ting to date. A number of jurisdictions are consulting on adopting the standards issued to date or have","page_number":243,"box":{"x":68,"y":603,"width":807,"height":11}},{"id":"6f78a4b2-dfac-4ace-bff9-58b5c8e2ab24","block_type":"box","text":"already committed to doing so.","page_number":243,"box":{"x":69,"y":618,"width":219,"height":11}},{"id":"0a099d25-2470-4365-bdb7-7dfa975bdfba","block_type":"box","text":"BlackRock Investment Stewardship","page_number":243,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"01a6ec47-29c6-44fd-9bb0-84fe00f899bf","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 5","page_number":243,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"6ed3bcaa-39c4-466e-99e1-3bebac815e81","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":243,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8b45bdea-6e0a-4a49-b992-50224aacd7d6","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions.","page_number":244,"box":{"x":69,"y":45,"width":461,"height":11}},{"id":"a3931b88-2a34-4e89-b0b3-3974ea8e3143","block_type":"box","text":"12 13","page_number":244,"box":{"x":533,"y":45,"width":23,"height":4}},{"id":"6f617964-4895-416f-974d-9d69cd1ba3db","block_type":"box","text":"In addition, we look to companies to disclose","page_number":244,"box":{"x":562,"y":45,"width":321,"height":11}},{"id":"07d3917b-be71-4859-bf85-f0127374605a","block_type":"box","text":"their reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of","page_number":244,"box":{"x":101,"y":60,"width":788,"height":11}},{"id":"e8cd8804-c4f4-4fd3-9dbe-31bf60f355c2","block_type":"box","text":"targets or indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that","page_number":244,"box":{"x":101,"y":75,"width":797,"height":11}},{"id":"dfbafd63-045a-479d-922e-8424d7390b9f","block_type":"box","text":"these would be provided on a ‘best effor ts’ basis given the methodological challenges these currently present","page_number":244,"box":{"x":101,"y":90,"width":787,"height":11}},{"id":"bffcf5fc-8004-415d-9144-35642c31cbde","block_type":"box","text":"for repor ters. Scope 3 information, including how a company is working with its value chain to accelerate","page_number":244,"box":{"x":101,"y":105,"width":747,"height":11}},{"id":"70d5c073-1d2b-4b43-bfb8-6dd19a7eab1a","block_type":"box","text":"reductions in GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition","page_number":244,"box":{"x":102,"y":120,"width":800,"height":12}},{"id":"02683521-6017-4e61-be1d-2ea0fb8923df","block_type":"box","text":"and understanding the impact of their investments on their decarbonization goals.","page_number":244,"box":{"x":102,"y":135,"width":582,"height":12}},{"id":"80d8ffcc-a895-4b0b-8541-0cbe3f79f20b","block_type":"box","text":"14","page_number":244,"box":{"x":686,"y":136,"width":9,"height":4}},{"id":"bee3a7ec-31eb-40f3-8a93-c49fddd0edca","block_type":"box","text":"However, we recognize that","page_number":244,"box":{"x":702,"y":136,"width":192,"height":11}},{"id":"2d006192-352c-4bee-bf1f-254e55285dfa","block_type":"box","text":"companies have varying ability to influence the emissions across the different par ts of their value chain and it is","page_number":244,"box":{"x":101,"y":150,"width":803,"height":12}},{"id":"ab363f62-e2ad-49ba-9c7d-e4c511405e80","block_type":"box","text":"helpful when disclosures explain the implications for the achievement of their decarbonization targets.","page_number":244,"box":{"x":102,"y":166,"width":727,"height":11}},{"id":"2353aae7-96d9-4314-b6ea-8a2ec07c3d60","block_type":"box","text":"Transition plans","page_number":244,"box":{"x":101,"y":188,"width":115,"height":11}},{"id":"e2f9d536-dae2-40ea-b694-331e1f29f3b3","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low","page_number":244,"box":{"x":102,"y":211,"width":792,"height":11}},{"id":"23f9fb5a-142e-4306-bd19-d4093fb9c878","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":244,"box":{"x":69,"y":226,"width":810,"height":11}},{"id":"d0533249-3a51-4e52-8772-727ce14d55c2","block_type":"box","text":"transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see","page_number":244,"box":{"x":68,"y":241,"width":822,"height":11}},{"id":"d71f890b-59cd-460b-9f0f-dd3b34f47f3a","block_type":"box","text":"appendix 1).","page_number":244,"box":{"x":69,"y":257,"width":86,"height":10}},{"id":"d0b5977f-f96b-47f1-832c-e68cc61376f6","block_type":"box","text":"We note the work being under taken in a number of jurisdictions on establishing a common approach in a market","page_number":244,"box":{"x":101,"y":279,"width":802,"height":11}},{"id":"490f2d9d-eb03-48de-9085-f49fa1344cfe","block_type":"box","text":"to corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and","page_number":244,"box":{"x":68,"y":294,"width":775,"height":11}},{"id":"d18988d4-f84c-4ee1-8e90-5ac55386ab5a","block_type":"box","text":"production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition","page_number":244,"box":{"x":70,"y":309,"width":807,"height":11}},{"id":"efd21b92-b969-4c6e-a46c-09af12657ee4","block_type":"box","text":"plan to understand their planned actions and resource implications in accordance with anticipated requirements.","page_number":244,"box":{"x":70,"y":325,"width":802,"height":10}},{"id":"948c40f5-5d85-4a64-a914-3e56263ba3f2","block_type":"box","text":"Boards and directors","page_number":244,"box":{"x":69,"y":355,"width":151,"height":9}},{"id":"008f5629-d0e5-45ad-a09c-8ff8db4e86ba","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":244,"box":{"x":101,"y":377,"width":775,"height":12}},{"id":"9a349ebe-f330-4335-8076-99a02e16b6ed","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":244,"box":{"x":69,"y":393,"width":782,"height":11}},{"id":"23d31488-3a43-405a-b90e-d962340031a1","block_type":"box","text":"transition strategy.","page_number":244,"box":{"x":68,"y":408,"width":131,"height":11}},{"id":"6c143b60-dc50-4ef6-a027-5de1a545f354","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":244,"box":{"x":102,"y":430,"width":710,"height":11}},{"id":"e56d1261-96c1-4e0e-a115-45e99e5a7cb6","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":453,"width":6,"height":5}},{"id":"350285de-e5f0-4c8f-8785-1b7cb81369c1","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":244,"box":{"x":101,"y":450,"width":711,"height":12}},{"id":"d2ed5a89-3593-4e55-a3b1-ecb5ce8c4a9b","block_type":"box","text":"oppor tunities in the company’s business model. We consider the whole board to have responsibility for oversight","page_number":244,"box":{"x":102,"y":465,"width":805,"height":12}},{"id":"5e21cb90-5d9a-44be-a4ca-a606eacda09a","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":244,"box":{"x":102,"y":481,"width":789,"height":11}},{"id":"599559e3-cde1-4654-bcdf-1bceae8b4b0e","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":504,"width":6,"height":4}},{"id":"85273d59-6876-4b9a-8008-3ec1a01f60e6","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":244,"box":{"x":102,"y":501,"width":747,"height":11}},{"id":"17146298-ae62-402d-8610-1d3954c1c448","block_type":"box","text":"accountability for delivery by senior executives.","page_number":244,"box":{"x":102,"y":516,"width":333,"height":11}},{"id":"accc483b-202f-409e-afdd-944e6c2d5fee","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":539,"width":6,"height":4}},{"id":"0b9e4ad5-b37d-4ebd-9a62-34b379a25669","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":244,"box":{"x":101,"y":536,"width":758,"height":11}},{"id":"831195c3-bba2-4570-a8a6-3b4abfa9cadb","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the low-carbon","page_number":244,"box":{"x":101,"y":551,"width":770,"height":11}},{"id":"03210e76-3ba9-4b79-a00a-abe705d1b942","block_type":"box","text":"transition strategy.","page_number":244,"box":{"x":101,"y":566,"width":131,"height":11}},{"id":"9dafb99a-e3ac-49de-9ede-ee1349fce726","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":589,"width":6,"height":5}},{"id":"c225f97c-a40c-4a4d-a05d-99d2b89f6c6c","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":244,"box":{"x":101,"y":586,"width":807,"height":12}},{"id":"906b050f-29aa-4b39-a43a-520ef0bfe86e","block_type":"box","text":"company’s enterprise risk management processes and repor ting.","page_number":244,"box":{"x":101,"y":602,"width":465,"height":11}},{"id":"f75ae56a-8f22-4c12-914d-1ce76956ff85","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":625,"width":6,"height":4}},{"id":"d2c90540-abfa-4eac-a455-f1c6e1516493","block_type":"box","text":"The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified","page_number":244,"box":{"x":101,"y":622,"width":789,"height":11}},{"id":"5e06da46-f7c4-4084-9fae-0b60eff2feb6","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no","page_number":244,"box":{"x":101,"y":637,"width":800,"height":11}},{"id":"77e7785b-4eca-4027-b39f-de43b74d5f7a","block_type":"box","text":"more than 1.5°C above pre-industrial levels.","page_number":244,"box":{"x":102,"y":652,"width":312,"height":11}},{"id":"fce3d4c0-b31c-487f-b0fd-1531d9e5399c","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":675,"width":6,"height":5}},{"id":"caaff239-743c-454b-bb53-e2563ee54d12","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":244,"box":{"x":101,"y":672,"width":773,"height":11}},{"id":"9ea62509-4d58-4ff8-9957-f71d1495c06f","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":244,"box":{"x":102,"y":687,"width":282,"height":11}},{"id":"2a147627-539d-4b0b-bb89-b880a73c80d2","block_type":"box","text":"12","page_number":244,"box":{"x":69,"y":732,"width":9,"height":4}},{"id":"d3521b21-f07f-4c43-9bf4-392e4f5eab14","block_type":"box","text":"FTSE Russell address the materiality of different categories of Scope 3 GHG emissions by sector in a January","page_number":244,"box":{"x":84,"y":731,"width":783,"height":12}},{"id":"c795a34e-a4c6-49cb-85fe-0c6505cbe1ff","block_type":"box","text":"2024 paper “Scope for improvement: Solving the Scope 3 conundrum”.","page_number":244,"box":{"x":69,"y":747,"width":510,"height":11}},{"id":"e8622d7a-1f24-4996-a059-b3ba4a822556","block_type":"box","text":"13","page_number":244,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"af2e92ab-e260-4aa1-8021-685f8440f81a","block_type":"box","text":"Under this policy, we look for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (“GHG","page_number":244,"box":{"x":84,"y":764,"width":800,"height":12}},{"id":"52f153dd-720f-4ef2-a23c-b27c4c415b44","block_type":"box","text":"Protocol”). The Protocol Standards and Guidance are currently being updated to ensure they continue to provide “a","page_number":244,"box":{"x":69,"y":779,"width":819,"height":12}},{"id":"4c487b41-8869-43b8-83b9-ad36f4279612","block_type":"box","text":"rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science","page_number":244,"box":{"x":69,"y":794,"width":803,"height":12}},{"id":"4287d91a-f121-467a-b3e6-b180cbf174c4","block_type":"box","text":"based and net-zero targets in line with the global 1.5°C goal.”","page_number":244,"box":{"x":69,"y":810,"width":439,"height":11}},{"id":"9db0a923-79f2-4438-bf30-3827ddfb8a96","block_type":"box","text":"14","page_number":244,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"aad0fede-d9a9-446b-b1ff-a86ca862d11c","block_type":"box","text":"We do not believe the purpose of Scope 3 disclosure requirements should be to push publicly traded companies","page_number":244,"box":{"x":83,"y":827,"width":801,"height":11}},{"id":"6acd6bd7-1e1a-45b6-925a-7fd719c111cc","block_type":"box","text":"into the role of enforcing emission reduction targets outside of their control. Given methodological complexity for","page_number":244,"box":{"x":70,"y":842,"width":802,"height":12}},{"id":"dbf49b11-0e92-49be-a539-ef0e06443982","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":244,"box":{"x":69,"y":857,"width":820,"height":12}},{"id":"cb8a7637-7100-447d-b352-1cb5104d0fe0","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":244,"box":{"x":69,"y":873,"width":830,"height":11}},{"id":"33d3a0ac-87f3-44ad-8bf9-3240806fa00a","block_type":"box","text":"business models.","page_number":244,"box":{"x":69,"y":888,"width":124,"height":9}},{"id":"c8488998-98ab-4bc7-ba4c-10528f458790","block_type":"box","text":"BlackRock Investment Stewardship","page_number":244,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9911b467-eaa4-4155-a557-a0d02fb09d35","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 6","page_number":244,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"86057a4a-bb4e-4ea0-ad99-d1cc98474c9b","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":244,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b20e022-95e0-44f9-bc6d-52121df614bd","block_type":"box","text":"•","page_number":245,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"fc6055ab-ca53-48b9-86bf-a748f20ce2b2","block_type":"box","text":"The company is monitoring its material scope 3 emissions","page_number":245,"box":{"x":101,"y":45,"width":416,"height":11}},{"id":"692ed261-81d5-44c4-a02b-7ef03fd2496f","block_type":"box","text":"15","page_number":245,"box":{"x":518,"y":45,"width":9,"height":4}},{"id":"38ed0b1d-b38e-4b7f-a50b-1536100f41d9","block_type":"box","text":"and disclosing these where it is confident in the","page_number":245,"box":{"x":533,"y":45,"width":341,"height":11}},{"id":"cc03ef25-aba3-4a51-9e8f-f3f07777e399","block_type":"box","text":"data. Given for thcoming regulatory requirements in cer tain jurisdictions, some companies are voluntarily","page_number":245,"box":{"x":101,"y":60,"width":746,"height":11}},{"id":"945a59d4-0129-44cc-8d05-11d473789dec","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":245,"box":{"x":101,"y":75,"width":800,"height":11}},{"id":"3b1566ec-1717-42a5-8980-f2b9e413b8c1","block_type":"box","text":"with the different constituents in their value chain.","page_number":245,"box":{"x":101,"y":90,"width":358,"height":9}},{"id":"f8a92834-1cea-487b-bee6-3aff5778bc34","block_type":"box","text":"•","page_number":245,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"739e2675-4fcb-4fac-9a49-47a576d70820","block_type":"box","text":"The board oversees, and management has a formalized approach to, the company’s lobbying activities, including","page_number":245,"box":{"x":101,"y":110,"width":806,"height":11}},{"id":"624a4fa8-6452-4dd1-8dc4-6410b3dfb3ad","block_type":"box","text":"trade association memberships. Policy engagement should be consistent with a company’s stated strategic","page_number":245,"box":{"x":101,"y":126,"width":767,"height":11}},{"id":"7b62eeeb-da7a-44a9-8bba-8d8225c4905c","block_type":"box","text":"policy objectives, including those related to the low-carbon transition.","page_number":245,"box":{"x":102,"y":141,"width":490,"height":11}},{"id":"52966af9-9f23-45a4-96fd-4a83a5d2746d","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":245,"box":{"x":101,"y":163,"width":420,"height":11}},{"id":"d485bf36-6156-441e-98ca-59f6014cf324","block_type":"box","text":"In implementing these guidelines, BIS will generally suppor t non-executive directors standing for election where,","page_number":245,"box":{"x":102,"y":186,"width":796,"height":11}},{"id":"065a3bdc-0228-40ce-b916-240eb1bfb182","block_type":"box","text":"in BIS’ assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":245,"box":{"x":70,"y":201,"width":821,"height":11}},{"id":"2a6e74a3-8d80-471b-9e1b-caf96c3a6859","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":245,"box":{"x":69,"y":216,"width":820,"height":11}},{"id":"0905607c-7bdf-40cf-ac6b-d6e6f5b701de","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":245,"box":{"x":69,"y":231,"width":836,"height":11}},{"id":"55431160-18fa-46b5-a5f0-75af44b2bfa9","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":245,"box":{"x":68,"y":246,"width":791,"height":11}},{"id":"dcc29f2c-8db3-4280-a55b-29ff63d56f58","block_type":"box","text":"oversight responsibilities, other members of the relevant committee, the lead independent director or the non","page_number":245,"box":{"x":69,"y":261,"width":785,"height":12}},{"id":"94740257-a0ba-4bfd-9005-41ce6d92348a","block_type":"box","text":"executive chair of the board. In cer tain markets, we may withhold suppor t for the discharge of the supervisory board","page_number":245,"box":{"x":69,"y":276,"width":830,"height":12}},{"id":"ab19dd60-5e10-48fc-b9b4-c6b56c231dce","block_type":"box","text":"or equivalent.","page_number":245,"box":{"x":69,"y":292,"width":95,"height":11}},{"id":"9be19cdd-0a9b-48ab-b879-f5cede2c2e4a","block_type":"box","text":"Where we have not suppor ted director elections over climate concerns in a prior year, and the company has not","page_number":245,"box":{"x":101,"y":314,"width":796,"height":11}},{"id":"e54119dc-4417-4286-bbbf-4750dc2472a7","block_type":"box","text":"subsequently made progress towards aligning with the transition to a low-carbon economy, we may escalate","page_number":245,"box":{"x":69,"y":330,"width":768,"height":11}},{"id":"330d420a-683e-4d94-a7d7-fe75a95d0819","block_type":"box","text":"16","page_number":245,"box":{"x":838,"y":330,"width":9,"height":4}},{"id":"90eb8cd6-a768-4f0a-bdc4-a6f4683d3094","block_type":"box","text":"by","page_number":245,"box":{"x":853,"y":330,"width":15,"height":11}},{"id":"8af3f475-adb2-4533-a6fc-111027f6c262","block_type":"box","text":"voting against the re-election of additional responsible directors to signal our heightened concerns.","page_number":245,"box":{"x":68,"y":344,"width":705,"height":12}},{"id":"73a62815-7049-4184-9220-3489d0f53533","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":245,"box":{"x":69,"y":375,"width":528,"height":11}},{"id":"65da8b73-5944-40e9-80b9-94d20bdc4a76","block_type":"box","text":"In cer tain markets, company management may submit proposals asking shareholders to approve their climate","page_number":245,"box":{"x":102,"y":398,"width":786,"height":11}},{"id":"6d1d40b5-a7ec-400e-b3dc-a6ee0e7cbdc5","block_type":"box","text":"action plans or progress repor ts, sometimes known as “Say on Climate.” BIS will generally suppor t management’s","page_number":245,"box":{"x":69,"y":413,"width":819,"height":11}},{"id":"50eafa1e-e0d2-47dd-b049-fca0084f7cb3","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":245,"box":{"x":69,"y":428,"width":837,"height":11}},{"id":"04364396-8efa-42ad-847b-0584a81025aa","block_type":"box","text":"transition. Similarly, we will generally suppor t management’s proposal on a progress repor t if the company has","page_number":245,"box":{"x":68,"y":443,"width":791,"height":11}},{"id":"c60762e2-4e8d-49f0-8af6-bf3703cd6d5f","block_type":"box","text":"clearly explained its progress against, and any deviations from or changes to, its stated transition plan and targets.","page_number":245,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"76cc19ae-d3c7-403d-ba73-62e7d46b839d","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":245,"box":{"x":68,"y":488,"width":495,"height":11}},{"id":"32001276-ec45-4c9e-8115-4a1f64a9229f","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered","page_number":245,"box":{"x":102,"y":511,"width":786,"height":11}},{"id":"415e2916-c079-4d22-adc3-82120ac5ac60","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":245,"box":{"x":69,"y":526,"width":829,"height":11}},{"id":"4081c56f-45cd-4ddf-b113-ad1e353541f2","block_type":"box","text":"stated low-carbon transition strategy and targets. We may suppor t shareholder proposals that, for example, ask a","page_number":245,"box":{"x":69,"y":541,"width":810,"height":11}},{"id":"8d5d0aaf-28e5-41a8-ae94-0811ee1cbdd5","block_type":"box","text":"company to:","page_number":245,"box":{"x":69,"y":557,"width":85,"height":10}},{"id":"36dc4cc5-af1c-4b1d-bc60-afb3ae67d0c3","block_type":"box","text":"•","page_number":245,"box":{"x":102,"y":579,"width":6,"height":5}},{"id":"e0d29b92-7577-4d89-af23-23663d104ba8","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":245,"box":{"x":135,"y":577,"width":764,"height":11}},{"id":"15a6045b-1474-4911-9d8d-ba5fd6513dad","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":245,"box":{"x":135,"y":592,"width":380,"height":10}},{"id":"c2c0450f-2b35-48de-84aa-1b960e6f8c8e","block_type":"box","text":"•","page_number":245,"box":{"x":102,"y":614,"width":6,"height":5}},{"id":"2574dacd-aadb-48a1-9e33-ba685a010dde","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":245,"box":{"x":134,"y":612,"width":773,"height":11}},{"id":"8df4ed49-4116-4333-ad84-21cca2c22dc1","block_type":"box","text":"long-term goal of the company achieving net zero GHG emissions by 2050","page_number":245,"box":{"x":135,"y":627,"width":526,"height":11}},{"id":"388185bc-d9ec-462c-a0ec-f4ba04cbe0e4","block_type":"box","text":"•","page_number":245,"box":{"x":102,"y":650,"width":6,"height":4}},{"id":"cf765011-d184-4c5b-9ce8-a6c4cfed79d3","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":245,"box":{"x":135,"y":647,"width":697,"height":11}},{"id":"b02b5658-0b38-40f4-a217-8840817deb49","block_type":"box","text":"•","page_number":245,"box":{"x":102,"y":670,"width":6,"height":4}},{"id":"2ce3903b-9a19-4b3f-8fe6-bbdb3dba8685","block_type":"box","text":"Improve disclosures on how a company’s climate-related lobbying (including trade association memberships","page_number":245,"box":{"x":135,"y":667,"width":768,"height":11}},{"id":"75992ecb-5f96-4ea5-8532-d6ee8b84b7fc","block_type":"box","text":"and other indirect lobbying) is aligned with its strategic policy positions.","page_number":245,"box":{"x":134,"y":682,"width":508,"height":11}},{"id":"9529ed17-db56-4308-9a80-b0c6f2834ecd","block_type":"box","text":"We would not suppor t shareholder proposals that seek to constrain board or management decision-making or","page_number":245,"box":{"x":101,"y":705,"width":783,"height":11}},{"id":"03c6fabe-25fc-4136-9795-d68d099fa66b","block_type":"box","text":"direct specific business or strategic decisions. This includes proposals that seek to change a company’s ar ticles of","page_number":245,"box":{"x":69,"y":720,"width":825,"height":11}},{"id":"756f59b8-44d7-4b35-9781-1a18b7838b0c","block_type":"box","text":"association or char ter to require commitments or actions related to climate risk or the low-carbon transition.","page_number":245,"box":{"x":69,"y":735,"width":771,"height":11}},{"id":"38a869c4-d76c-4d15-835c-d5e42ca965cf","block_type":"box","text":"15","page_number":245,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"3b6a583d-e480-46c0-b601-89801c095416","block_type":"box","text":"As discussed in the FTSE Russell publication mentioned above, their research indicates that there are 2-3 material","page_number":245,"box":{"x":83,"y":764,"width":819,"height":11}},{"id":"1b632960-c1e1-48e2-871d-6ed0631aaa0b","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":245,"box":{"x":69,"y":779,"width":813,"height":12}},{"id":"0dfc9269-4143-4953-8f44-3ac66e2d41c3","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":245,"box":{"x":68,"y":794,"width":828,"height":12}},{"id":"c9a3db33-e7d2-4b19-9da9-66c2eff1b36f","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":245,"box":{"x":69,"y":810,"width":801,"height":11}},{"id":"77d6e1f8-3530-4607-ba6f-67485d1a8760","block_type":"box","text":"16","page_number":245,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"5a38e160-7179-4f64-ac7a-7e7f72807eff","block_type":"box","text":"While BIS may escalate voting by not suppor ting additional management proposals, principally director elections,","page_number":245,"box":{"x":83,"y":827,"width":804,"height":12}},{"id":"803d1db7-9e4c-4b0f-ad79-9cd03dd77649","block_type":"box","text":"we do not consider filing shareholder proposals, preannouncing our voting intentions or using the media to amplify","page_number":245,"box":{"x":68,"y":842,"width":816,"height":12}},{"id":"66dbcd3a-6586-45dc-b97c-cd7076d831a0","block_type":"box","text":"our concerns appropriate courses of action. We will continue to take a constructive, long-term focused approach, to","page_number":245,"box":{"x":69,"y":857,"width":823,"height":12}},{"id":"da94d152-6ba1-4685-aadd-95d9848bdde3","block_type":"box","text":"our engagement and voting on behalf of clients under these guidelines.","page_number":245,"box":{"x":69,"y":873,"width":506,"height":11}},{"id":"02aa658c-5302-42c1-b9a3-901640a6b0a9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":245,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"cf65dfcb-36c3-4f2b-b2c3-7b1915e9077b","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 7","page_number":245,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"6d302ba7-abb9-4e78-9930-fce16e996488","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":245,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac09a3b5-3590-44bb-a6f8-fed274296631","block_type":"box","text":"RELATED MATTERS","page_number":246,"box":{"x":419,"y":45,"width":140,"height":9}},{"id":"2188431c-d7ff-436e-b47a-ceabcd78000c","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":246,"box":{"x":101,"y":68,"width":771,"height":10}},{"id":"7a4b0ce9-0802-411d-b871-2eeafd5f01cb","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":246,"box":{"x":69,"y":83,"width":800,"height":11}},{"id":"2ee7107c-e476-4b80-94ae-5b97ee460034","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":246,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"e25295b7-c447-4fe6-9802-e8de75b0a8b8","block_type":"box","text":"matters would be covered by BIS’ benchmark guidelines.","page_number":246,"box":{"x":69,"y":113,"width":402,"height":11}},{"id":"01483506-a20b-4eff-9a05-f92aa4483d83","block_type":"box","text":"Executive compensation","page_number":246,"box":{"x":69,"y":143,"width":177,"height":11}},{"id":"5b945ba9-91ce-44df-8a7c-365acfe0111b","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives","page_number":246,"box":{"x":101,"y":166,"width":785,"height":11}},{"id":"e50b4736-f28f-4534-a5e3-69d39d0fb863","block_type":"box","text":"appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":246,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"584b66f1-6a3b-4617-80f3-8e9cd26ef438","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":246,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"87bab626-c7be-4fd7-921a-f45363f8781e","block_type":"box","text":"understand the alignment between those metrics and the company’s stated climate strategy.","page_number":246,"box":{"x":69,"y":211,"width":661,"height":11}},{"id":"132d92c5-1887-45c7-a11a-6aaaf7bc28dd","block_type":"box","text":"Auditors and audit-related issues","page_number":246,"box":{"x":68,"y":241,"width":240,"height":9}},{"id":"b4e45086-b33f-417e-a9a0-01e88c9fe27e","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, BIS is","page_number":246,"box":{"x":102,"y":264,"width":737,"height":11}},{"id":"0500d251-e69d-4791-8420-b705bd4392a0","block_type":"box","text":"interested to understand whether the company considers and, if relevant, quantifies, and accounts for material","page_number":246,"box":{"x":70,"y":279,"width":789,"height":11}},{"id":"efb8b295-fa5c-4731-b1d6-8c34ff50810b","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":246,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"9d581645-08c1-4b2c-a543-7e9861a4a969","block_type":"box","text":"audit repor t. We note that work is being under taken to develop audit and assurance standards in relation to climate","page_number":246,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"eb154d41-cec6-40d4-a358-30616af6eaf7","block_type":"box","text":"and transition repor ting, which may impact the future repor ting requirements of companies. We note that assurance","page_number":246,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"8ff57f2a-3fb9-423d-b966-ad96c217dab9","block_type":"box","text":"of corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":246,"box":{"x":69,"y":339,"width":758,"height":12}},{"id":"37461000-7147-4967-8310-55b6c71ca07e","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":246,"box":{"x":69,"y":370,"width":463,"height":11}},{"id":"80160357-8de8-417e-a410-2f8b516cfeaa","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors","page_number":246,"box":{"x":102,"y":392,"width":772,"height":12}},{"id":"d94fc93e-7d20-479e-b91b-ee8c8e8362e5","block_type":"box","text":"under these guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder","page_number":246,"box":{"x":69,"y":407,"width":803,"height":12}},{"id":"0ecd2786-fd89-4dd2-8a83-a33dc1ccff05","block_type":"box","text":"activist has proposed governance, strategic or operational changes that may impact its climate strategy. BIS does not","page_number":246,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"025e974d-7e2d-4ec0-9886-128ad6191628","block_type":"box","text":"promote changes in corporate control, nor does it invoke formal governance mechanisms that rise to the level of","page_number":246,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"aa9ddde0-e1d9-4f25-8615-573816947001","block_type":"box","text":"shareholder activism.","page_number":246,"box":{"x":69,"y":453,"width":151,"height":9}},{"id":"bfcc31bb-7241-42f2-aa4f-47ee52b25763","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":246,"box":{"x":69,"y":483,"width":503,"height":11}},{"id":"796afed9-2a9b-49cb-8d64-4baebe46b099","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability","page_number":246,"box":{"x":102,"y":506,"width":803,"height":11}},{"id":"d1647ea3-b8e2-4ac5-a8fb-06935e2bc8ae","block_type":"box","text":"related risks and oppor tunities that may be relevant to a company’s business model and long-term per formance.","page_number":246,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"34405f50-3ec7-471b-9e2c-d27ad72a1091","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":246,"box":{"x":68,"y":536,"width":669,"height":11}},{"id":"6a8f2f7a-7548-4ae2-bcc7-9c65a6156fd5","block_type":"box","text":"17","page_number":246,"box":{"x":739,"y":536,"width":8,"height":5}},{"id":"994ecee1-5cf3-4d40-9e4a-51631f2713b7","block_type":"box","text":"In the context of","page_number":246,"box":{"x":754,"y":536,"width":115,"height":9}},{"id":"a29a665a-fbad-44dc-be71-c1833b7e4c94","block_type":"box","text":"these guidelines, we may engage companies to better understand how they are managing the impact on people (","page_number":246,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"e0da1da5-a4a0-4c4e-a14f-714489dbc914","block_type":"box","text":"e.g.","page_number":246,"box":{"x":875,"y":553,"width":25,"height":9}},{"id":"0c9aa9f8-d04a-4e97-b924-51010327488d","block_type":"box","text":",","page_number":246,"box":{"x":902,"y":559,"width":2,"height":3}},{"id":"7271c824-f1cd-4aeb-b672-f8a3eb21a387","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are making in","page_number":246,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"9fee1cd8-2951-44f5-a46b-a7583520ef09","block_type":"box","text":"relation to their transition to a low-carbon economy. Similarly, we may engage companies that face risks and","page_number":246,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"73db8f73-5d6d-4172-b3b2-9c68df252f0f","block_type":"box","text":"oppor tunities related to land use and deforestation, access to fresh water, or the ability to secure scarce resources","page_number":246,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"0eda347e-d6d9-4763-857f-7950f734c0f4","block_type":"box","text":"critical to the transition to a low-carbon economy.","page_number":246,"box":{"x":69,"y":612,"width":348,"height":11}},{"id":"9e66cee8-11e0-48ab-950a-3fa9174e6f5a","block_type":"box","text":"17","page_number":246,"box":{"x":69,"y":656,"width":8,"height":5}},{"id":"8221bf90-a4f8-45ad-9861-da755e24882f","block_type":"box","text":"BIS’ engagement with companies on these issues is informed by our commentaries on natural capital, human","page_number":246,"box":{"x":84,"y":656,"width":783,"height":11}},{"id":"2ad58fdd-0448-42f6-ba22-e9c13cc1682e","block_type":"box","text":"capital management and human rights.","page_number":246,"box":{"x":69,"y":671,"width":277,"height":11}},{"id":"672cdcdb-a493-4c8b-a607-a135bab6545f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":246,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"97315cd0-92a2-4ac1-a656-6489635e2b45","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 8","page_number":246,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"9ffecfbf-c3b6-4279-a29a-51185630846d","block_type":"box","text":"BNM1026U-6032956-19204444","page_number":246,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d6d4b97-4f99-47a0-86a6-3a1b107f57c4","block_type":"box","text":"Appendix 1","page_number":247,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"031a5196-f9c2-4025-bc87-ab3cee9a0f3d","block_type":"box","text":"Terminology","page_number":247,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"ad6e875b-538d-4bf6-9929-f6118984ef06","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":247,"box":{"x":101,"y":98,"width":562,"height":11}},{"id":"226fa93a-d088-498e-bcd3-c29ba9426ac6","block_type":"box","text":"Climate risk:","page_number":247,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"1fcb19f8-e335-4ee7-a4ae-2326d96f79a2","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":247,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"009c1a38-9db9-41cd-abd6-7df958f23b8c","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":247,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"4eab3809-85d1-4ff9-a773-4fd5c8dca5ea","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":247,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"f875a848-b1f7-4857-b6d6-4166f856f6fa","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":247,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"1d6ccd96-c315-4b0e-8589-9a473d890528","block_type":"box","text":"The global economic shift toward lower","page_number":247,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"fa5a1c0e-e5bb-4fac-86f4-a4df8fd9c716","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":247,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"91844c54-c5f0-48e4-a39a-a44b2327dad6","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":247,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"c86e622a-9e57-4faf-9f08-a1192207d9de","block_type":"box","text":"change (","page_number":247,"box":{"x":69,"y":219,"width":59,"height":11}},{"id":"8eae1592-04c8-4843-8e0d-e271ef54c470","block_type":"box","text":"e.g.","page_number":247,"box":{"x":130,"y":220,"width":25,"height":10}},{"id":"cc42f455-665b-4bc8-a137-4a7ff61f2a05","block_type":"box","text":", extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":247,"box":{"x":158,"y":218,"width":723,"height":12}},{"id":"3c92d7c3-46af-4a7d-a8a0-38d113a4bd15","block_type":"box","text":"Decarbonization:","page_number":247,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"c16c9c4e-46cd-4ee2-b1d4-510f32b3f6d9","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":247,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"604d5192-9e64-45be-8b90-5873608be87b","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":247,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"e44f1449-2d0a-4d68-b08b-f40e58b41452","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":247,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"1306b4f1-dcee-45b7-b561-c61b99c86f24","block_type":"box","text":"e.g.","page_number":247,"box":{"x":69,"y":288,"width":25,"height":10}},{"id":"342668f2-bd99-4ae5-8a72-696c17b1b11d","block_type":"box","text":", methane.","page_number":247,"box":{"x":97,"y":287,"width":74,"height":10}},{"id":"e0067f1b-e382-43e0-b208-9deebb359f10","block_type":"box","text":"Climate-related risks and opportunities:","page_number":247,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"6f93cf05-7e53-400d-9860-1811bfa09d29","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":247,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"67a0db55-0dc0-4567-a24e-03660d0360ec","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":247,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"7d2bbbf4-2520-4efe-a1fe-36951ca437ef","block_type":"box","text":"to physical climate change.","page_number":247,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"1a1ec1f9-6c5a-4674-9f44-7e99335d2cf4","block_type":"box","text":"Climate-related transition plan:","page_number":247,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"7dcbfa91-3c11-44f1-b8e9-9ed6e5dad1be","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":247,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"a4d3e8f4-30b9-44c5-abbb-f00017f766c3","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":247,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"d1171b65-fb45-4ecd-a800-509e3da94215","block_type":"box","text":"greenhouse gas emissions.”","page_number":247,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"2f5439aa-6813-4197-a82c-3a638cc1f988","block_type":"box","text":"18","page_number":247,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"4508a2b7-a374-4081-b067-d52e4731c583","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":247,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"fcd2f820-2b74-40d9-b3af-485a783d607d","block_type":"box","text":"Targets that “","page_number":247,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"5f731ec1-d24c-4936-95c7-6a9a18fb93c4","block_type":"box","text":"are in line with what the latest climate science","page_number":247,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"368133b4-0db5-4038-9eb9-14207c452269","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":247,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"18273381-8500-494e-ac7c-55b7541c1e06","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with","page_number":247,"box":{"x":70,"y":445,"width":831,"height":12}},{"id":"65d7f15e-1b6f-4a32-a01c-c014ea55e4d0","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":247,"box":{"x":70,"y":460,"width":830,"height":12}},{"id":"197818eb-471d-4fb7-b6ed-8a4d5d3e396a","block_type":"box","text":"in line with the Paris Agreement goals.”","page_number":247,"box":{"x":70,"y":476,"width":278,"height":11}},{"id":"da36d24a-0114-4591-b1ae-a5aa98e57c4b","block_type":"box","text":"19","page_number":247,"box":{"x":351,"y":476,"width":8,"height":4}},{"id":"4ea026a9-9597-43d9-892a-d558a1f7739f","block_type":"box","text":"18","page_number":247,"box":{"x":69,"y":520,"width":9,"height":5}},{"id":"cb7db3d5-a8a2-4548-b262-9b214824ba11","block_type":"box","text":"As defined by the International Sustainability Standards Board’s IFRS S2 Climate-related Disclosures. Several","page_number":247,"box":{"x":83,"y":520,"width":781,"height":11}},{"id":"28d03922-539e-4d29-96eb-f9e5d876595c","block_type":"box","text":"jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We anticipate","page_number":247,"box":{"x":67,"y":535,"width":799,"height":11}},{"id":"361b5977-b6fc-40ab-98f5-14dbac1356cf","block_type":"box","text":"transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":247,"box":{"x":68,"y":550,"width":762,"height":11}},{"id":"bc7f1c6d-3f59-4f39-b587-5dece4b9ca57","block_type":"box","text":"19","page_number":247,"box":{"x":69,"y":568,"width":9,"height":5}},{"id":"a97e8ad9-f2f6-465a-88e2-ab1efdb7f6c0","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). 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